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Sophos has  left the main market following a takeover.

What’s cooking in the IPO kitchen?

AIM

FRP  Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m.  Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o  Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion

Main Market (Standard List)

The Proof Of Trust has announced its intention to list on the Standard Market.  The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes.  Transaction details TBC. 

Main Market (Premium)

DRI Healthcare—investment company focused on investments in healthcare Royalty Assets  looking to raise $350m. Due 11 Mar.

Ninety One –proposed demerger and public listing of  Investec’s  global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march.

Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m.  Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies.  Updated timetable TBA. 

The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m.   Due 28 February.

NEX Exchange

The British Honey Company (BHC), the premium British Honey and Infused Spirits brand, has announced its intention to float on the NEX Exchange Growth Market through a placing of up to £1.5m.  BHC is currently selling through Waitrose, Majestic and Amazon to name but a few.   Revenues are reported to be circa £1 million this year.  Admission is expected to occur in March 2020.

Banquet Buffet

Craneware (LON:CRW) 1875p £503m

 HY Dec 19 results from the specialist  in Value Cycle software solutions for the US healthcare market .

Revenue of $35.9m (H1 2019: $35.9m)

Adjusted EBITDA increased 10% to $12.7m (H1 2019: $11.6m). PBT +3% to $9.6m (H1 2019: $9.3m)

· Adjusted basic EPS increased 3% to 31.1 cents per share (H1 2019: 30.2 cents per share)

· Cash position of $45.0m (H1 2019: $38.7m)

· Interim dividend increased 5% to 11.5p per share (H1 2019: 11p per share)

Strong sales pipeline for the current financial year

· As at end of February 2020, total visible revenues of $72.2m for the current financial year and $200.8m for the three-year period to June 2022 (H1 2019 same three year period: $190.0m) 

· Board confident in outlook for the full year and beyond, expectations remain unchanged

Serabi Gold (LON:SRB) 83p £48.9m

 Further results from its ongoing surface and underground exploration diamond drilling programme being undertaken on the Sao Chico orebody at its Palito Complex.  

New intersections since 6 January 2020 indicate mineable grades over mineable widths up to 300m to the west and 230m to the east of the current mine limits. Key intercepts to the west include intersections grading 1.72m @ 25.00g/t in 19-SCUD-304, 2.4m @ 5.04g/t Au in 19-SCUD-316 and 4.4m @ 4.28g/t Au in 19-SCUD-318.

Key intercepts to the east include intersections grading 1.15m @ 11.65g/t in 19-19-SC-152. 

Underground drilling intersected significant down dip extension to the current mine limits, for a further 220 metres, below the lowest level of current development, level -48mRL, which is itself some 480 vertical metres below surface. 

Significant intercept of 4.08m @ 25.37g/t Au in 19-SCUD-333.

Tern  (LON:TERN) 8.15p £22m

 Portfolio company, Seal Software Group Limited (“Seal Software”), has been acquired by DocuSign Inc (“Docu­Sign”). DocuSign has agreed to acquire Seal Software for a total 
consideration of $188 million in cash (excluding the value of shares currently owned by DocuSign) subject to potential adjustments and regulatory approval of the sale.

Tern invested £50,000 in Seal Software and as at 30 June 2019 this investment was valued at £115,145, with Tern holding less than 1% of Seal Software.  The proceeds t­o Tern from this sale are expected to be broadly in line with the Company’s valuation of its investment, which will realise an approxim­ately two times return on Tern’s original investment. 

88 Energy Limited (LON:88E) 1.125p £80m

 The Charlie-1 appraisal well commenced drilling at 0600 on the 2nd March 2020, Alaska time.

Managing Director of 88 Energy, Dave Wall, stated: “The Charlie-1 well has been four years in the making for 88 Energy, beginning in 2016 when we first acquired 2D seismic over our Project Icewine acreage. Since that time, the Company has reprocessed legacy 2D seismic (2017), undertaken a targeted acreage expansion and then shot modern 3D seismic (2018) before farming down (2019). A prospect of this calibre in a frontier region requires significant time and effort to come to fruition and we are optimistic that success is just around the corner.”

EQTEC (LON:EQT) 0.18p £7.1m

MOU  covering the key terms of the proposed cooperation for the engineering design and installation of the first advanced gasification plant in Greece. MOU covers EQTEC’s role as technology provider in the engineering design and installation of the first advanced gasification plant in Greece, partnering with regional EPC companies.

· Bank funding in place for the first 0.5MWe plant.

The parties are also committing to the development of a second, 1MWe plant, elsewhere in Greece.

· EQTEC will shortly provide formal quotes for the full scope of its works and proceed to enter into a binding agreement in respect of the first 0.5MWe plant, expected to be finalised in the coming weeks.

Xeros Tech (LON:XSG) 0.785p £6.15m

The developer and provider of water saving and filtration technologies with multiple commercial applications, announces today that it has agreed to sell its four US Marken specialist cleaning sites. Subject to closing conditions, completion is expected to take place by the end of March .

The sale of these sites completes the Company’s planned transition to a licensing model whereby its intellectual property is commercialised by licensees with royalties paid to the Company.  In 2018, the Marken US sites generated combined revenue of £858,000 and an operating loss of £1,933,000. The Marken business reported net assets of £1,897,000 at the end of 2018. Proceeds of £265,000 will be received in cash by Xeros upon Completion. 

Regency Mines (LON:RGM) 2.225p £2m

The battery metals and flexible grid solutions company confirms that the electricity grid application form (EREC G99) has been submitted at its first project in Southport.   

 

Highlights:

o  EREC G99 Grid Application Submitted, a critical milestone

o  Financial Close Targeted for mid year

o  Maiden revenues by end of 2020

Nostra Terra Oil & Gas (LON:NTOG) 0.55p £1.1m

Board Changes from the  the oil & gas exploration and production company with a portfolio of development and production assets in Texas.

Andrew Morrison appointed as Non-Executive Chairman for 12 months

Stephen Staley appointed as a Non-Executive Director, transitioning to Non-Executive Chairman in 12 months’ time*

Reconstituted Board comprises; Andrew Morrison (Executive Chairman), Matthew Lofgran (CEO), Stephen Staley (NED), John Stafford (Non-Executive Director).

Two requisitions served to the Company to convene a GM of the Company, which is scheduled to take place today  are withdrawn .

 

Norman Broadbent (LON:NBB) 7.5p £4m

 Due to increasing client demand, the Company announces the opening of operations in the North of England. Based in Cheshire and with easy access to Manchester, other commercial centres, the airport, and transport networks, the new office will provide a base for Norman Broadbent Group’s local team to better serve clients across the North, North-West, North-East and Scotland.

Location Sciences (LON:LSAI) 1.425p £5.4m

The  location data verification company, is has entered into a global master service agreement with one of the largest global advertising holding companies. This follows the recent signing by the Company of a framework agreement with Horizon Media Inc., the world’s largest independent media agency, which represents another significant step towards increased market adoption of location verification software.

 

 

Head Chefs

Derren Nathan

0203 764 2344

derren.nathan@hybridan.com

Niall Pearson

0203 764 2343

niall.pearson@hybridan.com