Breakfast News - AIM Breakfast : NQ Minerals, Arian Silver Corp, Driver Group, Saffron Energy plc, Symphony Environmental Technologies plc, Tyman, WEST AFRICAN MINERALS CORPORATION ORD NPV (DI)


What’s cooking in the IPO kitchen?

I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. 

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.

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 late May.


Breakfast buffet

Afarak Group (LON:AFRK) 92.5p £243.3m

Q1 report from the global vertically-integrated producer of speciality alloys.  Afarak's EBITDA was EUR 12.7m, compared to EUR 3.3m a year earlier. The significant improvement was due to higher ferrochrome prices and strong market fundamentals, supported by productivity gains, primarily in processing. Due to the exceptional results in quarter one 2017, an extraordinary EUR 0.02 per share distribution from the invested unrestricted equity fund is now being recommended to the Annual General Meeting later this month. ‘As expected, the high price levels for ferrochrome and Chrome Ore seen in quarter one, have not been sustainable over the longer term. We still expect improved performance in Q2 2017 compared to a year earlier, although subdued, when compared to Q1 2017 numbers.’

NQ Minerals  (NEX:NQMI) 7.5p £12.8m

The Australian-based exploration and mining company updated on its Ukalunda project in Queensland. With the grant of EPM 26204 at Ukalunda the project now covers over 130 sq. km of well mineralised terrane. The Sunbeam Mining Lease application is now proceeding to formal grant following conclusion of Compensation agreements on the area. Metallurgical testing of the Sunbeam silver / base metal stockpiles included work at Gekko's laboratories in Ballarat. Their preliminary results suggest that bulk flotation to produce a saleable concentrate may be an option. Drill planning proposes a program for up to 3,550m of reverse circulation drilling to test mineralisation on western EPM 18019.

Driver Group (LON:DRV) 45.5p £24.28m

The provider of specialist commercial and dispute resolution services to the construction and engineering industries, is pleased to announce that it has concluded an agreement to sell its subsidiary, Driver Trett South Africa Pty Ltd ("DTSA"), to DTSA's local management team.  DTSA, with its more widespread focus and which has recently been loss-making, was regarded as non-core with little immediate prospect of improved performance under its current ownership structure. In consideration for the disposal, Driver will become entitled to receive the net proceeds of sale of the 300,000 Driver ordinary shares currently owned by DTSA management. Driver has agreed to write-off an inter-company balance due from DTSA totalling £0.63m. FYSep17 £52.1m and £1.68m PBT.

Randall & Quilter Investment Holdings (LON:RQIH) 154.5p £135m

Wholly owned 'A-' A.M. Best-rated, US-admitted insurer Accredited Surety and Casualty ("Accredited") has entered into an  agreement to provide a Blanket Vehicle Single Interest Insurance Policy. Accredited will offer and administer the BVSI Policy together with certain subsidiaries of a US financial corporation.  Accredited has no net exposure as the transaction is fully reinsured.  "We are delighted to complete another transaction in the US through Accredited.  The pipeline for additional programs projected to be closed in 2017 is strong. Accredited is authorised to underwrite a wide range of domestic insurance business across the US and is approved to accept loss portfolio transfers of certain classes of domestic US legacy business."

GAN (LON:GAN) 30.25p £21.19m

The award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States,  announced the launch of the highly anticipated Simulated Gaming™  website and supporting mobile apps for WinStar World Casino and Resort in Thackerville, Oklahoma as first announced in August 2016.  GAN's fourth (4th) major Native American casino operator client in the United States to launch Simulated Gaming online in the US and GAN's twelfth (12th) live US casino client operating Simulated Gaming online since launch in January 2014. Fully integrated WinStar rewards program. FYDec17rev £9.9m, £3.19m loss. 

Arian Silver (LON:AGQ) 0.85p £1.56m

The Mexico focused AIM quoted resource exploration and development company, reports that, further to its announcement dated 11 April 2017 regarding the option agreement to acquire three lithium projects, the test results of its preliminary sampling programme have confirmed the presence of lithium concentrations. Sampling programme returned lithium concentrations in all soil samples. Samples returned lithium grades reaching approximately 0.016% (160 parts per million). There will be further exploration to determine the full extent of mineralisation.


West African Minerals Corp  (LON:WAFM) p £m

Scoping Study (Sanaga Iron Ore Project Cameroon) indicates robust economics and favourable capital and operating cost fundamentals for an open pit iron ore mine and concentrator using transportation to the Cameroon coast either by barging down the Sanaga River and transhipping at sea or using a slurry pipeline to a port in the vicinity of Yoyo. The Sanaga deposit contains previously released CIM compliant mineral resources of 82.9 Mt @ 32.1% Fe.  70km from the Atlantic Ocean, with access to existing road and power.  NPV10 of US$262-292m.  IRR of 29-37% with 29-46 month payback on capital costs. Upfront capital costs US$194-298m. 

Symphony  Environmental (LON:SYM) 3.25p £12.39m

AGM Statement from the controlled-life plastic technology which turns ordinary plastic at the end of its service-life into biodegradable materials.  "The Board is pleased to report that the business continues to trade and grow in line with expectations.  Of the most significance to Symphony so far in 2017, has been the award of the Quality Mark from the Saudi Standards, Metrology and Quality Organization (SASO), which allows Symphony access to the Saudi Arabian market for its d2w oxo-biodegradable additive”. Recent legislation has stimulated demand and Symphony has received initial orders. FyDec17E rev £6.9m and £0.2m PBT.

Tyman (LON:TYMN) 348.5p £620m

AGM statement from the international supplier of engineered components to the door and window industry. Trading to date has been in line with the Board's expectations and provides the Group with a solid start to the year; noting that this period typically sees lower seasonal levels of activity in our principal Northern Hemisphere end-markets.  Rev in 4mths to April up 31% benefitting from acquisitions and USD translation. Input costs going up and being proactively managed. 11.8x FY17E PE and 3.4% yield.

Saffron Energy (LON:SRON) 7p £10.76m

The natural gas producer with interests in northern Italy, is pleased to announce that testing of the primary production layers from the Bezzecca well is complete and production planning has been finalised. The initial plan now is to operate all three levels with an estimated combined flow of 30,000-35,000 cubic meters per day (scm/day). Steady commingled production will be achieved through the installation of a downhole choke above the Miocene level R.

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