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Breakfast News - React Group, Monchhichi, appScatter, Chaarat Gold, MobilityOne and others

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What’s cooking in the IPO kitchen?

NEX Exchange

Clean Invest Africa—Introduction due around 14 Nov. Vehicle established to identify investment opportunities and acquisitions in renewable and clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way that will aid the development of the African continent.

AIM

City Pub Group  - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due late  Nov. Offer TBA.

Boku - Independent direct carrier billing company. Revenues were up 21% to US$10.2 in HYJun17. Q32017, revenues grew to $6.5m, up by 44%. The Company also saw continued growth across all of its key metrics: user numbers, total payment and a positive adjusted EBITDA for the month of September 2017. Due 20 Nov. Offer TBA.

Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy.  Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%.  Offer and date TBA.

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.

OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November.

Main Market Standard Listing

Shefa Yamin minerals company focused on the exploration for precious stones in Northern Israel. Net Proceeds will be used to advance the Company's mining project. Offer TBA.

Main Market Premium Listing

Bakkavor—After being postponed on 3 November the provider of fresh prepared food has today set its offer price at 180p. Primary raise of £100m plus vendor sale in combination totalling 25% of enlarged capital. Mkt Cap c.£1bn.  FY 16 Revenue: £1,763.6 million. FY 16 Adjusted EBITDA2: £146.4 million .

Aviva Investors Secure Income REIT  - Targeting £200m raise. Will invest in a diversified portfolio of high quality, long-lease commercial real estate assets located within the UK and leased to predominantly investment grade tenants. Due Dec.

Cabot Credit Management -one of the largest credit management services providers in Europe and the market leader in the UK and Ireland with total 120-Month ERC of £2.2bn.  Raising c.£195m. Offer TBA. Due November.

M7 Multi-Let REIT—Intends to raise up to £300m at 100p.  Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 30 Nov.

En+, international vertically integrated aluminium and power producer with core assets located in Russia. Priced at $14 per GDR. $1.5bn offer of which $0.5bn primary to pay down debt. Dual listing in Moscow. Unconditional dealings 8 Nov.

 Breakfast buffet

React Group (LON;REAT) 0.45p £1.24m

FY Sep 17 trading statement from the specialist provider of rapid response deep cleaning and emergency decontamination services. “The unaudited numbers (based on management accounts) were very disappointing, with revenue of around £2.65m and a pre-tax loss of around £400,000.  This loss contains  circa £30,000 resulting from the closure of EPUK, which was announced in December 2016, and some other one-off other costs.” The Company's cash position at was £629,000. Over the past few months the new management team has put in place a number of significant cost savings and better overall financial controls.  Trading in H2 has started to show signs of improvement and the new team is being invited to tender for more contracts than in the past. We could see no forecasts.

Gulfsands Petroleum (LON:GPX) 6.25p £32.5m

The oil and gas company with current activities in Syria and Colombia, announces its decision to no longer pursue the Moulay Bouchta Petroleum Agreement in Morocco and consequently to immediately initiate the winding down of the activities of the Group in Morocco. In line with the Company's stated strategy, this will enable Gulfsands to focus its management and capital resources in the Levant region. “As a result of this decision, we understand that ONHYM intends to call in $1.75m of restricted cash held as performance guarantees under the Moulay Bouchta contract.  Further possi­ble penalties could apply, and have been provided for.” GPX is pursuing $6m held in restricted cash pursuants to the Rharb and Fes Petroleum Agreements which expired in 2015

Monchhichi (LON:MCC) SUSPENDED

‘The process to move from AIM to the Standard List is substantially complete’. Has made some Board appointments including Henry Gordon (44) as Executive Director and Chief Operating Officer. Henry has 20 years of equity markets experience with a deep understanding of capital raising and management in both the public and private arena and previously worked at Goldman Sachs in Australia and Credit Suisse in London before returning to Asia as CEO of BTIG in Singapore.

Monchhichi's plan is to make a series of cohesive and meaningful acquisitions with clear existing industry validation and disruptive growth trajectory in the Technology, Media and Internet sectors.

appScatter (LON:APPS) 58p £38.22m

“The scalable business-to-business ('B2B') Software as a Service ('SaaS') platform that allows paying users to distribute and manage their apps on multiple app stores around the world, is pleased to report the launch of the appScatter Android Software Developer Kit ("SDK"), which is now available to 25 million software developers, on GitHub, a computer code hosting service.” The SDK allows developers to conveniently integrate in-app billing to multiple Android app stores worldwide, including Amazon, Bemobi, Samsung and the Google Play Store.

