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Overview

Appetise is a UK-based online and mobile takeaway food marketplace with ~90,000 registered customers and 400 restaurant partners on its platform. The business has a national footprint, is scalable with low capex, and derives its revenue from commissions charged to restaurants. Appetise is a pure play marketplace between consumers and restaurants. The company does not handle delivery or logistics or manage a fleet of delivery drivers, and has an operating model is similar to that of MenuLog in Australia.

The UK market for takeaway exceeds $10 billion annually, with Just Eat dominating market share. JustEat has taken advantage of low competition and offers a higher cost proposition for restaurants and customers as compared to Appetise, which has created an opportunity for a nimble competitor.

Appetise plans to win market share from the accelerating migration of telephone ordering to online, and aims to grow market share via:

• Eliminating restaurant joining fee of up to £699 charged by the competition
• Charging restaurants up to a 10% commission on orders (compared to up to 14% charged by the competition)
• Providing consumers with a loyalty scheme
• Not charging 50 pence card fee charged to consumers by competition
• Being the only platform to provide restaurant hygiene ratings on its platform

The company had a gross order volume of ~$500,000 and net revenue of ~$50,000 in in the year to 31 March 2017.

Offer Overview

Appetise (Holdings) Limited is seeking to raise between $4.8 million and $6.8 million via its IPO, with a $9 million pre-money market cap, resulting in an expected capitalisation of $15.8 million at the maximum subscription.  The purpose of the offer is to expand the sales team, undertake marketing campaigns and invest in further development of platform and systems, as well as fund the overhead and the working capital.

Further, the Company intends that all Shareholders of the Company registered on a record date falling approximately 3 months after the date Appetise is admitted to the Official List should receive 1 loyalty Option for every 2 Shares. The Options will be quoted on ASX and have an exercise price of $0.22 each and an expiry date two years after issue.  

The Company has secured institutional cornerstone investor support for the IPO.

All of the shares other than the shares issued in the IPO will be escrowed for 24 months.

The Market

The global food delivery market was estimated to be $124 billion in November 2016 with the UK takeaway market being a significant proportion of that, and the largest in Europe, at $10.7 billion and expected to grow to $12.8 billion by 2020.  Britons spend more on takeaway food than anyone else in Europe with the average spend being $233 per person per year.  

Further, currently over 50% of all orders from takeaway and delivery restaurants in the UK are still placed by telephone. The rise of digital technology is reshaping the market as consumers, accustomed to shopping online for a wide range of goods and services, expect the same convenience when it comes to ordering dinner.   

Globally, the sector is undergoing aggressive consolidation via M&A at substantial valuations (15+ transactions over the past two years), eg:

• Just Eat’s proposed acquisition of Hungry House in the UK (subject to regulatory approval)
• Grubhub acquired Eat24 in August 2017
• Just Eat acquired Menulog in Australia in May 2015
• In an adjacent vertical of delivery logistics software, GetSwift (ASX:GSW) IPOed in December 2016

Revenue Model and Growth Strategy

Takeaway and delivery restaurants contract with Appetise to join its platform and have their menus made accessible to consumers. Consumers access Appetise's website and apps, which allow them to view takeaway and delivery restaurants servicing their area and offering a range of cuisines. The company derives its revenue from commissions charged to restaurants on the value of orders placed through Appetise’s platform, which are currently typically set at 10% of the value of the order. The restaurants take responsibility for preparing and delivering the food. Appetise has no involvement, and does not incur costs, in the logistics of food preparation or delivery.  

Appetise believes that its asset-light model affords it the potential for scalability.  

Growth in the number of restaurants on the platform is a key factor in the company's strategy. Appetise intends to use the proceeds of the IPO to grow its sales team so as to increase the number of restaurants available on its platform in clusters, city by city throughout the UK. The Company believes that the fact that it does not charge restaurants fees to enrol in the platform, and the fact that its  commission rates are lower than the key competitor’s are key to Appetise’s ability to sign up additional restaurant partners.

