What’s cooking in the IPO kitchen
AIM
Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg.
Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected 24 Jan 2018
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.
Main Market Specialist Fund Segment
Sure Ventures –Raising up to £50m at £1. Focus on FinTech, IoT and Augmented/Virtual Reality. Postponed to 22 Jan.
Main Market Premium Listing
IntegraFin provides platform services to UK clients and their financial advisers through its award-winning platform, Transact. Due Mar 18. FYSep2017 PBT up 44% to £29.9m.
GEMS Education—report by Reuters that the private schools group is seeking a $4.5bn to $5bn London float in 2018. FYAug17 rev $926.2m and adjusted EBITDA $261.6m.
Vivo Energy—The Africa-focused company, which operates around 1,800 Shell forecourts across 16 countries reported by City A.M. to be preparing for a London float next year
Breakfast buffet
Accrol Group (LON:ACRL) 35p £47.99m
HYOct17 results from the independent tissue converter and supplier to a number of the UKs largest wholesalers and retailers. Following new CEO and identification of various issues shares were suspended in November and £18m raised.
* Revenue increased by 13.1% to £72.3m.
* Gross profit declined by 34.7% to £11.9m.
* Adjusted EBITDA reduced by £8.7m to a loss of £1.6m.
* Net debt rose by £9.4m to £29.3m.
Whilst the Board continues to expect a small loss at the adjusted EBITDA level for the financial year ending 30 April 2018, the Board is comfortable that the Group will continue to operate within its borrowing covenants while work on the turnaround continues and the directors look forward to the longer-term future of Accrol with confidence. The Board expects the Company to return to profit at adjusted EBITDA level in the year to 30 April 2019.
ECO Animal Health (LON:EAH) 580p £376.12m
“ECO Animal Health Group plc is pleased to announce that its subsidiary ECO Animal Health Limited (ECO) has received a number of marketing authorisations for Aivlosin® from the Department for Food Safety and Veterinary from the State Service of Ukraine on Food Safety and Consumer Protection. Aivlosin ® , ECO’s patented antimicrobial, is used for the treatment of a variety of economically important respiratory and enteric (gut) diseases in pigs and poultry.
These authorisations, which are for the use of Aivlosin® 625 mg/g water soluble granules and Aivlosin® 42.5 mg/g premix for both pigs and poultry, also allow ECO to start selling Aivlosin® in the Ukraine for the medication of drinking water or for mixing into feed, for the treatment of infections caused by Mycoplasma in poultry laying eggs for human consumption, with a zero day drug withdrawal period for eggs.” FYMar18E rev £69.74m. PBT £16.49m, Div 8.66p.
Redx Pharma (LON:REDX) 17p £23.1m
“The drug discovery and development company focused on cancer and fibrosis, announces the appointment of Dr. Andrew Saunders as Chief Medical Officer (CMO). Andrew has worked in the oncology field for over 25 years and has extensive experience in all aspects of the clinical development of oncology drugs. Andrew will work with the research and development team at Redx, fronting the clinical development of RXC004, the Company's lead drug candidate. RXC004 is a novel, oral, potent small molecule Porcupine inhibitor, which targets the Wnt signalling pathway and is due to commence phase 1 clinical trials in the coming weeks.
Andrew joins Redx from Lytix Biopharma, a Norwegian immuno-oncology biotech, where he was CMO. During his career he has also held a number of increasingly senior positions in clinical development at both large pharma and biotech companies.”
Serica Energy (LON:SQZ) 82.6p £234.67m
“Serica Energy plc has been informed by the operator of the Erskine field that, during routine pipeline cleaning operations of the Lomond to Everest condensate export pipeline, a blockage occurred in the pipeline.
The cause is currently being investigated and during this period, the Erskine field will be unable to produce. An update will be issued as soon as further information is available.”
FYDec18E rev $84.38m. PBT $71.57m.
Silence Therapeutics (LON:SLN) 181p £126.7m
“Silence Therapeutics a leader in the discovery, delivery, and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announces that on 17 January 2018 the European Patent Office granted a further European patent EP 1857547B to Silence.
The allowed claims of European patent EP 1857547B will provide Silence with further protection for its innovative chemical modification technology in Europe. Silence seeks to protect the value of its portfolio and investment, where necessary using all the legal means at its disposal.
