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Breakfast News -AIM Breakfast : Serabi Gold, Powerhouse Energy and others

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AIM:

Total number of AIM Companies (Incl Susp):

958*

Total number of AIM Companies trading:

919*

*as at close of business 13 October 2017

Standard List**  of Main Market:

Total number of Standard List Companies

(Incl Susp):

141*

Total number of Standard List Companies trading:

128*

*as at close of business 13 October 2017

NEX Growth Market:

Total number of NEX Growth Market Companies (Incl Susp):

84*

Total number of NEX Growth Market Companies trading:

80*               

*as at close of business 13 October 2017


 
*A corporate client of Hybridan LLP

**  Standard Listing as defined by Hybridan LLP to be a business with strictly  operational activity

What’s cooking in the IPO kitchen?

AIM

Novacyt S.A.—Sch1 from the international diagnostics group, generating revenues from the sale of clinical products used in oncology, microbiology, haematology and serology testing. Offer to raise £8.8m at 59.38p with a value of £22.4m. Expected 01 Nov.

Footasylum Ltd—UK-based fashion retailer focusing on the branded footwear and apparel markets announced its intention to seek admission to AIM. Expected value between £130m and £150m. Due Nov 2017.

Totally (LON: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 y/e 31 Mar 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. Mkt Cap £28.7m.

Central Asia Metals (LON: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 Premium Listing

Arqiva Group— UK's pre-eminent national provider of television and radio broadcast infrastructure and a leading independent provider of communications infrastructure services. Revenue was £943.8 million for the year ended 30 June 2017 . Adj EBITDA £467m. V Raising c. £1.5bn primarily to deleverage.  Due in November.

Cabot Credit Management  -one of the largest credit management services providers in Europe and the market leader in the UK and Ireland with total 120-Month ERC of £2.2 billion.  Raising c.£195m. Offer TBA. Due November.

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.

NEX Exchange

STARTUP GIANTS PLC is a UK-based investment vehicle, which will invest in technology start-ups at the concept stage. Raising £752,700 at £1. Market cap £1m. Due 25 Oct

 
 
Breakfast buffet

Serabi Gold (LON:SRB) 4.13p £28.8m

Third quarter production of 9,657 ounces of gold at its Palito/Sao Chico high grade gold operation in the Tapajos region of Para State, Northern Brazil. Mine production totalled 41,263 tonnes at 9.80 grammes per tonne. 44,954 tonnes processed through the plant for the combined mining operations, with an average grade of 7.21 g/t of gold. 2,996 metres of horizontal mine development completed in the quarter. By the end of the third quarter, surface ore stocks were approximately 15,000 tonnes (30 June 2017: 12,000 tonnes) with an average grade of 3.2 g/t of gold.

An initial 8,000 metre surface drill programme to commence before the end of the year.

The Company's total production for the year to date is now approximately 28,000 ounces. 

PowerHouse Energy Group (LON:PHE) 1.08p £12.2m

“The company focused on ultra-high temperature waste-to-hydrogen and waste-to-energy systems, and the creator of DMG©, Distributed Modular Gasification, is pleased to announce that it has confirmed with several  multi-national suppliers of hydrogen clean-up and purification equipment and hydrogen (the “Suppliers”) that, based upon independent third-party laboratory analysis, the Suppliers’ equipment would allow Powerhouse’s DMG© system to achieve the delivery of 99.999% pure hydrogen.”

“Achieving this confirmation was a pre-requisite for PowerHouse to accelerate its commercial discussions with industrial transportation and other hydrogen road-fuel users. It is a key component of our commercial plan – and l within our stated budget – and further underscores our intention to become one of the first waste-to-hydrogen road-fuel companies.”

Doriemus (NEX:DOR) 28.5p £14.4m

“Pleased to announce that it has been informed by the operators of the Brockham Oil Field, Angus Energy Plc  {ANGS.L} (the “operator”), that it has received final approval from the UK Government’s Oil and Gas Authority (“OGA”) for its Field Development Plan Addendum at the Brockham Oil Field (Production License PL235). David Lenigas, Doriemus’s Executive Chairman, commented; “This is excellent news for the Brockham Oil Field. We at Doriemus now have a great deal of activity happening at both our Brockham and Lidsey Oil Fields and will soon be conducting the extended well testing programme at the Horse Hill -1 “Gatwick Gusher” well as announced last week. The Brockham Oil Field is a fully permitted production licence and sits immediately north-west of the Horse Hill licences, in which Doreimus holds an interest. This OGA approval is the final regulatory consent needed to begin production from the Kimmeridge layers in well BR-X4Z (“X4Z”).”

