What’s cooking in the IPO kitchen?
AIM
appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores. Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Offer TBC, expected early Sept 2017
Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 per cent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m.
Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September.
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.
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. $4.2m gross raise. Due 22 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
Powerhouse Energy Group (LON:PHE) 1.2p £11.56m
The Company focused on ultra high temperature gasification waste-to-hydrogen, waste-to-energy, and the creator of Distributed Modular Gasification (DMG)© systems, announced that subsequent to the re-commissioning operation of G3-UHt gasification unit (announcement 31 July, 2017) the Company has completed its first extended technical trial of the Distributed Modular Gasification (DMG)© gasification process at the Energy Center of Thornton Science Park, UK. Operating on a feedstock of tyre crumb, PowerHouse engineers were able to demonstrate control of the process at ultra-high temperature which led to the generation of synthesis gas (syngas.) According to onsite, in-line analytical instrumentation, the syngas produced was greater than 50% hydrogen by volume.
Eco Animal Health (LON:EAH) 657.5p £430.6m
Receipt of a marketing authorisation from the Drug Authority of the Ministry of Health of Egypt for the use of Aivlosin® 625 mg/g water soluble granules in chickens laying eggs for human consumption. This approval allows ECO to start selling Aivlosin® in Egypt for the medication of drinking water for the treatment of infections caused by Mycoplasma in poultry laying eggs for human consumption, with a zero day drug withdrawal period for eggs. ECO has begun the process of submitting the EU approved Aivlosin® regulatory files for the treatment of layers in numerous other key egg producing markets. “Egypt is the second most important egg producing country in the Middle East and is ranked just outside the global top twenty for commercial layers. This latest approval demonstrates ECO’s continued progress towards becoming a major force in the international market for veterinary pharmaceutical products for livestock.” FYMar18E rev £70.3m and £16.28mPBT.
Spectra Systems (LON:SPSY) 91p £41.3m
“Spectra Systems, a leading supplier of authentication technology for banknotes, brand authentication and tax stamps, is delighted to report that trading in the current year has been strong. Unexpectedly high sales of our phosphour products along with a full year of higher margin in-house manufacturing have combined to produce a strong year to date.
As a result the Board now expects the Company to significantly exceed market expectations for PBTA and cash flow for the full year ending 31 December 2017.
The Board anticipates that the interim results for the 6 months ended 30 June 2017 will be released on 5 September 2017.
Dr. Nabil Lawandy, CEO of Spectra Systems stated: "We are very pleased with trading this year and are now confident that the Company will significantly exceed market expectations for the full year". We could see no forecasts.
Frontier Development (LON:FDEV) 812.5p £305.6m
Further to its announcement on 6 February 2017, Frontier Developments plc, a leading independent creator and publisher of video games, has revealed its new game; Jurassic World Evolution. Launching in summer 2018, Jurassic World Evolution will be coming to PC, the PlayStation®4 computer entertainment system, and the Xbox One all-in-one games and entertainment system. Jurassic World Evolution will launch in the year of the 25th anniversary of the original Jurassic Park film. The next chapter of the film franchise Jurassic World: Fallen Kingdom will be in theatres June 2018.
Jurassic World Evolution will be Frontier's third major self-published game franchise and builds on the success of Elite Dangerous (2014) and Planet Coaster (2016). FYMay17E rev £37.3m and £8.8m PBT.
Mercia (LON:MERC) 35.5p £106.7m
The national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, has completed a £2.0m follow-on direct investment into Oxford Genetics Limited, a synthetic biology company with significant expertise in helping to design, develop and produce virus and protein based biologics to support leading therapeutic companies. This investment is part of a £7.5m funding round which also sees a new investor, Invesco Asset Management Limited. Its involvement this funding round demonstrates the significant potential seen in Oxford Genetics by both the teams at Mercia and Invesco. This latest funding round increases Mercia's total direct investment to £4.7m. Mercia's direct equity stake following this funding round is 40.5%.
Avanti Communications(LON:AVN)8.35p £13.5m
Avanti announced that it has agreed a Launch Slot for its HYLAS 4 satellite with Arianespace beginning 1st March 2018. The intended launch configuration for this slot will enable additional fuel to be embarked upon HYLAS 4 enabling it to reach geostationary orbit approximately 90 days earlier than would otherwise be the case.
Therefore, assuming the current launch manifest is maintained, HYLAS 4 will achieve geostationary orbit at approximately the same time as the previously announced launch date. Consequently, HYLAS 4 revenues would be expected to flow from July 2018 as previously planned.
Furthermore, this configuration also provides a lower mission risk profile and enables sufficient fuel to be embarked to support the satellite for up to 19 years in orbit, an increase of 27% over previous expectations. FYJun18E rev £79m and loss £89.4m.
MBL Group (LON:MBL) 11.87p £2.05
FYMar17 results from the UK Distributor and Wholesaler of Home Entertainment Products. Group revenue increased 8% to £16.0 million (2016: £14.8 million); Both trading divisions were profitable, with the Garden & Home division seeing a 1,600% increase in operating profit; Group loss for the year after taxation was £158,000 (2016: £75,000 profit) due to exceptional costs of £693,000 in the year (2016: £nil). Net cash of £1.6 million (2016: £1.9 million) and the Group remains debt free. Despite the inevitable uncertainty created by the strategic review and the sale process that is being carried out, our Garden & Home division has started the year well and sales are broadly in line with management expectations. Our Home Entertainment division has seen a reduction in sales in the first quarter of this financial year compared to the same period last year. The Board continues to keep a close eye on costs and these are under control. We could see no forecasts.
ITM Power (LON:ITM) 28p £70.2m
The energy storage and clean fuel company, is pleased to note the launch of the UK Government's "The Hydrogen for Transport Programme". In March 2017, the Government announced additional funding to support the development of hydrogen for transport until 2020. The Hydrogen for Transport Programme (HTP) will provide up to £23m to increase the uptake of hydrogen fuel cell vehicles and grow the UK hydrogen refuelling infrastructure. The funding competition for the programme has now been launched with an application deadline of 9am on Monday 16 October.
ITM Power currently has £24.06m of projects under contract and £18.22m of contracts in the final stages of negotiation, totalling £42.28m. FYApr18E rev £8.7m and £2.2m loss.
Directa Plus (LON:DCTA) 57.13p £25.26m
One of the largest producers and suppliers of graphene-based products for use in consumer and industrial markets, announced the appointment of Luca Provolo as Head of Sales with effect from 4 September 2017.
Luca Provolo is an established professional in the textiles sector and brings to the Company significant experience in sales and business development, having worked for over 25 years at W.L. Gore & Associates, the producer of technologically-advanced fabrics such as GORE-TEX® and Windstopper®. Between 2010 and 2015, he was European Sales Leader for the Workwear Division, prior to which he spent nearly two decades as Country Sales Leader in the Technical Fabrics Division in Italy, Spain, Portugal and Romania overseeing sales and brand development. We could see no forecasts.