We could see no forecasts.

Baron Oil (LON:BOIL) 0.28p £3.79m

At an Operating Committee Meeting in Lima on 9 November 2017 those parties entitled to vote made a unanimous decision to relinquish Block Z-34, offshore Peru, and so notify Perupetro.

The Block has been in Force Majeure since 2014 and under these circumstances the Z-34 partners are entitled to exercise their right to relinquish Block Z-34 and, consequently, to request that the $3.6 million work programme guarantee bond be released. If this is agreed, Baron expects to recover a substantial portion of the bond, free of tax.

Chaarat Gold  (LON:CGH) 22p £77.39m

The gold exploration and development company with a strategy to be a low-cost gold producer by developing the Chaarat Gold deposit in the Kyrgyz Republic, announced an addition to the senior management team. Pete Gardner has joined Chaarat's senior management team as Chief Financial Officer designate.  From 2009 to 2016, Pete was Finance Director of Amara Mining plc until its sale to Perseus Mining Limited.  A Chartered Accountant and qualified Corporate Finance professional, Pete's experience will be invaluable as the Company transitions from its current stage of development to becoming a gold producing company. His immediate priorities will be to lead the already well advanced project finance process for the construction of the Tulkubash Heap Leach Project, and enhance  Investor Relations activities.  

MobilityOne (LON:MBO) 3.62p £3.85m

“The e-commerce infrastructure payment solutions and platform provider, is pleased to announce that, on 9 November 2017, the Group, via its recently incorporated wholly-owned subsidiary MobilityOne South Asia Sdn Bhd ("M1SA"), signed a sale and purchase agreement with Dr. Md. Zahir Uddin and Dr. Md. Shahin Hossain, existing shareholders of Mobility i Tap Pay (Bangladesh) Limited ("MiTP"), to acquire a 55% shareholding in MiTP for a nominal cash consideration of BDT550,000 (c. £5,000) payable from the Group's existing cash resources.” MobilityOne is MiTP's technology partner, a supplier of point of sales devices to MiTP and is supporting MiTP to provide a mobile financial services platform for Meghna Bank Ltd in Bangladesh. As announced on 15 September 2017, the mobile financial services platform, named "Tap 'n Pay", has been launched by Meghna and has started accepting new account registrations.

Independent Oil & Gas (LON:IOG) 21.5p £23.58m

The recent Competent Persons Report ("CPR") by ERC Equipoise Limited ("ERCE"), has been updated to include a fully risked, expected monetary value ("EMV") for the Harvey licence.

Fully risked EMV for  100%-owned Harvey licence of £79m

•     Best estimate gross unrisked post-tax NPV10 of £159m for the overall Harvey structure and £126m for the licence.

•   The EMV has been calculated on the mean of the Low/Best/High estimates of the prospective resources following the derivation of Harvey production profiles.  Low/Best/High estimates of unrisked prospective gas resources are 45/114/286 BCF on the Harvey structure, 36/90/226 BCF on licence. -Firm commitment made to drill the Harvey well within 2 years, subject to acceptance and a licence extension by the OGA.  Well scheduling under consideration.

IQE (LON:IQE) 160p £951.18m

Completion of £95m placing at 140p for the global supplier of advanced wafer products and wafer services to the semiconductor industry. This placing will allow IQE to expand its capital expenditure programme in its new foundry, with the purchase of up to 40-60 new MOCVD machines over the next three to five years. The additional capacity should enable IQE to address multiple mass market opportunities, including its leading position in the production of VCSEL wafers for use in 3D sensing consumer electronic applications. IQE is enjoying material demand for its VCSEL wafers from a leading global consumer electronics company for use in one of its mass market consumer products. FYDec17E rev £146.3m and PBT £23.1m. PE c.43x.

Brady (LON:BRY) 65.5p £54.6m

The global provider of trading, risk management and settlement solutions to the energy, commodities and recycling sectors, announced today that RWE Supply and Trading (RWEST), has renewed its license to use Brady Credit Risk software on an annual recurring fee arrangement for a further five years. RWEST is one of the leading energy trading companies in Europe, and has been an extensive user of the Brady Credit Risk system since it was first implemented in 2005.  “Brady continues its transition to a recurring revenue model.”

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