Small Cap Feast
Small Cap Feast – 06 January 2020
Set Menu AIM:
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading: *
* As at
Set Menu NEX Growth:
Total number of NEX Growth Market Companies (Incl Susp): *
Total number of NEX Growth Market Companies trading: *
* As at
Set Menu Standard List:
Total number of Standard List Companies (Incl Susp): *
Total number of Standard List Companies trading: *
* As at
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
Dish of the Day:
Off the Menu:
What’s Cooking in the IPO Kitchen?
Main Market (Premium)
The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February
Serabi Gold (SRB.L) 79.5p £46.8m
Results from its ongoing surface and underground exploration diamond drilling programme being undertaken on the Sao Chico orebody at its Palito Complex.
A 9,600 metre ‘step out’ surface diamond drill programme commenced in early Q4 to test the east and west continuity of the Sao Chico orebody. In addition, an underground drilling services contractor is undertaking an 8,000 metre underground drilling programme to test the depth continuity.
The drilling completed to date indicates payable strike continuity of mineralisation for 200 metres to both the east and west of current mining limits.
Key intercepts to the west include intersections grading 21.03 grammes per tonne (“g/t”) and 15.39 g/t (holes 19-SCUD-219 and 248 respectively).
Key intercepts to the east include intersections of 16.61 g/t and 27.35 g/t (holes 19-SC-143 and 142 respectively).
Underground drilling also confirms extension of current Sao Chico ore-body for a further 100 metres. Key intercepts at depth include intersections of 34.42 g/t and 114.49 g/t from holes 19-SCUD-284 and 19-SCUD-274 respectively.
Knights Group (KGH.L) 342p £253m
Acquisition of ERT Law Limited (“ERT”), a commercial litigation law firm in Birmingham. Total consideration of £1.8m. Half cash half shares. The acquisition of ERT builds on the Company’s recently established presence in Birmingham.
ERT is a specialist in commercial litigation, servicing a number of blue-chip and FTSE listed companies. Its 24 fee earners will join the 32 fee earners in Birmingham following the acquisition of Emms Gilmore Liberson in November 2019, further strengthening the Company’s high quality platform in the important and attractive West Midlands region. Following completion, the total number of fee earners across the Company will be 633.
In its unaudited accounts for the year ending 30 April 2019, ERT reported revenue of circa £2m with a corporatised PBT margin of circa 15%. Following integration, including the delivery of cost synergies, the Board expects ERT to deliver a PBT margin in excess of 20%. The acquisition will be earnings enhancing in the first financial year post acquisition.
Nu-Oil & Gas (NUOG.L) 0.05p £1.3m
The AIM Rule 15 cash shell company, announces that it has raised gross proceeds of £420,000 at 0.0525p.
The Company has until 4 May 2020 to announce a reverse takeover transaction before it would be suspended from trading pursuant to AIM Rule 40. Shareholders should, however, be aware that, whilst the Company is confident of completing a reverse takeover transaction within this timeframe, there can be no guarantee of such occurring.
Altitude (ALT.L) 53p £36.7m
The operator of the leading marketplace for personalized products is delighted to announce a major strategic alliance with the Advertising Specialty Institute (“ASI”) the largest media, marketing and education organization serving the $24.7 billion US promotional products industry.
Founded in 1962, ASI serves a network of over 23,500 distributors, decorators and suppliers and owns and operates ESP®, the largest promotional product and supplier database in North America.
As a result of this alliance, ESP® has been seamlessly integrated into both the AIM Smarter portal and AIM Tech Suite, giving AIM members priority access to AIM’s preferred suppliers, c.1,000,000 products and an additional c.3,000 suppliers.
This integration will provide AIM members even greater efficiency and an expanded search through AIM’s single source search engine with data now powered by ESP, featuring real time supplier product and pricing data by which products can be sourced and purchased utilizing the AIM Tech Suite CRM and order management platform.
Boku (BOKU.L) 85.5p £216m
The world’s leading independent carrier commerce company, announces that, further to the announcements on 2 January 2019 and 31 January 2019 in relation to the completion of the acquisition of Danal, Inc. common shares in the Company have been issued to Danal shareholders following the release of the Common Shares that were subject to holdback for 12 months as Boku has not filed any claims for indemnification.
