Small Cap Feast

Small Cap Feast – 08 July 2019

Dish of the Day:

IMC Exploration (IMCP.L) focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, has bee admitted to the standard list of the Main Market.

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

ReAssure Group plc  –  The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market.

Main Market (Specialist Funds)

Voyager AIR  The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited   he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m·


Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019

Rumours & Speculation

Neptune Surf Technology plc*, a vertically integrated lifestyle accessory group focused on the surf market, designing its own high-performance wetsuits and surfing hardware and distributing these together with third party brands globally with key markets being Europe, Australia and USA and Brazil, is looking to join AIM and ‘is planning an £11m float’ according to The Sunday Telegraph.

Breakfast Buffet

Osirium Technologies (OSI.L) 74p £9.69m

Osirium Technologies, a leading vendor of cloud-based cybersecurity software, provided the following trading update ahead of the Group’s interim results for the six months ended 30 June 2019, which are expected to be released in Sept 2019.

Bookings are significantly ahead of the prior period at £1.03m (H1 2018: £0.61m), an increase of 70%. The Board anticipates that this growth trend will continue and expects bookings at the year end to be in the region of £1.6m.

Revenue for the six months to 30 June 2019 is anticipated to be £0.52m (H1 2018: £0.46m) with a strong level of deferred revenues at £1.24m (H1 2018: £0.73m), of which £0.46m are expected to be released in H2 2019.

Cash and cash equivalents as at 30 June 2019 amounted to £0.89m (H1 2018: £3.30m) with 31 Dec 2018 cash balances being £2.4m. The cash balance as at 30 June 2019 excludes the 2018 Research and Development tax credit of £0.47m, which is expected to be received in July 2019.

Diaceutics (DXRX.L) 84.5p £58.8m

Diaceutics, a provider of data analytics and implementation services to the global pharmaceutical industry, announced a trading update for the six months ended 30 June 2019. Trading has continued in line with market expectations and the Company remains well positioned in key markets, underpinned by a strong sales performance. 

An increased international footprint has enhanced Diaceutics’ global offering and allowed the Company to acquire new international clients.  The Nexus project is progressing as planned.

All outstanding debt has now been retired from the balance sheet resulting in net cash of £14m.

The Group’s interim results are expected to be announced in early Sept. 

Hardide (HDD.L) 51.5p £24.71m

Hardide, the developer and provider of advanced surface coating technology, announced that it has recently received major orders to coat components for a relatively new American multinational oil and gas customer. The orders are worth $850k (approximately £670k) and are part of the supply agreement previously announced.

Due to the expected timing of the components being received by the Company, not all of this order value is expected to be recognised in the current financial year. However, these orders support the Directors’ confidence that expectations will be met for the current financial year to 30 September 2019 and they provide a solid foundation for the following financial year.

The orders will be fulfilled from the Company’s coating facility in Martinsville, USA, and follows the decision by the Board last year to invest in increased coating capacity and a larger pre-treatment line at the Martinsville site.

Physiomics* (PYC.L) 3.25p £2.19m

Physiomics, a provider of technology-based solutions to predict the effects of cancer treatment regimens for the biopharma industry, announced that it has signed an agreement to work with Bicycle Therapeutics and Cancer Research UK.  The project is expected to be completed during this calendar year and will focus on the analysis of clinical data arising from the ongoing Cancer Research UK-sponsored Phase I/IIa clinical trial of Bicycle Therapeutics’ lead program, BT1718, in solid tumours.

“We are very pleased to be working on this second project with Bicycle Therapeutics and to be working for the first time directly with Cancer Research UK, the UK’s leading cancer research charity.”

Versarien (VRS.L) 101.5p £153.93m

Versarien, the advanced materials engineering group, announced that the Company has secured its first graphene orders from the North American corporate research and development centre of a Japanese headquartered company.  This customer is a global automotive components company that has operations in over 40 countries, employing in excess of 250,000 people.

