What’s cooking in the IPO kitchen?
AIM
City of London Group (COLG) - Sch 1—RTO of Milton Homes Limited, an equity release provider which has a UK residential property portfolio of 586 properties with a market value of approximately £77 million as at 30 June 2017. Offer TBA. Due 5 Oct
Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.”
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
People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.
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 Sep.
Breakfast buffet
Shepherd Neame (AQSE:SHEP) 1260p £187.2m
FYJun17 results from Britain's Oldest Brewer and owner and operator of a 327 high quality pub estate. -
Turnover increased by +11.7% to GBP156.2m (2016: GBP139.9m)
- Underlying operating profit up +7.2% at GBP15.3m (2016: GBP14.2m)
- Underlying profit before tax up +8.0% to GBP11.2m (2016: GBP10.3m)
- Proposed final dividend per share of 22.73p (2016: 22.05p) making total dividends for the year up +3.1% to 28.35p (2016: 27.50p)
“ We have made steady progress in the new financial year albeit with colder and unsettled weather compared to 2016.
- In the ten weeks to 2 September, like-for-like managed sales were up +1.5% (2016: +8.2%) and total beer volume excluding contract was up +4.4% (2016: +1.2%). In the 9 weeks to 26 August like-for-like tenanted EBITDAR up +0.6% (2016: +2.2%)”
Powerhouse Energy Group (LON:MOU) 1.08p £12.22m
The company focused on ultra high temperature gasification waste to energy and waste to hydrogen systems and the creator of Distributed Modular Gasification (DMG©), has entered into a Memorandum of Understanding (MOU) with Energy & Environment Holding (EEH), an independent consulting firm specialising in energy, environment, privatisation, and sustainable development based in Doha, Qatar.
This MOU has been established to jointly investigate the opportunity of enabling Qatar to establish a network of DMG© systems for the conversion of waste to hydrogen and distribute this low-cost, low-carbon hydrogen through a network of FCV (fuel cell vehicle) filling stations in advance of, and in preparation for, the 2022 FIFA World Cup. Whilst this MOU is not fully binding and there is no certainty it will result in a firm agreement, the Company sees this as a promising step and looks forward to updating the market of its progress.
ECR Minerals (LON:ECR) 1.22p £3.03m
Update on its four gold exploration projects located in Central Victoria, Australia all now 100% owned by the Company.
At Avoca a 520m programme of reverse circulation (RC) drilling at the Monte Christo prospect is planned, as well as trenching at the Excelsior prospect to try and identify extensions to known mineralisation. Historic high grade mining area.
At Bailieston, ECR is planning a further 500m of drilling, again where historical mining has taken place.
ECR considers the Moormbool project a wildcat project with a single target being based on a geophysical anomaly. The planned work comprises analysis of public domain geophysical data and a programme of soil sampling to an early test on this geophysical anomaly and help vector further exploration. Timor— The planned work comprises of analysis of public domain geophysical data, literature review, geological mapping & 600 soil samples across the Leviathan trend. It is expected that this work will enable the selection of targets for drilling.
W Resources (LON:WRES) 0.44p £21.3m
“The tungsten, copper and gold, exploration and development company with assets in Spain and Portugal, announces that the Portuguese Secretary of State for Energy under the Ministry for the Economy has approved the Company's application to extend the licence on the Tarouca project in Portugal for a further two-year period.
The extended Tarouca licence will expire on 23 March 2019.
During the two year extension period the Company will consolidate prior exploration programmes completed to date by carrying out a 15 hole / 1,500m reverse circulation drilling campaign.
In 2015, trench sampling at the Tarouca project showed high-grade tungsten results with 15 out of 126 samples exceeding 0.5% WO3, including 0.8 m at 11.4% WO3 (TTR063). Together with the 15 holes drilled in 2014, this confirms an outstanding exploration target in the north-eastern area of the licence.”
