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Breakfast News -Crossword Cybersecurity, National Milk Records and more...

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What’s cooking in the IPO kitchen?

AIM

Polarean  - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb

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

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. Offer raising £30m at 165p with mkt cap of £100m . Due 9 Feb.

 

Main Market Specialist Funds

Life Settlement—closed-ended investment company whose principal activities will be to support and manage portfolios of whole and partial interests in life settlement policies issued by life insurance companies operating predominantly in the US.  Due 6 Mar.

 

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.

CVC (Sky Bet) rumoured to be seeking £2.5bn plus float.

VC firm Augmentum rumoured to be seeking raise up to £125m.

 

Breakfast buffet

Crossword Cybersecurity* (NEX:CCS) 400p £12.7m

“The technology commercialisation Company focusing exclusively on the cyber security sector, announces a trading statement today for the financial year ended 31 December 2017. Full year results for the year are expected to be announced by the end of April 2018. 

Crossword's revenue for the financial year to 31 December 2017 is expected to show an increase of over 110%” 

“Crossword's initial product, Rizikon, based on cybersecurity research from City, University of London, continues to generate industry interest. Crossword ended 2017 with a strong pipeline of Rizikon prospects. Rizikon is aimed at medium to large companies typically with over a thousand suppliers. Crossword is seeing interest from many sectors, ranging from manufacturing and Fast Moving Consumer Goods to financial services and education. Rizikon is a SaaS solution with recurring revenues and directly supports clients'  General Data Protection Regulations compliance obligations in addition to assessing their cybersecurity exposure.”

 

National Milk Records (NEX:NMRP) 90.5p £19.2m

The “supplier of dairy and livestock information services, is pleased to announce that Trevor Lloyd has succeeded Philip Kirkham to the role of Chairman of the Company, having previously been the Vice Chairman.  

This succession follows Philip's October 2017 announcement that he intended to stand down as Chairman during this financial year. Philip will remain on the Board of NMR as a NED for a short period of time to provide a smooth hand over to Trevor Lloyd and the Company's recently appointed NED, Mike Gallacher.

Andy Warne, Managing Director, commented:

"I am delighted to welcome Trevor to the role of Chairman. Trevor is well known in the dairy industry and has substantial, in depth, knowledge of the NMR business. As such, he is ideally placed to give the Company the support and insight required as we progress towards the next phase of our development.”

 

Highlands Natural Resources (LON:HNR) 21.8p £25.32m

“Highlands, the London-listed natural resources company, is pleased to announce that cumulative oil production from the Powell and Wildhorse wells at its East Denver project in Colorado reached a combined 100,000 barrels on 5 February 2018. Strong production rates and effective operations have contributed to reaching this landmark just 64 days after the announcement of Initial Production ('IP') rates.

In parallel with this milestone, the Company is also pleased to announce that the Company's increased density application (allowing up to eight wells in the Company's northern drilling unit) was approved by the Colorado Oil and Gas Conservation Commission on 29 Jan 2018. Eight wells per unit represents full field development potential, and allows Highlands to maximize the value of its assets. With oil and gas prices rising significantly since IP, Highlands aims to replicate the success of its Powell and Wildhorse wells through additional drilling at East Denver during spring 2018.” Benefits from combined commitment of up to $58.5m from a leading US private equity oil and gas investment company and a leading oilfield services provider.

 

Frontier Development (LON:FDEV) 1300p £494.17m

HYNov17 results from the developer of video games based in Cambridge. Frontier's ambition is to continue to create a self-publishing multi-franchise success story. Ongoing investment in people, organisation and facilities, supported by the proceeds from the £17.7m strategic investment by Tencent completed in Jul 2017, will enable the business to continue scaling up by increasing the frequency of major releases.

Total revenue of £19m for H1 FY18 (the 6 months ended 30 Nov 2017) compared to £18.1m for H1 FY17.

Cash £29.1m. Operating profit of £3m at a margin of 16% (H1 FY17: £3.6m, 20%).

The Board continues to anticipate that Frontier's next step-up in financial performance will be delivered by the launch of Jurassic World Evolution in summer 2018 on PC, PlayStation 4 and Xbox One.  The Board continues to expect that revenue from this new franchise will fall into the financial year ending 31 May 2019, as the Jurassic World: Fallen Kingdom movie is released in June 2018. FYMAy18E rev £30m and £1.25m PBT.

