11 Dec 2020
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Cancellation of Tri-Star Resources on AIM
What’s cooking in the IPO kitchen?
HSS Hire Group,HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan.
Vector Capital to float on AIM, a commercial lending group that offers secured loans primarily to businesses located in the UK. Substantially all of the Group's loans are secured by a first legal charge against real estate. The Group's customers typically borrow for general working capital purposes, bridging, land development and acquisition. As of 30 September 2020, the Group had a loan book of £34.7 million, with an average loan size of approximately £0.57 million. Raising £3m. Mkt Cap £16m. Due late December.
Intuitive Investments Group, a closed-end investment company focussed on the life sciences sector, announces its intention to seek admission the AIM market of the London Stock Exchange plc, and a conditional placing , at a price of 20 pence per share, to raise gross proceeds of £7.5 million . · The net proceeds of the Placing will be used by the Company:- to invest in fast growing and / or high potential life sciences businesses, based predominantly in the UK, wider Europe and the US, chosen from an identified pipeline of investment opportunities - investments will be focused on diagnostics and healthcare, medical devices, tools and technologies and bio-therapeutics and pharmaceuticals · The market capitalisation of the Company is expected to be circa £7.8 million on Admission. Due 14 Dec.
Schroder BSC Social Impact Trust plc targeting a £100m raise. The Company's investment objective is to be the first London listed investment company to deliver measurable positive social impact as well as long term capital growth and income, through investing in a diversified portfolio of private market impact funds, co-investments alongside impact investors and direct investments in order to gain exposure to private market Social Impact Investments. Due 22 Dec. Official List (premium)
Abingdon Health to list on AIM. Abingdon Health is a lateral flow diagnostics company providing contract service solutions to a global client base in the healthcare sector and other industries . The Company has developed and is manufacturing the AbC-19TM Rapid Test, an antibody test for Covid-19 indicating whether a person is generating IgG antibodies to the spike protein of the SARS-CoV-2 virus. The Company is also working with three customers to transfer their Covid-19 antigen tests to manufacture, and is manufacturing a component of a rapid PCR (polymerase chain reaction) test. Offer TBC. Due early Dec.
Downing Renewables & Infrastructure Trust intends to raise up to £200 million to target the acquisition of a diversified portfolio of renewable energy and other infrastructure assets and list on the Official List of the Financial Conduct Authority and Main Market of the London Stock Exchange . Due by mid December
Ecofin U.S. Renewables Infrastructure Trust. Initial public offering of up to us$250 million to invest in a diversified portfolio of mixed US renewable energy assets with an attractive long-term income stream. Main market premium. Due 14 Dec
VH Global Sustainable Energy Opportunities plc, a closed-ended investment company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Financial Conduct Authority and Main Market of the London Stock Exchange. Due by Early Feb 2021
Tirupati Graphite, the fully-integrated, cash generative, specialist graphite and graphene producer with operations in Madagascar and India, announced its potential intention to undertake an initial public offering on the LSE (standard listing). Raising £6m. Mkt cap c.£33.6m. Due 14 December
Bytes Technology Group one of the UK's leading software, security and cloud services specialists, to IPO (Main Mkt Prem). FY20 gross profit of £79.2m (+24.5% against FY19) and adjusted operating profit of £31.7m (+53.9% against FY19). Highly cash generative with FY20 cash conversion of 125.9% (FY19 cash conversion 139.7%). Offer price set at 270p Raising £352m. Mkt Cap £646.6m/. Due on 17 December 2020.
Mailbox REIT PLC , a newly formed single asset company which owns the Mailbox , a large prime office-led mixed use property in Birmingham which has been independently valued at £179m, announced its intention to raise up to £62.5m. MailBox REIT will apply for the Ordinary Shares be admitted to trading on the IPSX Prime segment of International Property Securities Exchange (IPSX ). Due 14 December.
Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List. Timing tbc
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. 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. Timing TBC
Banquet Buffet
Crossword Cybersecurity* 279p £14.3m (LON:CCS)
The technology commercialisation company focused on cyber security and risk management has announced its first consulting client in the Sultanate of Oman. Working with Sultan Qaboos University and the UK Oman Digital Hub , Crossword is developing a series of technical cyber security challenges for the qualifying rounds of the national cybersecurity capture the flag tournament, taking place on 14 January 2021.
The competition will see students from across the region exercising their cybersecurity skills and learning from their peers. Cybersecurity topics in the competition will include web security, digital forensics, reverse engineering, network security and cryptography. The competition forms part of a wider programme in Oman to promote cybersecurity as a career, and to build a cyber eco-system through coherent initiatives across education, economy and Government.
eEnergy 10.4p £15m (LON:EAAS)
The Energy Efficiency-as-a-Service (EEaaS) business in the UK and Ireland, has conditionally agreed to acquire the entire issued and to be issued capital of Beond Group Limited, a renewable energy consulting and procurement business with operations in the UK .
The total consideration for the Acquisition (which includes £0.7 million of surplus cash in the business) comprises approximately £2.4 million in cash and the issue of 64,948,456 consideration shares. The cash component will be funded through a Placing of a minimum of £3.0 million (gross) to new and existing institutional and other investors, at a Placing Price of 10.0 pence per Placing Share.
For the year to 31 December 2019, Beond's revenue grew 10.5% to £3.3 million, with EBITDA of approximately £0.5 million at a margin of 14.1%; Following the expected benefits of operational efficiencies and further growth initiatives post-Acquisition, the Board of eEnergy expects Beond to generate:
o revenue growth at an annual average rate of 22% from the year to 31 December 2020 to 31 December 2022; o base case EBITDA for the year to 31 December 2021 of approximately £0.8 million; o EBITDA margin improvement from 14% for the year to 31 December 2019 to 28% for the year to 31 December 2022;
Power Metal Resources 2.4p £20.95m (LON:POW)
Update for the Arizona USA based Alamo Gold Project in which Power Metal has the right to earn-in up to a 75% interest.
- The planned December 2020 work programme at the Alamo Project has now commenced with a field camp established and the contract geologists active on the property since Monday.
- Work is focussing on six areas where geological mapping has identified conglomerate units which are prospective for hosting coarse gold. These basal conglomerates1 and coarse grained sedimentary units which unconformably overlie older intrusive and metamorphic rocks, are interpreted to represent depositional environments resulting from the erosion of those older rocks.
- Fieldwork is focussing on the examination of the basal contacts in the six areas with the objective of identifying geological environments favourable for transport and subsequent dispersal of coarse gold and gold nuggets as palaeoplacer deposits2 in the younger rock units.
- This work has the objective of delineating focus areas for the planned mini-bulk sampling programme which is due to follow-on from the current field investigations subject to the receipt of the necessary permits. The proposed mini-bulk sampling programme will help determine potential gold grade and distribution, part of the future work to determine whether the sediments hold potential for economic exploitation. As well as determining the palaeoplacer potential of the Project the technical team will also seek to narrow down the provenance of the coarse gold with a view to establishing its primary source.
Jadestone Energy 56p £258m (LON:JSE)
The independent oil and gas production company focused on the Asia Pacific region, announced that all conditions required to complete its proposed acquisition of an operated 90% interest in the Lemang production sharing contract, onshore Indonesia, are now satisfied.
This includes receipt of governmental approval of the assignment of the interest and of Jadestone's appointment as operator, and other consents required under the Lemang PSC joint operating agreement. Jadestone, as buyer, and Mandala Energy Lemang Pte Ltd, will now proceed to close the transaction, which will become effective upon the Seller confirming receipt of the US$12 million purchase consideration. This is anticipated to occur within the coming days.
Panthera Resources 23.5p £20m (LON:PAT)
The diversified gold exploration and development company with assets in West Africa and India, announced that its associated company, Moydow Holdings Limited (Moydow), has secured all the previous drilling, geological, geochemical and geophysical data on the Labola Project, collected by High River Gold Mines Limited (HRG), later acquired by Nord Gold SE (Nordgold).
