Dish of the day
Re admission of daVictus holdings to the main market (standard) following the reverse takeover of the intellectual property rights in a restaurant concept owned by Typical Dutch N.V. £135k raised at 15p. Enlarged mkt cap c. £1.8m.
Off the menu
Harwood Wealth Management has left AIM following a takeover.
What’s cooking in the IPO kitchen?
Main Market (Standard List)
Abal Group (formerly on AIM) to relist as [email protected], a growing innovative “inventory monetisation” platform, having originated more than EUR300m of prospective “inventory monetisation deals” in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. Due 23 March.
The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC.
Main Market (Premium)
DRI Healthcare—investment company focused on investments in healthcare Royalty Assets looking to raise $350m. Due 11 Mar.
Ninety One –proposed demerger and public listing of Investec’s global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march.
Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m. Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies. Updated timetable TBA.
The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Updated timetable TBA.
The British Honey Company (BHC), the premium British Honey and Infused Spirits brand, has announced its intention to float on the NEX Exchange Growth Market through a placing of up to £1.5m. BHC is currently selling through Waitrose, Majestic and Amazon to name but a few. Revenues are reported to be circa £1m this year. Admission is expected to occur in March 2020.
Physiomics* (LON:PYC) 2.39p £1.7m
Physiomics has been awarded a “Connect” award by the National Institute for Health Research (“NIHR”) Invention for Innovation (“i4i”) programme in respect of continued development of its tool for use in personalised treatment of cancer.
The title of the award project is “Further development of and evidence generation for a precision dosing tool for optimising chemotherapy dosing in advanced prostate cancer (NIHR201282)”. The award, which is funded by the UK Department of Health & Social Care, will provide 100% reimbursement of project costs of up to £150k, over an anticipated 12-month period, starting in April 2020, with no matched funding required from Physiomics.
The project will build on the Company’s successful work to date in developing its personalised oncology tool, that has been funded mainly through Innovate UK grants in 2017 and 2018. In particular, the 2018 Innovate UK grant enabled the Company to develop a demonstrator version of a decision support tool to help clinicians treating late-stage prostate cancer to optimise the dosing of docetaxel, a commonly used chemotherapy.
Crossword Cybersecurity* (LON:CCS) 353p £17m
Agreement with Cammell Laird for the use of Crossword’s secure Third-party Assurance platform, Rizikon Assurance, to assess and help manage risks within its extensive supply chain.
Cammell Laird was founded in 1828 and is based on the River Mersey in the Liverpool City Region on the west coast of Britain. The company’s Birkenhead site expands across 130 acres and includes four dry docks, a large modular construction hall and extensive covered workshops. It is also at the centre of a marine and engineering cluster with easy access to support services classification societies and port state authorities.
“Crossword is delighted to be supplying its Third-party Assurance platform, Rizikon Assurance to one of the most famous names in British industry. Cammell Laird is an historic British company with an extensive supply chain. Using Rizikon Assurance to assess supply chain risks is further demonstration that Cammell Laird is committed to sustainable and responsible operation.”
Symphony Environmental Technologies* (LON:SYM) 18p £31m
Following the announcement on 26 February 2020 of FDA approval in the USA for Symphony’s d2p (designed to protect) bread packaging, Symphony hosted CGTN reporter Richard Bestic at its laboratory at Borehamwood to explain its d2p technology. CGTN is China’s world TV service, broadcasting from Beijing, London, Washington and Nairobi to a global audience of 200 million viewers across 133 countries. A clip from the broadcast can be viewed at https://youtu.be/ ab2U8RCYtoQ Coronavirus COVID-19 has focused the minds of governments and businesses worldwide as they seek to minimise risks to public health. “It is clear that all plastic items which people touch, should where possible be made with anti-microbial additives such as the d2p technology developed by Symphony. These additives can be made lethal to bacteria and fungi for the lifetime of the product. Symphony has initiated tests by an independent laboratory to determine whether they are also effective against viruses, and tests will be run on the COVID-19 virus as soon as a specimen becomes available. “
Learning Technologies Group (LON:LTG) 136p £913m
Proposed acquisition of the business and assets of Open LMS from Blackboard Inc for cash consideration of $31.7million (subject to some customary price adjustments), to be funded by the Group’s existing cash and bank facilities.
The proposed acquisition of Open LMS reinforces Learning Technologies Group as an industry leader in learning software, adding complementary expertise to the Group’s existing proprietary software solutions, through the addition of expertise in the market’s leading open-source Learning Management System (LMS), Moodle. It will support LTG’s strategic goal to achieve run-rate revenues of £200 million and run-rate Adjusted EBIT of at least £55 million by the end of 2021.
