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
Software & Services
$0.20
Size of Offer Up to $5 million
Minimum Bid $2,000.00
Opening Date 20/01/2020
Closing Date 31/01/2020

The lead manager has confirmed they have received commitments for the minimum subscription

Key Investment Highlights

  • thedocyard’s platform has been designed as a leading technology in the emerging cloud-based deal management space.
  • Software is proprietary to thedocyard.
  • Technology is already in use with high quality customer base.
  • Revenue generating technology company with focus on sales and marketing.
  • The Company’s platform and internal business operations are scalable to handle significant increases in customer growth and transaction volume and size.
  • Experienced Management team led by founder and Managing Director, Stuart Clout, who drives the vision and execution of the Company’s business plan. The Board has experience in the development of technologies, commercialising and conducting operating businesses and in the capital markets.
  • Existing and growing Australia and New Zealand customer base which, given the strong financial and legal links between the two countries and service firms connected with both, provides opportunities for sales into UK (which is the next key market).
  • Growing user base and network of people and organisations that have been exposed to the platform by working on deals hosted on the platform.
  • Transactions occur in both expanding and contracting economic circumstances and as such demand for thedocyard’s product is unlikely to be severely affected in an economic downturn.
  • Two new strategically important global legal and accounting clients onboarded in the UK in late 2019 giving confidence for the Company’s move into the UK market.
  • Funds from the prospectus are to be predominantly used to fund further sales and marketing of the product particularly in Australia, New Zealand and the UK.

Introduction

thedocyard Ltd (ASX: TDY) is a developer and provider of cloud-based software designed to allow all aspects of corporate transactions to be undertaken on the one central platform. It operates a SaaS business model with its target clients being organisations that undertake corporate transactions on a regular basis such as investment banks, legal and accounting firms, corporate and financial advisers, financial institutions and listed or multinational companies.

thedocyard has a strong competitive position as they offer a complete transaction wide solution to manage and compete a deal, all within a secure encrypted cloud environment.

The platform has the following key features:

  • Workflow management - standardise repeatable processes to make deal management more efficient, including checklists
  • Collaboration - allows all the parties to work on the same platform to compete a deal
  • Secure file sharing - store, share and access documents in one secure location
  • Project management - complete deals in an efficient and auditable manner

Offer Overview

thedocyard Ltd is looking to undertake an IPO on ASX to raise up between $4 million and $5 million via the issue of up to 25 million shares at an offer price of $0.20.  The company will have an indicative market capitalisation of $27.39 million at the maximum raise.

Key Offer Statistics

Funds raised from the Offer will be applied as follows:

For further information on the Key Offer Statistics and Use of Funds, please see the prospectus.

Industry Overview

Thedocyard operates in the deal technology market which includes each and every party involved in the process of signing inter-organisational transactions as well as internal group restructures. Besides the parties in the deal itself, each deal is likely to include a variety of consultants, banks, accountants and lawyers to support a successful deal process. The deal technology market is a world-wide market.

In 2018 private equity funds in Europe alone have been involved in 12,147 deals with a cumulative value of €210b, including fundraising, investments and divestments, with the largest market in the UK. Organisations supporting deals would likely advise on multiple deals annually, making them key target clients for our deal management platform.

Business Overview

thedocyard is an Australian technology company with the ambition to become a leading provider of deal technology to the world’s deal makers and advisors.  thedocyard’s service offering is highly scalable, already in the market and being used and accessed by deal makers and advisors globally.

thedocyard has developed and brought to market next generation transaction management technology aimed at solving pressing issues facing all organisations involved in a wide variety of transactions including (but not limited to):

  • mergers & acquisitions
  • equity / debt capital transactions
  • exchange listings (Initial Public Offerings, Reverse Takeovers etc)
  • corporate actions
  • commercial real estate transactions
  • complex commercial procurement

The Platform

thedocyard platform has been specifically designed with the aim of delivering safer, faster and more secure deal execution and the Company hopes to create a new industry standard of how deals are done. While it is a relatively new entrant into the market, the platform empowers all parties involved in deal-making, including the actual parties to the deal and the entirety of the deal’s supporting cast: consultants, banks, accountants and law firms.

thedocyard platform provides the digital infrastructure that:

  • can contain all data related to the deal;
  • hosts internal and external party communication regarding the deal;
  • allows all task and issues management on a deal to be managed in one place;
  • provides management and collaboration tools over documents that may be sensitive to some of the parties by allowing management of access privileges to different parties;
  • facilitates processes requiring diligent and thorough review, such as signing documents and performing negotiations;
  • ensures deal-makers are at the forefront of regulatory compliance and ensures that sensitive data is secure according to the highest information security standards.