"The Labola project is currently Moydow's most advanced project with some 65,000 metres of historical drilling. Obtaining this additional information will greatly assist the programme required to estimate a maiden mineral resource once data verification has been completed.
Securing the combined drilling, geological, geochemical and geophysical data for the first time, with an estimated replacement value of over US$10 million, is a major step forward to the ultimate development of Labola. The extensive database requires comprehensive interpretation before significant further investment in the field, particularly the many additional targets which may expand the resource potential at Labola.
The preliminary metallurgical testwork results are very encouraging and suggest that the mineralisation is likely to be amenable to gravity and CIL in both the oxide and sulphide circuits with further testwork required to corroborate these results."
Ashley House SUSPENDED (LON:ASH)
Ashley House is no longer in discussions to potentially combine with Piper Homes PLC as announced on 30 July 2020.
Discussions with Piper had been wide ranging but included, amongst other structures, whether Piper could obtain a listing through a Reverse Takeover of the Company pursuant to AIM Rule 14 or another similar transaction . Despite all parties' best efforts, Piper has withdrawn from the Proposed Transaction and as such the Company confirms it is no longer in discussions with Piper.
On 26 August the Company advised that a Company Voluntary Arrangement (CVA) had been passed. The CVA was dependent on Piper and the Company completing the Proposed Transaction. Following the withdrawal of Piper from the Proposed Transaction, the CVA will automatically fail. Begbies Traynor (Central) LLP, the Nominee and Supervisor for the CVA, will formally write to shareholders and creditors in the coming days advising them of the situation.
Following the failure of the CVA, the directors have no option but to file a Notice of intention to Appoint an Administrator, which was filed in court yesterday.
Tungsten Corp 28.25p £35.65m (LON:TUNG)
New Customer Win, MSX International. For more than 25 years, MSX International has helped automotive manufacturing customers enhance operational efficiency and customer satisfaction. Five thousand MSX team members in more than 60 global offices serve customers by combining deep industry expertise with cutting-edge technology solutions to drive digital innovation and business value.
Speed to digitisation is business critical for MSX. With the Tungsten AP solution, MSX will be able to integrate existing workflow into the journey from initial invoice receipt through to payment submission. Tungsten will help accelerate onboarding for over 2,000 MSX suppliers, offering exception management and complete invoice data visibility throughout the process.
Eagle Eye Solutions Group 393p £101.24m (LON:EYE)
The SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, announced that a leading speciality office and home products & services retailer in North America has signed a three year agreement to use Eagle Eye's AIR platform for its Digital Wallet and promotional capabilities. The US retailer, which has over 1,000 stores across the United States, has selected Eagle Eye for its experience and proven track record helping enterprise retailers digitally connect to customers.
This new win is Eagle Eye's second US client following the deal with Southeastern Grocers announced in December 2019. The program will initially be a pilot launch for a limited number of regions, with a full roll-out based on a successful first phase.
TruFin 75p £60.6m (LON:TRU)
TruFin is announced that Satago has entered into a commercial pilot with Lloyds Bank, whereby the Bank will license Satago's software platform for its customers seeking single invoice finance solutions.
The commercial pilot is anticipated to run for up to six months and, if successful, is expected to lead to a five-year commercial agreement.
Satago, as previously announced, is launching its lending as a service ("LaaS") product and this partnership with such an established market participant highlights the value that Satago can offer to strategic partners and SMEs in the UK.
Arix Bioscience 180p £244m (LON:ARIX)
Portfolio company Atox Bio announces FDA acceptance of New Drug Application
Necrotizing soft tissue infection (NSTI) is a rare, life-threatening disease that involves significant necrosis and tissue destruction coupled with systemic organ failure.
Reltecimod marketing authorisation by the FDA would provide physicians with the first therapy to treat suspected organ dysfunction or failure in patients with NSTI.
FDA sets PDUFA date for 30 September 2021
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