Breakfast News - AIM Breakfast : Active Energy Group PLC, APQ Global, Base Resources, Flowtech Fluidpower, Georgian Mining Corporation, Nektan, Polar Capital Holdings plc, WideCells Group, XLMedia


What’s cooking in the IPO kitchen?


Totally (TLY) - Sch 1 for £11m RTO of Vocare,  a provider of integrated urgent care services to the NHS throughout the UK. . £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct.

Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m   at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec.

Springfield Properties—Scottish housebuilder. “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.” Expected Mid October. Offer TBA.

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.

Orogen plc, to be renamed Sosandar plc on Admission. Sosander is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017

OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late october .

Main Market Standard Listing

SolGold—Publication of prospectus regarding transfer from AIM. Due 6 Oct

Main Market Premium Listing

ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa.  In the year ended 31 December 2016 it generated $905.2 million of combined revenue and $440.4 million of Adjusted EBITDA.  Raising c.$400m. Expected November.

TI Fluid Systems—Maybe second time lucky? Pulled last October. global manufacturer of automotive fluid storage, carrying and delivery systems  seeking to raise €425m  to reduce financial leverage (to approximately 2.0x net debt to Adjusted EBITDA by the end of FY 2017). Possible partial sale by Bain.    Revenue for FY 2016 was €3.3 billion and Adjusted EBIT was €362.1 million

M7 Multi-Let REIT—Intends to raise up to £300m at 100p.  Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 13 Nov.

Bakkavor Group  - Provider of fresh prepared food intends to float in November. FY 16 Revenue: £1,763.6 million   FY 16 Adjusted EBITDA: £146.4 million (13.7% CAGR FY 14-FY 16). Part vendor sale and primary raise of c. £100m. Price TBA.

Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower.  reported to be seeking dual London and Moscow listing raising $1.5bn

TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m.

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.

Brunch buffet

Dukemount (LON:DKE) 0.57p £1.91m

The  Real Estate Development Company in the property sector, has updated that due diligence on its proposed second acquisition (NW England) has completed.

“While we are in discussions with the housing associations, we have signed a four-month option-to-buy on the property and we already have a firm quote on the refurbishment costs.  The next phase in this process will be agreeing a long-term lease of up to 50 years, which is CPI linked, with one of the housing associations prior to closing on the property following which a full refurbishment will commence. “

Widecells (LON:WDC) 14.25p £9.24m

‘The healthcare services company focused on providing stem cell services and ground-breaking insurance for stem cell treatment, is pleased to announce that its 100% owned subsidiary CellPlan Limited ('CellPlan') is set to launch its first-of-its-kind stem cell healthcare insurance plan and medical concierge service in Spain, marking the Company's landmark expansion into a new geographic region. Alongside this, the Group is pleased to confirm that its CellPlan e-commerce platform is now fully live in the UK, meaning that CellPlan is now available to buy nationally.’

This comes a day after the announcement of heads of terms with a strategic partner to expand into The Middle East, North Africa and Asia-Pacific Territories which is due to generate £255k in upfront payments.

Flowtech Fluidpower  (LON:FLO) 164p £86.6m

The specialist technical fluid power products supplier has announced the further strengthening of its Power Motion Control (PMC) division through the acquisition of Group HES. HES employs 89 people across is network of branches located in Birmingham, Durham, Gloucester and Leeds. For the year ended 30 June 2017, HES achieved sales of £10.0 million producing adjusted EBIT of £0.7 million.  Net assets excluding Net Debt at the same date were £3.0 million.

Unaudited Net Debt at 30 September was £0.75 million, which includes c.£0.5m relating to a large project currently being installed with the contractor, Galliford Try, on behalf of Airbus in the UK.  Following completion of this contract Net Debt is expected to return to a "normalised" level of c.£0.1 million by 31 December 2017. The consideration of £4.1 million is to be satisfied as to £3.1 million in cash on completion, and the balance of £1.0 million in shares.  FYDec17E rev £72.7m and £8.7mPBT, PE c.11x and yield c.4%.

XLMedia (LON:XLM) 158p £322.9m

The “provider of digital performance marketing services, is pleased to announce the appointment of Jonas Martensson as a Non-Executive Director of the Company with immediate effect. Jonas has substantial board level experience in a number of important verticals for XLMedia in addition to both corporate and capital markets exposure across the Nordics.  He is currently CEO of Mojang AB ("Mojang"), the Swedish video game developer and publisher acquired by Microsoft in 2014. Mojang is best known for creating the popular independent game, Minecraft and continues to update and support the game across multiple platforms. Previously, Jonas founded betting operator Mobilbet.com, which was sold in 2016. Prior to this, Jonas held senior roles at Betsson, latterly in Betsson Technologies AB, as Head of Mobile responsible for strategy and execution of all mobile activities across the 28 group brands.” FY Dec17E rev £104.7m and £27.1m PBT.

