Dish of the day
Tufton Oceanic Assets (Main Market fund LON:SHIP) - intends to invest in a diversified portfolio of second hand commercial sea-going vessels. Raised $91m at $1.
Alpha Growth LON:ALGW (MAIN) - innovative alternative financial services specialist in the growing Senior Life Settlement asset class. £595k net raise at 1.2p. £1.3m mkt cap. The company has not yet commenced business.
Off the menu
Asian Growth Properties is leaving AIM following a voluntary winding up.
What’s cooking in the IPO kitchen?
Whetstone Capital No raise. Due 5 January 2018. Mkt Cap £1.6m. Investment Vehicle for small and mid sized private and public companies.
Erris Resources plc—a mineral exploration and development company currently focused on two geographic areas. Offer TBC, expected 21 December 2017
CIP Merchant Capital—Closed ended investment Company. Sector focus oil & gas, healthcare, pharma, and real estate. Raising £55m. Due 21 Dec
Panthera Resources— The Company was established to act as a holding company for Indo Gold Limited, an unlisted Australian registered company. The Company aims to explore and develop gold assets in India and West Africa. No raise. Expected 21 Dec
Sumo Group—one of the UK's largest independent developers of AAA-rated video games providing both turnkey and co-development solutions, including initial concept and pre-production. Raising £38.45m and vendor sale of £39,7m. Mkt cap £145m.
Bushveld Minerals—RTO of Bushveld Vametco and therefore 78.8% of Strategic Minerals Corporation, the intermediate holding company that owns a 75 per cent. interest in the Vametco Vanadium Mine.
Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec.
Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT.
OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
Main Market Specialist Fund Segment
Sure Ventures –Raising up to £50m at £1. Focus on FinTech, IoT and Augmented/Virtual Reality. Due 22 Dec.
Main Market Standard Listing
Pennpetro Energy Independent oil and gas co with an initial focus on Texas. Due 21 December. No funds being raised at this point.
Main Market Premium Listing
GEMS Education—report by Reuters that the private schools group is seeking a $4.5bn to $5bn London float in 2018. FYAug17 rev $926.2m and adjusted EBITDA $261.6m.
Vivo Energy—The Africa-focused company, which operates around 1,800 Shell forecourts across 16 countries reported by City A.M. to be preparing for a London float next year
Subject to the approval of the Court, it is expected that the scheme circular will be published by Booker during the week commencing 5 February 2018. Subject to the approval of the UK Listing Authority, it is expected that the Tesco shareholder circular and prospectus will be published at the same time.
We anticipate respective shareholder meetings towards the end of February 2018, and completion in March 2018.”
IQE (LON:IQE) 148p £1.06bn
FYDec17 trading update from the leading global supplier of advanced wafer products and wafer services to the semiconductor industry.
“The Group announces that it expects full year revenues to be ahead of market expectations, and to be not less than £150m for the year ending 31 December 2017. Wafer sales are on track to deliver strong double-digit growth in 2017 and to continue to diversify. The three primary markets are Photonics, InfraRed and Wireless.”
FYDec17E rev £147.3m and PBT £23.71m.
FYDec18E rev £167.57m and PBT £30.52m.
Amryt Pharma (LON:AMYT) 20p £54.96m
The “biopharmaceutical company focused on treatments for rare and orphan diseases, announced the appointment of Patrick Jordan as Vice-President of Global Distributor Markets.
Patrick has worked in the pharmaceutical industry for the last 18 years, during which time he held Senior roles at Pfizer and MSD. He has significant experience across sales, marketing, business development, and general management, and been based in a number of global territories. Latterly, Patrick was the Managing Director of MSD's Saudi operations and before that served as MSD's Regional Managing Director of its Eastern Europe and North Africa business.”
SolGold (LON:SOLG.) 26.48p £450m
Update on its 100% owned La Hueca Project, held by Cruz del Sol S.A, a 100% owned subsidiary of SolGold.
The newly identified outcrop in Target 2, located 400m away from the main La Hueca mineralisation has returned strongly mineralised rock chip results.
· Mineralisation has been returned along the fault breccia over 250m and is open along strike in both directions.
· Best rockchip assays include:
· 2.23% Cu, 0.21 g/t Au, 4.45% Zn in R02000494
· 2.13 % Cu, 0.13 g/t Au, 1.53% Zn in R02000492
· 2.07 % Cu, 0.24 g/t Au, 0.63% Zn in R02000495
· 2.01 % Cu, 0.11 g/t Au, 0.5% Zn in R02000490
Midatech Pharma (LON:MTPH) 35.9p £21.6m
“The international specialty pharmaceutical company focused on developing and commercialising products in oncology, announced its US subsidiary has initiated a Phase IV clinical trial at Dana-Farber/ Brigham and Women's Cancer Center to study the effects of Gelclair® (bioadherent oral gel) on various aspects of oral mucositis (OM), a common side effect experienced by patients undergoing stem cell transplant.” OM is a common side effect amongst the 20,000 or so annual transplantees in the US, and can require heavy pain medication (eg opioids) and increase healthcare costs.
The company anticipates that the trial will complete enrolment in the second half of 2018.
Redx Pharma (LON:REDX) 20p £27.19m
FYSep17 results. “In an extraordinary 12 months, the Company entered Administration in May 2017 and then, post period in November 2017, successfully exited as a going concern. The emergent and strengthened board and management team is now well positioned to deliver on a refocused vision of creating first or best in class drugs that treat significant unmet need in cancer and fibrosis. The balance sheet (as at 2 November 2017) - consisted of £13.9 million, with no liabilities nor loan facilities (outside of those necessary for the normal course of business) which, coupled with a reduced cost base, provides a cash runway into early 2019.”
Lead cancer asset, Phase 1 trial to start Q1 2018; 1a results estimated H2 2018
Frenkel Topping (LON:FEN.) 53.5p £45.23m
Strategic Update from new management team at the specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients. Broader markets identified. Investment management arm will seek to expand offering beyond the current three core portfolios offered and will seek to expand its services to a wider audience. A recently launched new business, Obiter Wealth Management Limited: This division will offer financial advice to clients who are in receipt of large lumps sums that they need to invest. These clients may include the former owners of family businesses that they have recently sold, divorcees, retirees who are in receipt of a large lump sum etc and charities who need to invest in very safe assets. FYDec17E rev £8.2m, 3.39p EPS div 1.39p.
Prospex has been advised by “Po Valley Energy Limited ('PVE'), the operator of the Podere Maiar-1d appraisal/ redevelopment well ('Podere Maiar' or 'the Well') onshore Italy, that it has successfully cased, perforated and completed the Well and that flow testing is expected to commence in January 2018. Prospex holds a 17% interest in the Well (PVE 63% Operator; United Oil & Gas Plc 20%), which is located on the Podere Gallina Exploration Permit in the Po Valley region, which is a proven hydrocarbon province. Podere Maiar was drilled into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf of gas between 1960 and 1984.” The Well is now completed for production, is "on gas" and flow testing will be on a rig-less basis.
One Media (LON:OMIP) 7.5p £6.45m
Shares in a digital media content provider that exploits intellectual property rights around music, video and copyright technology have approximately doubled this week off the back of news that Lord Michael Grade and Ivan Dunleavy had joined the Board and Shareholder register.
Lord Grade has had leading roles at London Weekend Television, Channel 4 Television, the BBC and ITV as well as being the Chairman of Pinewood Group plc. Ivan Dunleavy’s career in media spans more than 35 years, including 17 years as Chief Executive Officer of Pinewood Group. Prior to Pinewood, he was Chief Executive Officer of VCI plc, an audio-visual and audio publishing group.