The Technology

The technology has been subjected to and passed the information security and risk assessment processes of globally leading organisations such as:

  • two (2) of the big 4 accounting firms;
  • global law firms;
  • listed corporates (including financial services organisations).

The systems have 8 levels of redundancy and require no down-time for updates. As such it is extremely reliable and accessible.

thedocyard has engaged the services of a leading security consultancy which holds globally recognised information security certifications to perform vulnerability and penetration tests that covers a wide range of potential attack vectors and weaknesses and provide advice on security infrastructure, policies and the ever-growing threats to security.

Growth Strategy

thedocyard will continue to grow their presence in their home market and will immediately expand into the UK to drive further sales and brand position. A key feature of the growth will be the deployment of a sales force focussing on lead generation and conversion and equipped with appropriate technology and repeatable sales processes to optimise the sales. This will be complimented through digital marketing accessing our network of individual deal users. In the longer term the company will find further growth through expansion into the Asian and North American markets. The Company plans to have a total of 7 sales groups in place servicing the Australia, New Zealand, UK and Asian markets within 9 months of completing the Offer.

Revenue

The Company offers thedocyard platform as a Software as a Service (SaaS) by means of subscription. There are three levels of subscription being:

  • Essentials - an initial pilot to encourage new users to the platform
  • Professional – focussed on mid-market deals typically under a value of $50M (AUD) – has less features than Premium
  • Premium – focussed on large complex deals which require the full suite of features on offer

thedocyard subscription service is available in pilot, monthly, annual and multiannual packages. The Company bases its fee for service on the number of transactions undertaken by a client on the platform regardless of the number of users. This gives thedocyard elasticity in its target customers as organisations with low levels of transactions are not priced out of the offer.

Historical Statements of Profit and Loss and Other Comprehensive Income

Cash balance as at 12 November 2019 was approximately $1,064,000

Key Board and Management

James Walker – Non-Executive and Independent Chairman

James is an experienced leader in commercialising technology in new markets, with roles as a Non- Executive Director and Chief Executive of ASX-listed companies or Chief Financial Officer at a UK, AIM-listed technology company as well as executive roles in other growth companies.

Stuart Clout – CEO and Executive Director

Stuart is the Founder + CEO of thedocyard. Prior to founding thedocyard Stuart practiced as a corporate lawyer both in large law firm partnership with Colin Biggers & Paisley in Sydney and in house with the Tesco Group, a Fortune 100 company in London.

Steven Coffey – Non-Executive Director and Independent Director

Steven is currently a non-executive director of Kazia Therapeutics Limited (ASX: KZA - NASDAQ:KZIA), he is the chair of its audit, risk and governance committee. He has previously served on the board and acted as company secretary of an ASX listed public company and sits on the board of a number of large private family companies.

Neale Java – Chief Financial Officer and Chief Operations Officer (CFO/COO)

Neale is an experienced commercial and technical operator who brings proven results in setting strategy, shaping development and directing execution to deliver the growth & profitability agendas of businesses.

Stephen Aspey – Chief Technology Officer (CTO)

Stephen is a highly experienced technical architect and software engineer with over 25 years’ experience of building enterprise grade solution and worked on numerous projects for Fortune 500 companies in fields as diverse and banking, insurance, law, telecommunications and utilities.

Greg O’Reilly – Business Development & Sales Director Aust & NZ

Mr O’Reilly has 25+ years’ experience working with professional advisory firms in Australia, UK, Europe and USA and founded his own successful technology services business in the UK in 1996 expanding it to offices in USA and Europe.

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 thedocyard Ltd carries risk. As set out in Section 7 of the prospectus, thedocyard Ltd is subject to a range of risks, including but not limited to limited operating history, market risks, regulatory, competitor and pricing risk, exposure to potential security breaches and data protection issues and reliance on third parties.

 

 

Section 734(6) disclosure: The issuer of the securities isthedocyard Limited ACN 602 586 407. 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).​

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

IPO
Software & Services
$0.20
Size of Offer Up to $11 million
Minimum Bid $2,000.00
Opening Date 28/01/2020
Closing Date 19/02/2020

TBC 

 

Section 734(6) disclosure: The issuer of the securities is ARMnet Limited ACN 619 705 207. 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).​

OnMarket staff acquired shares and options in ARMnet in an equity raising conducted in July 2017.  Further information is contained in 1.7.2 of the prospectus.

