Small Cap Feast

Small Cap Feast – 01 April 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 903

Total number of AIM Companies trading: 833*
* As at 22 March 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 89*

Total number of NEX Growth Market Companies trading: 87*
* As at 22 March 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 161*

Total number of Standard List Companies trading: 141*
* As at 22 March 2019

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

US Solar Fund, a newly-established investment company focused on investing in solar power assets mainly in the US, looking to raise $250m at $1. Expected 16 April

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa  region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m.  Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%.


Techniplas –global  producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient.  FYDec17 rev $515m.

Breakfast Buffet

Mosman Oil & Gas (MSMN.L) 0.28p £1.72m

“The oil exploration, development and production company, advises that the Stanley-2 well in Texas has completed drilling at 5,000 feet. Next operations will be electric logging and running casing. The well encountered the pre-drill target of Eocene aged sands (which includes the Yegua sands). A period of evaluation will now commence, prior to bringing the well on production.

Stanley-2 is part of the Strategic Alliance with the privately-owned Baja Oil & Gas, LLC. Stanley-2 is designed to penetrate several Eocene sand targets up-dip from Stanley-1, to optimise the oil production and recovery from these zones identified on 3D seismic and penetrated by Stanley-1.”

Immupharma (IMM.L) 10.66p £16.14m

Update in relation to its discussions with Incanthera on its Nucant cancer programme.

The Company and Incanthera have to date not concluded the Definitive Licence Agreement. The exclusivity period has now expired and ImmuPharma is free, should it wish, to discuss collaborations with other parties for the Nucant cancer programme. Notwithstanding the expiry of the exclusivity period, discussions with Incanthera are continuing in good faith for a broader collaboration.


Codemasters Group (CDM.L) 244p £333.1m

FYMar19 trading update from the award winning British video game developer and publisher specialising in high quality racing games.

“The Board is pleased to announce that trading through the second half of the year has continued to be strong. The Company anticipates reporting FY19 revenues of c.£71m, Adjusted EBITDA of c.£18.5m and gross cash of c.£18.4m as at 31 March 2019.

The Adjusted EBITDA is ahead of market expectations and follows the Company’s joint development agreement with Netease  announced on 8 Jan 2019, and the successful launch of DiRT Rally 2.0 on 26 Feb 2019.”

Amino Technologies (AMO.L) 91.5p £61.91m

The global provider of media and entertainment technology solutions to network operators, announced that its next-generation devices have received Google Operator Tier Android certification and will be showcased at NAB show 2019.

AminoOS, the Company’s software solution for deploying and managing connected devices, powers Amino’s next generation devices. This gives pay-TV operators the device agility to customize and brand an advanced user interface via an Android TV deployment, as well as access to all the latest features and functionality including more than 150 premium over-the-top (OTT) apps.


Iomart (IOM.L) 349p £378.21m

FY Mar 19 update from the cloud computing Company.

The Group expects to report revenue growing to approximately £104m (FY2018: £97.7m), adjusted EBITDA of approximately £42.2m (FY2018: £39.8m) and adjusted PBT of approximately £25.3m (FY2018: £24m). Over the last 12 months we have reinvigorated our sales and marketing function to ensure we are best placed to capture the full market opportunity. The early benefits of this effort started to flow through in the second half of the financial year with an increase in new lead generation from both new and existing customers. This has delivered a strong finish to the year with a significantly larger pipeline of prospects than this time last year and we enter the new financial year with confidence.


Two Shields (TSI.L) 0.11p £2.19m

The “investment company with a strategy to build a high quality portfolio of investments in fast growing and scalable digital and technology enabled businesses, provided an update regarding its immediate actions aimed at rebuilding value for shareholders following its recent strategic review.

A new and experienced senior team has been assembled in line with the Company’s updated strategy. The team will seek to apply its extensive and highly complementary expertise and knowledge to identifying, assessing and executing investment opportunities that have the potential to deliver attractive returns to shareholders.”

$300k convertible  into Brandshield Complete.

Further £100,000 in to WeShop by way of an equity investment.


Churchill Mining (NEX:CHL) SUSPENDED

Intention to appoint administrators. “The notice of appointment follows the ICSID Annulment Committee decision to dismiss the Company’s Annulment Application. Churchill had previously filed claims against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes (for damages arising out of the unlawful revocation of the mining licenses that made up the East Kutai Coal Project  by the head of the East Kutai’s Regency Government, Mr Isran Noor.

In accordance with statutory requirements, the Board intends to appoint administrators after 5 business days, at which point the Company expects to request the cessation of trading in the Company’s shares on the NEX Exchange. A corresponding announcement will be made in due course.”


Warehouse REIT (WHR.L) 104p £170.98m

The specialist warehouse investor, has exchanged contracts to acquire a 53,000 sq ft single-let industrial unit in Wakefield for £4.2m, reflecting a net initial yield of 6.3%. It follows the announcement on 29 March 2019 that the Company had raised £76.48m of equity, which along with leverage, provides it with over £120m of investment firepower to deploy into a near term pipeline of opportunities, as it looks to benefit from the favourable investment backdrop for the single-let and multi-let warehouse sector.

Wakefield 41 is Yorkshire’s premier distribution location which is home to Coca Cola, Morrisons and Menzies amongst a number of other national and international businesses.


Independent Oil & Gas (IOG.L) 11.62p £21.83m

Conditional £16.6m fundraising at 10p. Restructuring of existing arrangements with London Oil & Gas Limited. £7.1m of debt extended 12 months. £1.64m of interest. Warrants  extended.

The primary use of the proceeds pursuant to the Placing will be to allow the Company to drill its appraisal well at Harvey, expected to spud in mid-2019, at a total remaining cost of approximately £9.6m.

In addition, approximately £2.5m of the proceeds of the Placing will be used to fund continued work on a field development plan for the Goddard gas field.

The remaining proceeds of the Placing and any proceeds of the Open Offer and the Subscription will be used to fund the Company’s working capital requirements to the end of 2019 and ongoing project management cost.


Renalytix AI (RENX.L) 147.5p £76.69m

The developer of artificial intelligence-enabled diagnostics for kidney disease, announced publication of results generated by a confirmation study.

Study demonstrated that combining the Company’s sTNFR 1, sTNFR2 and KIM-1 biomarkers with the analysis of data from de-identified electronic health records can significantly improve prediction of rapid kidney function decline (“RKFD”) compared to widely used approaches

A total of 1,369 patients were part of the study, including 871 patients with Type 2 diabetes and 498 patients of African ancestry

The study incorporating a “random forest” inference approach to machine learning significantly outperformed standard clinical metrics for prediction of patients experiencing RKFD

The study also demonstrated a high negative predictive value can be achieved for approximately 1/3 of patients with existing kidney disease who are unlikely to experience RKFD


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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