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AIM
Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m
Main Market (Standard List)
The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC.
Main Market (Premium)
DRI Healthcare—investment company focused on investments in healthcare Royalty Assets looking to raise $350m. Due 11 Mar.
Ninety One –proposed demerger and public listing of Investec’s global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march.
Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m. Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies. Due 14 Feb.
The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February.
Investment firm Nippon Active Value Fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.
NEX Exchange
Incanthera—Specialist oncology company focused on transforming cancer treatment by creating environments in which cancer cannot survive Admission Only. Due 28 Feb.
Zapp Scooters, a developer and manufacturer of electric two-wheeled vehicles announced its intention to IPO on the NEX Exchange Growth Market. The Company intends to raise up to £3.5m. Admission is expected to occur on NEX in February 2020.
Banquet Buffet
AfriTin Mining (LON:ATM) 2.8p £18.3m
Operational update relating to its Phase 1 Pilot Plant project at its flagship asset, the Uis Tin Mine in Namibia.
Highlights
▪ Maiden sale of tin concentrate concluded;
▪ Second shipment of tin concentrate has been dispatched from the Uis mine;
▪ Processing plant throughput increased by an average of 63% month-on-month from November 2019 to January 2020;
▪ Debottlenecking of and enhancements to the Processing Plant underway to increase throughput and achieve nameplate production of 60 tonnes of tin concentrate per month; and,
▪ Appointment of Mr. Nico Smit as Vice President of Operations and Projects.
Gateley Holdings (LON:GTLY) 206p £236m
Shareholder sale of 4.75m of shares being placed at not less than 200p “ in order to satisfy market demand and broaden the institutional investor base of the Company. “Being conducted by accelerated bookbuild.
Craven House Capital (LON:CRV) 5.55p £14.78m
CRV has raised $2,000,000 (gross) via a placing .
The Placing is with a new investor for 200,000 new ordinary shares in the Company at a price of $10 per Placing Share . Whilst this does represent a 117% premium to the closing mid-market price on 17 February 2020, it represents a 1.1% premium to the last audited NAV per share of $9.89 as at 31 May 2019.
The proceeds of the Placing Shares will be used to for working capital purposes and to undertake further investments.
ITM Power (LON:ITM) 158p £747m
GBP 7.5 million funding has been awarded for the next phase of Gigastack, a new renewable hydrogen project, as part of the Department for Business, Energy and Industrial Strategy (BEIS) Hydrogen Supply Competition.
The Gigastack project, led by ITM Power, Ørsted, Phillips 66 Limited and Element Energy , will show how renewable hydrogen derived from offshore wind can support the UK's 2050 net-zero greenhouse gas emission target.
Producing hydrogen has traditionally been associated with high carbon emissions, but by using renewable electricity, e.g. from an offshore wind farm, the process of producing hydrogen from water (electrolysis) can be completely decarbonised. Energy-intensive industries and the transportation sector will have the opportunity to reduce the carbon intensity of their fuels by using renewable hydrogen.
B.P.Marsh and Partners (LON:BPM) 265p £99m
Notes that its investee company Nexus Underwriting Management Limited ("Nexus"), has been ranked at number 78 in The Sunday Times International Track 200 league table, which ranks Britain's 200 mid-market private companies in order of fastest growing international sales.
This is a prestigious group of fast growing companies across all sectors of UK business. Nexus has eight overseas offices across Europe, America and Asia. Nexus increased its international sales to £7.6m for its year ended 31st December 2018, a significant increase from £3.2m for their year ended 31st December 2016.
The Group holds an aggregate Nexus shareholding of 17.7% and has been invested since August 2014. Nexus is one of the largest independently owned Managing General Agencies in the UK insurance market, budgeting to write over £345m of Gross Written Premium across various specialty lines in the 2020 financial year.
Tertiary Minerals (LON:TYM) 0.23p £1.1m
Update on its plans to drill test the Pyramid Gold Project in Nevada, USA.
Pyramid Project Highlights
· Drill contract tenders received and preferred contractor identified
· Drone photogrammetric survey completed to control drilling and future exploration
· Initial drilling will seek to confirm priority epithermal vein drill target:
Ø Drill hole PYR 9 - intersected visible gold and assayed 1.52m grading 17.8 g/t Au from 94.5m down hole
Ø PYR 9 ended in 1.52m grading 2.6 g/t Au at 115.8m depth
W Resources (LON:WRES) 0.305p £19.8m
The tungsten, tin and gold mining company with assets in Spain and Portugal, has finalised a EUR5m facility with the Spanish bank, Banco Santander, S.A which will be used to repay its existing EUR3m loan from Caja Rural de Extremadura and provide a net EUR2m of additional working capital and liquidity.
The facility allows W to monetise the majority of the EUR5.3m Grant from Junta de Extremadura Government which the Company had expected to receive in Q1 2020 and is now anticipated to receive by mid-2020. W has met all conditions by which the Grant will be awarded although receipt has been delayed by a combination of the allmineral Aufbereitungstechnik GmbH & Co construction completion delays and the normal review and verification process of the Extremadura government.
The facility interest rate is 3% per annum, payable quarterly, with no amortisation and is secured by a pledge over the rights to the Grant funds. The term of the loan is the earlier of 12 months or the receipt of the proceeds of the Grant funds.
Tekmar Group (LON:TGP) 103.5p £53.1m
The Board stated, in the Half Year Results announced on 3 December 2019 (RNS Number 4083V), that seasonal weighting in the Group's performance was in line with our expectations and that the Group was firmly on track to meet market expectations for FY20. These expectations included identified sales into China in Q4. In addition to this, some of the Group's estimated cost of sales was based on pricing for components sourced from China.
China's necessary and prudent response to the outbreak of the coronavirus, including the restriction of travel in the country, is affecting the Group's performance materially in a number of ways. The Board now expects that the Group's earnings in FY20 will be broadly in line with those achieved in FY19,
Conroy Gold & Natural Resources (LON:CGNR) 11.75p £2.8m
£302,500 placing and subscription at 12p to undertake further exploration work at Clontibret, Clay Lake and Glenish along the Orlock Bridge Fault in Ireland and for general working capital purposes. The Placing and the Subscription have been subscribed for by certain existing shareholders and new investors. 1 for 1 warrants at 16p.
Crimson Tide (LON:TIDE) 2.5p £11.4m
Major contract awards with the rail sector totalling in excess of £600,000 of long term contracted revenue.
Two major Network Rail managed stations in London have invested in mpro5 to not only remove the vast amount of paper from the station operations but also ensure that remedial actions raised from auditing or incidents are digitized automatically and followed through to conclusion via defined workflows.