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

IPO
Materials
$0.20
Size of Offer $4m - $6m
Minimum Bid $2,000.00
Opening Date 4/07/2019
Closing Date 28/02/2020

 

Introduction

Tartana Resources Limited (ASX: TNA) is a zinc and copper exploration company with assets being the Tartana Copper and Zinc Project in northern Queensland and the Zeehan Zinc Slag Project in western Tasmania.  The Tartana Project is the flagship project. It comprises four mining leases which contains an open pit which was the source of copper oxide ore for historical copper sulphate production using heap leach pads and a solvent extraction/crystallisation plant, still on site

Past exploration on the mining leases has defined four separate exploration projects and mineralisation in each potentially relates to an interpreted deeper porphyry copper system. The projects are the Queen Grade Zinc Project comprising a zone of interpreted zinc skarn mineralisation, a Copper Oxide Project which is based on mineralisation evident within and around the existing open pit, a deeper Copper Sulphide Project below and to the north of the pit and lastly, the Valentino Copper/Gold/Silver/Cobalt Project which is further east but may also be related to the deeper sulphide mineralisation.

Recent work by the Company has involved defining JORC 2012 Exploration Targets for the Queen Grade Zinc Project and both the deeper Copper Sulphide and Valentino Projects.

Investment Highlights

  • Exploration potential – The Tartana Copper and Zinc Project is located in the prospective Chillagoe region and has previously operated as a mining operation and with further exploration, each of these Projects has potential for the Company to define copper or zinc resources.
  • Historical data – The Tartana Copper - Zinc Project has been sporadically explored over the years with historical drilling, geological and geophysical data available. The Zeehan slag dumps have been drilled by past explorers and the company has recently completed further drilling to upgrade the mineralisation to resource status.
  • Attractive commodities  - copper and zinc are two commodities with attractive supply and demand fundamentals
  • Granted mining tenements – The four tenements associated with the Tartana Project are long-dated Mining Lease, the Zeehan Slag tenement is under a newly granted Mining Lease and the Mt Hess and Amber Creek Tenements are granted exploration permits renewable in 2022.
  • Experienced management team with significant expertise in mineral projects, project development and corporate finance.

Offer overview

Tartana Resources Limited is looking to raise $4 million to $6 million.  The company proposes to use the funds raised from the Offer to:

  • undertake drilling on the projects within the Tartana Copper and Zinc Project mining leases;
  • advance the Zeehan Zinc Slag Project, commence initial exploration on the Mt Hess and Amber Creek Projects and undertake project generation;
  • Provide working capital; and
  • to pay for the variable costs of the Offer.

The Mining Projects

Tartana has a mission to become a significant copper and zinc company through development of its existing projects, acquisitions of new projects and exploration success.

The Tartana Project has been broken into four separate projects within the four mining leases and these are; Copper Oxide Project, Copper Sulphide Project, Queen Grade Zinc Project and the Valentino Copper/Gold/Silver/Cobalt Project. 

Tartana Copper and Zinc Project, North Queensland

The flagship project is located approximately 150 km west of Cairns and 40 km northwest of Chillagoe along the Burke Development Road.  This area hosts major porphyry and skarn related deposits including the Red Dome porphyry copper-gold skarn, the Mungana porphyry copper-gold-zinc-lead deposit, the King Vol high grade zinc skarn deposit and numerous smaller deposits along the belt.  Historically, copper mineralisation has been reported at Tartana Hill where small scale mining has occurred in the past as well as elsewhere across our leases.

Separately, zinc mineralisation is present in the Queen Grade Project within our mining leases, and has similarities with the zinc mineralisation in other projects in the Chillagoe region including the neighbouring King Vol Zinc mine.

 

Copper Sulphate Production and Copper Oxide Potential

The previous owner and operator treated copper oxide mineralisation in a small scale heap leach solvent extraction operation which produced high quality copper sulphate. The process involved mining shallow oxide copper ore in an existing and now partially rehabilitated open pit and which was stacked on the leach pads for leaching to produce copper sulphate for sale into the mining and agriculture industries. There is ample evidence that oxide copper material is still available in the base and walls of the pit and also in a zone extending 280 m north of the pit and we will focus some of our exploration work on quantifying this copper mineralisation (See Figure 5 and 6).

 

Figure 5 - Heap leach pads and Solvent Extraction plant.

 

Figure 6 - Copper Sulphate in one tonne bulka bags which has been produced by the previous owner and awaiting shipment).

 

Zeehan Zinc Slag Project, Western Tasmania.  Tartana’s wholly owned subsidiary, Intec Zeehan Residues Pty Ltd owns Mining Lease ML 3M/2017 located approximately 2.5 km south of the township of Zeehan in western Tasmania. This lease contains an old smelter site along with residue stockpiles of zinc-rich slag.

