Breakfast News - AIM Breakfast : Diurnal, Fulcrum Pharma, Gama Aviation, LoopUp Group PLC, Solo Oil PLC, Tiziana Life Sciences, Trakm8 Holdings PLC, WANdisco


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. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014.  Part vendor sale and £20m primary raise. 

ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London 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

Tiziana Life Sciences (LON:TILS) 165p £197.5m

The clinical stage biotechnology company developing targeted drugs for cancer and autoimmune diseases, announced development of a novel, proprietary, oral formulation of foralumab, a fully human anti-CD3 monoclonal antibody (mAb), to be used in upcoming clinical studies in patients with non-alcoholic steatohepatitis (NASH) and other inflammatory diseases. This is the first-ever development of an oral formulation suitable for therapy with foralumab (NI-0401).“Oral immunotherapy with an anti-CD3 mAb is expected to be a preferred approach for targeted immunomodulation without eliciting immunosuppression throughout the body. However until now, oral administration has not been pursued due to the expectation of mAbs being inactivated by the harsh conditions in the gastrointestinal tract.”

Trakm8 Holdings (LON:TRAK) 165p £197.5m

AGM Statement from the telematics and data supplier to global markets.  "Trakm8 is pleased to report that trading in the first five months of the current financial year commencing 1 April 2017 has been satisfactory and ahead of the same period last year, and is consistent with its expectations for the year as a whole.

The benefit from the renewed contract momentum experienced and announced since year end will progressively accrue over the coming months.  These wins and extensions (in order of award) have included:

·     contract extension awarded by Young Marmalade valued at £1.7m

·     contract extension awarded by Direct Line for a further three years

·     initial contract awarded by a roadside assistance technology company (Intelematics).

FYMar18E rev £32m and PBT £3m.

Solo Oil (LON:SOLO) 5.5p £21.58m

The Development Plan for the Ntorya gas condensate field, located onshore in the Ruvuma Basin Tanzania has been submitted to the Tanzania Petroleum Development Corporation ("TPDC") for approval. The Development Plan is a key step towards monetisation of the Ntorya field which lies within the Ruvuma Basin Petroleum Sharing Agreement ("Ruvuma PSA") where Solo holds a 25% working interest.

The Development Plan, which incorporates the findings from the Gas Commercialisation Study conducted by io oil and gas consulting (a joint venture between a Baker Hughes (a GE Company) and McDermott), is a comprehensive review of the existing data and includes the findings of new mapping and the recently upgraded resource estimates of approximately 1.3 trillion cubic feet ("tcf") Pmean gas initially in place ("GIIP").


Gama Aviation (LON:GMAA) 247.5p £108.89m

HYJun17 results from one of the world's largest business aviation service providers .       Total Group revenue up 45% to $291m (2016: $201m)

·      Underlying total operating profit up 31% to $7.7m (2016: $5.9m).

Net debt decreased to $14.3m, down $5.1m from December 2016 (June 2016: $13.3m)

·      Cash conversion from operations improved to an inflow of $5.7m compared to an outflow of $1.1m in 2016

·      2017 trading in line with management expectations.

“The integration of the BBA aircraft management business into the US Air division is progressing well and benefiting from a buoyant US market.  The 2016 acquisitions of Aviation Beauport and FlyerTech, in Europe Ground and Europe Air respectively, are performing above expectations. Gama Aviation is well positioned to continue to benefit from the opportunities that this highly fragmented market presents.” FYDev18E rev £171.1m and £15.15m  PBT. Sub 10x PE. Div 2.96p.

Orchard Funding Group (LON:ORCH) 97p £20.7m

The finance company which specialises in insurance premium finance and the professions funding market, provided a trading update for the year ended 31 July 2017.

Lending, revenue and profit before tax numbers are all expected to be significantly higher than 2016. Overall Group performance has been sound and very much in line with management expectations. Total lending up 30.46% to £63.4m.  Loan book up 30.43% to £28.42m.

Group CEO, Ravi Takhar, said:

"I am very pleased with Orchard's performance during the year. We continue to do our best, despite strong competition and we continue to increase our share of the large specialist finance market we play in." FYJul18E rev £4.9m and £1.54m PBT. Yield c.3%.


