What’s cooking in the IPO kitchen?

 The pantry is bare!

 

Portmeiron Group 400p  £43m (LON:PMP)

Proposed Placing to raise approximately £10 million  at an issue price of not less than 375 pence per share,  plus a direct subscription with the Company to raise gross proceeds of £0.66 million at the Issue Price. . Qualifying Shareholders may subscribe for Open Offer Shares, to raise up to a further £2.0 million for the Company. 

The Board currently intends to use the majority of the net proceeds from the Fundraising to accelerate its growth strategy and margin improvement, in particular to:

accelerate all online channel sales growth and increase next day delivery warehouse capacity; · extend the Wax Lyrical line to hand and body products;  build a more significant presence in Canada and revitalise the Canadian market;  invest in UK manufacturing efficiencies driving improved operating margins; and · maintain a strong balance sheet. Its homeware brands are Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé .

 

Panoply Holdings 75p  £41.3m (LON:TPX)

· Acquisition of Arthurly , a technology services business with   particular strength in the Microsoft Technology Stack

· Arthurly has won and delivered a number of projects alongside Notbinary (a business within the Group) over the last six months

· Consideration of £412,000, of which £150,000 is to be paid from existing cash resources and the remainder to be settled by the allotment and issue of 365,853 shares in The Panoply

· Acquisition is expected to be immediately margin and earning enhancing to Notbinary.

Arthurly is debt free, cash generative and has delivered circa £300,000 (unaudited) of revenue in the last seven months from external contracts not connected with The Panoply. 

 

Spectra Systems 125.6p  £57.7m (LON:SPSY)

Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, brand protection technologies, and gaming security software, announces that it has been underbid by a competing company for a five year Asian central bank contract for the supply of taggants and sensors.  Spectra was selected along with one other company after several trials at paper mills over the past nine months. The final decision was made exclusively on the basis of the contract bid price.

Dr. Nabil Lawandy, Chief Executive Officer, stated: “We are disappointed to have lost this contract with a major Asian central bank simply on price, irrespective of the technology’s strength against counterfeiting, our track record with other central banks, and our secure manufacturing capabilities.  This binary process excludes a value for price consideration and awards the contract to the lowest bidder.

“Our cutting-edge technology package, built on experience with twenty central banks and two G7 central bank customers for nearly two decades, was offered to the central bank for ~50% less than the current long standing incumbent pricing with the winning bid being below ours.

 “Lowering our price below the levels of our bid would have meant either offering an easily defeated counterfeiting technology or drastically lowering our margins, both of which are not in the long term interest of our business and reputation”

 

Boku 86.5p  £222.4m (LON:BOKU)

Update on trading in the first five months of the current financial year to 31 December 2020.

Good progress was made in both the Payments and Identity divisions, in the five months ending 31 May 2020. Total Payment Volumes (“TPV”) reached $2.6 billion, an increase of 35% compared to the same period last year, as the business benefited from increased usage in those countries affected by coronavirus lockdowns. Payment Monthly Active Users (“MAU”) exceeded 20 million in May 2020, an increase of 36% on May 2019 and an increase of nearly 12% on the MAUs previously reported for February 2020. The number of New Users – people making their first ever payment transaction at a Boku merchant – in the first five months of 2020 was 9.2 million, an increase of 1.5 million (20%) on the same period in 2019.

New Payment launches are running at record levels with new deployments in the first five months of the year in Asia, Europe, the Middle East and the Americas for a wide range of merchants including Google, Netflix, Sony, Spotify and Tencent. 

 

ECOAnimal Health  259p  £175m (LON:EAH)

Trading update. · Strong financial performance in the year ended 31 March 2020

· Group revenue and EBITDA expected to be significantly ahead of market expectations

· Limited impact of COVID-19 on the Group to date

· ECO has started the new financial year strongly with continued strength in the Chinese and US markets

· Continued investment in new product pipeline in the second half

· Focus on conserving cash position

 

Hornby 33.5p  £55.9m (LON:HRN)

100th Anniversary of the First Hornby Locomotive

As of June this year; it has been 100 years since Frank Hornby announced the first clockwork tinplate locomotive. This pioneering product led to his name becoming synonymous with model railways and that wonderful heritage continues to this today.

“In April the wonderful fundraising effort by Captain Tom Moore inspired us to produce a model of the GB Railfreight Class 66 diesel locomotive which had been named after him, with the profits going straight to the NHS. We experienced overwhelming demand and we sold out within hours of release, raising approximately £140,000 for NHS Charities Together, which will be donated on the launch of the model, later this year.

Hornby is proud of its British heritage and proud to celebrate this 100-year anniversary.

We look forward to providing a detailed update to our shareholders on the 18th June regarding the financial performance for the year ended March 2020.”

 

Adams  22.5p  £18.6m (LON:ADA)

On 9 June 2020, Adams committed to subscribe for 21,630  shares in Oxehealth at a price of £26.19 per share for a total cash consideration of £566,489.70 under a subscription agreement dated today which will raise gross subscription proceeds of £5 million for Oxehealth . Oxehealth is involved in vision-based patient monitoring and management, using proprietary signal processing and computer vision to process normal digital video camera data to measure the vital signs and activity of patients. This is achieved through the deployment of their Digital Care Assistant (DCA) platform which consists of a fixed installation camera and illuminator, monitoring screens and software modules including the Vital Signs module, a Class IIa medical device cleared in Europe which represents a global first for a software.

 

 E-Therapeutics 18p  £58m (LON:ETX)

The Company has entered a collaboration agreement with Galapagos to identify new therapeutic approaches to modulate a specific mechanism involved in idiopathic pulmonary fibrosis (IPF) and potentially in other fibrotic indications. e-therapeutics will continue to be free to explore, both internally and with additional partners, all other pathways involved in IPF and fibrosis.

 

The British Honey Company 117.5p  £10.7m  (AQUIS:BHC)

 Launch of a special charity edition premium Vodka, to be sold under the Company’s Keepr’s brand. Twenty-five per cent of all sales of the vodka by value will be donated to provide financial support to a number of organisations involved in critical global research to help tackle the current Covid-19 pandemic.

For each 50cl. bottle of vodka sold, which will have a RRP of GBP20, BHC will donate GBP5 to global health charities and research foundations which work alongside frontline health workers, focussing on low-income Countries throughout Africa, Asia and Latin America, building lasting capabilities for research to address the diseases that they treat and manage in their patients.

The Special Charity Edition Keepr’s vodka will be available initially across The Midcounties Cooperative’s 42 stores covering Oxfordshire, Gloucestershire, Buckinghamshire, Shropshire, Staffordshire, the West Midlands, Wiltshire and Worcestershire. It can also be purchased online and at selected stockists which can be found at the Company’s website (www.britishhoney.co.uk).

 

Zegona Comms 96p  £211.3m (LON:ZEG)

On 2 June 2020, Euskaltel shareholders approved a EUR0.17 per share dividend to be paid in July. Zegona has committed to pass 100% of all Euskaltel dividends straight through to its shareholders, so Zegona’s Board of Directors has yesterday declared an interim dividend of 2.6 pence per share, equivalent to £ 5,706,811. In total, 4.6 pence per share has been paid to shareholders in the last 12 months, equating to a dividend yield of 4.8%.

 

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Head Chef

Derren Nathan

0203 764 2344

derren.nathan@hybridan.com