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AIM:
Total number of AIM Companies (Incl Susp):
939*
Total number of AIM Companies trading:
883*
*as at close of business 9 May 2018
Standard List** of Main Market:
Total number of Standard List Companies
(Incl Susp):
136*
Total number of Standard List Companies trading:
123*
*as at close of business 9 May 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
86*
Total number of NEX Growth Market Companies trading:
84*
*as at close of business 9 May 2018
*A corporate client of Hybridan LLP
** Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity
Dish of the day
Avast, (AVST), Main Mkt Prem, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811m, Adjusted Revenue was $780m, Adjusted Cash EBITDA was $451m. 250p. £602m offer size including £147.4m primary. Mkt Cap £2.3bn. In 2017 adjusted Revenue was $780m. Adjusted Cash EBITDA was $451m.
Off the menu
No Leavers Today
What’s cooking in the IPO kitchen?
AIM
Team17 Group -video games label and creative partner for independent developers. Since 2014, delivered a revenue CAGR of 69% (31 December 2015 to 31 December 2017), with revenues of £29.6m and Adjusted EBITDA of £12.9m. Offer TBA
Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.
Main Market Premium Listing
On the horizon (speculative and rumoured IPOs)
Finablr - press reports in ‘Arabian Business’ that Money transfer firms UAE Exchange, Travelex and others under UAE billionaire Bavaguthu Raghuram Shetty’s newly formed holding company Finablr are preparing for a London IPO
Vannin Capital—Press reports that litigation funder Vannin Capital is working on plans to float on the London Stock Exchange later in 2018 with an expected valuation of well over £500m.
Breakfast Buffet
Dalradian Resources (LON:DALR) 57.5p £202.6m
“Updated mineral resource statement on the Curraghinalt gold deposit in Northern Ireland, including a 46% increase in gold ounces contained in the Measured and Indicated categories and a 32% increase in Inferred gold ounces compared to the 2016 resource. This updated mineral resource statement, along with an improved geotechnical study and ore sorting testwork, will support an updated feasibility study expected to be delivered in Q3 of 2018. Dalradian also announced that Greg Hope has been appointed VP Exploration after 3 years with the Company as Exploration and Geology Manager.”
Measured and indicated resources 6.35m tonnes at 15.02 g/t Au. Inferred 7.72m tonnes at 12.24 g/t.
Michelmersh Brick (LON:MBH) 93.5p £80.6m
AGM Statement from the specialist brick, land development and landfill company.
"The Group as a whole has performed well for the first four months of 2018, largely unaffected by some severe weather in February and March. Carlton Main Brickworks Limited is proving to be an excellent acquisition and is performing as anticipated. I am looking forward to its full year contribution to the Group's results in 2018. At this early stage of the year, the Board expects the Group's trading performance for the twelve months to 31 Dec 2018 to be in line with market expectations and show significant growth over 2017."
FYDec18E rev £43.3m and PBT £8.8m.
CareTech Holdings (LON:CTH) 407p £307.45m
The “pioneering provider of specialist social care services in the UK, announced its pre-close trading update ahead of its results for the half year ended 31 March 2018.
The Board confirms that trading for the half year is in line with market expectations. This performance has been underpinned by the strategic initiatives undertaken over recent years which have again delivered a stronger performance compared with the same period last year on all of the key financial metrics.
CareTech's care pathways continue to be a key foundation to delivering positive outcomes for our service users and to providing value for money for local authorities.
The Group's net capacity at the half year was 2,572 places (September 2017: 2,534 places), a net increase of 38 residential and supported living places. Of this total 15 additional beds were in reconfigured services for Adults, and in new services there were 10 new beds in Adults and 41 new beds in Children's.”
FYSep18E rev£183.13m and PBT £33.23m/ PE C.11.6x. Yield c.2.5%.
Byotrol (BYOT.L) 3.75p £15.1m
“The specialist anti-microbial technology company, announced that it has now completed the product registration process in the US for its 24-hour germ-kill surface sanitizer. All 50 US states have now formally approved the product for sale, following receipt of approval from the US Environmental Protection Agency in June 2017. The formulation has been under development at Byotrol for over 8 years and the Directors believe it offers unique performance characteristics, such as '24 hour surface protection against bacteria'. The Directors are not aware of any other EPA-approved product for US consumers that offers similar claims. With the approvals in place, Byotrol is now able to sell in US retail, on-line and to institutional customers. We will be marketing our products under the name "Byotrol24"and will keep shareholders informed as we make further commercial progress. We are also pleased to announce that we have already secured our first order for Byotrol24, for sale via a professional re-seller on Amazon.com.” FYMar19E rev £6.6m, PBT £0.9m.
