Small Cap Feast

Small Cap Feast – 07 January 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): *

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Dish of the Day:

Barkby  Group BARK.PL move form NEX to AIM. RTO of  Tarncourt Ambit Properties Limited, Tarncourt Ambit Limited and Workshop Trading Holdings. £40.6m  mkt cap. £5m raised at 30p.  Diverse Group covering Real Estate, Hospitality, Industrial and Life Sciences. 17mth revs to May 19 £6.3m,  op profit £0.3m. Acquisitions turning over c. £10m with net profit of £0.4m.

Off the Menu:

Defenx has left AIM with the majority shareholder taking its holding up to c. 87.9% acquiring shares at 3p.


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

Rumours and Speculation

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.


Breakfast Buffet

BATM Advanced Comms (BVC.L) 41.5p £183m

The leading provider of real-time technologies for networking solutions and medical laboratory systems, announces that Ador Diagnostics (“Ador”), the Group’s subsidiary focused on the development and marketing of unique in-vitro molecular diagnostics solutions, has received its first commercial order from the leading Italian distributor of molecular biology and genomics products. Under the agreement, Ador will deliver the new NATlab reader and cartridges for the identification of meningitis in the second half of 2020.
Ador’s NATlab molecular biology solution provides rapid sample-to-answer diagnosis of bacterial, viral or fungal infections, within approximately 15-90 minutes, using DNA sampling. The unique system is modular, compact and mobile, and is designed to be used at the point-of-care as well as in hospital labs. The Group believes that NATlab will allow medical practitioners to provide far quicker and more efficient treatment.

Crossword Cybersecurity* (CCS.L) 455p £21.3m

CCS has strengthened its leadership team with the appointment of a Group Sales Director and a new Chair of its consulting subsidiary to assist in driving growth during 2020. Sean Arrowsmith joins as Crossword’s first Group Sales Director in January, responsible for both product and consulting sales activity. Sean will lead and grow the sales team. He inherits a strong pipeline for the Rizikon Assurance risk product, which stands in excess of £3m over 100 companies in a wide range of sectors. Sean comes with 20 years of sales experience in cyber/information security and technology. He was previously Group Sales Director at IRM Ltd, the World Class Centre in Cyber Security of Altran Technologies SA.
Dr Robert Coles has taken on the role as Non-Executive Chair of the Group’s consulting subsidiary. Dr Coles knows Crossword well through his current role as Chair. He spent many years as a Chief Information Security Officer (CISO) in large corporates including GlaxoSmithKline (GSK), National Grid and Merrill Lynch. Rob Johnson leaves Crossword after two successful years as Chief Operating Officer to take up new challenges. The COO role will not be replaced.

Clean Invest Africa (NEX:CIA) 1.05p £11.95m

The Company wishes to inform the market that Filippo Fantechi has been confirmed as the Chief Executive Officer of the Company. The change reflects Filippo’s founding position of the CoalTech Group and his ability and experience in the energy, utility and construction sectors.
Shaikh Mohamed Abdulla Khalifa AlKhalifa (“Shaikh Mohamed AlKhalifa”) will join the board of directors with immediate effect as the Non-Executive Chairman of the Company. Shaikh Mohamed AlKhalifa is based in the Kingdom of Bahrain and a Member of the Bahraini Royal Family. Shaikh Mohamed AlKhalifa is responsible for investment opportunities and has an extensive network of contacts which support the development of the CoalTech Group business, including professional
firms and investment bankers. Shaikh Mohamed AlKhalifa holds 332,619,294 ordinary shares in the Company representing 29.23 per cent. of the current issued share capital. The Company also notes that Samuel Toby Preece has resigned with immediate effect to concentrate on other business interests.

CARR’s (CARR.L) 146.5p £135m

The Board continues to expect the performance of the Group to be in line with its existing expectations for the full year.
Trading in Agriculture during the last three months was behind the Board’s expectations driven primarily by mild weather. In Engineering, as previously reported, contract phasing has also led to a slow start but, with the benefit of a strong pipeline, we expect an improved performance for the remainder of the financial year. As a result of this and lower central costs we continue to expect the full year performance to be in line with expectations, albeit with a greater weighting than normal to the second half.

