SMALL CAP MOVERS: Parsley Box; Accesso; Time Out
LITTLE CAP MOVERS: Parsley box ready to swim; Accesso virtual queue company is ready to breathe a breeze
If more evidence of the growing popularity of home delivery services was needed, Parsley Box’s IPO made it possible.
The ready-to-eat home delivery company will float on AIM on March 31st. That ends a month that begins with Virgin Wines UK – another home delivery service – floating in the London junior market.
Both have one thing in common: They received financial support from Mobeus Equity Partners, which is successful on the smaller end of the market.
Parsley has rated its initial public offering (IPO) at 200p, which equates to a market valuation of £ 83.8m.
Ready to Ship: Food delivery company Parsley Box has raised £ 5m in new capital, some of which was provided by their customers, who are typically of the Baby Boomer generation
Through the IPO, the existing owners will sell £ 12 million worth of shares, reducing directors and affiliates’ stakes to a still sizable 32.1 percent.
The company has also raised £ 5m in new capital to provide the firepower for the next phase of growth. Some of that money was provided by Parsley Box customers, who are typically of the Baby Boomer generation. All customers who applied for shares received their full grant.
“The strong demand for our IPO from both blue-chip institutions and our own customers has been a real validation of our business and the market opportunities ahead,” said Kevin Dorren, CEO of Parsley Box.
As the nation looks forward to getting out of lockdown, investors have been looking for lockdown recovery games so Accesso Technology’s full-year results were announced in a timely manner.
The company, which offers solutions for ticketing e-commerce, virtual queues and guest experiences, is heavily dependent on the market for theme parks and amusement attractions and therefore surprisingly had an annus horribilis in 2020.
This week the company announced that online retailing is pointing to strong backlog of demand. The e-commerce ticket volume in the Asia-Pacific region was 15 percent higher than that time in 2020.
Sales in January and February decreased by 19 percent compared to the same period in the previous year. According to Accesso, this was a strong accomplishment as Covid-19 restrictions still exist in most regions.
Accesso’s shares rose 16 percent from the week to around 580 pence. a year ago they were trading at just 186p.
Another company that has been badly hit by bans is Time Out Group, the media and leisure company that made a name for itself and tells us all the best ways to go out and have fun.
Shares fell 17 percent this week as the company pulled out of proposed development of a food court at Waterloo Station.
The company said the decision not to support the development did not eliminate the need for additional funding.
Accesso offers ticketing e-commerce, virtual queuing and guest experience solutions
Another company looking to bite the donation ball is Cash Shell Conduity Capital.
The stock lost roughly two-thirds of its value this week after announcing it would not be able to make an acquisition until April 6 – the date the AIM listing will be canceled if it does not complete a reverse acquisition.
There are plans to return to AIM as an investment firm under Rule 8, but for that to happen the broker expects to raise at least £ 6million.
There was better news from the biotech sector: Proteome Sciences rose 24 percent this week on a trade update and Sareum Holdings rose a similar amount following a research update on its SRA737 candidate.
Proteome raised its full-year guidance, issued Jan. 25, saying that after-tax profit should now be significantly higher, largely thanks to royalty income from its licensee Thermo Scientific.
Sareum, meanwhile, climbed further after telling the market that researchers from the Institute of Cancer Research were presenting preclinical data on the combination of the company’s Chk1 inhibitor SRA737 and AstraZeneca’s WEE1 inhibitor adavosertib at the upcoming annual meeting of the American Association for Cancer Research will be submitted.