Greater access to IPOs through OnMarket BookBuilds

State One has partnered with OnMarket BookBuilds to provide our clients with even more investment opportunities. In addition to the exclusive capital raisings that State One undertakes and offers to our clients, you can now take advantage of offers from OnMarket. Our association with OnMarket will allow you to bid directly on IPOs and have the shares allocated straight to your holdings at State One. Through OnMarket our clients will also be able to access free research, management interviews and get notifications on upcoming IPOs.

OnMarket is Australia’s first online platform that lets all investors buy shares in IPOs free of any fees other than the cost of the shares. Since launching in October 2015 OnMarket has hosted 1 in 3 ASX IPOs, so we are obviously excited to be able to offer our clients access to this cutting-edge platform. For each offer hosted by OnMarket you get easy bidding & payment, free independent research, and a chance to 'meet the management' via exclusive video interviews. Best of all, when you invest in IPOs via OnMarket, any shares you buy can be allocated directly to your State One Stockbroking account so you can manage your portfolio without disruption.

How does it work?

We will display the list of current offers from OnMarket on our website. If you see an offer that you want to invest in then click on the Bid Now button to apply for shares. You will leave State One website and be redirected to our partner's (OnMarket) bidding platform where you will need to sign up with your Holder Identification Number (HIN). If you have already signed up then you will be taken straight to the bidding page for the selected offer.

It is important that you enter your HIN correctly when you set up your login at OnMarket. This will make for a seamless experience if you want your shares to be automatically allocated to your State One account.

Current OnMarket Offers

IPO
Media
$0.50
Size of Offer $8 million
Minimum Bid $2,000.00
Opening Date 20/09/2018
Closing Date 5/10/2018

 

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $5,000 may be scaled back more heavily. ​

Introduction

PINCHme.com Inc. (ASX: PIN) is a New York based company that operates a leading product sampling and digital promotions platform. The platform intelligently matches large “fast moving consumer goods” (FMCG) brands with PINCHme’s own members. Each member provides PINCHme with comprehensive personal data about themselves and their spending habits. In return for the data they provide, PINCHme’s members receive free samples of products already available in-store, or access to products ahead of their store release. The FMCG clients receive detailed insights, product reviews and feedback, and social media engagement, all of which assist in driving sales uplift.

With over 4 million members and growing at over 100,000 members per month in the first 6 months of 2018, PINCHme is well placed to take advantage of a number of issues affecting the FMCG market (further described below), including the growth of retailer white label brands and direct-to-consumer brands, and the decline in effectiveness of traditional mass media marketing channels for FMCG manufacturers.

Since inception, the company has shipped over 7 million boxes to members across more than 500 sampling programs for more than 100 leading FMCG brands, including Nestlé, Proctor & Gamble, Johnson & Johnson and Mars Wrigley. More than 85% of the campaigns have been undertaken for repeat clients.

By providing Clients access to its more than 4 million member community and proprietary technology platform, PINCHme earns several revenue streams that are forecast to achieve CY2018E revenue of US$10.41 million1 (~A$14.45 million2) in total. In addition to the revenue it receives from sampling, PINCHme further ‘monetises’ its member audience through performance-based online advertising (which involves PINCHme promoting third party advertisements on its website or to its members) and survey based revenue streams (which involve PINCHme members completing third party online surveys).

PINCHme is led by an experienced management team and board, including Founder, Chief Executive Officer and Chair, Jeremy Reid, and Wal Piciotta, co-founder and former chairman of carsales.com, who will be joining the Board on completion of the offer. 

1 - CY2018E revenue is an internal management target based off January – June 2018 actuals and Board approved July – December 2018 forecast revenue reviewed by Grant Thornton. 
2 - Assumes AU$/US$ exchange rate of 0.72

The PINCHme eco system

Offer overview

PINCHme.com Inc. is looking to raise AU$8 million and will have an estimated market capitalisation of AU$63.2 million at maximum subscription on a fully diluted basis.

The proceeds from the Offer will be used for:

  • Sales and member acquisition;
  • Research and development;
  • Investing in marketing strategies; and
  • the cost of the offer.

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 share will be equivalent to 355 CDIs.

