Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.
Companies: JAN WJG NKTN GROW OPG ORR NTBR MOGP CORO SCH
Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.
Companies: SCH PMI CCS DNL GAN IND ELA BLV GFIN PTR
Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected early December. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA. Due early Dec Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer £5m new capital, £400k sell-down, market cap of £30m, expected late 4 Dec 2018.
Companies: SCH APPS PANR CAS EOG QFI TRIN
Block Energy—a UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC 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.
Companies: SDM PMP CVSG IMM SCH EOG FRAN PMI GETB
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.
Companies: MYN ETX TPG VLS DCTA GGP SCH TAX SPSY ESCH
Range Resources— oil and gas company listed on the ASX plans to admit to AIM on 13 Dec with market cap of £17.4m | Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec | Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT | Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec | Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer 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
Companies: LVCG CREO ARS IPX ABA RCN HUW SCH ODX EVE
appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores. Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Raising £9m at 65p. Mkt Cap £41.1m. Due 5 Sep. Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m. Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September. 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. Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
Companies: SCH UJO BLTG EUA BIOM CBP KMK SOU NCCL FARN
Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK.
Companies: SHG AAZ MAC SCH SWAP NCCL IUG ADV
Big Sofa Technologies— Schedule 1 from the b2b technology company providing video analytics at an enterprise level. Seeking to complete RTO of unlisted HubCo investments. Raising £6.1m. Target date 19 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Creo Medical Group - UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Companies: IPX KIBO SCH CKT IND ARC GMR AMYT
ACE LIBERTY & STONE PLC (ALSP PZ) | DP POLAND PLC (DPP LN) | FUSIONEX INTERNATIONAL PLC (FXI LN) | GOOCH & HOUSEGO PLC (GHH LN) | KODAL MINERALS PLC (KOD LN) | OPTIBIOTIX HEALTH PLC (OPTI LN) | PARK GROUP (PKG LN) | PREMIER AFRICAN MINERALS LTD (PREM LN) | SAFECHARGE INTL GROUP LTD (SCH LN) | TIME OUT GROUP PLC (TMO LN)
Companies: ALSP DPP TMO FXI PREM GHH OPTI APP SCH KOD
AKR Distribution Agreement, AVCT Affimer Binders, AVG Return of Funds, PRSM Interim Results, COG* Distribution Agreement, FISH Placing, FITB* Board Changes, Placing and Loan Capitalisation, FUM Agreements, HCM Phase II, IGE Agreement, LRM Selected, NWF Trading Updated, PLI* Fast Track, SCH Trading Update, TMT* Invests
Companies: AVG PRSM COG FISH FUM LRM NWF PLI SCH TMT AVCT BIDS AKR HCM
Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.
Companies: BA/ BVC BLTG CHRT 9537 CNS DFX ECK EXPN GBG IGP MPAY NCC OSI SCH TERN
Research Tree provides access to ongoing research coverage, media content and regulatory news on Safecharge International Group. We currently have 13 research reports from 2 professional analysts.
AFC Energy has this morning announced (RNS Reach) that it has launched its Anion Exchange Membrane (“AEM”) Fuel Cell test facility at the Company's Surrey headquarters. This facility will test and optimise AFC Energy's high energy-density fuel cell technology, HydroX-Cell(S)™, that is currently in development. The design of the new dedicated AEM fuel cell facility was completed in the second half of 2020 with full fit out now complete in advance of full operation.
Companies: AFC Energy plc
tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
Companies: YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M
BAE released a sound set of figures for FY20, beating the consensus and shining with its strong cash generation. The company remains poised for groth in FY21 thanks to its defensive backlog and high exposure to strategic contracts.
Companies: BAE Systems plc
We update our valuation following our initiation note in September. Since then there has been multiple positive developments in terms of new strategic collaborations with world leading organisations as well as investment to ensure capacity can be built up to satisfy demand. Our revised target valuation of 191p reflects elements of the ABB relationship in a number of major markets, albeit the longer-term opportunity could be much bigger than this. Indeed, we have not included all AFC’s growth opportunities in this valuation. Recent profit taking gives an opportunity to re-visit the long-term investment thesis. The next scheduled news flow is FY results in early March.
Directa Plus has announced that it has signed a supply agreement and a Strategic R&D Agreement with NexTech Batteries Inc, a leading company in the field of Lithium Sulphur batteries based in Nevada, US. These agreements follow on from the Memorandum of Understanding entered into between the two companies and announced on 26 October 2020. The Supply Agreement has an initial duration of three years, with an option to extend for an additional two years and under the Supply Agreement, Directa Plus will supply NexTech with 300kg of nanoplatelets in 2021, with quantities for delivery in each subsequent year to be agreed between the parties. Directa Plus and NexTech have also agreed a worldwide bilateral exclusivity between the parties in the lithium battery field for the duration of the Supply Agreement. The three year R&D Agreement provides for Joint Lab activities with the intention of developing new specific grades of G+® graphene nanoplatelets for a next generation of Li-S batteries. Both parties will dedicate selected scientists from their R&D teams and part of their respective facilities to the enterprise. As announced in November 2020, NexTech, using Directa Plus's G+ materials, achieved 410Wh/kg of specific energy in a practical demonstration system at a weight only slightly below 30g. For comparison, standard lithium-ion batteries have a specific energy density of 100-265 Wh/kg.