Appetise intends to grow its consumer base by conducting aggressive marketing and public relations campaigns educating the consumer about the options available to it, and the benefits of using the platform (including there being no fee, the loyalty scheme, and being able to make an informed choice through being able to see restaurants hygiene ratings)

Management

The Company has experienced, proven and driven Board and management, which include Keith Edelman, a former CEO of soccer club Arsenal Holdings, Simon Smith, a former CEO of eBay Australia, and Konstantine Karampatsos, formerly Commercial Director of TheFoodMarket.com, Head of e-commerce at Play.com (acquired by Rakuten, one of the world’s largest retailers and e-tailers), and Amazon marketplace specialist.

Important Information

As set out in Section 8 of the Replacement Prospectus, Appetise (Holdings) Limited is subject to a range of risks, including but not limited to technology, conducting business in a competitive market, consumer and restaurant acceptance and reputation.

^{Section 734(6) disclosure: The issuer of the securities is Appetise (Holdings) Limited ACN 619 564 699. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​}

Overview

Registry Direct Limited (ASX: RD1) is a securities registry business which has developed a proprietary cloud based shareholder and securities management platform. The platform empowers issuers with advanced functionality to automate laborious tasks and enrich engagement with their shareholders. Its delivery as a Software as a Service (SaaS) product provides a contemporary and flexible solution that aims to transform the way in which issuers manage their securities registers.

The company, whilst also targeting listed companies and unit trusts as clients, is initially focusing its marketing efforts on what it regards to be a large, and traditionally underserviced, segment of the registry market, being public unlisted companies, proprietary companies, investment funds and employee share schemes. Its proprietary “self-service” software system has been designed to be user friendly, easy to deploy and relatively low cost.

The following diagram compares the traditional business model of registry companies who focus on listed companies with the highly scalable business model of Registry Direct.

Offer Overview

Registry Direct Limited is looking to raise up to $6 million via its IPO, resulting in an expected market capitalisation of $20.6 million at a maximum subscription.  The purpose of the offer includes to fund the development of additional software features and the engagement of sales and marketing resources to drive future growth and expansion.

In addition, for every share subscribed for and issued there will be 1 attaching Option exercisable at $0.30 on the date which is 2 years from the date of issue. The Options will be quoted on the ASX under the code RD1O.

Revenue Generation

Registry Direct generates revenue by charging its clients a recurring fee based on the number of security holders of that client each month, plus an additional fee for support services.  In FY2017 the company generated sales revenues for $648k, a 77% increase on FY2016 revenues of $367k.

Business Positioning

Registry Direct’s SaaS product allows unlisted entities to access to the same enterprise-grade registry software as a listed entity and deal directly with their respective security holders.  The company intends to capitalise on its first-mover advantage in the unlisted Issuer market where this functionality has not previously been available on a cost-effective basis.

As a result of this business model, Registry Direct expects to attract more clients with smaller registers which might otherwise not be attracted to the cost of engaging a traditional full-service registry provider.

Growth Strategy

The company intends to implement growth strategies to pursue mass scale of its self-service platform, engaging a substantial audience of new clients, and reducing the company’s reliance on any one, or few, existing key clients. In particular, the company’s key strategies for growth include:

• the self-service offering targeting private and unlisted potential clients to enable them to manage their compliance requirements internally through the Platform;
• white label capabilities offering lawyers, accountants and other advisors to use the Platform to offer registry or company secretarial services under their own branding;
• third party integration capabilities will enable the customers of complementary service providers to enable their clients’ accounts to integrate with and receive information from their Registry Direct account (for example, ownership of title and accounting information); and
• CHESS integration to facilitate the seamless quotation of existing or new clients’ securities on the ASX and NSX.

As set out in Section 4 of the Prospectus, Registry Direct Limited is subject to a range of risks, including but not limited to technology and software issues, liquidity and restrictions on shares, maintaining customer base, client cost and impacts on growth.

