Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. | TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer raising £70m at 190p with market cap of £185m, expected 21 Feb | Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC.
Due 22 Feb | Block Energy—a NEX Listed 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
Companies: CVSG ACSO GRPEF PIM FARN TRE ANG SRES CTG
The stock dove 75% after it announced its agreement with Bayer had fallen through.
Companies: Plant Impact
Companies: RWS G4M SRC PIM GAN ARTA
Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct.
Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec.
Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct.
Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected Mid October. 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.
Glenveagh Properties— Dual Dublin and London IPO. Irish homebuilder with a principal focus on the Greater Dublin Area. The Group will combine an attractive land bank with a Gross Development Value of c.€1.1 billion. Seeking to raise gross proceeds of up to €550 million. Due 10 Oct
Russia’s En+, owned by Russian aluminium tycoon Oleg Deripaska, has assets in metals and energy, including hydropower. reported to be seeking dual London and Moscow listing raising $1.5bn TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m.
People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance.
ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing.
Companies: UJO PIM KOD PPC CPX EPO DX/ MOGP JOG BEM
Inventories of Ag Chem products in Brazil higher than expected, hitting sales in Q4 and 2018
On Friday we hosted our third “speed dating” lunch with the management of five very interesting and contrasting companies not under our formal coverage: Be Heard, Byotrol, Gfinity, Oxehealth and Plant Impact. Each company gave a concise and punchy overview of its business and investment case to a group of fund managers, before rapid fire Q&A. Below we summarise our thoughts on each company with more details inside the note, plus some relevant slides. We believe that all five companies are well-managed and well worth a closer look - we intend to repeat this efficient and popular format for engaging with management teams.
Companies: PIM BYOT BHRD GFIN
Futura Medical (FUM LN) Multiple licensing discussions underway | Low & Bonar (LWB LN) Solid Q1, trading in line | Nuclear options Significant long-term opportunities for UK companies | RhythmOne (RTHM LN) Trading update – profit and cash ahead | Uncovered Gems - Speed Dating Lunch A Famous Five for the future?
Companies: AUG FSJ WYG LWB FUM DRV PIM BYOT CARR SFR PRV BHRD GFIN RHL RTHM
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
Companies: MAYA MTR ABBY PIM LION IDEA SYS1 PLUS FDEV CNR
Hutchison China Medi (HCM.L) | Petards Group* (PEG.L) | Milestone Group (MSG.L) | Limitless Earth (LME.L) | Range Resources (RRL.L) | European Metals Holdings (EMH.L) | Stellar Diamonds (STEL.L) | Plant Impact (PIM.L) | Proteome Sciences (PRM.L) | Premier African Minerals (PREM.L)
Companies: PEG RRL PIM STEL PRM PREM LME EMH HCM CTEA
Byotrol is an Aim-listed anti-microbial play which floated in 2005 and underwent reorganisation, including appointing experienced new management, in Q4 2013. We had an initial presentation from the company on its trading statement on 25th February and look forward to learning more. Byotrol’s USP is in developing and commercialising hygiene products with IP protection and superior characteristics, especially in terms of long-lasting action. Byotrol addresses the B2B market in areas like surface sanitisers in food retail (eg used in 560 M&S stores), food production and hospital healthcare (in trial with NHS/ISS) - all areas with clear regulatory drivers and high profile problems like MRSA. Key initiatives which could transform the group include: seeking US EPA registration for surface care and a marketing/development agreement with Solvay. In the B2C market, Byotrol has a number of existing products.
Companies: BYOT AGM ELM SCPA SYNT VCT ZTF PIM SYN ITX VRS CRDA
Amino Technologies (AMO LN) Contract extension with Vodafone Netherlands | Spirent Communications (SPT LN) Appointment of CFO | Zotefoams (ZTF LN) MuCell momentum building
Companies: AMO AGM ELM SCPA SYNT VCT BYOT PIM SYN ITX VRS SPT ZTF CRDA
There are plenty of things to worry about at the start of 2016: a subdued and recently downgraded global growth outlook; oil price volatility and a still-falling rig count; the potential for a hard landing in China; the Brexit vote and its implications for sterling. Nevertheless, we think this should be a positive year for the UK chemicals sector. There is plenty of evidence that consumer-driven chemicals demand is picking up and, to a degree, offsetting weaker industrial demand. Meanwhile, a significant currency tailwind is developing for sterling reporters. This may be short-lived but it is not yet fully factored into forecasts. At an individual company level, 2016 should provide initial answers to some intriguing questions: Will Victrex see off the competitive threat from Solvay? How will Paul Waterman refine and reinvigorate Elementis’ strategy? How great are Calum MacLean’s ambitions for Synthomer? Our BUY recommendations are Croda, Victrex and Zotefoams and we are positive on both Elementis and Scapa (both Corporate).
Companies: AGM ELM SCPA SYNT VCT ZTF BYOT PIM SYN ITX VRS CRDA
Plant Impact is developing a strategically valuable and increasingly commercial position in the crop enhancement sector. Its technology is demonstrating material yield improvement and deals with Bayer and Arysta provide significant revenue potential. Given the scale of the opportunity and a broadening portfolio of products, we see significant share price upside, with a corporate end-game highly likely.
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Treatt has had another successful year, and the COVID-19 pandemic so far has not materially affected trading performance. The sharp fall in citrus prices has had an impact on revenue growth, which is down 3% at constant currency for FY20. However, profit performance was strong as there was good growth in the other parts of the business, with health & wellness and fruit & vegetables posting double-digit revenue growth, and with the higher-margin parts of the business continuing to outperform. The UK relocation project continues, with construction nearing completion and a move to the new site expected in spring 2021, and the outlook for FY21 is cautiously optimistic. Our fair value increases to 670p (from 560p).
Companies: Treatt plc
Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, which may value the financial technology company at $1.3 billion to $1.5 billion.
Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Companies: MUL MTFB BLOE MTC STX BEG VRS SFE RMS SWG
Exclusive Masterbatch Distribution Agreement
Companies: Haydale Graphene Industries Plc
Applied Graphene Material’s (AGM’s) FY20 results show the beneficial impact of management’s decision in October 2019 to focus on dispersion and application technology to better support product development with those customers presenting the nearest-term revenue opportunities. Revenues increased by 66% year-on-year in FY20 to £83k and adjusted EBITDA losses narrowed by £1.5m to £3.1m. With three new customer products launched in FY20 and three launched so far in FY21, progress looks set to continue.
Companies: Applied Graphene Materials Plc