Why is PINCHme needed?

PINCHme’s founder, Jeremy Reid, created the Company and in response to four key issues he observed in the FMCG market:

  • consumers want to “try before they buy”; particularly among the typically cost-conscious segment that shops at Walmart, Target and other mass market retailers;
  • FMCG brands were suffering a high degree of product wastage in their traditional product sampling efforts, as samples were inefficiently distributed in-store or in outdoor environments without appropriate consumer targeting or collection of feedback and data;
  • large FMCG brands were losing market share to competitive white label brands offered by major FMCG retailers (such as Walmart and Target), which have direct access to in-store product purchase data by consumers, and more nimble direct-to-consumer brands which more effectively leverage lower cost social media and performance based online marketing rather than the traditional marketing tools of television, print and radio; and
  • a shift in consumer FMCG purchasing, particularly among Millennials, from traditional supermarkets and retail stores to a powerful new breed of online retailer, particularly Amazon, requiring large FMCG brands to rethink their marketing strategy.

Brands that have used PINCHme

PINCHme’s Revenue model

PINCHme generates revenue from its two key businesses, being the sampling business, and the “audience monetisation” business. 

The sampling business involves FMCG clients paying PINCHme to:

  • provide product samples to a targeted subset of PINCHme members, based on a set of consumer characteristics defined by the FMCG client (such as age, gender, geography, number of children etc); and
  • conduct consumer research studies, which involve the distribution of products or samples to a much smaller, selective group of members who perform extensive in-home testing.

PINCHme’s audience monetisation business involves third parties paying PINCHme to:

  • promote online advertising offers (including digital samples) to members on its website and via email offers; and
  • provide third party hosted surveys to its members, branded as “QWIZme” on PINCHme’s website.

Summary Financial Performance

Growth Strategy

PINCHme has a range of strategic initiatives to support its future growth that include:

  • New member acquisition. PINCHme intends to use a significant portion of the Offer proceeds to acquire new members. Strategies that will be adopted include paid acquisition using PINCHme’s performance based advertiser networks and third party website partnerships, as well as increased use of paid blogger relationships.
  • Further refining the technology platform. PINCHme is investing in actively developing and enhancing machine learning models to predict member behaviour; leveraging PINCHme’s member specific rating called a “PINCHme score” to improve member targeting, optimising the website and utilising data-driven testing; and engaging with experts to design new programs that will promote member engagement through “gamification” techniques.
  • Further monetisation strategies. PINCHme intends to target a number of industries outside of the existing category of FMCG brands, whose advertising and data needs could be serviced by PINCHme and its members, such as the healthcare sector.
  • Acquisitions. PINCHme may in the future consider acquisitions that have the potential to further the growth of its business. PINCHme intends to only pursue acquisitions that are complementary to its existing business and strategies.

Member growth from June 2013

Industry Overview

The FMCG industry (also known as the consumer-packaged goods or “CPG” industry) manufactures and distributes products for consumers that are purchased and used on a frequent basis, such as beauty, personal care, pet, food and beverage and home care products. These products are usually sold through third party retail outlets, most commonly supermarkets or similar grocery stores. In 2017, the FMCG industry in the US is estimated to have achieved total sales of approximately US$760 billion.

Total marketing expenditure by FMCG companies in the US is estimated to have been US$225 billion in 2016, which represents around 30% of total industry sales of US$760 billion.  In 2017, trade promotion was the most significant area of expenditure, at an estimated 43% of the total, followed by online marketing at an estimated 20%, as shown in Figure 2.2.

Management and Board

PINCHme.com Inc. is managed by an experienced team with a broad range of business knowledge financial management and corporate governance experience. These include:

