What’s cooking in the IPO kitchen?
AIM
Avingtrans (LON:AVG) Sch1 on its Reverse Takeover of Hayward Tyler (LON:HAYT). Combined market cap of c.£75m. Expected 01 September 2017
OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
Wilmcote Holdings plc—Sch1 from the Company established with the objective of creating value for its investors through the acquisition and subsequent development of target businesses in the downstream and specialty chemicals sector. Offer raising £15m at 120p with market cap of £25m. Expected 17 August 201
Main Market Standard Listing
Myanmar Strategic Holdings—Intention to float from the independent developer and operator of consumer-focused businesses in Myanmar, one of the fastest growing economies in the world. Expected Mkt Cap $22.7m at $10 per share. No details on funds to be raised. Expected late August.
Main Market Premium Listing
Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017.
Lunch buffet
Avingtrans (LON:AVG) 225.5p £42.94m
The designer, manufacturer and supplier of critical components, modules and associated services to the energy, medical and traffic management sectors announced that Stainless Metalcraft (Chatteris) Ltd. (Metalcraft), has secured a framework contract for the Group's Energy Division with Cummins Inc., a producer of diesel and alternative fuel engines and electrical generator sets, worth an additional £3.6 million in revenue to Metalcraft over 3 years. This latest long-term agreement brings the total value of such agreements to more than £100m over the last three and a half years.
Greka Drilling (LON:GDL) 2.5p £7.98m
The independent and specialised unconventional oil & gas driller in Asia, announced that the Company has been awarded two new drilling contracts with PetroChina Huabei Oilfield Limited in addition to the one currently in progress. These two drilling contracts are to be deployed in PetroChina's coal bed methane Blocks - Fanzhuang and Anze - within Shanxi Province and are estimated to have an aggregate value of at least US$2m. "We are very pleased with the repeat contracts from China's flagship energy company - PetroChina CNPC. The repeat nature of the contracts is confirmation of our drilling proficiency and technical capability…”
Toople* (LON:TOOP) 1.38p £2.41m
The provider of bespoke telecom services to UK SMEs, announced that earlier this month it passed the significant milestone of over 1,000 small business customers (excluding wholesale) earlier than expected. This growth in customer order numbers follows the continued success of the Company's finessed digital marketing campaign using the funds raised in June 2017. The initial achievements of Toople's revised digital marketing campaign, which was first implemented in March 2017, have been replicated in recent months. Customer order numbers in June and July are comparable to those achieved in March and April, demonstrating the effectiveness and longevity of the finessed campaign. The current cost of customer acquisition is in line with previous guidance, between £40 and £91 per customer, with the aim of achieving a 30% gross margin over the contract life of a typical customer.
Benchmark (LON:BMK) 50.50p £258.57m
Benchmark has announced it has developed a major industry breakthrough for the salmon industry, CleanTreat, a new fully contained purification system. Chemical based bath treatments that are released into water are one of the biggest objections to the salmon farming industry and CleanTreat works to solve this environmental challenge. CleanTreat ensures the safe use of compounds in the marine environment by purifying the medicine from the treatment water to undetectable levels. The treatment plan will firstly be launched in the Norwegian market. The trials will see leading producers pilot the new system and product at commercial scale. The worldwide market for salmon is estimated to be worth $10.7bn per annum and the estimated cost of sealice for the global market is estimated to be $1bn. Consensus forecast shows FY2017 revs of £142m and pre-tax profits of £2.38m.
Keras Resources (LON:KRS) 0.4p £8.78m
Keras Resources, the mineral resource company, provided an exploration update following. Calidus (Keras holds 31 interest) continues to intercept gold mineralisation across significant widths at its flagship Warrawoona Gold Project, located in the Pilbara of Western Australia. Calidus' current drilling campaign is intended to support a significant resource upgrade in Q4 2017 with a large portion of this updated resource estimate forecast to be in the Indicated category. As previously announced, once an Indicated Resource of at least 500,000oz is declared, Keras will receive 241.25m Ordinary Shares in Calidus, which will increase Keras' holding to ~50% of Calidus' total issued share capital based on the number of shares currently in issue.