^{Section 734(6) disclosure: The issuer of the securities is Registry Direct Limited ACN 160 181 840. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​}

Overview

HyGieaCare, Inc. (ASX: HGC) is a US-based healthcare services provider that specialises in providing colon cleansing procedures to patients via the FDA-cleared medical device known as the HyGieaCare Prep System.  HyGieaCare operates by establishing and operating medical centres which provide colon cleansing procedures to patients.  The Company commenced operations in January 2015 and has, to date, established five medical centres across the US, with two additional centres currently under development. 

The HyGieaCare Prep System has performed over 4,450 procedures on patients to 30 June 2017 with zero unexpected or severe adverse events, a 97% adequate preparation rate and excellent patient satisfaction, with 95% of patients surveyed stating a willingness to repeat the procedure. These quality metrics are superior to those experienced by patients using the traditional split-dose Oral Prep for colonoscopy.

The Founder, Gavriel Meron of HyGieaCare Inc., has over 20 years of experience in the gastroenterology market. Gavriel led the development and commercialisation of the PillCam®, a small, disposable capsule used to monitor and diagnose disorders of the gastrointestinal tract without sedation or invasive endoscopic procedures. The PillCam® is sold into gastrointestinal markets around the world.

The Company has an exclusive manufacturing and supply agreement for the HyGieaCare Prep System with Lifestream Purifications Systems (LPS), LLC which manufactures the devices.  LPS is a founding shareholder of the Company.

Offer Overview

HyGieaCare, Inc. is looking to raise $10 million with the right to accept another $5 million in oversubscriptions via its IPO, resulting in an expected market capitalisation of $40 million at a maximum subscription.  The company is offering CHESS Depositary Interests (CDIs) over ordinary shares. CDIs represent the beneficial interest in the underlying shares in a foreign company and are traded in a manner similar to shares of Australian companies listed on the ASX. Each CDI is equivalent to 1 share.

Target Market

There are approximately 15 million colonoscopies performed annually in the United States, primarily to screen for colorectal cancer (CRC).  Despite the prevalence of CRC it is one of the most preventable forms of cancer with routine screening and early diagnosis.  HyGieaCare’s key target market is the US market of bowel preparation for lower endoscopy procedures, and in particular colonoscopy.  HyGieaCare is also targeting the US market for treatment of chronic constipation. The Company estimates that there are currently roughly 45 million chronically constipated patients in the United States, being approximately 14% of the population.  Despite the size of the market, there is a lack of effective, desirable treatment options available, with many patients dissatisfied with currently available over-the-counter and prescription stool softeners and laxatives.

Total HyGieaCare Prep procedures performed by half years

Revenue Generation

HyGieaCare operates by establishing and operating medical centres which provide colon cleansing procedures to patients.  A HyGieaCare Centre can be set up as a joint venture with GI physician groups, a wholly owned entity or under a license agreement with a hospital/medical centre.  In the case of joint venture and wholly owned centres, the Company earns revenue by charging patients per procedure, being either a bowel preparation for colonoscopy or providing relief of chronic constipation.  In the case of license agreements, which the Company is actively pursuing with hospitals, HyGieaCare intends to charge the hospital:

• an annual license fee;
• a monthly leasing fee for each HyGieaCare Prep System leased by the Company to the hospital; and
• a fee for each patient procedure performed.

Use of Funds

The proceeds of the offer will be used to:

• fund the establishment of new HyGieaCare centres in the US;
• conduct targeted patient marketing campaigns to raise awareness;
• conduct further clinical data studies;
• provide working capital; and
• pay the costs associated with the Offer.

As set out in Section 5, HyGieaCare is subject to a range of risks including, but not limited to, slow professional acceptance of HyGieaCare Prep by GI physicians, loss of key personnel, reputational damage due to a failure in procedure performance, restrictions on physician referrals, reliance on a key supplier, low barriers to entry, competition, limited sales and marketing resources, and changes to the regulatory framework.

