17 March 2021
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What’s cooking in the IPO kitchen?
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021.
ActiveOps, a UK-based leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices is planning to join AIM. Details TBA. Due late March.
Caerus Mineral Resources, a London based exploration and resource development company focused on developing mineral resources in Europe, recently announced the acquisition of New Cyprus Copper P.A. Ltd and its intention to IPO onto the Standard List. The NCC Acquisition provides Caerus with access to copper - gold exploration licences in the Republic of Cyprus. The company has raised circa £2.25m by way of placing and subscription. First Day of Dealings expected 19 March 2021.
Proposed move to AIM from the main market (standard) by Emmerson (LON:EML) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Subject to EGM on 21st March.
Global review platform, Trustpilot has announced its intention to float on the premium list of the LSE. Trustpilot provides an open platform, which creates a place where businesses and consumers can gain actionable insights and collaborate. Consumers are able to share feedback, at any time, about any business with a website and review feedback left by other consumers. Total revenues were US$64.3m, US$81.9m and US$102.0m for the years ended 31 December 2018, 2019 and 2020, respectively. The Offer would comprise new Shares to be issued by the Company (raising gross proceeds of approximately US$50m to support Trustpilot's growth plans and repay indebtedness) and an offer of existing Shares to be sold by certain existing shareholders, directors and employees. Timing TBC.
Media reports video game firm, Catalis is mulling a London IPO, just over a year after being bought by a private equity firm. Catalis’s accounts are reportedly expected to show revenues increasing to £60m in 2020, up from £43m, with adjusted earnings of £15m. Deal details and timing TBC.
Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021.
NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021.
Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021.
Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company.
Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
Deliveroo is considering applying for admission of the Company's Shares to the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange. Deliveroo works with over 115,000 best loved restaurants, takeaways and grocery stores globally and provide work to over 100,000 riders across 800 locations in 12 markets, serving 6m customers globally.
Banquet Buffet
Red Rock Resources 0.925p £9.89m (LON:RRR)
The natural resource development company with interests in gold, manganese and base metals, announces an update in respect of its interest in Jupiter Mines Ltd (ASX:JMS) and its spin-off plans, and in respect of Red Rock Australasia Pty Ltd a joint venture company with gold exploration interests near the historic mining centre of Ballarat in the Gold Fields of Victoria. Red Rock owns 50.1% of RRAL, with 49.9% being owned by Power Metal Resources plc (AIM:POW).
Key points
· Jupiter has announced a delay to May in the expected IPO of Juno Minerals Ltd its iron ore spin-out, to allow for the calling of a General Meeting to approve the removal of certain conditions precedent
· Following grant to RRAL of its first three gold exploration licenses in Victoria, announced on 2nd February 2021, a further two licenses have now been granted (EL007327 and EL007385), with others in process of application
· Appointment of David Holden as a Director of RRAL
· IPO process for RRAL continues
Capital Metals 18.7p £32.25m (LON:CMET)
Overview of the Company's Eastern Minerals High Grade Mineral Sands Project in Sri Lanka .
· Products focused on extremely large established markets with annual growth rates of between 4.3% and 8.6%, due mainly to urbanisation and industrialisation in emerging countries, as well as more innovative uses of the materials
· Strong environmental credentials with comprehensive assessment completed , non-chemical processing, no toxic reagents and straightforward, continuous site rehabilitation
· Current resource from over 1,600 holes drilled to date, means we have a Resource big enough for a mine today
· 85% of the Resource is classified in the higher level 'Measured' and 'Indicated' categories of the JORC code
· Strong potential to increase the already very high grade (17.6% THM) Resource given only 10% of our initial permits have been drilled and drilling has only gone to an average depth of 3m - for example, two holes in 2018 showed 14m at 26.3% THM & 8m at 26.6% THM
Tlou Energy 3.75p £19.7m (LON:TLOU)
The entity focused on delivering cleaner electricity in Botswana and southern Africa using gas and solar power , announced that it has successfully raised gross proceeds of £2.625m pursuant to the Placing. A total of 75,000,000 new common shares of no par value were subscribed for by investors, at an issue price of 3.5 pence per Placing Share.