Ali Mortazavi, Chief Executive Officer of Silence Therapeutics, commented:
"These newly granted claims add further value to our intellectual property portfolio, and strengthen our patent position in Europe.”
Dekeloil (LON:DKL) 11.24p £34.73m
“The operator and 100% owner of the profitable and vertically integrated Ayenouan palm oil project in Côte d'Ivoire, is pleased to announce a positive update on its ongoing programme to improve the productivity and profitability of its crude palm oil ('CPO') extraction mill ('the Mill') in readiness for the upcoming peak harvesting season which is expected to commence imminently.”
* Installation of a second boiler for the Mill to minimise downtime in the event of a breakdown has been completed ahead of schedule and on budget
25% upgrade in the Mill's capacity to 75 tonnes per hour ('tph') from 60tph to increase the volumes of CPO produced at Ayenouan in the peak period has been completed and testing has proved successful
Angus Energy (LON:ANGS) 10p £26.4m
The “conventional oil and gas production and development company, is pleased to announce that it has entered into a definitive agreement to form a new partnership with Cuadrilla Balcombe Limited and Lucas Bolney Limited. Subject to satisfaction of the terms of the agreement, the Company will join the partnership through the acquisition of a 25.0% interest in licence PEDL244 which includes the entire Balcombe Field discovery.
On behalf of the partnership, Angus Energy will, subject to Oil and Gas Authority ("OGA") approval, assume Operatorship of the Balcombe licence. The Company will commence a fully approved well test program of the Balcombe-2Z horizontal well at the earliest opportunity. Angus Energy will also establish a local Community Liaison Group and contact local residents, at the appropriate time, before work commences.” £2m to pay within 20 working days of 20 Jan. Further £2m due after OGA consent, plus funding a well test.
MaxCyte (LON:MXCT) 280p £142.5m
The “US-based global company driving the acceleration of the discovery, development, manufacturing and commercialisation of next-generation, cell-based medicines, provides an update on trading and corporate progress for the year ended 31 December 2017. The Company is pleased to report that revenues for the full year 2017 are expected to be approximately $14.0m, an increase of approximately 14 percent over 2016 revenues of $12.3m. EBITDA for the period is expected to be in line with market expectations. Cash and cash equivalents at the year-end were $25.3m (compared to $11.7m in 2016).”
MaxCyte also announced that its lead CARMA (CAR therapy) candidate, MCY-M11, is expected to commence dosing in cancer patients in 2018.
FYDec18E rev $13.42m and pre-tax loss $9.3m.
Tekcapital (LON:TEK) 22p £9.38m
“The UK intellectual property (IP) investment group focused on creating marketplace value from university technology, announced that Lucyd pte ltd has sold $1.5m of Lucyd tokens during its on-going token generation event ("TGE"). This is the minimum level of funds to be raised under the TGE for it to proceed. The TGE will be completed on or before 28 February 2018, whereupon Tekcapital will update the market on the full proceeds Lucyd has received from the event. Lucyd pte ltd is a subsidiary of Lucyd ltd, a Tekcapital portfolio company.
Lucyd was established by Tekcapital in September 2017 to commercialise a portfolio of 13 optical technology patents exclusively licensed from the University of Central Florida, that are designed to enable ergonomic, augmented reality ("AR") 'smartglasses'.
Lucyd pte ltd has formed strategic alliances with nine companies to develop AR and security software for the smartglasses they are developing.”
APC Technology (LON:APC) 7.63p £10.3m
APC Technology Group, the design, specification and distributor of specialist technologies and electronic components, has signed an agreement to become the UK and Ireland distributor for 3D PLUS, a world leading manufacturer of advanced high density 3D microelectronics products for space applications. 3D PLUS, a Heico Company (NYSE: HEI), has an impressive 18 year' heritage within the space sector, achieving preferred supplier status for the European Space Agency and sending more than 125,000 modules into space.
APC's high reliability component division, APC Hi-Rel, has significant experience in designing in components into space programmes including ExoMars, BepiColombo and EarthCARE. The addition of 3D PLUS products enhances APC's range of space-qualified peripheral products such as DC-DC converters, optocouplers, crystal oscillators, capacitors, diodes and connectors - to now include 3D PLUS memory, interface and point of load converter products. FYAu18E rev £17.5m and PBT £0.68m.