Xtract Resources (LON:XTR) 2.25p £3.53m
The Board announced a further update on the Mining Contractor agreements concluded with Omnia Mining Ltd on 19 June 2017 and with Sino Minerals Investment Limited on 11 July 2017.
Highlights:
· All of Omnia's earthmoving equipment on site already serviced and customised
· Two thirds of Omnia's plant equipment on site and installed
· Almost one third of the first two Omnia settling dams completed
· Sub-soil currently being removed for key installations and infrastructure
· Initial mining expected to commence on or before the end of August 2017
· Mine planning and logistical layouts to be agreed by the end of August 2017 (Sino)
· Second 200 tonne per hour plant to be ordered from China
Epwin Group (LON:EPWN) 82p £135.34m
The low maintenance building products manufacturer, supplying businesses in the Repair, Maintenance and Improvement (RMI), new build and social housing sectors, announced its half year trading update. Revenues and operating profits in the first half year were in line with the Board's expectations despite market conditions, particularly in the key RMI market, remaining challenging. In response to the on-going market conditions, since the half year the Group has commenced a programme aimed at adjusting its capacity and cost base. Additionally, since the AGM the Group has noted changing circumstances within its customer base affecting two of its customers, each accounting for around 5% of the Group's revenue. The Board's current view is that the outturn for the FY 31 Dec 2017 will be marginally below market expectations. The Group's financial position remains strong with net debt at the half year less than one times 2016 EBITDA and with significant funding headroom to continue to invest in the business. Consensus forecasts show FY2017 revs of £302m and pre-tax profits of £23.2m.
Tiziana Life Sciences (LON:TILS) 150p £151.49m
The clinical stage biotechnology company developing targeted drugs for cancer and autoimmune diseases, announced that further to the proposals announced on 12 July 2017, the holders of the Company's Convertible Loan Note and the Company's Warrant Holders have passed the resolutions that were put to them to convert all of the loan notes and vary the terms of the warrants substantially prior to the intended deadline for consent. It was proposed that CLN Holders be offered an additional bonus coupon of three years of interest at the relevant applicable rate of return for agreeing to the immediate conversion of the CLNs into ordinary shares. Accordingly the full £12.9m(at par value) of the CLNs have now been converted into ordinary shares resulting in the issue of 27,645,013 new ordinary shares in the Company. This conversion removes all debt from the Company's capital structure.
Altus Strategies (LON:ALS) 10.38p £11.17m
The Africa focused exploration project generator, announced the results of a high resolution ground magnetic survey at the Company's Laboum gold project in northern Cameroon.
Highlights:
· Geophysical survey across 17.8km long and 5km wide shear zone in northern Cameroon
· Strong correlation between magnetic signatures and regional gold in soil anomalies
· Multiple prospects defined at Landou (3.75km), Kalardje (2.5km) and Tapare (7km)
· Rock chips results up to 6.86 g/t Au, visible gold from outcrop and artisanal workings
· Survey to be extended to include new areas hosting artisanal gold workings
· Concurrent 218 line km in-fill soil survey due to be completed in Q4 2017
European Metals Holdings (LON:EMH) 48.75p £62.12m
The Company has reported on its ongoing infill drilling program and announced analytical results for the first drillhole CIS-4 at the Cinovec Lithium-Tin Project.
· Infill drilling continues in the southwest section of the deposit, targeting two 'gaps' in the resource model that could potentially be targeted for mining in the initial years.
· Altogether, five out of 6 planned drillholes have been completed this year, for a total of 2163.1m.
· Assays have been received for the first drillhole CIS-4, which returned a continuous mineralized intercept of 148.30m averaging 0.40%Li2O, starting at 297.7m drill string depth.
· In addition, the upper section of the main lithium interval contains significant tin and tungsten mineralization: 15.85 meters averaging 0.70% Li2O, 0.29% tin and 0.073% tungsten.
· Experienced Project Manager, Craig Reimer has been appointed to head the Company's Definitive Feasibility study.