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.
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
Physiomics* (LON:PYC) 0.98p £0.63m
The computational systems biology services Company whose core technology, Virtual Tumour which predicts the effects of combination chemotherapy in pre-clinical and clinical settings, has reported final results for the YE 30 June 2017.
Total income was relatively stable at £270k down from £297k and net losses increased 6% to £401k. Despite the ongoing losses the Company ended the period with cash balances up from £139k to £210k benefitting from a £555k gross placing at 0.025p in September 2016. Progress in the period included two new contracts with a global pharma company, for Virtual Tumour pre-clinical predictions relating to a new oncology target, marking the sixth year of collaboration with this company. Moreover, the Company was in term sheet discussions with a major client on a deal that would, if completed, secure a significant volume of work for the Company over a multi-year period
System1 Group (LON:SYS1) 535p £67m
System1 (formerly BrainJuicer), the innovative marketing services group, today releases the following six month (H1) trading update.
Trading in H1 has been slower than expected, and Gross Profit (the Company's main top line performance indicator) is 9% lower than prior year (12% in constant currency), due in the main to non-recurrence of large one-off Innovation projects as a result of some significant client spending reductions and a more competitive market. Profit Before Tax in H1 is some £0.8m (prior year: £2.8m).
The Company remain cautious about our prospects over the remainder of the financial year due to our usual lack of revenue visibility.
Consensus forecasts show FY2018 revs of £34.2m and EBITDA of £6.62m
Spectra Systems (LON:SPSY) 87.5p £39.07m
Spectra Systems the machine-readable high speed banknote authentication and brand protection technologies, announced that it has been informed by its covert authentication technology licensee, that royalties based on finished printed notes will reach a record level in 2017. As a result, Spectra expects that its profits for the year ending 31 December 2017 will significantly exceed market expectations.
"We are delighted to have received news from our licensee for covert materials supplied to 18 central banks that the royalty component of the agreement will as a result reach a record annual high in 2017.”
Could not see market forecasts
Toople PLC* (LON:TOOP) 1.15p £2.02m
Toople Plc, the provider of bespoke telecom services to UK SMEs, have appointed Adrian Andrews as their new Chief Financial Officer.
Adrian will be working over the next few weeks on a handover from interim CFO Geoff Wilson, who will remain as a member of the Board.
Adrian brings a wealth of knowledge and experience to the Company, having been the first CFO of both End2End mobile, a Danish-based deliverer of mobile applications and Vision OSS (VOSS), a leading supplier of communications management solutions.
Prior to this he was CFO and then Managing Director of Linedata Ltd, a global provider of solutions to the investment management community.
Koovs plc (LON:KOOV) 27.5p £50m
Koovs, the fashion-forward business focused on the young Indian e-commerce market announces a new partnership with one of the UK's leading online retail groups, N Brown, to add the exclusive Koovs Private Label young fashion brand to N Brown's high profile Simply Be offer.
The partnership will see a capsule Koovs collection available from Simply Be in exclusive larger sizes from December 2017, followed by a more extensive range for Spring / Summer 2018, rolling out in March 2018.
This announcement, and the planned distribution in the UAE through Souq.com which is well advanced and is expected to go live within the next 3 weeks, further accelerates Koovs' international ambitions for its Private Label collection.
Consensus market forecasts shows FY2018 revs of £25.6m and EBITDA of -£14.7m
Omega Diagnostics (LON:ODX) 23p £27.91m
Omega, the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that it has signed a Supply Agreement with a US-based company offering laboratory testing services, specialising in gut health for improved health outcomes.
The agreement, which covers Omega's microarray-based food intolerance product FoodPrint®, is for an initial term of three years and is automatically renewable thereafter on the mutual agreement of both parties. This agreement will enable the Company to increase traction in the US for FoodPrint® which provides laboratories with a high throughput food sensitivity testing solution. Omega expects a modest contribution from this arrangement in the current financial year.
Consensus market forecasts show for FY2018 revs of £15.4m and EBITDA of £1.99m
Fox Marble (LON:FOX) 7.88p £13.13m
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to confirm that is has received the advance payment of $0.5m from OM Enterprises ("OM"), a leading tile manufacturer and distributor based in Kolkata, India.
As announced on the 28 September 2017, Fox Marble signed a sales agreement with OM Enterprises, to purchase 5,000 tonnes of material over three years. As part of the agreement, OM committed to a $0.5m advance payment.
OM has selected its first order of 411 tonnes of marble blocks, which is currently being shipped to Mundra in India. OM's first order comprises a range of Fox Marble stone, including Argento Grigio, Illirico Selene, Breccia Paradisea and Bianco Illirico.
Palace Capital (LON:PCA) 350p £160m
Palace Capital, the property investment company that focuses on commercial property outside London, announces that the Company has renewed the lease on Princeton House, Victoria Road, Farnborough, Hampshire.
Princeton House, which was acquired as part of the Property Investment Holdings portfolio in August 2014, is an 8,300 sq ft office building, currently used as a Job Centre, and is let to Trillium (Prime) Property Group Ltd until 1 April 2018 at a rent of £75,299 per annum.
A lease renewal has now been concluded with the Secretary of State for Communities & Local Government. The new lease is for a term of 10 years from 2 April 2018, with an option to break at the end of the 5thyear. The rent is £93,334 per annum exclusive for the first year rising to £140,000 per annum exclusive from year two until the end of the fifth year. If the lessee does not break at the end of the 5th year there is an upward only rent review based on the increase in the Consumer Price Index.
Stellar Diamonds (LON:STEL) 2.88p £1.23m
Stellar Diamonds, the diamond development company focused on West Africa, announces that it has signed conditional share purchase agreements with Gold Knight Limited, a wholly owned subsidiary company of BDG Capital Limited ("BDG") in relation to the proposed sale of Stellar's assets in the Republic of Guinea, as previously announced on 5 June and 14 August 2017.
Following the due diligence process undertaken by BDG, a final purchase price of $1.25m has been agreed for the Transaction, of which Stellar has received $0.5m to date. The proceeds already received have been applied to the Company's working capital since June. Completion of the Transaction and receipt of the balance of funds is conditional upon payment by Stellar of certain government taxes in Guinea, amounting to approximately $123,000 which are due by Stellar's locally incorporated subsidiary in Guinea which is being sold. Completion is expected to occur later this month.
Impellam Group (LON:IPEL) 557.5p £280.42m
The Company announces the appointment of The Right Honourable Baroness Stowell of Beeston MBE, as Non-Executive Director of the Board with immediate effect.
Tina Wendy Stowell (aged 50) has held a number of senior positions in media and government throughout her career. Since 2011, she has been member of the House of Lords and was Leader of the House from 2014 to 2016. Between 2001 and 2010, she worked at the BBC and was promoted as the company's head of corporate affairs in 2008. She currently is a director of ABTA limited and Crimestoppers limited.