Small Cap Feast

Small Cap Feast – 07 February 2020

Set Menu AIM:

Total number of AIM Companies (Incl Susp):

Total number of AIM Companies trading: *
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Set Menu NEX Growth:

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

Total number of NEX Growth Market Companies trading: *
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Set Menu Standard List:

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

Total number of Standard List Companies trading: *
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Dish of the Day:

Calisen Group. CLSN.L Main Mkt  Premium. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus £29m partial vendor sale.  Mkt cap £1.32bn

 

Off the Menu:

cloudBuy has left Aim. Abal has left AIM pursuant to AIM 41. Intends to relist on the Standard List subject to an acquisition. Hansteen has left the Main Market following an acquisition.

 

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

AIM

Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m.  The Group’s key producing assets, the Kagem emerald mine in Zambia  (believed to be the world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the  Faberge brand. Due Valentines Day 2020.

Main Market (Standard List)

The Proof Of Trust has announced its intention to list on the Standard Market.  The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes.  Transaction details TBC.

Main Market (Premium)

Ninety One –proposed demerger and public listing of  Investec’s  global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march.

Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m.  Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies.  Due 14 Feb.

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.

Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO.   The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn.   First day of dealings expected early February.

NEX Exchange

Zapp Scooters, a developer and manufacturer of electric two-wheeled vehicles announced its intention to IPO on the NEX Exchange Growth Market.  The Company intends to raise up to £3.5m. Admission is expected to occur on NEX in February 2020.

 

Breakfast Buffet

NQ Minerals (NEX:NQMI) 8.25p £27.6m

The base and precious metals producer from its flagship Hellyer Gold Mine (“Hellyer”) in Tasmania, Australia, advises that further to the news release of 7 January 2020, that Mineral Resources Tasmania has approved the transfer of the 100% rights to the 46 km(2) Mt Block permit (EL48/2003), which surrounds the Hellyer Mining Lease. NQ purchased the Mt Block from Bass Metals Ltd.

David Lenigas, Chairman of NQ Minerals, commented:

“This is a very positive development for the Company as the Mt Block increases NQ’s license holding three-fold around the Hellyer Mine. This tenement is underexplored and has the potential to host new mineralisation close to NQ’s Hellyer processing plant.”

 

Gowin New Energy (NEX:GWPT) 0.65p £1.8m

 An application has been made for a new class of shares for the issue of up to GBP5,000,000 2% Cumulative Preference Shares, with a nominal value of GBP0.02 each, of the Company (the “Preference Share”). The new Preference Shares have been admitted today to trading on the NEX Exchange Growth Market.

The Company has received GBP250,000 from an investor Mr Wen Sheng-Tung to issue 12,500,000 2% Preference Shares of GBP0.02 each. The proceeds of the Preference Shares will be utilized in whole, save for amounts retained to meet expenses, to provide loan finance to Goyoung International Company Limited . Goyoung was incorporated in May 2019 with an issued share capital of US$ 6,500.00. Goyoung was set-up to operate the new Tea Business and is currently 100 per cent. owned by Mr Chen Chih-Lung and Mr Wen Sheng-Tung, each holding 50% of the shares in Goyoung.

 

Autins Group (AUTG.L) 20p £8.1m

AGM Statement from the designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector.

FY2019 was one of recovery and continued strategic focus for the Group.  Autins ended the year in a stronger position both operationally and financially and can look ahead with confidence, despite the significant challenges faced by the global automotive market.

In addition to the successful £3.3m placing of new shares in August 2019, the Group entered into a £1.5m five-year debt facility with the Midlands Engine Investment Fund in January 2020 to provide longer term capital which replaces certain of the Group’s existing facilities.

The Group’s financial performance for FY2020 is currently in line with management expectations.

 

DP Poland (DPP.L) 10p £24.7m

Full year trading update for 2019, unaudited. DP Poland, through its wholly owned subsidiary DP Polska S.A., has the exclusive right to develop, operate and sub-franchise Domino’s Pizza stores in Poland.

System Sales up 13%. Like-for-likes up 3% for the year, up 6% in H2. 82% of delivery sales ordered online. 69 stores.

Cash at bank of £3.6m as at 31 December 2019 (£2.0m as at 31 December 2018)

“While we continue to experience the impact of competition and labour inflation particularly, we expect to continue to see the positive effects of our well-received marketing campaign, our strong digital presence, and the strength of the Domino’s reputation for quality and service”.

 

Watchstone (WTG.L) 150p £69.2m

 The Canadian subsidiary, Quindell Services Inc. has completed the sale of PT Healthcare Solutions Corp. and other subsidiaries forming its Canadian Healthcare services  business to 11628542 Canada Inc. a wholly owned subsidiary of LM Holdings Corp. 

As per RNS of 17 September 2019 the initial consideration is C$36.2m.

 

Yew Grove REIT (YEW.L) 96c €107m

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, further to the announcement on 19 December 2019, has now completed the acquisition of a portfolio of six office buildings at Millennium Park, Naas, County Kildare. The purchase price for the Portfolio is EUR25.3 million, which represents a net initial yield of 5.8 per cent. after accounting for purchase costs. The Portfolio has reversionary potential expected to yield in excess of 9 per cent.

 

CVS Group (CVS.L) p £m

HY Dec 19 trading update from one of the UK’s leading providers of integrated veterinary services

The improved trading performance delivered in the second half of the financial year to 30 June 2019, and the encouraging start to the new financial year, as announced at the time of the Annual General Meeting on 28 November 2019, has continued for the remainder of the half year to 31 December 2019.

In H1 2020, the Group’s total sales increased by 15.0% and like-for-like sales1 (“LFL”) increased by 8.4% . CVS expects to report H1 2020 Adjusted EBITDA  that is materially above that delivered in H1 2019 .

 

Novacyt (NCYT.L) 48p £29m

The international specialist in clinical diagnostics, provides an update following the launch of its research use only (RUO) test for novel coronavirus (2019-nCoV), which has been developed by its subsidiary Primerdesign as a direct response to the recent outbreak of the respiratory virus in China.

Since the World Health Organization declared the 2019-nCoV outbreak a global emergency on the 30 January 2020, the Company has seen strong demand for its nCoV test, which was launched on 31 January 2020. To date, Primerdesign has received orders for 33,000 tests and requests for quotations for another 32,000 tests from over 30 countries, with a high conversion rate from quotations to orders. The Directors believe the Company is well placed to support the growing global demand for nCoV testing.

The Company is planning to launch a CE-Mark approved nCoV test in the week commencing 17 February.

 

Midwich Group (MIDW.L) 530p £424m

The specialist audio visual distributor to the trade market with operations across the UK and Ireland, Continental Europe and Asia Pacific, has acquired the entire issued share capital of Starin Marketing, Inc, a specialist value-add AV distributor in the US for an enterprise value of up to $46.1m (£35.7m) . Intends to raise gross proceeds of £39.7m at 500pvia an accelerated bookbuild. For the year ended 31 December 2019, Starin delivered unaudited revenue of $222.7m, gross profit of $29.6m and EBITDA of $6.1m.

 

Thalassa (THAL.L) 63p £10.2m

The Board of Thalassa is pleased to announce that its wholly owned subsidiary, id4, has won the Best Compliance Solution Award at the prestigious “WealthBriefing Swiss Awards 2020”, held in Geneva on Thursday, 6 February 2020.

This award reflects the innovative approach developed by id4 to support financial institutions in meeting increasing compliance requirements in Anti Money Laundering (AML) and in Know Your Customer (KYC) regulations.

 

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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