The Zeehan smelter operated intermittently from 1898 and 1948 recovering lead, silver and copper from the processing of locally mined ores and ore concentrates.  The Company recently implemented a 7-hole air core drilling programme to assist in verifying historical drilling data and to enable an upgrading of the mineralisation to a JORC 2012 Indicated Resource status

Tartana is investigating opportunities to monetise the zinc in the slag to provide working capital to finance other activities. And also to have the opportunity to improve the site in terms of its historical significance.  They have investigated a number of options which include:

  • Leaching the slag to recover the zinc. This includes leach testwork which has been carried out by Core Resources Pty Ltd, and demonstrates that high zinc recoveries are achievable in a leach process.
  • Slag sales to a third party processor in Europe. Samples have been collected and sent overseas for testing in a Waelz kiln in Europe.
  • Slag sales to local smelters. This has involved the collection of a 5,000 tonne bulk sample which has been trucked to the Port of Burnie. This bulk sample has been shipped to Nyrstar’s Port Pirie smelter in South Australia and been used in trial processing.

The Exploration Projects

Tartana has two exploration projects in Queensland which are held in the Company’s 100% held subsidiary, Oldfield Resources Pty Ltd.

Mt Hess Copper-Gold Project - The Mt Hess Project is located approximately 100 km southwest of Mackay. The project area covers part of the Gotthardt granodioritic intrusion which intrudes into the overlying Permian sediments of the Bowen Basin. Skarn and porpyhry copper mineralisation is associated with this intrusion and within the Mt Hess Project area there are numerous copper-gold prospects in an area north of the Gotthardt granodiorite.

Amber Creek Molybdenum-Tin-Tungsten Project - The Amber Creek Project is located 177 km southwest of Cairns and comprises an area covering a number of separate molybdenum, tin and tungsten prospects. These prospects are within the undifferentiated metamorphics which are probably related to the McDevitt Metamorphics which have been intruded by the Elizabeth Creek Granite.  Oldfield has conducted geological mapping along with soil and magnetic surveys over the area and has also identified several discrete mineralised vein structures. Tartana will implement an initial exploration programme focused on sampling these structures.

Commodity Outlook

Copper

Copper is often referred to as a bellwether of the markets and the supply/demand balance is often dominated by demand expectations which itself reflects the outlook for world economic growth but particularly with China. As well as copper demand in electric vehicles, stronger copper demand stems from new infrastructure projects in China and India including the expansion of their respective power grids and in China, the development of the high-speed rail network and domestic demand (air conditioners, etc.).

Zinc

According to the International Lead and Zinc Study Group, after increasing by 1.3% in 2018, global zinc mine production is forecast to rise by 6.2% to 13.48 million tonnes in 2019. New zinc supply has been dominated by Australian producers.  China is also a significant player in the zinc market as investment in infrastructure and any pick-up in construction could drive overall demand higher.

Management and Board

Tartana Resources Limited is led by a team which has extensive experience in geology, mining and metallurgical processing and product marketing as well as financial, technical and management experience in the resources industry.  These include:

  • Dr Stephen Bartrop (Executive Chairman) with more than 30 years’ experience covering periods in both the mining industry and financial sector. With a geology background, Steve has worked in exploration, feasibility and evaluation studies and mining in a range of commodities. In the financial sector, Steve has been involved in research, corporate transactions and IPOs spanning a period of more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
  • Bruce Hills (Executive Director) is currently an Executive Director of Breakaway Investment Group Pty Limited which operates the Breakaway Private Equity Emerging Resources Fund. Bruce is a Director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia.
  • Peter Rohner (Executive Director) with over 30 years’ experience in the mining industry and has been involved in mineral processing technology development including development of the Jameson flotation cell, IsaMill fine grinding and more recently had significant involvement in further development of Glencore’s Albion Process (fine grind oxidative leach) technology.
  • Craig Nettelbeck (Non-Executive Director) successfully forged global relationships enabling him to negotiate numerous complex transactions before moving into the corporate advisory sector specialising in the agriculture, energy and mining sectors.
  • Robert Waring (Non-Executive Director) with over 40 years’ experience in financial accounting and company secretarial roles, principally in the resources industry.

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 9 of the prospectus, Tartana Resources Limited is subject to a range of risks, including but not limited to exploration and development, development of acquisition opportunities, valuation of tenements, dependence on key personnel and native title and land access risks.

 

Section 734(6) disclosure: The issuer of the securities is Tartana Resources Ltd ACN 126 905 726. 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).​

Breakaway Research Pty Ltd has provided only a distribution service to OnMarket using its database. Please note that Stephen Bartrop is a director of Tartana Resources and is also a director of Breakaway Research Pty Ltd.

OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

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

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