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Lightwaverf, Summit Therapeutics and Redde have left AIM. Hardy Oil & Gas has left the Main Market (Standard).
What’s cooking in the IPO kitchen?
AIM
FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion
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.
NEX Exchange
Incanthera—Specialist oncology company focused on transforming cancer treatment by creating environments in which cancer cannot survive . 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
Tristel (LON:TSTL) 414p £185m
The manufacturer of infection prevention and contamination control products utilising proprietary chlorine dioxide chemistry, announced HY Dec 19 results ahead of recent guidance.
Revenue up 22% to £14.6m
· Overseas sales up 30% to £8.3m (2018: £6.4m).
· Gross margin increased to 79% from 78% in 2018
·PBT before share-based payments up 25% to £3.0m · · EBITDA before share-based payments up 34% to £4.3m (2018: £3.2m)
· EBITDA margin before share-based payments of 29% (2018: 26%)
· Interim dividend of 2.34p per share (2018: 2.04p), up 15%
Cash of £4.2m (2018: £4.5m), "We are currently experiencing Covid-19. This viral outbreak, together with the ever-present threat of anti-microbial resistance, will be a powerful influence on global healthcare systems for greater investment in infection prevention and control. As a globally recognised infection prevention brand, with some of the world's best-known disinfection technology, there are significant macro factors that will support Tristel's continued progress".
Boku (LON:BOKU) 71.5p £182m
The independent carrier commerce company, announced a preferred partnership agreement with AWA Co. Ltd. ("AWA"), to allow AWA's Japanese customers to charge their recurring monthly subscription fees directly to their mobile phone bills via direct carrier billing.
Through the agreement, Boku offers direct carrier billing as a payment mechanism available to AWA's customer base via AWA's website and mobile application. Boku's support for tokenized payments and subscription management capabilities allows AWA's customers to seamlessly graduate from a free trial promotion to a paid subscription while reducing the operational burden many companies face in building out native subscription management engines.
The partnership reflects the growing trend of Japanese consumers using direct carrier billing to purchase digital goods and services through online channels.
EQTEC (LON:EQT) 0.2p £7.9m
Awarded contract for the upgrade of the existing syngas research and development facility at the University of Extremadura in Badajoz, Spain.
The award of the Upgrade Contract follows a successful funding application by the University to the European Regional Development Fund ("ERDF") to secure funding for the testing of the production of biofuels from syngas using a Fisher-Tropsch process and unit. Installation of a Fisher-Tropsch unit will allow the production of sustainable biofuels utilising the high quality syngas produced from EQTEC's advanced gasification process, which has been used at the Facility since 2010.
The Fischer-Tropsch process is a catalytic chemical reaction in which compounds in syngas are converted into liquid transportation fuels. Following completion of this upgrade, EQTEC will have the ability to carry out tests with a variety of biomass and waste feedstocks, which will be processed into a clean syngas and then into sustainable biofuels such as biodiesel and other transportation fuels.
Keras Resources (LON:KRS) 0.16p £4.5m
The primary focus of Keras during the year has once again been to progress the Nayega manganese project in Togo.
The bulk sampling metallurgical testwork programme at Nayega, announced in July 2018, was completed during the year. Approximately 10,000 tonnes of manganese ore ('Mn') was mined, beneficiated and shipped to a major producer of manganese-based alloys, for large scale metallurgical testwork, to assess the suitability of the ore in their Mn smelting facilities. The results of the testwork were very encouraging, as they not only demonstrated the suitability of the concentrate for sale in international markets, but also showed a higher manganese percentage than had been predicted.
Loss of £471k.
“Keras is now in a position to operate Nayega as a producing mine as soon as the exploitation licence is finalised, and the decree promulgated by the Council of Ministers of the Republic of Togo means that commercial production should be achieved shortly.”
CloudCall (LON:CALL) 94.15p £36.6m
The integrated communications company that provides unified communications and contact centre software that integrates with Customer Relationship Management platforms, announced a major contract win with Vaco.
Vaco is a global talent & solutions firm with annual revenues of more than $750 million. The three-year contract will see CloudCall providing its integrated telephony service to Vaco's thousand plus employees in quarterly tranches over the coming 18 months.
After considerable market research, Vaco selected CloudCall, because of its deep integration with the Bullhorn platform, which supports Vaco's technological goals of improved efficiency to drive growth and unify their US and Canadian offices with a single service.
Whilst still early into the FY20 financial year, the Vaco contract is an important win for the Group, demonstrating the strength of CloudCall's offering in the staffing sector, and the Board remains confident in achieving its FY20 outlook.
Craven House (LON:CRV) 4.85p £13.8m
Five non-binding option agreements to acquire shareholdings in the private companies named below,
Garimon Ltd - owner of "Magazinos.com", the largest-by-content on-line media magazine and periodical content provision service.
Onebas.com Ltd - owner of "ONEBas.com Music", an optimised search engine providing a portal to music content freely circulating online.
IZYRadio Ltd - owner of "IZYRADIO", a UK/ Swedish-based B2B and B2C venture to deliver the next generation of music applications. IZYRADIO offers superior music quality and music videos to radio stations.
Rosedog Ltd - owner of "Pro Vitos™", an online marketer of vitamins and diet supplements from the North of Norway.
YRRO Ltd - owner of "North Doctor", North Doctor offers an innovative way easily to make primary care appointments on-line at times convenient to patients.
Bluejay Mining (LON:JAY) 8.5p £82.3m
Update on its exploitation licence application for the Dundas Ilmenite Project
Ministry of Mineral Resources under the Government of Greenland has confirmed the Company's Social Impact Assessment ('SIA') for Dundas to be compliant with guidelines.
The SIA, prepared by NIRAS, concluded that the construction and commencement of the ilmenite sand mine at Dundas will have a significantly positive effect on the livelihoods of the people of Greenland
·Bluejay has recently commenced dialogue with the Ministry of Industry, Energy, Research and Labour under the Government of Greenland regarding the new amendments to the "Large-Scale Project Act" in Greenland in order to evaluate the option of simultaneously applying for a Large-Scale Project Permit with its application for an Exploitation Licence
Trackwise Designs (LON:TWD) 102.5p £15.14m
Trackwise has secured its first production order for its flexible printed circuit technology, Improved Harness Technology ("IHT") for delivery in 2020. This initial order, in support of start of vehicle production, worth approximately £0.6m, follows successful funded development activities last year for this UK-based designer and manufacturer of electric vehicles.
IHT is being used for both HV and LV circuits in the vehicles' batteries, reducing the part count, assembly time, and saving on space and weight.
Plant Health Care (LON:PHC) 10p £20.7m
Proposed Placing and Subscription to raise a minimum of $4.0 million. 43.9% discount to Friday’s close. Raised $3m in November. This raise “ to provide additional resources to underpin forecast revenue growth for commercial products and to ensure the successful launch of the first PREtec products.”
Alba Mineral Resources (LON:ALBA) 0.115p £4.3m
The diversified mineral exploration and development company, has entered into a convertible securities issuance deed with a U.S.-based institutional investment fund managed by Bergen Asset Management, LLC to provide up to £1,054,500 of funding in the form of unsecured zero coupon convertible securities