After initial graphene quality testing trials, the Customer, has placed development orders for 1kg each of Versarien’s high purity graphene nano platelets and Nanene. The Customer’s principle operations focus on leading-edge automotive materials and process development, and the development of next-generation, vehicle-related, information and communications technology.

Impax Asset Management (IPX.L) 280p £365.16m

Impax Asset Management Group, the specialist investor focused on a more sustainable economy, provided an update of the development of its assets under discretionary and advisory management for the third quarter of its financial year.

On 30 June 2019, the Company’s AUM totalled £14.5bn ($18.4bn), representing an increase of 10% over the quarter.

“Impax has again delivered strong growth, with significant net inflows and a rising market contributing to an AUM increase of 10% over the three months to 30 June 2019. The transition to a more sustainable global economy is gaining pace and the specialist expertise that Impax has in this area is resonating with asset owners around the world.”

BlueRock Diamonds (BRD.L) 0.11p £1.63m

BlueRock Diamonds, the diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announced its Q2 2019 production update where record production has been achieved.

Record production of 3,516 carats 4x that in Q2 2018 (875 carats)

Record processed tonnes of 78,759 tonnes, up 130% on Q2 2018 (32,247 tonnes)

Record grade of 4.46cpht (Q2 2018 2.45cpht)  

Average price achieved of $430/c on sales of 2,517 carats (Q2 2018, 875 carats sold at $305/c)

24.9 carat stone sold for a record $190,000 in June

Tender revenue $1.08m (Q2 2018 $0.27m)

No time lost to accidents reflecting Board’s commitment to health and safety

Firestone Diamonds (FDI.L) 1.32p £7.49m

Firestone Diamonds announced the recovery of a 54 carat intense fancy yellow, sawable diamond from its Liqhobong Mine in Lesotho. The diamond will go on sale at the next tender which is scheduled to take place during Sept 2019.

“The Liqhobong mine has become known for its fancy yellow stones but this one is the largest we’ve recovered so far and is therefore quite special. Although certain segments of the diamond market are currently struggling, the demand for unique natural stones remains positive.”

Renalytix AI (RENX.L) 320p £172.2m

Renalytix AI, a developer of artificial intelligence-enabled clinical diagnostics for kidney disease, announced positive study results have been published in the Journal of American Society of Nephrology (JASN), in a paper entitled, A Peripheral Blood Gene Expression Signature to Diagnose Subclinical Acute Rejection. The results are part of a continuing research programme from the FractalDx kidney transplant diagnostic portfolio and demonstrate a blood test can diagnose kidney rejection before clinical signs of kidney damage and may be used to tailor immunosuppressive therapy. The results demonstrate key information can be provided to a transplant clinician without the need for an invasive kidney biopsy.

This post-transplant diagnostic, known as FractalDx ACR, is the second of the candidate tests from the FractalDX portfolio in-licensed by RenalytixAI from the Icahn School of Medicine at Mount Sinai and is in addition to study results published on 7th June in the Journal of Clinical Investigation (JCI) Insight2, detailing a pre-transplant test for the recipient, now called Fractal Baseline Dx, for prediction of early transplant rejection.

Horizonte Minerals (HZM.L) 1.98p £28.45m

Horizonte Minerals, the nickel development company focused in Brazil, announced that it has been awarded the Energy Decree for its 100% owned Araguaia Ferronickel Project in Brazil. The Energy Decree (Portaria de Energia) was awarded to the Company by the Brazilian Ministry of Mines and Energy.

The Energy Decree guarantees Horizonte access to the national grid with the required electrical energy demand for the commercial ferronickel operation;

Engineering studies advancing for the transmission line with the National Agency of Electric Energy (Agência Nacional de Energia Elétrica – ANEEL);

In parallel with this process Horizonte submitted the combined Preliminary Licence and Construction Licence application for the powerline to the Brazilian Pará State Environmental Agency (‘SEMAS’) in mid-June; and

The receipt of the Energy Decree follows a number of key permitting milestones for the Araguaia project, including the award of the water permit for full-scale operation in April 2018 and the Construction Licence early 2019.

Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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