24 Sep 2020

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What’s cooking in the IPO kitchen?

Wheaton Precious Metals (TSE:WPM) – Proposed secondary listing on bringing one of the world’s largest precious metal streaming companies to the London Stock Exchange. Due Q 2020

AB Ignitis grupe—leading utility and renewable energy company in the Baltic region. Admission of its Shares to the Main Trading List of Nasdaq Vilnius and admission of its GDRs to the Official List of the FCA. Offer Price Range corresponds to a market capitalisation of approximately EUR1,691.7 – EUR2,105.2 million. Due 7 Oct.

Calnex,  an established provider of test and measurement solutions for the global telecommunications sector, will raise a total of £22.5 million (before expenses), comprising £6.0 million for the Company and £16.5 million for existing shareholders .  Due 5 October 2020, under the ticker CLX. Based on the Placing Price, the market capitalisation of the Company will be £42.0 million on Admission. 

Various Eateries to float on AIM. Admission is expected to take place end of September/early October 2020. The Company intends to raise up to £25 million by way of a placing .  Established platform business operating two core brands, Coppa Club & Tavolino, both positioned to benefit from the post-Covid environment.   The Directors believe site availability, acquisition opportunities, reduced competition, availability of talent and changes in consumer behaviour provide opportunities to accelerate the Group’s growth .

Mode Global Holdings to join LSE (standard).  Mode is a UK-based Fintech Group, building a modern financial services business to support an increasingly digitised economy and financial system, combining the best of banking, payments, investment, loyalty and digital assets.  Targeting £7.5m raise.

Guild Esports a UK-based owner and developer of esports teams, has announced its intention to seek a listing of its ordinary shares to the Standard Listing segment of the London Stock Exchange this autumn.  its founding shareholders include David Beckham, former football player and captain of England, and now co-owner of new MLS team Inter Miami CF.

HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK which will be dedicated to providing accommodation to the homeless.  Due Mid October

Sativa Wellness Group—(Canadian Securities Exchange: STIL) renamed from Stillcanna Inc following the conditional acquisition of  Sativa Group (AQSE:SATI) to list on the AQUIS Exchange. A fully integrated European seed to consumer CBD group with the pricing, products, and stability to meet the CBD market demand in the medium term. With world-class extraction and formulation experts, an agricultural team that has over 20 years’ experience farming hemp, along with laboratory testing capabilities, the group has established itself globally as a trusted source of high-grade, premium wholesale CBD brands and products.

Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List 

Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC (MED), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times. 

Banquet Buffet

Petards Group 7.25p  £4.17m (LON:PEG)

The developer of advanced security and surveillance systems, reported results for H1 30 June 2020.

o  Order book at 30 June 2020 over £12 million (H1 2019: £15 million) o  First half 2020 eyeTrain revenues impacted by COVID-19 related factors o  All other Group operational performances ahead of H1 2019  o  QRO acquisition of NASBox ANPR technology rights for £149,000

o  Significant reduction in the Group’s on-going cost base

o  Revenue £7.1 million (H1 2019: £8.9 million)

o  Adjusted EBITDA £337,000 (H1 2019: £625,000) o  Adjusted post-tax loss £164,000 (H1 2019 profit: £65,000) o  Post-tax loss £469,000 (H1 2019: profit £65,000) o  Cash generated from operating activities £1,802,000 (H1 2019: £584,000 cash used)

o  Net funds at 30 June 2020 increased to £1.0 million (31 Dec 2019: net debt £0.5 million)

o  Renewal of Group’s banking facilities to June 2022


GYG Group  73.5p  £34.3m (LON:GYG)

The market leading superyacht painting, maintenance and supply company, today announces its Interim Results for the six months ended 30 June 2020.

· Group revenue decreased 12% to EUR29.1m (H119: EUR33.1m) due to COVID related impact .  · Adjusted EBITDA increased 6.7% to EUR1.6m (H119: EUR1.5m)

· Record Order Book at 22 September 2020 provides more forward visibility than ever before

· Total Order Book increased EUR11.1m, to EUR53.8m up 26% since 30 June 2020, with 24% increase in current year.   Continues to assess further organic and inorganic growth opportunities . · The Board remains confident in meeting market expectations


Verditek 8.625p  £25.65m (LON:VDTK)

The clean technology company announced, in line with its stated strategy to target verticals in the Oil & Gas, Marine and Mining industries, that it has won its first order in the mining sector in Australia, this represents an important new territory for the Company.

Verditek has secured an order for its PowerMat solution from InterGroup Mining Limited (“InterGroup”) to provide solar power to its exploration operations based in Queensland. InterGroup, which has already made a number of major gold discoveries is in the process of ramping up its operations significantly. The first order is for 75kW at their exploration camp but they anticipate a large increase in their power requirements over the coming 12-months, which provides the opportunity to the Company for further larger orders.


