6 August 2020
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What’s cooking in the IPO kitchen?
Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC ('MED'), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times.
TruSpine is a medical device company in the spinal device market. The Company is developing disruptive technologies to for use in the spinal stabilisation market, commencing with the following three devices: Cervi-LOK - for the cervical and upper thoracic spine Faci-LOK - for the lumbar and lower thoracic spine, and GRASP Laminoplasty - a treatment for decompression of the spinal cord . AQSE admission due 17 Aug
Duke Royalty 23.75p £58.6m (LON:DUKE)
Duke Royalty reported that most of its Royalty Partners have experienced a significant upturn in trading during May and June, further to the reduction in revenue experienced by most of its Royalty Partners at the start of the pandemic as described in a previous trading update. The general upturn in trading has continued into Q2 FY2021.
The Company is therefore pleased to report that Q1 FY2021 cash revenue, being cash distributions from its Royalty Partners and cash gains from sales of equity assets, totalled over £2.0 million. Duke's cash revenue therefore was only down 20% from the comparable quarter a year ago, while its operating cash costs decreased 15% from the same period 12 months ago, on the back of the decisive action taken by Duke in regards to its cost base at the start of the pandemic.
On this basis, it is important to note that the Company's Q1 cash revenue would surpass the full year operating cash costs. In addition, Duke estimates that the cash revenue it will receive from its Royalty Partners in Q2 FY2021 will exceed Q1 FY2021.
The data solutions provider, provided an AGM update. The Group continues to trade in line with the Board's expectations, with strong levels of both existing and new client activity.
D4t4 continues to make good progress towards transitioning to a recurring revenue model, with a focus on securing new contracts and transitioning existing customers from perpetual to term licences.
The Celebrus family of products, which now incorporates the Group's Hybrid Cloud (Customer Data Management) platform, has received very positive feedback following the launch of version 9.2 of the CDP (Customer Data Platform).
VinaCapital Vietnam Opportunity Fund 318.25p £555m (LON:VOF)
The flagship fund of VinaCapital announced the completion of the divestment of International Dairy Products ("IDP"), which as of 30 June 2020 was the largest private equity holding in the VOF portfolio.
VOF, along with co-investment partner Daiwa PI Partners ("DPIP"), have completed the divestment of the remaining stake in IDP to a consortium led by Blue Point at an additional premium relative to the previous partial exit value, and have received USD45.4 million in net proceeds for the remaining 37% stake in the company.
The uplift to VOF's net asset value (NAV) from this entire divestment, which includes both the partial divestment and this remaining stake, is 14 US cents per share. This uplift has been reflected in published NAV's since 10th July as that was the date at which contracts were signed, part of the stake was transferred, and the transaction was subject only to certain minor conditions.
Caspian Sunrise 2.9p £55m (LON:CASP)
The Central Asian oil and gas company with a focus on Kazakhstan, has raised £1 million through the placing of 36,363,629 new ordinary shares in the capital of the Company to new and existing investors at an issue price of 2.75 pence per share representing approximately 16.2% discount to closing mid-price on 4 August 2020.
“The funds raised by this small placing for cash, only the Company's second since our IPO in 2007, allows the trade creditor position to be brought into balance and we do not expect to need to raise similar funding for at least the rest of the current financial year and probably not at all.”
Fulham Shore 6.25p £35.8m (LON:FUL)
£2.25m placing at 6.25p., a 2 per cent. premium to the mid-market closing price of Ordinary Shares on 5 August 2020, the day prior to the launch of the Bookbuild.
· The majority of Franco Manca restaurants (49 of 51) and The Real Greek restaurants (14 of 18) have now re-opened, serving customers through a combination of dine-in, takeaway, click and collect and delivery - early signs in both businesses are promising.
· Since 4 July 2020, when dine-in started to recommence, Group sales have risen week on week.
· Due to social distancing requirements, the Board estimates that re-opened restaurants can operate at approximately 60 to 70 per cent of their previous dine-in capacity - this reduction in capacity has to some extent been compensated by an increase in delivery and takeaway sales.
Kibo Energy 0.25p £3.24m (LON:KIBO)
Progress update on the planned admission of its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC , to the Standard List of the London Stock Exchange plc.
Sloane has acquired from St Anderton on Vaal Limited the remaining 40% interest in Mast Energy Developments Ltd ('Mast Energy') in exchange for 36,917,076 new Ordinary Shares in Sloane. Accordingly, Sloane will at completion of the share exchange transaction own a 100% interest in Mast Energy alongside its 100% interest in Bordersley Power Ltd as it seeks to develop a portfolio of flexible power plants in the UK. St Anderton will at completion hold 26.11% of Sloane, with Kibo holding the remaining 73.89%. Completion shall take place upon the satisfaction or waiver of the following conditions precedent:
· any required approvals or other consents being obtained from the UK Listing Authority and Financial Conduct Authority with regard to the listing of Sloane/MED on the Main Market of the LSE, Standard segment; and
· any approvals or other consents required by law or any regulatory authority.
Induction Healthcare 95.5p £40m (LON:INHC)
FY Mar 20 results. The Company has successfully executed on its buy-and-build goals during the year - completing three acquisitions, including Zesty post period end, and has significantly increased user engagement with its core products - while managing cash within budget. he Group's engagement with the majority of NHS acute Trusts and doctors creates significant opportunity for sales growth ahead and positions the Company favourably for future transactions as a leading provider of healthcare technology for healthcare professionals, institutions and patients.
Full year highlights
· Induction Switch & MicroGuide: growth in registered user numbers and engagement
- Induction Switch : +73.4% YoY growth in registered users to 138,095 (FY2019: 79,649) and +68% YoY growth in directory calls and guideline lookups to 2.03 million (FY2019: 1.21 million); used by the majority of NHS hospital doctors
- MicroGuide : +35.5% YoY growth in registered users to 168,678 (FY2019: 124,485) and +82% YoY growth in guideline page views to 8.86 million (FY19: 4.87 million); used by the majority of NHS hospitals
· Balance sheet remains strong with cash at 31 March 2020 of £10.7 million
eEnergy Group 7.25p £10.5m (LON:EAAS)
Major agreement with a new project funding partner, SUSI Partners AG.
Under the agreement, SUSI, via its Energy Efficiency Fund II, has provided a dedicated funding facility to the Group of up to EUR15 million.
The terms of the Facility provide for SUSI to purchase the future receivables arising from new Light-as-a-Service ("LaaS") projects in the Republic of Ireland across the education sector, other public bodies and a range of commercial sectors. The payments by the client are always funded by the customers' energy savings. The Facility will cover new projects installed for the next three years or until the Facility has been fully utilised, whichever is earlier.
Tern 6.9p £20.8m (LON:TERN)
Portfolio company, Device Authority ("DA"), has entered into a contract with a value of approximately £200,000 with one of the largest global automotive component and safety technology manufacturers ("the Client"), alongside its Technology Alliance Partner, nCipher.
The clean technology company, is delighted to announce, following its earlier successful completion of the first project in Pakistan, that it has received a further substantially larger follow-on order, for six containerised ultra-lightweight solar Power Matts , valued at US$2.2m.
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