Funds raised will go towards development of Tlou's Lesedi project including construction of transmission lines to connect the Lesedi power project in Botswana to the existing electricity grid at the town of Serowe. The transmission line is a key piece of infrastructure required to transition Tlou to being a power producer and is expected to considerably reduce future funding risk for the Company.
Yourgene Health 16.5p £118.9m (LON:YGEN)
The international molecular diagnostics group, announces it has appointed Scott Sargent as Vice President of Sales North America with immediate effect, to support the Group's plans to expand and grow its commercial footprint in the North American market, following the acquisition of Coastal Genomics in August 2020.
Scott brings over 25 years of industry experience, having held senior executive roles at large multinationals, most recently as Director of Sales for Clinical Genomics for QIAGEN in the US and Canada, where he led a commercial team selling into the Next Generation Sequencing (NGS), PCR and sample extraction clinical laboratory market. Scott's team grew 2019 NGS library preparation sales by +25% over the previous year and total sales by +6% (to $44M USD) over the previous year. Prior to this, Scott held senior commercial roles at Illumina, where he was responsible for leading business development for the market segments of rare disease and reproductive health testing in the US / Canada.
Trans-Siberian Gold 101.5p £88.26m (LON:TSG)
Thelow cost, high grade gold producer announces an update of the Mineral Resource Estimate for the Asacha Gold Mine in · Total Mineral Resource Estimate (Measured + Indicated + Inferred) has increased to 645,000 oz Au as at 31 December 2020
· +43% increase in Asacha's overall gold resource inventory
· +61% of Mineral Resources are in Measured & Indicated category
· Vein 25 remains open at depth and to the north
· Exploration campaign remains ongoing
Pathfinder Minerals 0.625p £2.73m (LON:PFP)
Appointment of Mr Jonathan Summers as an independent Non-Executive Director with immediate effect.
Mr Summers brings over 25 years of international business experience. He is a former Managing Director at Goldman Sachs, mainly in Europe, having spent 15 years at the firm from 1996 to 2011. He was Founding Partner and Head of Business Development for Everett Capital Advisors, a US$700m London-based investment fund, and Founding Principal and Head of Business Development for Myriad Asset Management, a US$5 billion Hong Kong-based multi-strategy asset management firm.
Pathfinder Minerals is a natural resources company seeking to mine heavy mineral sands in Mozambique, southern Africa.
AMTE Power 307.5p £106.6m (LON:AMTE)
The developer and manufacturer of lithium-ion battery cells for specialist markets, announced that the Group has received the London Stock Exchange's Green Economy Mark.
This classification was created to recognise companies and investment funds listed on all segments of London Stock Exchange's Main Market and AIM that are driving the global green economy. To qualify for the Green Economy Mark, companies and funds must derive 50% or more of their total annual revenues from products and services that contribute to the global green economy.
iomart Group 325.25p £356m (LON:IOM)
The cloud computing company, announced a major network expansion to meet future demand. iomart has invested nearly £2m in next generation core routing technology from Cisco, which will provide 100GB capacity on its network with the ability to scale to 400GB. As a result, iomart customers will benefit from faster, even more reliable connections to support their data and applications.
Capacity will increase from 10GB to 100GB through two of the most interconnected peering facilities in Europe, Telehouse London and Equinix in Slough, and through iomart's largest data centre in Maidenhead.
Journeo 105p £9.2m (LON:JNEO)
The information systems and transport technical services group, has received new purchase orders for the supply of its advanced public transport information systems.
The purchase orders worth £1.1m in total include the supply of the Company's latest double-sided solar powered display systems. Approximately £0.7m is expected to be delivered in the current financial year.
BlueRock Diamonds 40.5p £4.3m (LON:BRD)
The diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announced the recovery of three gem quality stones of 10.6 carats, 9.8 carats and 8.4 carats.
BlueRock Executive Chairman, Mike Houston, said, "I am very encouraged by the recovery of these three high value gem quality stones following on from the sale in January 2021 of a 14.8 carat stone for USD167,000. The average price received for the first two months of 2021 was an excellent USD423 per carat and I look forward to updating the market on the results of the March tender, when we publish our quarterly report in early April."
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