 

Highland Gold Mining (LON:HGM) 146p £474m

Results from a Definitive Feasibility Study and updated JORC-compliant Mineral Resource and Ore Reserve estimates  completed by international consultancy Fluor with input from SRK. Kekura, located in the Chukotka region in Russia's Far East, is the Company's flagship development project. Substantial exploration work and technical studies have already been completed to date, with production targeted to commence in 2021. Resource Update for Kekura with total gold reserves of 2.0 Moz at a grade of 7.0 g/t versus the previously reported 1.7 Moz at a grade of 10.7 g/t (1 Jan 2017).

The DFS envisages a sequential and combined open-pit and underground operation with an estimated total mine life of 16 years, compared to eight years projected in the preliminary feasibility study. Expected mill head grade of 7.49 g/t for the first nine years of plant operation, and 5.58 g/t for the final seven years. FYDec18E rev $234.7m, PBT $71.69m.

 

Anglo Asian Mining (LON:AAZ) 38p £43.2m

“The gold, copper and silver producer focused in Azerbaijan, is pleased to announce its production guidance for the year ended 31 Dec 2018.

Forecast production for FY 2018 of between 78,000 to 84,000 gold equivalent ounces ("GEOs"), an increase for the mid-point of this guidance of over 13% compared to FY 2017 production of 71,461 GEOs

* Forecast production for FY 2018 of between 64,000 to 70,000 ounces of gold (FY 2017: 59,617 ounces of gold produced) and between 2,100 to 2,300 tonnes of copper (FY 2017: 1,991 tonnes of copper produced).   

* Increase in total anticipated production during 2018 resulting from the optimisation initiatives undertaken at Gedabek in 2017, with continuation of production from the new Ugur open pit and Gadir underground mines and recommencement of mining in the Gedabek main open pit.” We could see no forecasts.

 

Redx Pharma (LON:REDX) 17p £21.5m

“The drug discovery and development company focused on cancer and fibrosis, announces that it has commenced its Phase 1/2a study for the Porcupine inhibitor RXC004 with the first patient having now been dosed at The Christie in Manchester.  RXC004 is a novel, oral, potent small molecule Porcupine inhibitor, which targets the Wnt pathway, an embryonic signalling pathway that is implicated in the maintenance of cancer stem cells in multiple cancer types.

This pathway is associated with tumorigenesis, metastasis, recurrence and resistance in cancer. RXC004 has now progressed into the dose-finding Phase 1 element of the study in patients with cancer. Once completed, the selected dose will then be used as a monotherapy in a larger number of patients with difficult to treat cancers (Phase 2a). In addition, the Company will look to explore the potential of RXC004 in combination with a PD-1 checkpoint inhibitor”.  Expects initial data in H2 2018.

 

MX Oil (LON:MXO) 0.63p £10.45m

The oil and gas investing company, is pleased to provide an update with regard to OML 113, the offshore licence in Nigeria in which it has an investment.

The Aje Field within the OML 113 licence area, commenced production in 2016. As part of the oil production process, a significant quantity of new data about the underlying reservoir and related geology has been collected. Consequently, the partners in the licence have decided that it is now the appropriate time to commission the preparation of an updated Competent Persons Report ("CPR") in order to take into account this new data and to provide a more accurate update of the future potential of the field.

The Company expects the CPR to be completed in March 2018 and will provide a further update once it becomes available.

 

Christie Group (CTG.L) 106.5p £28.1m

The “provider of Professional Business Services and Stock & Inventory Systems & Services to the leisure, retail and care markets, is pleased to announce that trading for the second half of 2017 was consistent with the Board's expectations as communicated in the AGM statement issued on 14 June 2017, and its sentiments when releasing the Interim Results on 18 Sept 2017.

Second half trading has been stronger than the first-half, and the 2017 full year results are expected to represent a significant improvement on the previous year.

Preliminary full year results for the year ended 31 Dec 2017 are due to be released on 17 April 2018”.

 

FYDec17E rev £70m and PBT £3.64m. 

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