SDX Group (SDX.L) 23.25p £47.6m

The MENA-focused oil and gas company, is pleased to announce that upon completion of an independent technical and economic audit of the reserves at its operated South Disouq concession (SDX: 55% working interest), Gaffney, Cline & Associates (GCA) has reported that gross proved plus probable reserves (“2P reserves”), as at 30 September 2019, are 86 BCF of natural gas and 0.6 MMbbl of condensate. This is equivalent to gross 89 BCFE and represents an increase of 35% from gross 66 BCFE as included in the Company’s reserves audit covering all of its concessions as at 31 December 2018.
Gas has been flowing through the South Disouq Central Processing Facility (“CPF”) since 7 November 2019 with all four production wells and the CPF performing as expected. The Company has been producing at a gross stabilised rate of approximately 50 MMcfe/d since 10 December 2019 which was approximately three months ahead of expectations.

Tekcapital (TEK.L) 5.25p £3.35m

The UK intellectual property (IP) investment group focused on creating marketplace value from investing in university technology, is pleased to announce that Lord David Willetts has joined the Board of Tekcapital with immediate effect.
The Rt Hon Lord Willetts FRS is President of the Resolution Foundation and former U.K. Minister for Universities and Science. He served as the Member of Parliament for Havant (1992-2015), and previously worked at HM Treasury and the No. 10 Policy Unit. Lord Willetts is a visiting Professor at King’s College London, former Chair of the British Science Association and a member of the Council of the Institute for Fiscal Studies. He is also an Honorary Fellow of Nuffield College, Oxford. Lord Willetts has written widely on economic and social policy. His book ‘The Pinch’, which focused on intergenerational equity, was published in 2010, and he recently published ‘A University Education’. Lord Willetts is a graduate of Oxford University and has been awarded numerous honorary doctorates.

Ideagen (IDEA.L) 191.85p £433m

The  leading supplier of integrated risk management software to highly regulated industries, announces that Graeme Spenceley will retire from his position as Chief Financial Officer of the Company on 01 July 2020. Graeme will remain with the Group as Company Secretary which is a non-board and part time position.

The Company is pleased to announce that, following an extensive search process, Emma Hayes will be joining the Group as Chief Financial Officer effective from 01 July 2020. Emma is currently Group Finance Director, Capital Delivery and Commercial, at Severn Trent PLC having held the position since 2017. In this role she controlled a P&L and Balance Sheet of approximately £600m and was responsible for driving operational efficiencies through her 100-strong team.


TP Group (TPG.L) 7.125p £55.5m

The providers of mission-critical solutions for a more secure world, announces that its subsidiary, Sapienza Consulting Ltd, has signed a EUR2.2 million Master Service and License Agreement with the European Space Agency (“ESA”) to renew its service provision and related licensing for the ECLIPSE software suite.

ECLIPSE is a suite of specialised software modules focused on space industry project management activities. ESA has been using Sapienza’s ECLIPSE suite for ten years and this agreement extends its use of the system for a further three years across all its sites and Directorates.


Mkango Resources (MKA.L) 8.15p £10.84m

Appointment of Mr Tim Slater as Interim Chief Financial Officer (“CFO”) of the Company.  Mr Slater is currently Managing Director of Harmer Slater which provides CFO, accounting and regulatory compliance to AIM- and Toronto Stock Exchange- listed companies. Mr Slater is an ACA CTA trained accountant and has previously served as Interim CFO for several AIM- and TSXV-listed companies. Mr Slater has over 10 years’ experience in the mining and manufacturing sectors.


Red Rock Mines (RRR.L) 0.45p £3.04m

The concept study into the expansion of the Tshipi Borwa Manganese Mine (minority holding) has been completed. A comprehensive feasibility study will commence shortly.

The feasibility study will be based on a production profile of 4.5 million tonnes (the “Base Case Scenario”), a 50% increase on the current 3 million tonne production level.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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