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Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Subject to EGM on 21st March. Rogue Baron plc have announced its application for admission to the AQSE growth market. Rogue Baron owns five subsidiaries, namely: Shinju Spirits, Inc., Shinju Whiskey LLC, Mazeray Corporation, STI Signature Spirits Group LLC and Legacy Retail Group LLC. The Company’s goal is to build each of its brands that makes them a buyout target. Deal size TBC an expected admission date 12th March 2021. Global review platform, Trustpilot has announced its intention to float on the premium list of the LSE. Trustpilot provides an open platform, which creates a place where businesses and consumers can gain actionable insights and collaborate. Consumers are able to share feedback, at any time, about any business with a website and review feedback left by other consumers. Total revenues were US$64.3 million, US$81.9 million and US$102.0 million for the years ended 31 December 2018, 2019 and 2020, respectively. The Offer would comprise new Shares to be issued by the Company (raising gross proceeds of approximately US$50 million to support Trustpilot's growth plans and repay indebtedness) and an offer of existing Shares to be sold by certain existing shareholders, directors and employees. Timing TBC. In The Style, the e-commerce womenswear fashion brand with an influencer collaboration model, announces their intention to float on AIM. In The Style is a pure-play e-commerce fashion brand with a l customer base of women predominantly aged between 16 and 35. Founded in 2013, the group has delivered £35.4 million net sales and £3.6 million Adjusted EBITDA in the nine months to 31 December 2020, with sales up 159% from £13.7 million for the nine months to 31 December 2019. Admission is expected to take place on or around 17 March 2021. Deal size TBC. Media reports video game firm, Catalis is mulling a London IPO, just over a year after being bought by a private equity firm. Catalis’s accounts are reportedly expected to show revenues increasing to £60m in 2020, up from £43m, with adjusted earnings of £15m. Deal details and timing TBC. 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. 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. 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 is expecting to release its IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.
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The Panoply has announced the acquisition of Keep IT Simple (KITS), a provider of high value IT support and transformation services to public and private sector clients. KITS has a strong client base, including the Rural Payments Agency and DEFRA, and provides managed services notably in service integration and management. The current strength of The Panoply is in discovery, alpha and beta stages of projects and KITS will add the capability to run high value services thereby providing a complete end-toend offering. The combination with KITS will extend the average duration of contracts, with the enlarged group generating a higher proportion of revenues on a recurring basis, in addition to enabling The Panoply to bid for materially larger, multi-year projects. The group is paying £26m (30% cash, 70% shares) with no earnout but a £7m clawback if very demanding revenue targets are not met in 2022/23. With a March year end, there is limited impact on our fiscal 2021 estimate, but for FY22 we raise our PBT forecast by +48% to £8.4m, while DCe EPS is enhanced by +30% to 8.7p. We view the combination with KITS as a perfect strategic and operational fit, while the financial benefits are compelling. We raise our target price to 275p (was 235p) and retain our Buy recommendation.
Companies: Panoply Holdings 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. 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. 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.
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In these five short videos GetBusy CEO Daniel Rabie reviews the highlights from FY20 results and focuses on the impact of lockdown for accountancy clients. He also discusses what was learnt from SmartVault's standout year, how is the GetBusy task app progressing and does GetBusy have sufficient cash to invest in growth.
Companies: GetBusy Plc
Despite the pandemic, smart investors continue to back world beating technology. So it is with Kromek, who yesterday confirmed that it had raised £13m gross at 15p/share from existing and new shareholders. The proceeds being earmarked to further develop the new ground-breaking biothreat/Covid airborne detector (see below), alongside optimising its CZT medical/nuclear imaging & D3S ‘dirty bomb’ commercialisation strategy. Whilst equally bolstering the balance sheet.
Companies: Kromek Group Plc
MTI Wireless Edge Ltd* (MWE.L, 83p/£71.7m) Finals: Strength of diversified model (01.03.21) | CAP-XX Ltd* (CPX.L, 8.75p/£48.6m) Interims: Strong growth in order book and sales enquiries (25.02.21) | Audioboom plc* (BOOM.L, 430p/£67.4m) Update: Ranked 5th biggest US podcast publisher (26.02.21)
Companies: MWE CPX BOOM
Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
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An encouraging FY21 trading update highlights 1Spatial’s resilience in the face of challenging COVID conditions, with profits and cash ahead of our forecasts. Recent contracts demonstrate the momentum that is currently building in the business, and underpin the wider opportunities as global governments and enterprises increasingly invest in social, environmental and pandemic-led projects. We make no changes to forecasts today, but continue to believe that the shift in the financial model towards higher margin, recurring own-IP subscription sales can drive upgrades as well as a re-rating over the medium term. Our Target Price increases to 60p as we roll our 2x EV/Sales assumption to FY22.