^{Section 734(6) disclosure: The issuer of the securities is HyGieaCare, Inc. ARBN 619 947 983. The securities to be issued are CHESS Depository Receipts (CDIs) over ordinary shares in the capital of HyGieaCare, Inc., to be quoted on ASX. The disclosure document for the offer can be obtained via the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​​}

Overview

One Managed Investment Funds Limited (ACN 117 400 987) (AFSL 297042) (OMIFL) is the responsible entity for the Fat Prophets Global Property Fund (ARSN 619 970 786).

Fat Prophets Global Property Fund Ltd (ASX: FPP) (Fund) will provide investors with the opportunity to invest in an actively managed portfolio of global real estate securities through an Australian listed registered managed investment scheme. The Portfolio will deliver access to investments underpinned by tangible assets which derive predictable yield and the opportunity for capital growth.

Offer Overview

Fat Prophets Global Property Fund is seeking to raise between $27.5 million and $165 million (with ability to accept oversubscriptions of $55 million).  Attached to each unit in the Fund subscribed for in the IPO is  1 Loyalty Option. Each Loyalty Option is exercisable at $1.10 and will vest on the date that is 12 months from the date of quotation of the Units on ASX.  The Loyalty Options will not be listed on ASX and are not transferrable.

The Fund is structured as a unit trust. This means that as a unit holder you have a fixed beneficial interest in the assets of the Fund calculated as the proportion your unit holding bears to all of the units in the Fund which have been issued.

OMIFL has issued a product disclosure statement dated 11 July 2017 (PDS) offering units and loyalty options in the Fund (Offer). Before deciding to invest in the Fund you must read the PDS which is available under Company Releases on this page.

About the Fund

The Fund will invest in a diversified but high conviction portfolio of global real estate exposures managed by Fat Prophets Funds Management Pty Ltd (Investment Manager). While the Fund will be measured against a bespoke benchmark, the Fund investment positions will only number 70-90 of the best opportunities from the overall 350 stocks comprising the benchmark universe.

The primary portfolio manager will be Simon Wheatley who has over two decades of deep experience in the listed real estate sector and Angus Geddes who is also the Co-founder of Fat Prophets Pty Ltd and CIO of Fat Prophets Global Contrarian Fund Ltd.  The Fund will only invest in equities in developed markets and the Fund will not use leverage, shorting or derivatives and as such will be simple in structure targeting capital growth and distributions.

Why is it Unique?

Real Estate Investments Trusts (REITs) have a deep and liquid market across around the world. The only access Australian investors have to global real estate equities is via direct investing to offshore markets or unlisted funds, with no Australian listed funds offering global or even domestic exposure. This Fund will provide global real estate equity exposure with an overweight allocation to the Australian market vs the traditional global indices. This will provide the predominantly Australian investors in the Fund an underlying exposure to Australian real estate in the order of 30% rather that the 6-7% which is the Australian exposure reflected in the global real estate index.

Investment Strategy

The objective of the Fund is to provide investors a total return consisting of capital appreciation and dividend income. The Portfolio will be diversified across countries and real estate asset sub-sectors. The investment strategy will broadly weight 25% - 35% of its Portfolio investments to Australia with the balance invested internationally.

The Fund will hold an actively managed Portfolio of typically:

• 70 – 90 securities;
• 85% – 100% of the market value of the Portfolio invested in global listed real estate related securities; and
• Up to 15% of the market value of the Portfolio may also be held in cash.

The suggested investment time frame will be 5 years.

The Investment Manager

The Investment Manager is Fat Prophets Funds Management Pty Limited and is a wholly owned subsidiary of Fat Prophets Pty Ltd (Fat Prophets).  Fat Prophets was jointly founded in 2000 by its current CEO and major shareholder, Angus Geddes. Fat Prophets has a long history in the area of investment advice and funds management. Over this period, the firm has grown substantially from just one small office and today has an international footprint with offices in Sydney, London and Auckland, and research coverage across major equity markets.