Smart Space Software 82.5p  £23.3m (LON:SMRT)

The leading provider of ‘Integrated Space Management Software’ for smart buildings, commercial spaces and hospitality,   has signed a distribution agreement with ESCO Pte. Ltd., a major AV (audio visual) integrator in the Far East, to resell its Space Connect workspace management solution. Space Connect will be offered to ESCO’s customers as a solution to help them enhance smart workplace strategies and implement Covid-related policies in the workplace, providing tools to assist with social distancing, screening of employees and visitors, recording of sanitisation, room and desk booking and Covid-specific employee communications. 

ESCO is based in Singapore with additional offices in Hong Kong, India, Indonesia, South Korea, Malaysia, Shanghai, Myanmar, Philippines, Sri Lanka, Taiwan, Thailand and Vietnam. ESCO has over 200 employees and is one of the largest AV integrators in the region.


Oriole Resources  0.375p  £3.42m (LON:ORR)

 The AIM-quoted exploration company focussed on West Africa,  has signed a 3,000 metre (‘m’) diamond drilling contract with Capital Limited (with respect to its Bibemi exploration licence in Cameroon. It is anticipated that mobilisation of equipment will take approximately six to eight weeks, which will enable the Company to commence its planned maiden drilling programme at the Project during Q4-2020 (announcement dated 11 May 2020).

· Contract signed for an initial 3,000m of diamond drilling; · 17 drill holes already identified and pegged within the high-grade Bakassi area (‘Bakassi’ or ‘the Prospect’) for a planned 1,940m.


Biome Tech 158p  £4.4m (LON:BIOM)

The bioplastics and radio frequency technology business, has conditionally raised £1.1 million before expenses  at 12op. · Net proceeds of the Fundraise are expected to be used for:

 · Growth capital needed to support revenue growth with existing customers and new bioplastics projects that are scaling up and are expected to drive a significant increase in revenues over the next 18 months, and the associated working capital requirements

 · Maintaining an increased investment in sales activities, development and logistics spending to support and further accelerate the growth of the Bioplastics business


Block Energy  2.75p  £12.01 (LON:BLOE)

The exploration and production company focused on Georgia, announced an operational and corporate update. Significant operational progress has been made at the Company’s Early Production Facility  with first gas on schedule for Q4 2020, with the acquisition of Schlumberger Rustaveli Company Limited continuing towards completion. Block also announces the intention of Mr Roger McMechan to step down from the board of directors, and the initiation of a search for a senior independent director and an independent non-executive director to join the Company’s board.  The Company continues to produce oil from its Norio and Satskhenisi licences and, during August 2020, it sold crude oil from its West Rustavi, Norio and Satskhenisi licences for net proceeds of approximately US$570,000.


Ixico  83p  £39.1m (LON:IXI)

The data analytics company delivering insights in neuroscience, announces that it has entered into a 5 year collaboration with the Friedreich’s Ataxia Research Alliance (FARA), a non-profit organization dedicated to the pursuit of scientific research leading to treatments and a cure for Friedreich’s Ataxia (FA). IXICO will become a member of the TRACK-FA Neuroimaging Consortium, working with clinicians and researchers to explore novel imaging markers in Friedreich’s Ataxia. 

FA is a rare inherited, debilitating, life-limiting, degenerative neuro-muscular disorder, and although rare, it is the most common form of hereditary ataxia in the United States, affecting about 1 in every 50,000 people. FA causes progressive nervous system damage and movement problems and usually begins in childhood and leads to impaired muscle coordination (ataxia) that worsens over time, with the rate of progression varying from person to person. Generally, within 10 to 20 years after the appearance of the first symptoms the person is confined to a wheelchair.


Trident Royalties 30p  £31.05m (LON:TRR)

The growth-focused mining royalty and streaming company, announced that its wholly owned subsidiary TRR Services Australia Pty Ltd has entered into a binding agreement with a privately held Australian company , to acquire an existing gold royalty  over tenement E28/1610, which hosts the entirety of the million ounce Lake Rebecca Gold Project, currently owned and operated by ASX-listed Apollo Consolidated in Western Australia. The Royalty is being acquired for a total consideration of A$8,000,000 (approximately US$5,633,520) , comprised of A$7,000,000 in cash and A$1,000,000 in new ordinary shares in Trident.


CPP Group 309p  £27m (LON:CPP)

HY Jun 20 results. A quick and effective response from the outset of the coronavirus outbreak has helped the multinational product and services company continue supporting business partners as well as maintaining a robust financial position.

· Increased the partner base by retaining existing partnerships as well as securing new deals with major brands including Vakifbank in Turkey and RAC and Gallagher in the UK

· Group revenue increased by 3% to £61.8 million (H1 2019: £60.2 million) with a strong Q1 being tempered by a COVID-19 constrained Q2, particularly in India

· Solid cash balance of £18.2 million (H1 2019: £22.4 million; 31 December 2019: £22.0 million)

· Adjusted EBITDA increased by 10% to £4.0 million (H1 2019: £3.6 million)


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Derren Nathan

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