*A corporate client of Hybridan LLP
Dish of the day
No Joiners Today
Off the menu
Moss Bros has left the Main Market following a recommended cash offer.
What’s cooking in the IPO kitchen?
The pantry is bare!
Banquet Buffet
PetroTal 10.5p £70.7m (LON:PTAL)
Proposed placing of 141.2 million Placing Units at a price of 10p per unit to raise gross proceeds of £14.1 million. The Company intends to use the net proceeds of the Placing for ongoing development of the Bretana oilfield and to enhance working capital. In particular, the net proceeds will be deployed by the Company in connection with the proposed reopening of the Bretana oilfield which is anticipated to occur in July.
Immunodiagnostic Systems 405p £117m (AIM:IDH)
The specialty solution provider to the clinical laboratory diagnostic market, announces a new automated COVID-19 IgG assay (The Test) has achieved CE marking and is expected to be available for sale by the end of this month.
The Test, which arises from the partnership between IDS and Technogenetics, is designed to run on the automated IDS-iSYS analyser. Today IDS and Technogenetics reached a commercial agreement under which IDS shall sell, market and support this Test on a global basis. For territories which do not accept CE marked products, the requisite regulatory approvals will be required.
IQE 49p £392m (AIM:IQE)
Trading Update -Q1 revenues were slightly ahead of internal expectations and trading in Q2 to date has been strong in both the Wireless and Photonics Business Units. Despite the significant risk of disruption posed by the Coronavirus pandemic, IQE’s production has not been affected to date. All of the Group’s global sites have continued to operate with appropriate measures and controls in place.
IQE expects total revenues for the first half to be at least £85m, representing a record first half and an increase of over 27% compared with the first half revenues of 2019. IQE also expects to return to profitability, with a low single digit adjusted operating profit for H1 2020.
Outlook -Due to the economic impact of the pandemic, the smartphone handset market is expected to decline year-on-year in 2020 and the Group anticipates the possibility of some level of inventory adjustment in the second half. However, IQE has opportunities in both 3D Sensing and Wireless Power Amplifiers for 5G handsets, where the amount of compound semiconductor content per handset is increasing.
Greencoat Renewables EUR1.21 EUR768m (LON:GRP)
The renewable infrastructure company invested in euro-dominated assets has completed the acquisition of a 51.9MW portfolio of wind farms in France. Following the acquisition, Greencoat Renewables' total installed capacity will increase to 528.1MW.
The previously announced deal marks the Company's first acquisition in Continental Europe, in line with its strategy to pursue value-accretive assets in specific countries within Europe's very large secondary market.
Angus Energy 0.85p £5.13m (AIM:ANGS)
Angus Energy “has received notification from Lincolnshire County Council that prior approval has been obtained for the installation of processing facilities at the Saltfleetby 'B' Site. As noted in our RNS of 1 May 2020 this represents one of the two planning approvals required to reconnect the Saltfleetby Gas Field to the National Gas Grid and recommence production. A planning application for the pipeline was validated on 4 June 2020.”
1Spatial has signed a multi-year contract with the State of Michigan in the USA, with an initial total contract value of approximately US$2.6m over five years. The contract builds upon a relationship which began in 2018 and will see the State expand its use of 1Integrate, 1Spatial's data management solution, and combine it with 1Data Gateway, 1Spatial's newly launched portal, to provide an easy to use, automated data submission process for the validation and integration of spatial data from the local level up to the State. The contract comprises approximately US$1.5m of services, to be delivered in the first two years of the contract, and US$1.1m of software licences, to be recognised over the five years.
Warehouse REIT 110p £264m (AIM:WHR)
The specialist warehouse investor, has completed a 10-year lease renewal with Iron Mountain, the NYSE listed storage and information management services company, at Stretton Green Distribution Park, Warrington.
Iron Mountain, which services 230,000 customers in over 50 countries and generated revenues of over $1 billion in the first quarter of 2020, has occupied the 106,000 sq ft single-let purpose built high bay warehouse since 2005. The 10-year lease renewal, with no breaks, has been agreed at a 26% uplift to the previous rent paid, with a headline rent of £615,000 per annum, or £5.80 psf. The agreement reflects the strong demand for high quality warehouse facilities in the North West, as well as the strategic importance of the unit to the tenant's UK client base.
WANdisco 682p £329m (AIM:WAND)
Further to yesterday's announcement made in relation to the proposed placing of new ordinary shares it has successfully raised gross proceeds of approximately $25 million in an oversubscribed placing and a , at a price of 650 pence per share. As investor demand exceeded the gross proceeds raised, a scaling back exercise has taken place.
The net Proceeds from the Placing will be used to strengthen the Group's balance sheet and to provide further working capital alongside the optionality to accelerate the Company's growth ambitions and to pursue near term opportunities with channel partners. With a greater reliance on the Microsoft sales organisation and systems integrator partners, the Company can also accelerate enablement of these parties for the business to scale. Secondly, the Company would seek to replicate its achievements with Microsoft on a second platform, given the strong levels of interest from other cloud platform vendors. Following the Placing, the Company's increased liquidity will give further confidence to new strategic partners and customers as well as preparing the Company for this next phase of growth.
Nexus Infrastructure 160p £60.99m (AIM:NEXS)
The provider of essential infrastructure services, utilities connections and smart energy infrastructure, announces that it has raised gross proceeds of £10 million at 140 pence. The Placing significantly strengthens the Company's balance sheet allowing management to run the business for longer term growth with ample liquidity headroom. The Placing enables Nexus to emerge from the COVID-19 crisis significantly stronger, allowing it to capitalise on opportunities and drive outperformance.
HY Mar 20 results today · Group revenue of £84.2m (H1 2019: £71.0m), an increase of 18.5% and in line with the Board's expectations · Group operating profit of £3.5m (H1 2019: 2.9m), an increase of 19.6% reflecting a significant improvement in revenue and profits for Tamdown, and continued growth from TriConnex. Group order book remains strong at £300m (H1 2019: £311m) with a diverse range of work and customers. To date no orders have been cancelled due to COVID-19
Renalytix AI 465p £276m (AIM:RENX)
The artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs, announces that it has received a clinical laboratory permit from the New York State Department of Health (NYS DOH) to provide commercial testing of KidneyIntelX™. The permit was granted following an extensive review by a panel of NYS DOH scientists and external reviewers of the analytical and clinical validation results for KidneyIntelX. Additionally, officials from the NYS DOH successfully completed an inspection of the RenalytixAI New York laboratory as part of this process, with no findings reported.
· RenalytixAI now moving to complete full KidneyIntelX commercial integration with Mount Sinai Health System with patient testing to begin in Q3 2020
· With licensed CLIA commercial laboratories in Utah and New York, RenalytixAI can now provide KidneyIntelX testing services in 47 states with expected licensure for California, Maryland and Pennsylvania in 2020
Head Chef
Derren Nathan
0203 764 2344
derren.nathan@hybridan.com