What’s cooking in the IPO kitchen?
AIM
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 16 October. Offer raising £25m at 106p with market cap of £87m.
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.
Breakfast buffet
Goldplat plc (LON:GDP) 5.88p £9.63m
Goldplat, the gold producer with international gold recovery operations located in South Africa and Ghana and a gold mine in Kenya, notes the announcement released by Ashanti Gold Corp. ('Ashanti') in relation to Goldplat's Anumso Gold Project in Ghana ('Anumso'), in which Ashanti has the right to earn up to 75% of Goldplat's interest by expending US$3million on exploration work.
Ashanti has identified broader and new mineralised zones at Anumso, which are in aggregate 480m wide in certain areas of mineralisation, following soil sampling. Approximately 1,200 samples revealed multiple zones of mineralised Banket conglomerate. The soil samples tested returned samples with over 30 ppb gold ('Au'), with 24 samples containing more than 100 ppb Au.
Premaitha Health (LON:NIPT) 7.50p £23.69m
Premaitha Health, a leading international molecular diagnostics group focused on non-invasive prenatal testing (NIPT), announces further commercial progress in the Middle East, where several new contracts have been signed via the Company's regional distribution network.
Premaitha has secured contracts with three additional laboratories in the region including in the UAE and Saudi Arabia, and has also signed new customers in the region who will send samples to Premaitha's own service laboratories. It is anticipated these new laboratories will be operational with the IONA® test by early 2018, and service laboratories are starting to receive samples immediately. Premaitha already has three established customer laboratories in the region and these additional installations will increase the Company's potential addressable market by expanding access into new population groups.
NAHL Group (LON:NAH) 148p £67.09m
NAHL, the leading UK consumer marketing business focused on the UK legal services market, is pleased to announce that it has established its second Alternative Business Structure (ABS), this time in partnership with Lyons Davidson, a full-service legal practice operating throughout the UK. The ABS will trade under the name National Law Partners and it is expected to commence in November 2017.
As part of NAHL's strategy to advance its business model in light of the Personal Injury reforms announced by the UK Government, earlier this year the Group launched its first ABS with NewLaw, a wholly owned subsidiary of Redde Plc. As announced at the Group's Interim Results on 19 September 2017 the initial signs are encouraging.
The establishment of National Law Partners marks a continuation of the Group's strategy to grow its share of the Personal Injury market, and follows the recent relaunch of the NAH brand. The new ABS will initially create 35 new jobs in Kettering and Cardiff.
Redx Pharma (LON:REDX) SUSPENDED
Redx, the drug discovery and development company, announces that Jason Baker and Miles Needham of FRP Advisory LLP, joint administrators of the Company and of its subsidiary, Redx Oncology Limited ("Oncology") (together, the "Companies") have applied to the High Court for an order which will enable the Companies to be rescued as going concerns and the Joint Administrators to vacate office.
Unless adjourned by the court, the application will be heard on Thursday 26 October 2017. Assuming that the application is approved by the High Court, the Joint Administrators will subsequently take steps to return control of the Company to the directors, following which the directors will seek to lift the suspension of the Company's ordinary shares.
Angus Energy (ANGS.L) 26.5p £9.55m
Angus Energy is pleased to announce it has successfully completed the drilling of the Lidsey-X2 production well.
The Company will produce from a "net oil pay" section of 443 metres ("m") from the Great Oolite limestone reservoir. The production reservoir section has a Measured Depth ("MD") of 1,230-1,673m. True Vertical Depth ("TVD") of the production section is measured to be 994.9m-1,009.3m.
The well reached its Total Depth ("TD") objective at 1,700m and the slotted oil production liner has been installed. Following de-mobilisation of the BDF-28 drilling rig, the Lidsey-X2 well will be placed into production.
The well was drilled on time and on budget as outlined in previous Company guidance.
Towards the end of the horizontal section of the Great Oolite reservoir, initial analysis by the Company showed an unexpected change in the lithology of the well. The lithological change indicates a potential extension, continuing to the west of the original reservoir. This entirely new and separate section of the Great Oolite reservoir would be at original conditions as it has never been produced. Further analysis will be undertaken to reach a final determination. The Company will update the market in due course.
Pittards (LON:PTD) 88.5p £12.29m
Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors notes that with effect 11 October 2017 the Ethiopian Government has devalued its currency by 15%.
The devaluation in the currency will have no adverse effects on the Company's trading performance although there will be some adverse balance sheet adjustments arising on the consolidation of the Ethiopian assets at the year end. It is currently estimated that these adjustments will amount to approximately £1 million.
In overall terms this is a positive development for Pittards plc as the devaluation will make its operations in Ethiopia more competitive.
Bluejay Mining (LON:JAY) 17.12p £131.59m
Bluejay Mining, the company with projects in Greenland and Finland, is pleased to announce that the feasibility study has commenced at the Dundas Ilmenite Project (previously referred to as the Pituffik Titanium Project and henceforth the 'Dundas Ilmenite Project' or the 'Project'). The change of the Project name has been made to align with the new Greenlandic subsidiary and to assist with the exploitation application documentation.
To complete the feasibility study and to advance the Project into production in 2018, the Company has appointed a group of advisers. The final feasibility report is expected for completion during Q1 2018. This will form the final part of the exploitation licence application that is expected to be approved during H1 2018.
reach4entertainment enterprises (R4E.L) 1.38p £8.46m
r4e, the transatlantic media and entertainment marketing company, is pleased to announce the appointment of Marc Boyan as Chief Executive Officer of the Company with effect from 16 October 2017. In addition, Lord Michael Grade, a Non-Executive Director of the Company, has been appointed as the Company's Non-Executive Chairman with effect from the same date. Marc Boyan is the founder of Miroma International, a successful media trading business which works with brands, media agencies and media owners to enable brand owners to extract additional value from their marketing budgets. Lord Michael Ian Grade of Yarmouth was awarded a CBE in 1998 for his significant achievements in broadcasting and has over 40 years' experience in the entertainment industry. He was formerly Chairman of the BBC, Executive Chairman of ITV plc, Chief Executive of Channel 4, and he has held positions on the boards of a number of public companies, including Pinewood Group plc.