– Provides LTG with solid foundation in the high-value open-source market
– Multiple routes to enhanced growth through LTG’s extensive customer base
STV Group (LON:STVG) 370p £144m
FY Dec 19 results. Double digit growth in adjusted operating profit up 13% to £22.6m (2018: £20.1m), the highest level in over a decade
Adjusted earnings per share (EPS) also up 13%, to 46.4p per share.
Adjusted operating margin improved by 230 bps to 18.2%
Increase in total advertising revenue, up 2% to £101.6m (2018: £100.0m), driven by strong digital revenue growth and an 11% increase in regional advertising
Digital revenues up 37% to £13.0m (2018: £9.6m) with digital operating margin up to 56%
On track to deliver diversification target of one third of profit from outside traditional television advertising by end of 2020.
Final ordinary dividend of 14.7p per share, giving a full year dividend of 21.0p per share, up 5% year on year
Strong start to 2020, STV viewing share up, STV Player viewing accelerating, total advertising revenue expected to be up in Q1, and down 5% in April
Safestay (LON:SSTY) 18.5p £12m
“The owner and operator of an international brand of contemporary hostels, announces that the spread of the COVID-19 virus is having an impact on bookings across the hostel network. We have experienced a material reduction in new bookings over the last week against our expectations and there have been a growing number of group bookings from schools and colleges which have been cancelled or postponed. It is too early to say what the full impact from COVID-19 might be in the current financial year, as it is not known how long the virus will continue to impact travel and spending patterns in Europe and the UK. As announced in a trading update on 3 February 2020, the Company completed a successful year in 2019 and entered 2020 in a strong financial position. The Board is confident that the business is well placed to weather the current challenges and return to growth as and when the travel market normalises. In the meantime, the Company is reducing flexible costs where possible.”
Amino Tech (LON:AMO) 128p £97m
Update on the deployment of its next-generation24iSmart Operator product by T-Mobile Czech Republic and Slovak Telekom to provide IPTV and TV Anywhere video experiences to T-Mobile TV GO , Magio GO and Digi GO customers in the Czech Republic and Slovakia.
The deployment is now live on iOS, Android, Android TV, web and Smart TVs from Samsung, as well as on Linux and Android IPTV set-top-boxes (STBs). 24i provides a single code base approach across all three of T-Mobile Czech Republic’s and Slovak Telekom’s services. This offering also provides data-driven content optimisation, discovery and engagement tools including recommendations, analytics, targeted content and audience measurement.
The 24i -powered services are proving highly popular throughout the Czech Republic and Slovakia and, together with 24i, have been nominated for a Connected TV Award in Advancing the TV Experience .
SimplyBiz (LON:SBIZ) 197p £190m
The provider of compliance and business services to financial advisers and financial institutions in the UK, today announced.
· Group Revenue up 24% to £62.8m (FY18: £50.7m)
· Operating profit increased by £5.2m to £12.0m
· Adjusted EBITDA u p to £17.0m (FY18: £11.4m)
· Adjusted earnings per share (EPS) increased by 15% to 13.4p
· Net debt of £27.0m at 31 December 2019, with a comfortable net debt to adjusted EBITDA ratio of less than 1.6 times.
·Final dividend proposed of 2.85p per share.
“The Board is confident and optimistic about 2020. We are guiding to marginally lower growth in revenues and EBITDA, particularly in employee benefits and valuations. Operational gearing will flow through to earnings, partly mitigated by a reduction in the effective tax rate. No guidance is being provided other than for 2020.
Yourgene Health (LON:YGEN) 15p £90m
Acquisition of AGX-DPNI S.A.S., a newly formed entity comprised of the NIPT distribution business of AdGeniX S.a.r.L, the Company’s current French distribution partner for its IONA ® test, for an initial cash consideration of EUR2.4m and up to a maximum of EUR1.7m (c. £1.4m) in cash earn-out payments based on sales growth performance criteria. £2.5m subscription at 14.3p with BGF Investment Management Limited, an existing significant shareholder of the Company.
Agronomics (LON:ANIC) 6.13p £20m
$500k subscription by “Simple Agreement for Future Equity” in GALY CO. Equity interest of 4.37%, subject to conversion at a priced equity fundraising round of GALY with a valuation cap of US$10 million. GALY is a Boston, USA, based pioneering biomaterials technology company, producing cotton grown in a lab. The company utilises cell culture to grow cotton cells at faster growth rates than conventional crops, requiring less water, land, gas emissions and no use of harmful chemicals.
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