Wandisco (LON:WAND) 727.5p £274.26m

HYJun17 results from the specialist in  in Active Data Replication™. Total bookings for the first half of 2017 increased 73% to $10.2 million (H1 2016: $5.9 million). Revenue for the period increased 71% to $9.7 million. Adjusted EBITDA positive at $0.3 million (H1 2016: $4.5 million loss). Statutory loss from operations reduced to $3.8 million (H1 2016: $17.9 million)

·      Cash at 30 June 2017 of $9.9 million (31 December 2016: $7.6 million)

·      Cash burn reduced to $0.6 million in H1 2017 (H1 2016: $5.3 million)

·      Debt of $3.0 million (31 December 2016: $nil). “We are seeing increasingly strong market traction for our products as the global demand for Big Data and Cloud migration unfolds. Our Fusion product sits at the heart of this evolution and when combined with our channel partners such as IBM, Amazon and Microsoft, we continue to see accelerated demand for our services.” FYDec17E rev £11.96m, Pre-tax loss £7.9m.


LoopUp Group (LON:LOOP) 196.5p £80.5m

HYJun17 results from the  premium remote meetings company. 44% growth in LoopUp Revenue, to £8.65m an increase in growth rate from 39% in FY2016 and 36% in FY2015. Growth at constant currency in H1 2017 was 37.2% year-on-year compared to 31% in each of FY2016 and FY2015. EBITDA up 81.4% to £1.6m/ Diluted EPS 1.9p from 0.2p.  “We continue to see strong demand for our product from our target market of mid-to-large enterprise and professional services firms. Since the end of the reported period, we've had some major new customer wins set to roll out in the second half, including a major multinational consulting organisation, a premier investment banking advisory firm, and a leading UK building society. Pipelines are healthy and we remain confident in our ability to deliver further growth.” FYDec17E rev 317.3m and PBT £2.92m.

Diurnal Group (LON:DNL) 132.5p £69.18m

FYJun17 results from  the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases. Operating loss of £12.1m (2016: £7.0m) reflecting increased investment to support the Group's anticipated development.   Cash and cash equivalents and held to maturity financial assets at 30 June 2017 of £19.9m (2016: £30.1m). Net cash used in operating activities was £10.5m (2016: £5.1m), in line with the Board's expectations. ·  Primary endpoint successfully met in European Phase III Infacort® registration trial in paediatric adrenal insufficiency (AI)Infacort® paediatric use marketing authorisation (PUMA) submitted to the European Medicines Agency (EMA). First patient dosed in food matrix compatibility study intended to form part of US Phase III registration package for Infacort® (European authorisation expected in 2017);Potential authorisation for Chronocort®  in 2019.


The Fulham Shore (LON:FUL) 17.25p £98.56m

AGM Statement.  “In the 2018 financial year to date, Fulham Shore has opened seven Franco Manca pizzeria in the UK, one Franco Manca franchise in Italy and three The Real Greek restaurants. This takes Fulham Shore's restaurant portfolio to 56 sites, comprising 15 The Real Greek, 40 Franco Manca and one Bukowski Grill. Many of the Group's new restaurants are located outside London, in line with our strategy of extending the reach of our core brands.” However has seem slowdown in July and August Trading particularly in the London suburbs and experiencing higher fixed costs to support expansion. “As a result of these two factors, the Board expects that, while Headline EBITDA (as defined in the Company's accounts) for FY18 will be significantly higher than that achieved in FY17, it is likely to be less than current market expectations.” FYMar18E £63m rev and £6m PBT.

ThinkSmart (LON:TSL) 10.25p £14.24m

FYJun17 results from the provider in the UK of retail point-of-sale lease finance for high-volume small-ticket electronic and commercial equipment.  Moved from ASX to AIM in the period.  Completion of £5m placement with cornerstone investor Lombard Odier (formerly Henderson Global Investors). Revenues for the relevant period were down 24% to £10.1m, driven by lower volume performance. Group Operating NPAT loss of £-0.7m, reflecting lower revenues and ongoing investment in SmartCheck platform .  “In the first eight weeks of the new financial year, volumes from the Group's higher margin SmartPlan product are up 14% year on year, offset by the continued year on year decline in Upgrade Anytime volumes. This resulted in overall volumes for the first eight weeks of the current financial year broadly maintaining a similar trajectory as the previous financial year.”

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