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. Raising £9m at 65p. Mkt Cap £41.1m. Due 5 Sep.
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
MediaZest* (LON:MDZ) 0.08p £1.18m
FY Mar17 results from the creative audio-visual company. Revenue for the period was £3,013,000 down 4% (2016: £3,144,000). Gross profit was £1,313,000 - 1% change (2016: £1,331,000). Gross margins improved to 44% (2016: 42%). EBITDA was a loss of £2,000 (2016: loss of £81,000). Loss after tax of £142,000 fell 43% (2016: loss of £248,000). Cash in hand at period end £160,000 (2016: £9,000). Improved bottom line achieved through strategic focus on permanent installation work, with accompanying growth in recurring revenues, and continued tight cost control over Administrative Expenses.
The increase in recurring revenue contracts has provided a solid base for the new financial year. It has continued to grow in the current period. The new year has begun well with the successful completion of the Clydesdale Bank and VW projects, plus the acquisition of several new clients with substantial projects in the coming months.
Wey Education (LON:WEY) 22.25p £23m
FYAug17 trading update from, the educational services group which owns and operates two leading online independent secondary schools and an educational services division delivering lessons and other tuition to third party educational providers.
Turnover expected to be at least £2.4 million (2016: £1.5 million) up on the prior year
· Maiden adjusted pre tax profit expected (2016: loss £795,000)
· Pupil numbers ahead of last year
· Business poised for further growth
· Significant growth expected in B2B
· Very attractive opportunities overseas being investigated
· Issue of shares to Chairman in settlement of Director's fees
FYAug18E rev £4.2m and PBT £0.8m.
SRT Marine Systems (LON:SRM) 33.5p £44.7m
The provider of maritime tracking, management and surveillance technologies, products and integrated system solutions for ports, waterways, fisheries and coast guards, announced that it has entered a new contract to supply customised AIS Class A, Class B transceiver products to one of the world's leading marine electronics companies. The customer's existing range of AIS products shall be updated as of the end of 2017 with a new range of AIS transceiver products derived from SRT's new generation of core technologies . "This is a major international marine electronic company whose customers value quality, performance, reliability and functionality. Our core technology developments over the past two years coupled with our usual quality product engineering and reliability as a supplier has enabled us to win this important contract.” FYMar18E rev £15m and PBT £1.5m.
Victoria (LON:VCP) 628p £568.5m
AGM Statement from the international designers, manufacturers and distributors of innovative floor coverings.
“The Group is pleased to announce that it continues to make good progress in its key UK, European and Australian markets and is on track to meet all objectives for the current financial year.
In addition to organic growth, the Group continues to work on further acquisitions - in particular in Europe - and there is no shortage of high quality opportunities. With a strong platform for growth in place the Board continues to remain confident for the future and committed to delivering returns for shareholders.”
Eddie Stobart Logistics (LON:ESL) 158.50p £567.30m
HYMay17 (maiden post IPO) results from the UK logistics and supply chain company. Continuing double digit turnover growth with Underlying Revenue up 13% to £286.8m. Reported revenue increased to £286.8m from £266.4m. Underlying EBIT increasing 14% to £16.9m. Reported profit from operating activities; including exceptional items reduced from £10.2m to £5.6m and Loss for the period of £6.3m mainly due to the £12.6m of exceptional items, principally relating to the IPO and associated refinancing.. Net debt £97.7m. Interim div 1.4p. is H2 traditionally the Group's stronger period. In addition, the second half will benefit from a full six months' contribution from the iForce Group business. “Our operations continue to trade well as we move into the second half of the financial year and we look forward to delivering a full year performance in line with market expectations. FYNov17E rev £648m and PBT £41.35m, div 5.55p.
Amur Minerals (LON:AMC) 9.76p £57.91m
The nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, provided a drill update for its Kun-Manie project. A total of 82 diamond core drill holes containing 20,060 metres of drilling have been completed eight weeks ahead of schedule. February 2017 JORC Inferred resources identified within the Kubuk ("KUB") deposit have been infill drilled and drilling is likely to have increased this category of resource to that of Indicated which is suitable for inclusion in reserve expansion and definition. Successful drilling of the 800 metre long segment will confirm that the deposits of IKEN and KUB are a single deposit totaling more than four kilometres in length making it the second largest deposit within the Kun-Manie licence area. Potential scope for upgrading the grade of the current 258,000 tonne nickel JORC resource.
Belvoir Lettings (LON:BLV) 105.5p £36.9m
‘The UK's largest property franchise, is pleased to announce that the Group has secured further growth and an increase in the number of properties it has under management following twelve franchisee-led acquisitions during 2017 across the country. Following a series of acquisition roadshows to franchisees earlier this year, the Group strategy of growth through its Assisted Acquisitions programme, already familiar to the Belvoir network, has now been embraced by franchisees from the recently acquired networks. Of the twelve acquisitions, six were secured by Belvoir, five by Northwood, and a further one by Newton Fallowell.’ These acquisitions have increased network revenue by £1,732,000 at a total deal cost of £2,116,000. FYDec17E rev £11.6m and £4m PBT, PE c.11x.
Katoro Gold (LON:KAT) 4.12p £3.65m
Update on continuing significant progress being made on the Imweru resource development program by the Tanzania focused gold exploration and development company .
· Katoro successfully exported first batch of samples;
· ESIA geohydrological study in final field work stage;
· Resource Drilling Sample preparation complete and currently undergoing laboratory analyses;
· Resource restatement and upgrade in advanced stage of development;
· Pre-Feasibility Study ("PFS") already in advanced stage of execution; and
· Preparation of Mining Right Application ("MRA") in advanced state of preparation.
Forbidden Technology (LON:FBT) 11.51p £6.38m
Ian McDonough will join the Company as Chief Executive Officer on 1 September 2017. Ian will join the Company's Board immediately. FBT is a company that develops and distributes tools based on its cloud video platform.
Ian brings considerable knowledge and experience and a track record of delivering growth and value, particularly in the global media sector. Most recently Ian was Senior Vice President and Managing Director for Turner (formerly Turner Broadcasting) covering the UK, Ireland, Nordic and Baltic countries. Prior to that, from 2009 to 2014, he was with BBC Worldwide and became Executive Vice President and General Manager for one of their seven global regions. Ian's previous experience also included working for A&E Networks Europe and Viacom Asia. We could see no forecasts.
Empyrean Energy (LON:EME) 10.5p £34.42m
Significant Gas Shows Continue at Dempsey.
· Zones of significant gas shows continue to be drilled in Dempsey 1-15 well
· Drilling ahead below 2,440 m (~8,000 feet) to evaluate multiple remaining conventional sandstone reservoir targets in next 750 m (~2,500 feet) of drilling
· Dempsey is testing the largest known undrilled structure in northeastern Sacramento Basin.