What’s cooking in the IPO kitchen?
AIM
Avingtrans (LON:AVG) Sch1 on its Reverse Takeover of Hayward Tyler (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.
Main Market Standard Listing
Kosmos Energy—. Secondary listing, currently on NYSE. Oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margins. During the first half of 2017, gross sales volumes from Ghana averaged approximately 132,000 barrels of oil per day (net: 26,900 bopd). Due 21 August. No offer. NYSE:KOS. Mkt Cap £2.54bn.
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
Breakfast buffet
VinaCapital Vietnam (LON:VOF) 299.38p £589.39m
“Following consultations with the major shareholders of, and advisers to, VinaCapital Vietnam Opportunity Fund Limited (“VOF” or the “Company”), the Board of Directors has decided to amend VOF’s dividend policy.
With immediate effect, the Board intends that the Company will pay a dividend twice per year, normally declared in March and October. Exceptionally, the Company is today making a separate announcement in respect of its first dividend declaration.” 4.8c per share.
SRT Marine Systems (LON:SRT) 32.75p £41.82m
Board Changes— Simon Rogers, current Non-Executive Chairman of the Company, is to step down as Chairman but remain on the Board as a Non-Executive Director. Kevin Finn will join SRT as Non-Executive Chairman. As a pre-flotation investor in the company and after almost 12 years as a Non-Executive Director, Andrew Lapping will stand down from the Board in order to spend more time on his other interests. Kevin is a highly respected international businessman with significant strategic and operational experience of complex businesses. His experience in the automotive industry brings significant expertise and knowledge in respect of strategies for managing complex product supply chains, the operation of large dealer networks, big data systems, M&A and negotiation of complex international contracts, all of which are skills that will be highly relevant to SRT's business. FYMar18E rev £5m. PBT £1.5m.
MedaPhor Group (LON:MED) 15.63p £5.35m
The global provider of advanced ultrasound training simulators for medical professionals, has sold its 500th simulation system, with the installation of a HeartWorks TTE Mobile echocardiography skills simulator at Penn State Health Milton S. Hershey Medical Centre's Clinical Simulation Center.
MedaPhor's ScanTrainer and HeartWorks product ranges offer clinicians true-to-life simulation and learning systems for the teaching of transthoracic, transoesophageal, transabdominal and transvaginal ultrasound skills across multiple medical specialities. Penn State Health runs a variety of educational programmes at its Clinical Simulation Centre located on the Hershey Medical Centre campus, and prides itself on offering its annual cohort of over 23,000 learners, the most advanced simulation equipment. We could see no forecasts.
Wolf Minerals (LON:WLFE) 6.75p £38.07m
In recent months, the Company has progressed the operating turnaround plan with a particular focus on:
· improving processing plant reliability in the crushing circuit;
· improving performance of the refinery to enhance production levels; and
· reducing noise emissions from the processing plant including low frequency noise ("LFN").
The Company has assessed the costs of ongoing LFN rectifications and has decided to notify its lead construction contractor, of its intention to recover these costs from the £7.5 million Performance Bond under the construction contract. The Company is confident that the Performance Bond will be sufficient to cover the costs of implementing the technical solutions required to deliver a successful LFN outcome.
Kromek Group (LON:KMK) 28.37p £73.54m
The radiation detection technology company focusing on the medical, security and nuclear markets, has been awarded a new five-year contract by an existing customer in the bone mineral densitometry ("BMD") sector for the incorporation of its cadmium zinc telluride ("CZT")-based detector modules in a new product. Delivery on the contract, which is worth a minimum value of $5.38m, is expected to begin in the current 2017/18 financial year. We could see no forecasts.
YOLO Leisure and Tech (LON:YOLO) 0.58p £2.54m
The investment company focusing on opportunities in the technology and leisure sectors, announced that one of its investee companies, a music entertainment business trading as Electric Jukebox ('Electric Jukebox'), has today launched ROXI, a revolutionary new family music entertainment system, in both the UK and the US markets.
· YOLO currently owns 41.43% of Magic Media Works Ltd, which trades as Electric Jukebox
· Major retail launch in USA and UK, to addressable market of 34 million and 8 million homes respectively
· Major distribution and channel partners in place ready for launch
· Licensing agreements with the world's major record labels with tens of millions of tracks available
Oxford Biomedica (LON:OXB) 9.18p £281.6m
HY Jun 17 results from the gene and cell therapy group .
- Revenue increased by 26% to £15.7 million (H1 2016: £12.5 million)
- Operating loss reduced to £2.2 million (H1 2016: £6.9 million)
- Debt refinancing completed with significantly improved terms from $55 million Oaktree Capital Management facility
- Cash at 30 June 2017 £10.2 million (31 December 2016: £15.3 million)
With the anticipated approval and launch of CTL019, and recent MHRA approval of its state-of-the-art facilities, the Group is making good progress preparing for commercial supply of its lentiviral vectors under the new three-year agreement with Novartis. The Group also anticipates supporting a further CTL019 filing during 2017, in DLBCL, a major indication targeting a significantly larger patient population than the initial paediatric ALL indication. We could see no forecasts.
Clinigen (LON:CLIN) 1028p £1183m
Clinigen notes the announcement released yesterday by Quantum Pharma plc ("Quantum Pharma", AIM: QP.) and confirms that it has submitted an indicative proposal regarding a possible offer for Quantum Pharma (the "Proposal") to be satisfied through a combination of new ordinary shares in Clinigen and cash. The Board emphasises that the Proposal is non-binding and is subject to material preconditions including customary due diligence. As a result, it is emphasised that there can be no certainty that an offer will be made for Quantum Pharma, nor as to the terms on which any offer may be made. FY June17E rev £302.64m and £51.48m PBT.
IDOX (LON:IDOX) 61.62p 250.6£m
The supplier of specialist information management solutions and services, has acquired the entire issued share capital of Halarose Holdings Ltd ("Halarose"), a supplier of electoral back office software and services to UK local authorities, for £5.0 million, comprising £3.5 million in cash and £1.5 million in shares. For the financial year ended 31 May 2017, Halarose generated revenue of £3.3 million - with recurring revenues accounting for c.50% of annual revenues - and EBITDA of £1.1 million. Net assets were approximately £4.8m (all numbers unaudited). Halarose, which is being acquired debt-free and cash free, has been consistently profitable, delivering double digit annual organic revenue growth last year. For the 12 months ended 31 May 2017, the combined Idox Elections business had pro forma unaudited revenues of £7.5m. The Acquisition is expected to be earnings enhancing in the first full year of ownership. FYOCT17E £97.6m Rev and £21.33m PBT.
Victoria Oil & Gas (LON:VOG) 52.25p £51.38m
Update on the Group's drilling operations, which are managed by Gaz du Cameroon ("GDC"), a wholly owned subsidiary of VOG. · Well La-107 successfully reaches target depth of 3,180m measured depth (MD)
· Additional 23m of net gas sand from Lower Logbaba Formation brings total net gas sand encountered in Upper and Lower Logbaba Formations to 58m.
· Liner run and cemented to case off well to depth of 3,177m
· Flow tests planned and La-107 expected to be a producing well by end September