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Breakfast News - Mayan Energy, Greatland Gold, Spectra Systems and more...

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What’s cooking in the IPO kitchen?

 

AIM

Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected late Jan 2018

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. Postponed to 22 Jan.

 

Main Market Premium Listing

Press speculation that iconic luxury car builder of James Bond fame, Aston Martin is considering a London IPO with a valuation of up to £5bn

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                          

               

Breakfast buffet

Mayan Energy (LON:MYN.) 0.75p £8.75m

Update on the Asphalt Ridge Project a heavy oil sands deposit being developed by TSX listed Petroteq Energy Inc.   

Deloro Energy LLC in which Mayan has a 17.6% interest, has completed the first US$2.5m tranche of its $10m acquisition of a 49% interest in Asphalt Ridge.  

All building and construction permits associated with the 1,000-barrel oil per day ("bopd") oil extraction process facility at Asphalt Ridge have been granted .

 sphalt Ridge has 87 Million Stock Tank Barrels contingent resource in place and a defined development plan to produce 5,000+ bopd by 2019.

General increases in oil prices now imply Netbacks (oil sales net of royalties, production and transportation expenses) of $35+ per barrel- compared with $15-20 reported in November 2016

 

e-Therapeutics (LON:ETX) 9.4p £25.2m

The Company pioneering the use of Network-Driven Drug Discovery (NDD) to create new and better drugs, announced agreements with Intellegens and Biorelate. Both companies have artificial intelligence (AI) tools which, after pilot studies, have been proven to enhance ETX's existing computational NDD technology. No financial details were disclosed.

Intellegens is a spin-out from the University of Cambridge that has developed a unique AI method for training neural networks from incomplete data. The collaboration will allow e-Therapeutics to apply Intellegens' technology to the predication and error correction of large-scale biological and chemical data. Manchester-based Biorelate provides biomedical knowledge by using AI to create curated databases from the analysis of published literature.  

FYJan19E pre-tax loss of £7.39m. And no revenue.

 

TP Group (LON:TPG) 6.65p £50.44m

FYDec17 trading update form the specialist services and engineering group.  Trading has remained positive and in line with market expectations.  The Company demonstrated ongoing progress with substantial growth in revenues, EBITDA, and order intake during the period. These successes have been achieved through a combination of contract wins in the UK and internationally, earnings accretive acquisitions and continual improvement in operational efficiencies.

During 2017, the Company completed a number of strategically important acquisitions, namely: ALS Technologies Ltd and FSS Software Solutions Ltd in February, and Polaris Consulting in December.  FYDec18E rev £35.9m and PBT of £1.9m.

 

Velocys (LON:VLS) 11.95p £17.39m

“The renewable fuels company, announced that it intends to raise approximately £18.4m by way of a firm placing and placing and open offer.”

· Fund raising of approximately £18.4m

· Approximately £14m by way of a firm placing of  at a placing price of 10p per share.

· £4.4m by way of an open offer made to Eligible Shareholders of 44,057,946 New Ordinary Shares  at the Placing Price.

Use of proceeds includes funding initial development costs in respect of the Company's Mississippi biorefinery while the Company pursues strategic investment for development costs and the project capex, and to progress the Company's UK waste-to-renewable jet fuel project; 

Current forecasts suggest no material revenue until FYDec19.  The shares have fallen 56% at the time of pricing today,  reflecting the deep discount of the offer.

 

Greatland Gold (LON:GGP.) 201p £410.75m

Ernest Giles project update.  Newmont not to proceed with the project at this time. Newmont's DSG survey has been successful in defining a new large gold anomaly, covering an area of approximately 5km by 1.5km and untested by previous drilling.  Greatland Gold continues to hold 100% of the project and is well financed to proceed with its alternative plans to progress with an exploration programme. "The collaboration between Newmont and Greatland has successfully defined several additional gold anomalies, and we would like to thank Newmont for their efforts. The results of their survey have enhanced our understanding of the project and identified multiple new targets for further exploration work, reinforcing our view that the Ernest Giles project has the potential to host several multi-million-ounce gold deposits. We are well financed to actively progress exploration at Ernest Giles and look forward to reporting progress through the year."

 

SafeCharge International (LON:SCH) 308.5p £453m

The specialist “in advanced payment technologies, today announces that its wholly owned UK subsidiary, SafeCharge Financial Services Limited, has been authorised by the Financial Conduct Authority as a Payment Institution. This in in addition to SafeCharge Limited's existing authorisation as a European Electronic Money Institution. 

The authorisation will allow SafeCharge Financial Services Limited to provide payments services in the UK in accordance with the Payment Services Regulations. It will enable SafeCharge to continue expanding its services portfolio to its existing client base and to new clients, as well as future proofing the business post Brexit and potential changes to the passporting rules.” FYDec18E rev $93.96m and PBT of $25.92m. Div c.4%.

 

Tax Systems (LON:TAX) 79.5p £60.4m

FYDec17 update from supplier of corporation tax software and services. “As reported at the time of the Company's interim results in September, the trading performance of the business has continued to be strong and as such the Board expects to report results for the year ended 31 December 2017 in line with market expectations. Good order intake and cash conversion in the second half of the year saw a continued reduction in net debt1 which decreased from £23.6m as at 30 June 2017 to c.£20.5m as at 31 December 2017.

A significant amount of activity and progress during the year has led to a solid platform having been put in place to support the Company's growth strategy and day to day operations. The future market opportunity remains substantial, arising from the continued move towards digitising the tax system as well as the drive to improve efficiency and reduce risk within corporate tax departments.” FYDec18E rev £15.8m and PBT £5.7m.

 

Spectra Systems (LON:SPSY) 95p £43.14m

The specialist “in machine-readable high-speed banknote authentication and brand protection technologies, is delighted to announce that it executed on Friday an exclusive, worldwide, licensing agreement for one of its existing products which is in use by 18 central banks through an existing licensee, a major supplier of banknotes worldwide.

The licensing agreement will extend the rights to the underlying technology, which has been in use since 2003, in perpetuity and generate $11.2m in royalty payments over the next five years. The payments will be settled in eleven equally spaced payments.” Also anticipates supply of materials to generate up to $2m over the same period.  Spectra now expects that both its revenue and particularly its PBT for FyDec18will significantly exceed market expectations.  We could see no forecasts.

 

Escher Group Holdings (LON:ESCH) 142.5p £26.8m

The provider of outsourced point-of-service software, announces that its Riposte solution has gone live in Permanent TSB's branch in Dundrum, Dublin.

2018 will see the roll out of Riposte to Permanent TSB's entire branch network in 77 locations across Ireland.

Building strong customer relationships is a key goal for Permanent TSB and the deployment of Escher's Riposte solution will help the bank achieve this as part of its modernisation programme of the branch network and by facilitating future digital banking initiatives.

FYDec18E rev $15.6m and PBT $1.52m.

 

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