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 percent. 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 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
Orosur Mining (LON:OMI) 16p £18.8m
FYMay17 results from the South American-focused gold producer, developer and explorer.FY17 production of 35,371 oz (within stated guidance of 35-40 koz) following a significant increase in production in Q4 (10,748 oz). FY17 Operating cash cost guidance of US$829 (within stated guidance of US$800 - 900/oz) . Average gold price received of US$1,258/oz (FY15: US$1,154/oz). Cash flow generated by operations was US$9.7M (FY16: US$7.6M) due to better operating performance and gold price in FY17. Profit before tax was US$2.0M (FY16: loss of US$3.2M). Successfully built and developed the San Gregorio West underground mine in Uruguay from internally generated funds (total investment in SGW UG during FY17 was US$5.9M). Expects production from the San Gregorio mine in Uruguay for FY18 to be between 30,000 - 35,000 ounces of gold, with operating costs of US$800 - US$900 per ounce. 15km drill programme due to begin in Columbia. Sub 4x FY May 18 PE.
Highlands Natural resources (LON:HNR) 22p £21.3m
The natural resources company, announced a placing of 7,818,000 new ordinary shares at 20 pence per share to raise £1,563,600 gross. The net proceeds from the Placing will enable the Company to enlarge its current operations at its East Denver Niobrara shale oil and gas project in Colorado (the "East Denver Project"), where drilling is currently underway, to include the completion of two extended lateral wellbores in the Niobrara formation.
Big Sofa (LON:BST) 18.5p £10.5m
£1.5m conditional placing from fast-growing international video analytics provider to consumer brands and market research agencies at 18.5p. A discount of approximately 10.8% to the closing mid-market price on 24 Aug. Proceeds to provide additional working capital to service demand from large, global brand and consumer insight agency clients won since AIM admission in December 2016.
Timely raising of the Placing funds will help the Company to maximise the opportunities presented by its current customer base which includes Unilever, Procter and Gamble and IPSOS.
Non-executive directors are contributing £210,000 in aggregate to the Placing. We could see no forecasts.
Bluejay Mining (LON:JAY) 20.25p £155.6m
The Company with projects in Greenland and Finland, is provided an update on exploration and development work currently underway at its flagship Pituffik Titanium Project in Greenland. All sonic drill holes outside of existing resource area completed. A further 50 sonic holes now planned. Auger drilling is underway at Itelak, which represents the largest target on the licence area, as well as a recently discovered super high-grade deposit to the east. New resource calculation is expected to potentially increase the current resource of 23.6Mt at 8.8% ilmenite.
Furthermore, the Company is pleased to confirm that exploration work at the Company's Disko-Nuussuaq Magmatic Massive Sulphide Nickel-Copper-Platinum Project ('Disko') in south-west Greenland is on-track to commence in Q4 2017.
Walls & Future REIT (AQSE:WAFR) 67.5p £2.2m
FYMar17 results. In last 18 months
--successfully restructured the Walls & Futures London Growth Fund;
-- £1m in new equity raised in November 2016;
-- admission to the NEX Exchange Growth Market;
-- REIT status obtained;
-- completion of first investment in the Supported Housing Sector.
‘The costs incurred in restructuring the group, together with a small decline in the capital value of the London portfolio, equated to approximately 10p per share with a resultant fall in Net Asset Value at the year end to just above 90p per share. However, we are confident that the half year figures will show an improvement on this number.’
Valiant Investments (AQSE:VALP) 0.375p £4.1m
HYMay17 results. £133k net loss
Period highlights
Acquisition of https:// MinecraftCommand.Science for $25,000 by Valiant's 84.7% owned subsidiary, Flamethrower plc, in May 2017. MinecraftCommand.Science has in the region of between 200,000 - 250,000 unique users each month, and is ranked in the top 20,000 most visited websites in the United States. Just under 3,500,000 ad impressions served on MinecraftCommand.Science in July 2017. Launch of AppsForMinecraft.com to showcase and promote Flamethrower's portfolio of apps for Minecraft. Post period Acquisition of https:// www.FootballTipsFC.com for £40,000. Asset is immediately revenue generating, with over 700 monthly or quarterly subscriptions.
Hummingbird Resources (LON:HUM) 35.5p £121.85m
Pre-production mining has commenced on schedule at its Yanfolila Gold Project in Mali which is on track for its first gold pour by the end of 2017. Yanfolila is forecast to produce 132,000oz gold in its first full year of production at a Life of Mine ("LoM") All in Sustaining Cost ("AISC") of US$695/oz
· Average production of 107,000oz/year of gold over the Life of Mine in tandem with exploration and development initiatives to expand the current mine plan. FYDec18E rev £91.57m and PBT of £19.8m.
Image Scan (LON:IGE) 7.87p £10.68m
‘The AIM-listed specialist supplier of X-ray screening systems to the security and industrial inspection markets is pleased to provide a trading update for the year to 30thSeptember 2017. This trading update is based on the development of supply chain and manufacturing plans following the rapid growth in order intake across a broad range of the Company's products, which that was announced on 17 July 2017.
Based on its current plans the Company anticipates that sales for the year to 30 September 2017 will be approximately £4.5m and that profit before tax will be approximately £250k. Year-end sales at this level would leave the company with an orderbook in excess of £2m at the start of FY 2018.”
FYSep17E Rev £3.7m and £0.2m PBT.
M P Evans (LON:MPE) 740p £407.7m
“Further to the announcement made at the annual general meeting on 9 June 2017 and in line with the Group's strategy set out in its 2016 annual report, the board is pleased to announce that Sungkai Holdings Limited, a subsidiary of MPE, has signed a sale-and-purchase agreement to acquire Sunrich Plantations Pte Ltd, which owns 95% of an Indonesian company, PT Bumi Mas Agro, which in turn owns an oil-palm plantation in Indonesia. The land is located north east of Bontang in East Kalimantan and, including an associated smallholder co-operative, covers some 10k hectares. The contract is subject to the completion of regulatory formalities in Indonesia.“ 8,240 hectares. Of this area, 7,400 hectares are young oil palms, planted mainly in 2012-16. A further 400 hectares are in the course of being planted. $88m cash consideration plus $20m debt assumption. FYFec17E rev £78.47m and PBT £24.15m.
Mirada (LON:MIRA) 1.37p £1.91m
The provider of integrated software solutions for Digital TV operators and broadcasters, announced a new contract win for its Iris multiscreen product. New contract with ATN International, Inc., including four cable networks in the Caribbean. Commercial launch of complete suite of Iris multiscreen products expected towards the end of Mirada's current financial year. Recurrent revenues through the implementation of the new OPEX model, including providing subscriber-based licence fees on a "SaaS" (Software as a Service) model. Contract expected to result in material monthly ongoing revenues. Initial lower upfront payments associated with this model has led the Board to seek financing facilities to provide working capital. This will be the most extensive launch of Iris since the commercial launch for izzi Telecom in Mexico and is the result of an increased focus on Mirada's sales and marketing activities. We could see no forecasts.