Following the issue of the Holdback Shares the total consideration paid by the Company to acquire Danal comprised the issue of 26,700,000 Common Shares, the issue of warrants over 1,634,699 Common Shares exercisable for five years at an exercise price of £1.41 each and US$1.0 million in cash. No additional earn-out consideration is payable by the Company.
The total purchase price accounted for by the Company for the acquisition of Danal has now therefore been finalised at US$25,077,547.13, being approximately 8.6% of the Company’s market capitalisation as at close of business on 31 December 2019.
Urban Logistics (SHED.L) 146p £128m
Urban Logistics, the AIM-listed REIT focused on last mile logistics, is pleased to announce an update on proposed acquisitions.
Urban Logistics is solely focussed on the urban logistics real estate sector and invests in smaller, single let units. Since IPO in April 2016, Urban Logistics has assembled a well-diversified and high-quality urban logistics portfolio of 38 properties and applies a strategy of active asset management and capital recycling.
Over the period from IPO to 30 September 2019:
- EPRA NAV per share increased by 45.2%, representing an average increase of 11.4% per annum;
- The Company paid out dividends totalling 19.55p per share; and
As at the date of this announcement, the total pipeline is in excess of £300 million. This pipeline includes units for an aggregate consideration of £146 million where the Manager is in advanced negotiations and further properties with an aggregate consideration of more than £150 million where the Manager is in preliminary stage discussions
Tremor International (TRMR.L) 176p £216m
The specialist in video advertising technologies, announces that it has reached an agreement with News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV), a global diversified media and information services company, to acquire Unruly, News Corp’s programmatic video marketplace. The Transaction will be satisfied through the issue of approximately 6.91%. of Tremor International’s issued voting share capital to News Corp. Under the terms of the Transaction, News Corp will be subject to an 18-month lockup period. Tremor has also entered into a global partnership with News Corp that will equip Tremor with the exclusive right to sell outstream video on more than 50 News Corp titles in the UK, US and Australia. Under the terms of the Transaction, Tremor International has committed to an ad spend of £30 million with News Corp over a three-year period as part of this agreement.
News Corp has also agreed to contribute cash towards the cost of integrating Unruly with the Company. Furthermore, it is anticipated that Rebekah Brooks, Chief Executive Officer of News UK, will be joining the board as a non-executive director.
Great Western Mining (GWMO.L) 0.135p £1.5m
Results of its recently completed soil sampling exercise over the Mineral Jackpot area in Mineral County, Nevada.
A total of 249 soil samples and one grab sample were taken at Mineral Jackpot during November and December 2019. Soil sampling has approximately doubled the size of the previously defined mineralised footprint over the Mineral Jackpot area, proving up connectivity between abandoned, historic mine workings for Au and Ag.
Geochemical signatures analysed during this project include Au (Gold), Ag (Silver), Pb (Lead), Zn (Zinc), Sb (Antimony), Bi (Bismuth), and As (Arsenic – commonly associated with the presence of Gold).
The single grab sample taken during the soil sampling exercise, MJG001, was acquired close to a recently discovered adit (horizontal mining tunnel) 100 metres to the north west of the existing Silver Bell workings. The grab sample yielded an assay of 27.4 g/t Au, 151 g/t Ag and 0.14% Cu. This clearly indicates that mineralisation continues north westwards from Silver Bell towards Mineral Jackpot and this is confirmed by the soil sample results.
Powerhouse Energy (PHE.L) 0.565p £11.1m
The UK technology company pioneering hydrogen production from waste plastic, is delighted to announce that a grant of £1.25m has been awarded to, Waste2tricity Protos Ltd, for the DMG® Hydrogen from Waste development at Protos, near Ellesmere Port, in Cheshire.
Open Orphan (ORPH.L) 5p £12.9m
New 3-year contract with a tier 1 German pharmaceutical company which is one of Europe’s top research-driven pharmaceutical companies. The contract guarantees significant annual revenue with work under the contract to commence this month.
This contract sees Venn Life Sciences, part of Open Orphan plc, build upon its strong existing relationship with this German pharmaceutical company with a new consultancy for Pharmacokinetic analysis.
0203 764 2344
*A corporate client of Hybridan LLP
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email email@example.com with “unsubscribe me”.