Companies: Directa Plus Plc
Affected by volumes which were lower than their long-term average and weak commodity prices for the upstream division, the group published a disappointing set of FY20 figures. Although the group’s efforts on its cost structure are notable, we maintain a cautious view on inventory due to the economic uncertainty that could erode cash generation (due to an increase in working capital requirements, among other things).
Companies: Centrica plc
In the past two years, since Hardman & Co first started to target the IC sector, we have heard many managers of ICs and boards talk of the growth of the retail investor on their registers. Many have approached Hardman & Co for help in addressing this market, since we have a unique strength in this field relative to other providers.
Companies: AVO ARBB BBGI CLIG DNL FLTA ICGT OCI PCA PIN PHP RECI STX TRX VTA YEW
Directa Plus has announced that its existing relationship with NexTech Batteries Inc has progressed to a formal supply and strategic R&D agreement. We consider this a very positive development, given the potential for Lithium-Sulphur (Li-S) to disrupt the dominance of Lithium-Ion batteries. Directa will supply NexTech with 300kg of G+® graphene platelets this year, with potentially far higher quantities for delivery in subsequent years linked to NexTech’s anticipated growth.
The Drax prelims show continued progress in generation and pellet production with the impacts of COVID 19 on the customers business within expectations. The company is delivering cost reductions in its pellet supply business and this business will be significantly expanded with the proposed acquisition of Pinnacle Renewable Energy, turning the company into a major vertically integrated biomass business.
Companies: Drax Group plc
NBB is an established and well-recognised 40-year brand in the field of senior executive-level talent acquisition, which has been substantially upgraded since appointing Mike Brennan as Group CEO in 2016, and has become a totally transformed company. Notably NBB has lifted its game dramatically, growing into a broad human capital solutions business delivered via professional embedded processes, where before what we had was the familiar well-respected but single-strand executive search operation. As a result, growing and more relevant new service lines now form the largest part of the company, and aligned with this, NBB's financial prospects have improved significantly. While Covid has been challenging, the company has managed the crisis well by considered and strategic headcount additions, while at the same time taking out over £500,000 in costs. Positive H1 and FY EBITDA reports stand out as important milestones. Net debt cut from c.£1m to near-zero in H1 reflected a return to cash-generation. We are now able to include forecasts for FY-2020E and in addition '21 and '22 scenarios, illustrating the potential upside.
Companies: Norman Broadbent plc
Alba Mineral Resources (ALBA LN) – Welsh exploration programme Bluejay Mining* (JAY LN) - BUY - Valuation 40p – Bluejay training students and personnel in Greenland for Dundas project IronRidge Resources* (IRR LN) – Progress at Ewoyaa Lithium Project Keras Resources* (KRS LN) – Chairman reports no outstanding requirements on grant of exploitation permit at Nayéga manganese mine in Togo Mkango Resources* (MKA LN) – Pilot plant test-work underway Power Metal Resources* (POW LN) – Option exercised to acquire Coco East Property Sibanye-Stillwater (SSW JSE) - Sibanye-Stillwater Partner up with Keliber for lithium in Finland Tirupati Graphite (TGR LN) – Trials of battery grade spherical graphite accelerate timetable to commercial production
Companies: MKA ALBA JAY KRS POW TGR IRR SSW
Volex has reported interim results that are in-line with expectations following a strong trading update in mid-October. Of far greater significance is today’s announcement of the proposed acquisition of DEKA for a consideration of up to €61.8m on a debt free basis. DEKA is a leading and highly profitable power cord manufacturer, strategically located in Turkey, that serves leading European white goods manufacturers. The acquisition should close in early CY2021, subject to expected Turkish Competition Authority approval. We foresee 15% earnings enhancement in FY2022E with further opportunities for revenue synergies with Volex in the Far East as its operations also vertically integrate, production efficiencies increase and the cost of production falls. The statement highlights that pro forma net debt/EBITDA remains under 0.4x and this provides scope for further bolt-on acquisitions alongside a new $70m RCF and $30m accordion, also announced with the interims.
Companies: Volex plc
The UK legal service sector looks intrinsically attractive to investors, with its inherent high added-value, resilient growth through all but the very worst of economic times and fragmented nature. Five companies representing about 1% of the huge UK legal sector are all we have seen so far on the UK stock market and this is clearly going to grow, as listed law firms drive home their advantages and expand. Their UK domestic focus has brought share prices under pressure which looks wrong given the outlook, offering a good buying opportunity. We take this opportunity to initiate coverage of Gateley (Corporate) which has achieved great success since IPO but paradoxically trades at an anomalous discount to its peers.
Companies: GTLY BUR DRV MUR INCE KEYS RBGP
Macfarlane has reported exceptionally resilient 2020 interim results, reflecting the diversification of the business and strong management of the operations and cost base. The Group's ongoing communication has been highly effective for updating investors with key trends in the business and recent share price strength demonstrates an acknowledgement of this. We reinstate our forecasts and buy recommendation following these strong results
Companies: Macfarlane Group PLC
Rolls-Royce issued a trading update as of November. The Defence business remained resilient while the situation in civil commercial aerospace was more contrasting. The recovery is still fluid, with a few uncertainties still to overcome in 2021 but visibility in 2022 should be better. Still, we see the cash generation capability of the company will remain under pressure.
Companies: Rolls-Royce Holdings plc