  • Jeremy Reid, Chairman, Co-founder and CEO. Prior to founding the Company, Jeremy founded hedge fund Everest Babcock & Brown, which amassed A$3.5 billion in assets under management by investing in subordinated debt, private equity and other hedge funds.
  • Adam Caplan, President and Executive Director. Formerly co-founder and President at ARM Insight, Inc., a provider of business intelligence and credit card transaction analytics for the financial services industry, and prior to that the President at Super Rewards, a virtual currency monetisation solution for Facebook games that was sold to Adknowledge Inc., as well as an investment banker at Morgan Stanley for eleven years.
  • CJ Bilangino, Chief Financial Officer. Formerly CFO for Nourish Snacks, an e-commerce FMCG company, Managing Director for AGIO, a provider of integrated managed IT and cybersecurity services to the financial services, health care and payments industries, as well as a manager for Ernst & Young.
  • Giles Craig, Non-executive Director. Giles is Chairman of Asset Resolution Limited and is an executive director of Hamilton Securities Limited, both of which are National Stock Exchange of Australia (NSX) listed investment companies.
  • Michael Seder, Non-executive Director. Michael was the co-founder and director of Squareknot Pty Ltd, a company that is bridging the gap between growth companies looking for funding and investors in search of new opportunities.  Michael is also a director of Amplifier Corporation Pty Ltd, a developer of mobile applications and technology including www.shareableapps.com, and a Director of Corecaster (UK), Ltd., owner of social media data analytics platform piptook.com.
  • Wal Pisciotta (OAM), Proposed Non-executive Director. Founder, former CEO and Chairman at Pentana Solutions Pty Ltd. Co-founder of and former non-independent non-executive Chairman at carsales.com Limited, where he remains a non-executive director. Recognised with the Order of Australia Medal for his services to the Australian Automotive Industry in the 2016 Queen’s Birthday Honours. Wal’s proposed appointment as a Non-Executive Director of PINCHme is effective upon the successful Completion of the IPO Offer.

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 5 of the prospectus, PINCHme.com Inc. is subject to a range of risks, including but not limited to a limited trading history, inability to attract members and FMCG clients, insufficient products to meet demand, uncertain timing of client sampling and campaigns, ability and cost to acquire new members and disruption or failure of technology systems.

 

Section 734(6) disclosure: The issuer of the securities is PINCHme.com Inc. ARBN 627 641 221 (a Delaware corporation). The securities to be issued are CHESS Depository Interests (CDIs) over shares of common stock in the capital of PINCHme.com Inc.  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).​

Allocation Methadology

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $5,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.​

IPO
Financials
$2.50
Size of Offer Up to $250 million
Minimum Bid $2,500.00
Opening Date 3/09/2018
Closing Date 26/09/2018

Update

Tribeca Global Natural Resources Limited (ASX: TGF) has announced it has surpassed the  minimum raise amount of $100 million. more here

Tribeca Investment Partners’ Global Natural Resources Fund has been named Australia’s best Long/Short Equity Fund at the Hedge Funds Rock & Alternative Investment Awards announced on 13 September. more here

Introduction

Tribeca Global Natural Resources Ltd (ASX: TGF) will be a listed investment company established to provide investors with access to an actively managed and concentrated portfolio of natural resources securities, credit positions and commodity positions.

TGF will have an active long/short investment strategy that seeks to benefit from the inherent volatility in the natural resources sector. They will employ a high conviction approach, leveraging the investment team’s deep bottom-up research and specialist knowledge of the entities and commodities within the investment strategy’s investible universe.

The Company aims to deliver positive absolute returns to investors while seeking to preserve capital and generate a compound annual return in excess of 15% (after all fees and expenses) over the long term.

The Tribeca Group currently manages $2.3 billion and has deep specialist knowledge in the natural resources space, with the Tribeca Global Natural Resources Fund generating average annual returns of 57.2% since it was established in October 2015.

Offer Overview

Tribeca Global Natural Resources Ltd is seeking to raise between $100 million and $250 million with the option to receive an additional $50 million in over subscriptions via its IPO.

The Company intends to pay dividends, franked to the maximum extent possible.

The Manager

Tribeca Global Resources Pty Ltd, the Manager is part of the broader Tribeca Group, which is a global investment manager managing a range of strategies in global equities and credit across multiple portfolios including 9 investment funds. As at 31 July 2018, the Tribeca Group manages approximately $2.3 billion across multiple portfolios, including investment 9 funds. It has offices in Sydney, Singapore and London and, in total, has 25 employees.