Petrel Resources (LON:PET) 2.62p £2.62m
HY Jun 17 results. The main focus of Petrel in the period under review was on activity in the Irish Atlantic Porcupine Basin. On behalf of the joint venture, contractor PGS has acquired state-of-the-art 3D seismic data across FEL 3/14, a 475km2 block in which Petrel is 15% carried by operator Woodside Energy. Circa 1,400km2 of the 3D seismic acquired is directly over or around FEL 3/14. “It is an exciting time to be in the Porcupine Basin, and Petrel is funded for current activities.” Operating loss £207k. £407k cash at year end.
CyanConnode (LON:CYAN) 0.17p £30.44m
“Largest Order to Date Successfully Expanding Geographic Reach.
CyanConnode, the world leader in narrowband radio mesh networks, has received a purchase order worth $29 million from its strategic partner NIK LLC ("NIK") for a smart metering contract in Ukraine.
The purchase order is significantly larger than any received to date by CyanConnode and marks a further step change in the Company's commercial progress.
As a result of this new contract, the order book, representing the value of purchase orders received but not yet delivered, will be $100 million, which includes $33million of expected software licence and support revenue from the UK smart metering contract.” FYDec18E rev £9.99m and £7.3m loss.
Mercia Technologies (LON:MERC) 33p £99.2m
The national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, has invested £1.9m part of a £3.1m syndicated round into University of Warwick spinout, Warwick Audio Technologies Limited, the specialist developer of a new generation of planar audio transducers. Mercia originally supported Warwick Audio through its third party managed funds, before it became a direct investment 'Emerging Star' in December 2014. In total, Warwick Audio has received £4.3m of direct investment from Mercia. Now holds a 64.0%. The funds will be used to continue product development of its High-Precision Electrostatic Laminate ("HPEL") technology, a high-end headphone system called the Sonoma Model One and to expand sales and explore automotive opportunities. The Sonoma Model One has received positive reviews from both audiophile reviewers and leading figures in the professional recording industry.
600 Group (LON:SIXH) 14.5p £15.13m
AGM Statement from the distributor, designer and manufacturer of machine tools & industrial laser systems. “Trading in the current financial year continues to be in line with the Boards expectations. Order and quote activity remain good and current order books in machine tools are up 60% and industrial lasers 36% on the same time last year. Whilst our markets always remain subject to world economic and political influences these levels of order books gives us confidence in our trading going into the second half of the financial year. Additionally we are pleased to report that the Group pension scheme continues to perform strongly and remains over 100% funded on a Technical Provisions valuation basis.” “In the process of undertaking a direct subscription for approximately 8,615,384 new ordinary shares of 1p at a subscription price of 13 pence per ordinary share. The direct subscription will raise approximately £1.12m before expenses” FYMar18E rev £50m and
The People’s Operator (LON:TPOP) 1.75p £2.48m
HY Jun 17 results from the cause-based commercial mobile virtual network operator ("MVNO"). · US revenues up 34% from January 2017 to June 2017
· Total revenue slightly lower at £1.615m (H1 2016: £1.703m) as the result of TPO's now completed exercise to move away from unprofitable customer contracts in the UK. Loss of £2.9m (H1 2016: £3.9m) representing a significant reduction of 26% . Average one-off UK customer acquisition costs remain extremely low at an average £5.29 (H1 2016: £6.34). The Company undertook two separate rounds of fundraising via the issuance of equity during the first half of the year. In January it raised net proceeds of £200,000 and in March net proceeds of £1.5 million. Further funding being sought. We could see no forecasts.
Frontier IP Group (LON:FIPP) 48p £18.37m
The specialist in the commercialisation of intellectual property, noted that its portfolio company Alusid Limited ("Alusid") has launched an extension to its SilicaStone® range of sustainable alternatives to traditional stone.
Alusid's SilicaStone® slabs have been used, in collaboration with designers Soft Baroque, to produce finger jointed tables which reference traditional woodworking techniques, demonstrating the strength and adaptability of this pioneering 100% recycled material. The commission was received from Modern Design Review for the Ace Hotel, as part of the London Design Festival.
Alusid has already won widespread industry recognition for its energy efficient alternative to traditional stone and ceramics for architectural applications.