What’s cooking in the IPO kitchen?
Main Market Premium Listing
Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May
Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA
Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 12 April.
Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange.
“The investment manager, provided an update of the development of its assets under discretionary and advisory management ("AUM") for the second quarter of its financial year. On 31 March 2018, the Company's AUM totalled £11bn. This AUM figure includes the assets managed by Impax Asset Management LLC (previously named Pax World Management LLC), which the Company acquired on 18 Jan 2018. “
"Despite the return of higher equity market volatility, I'm pleased to report on another successful quarter for the firm with net inflows of £331m. In the first half of this financial year we have received over £1bn of new money, and our new business pipeline remains encouraging."
"Since the closing of the acquisition of Pax World Management LLC in Jan, we have made good progress on the integration of the back and middle offices of the two businesses and on the sharing of best ideas between the investment teams." FYSep18E rev £53.11m and PBT £13.9am.
The People’s Operator (LON:TPOP) 0.06p £1.89m
“The cause-based commercial mobile virtual network operator announced a distribution partnership with Fairphone, manufacturers of the world's first ethical smartphone.
TPO will now be able to offer its customers, in addition to its innovative and competitive subscription deals, the opportunity to buy their own smartphone.
The Fairphone handset is manufactured under fairer working conditions, uses traceable and conflict-free raw materials, and is the first modular phone on the market, designed for easy repair and therefore significantly reducing its environmental footprint. It offers competitive functionality in combination with a unique fair proposition in the market. There are currently more than 100,000 Fairphone handsets in circulation.
The partnership represents the first step in TPO's drive to build a network of ethical operators, producers and suppliers to support its core business proposition. “
Flowgroup announces that it has entered into a conditional sale and purchase agreement to sell its main subsidiary, Flow Energy Limited.
· Sale of Flow Energy for a headline purchase price of £9.25m, subject to adjustments to reflect the crystallisation of payments to suppliers, working capital and other matters
· In addition, the net cash balances on Flow Energy's third party collateral deposit accounts as at Completion will be remitted to the Company as soon as practicable following Completion
£2.1m of outstanding FEL Working Capital Loan Notes are expected to be repaid to Palm and Lombard Odier in full from proceeds of the Sale; returns to Palm and Lombard Odier in respect of the Company Convertible Loan Notes (current nominal value £16.7m) are expected to be significantly impaired under all likely scenarios following Completion. FYDec18E rev £144m and £8m pre-tax loss.
Powerhouse Energy (LON:PHE) 0.54p £7.58m
“The UK technology company pioneering hydrogen production from waste plastic and end-of-life tyres, announced the appointment of Bruce Nicholson as Commercial Operations Manager to bolster the Company's executive team.
Bruce brings a proven track record of delivering complex energy projects, which he has built up during 30 years of project management, asset management and business development. His experience includes multi-billion dollar developments in conventional upstream oil and gas as well as emerging sustainable energy technologies.
Bruce, who joins PowerHouse from Cinch Projects, an independent project management company, has worked with a wide range of organisations including multi-nationals, such as Thyssenkrupp, EDF, Tullow Oil and BHP, and also with smaller independents.”
Genedrive (LON:GDR) 38.5p £7.2m
“The near patient molecular diagnostics company, today announces the publication of analytical performance and field evaluation studies of its Genedrive® HCV ID Kit in Europe and Africa in the prestigious BMJ Gut, a leading international journal in gastroenterology and hepatology.”
“Pan-genotype performance, with excellent exclusivity for non-HCV pathogens and sensitivity of greater than 98% and speciﬁcity of 100% in samples of European and African origin (including South Africa, Kenya, Ghana, Nigeria, Uganda is reported), was observed. The test was validated in a real clinical setting in a resource-limited country.”
CyanConnode Holdings (LON:CYAN) 11.7p £15m
Q1 update from the specialist in narrowband radio mesh networks.
The Company has seen increasing momentum and demand for its products across multiple jurisdictions, which will result in the Company generating more revenues in the first half of 2018 than in the full year for 2017. The Company expects levels of revenues and cash receipts to materially accelerate throughout each quarter of the year.
Regarding an earlier significant customer delay “a regular dialogue has continued with this customer throughout the quarter, including a senior management visit to their head office to meet the CEO. The customer has reconfirmed that they will take delivery of the hardware that CyanConnode manufactured for them in Q4 2017, but currently the Company has little visibility on timing of the first delivery. “
D4t4 Solutions (LON:D4T4) 127.5p £40.6m
“The data solutions provider announced that having secured a number of high quality contracts in the last quarter of its financial year ended 31 March 2018 it expects to report a very strong trading performance for the second half of the year alongside a record level of bookings, which underpins the Board's confidence for financial performance in the current financial year ending 31 March 2019. “
“The Directors are confident that the revenue and adjusted profit before tax will be ahead of the comparatives for the year ended 31 March 2017.”
FYMar18E rev £23.2m and PBT £4.7m.
The Mission Marketing Group (LON:TMMG) 48p £38.38m
“The technology-embraced marketing communications and advertising group, announced that it has acquired Krow Communications Ltd, an award-winning creative Agency based in London, for an initial consideration of £2.75m, to be satisfied in cash. The Board expects the Acquisition to be earnings enhancing with immediate effect.”
“In the financial year ended 31 Dec 2017, Krow reported revenues* of £7.2m, underlying pre-tax profits of £1m and as at 31 Dec 2017 had net assets of £0.3m.
As part of the Acquisition, all Krow founders and employees will remain employed by Krow.”
FYDec18E rev £72.3m and PBT £8.5m.
“The tube manipulation specialist, provides the following pre-close trading update for the financial year ended 31 Mar 2018.
Revenue for the Year is expected to be around 20% ahead of the previous year with the Group benefitting from buoyant end markets and the impact of new business wins.
Excellent progress has been made across both of the Group's divisions with all businesses delivering increased revenue and substantial improvements in profitability over the previous year. The performances of the Group's USA business and its joint venture in China have been particularly encouraging.
The Group's results in the final quarter of the financial year were better than anticipated, therefore the Board now expects adjusted PBT for the Year to be ahead of market expectations.”
FYMar18E rev £22.09m and PBT £0.79m.
Faroe Petroleum (LON:FPM) 125.2p £459m
Update with preliminary results of the Fogelberg appraisal well in the Norwegian Sea (Faroe 15%1).
· Successful appraisal well on the Fogelberg discovery, confirming reservoir sequence and lateral extent
· Reservoir quality is better than that seen in the original discovery well, 6506/9-2 S, with a deeper gas-water contact
· Drill stem test (DST) to be performed to confirm well and reservoir productivity
· A further update on potential recoverable volumes and results of the production testing, will be made, after the completion of the appraisal well and the drill stem test.