As detailed in the table below, over the period 31 October 2015 to 30 June 2018, the Tribeca Global Natural Resources Fund delivered a cumulative net return of +233.78%, compared against the Benchmark which delivered a 5.17% return per annum over the same period. This equates to an average compound annual return of 57.21% per annum, after fees.

The Manager applies a similar investment strategy and investment process in managing it existing funds as it intends to apply to the TGF Portfolio.

Investment Strategy

The investment strategy is an active long/short investment strategy that seeks to benefit from the inherent volatility in the natural resources sector. It will employ a high conviction approach, leveraging the investment team’s deep bottom-up research and specialist knowledge of the entities and commodities within the investment strategy’s investible universe.

The Manager breaks down the natural resources sector into eight industry segments. These are:

  • base metals (e.g. operations involving copper, zinc or nickel);
  • diversified (this sector involves corporates with multi commodity exposures e.g. BHP Billiton Ltd or Glencore plc);
  • specialty metals (e.g. cobalt, lithium, graphite);
  • precious metals (e.g. gold, silver);
  • bulk (e.g. iron ore, coal, steel);
  • energy (e.g. oil and gas, thermal coal, uranium);
  • soft commodities (e.g. agricultural sectors including grains, proteins, fertilisers);
  • services (e.g. engineering, design, transport and logistics).

Whilst the Company’s Investment Guidelines provide the Manager with a global mandate, the Manager’s initial focus will be on investments in North America, Europe and Asia Pacific, including Australia. Further notwithstanding the broad mandate, the Company’s Portfolio is expected to be predominantly comprised of Long and Short Positions in listed natural resources securities and credit positions.

Directors and Key Personnel

Tribeca Global Natural Resources Ltd is led by a board who have a broad range of experience in investment management combined with financial and commercial expertise.  Key personnel include:

  • Ben Cleary, Portfolio Manager and Non-Independent Director has over 15 years extensive experience in the Natural Resources Sector having served in a number of specialist, director level roles for Macquarie Bank, RBC and RBS in Asia, the UK and Australia.
  • Craig Evans, Portfolio Manager, Non Independent Director has over 25 years of financial markets experience, the last 19 of which was focused on Long/Short investing and financing roles across the United States, Europe, and Asia for Macquarie Bank and Bank of America Merrill Lynch.
  • Bruce Loveday, Chairman and Independent Director, has been CEO of several funds management businesses (in Australia and the USA) and has held senior executive positions in banking, mining, stockbroking, asset consulting, investor relations and corporate affairs management.
  • Greg Clark, Independent Director has over 25 years’ experience in funds management, superannuation and insurance and has worked with a number of major industry participants, including QBE Insurance, Suncorp Group, QIC, AMP Capital and Pengana Capital.
  • Judy Mills, Independent Director has over 20 years’ legal and banking experience, having worked in Australia and the UK. A former Executive Director at Macquarie Group, Judy worked across Macquarie’s global equity markets and structured derivatives businesses.

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 6 of the prospectus, Tribeca Global Natural Resources Ltd is subject to a range of risks, including but not limited to management risk, invest strategy, market conditions, short selling risk and counterparty and collateral risk.

 

Section 734(6) disclosure: The issuer of the securities is Tribeca Global Natural Resources Limited ACN 627 594 418. 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).​

IPO
Materials
$0.50
Size of Offer $15-20 million
Minimum Bid $2,000.00
Opening Date 20/08/2018
Closing Date 5/10/2018

 

Update: The company is pleased to have prominent investment manager, Regal Funds Management as a shareholder who have been supportive since the pre-IPO capital raising.

Introduction

Montem Resources Limited (ASX: MR1) owns the Chinook Properties, which comprise prospective metallurgical coal leases and freehold titles in southern Alberta and British Columbia, Canada. These properties are located in an active mining district and in close proximity to key mines of Teck Resources, a major exporter of Canadian coking coal.

Four of the Chinook Properties contain previous open-cut and underground mines. Montem Resources plans to re-establish mining at the Tent Mountain open-cut mine while exploring development opportunities at the other Chinook Properties.  The objective for Montem Resources is  to develop a regionally integrated coking coal mining complex in the Crowsnest Pass region, leveraging central infrastructure, and focusing on low cost development of open-cut coking coal mines. Montem Resources has brought together a team of technical and management specialists with extensive experience in coal mining in Canada and Australia, led by Peter Doyle and Bob Bell.