Companies: 1Spatial Plc
The Panoply has announced the (earnings enhancing) acquisition of Keep IT Simple Ltd (“KITS”), a profitable provider of high-value IT support and digital services to the Public and Private sectors. In our view the deal is both material and transformational. KITS is the Panoply’s largest acquisition to date and brings new skills, scale and clients to the group. The acquisition also represents significant progress towards the group’s commercial vision of £100m of annual run-rate revenue by March 2023. We upgrade forecasts following the announcement (FY 22E revenue +21%, adj. EBITDA +46%).
Accrol Group Holdings plc (ACRL LN) Bango plc (BGO LN) Brickability Group plc (BRCK LN) Norcros plc (NXR LN) OnTheMarket (OTMP LN) Ricardo (RCDO LN) UP Global Sourcing Holdings (UPGS LN) Watkin Jones (WJG LN) Xpediator (XPD LN) ZOO Digital (ZOO LN)
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Reverse Takeover by London Stock Exchange Group (LSEG.L) following the acquisition of Refinitiv in an all share transaction for a total enterprise value of approximately US$27 billion.
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Arcontech has reported a solid set of H1 21 results that provide a strong foundation for future growth. H1 revenue has increased +5% to £1.54m as 90% of Arcontech’s revenue is from recurring licence fees, and the October 2020 new tier one client win and tier one client contract upgrade provide £100k of additional annual recurring revenue, which offsets an existing client developing certain functionality in-house. The strength and flexibility of Arcontech’s solutions have enabled it to achieve these client wins despite a challenging H2 20 and H1 21 environment, where it has been difficult to finalise new sales due to limited customer contact and decisions being delayed due to remote working. In this environment, the two new additions to Arcontech’s salesforce since January 2020 have had a limited impacted on revenue, and the YoY opex impact leads to H1 adjusted EBIT declining 7% to £0.52m. However, Arcontech’s strengthened salesforce has been diligently establishing relationships with new potential customers, and as conditions return towards normal, we expect Arcontech will deliver new client wins that will benefit revised forecasts with a high incremental margin. Arcontech’s strong net cash of £5.0m continues to provide it with the flexibility to invest in accelerating its future growth through product development and sales, and we continue to expect it will grow its dividend by 10% at FY21 results. Although we reduce our forecasts to reflect the challenging sales environment, we look forward to Arcontech announcing new contract wins as it builds upon its strong foundations. On 23x 12m forward P/E with +5% NTM EPS growth and an EFCF yield of 4%, Arcontech trades at a discount to peers in financial information and the finnCap Next 50 on P/Es of 27-47x with NTM EPS growth of +6-15%, and EFCF yields of 2-4%.
Companies: Arcontech Group PLC
CAP-XX Ltd* (CPX.L, 11.0p/£48.6m) | ECSC Group plc* (ECSC.L, 75p/£7.5m) | MTI Wireless Edge Ltd* (MWE.L, 81p/£71.7m)
Companies: CPX ECSC MWE
GB Group (GBG) has confirmed that trading since it last reported in December has been stronger than expected. Continued benefits from the US stimulus packages and higher volumes of bitcoin and retail share trading have boosted Identity volumes. We have upgraded our FY21 forecasts to reflect new company guidance, with FY22 and FY23 estimates substantially unchanged.
Companies: GB Group PLC
FY20 revenue and earnings are as flagged in the January trading update, with adj. EPS and DPS slightly ahead of our forecast. Quartix has performed very well in an extremely difficult year of lockdowns affecting its SME customers across all geographic regions. Revenue increased slightly YoY (as usual, Fleet growth offset by Insurance decline), while a deferred insurance revenue release and greater use of self-install devices improved margins and profit YoY. As usual, cash conversion was good and together with FY19 cash retained during COVID, net cash of £10.6m at YE means a bumper final dividend. We make no change to forecasts, expecting investment in customer acquisition in FY21 to lower margins but drive a return to long-term growth from FY22. We raise our TP to 500p.
Companies: Quartix Holdings Plc
