What’s cooking in the IPO kitchen?
AIM
Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May.
Eve Sleep — Schedule 1 from the e-commerce focused, direct to consumer European sleep brand. Offer details TBC. Expected Mid May
Velocity Composites —Schedule 1. Manufactures advanced carbon fibre and ancillary material kits (predominantly carbon fibre) for use in the production of aircraft. Mid May admission expected. Offer details TBC.
Shearwater Group —Schedule 1. Acquiring SecureEnvoy for £20m in cash and shares—a provider of multifactor authentication enterprise software solutions. RTO under the AIM rules.
Verditek — Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in May.
Main Market Official List
Kuwait Energy — $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Main Market Standard List
ADES International — Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017.
Global Ports Holding —Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $200m+ raise including $75m primary offer. Expected price range 735p to 875p. Mkt cap up to £539m.
Main Market Specialist Funds
Tufton Oceanic Assets – Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Breakfast buffet
Canadian Overseas Petroleum (LON:COPL) 0.88p £5.45m
Q1 Mar 17 results from international oil and gas exploration and development company focused on offshore West Africa. “Whilst we were disappointed with the initial drill results from the Mesurado-1 well, we have been continuing to re-interpret our 2,500 sq. kilometre LB-13 3D seismic data set by incorporating the drilling results into a new seismic interpretation. This involves a reappraisal of the seismic attributes previously interpreted to be possibly associated with hydrocarbons. Specifically the Company is evaluating whether the false hydrocarbon seismic response at Mesurado-1 is a local or a regional phenomenon. This evaluation is not one which can be accomplished in a short time, but should be completed late Q2 to early Q3 2017.”
CML Microsystems (LON:CML) 435p £73m
H2 Mar 17 trading update from the Group which designs, manufactures and markets mixed-signal and RF semiconductors, primarily for global communication and solid state storage markets. The business has performed well over the second half of the financial year. Unaudited figures indicate revenue for the full year was above £27.6m, with profit before tax ahead of market expectations at circa £4.2m. Cash generation continued to be healthy resulting in a net balance of £12.4m at 31 March 2017. New order bookings were firm through the period with a pleasing contribution from the Sicomm business, acquired during the first half of the year. Planned investments in customer facing personnel and related activities gathered pace towards the end of the year.
Europa Oil & Gas Supply (LON:EOG) 7p £17.14m
The UK and Ireland focused, oil and gas exploration, development and production company, announced the results of an independent Competent Person’s Report prepared by ERC Equipoise Ltd, including estimates of gross mean un-risked Prospective Resources of 553 mmboe across two new pre-rift prospects, Ervine and Edgeworth, in Licensing Option (‘LO’) 16/2, offshore Atlantic Ireland. Europa has a 100% interest in LO 16/2 which is located in the South Porcupine Basin. In tandem with this work, Europa continues to talk to potential partners with regards to farming-out an interest in LO 16/2, as part of the Company’s strategy to farm-out its leading licence position offshore Ireland.
Hydrodec Group (LON:HYR) 2.23p £16.61m
The clean-tech industrial oil re-refining group, has successfully agreed its first trade of carbon credits in respect of the credits recognised by the American Carbon Registry ("ACR") under its accreditation granted last year. The sale, whilst nominal in value, is in respect of a proportion of those credits generated by Hydrodec of North America ("HoNA") and recognised by the ACR for HoNA's previous production between 2009 and 2014. The Company anticipates that going forward it will generate 50,000 to 60,000 tons of carbon offset annually and expects it could earn up to $5 per ton from the ongoing generation of such credits based on recent industry publications. FYDec17Ev rev £24.6m and break-even at PBT level.
MediaZest (LON:MDZ)* 0.11p £1.3m
The creative digital audio visual company, has completed a substantial project for Clydesdale and Yorkshire Banks. The company has provided audio-visual services for their new Studio B initiative in High Street Kensington and is one of the new business wins announced in aggregate in the Company's previous update of 3 March. For confidentiality reasons, MediaZest does not provide exact contract amounts. The range of solutions provided has included videowalls, touchscreens, audio systems and content, a flexible LED ribbon screen, projections and face recognition, and the Company will provide ongoing content management services and maintenance support. Studio B opened to the public on 24 April 2017.
Elegant Hotels Group (LON:EHG) 84.75p £75.27m
Further to the statement dated 3 April 2017 relating to the acquisition of Treasure Beach Hotel in Barbados, all conditions for completion have now been met and the transaction has therefore formally completed. Consideration and renovation costs are expected to be approximately US$10.5m. 4-star, 35-room hotel. It is the adjoining property to Elegant Hotels' Tamarind hotel, which in turn is situated next to Daphne's and The House. As a result, the acquisition will mean that four of Elegant Hotels' properties will account for a continuous 300 metre stretch of the prestigious west coast, or "Platinum Coast", of Barbados. FYSep17E Rev £47.47m, PBT £9m, EPS 7.88m, DPS 6.07p. 7.1% yield. <11xPE.
Hurricane Energy (LON:HUR) 65.5p £788m
The UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs reports publication of updated CPR. Attributes 2P reserves for the first time and details a highly significant increase in certified contingent resources. The CPR only concerns the Lancaster field within Licence P.1368 Central, at present. Resource estimates for the Greater Lancaster Area, and broader portfolio, are expected to be published by the end of the year. Best estimate recoverable volumes of 523 million boe, an increase of 162%. 2P reserves of 37.3 million boe attributed to the initial six-year period of the planned Early Production System at Lancaster.
Faron Pharmaceuticals (LON:FARN) 810p £225m
The clinical stage biopharmaceutical company, has received an expected report dated 4th May 2017 from the Independent Data Monitoring Committee (IDMC) on the INTEREST Phase III study for the treatment of patients with moderate to severe Acute Respiratory Distress Syndrome (ARDS) with its lead product Traumakine. The IDMC has recommended to Faron that the trial should continue as planned with no changes, consistent with prior recommendations. The IDMC will provide the next advanced recommendation after reviewing the data at 240 recruited patients. The Company expects this to take place during Q3 2017.
Petro Matad (LON:MATD) 30.75p £88.5m
Announcement of a share purchase and convertible securities deed with Bergen Global Opportunity Fund, LP in connection with a staged private placement of up to US$43,2m worth of new shares and a convertible instrument with a nominal value of US$2m. The funds will be used to further advance the Company's previously announced two-well exploration programme by drilling additional basin opener wildcat wells to test the prospectivity of independent basins and to prove the existence of potentially commercial hydrocarbon accumulations and to acquire further 3D seismic data.
Intercede Group (LON:IGP) 51.5p £25.5m
The digital identity and credentials expert, has launched the RapID Secure Login (RapID-SL), a Plugin for WordPress that enables administrators and subscribers to log into websites and blogs with fingerprints instead of usernames and passwords. By eliminating the use of insecure passwords, users are provided with superior usability and more robust security. "The solution is security magic for small businesses and consumers who have previously felt digitally disenfranchised from enjoying strong levels of security and privacy.’