Offer overview

Montem Resources Limited is seeking to raise between $15 million and $20 million and will have an estimated undiluted market capitalisation of approximately $55.8 million at maximum subscription. 

The funds raised under the Offer will be primarily directed to:

  • Conduct exploration and engineering studies to complete a Definitive Feasibility Study and environmental studies at Tent Mountain mine to facilitate permit amendment;
  • exploration and pre-feasibility studies across other Chinook Properties.
  • Working capital; and
  • Cost of the offer

The Properties

The Chinook Properties are six discrete projects located on the front ranges of the Canadian Rocky Mountains in southwestern Alberta, Canada (with Tent Mountain also straddling the Alberta-British Columbia border) and are mostly brownfield projects having supported prior mining. They are:

  • Tent Mountain mine
  • Chinook South Project
  • Chinook North Project
  • Vicary-Racehorse Project
  • Isola and Oldman (exploration projects)

Resource estimates have been completed for the Tent Mountain, Chinook North, Chinook South and Vicary - Racehorse projects. Each of these projects contain JORC Code 2012 classified Coal Resources. 

Investment Highlights

  • Experienced Board and management: extensive coal experience in Canada and Australia
  • Significant resource: JORC compliant Mineral Resources across four Projects totalling 163Mt (130Mt Indicated, and 33Mt Inferred Mineral Resources)
  • Clear pathway to production: The Montem Board believes the existing permits at Tent Mountain mine provides a significant advantage in re-establishing mining activities in a comparatively short time frame.
  • High quality steelmaking coal: Whilst historic production at Tent Mountain mine and Vicary mine was sold as hard coking coal to Japan, there is no certainty similar hard coking coal products will be produced from any of the Chinook Properties. Further drilling and sample testing will be required to confirm whether a soft, semi-soft/weak, semi-hard or hard coking product can be produced.
  • Previously mined: Four of the Chinook Properties have been mined previously in the 1960s, 1970s and 1980s, with Tent Mountain closing in 1983.
  • Approvals: Tent Mountain mine has a current environmental approval, however an amendment to the environmental approval is required to restart mining as are requisite additional mine operating licences.
  • Nearby infrastructure: Most of the Chinook Properties, including Tent Mountain, are within close proximity to the main rail network linking the properties to export ports in Vancouver.
  • Exploration upside: Potential for Resource extension through exploration activities.

Management and Board

The Montem Resources board and management possess significant experience in ASX-listed coal companies, and in the development and operation of coal mining assets.  These include:

  • Peter Doyle, Managing Director and CEO – has over 20 years’ experience in the coal industry including roles in production, project development, marketing and management. Mr Doyle has been involved in successful greenfield and brownfield coal mine developments, and managed coal mines selling to export metallurgical markets.
  • Bob Bell, Chief Commercial Officer – is a mining engineer with 30 years’ experience in the Canadian coal industry and international coal markets. Previously in executive roles with Teck Resources coal division and Luscar.
  • Rob Yeates, Independent Chairman – has over 35 years coal mining experience and was formerly the Managing Director of Oakbridge Ltd.
  • Rob Tindall, Non-Executive Director – is the founder of Montem and possesses over 25 years of experience in the finance and resources industry. Mr Tindall was previously CEO of Transatlantic Mining Corporation.
  • Susie Henderson, Independent Non-Executive Director – is currently North American Leader (Infrastructure, Investment and Economics) for GHD Advisory, a global consulting firm.
  • Will Souter, Independent Non-Executive Director – is a lawyer and investment banker with extensive global transaction and fund-raising experience, particularly in the resource sector. Previously Executive Director at RFC Ambrian.

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 8 of the prospectus, Montem Resources Limited is subject to a range of risks, including but not limited to approval and licences, road and infrastructure access, additional capital requirements and environmental risks.

 

Section 734(6) disclosure: The issuer of the securities is Montem Resources Limited ACN 623 236 831. 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).​

Disclaimer: All information on this section is of a general nature. Before making any investment decision, please seek the relevant advice.

Back to top