What’s cooking in the IPO kitchen?
AIM
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.
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
Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market
ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing. Part vendor sale and £20m primary raise.
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
WMC Retail Partners (AQSE:WELL) 17.5p £1m
HYJun17 trading update. Trading in most of the business has been in line with expectations. However, the new Cornucopia development in Cornwall has been performing significantly below WMC's management's expectations. Andrew Sparrow, the Company's new CEO, will be focussing on improving performance at Cornucopia with a view to stemming losses at that site. However, as a result of these losses, the interim accounts will show a loss substantially larger than the comparative period in 2016. The Company will need to raise additional working capital and is in discussions with two of the directors who have expressed an interest in making available such funds. As a measure to meet the Company's immediate cash requirements, Michael Chadwick and Simons & Co. Limited, a company in which Sarah Hewitt is a director, have made available short term loans amounting in aggregate to £75,000 which are unsecured and bear no interest.
Harvest Minerals (LON:HMI) 10.37p £12.12m
The fertiliser development company, announced further positive results from the ongoing agronomic test work conducted on KPfértil, its direct application natural fertiliser and remineraliser product produced from the Company's 100% owned Arapua Fertiliser Project in Brazil ("Arapua"). Results of tests conducted over 180 days on juvenile (±1.5 year) and mature (+12 year) coffee plants indicate that KPfértil, a completely natural, slow release, single product fertiliser, is as effective as traditional fertilisers in supplying potassium ("K") and phosphate ("P") to plants. Results are part of the ongoing agronomic efficiency study on the application of KPfértil on coffee crops.
Further tests will be conducted to examine the long-term benefits of using KPfértil over conventional fertilisers
Strategic Minerals (LON:SML)2.1p £26.16m
The minerals production and development company, announces that it has achieved record domestic sales at its Cobre magnetite stockpile in New Mexico, USA ("Cobre") during the month of August 2017, more than doubling the previous record posted in July 2017. Cobre is operated by Strategic Minerals' wholly owned subsidiary, Southern Minerals Group LLC (SMG). During August 2017, SMG sold US $999,064 (13,897 tons) of magnetite from Cobre compared to July 2017 when it sold $486,560 (7,206 tons). In addition to sales significantly increasing, the average sales price has also improved. The strong sales in July and August represent 96% of 2016's annual sales and 119% of 2015's annual sales. The robust July and August sales performances have already ensured that the Q3 2017 quarterly update will report a new quarterly domestic sales record for the Company. We could see no forecasts.
Spectra Systems (LON:SPSY) 98.5p £44.7m
HYJun17 results from the provider of advanced technology solutions for banknote and product authentication . Revenue up 48% in the first half at $7,157k (2016: $4,822k)
· Adjusted EBITDA at $3,022k (2016: $26k)
· Adjusted PBTA at $2,834k (2016: $(164k) loss)
· Cash generated from operations of $2,668k (2016: $1,628k)
· Strong, debt-free balance sheet, with cash2 of $9,451k (2016: $8,122k).
“The Company's shorter term prospects have increased with the growth of the authentication business beyond covert materials and hardware. In addition, while we are transitioning to a mode of capitalising on our already developed covert technologies and customers, we have several significant opportunities ahead.”
We could see no forecasts.
Time Out Group (LON:TMO) 141p £187.3m
The global media and entertainment business with food and cultural markets, is pleased to announce the acquisition the Group's Spanish licensing partner who currently runs Time Out in three cities in Spain. The Time Out brand launched in Spain in 2008 to inspire and enable people to make the most of Barcelona and has been constantly growing ever since; Time Out Madrid followed in 2014 and Time Out Girona in 2016. The business, acquired with cash and deferred share consideration, provides the Group with further growth and monetisation opportunities across e-commerce, advertising and Premium Profiles. In August 2017, Time Out Group also added, at no cost, Time Out Singapore and Time Out Seoul to its global network of owned and operated businesses which now comprises 76 cities in 20 countries. Including its licensing partners, Time Out has a worldwide presence in 108 cities across 39 countries. FYDec17E rev £45.3m and £19.5m loss.
C4X Discovery (LON:C4xD) 74p £34.45m
Update on the Drug Discovery Engine and portfolio progress. “Key drug discovery programmes in addiction and inflammation have advanced and our Taxonomy3® DNA-based target discovery technology is producing novel target data in a number of commercially valuable disease areas. These targets can be addressed through our drug design platform including our Conformetrix and Molplex chemistry technologies and we are in discussions with a number of potential pharmaceutical partners which we anticipate will result in a deal in line with our previously announced expectations.”
"We are also increasingly seeing the power of our drug discovery engine with exciting new targets identified in inflammation and neurodegenerative diseases. “
Alpha FX Group (LON:AFX) 560p £183.4m
Maiden interims (HYJun17) from the UK-based corporate foreign exchange service provider . · Revenue up 90% to £6.3m
· Underlying operating profit up 84% to £3.2m
· Reported operating profit up 40% to £2.4m (H1 2016: £1.7m)
Maiden interim dividend of 1.5 pence per share, payable on 13 October 2017 .
“We are encouraged by our performance in the first half of the year and trading for the second half has begun well. The Board is confident that the results for the full year will be in line with market expectations.” FYDec17E rev of £12.6m and PBT of £6m. Div 4.55p.
Falanx Group (LON:FLX) 6.25p £9.78m
Operational update form the global intelligence, security, and cyber provider.
Business on track to reach breakeven during the financial year with sufficient cash to see all current operations through to profitability.
Falanx Cyber business has secured a new Security-as-a-Service contract with a leading UK-based IT Service Provider, worth more than £200k.
Falanx Assynt has won new multi-year contracts for 'Embedded Analysts' with a large US-based Insurance company and a global high street Retailer of beverages.
The full MidGARD service will be launched to the market at the UK's leading Cyber Security Conference, 44CON 2017. MidGARD is FLX’s proprietary Advanced Threat Detection Platform.
We could see no forecasts