Breakfast News - AIM Breakfast : Block Energy Plc, Pantheon Resources Plc, Eden Research, Elecosoft, Safestay, ZOO Digital


What’s cooking in the IPO kitchen?


Alpha FMC Topco — Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017 . Offer TBA.

Cora Gold— West African focussed gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Due 9 Oct. Offer TBA

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   

Breakfast buffet

Block Energy (AQSE:BLOK) 0.9p £4.8m

Acquisition: - Attains 100% interest in producing Norio field in the Republic of Georgia  and assumes operatorship of both Norio and neighbouring Satskhenisi field . Enables Block Energy to embark on work programme to increase production to  
approximately 300bopd from 26bopd.

* Triggers fundamental change in Block Energy's business activities and  
status and is therefore treated as a reverse takeover - shares suspended     from trading on NEX Exchange Growth Market prior to opening of business on     Monday 25 September 2017 at 07.30 a.m.

  * Process to dual-list on AIM underway - first ever CPR covering detailed  
analysis on the reserve potential across all three licences in Georgia     being completed

  * Re-admission to NEX Exchange Growth Market expected simultaneously with AIM  admission, subject to shareholder approval .

Crossword Cybersecurity (AQSE:CCS) 195p £6.2m

The technology commercialisation company focusing exclusively on the cyber security sector, announced that ByzGen Ltd, a newly formed blockchain company targeting the Defence and Security sector, has raised £500k from RFS. ByzGen spun out of a joint project with Professor Tim Watson’s WMG cyber security group at the University of Warwick and a partnership with Professor Bryan Ford’s team at EPFL, the Swiss Federal Instiute of Technology in Lausanne.

Former Sandhurst-trained British Army Officer, Marcus Ralphs, has been appointed as CEO of ByzGen. Following a Ministry of Defence funded proof-of-concept, ByzGen continues to work closely with the defence user community to implement this new and exciting technology; bringing with it a level of data and information assurance, provenance and future-proof protection that was considered impossible only a few years ago. Crossword has licensed its blockchain intellectual property to ByzGen and has also entered a long-term commercial agreement.

ClearStar (LON:CLST) 45p £16.3m

The technology and service provider to the background check industry, announced that its suite of background and medical screening services are now available through the SAP® App Center, the digital marketplace for SAP partner offerings. This follows the Company's integration with SAP SuccessFactors Recruiting, a global provider of cloud-based human capital management (HCM) software that serves more than 6,000 customers in over 177 countries.


ClearStar's integration with SAP SuccessFactors Recruiting and availability through the SAP App Center enables customers to buy solutions directly from the Company and other SAP partners, and to centrally manage their purchases, billing and vendor communications. SAP App Center users gain access to the ClearStar's ScreenMeNow applicant portal solution and suite of background and medical screening products, such as ClearMD for drug and clinical testing.

We could see no forecasts.

Pantheon Resources (LON:PANR) 51p £121m

“The AIM-quoted oil and gas exploration company with a working interest in several conventional projects in Tyler and Polk Counties, onshore East Texas, is pleased to confirm that the lease dispute with certain third parties as disclosed in Pantheon's announcement of 27 July 2017 has been settled on the terms disclosed therein. Accordingly, Pantheon's working interest in the units associated with the VOBM#1 and VOBM#2H wells has been reduced from 58% to 55.1%, after well payout. No cash or additional consideration was paid in relation to this settlement. “

Eden Research (LON:EDEN) 11.25p £23.3m

The company that provides breakthrough natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces that it has received authorisation in Portugal for its first product, Mevalone (previously referred to as "3AEY").  The Portuguese authorities have issued "Authorisation for Sale" number 1012 covering the use of Mevalone for the control of botrytis (grey mould) on grapes.  Mevalone will be marketed in Portugal by Eden's partner, K. & N. Efthymiadis S.A.


Mevalone is a terpene-based fungicide that targets Botrytis, a widespread fungal disease that causes grey mould on many fruits and vegetables leading to the rapid loss of commercially valuable crops. Mevalone, sold under varying trade names in different countries, has already gained approval in multiple countries including Spain, Italy, Kenya, Malta, Greece, Bulgaria and, mostly recently, France.   We could see no forecasts.

Elecosoft (LON:ELCO) 50p £38.6m

HY Jun 17 results from the  international construction software specialist.  Revenue up 14% to £10,010,000 (2016 H1: £8,769,000) of which 48% was from recurring maintenance and support revenue (2016 H1: 47%).  Operating profit up 76% to £1,059,000 (2016 H1: £601,000).  Profit before tax up 81% to £1,007,000 (2016 H1: £557,000).  Expensed product development of £1,054,000 (2016 H1: £1,258,000) with a further £494,000 capitalised of new software programmes (2016 H1: £175,000)

·     Basic earnings per share up 83% to 1.1p (2016 H1: 0.6p)

·     Increased interim dividend of 0.20p proposed, (2016 H1: 0.15p)

“Elecosoft delivered a positive performance in the first six months of 2017, with growth in all geographic regions and we have enjoyed an excellent start to the second half. “ FYDec17E rev £20.6m, and £2.2m PBT.

Safestay (LON:SSTY) 47.5p £16.25m

HYJun17 numbers from the international brand of contemporary hostels.  Strong H1 performance with demand for Safestay's unique contemporary hostel offer generating a 23% increase in revenues to £4.1m (2016: £3.3m).   62% increase in EBITDA £1.3m (2016: £0.8m).   Reduced loss before tax of £0.4m (2016: £0.6m), in line with the development of the business.·     Successful financing transactions in respect of the Elephant & Castle and Edinburgh hostels, raising £12.6m.  New £18.4m bank facility with HSBC replaces previous bank facility and two convertible loans, significantly reducing interest expense. Since the period end, the Group has enjoyed a good summer with good performances from the new hostels and a strong performance from Edinburgh during August in particular. Importantly, the UK-based hostels have continued the trading momentum from H1 into H2. The combination of all this means the Company is well placed to achieve a good result for the year as a whole. FYDec17E rev £9m and PBT £0.35m.

Zoo Digital (LON:ZOO) 27.75p £20.39m

AGM Statement from the provider of services allowing quality TV and movie content to be subtitled in any language and prepared for sale with all major online retailers. “Sales of subtitling services delivered using ZOOsubs, the Company's proprietary cloud based subtitling solution, have more than doubled year-on-year during the financial year to date. This is the principal reason why the Board expects to report revenues for the first half in excess of $12 million. As the pipeline remains strong, the Board expects revenue for the full financial year to be well ahead of the Board's previous expectations. The increasing proportion of subtitling work has reduced seasonality, reduced client concentration and improved visibility, albeit at lower gross margins than our traditional work, and this when taken together principally with the investment being made back into the Group, as set out below, means that the Board's expectations with respect to EBITDA and profitability are unchanged.” FYMar18e rev £14.06m, PBT £0.27m.

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