Trakm8 (LON:TRAK) 97.5p £34.8m

HYSep17 update from the telematics and data supplier to global markets. 

“Trakm8 is pleased to report that trading in the first six months of the current financial year commencing 1 April 2017 has started satisfactorily and is in line with market expectations for the year as a whole.

There have been a record number of new contract wins and extensions achieved during the period, due to the continuing high levels of investment in engineering, sales and marketing. As previously announced, new contracts have been secured with Intelematics, Calor Gas and Mecalac and contract extensions with Iceland Foods, Shell, Young Marmalade and Direct Line Group.

Revenues continue to gain momentum, up 12% year on year to £14.74m (2016: £13.18m).”

FYMar18E rev £32m and £3m PBT. PE c.13.

Omega Diagnostics (LON:ODX) 21.75p £27.6m

HYSep17 update from the medical diagnostics company focused on allergy, food intolerance and infectious disease. “Turnover is expected to be £7.11m, in line with last year's first half in constant currency terms and 4% ahead of last year's result (2016: £6.83m) on an actual basis. This reflects the weakening of sterling in the post-Brexit environment. Profit before tax (before share-based payments, IFRS-related discount unwinds and amortisation of intangible assets) is in line with expectation at the half-year stage.” Now well funded and progressing on validating VISITECT® range of Malaria tests  and increasing presence in the North American market for food sensitivity testing .

FYMar18E rev £15.4m and £1.3m PBT. PE c.19x.

Condor Gold (LON:CNR) 43.5p £26.7m

Appointment of Mr Aiser Sarria as General Manager Mina La India, Nicaragua. Mr Aiser Sarria is a Civil Engineer and Nicaraguan national with 16 years' experience specialising in mining projects. Mr Sarria joins Condor Gold from B2Gold where he was the Projects and Mines Superintendent at the El Limon Gold Mine, one of the largest operating gold mines in Nicaragua. “Over the past 18 mths we have been in constructive talks with national government and, with their blessing, we are now entering direct conversation with the local community. Mr Sarria's appointment, with his recent experience of working in a nearby operating gold mine, will strengthen the leadership team on site and help with community relations and stakeholder engagement, as we enter the final phase of our permitting process to construct a 2,800tpd processing plant with a capacity to produce 100,000 oz gold p.a. from a single open pit".

Scholium Group  (LON:SCHO) 52.5p £7.14m

Update from the  group of companies involved in the retail and trade of rare books, works on paper and fine art. “Sales in the six months ended 30 September 2017 have continued to follow the improved trend experienced in the second half of the previous financial year ended 31 March 2017. Results for the first half, which has traditionally been quieter than the second half, are therefore expected to show a return to modest profitability, compared with a loss before taxation of c.£240,000 in the comparable period last year.” Also announced the incorporation of a new wholly owned subsidiary, Mayfair Philatelics Limited, to diversify the Group's activities into the auctioneering and retailing of British, Commonwealth and World stamps.

We could see no forecasts. 

Mincon Group (LON:MCON) 97p £204.22m

9 mth to Sep trading update from  the Irish engineering group specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products.  •    Revenue up 29%

o  Mincon engineered product sales up 32%

o  Third party product sales up 20%

•    Gross margin 39% compared to 41% in 2016

•    Operating profit margin 15.7% from 14.3%

  (excluding Mincon Nordic start-up costs, 14.3% when included)

•    ebitda margin reaches 19%,excluding Mincon Nordic start-up costs

•    Profit before tax margin of 13.2 % compared to 15.7%, after adverse forex charges

FYDec17E rev £88.5m and PBT £12.35m.  Yield 2 Euro Cents,.

Veltyco Group (LON:VLTY) 86.5p £64.31m

“The board of Veltyco Group plc, the online marketing company for the gaming industry, is pleased to announce that its subsidiary, Bet90 Sports ltd ("Bet90"), has entered into a sponsorship agreement with LAOLA1 Multimedia GmbH, trading as LAOLA1.tv in Brazil, where Bet90 will act as sponsor of the Federação Paulista de Futebol ("FPF"), one of the largest football federations in Brazil, for the 2018 football season. The agreement includes a digital partnership, where Bet90 will receive a guaranteed amount of advertising impressions in Brazil, during the contract period.”

FYDec17E rev £11.56m and PBT £6.05m. PE c.13x.

 

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