Nektan (LON:NKTN) 26.5p £9.55m

Q1Sep17 update from the  international B2B gaming solutions and services provider.  In Q1 FY18, Nektan continued to deliver strong growth compared to Q1 FY17, with Net Gaming Revenue in the quarter increasing by 88.4%.    

-A significant increase in deposits, compared to Q4 FY17 and set against a reduction in FTDs, shows that the Company is attracting a higher quality of player. A combination of seasonality and a higher pay-out ratio resulted in a modest decrease in NGR compared to Q4 FY17.

-The Company launched 5 new sites and 1 new partner in Q1 FY18 and is currently running a total of 83 brands with plans to launch 10 new sites with 4 new partners during the current quarter to 31 December 2017. The benefits of this expansion are already evident during the early part of Q2 FY18.

-In Q1 FY18, Nektan launched 42 new games with 4 games vendors taking the Group's total mobile games portfolio to over 350. -The Company continues to penetrate further into the Swedish market and is launching a new localised casino proposition during Q2 FY18. We could see no forecasts.

APQ Global  (LON:APQ) 103p £80.4m

‘The emerging markets income company, is pleased to announce that it has made a further appointment to its International Advisory Council ('IAC') with Gregory Van den Bergh who will focus on opportunities in China.

Gregory Van den Bergh is the co-founder and CEO of MiCai, a financial technology company for wealth management firms which was established in 2014. Prior to MiCai, Gregory worked for the Emerging Markets fund of GLG Partners (purchased by MAN Group), a hedge fund with 26bn USD under management. Gregory also has experience working on the Emerging Markets Principal Trading desk at Citi and at Private Wealth Management at Morgan Stanley in Hong Kong. Greg has a B.A. in Philosophy and Modern Languages from Oxford University, where he studied Philosophy and Chinese. He taught at Harvard University and has an MBA from the Cheung Kong Graduate School of Business.’

Georgian Mining (LON:GEO) 21.38p £24.5m

Positive results from metallurgical test work completed on both copper sulphide and gold oxide core samples taken from the Kvemo Bolnisi East Project ("KB") on the Tethyan Belt in Georgia. Favourable results indicated that the copper sulphide mineralisation is amenable to flotation recovery of copper and gold and the gold oxide mineralisation is amenable to heap leach extraction of gold.

The Company believes KB hosts large scale epithermal gold-copper mineralisation and a three-phase strategy is underway to deliver more than 50Mt of copper-gold resources at KB.  To date 3.154Mt @ 0.82% Cu & 0.14g/t Au and a gold oxide resource of 2.29Mt @ 0.85g/t Au have been delineated in accordance with the guidelines of the JORC Code (2012), which meets the Company's Phase 2 target of 3.

Polar Capital (LON:POLR) 499.75p £447.71m

Quarterly Assets Under Management (AUM) update from the specialist asset management group. 30 Sep AUM were £10.6bn compared to £9.3bn at the end of March 2017.  Movement of £820k in net subscriptions and £510k in market movement. £9.6bn in Long Only and £1bn in alternatives.


Active Energy (LON:AEG) 2.4p £19.8m

The international forestry management and biomass based renewable energy business, announced the submission of all final documents to the Ministry of Fisheries and Land Resources of the Crown Province of Newfoundland and Labrador for a Crown Timber Licence ('CTL') and Forestry Management Agreements (the 'FMAs') on the Forestry Management Districts 17 and 18.

This exercise has involved detailed analysis from each of the relevant ministries in the Province. The application is in addition to rights conferred to the Group under an earlier agreement in principle between the Province and the Group which was announced on 22 May 2017.

We could see no forecasts.

Base Resources (LON:BSE) 18.5p £138.23m

Quarterly Activities Report.

Significant zircon price increases achieved for current quarter sales and further price increase locked in for contracted December quarter sales.

Hydraulic mining operations successfully increased from 400tph to 800tph.

Kwale South Dune Mineral Resources estimate increased following completion of extensional and infill drilling, delivering a 19% or 560kt increase in contained in situ heavy mineral within the Measured and Indicated Resource categories.

Net debt further reduced by US$11.9 million to US$86.6 million.

Increase in FY2018 production guidance for both ilmenite and zircon.

No lost time injuries.

Awarded “Flagship Project” status within Kenya’s Vision 2030 economic development framework.

FY18E 245m AUD rev and 61m AUD of PBT.

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