Rambler Metals & Min (LON:RMM) 5.62p £30.9m
The “copper and gold producer operating in Newfoundland and Labrador, Canada, announced the employees of it's Ming Mine, Nugget Pond Mill and Goodyear's Cove facilities are the recipients of the 2017 John T. Ryan National Award from the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') as the safest underground metal mine in Canada for 2017. It is the second time the employees have earned this national honour - the first being in 2015. The trophy is awarded by the CIM to the metalliferous mine that, in one or more complete calendar years, experienced the lowest reportable injury frequency per 500,000 hours worked in Canada. Rambler reported no lost time accidents or medical aid injuries at the Ming Copper-Gold Mine Project in both 2016 and 2017.” FY18E PE c.11.8x.
Nostra Terra O&G (LON:NTOG) 5.1p £6.9m
“The oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, announced that its G6 well located in Mitchell County, Texas in the Permian Basin, has been successfully drilled and logged with oil shows in all of the target formations.
The G6 well was drilled to a total depth of 3,206 feet encountering the following formations as expected; the Upper San Andres, Lower San Andres, Glorietta, Upper Clear Fork, Middle Clear Fork, and Lower Clear Fork Formations. The well intersected more than 103 feet of gross oil pay in aggregate across the target objectives, calculated from log data. Drilling was successfully completed on time and on budget. The production casing has been run and the well cemented. The Company will proceed with completion and tie-in operations, following which it anticipates putting the well into continuous production. The Company has a 53.25% working interest in the G6 well.”
Eurasia Mining (LON:EUA) 0.43p £7.9m
Update from West Kytlim Mine, the second largest alluvial platinum mine in the world, which is now fully operational for the 2018 mining season.
West Kytlim Mine is approaching capacity of circa 2,000m3 per day, water is now free flowing and all equipment functioning according to specification;
No unauthorised or unplanned stoppages reported since an initial trial of the equipment on 3rd May 2018;
Initial trial reports grades approaching 1g/ m3;
A total of 4.6 kg of raw platinum was produced from 3rd May to 9th May inclusive with 1.3kg produced on the 9th May. The 1.3kg produced in a day represents what the directors believe could be possible with this process in the future;
Mining, washing of platinum bearing gravels and upgrade of concentrate has been continuous every day from 3rd May to date.
Eagle Eye Solutions (LON:EYE) 188.5p £47.96m
The “SaaS technology company, that allows businesses to create a real-time connection with their customers, announced that the Company has signed a new contract with Sainsbury's Supermarkets Ltd until August 2021, for the deployment of its digital wallet functionality, enabling personalised rewards for the new Nectar trial.
The new Nectar trial went live on the 12th April in the Isle of Wight, ahead of a potential national rollout if successful. Customers are able to choose personalised offers they wish to earn Nectar on using either the new Nectar app or website. The offers programme runs on the Eagle Eye AIR platform using its digital wallet capability. Eagle Eye have been working on a proof of concept with Sainsbury's since late 2016.” FYJun18E rev £15.37m, pre-tax loss £3.62m.
Coinsilium (AQSE:COIN) 8.5p £10.4m
The venture builder, investor and advisor to early-stage blockchain technology companies, announced that it has been appointed by FANTOM Foundation to provide advisory services in relation to its forthcoming Token Generation
Event ('TGE').
FANTOM, the world's first Directed Acyclic Graph ('DAG') based Smart Contract platform aims to sell tokens for a total of $39.8m through a TGE
due to start on 15 June 2018.
Tyman (LON:TYMN) 336.5p £658.9m
The international supplier of engineered components to the door and window industry, announced the acquisition of Zoo Hardware by its UK Division, ERA. In the year ended 31 March 2018, Zoo Hardware reported unaudited revenue of £17.8m and EBITDA of £2.8m. Cost synergy benefits from the acquisition of not less than £0.75m are targeted by 2020. Zoo Hardware's experienced management team, led by Robin Graham, will be retained following the acquisition. Robin Graham will also become a non-executive Director of ERA. The Enterprise Valuation for Zoo Hardware is £19m, equating to a March 2018 EBITDA multiple of 6.8x. £1.5m of the consideration is deferred for two years and £1.4m of the consideration is in the form of ordinary shares in Tyman plc. The Acquisition is expected to be immediately accretive to the Group's Underlying EPS.[FY18E 27.47p]. PE c.12.6x.