As set out in Section 5 of the PDS, Fat Prophets Global Property Fund is subject to a range of risks, including but not limited to market stability, investment strategy, real estate investment risk and concentration risk.

^{The issuer of the securities is One Managed Investment Funds Limited (ACN 117 400 987) (AFSL 297042) in its capacity as Responsible Entity for the Fat Prophets Global Property Fund (ARSN 619 970 786). The securities to be issued are Units and Options. The PDS for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​}

Overview

GeoOp Limited (ASX: GEO) provides cloud-based business productivity tools and applications for small to large businesses with mobile and distributed workforces. With over 27,000 licenced users, Geo targets its productivity tools at customers across different functions and business areas that range from sole traders to multi-seat organisations, sometimes with hundreds of licences.

Incorporated in 2009, Geo has expanded from its original operations base in Auckland, New Zealand, into a software provider with a global user base and staff located in Australia (Sydney and Melbourne), New Zealand (Auckland), the USA, Canada and the United Kingdom.

Offer Details

GeoOp Limited is looking to raise up to $6 million via its IPO, resulting in an expected market capitalisation of $21.2 million at a maximum subscription. The IPO proceeds will be predominately used to fund sales and marketing expansion, ongoing operations, continued enhancement of technology, product development and payment of the offer costs.

In addition, for every 3 Shares subscribed for and issued there will be 1 free attaching Option exercisable at $0.60 on or before the date which is 3 years from the date of issue. Geo will also apply for these attaching Options to be quoted on ASX.

Geo’s Products

Geo suite of productivity tools comprises of two publicly marketed products and one product which is in pilot with a foundation customer, each based on a Software-as-a-Service (SaaS) model, offerings the following features:

• GeoService: an online workforce management and costing solution that targets the trades and services industries and helps operations managers create, schedule and assign jobs to field workers in real time;
• GeoSales: a mobile sales workforce management solution, that increases the productivity and effectiveness of field sales workers; and
• GeoCare: a client-centric, collaborative workforce management tool for the healthcare industry (currently in production with a foundation customer).

Each of Geo’s software tools promote an intuitive and easy-to-use customer experience through the use of native applications for iOS and Android-powered smartphones and tablets.

User Growth

Geo has experienced significant user growth, with the number of paid licences exceeding 27,000 in June 2017 for the GeoService and GeoSales products.  As of December 2016, approximately 40% of Geo’s paying users were located in countries outside of Australia.

Number of paid licences (June 2013 – June 2017)

With a range of high quality customers, GeoSales has annual customer retention rates of 92-96% for enterprise customers. GeoSales customer churn rate currently averages less than 1% per month.  

Revenue Model

With forecast FY 2017 revenues of $4.2m, GEO generates revenue primarily through monthly and annual subscription payments paid by users based on the number of their subscribed licences.  The reported product-based revenue is currently split between the GeoService and GeoSales, contributing approximately 55% and 45% respectively to product subscription revenue.

Growth Strategy

Geo’s strategy is to extend its customer reach by targeting business that need to manage their mobile workforces. The focus is on developing ‘best-in-class’ user experience and user interface to services customers in business areas such as construction, security logistics, trades and face to face sales. They are also focused on the development and expansion of marketing and sales capability in North America and Europe and will focus on expanding the customer base of existing products.

Delisting from NZAX

Geo is currently listed on the Alternative Market of the New Zealand Stock Exchange (NZAX) and its shares have been suspended from trading on the NZAX since 29 June 2017 (at the Company’s request) to enable the Company to undertake the Offer. Geo intends to delist from the NZAX immediately prior to, and conditional on, the Company’s admission to the ASX Official List.

As set out in Section 5 of the Prospectus, GeoOp Limited is subject to a range of risks, including but not limited to going concern, reliance on customer renewals and attracting new customer, operating in a competitive market and resourcing.

^{Section 734(6) disclosure: The issuer of the securities is GeoOp Limited ARBN 620 404 211. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​}