Small Cap Feast

Small Cap Feast – 09 January 2020

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Set Menu NEX Growth:

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Dish of the Day:

Panther Metals (PALM.L) focused on the development of gold exploration opportunities in Canada and Australia,  has moved from the NEX Exchange to the standard segment of the Official List 

 

Off the Menu:

No leavers today

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale.


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

Main Market (Specialist Funds)

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

Eenergy (EAAS.L) 7.5p £9.8m

Formerly Alexander Mining. Completion of RTO. Raised £2m at 7.5p.

eEnergy is an established “Energy Efficiency-as-a-Service” (EEaaS) business currently focused on providing “Light-as-a-Service” to commercial customers through eLight. eLight helps businesses and schools switch to LED lighting for a fixed monthly service fee, avoiding any upfront payments.

The Board’s strategy is to develop eEnergy as a broader energy services company and acquire other businesses in the energy management sector. The market in the EU for energy efficiency services was approximately €25 billion in 2017 and is expected to double by 2025.

 

ECSC (ECSC.L) 148p £13.4m

The provider of cyber security services, is pleased to announce five major contract wins across a range of sectors, with a combined revenue value in excess of £750,000.  This revenue will be recognised throughout the duration of the contracts which vary between one and three years.

The largest contract is to provide 24/7/365 cyber security monitoring and breach detection, following ECSC’s response to a major security incident within a chemical company.  The managed solution utilises ECSC’s proprietary Kepler Artificial Intelligence, managed from the Group Security Operations Centres in the UK and Australia.

Also using the same Kepler Artificial Intelligence technology, the next three contracts represent a two year renewal from a household name in the retail sector, a new three year contract with an IT services company, and a one year contract extension with a financial services organisation.

The final contract is a cyber security testing programme for a new client providing mobile payment solutions.

 

Providence Resources (PVR.L) 3.325p £21.8m

Alan Linn has been appointed Chief Executive Officer of the Company with immediate effect. He also joins the board as an executive director.

Alan has over 35 years of international oil and gas industry experience with a successful track record of operating and developing businesses in diverse and often challenging environments. He has over ten years leadership experience as an executive director working with listed oil and gas companies, and a proven ability to devise and implement strategic change within established businesses. Having established his career originally in the UK, he subsequently worked internationally with Lasmo, Cairn Energy, Tullow Oil, ROC Oil, and with Afren PLC as part of a restructuring process. He joins Providence from Third Energy Onshore where he was Chief Executive Officer. Alan is a Chemical Engineer and lives in Ireland.

 

Cambria Autos (CAMB.L) 70p £70m

Update on recent trading ahead of its  AGM.

The Group’s trading performance in the first three months of the current financial year to November 2020 has been in line with the Board’s expectations.  

The new car market was down 1.2% with the private segment down 4.4% and the diesel content down 17.9%. The Group’s new vehicle unit sales for the quarter were down 9.4%, with the sales of new retail cars to private guests down 7.4%. This reduction in Group new vehicle sales was offset by a significantly improved gross profit per unit performance,.

Used vehicle sales continued to perform well. Total used unit sales were up 2.0% compared with the same period in the prior year and the Group delivered continued improvement in gross profit per unit.

Overall, the Group’s aftersales operations delivered a stable performance, with revenue increasing by 1.9%.

 

Maintel Holdings (MAI.L) 283p £40.5m

Trading update for the financial year ending 31st December 2019.

Whilst the Group has continued to make encouraging progress in its transformation to a cloud-first business, the Board, , now expects to report a lower level of revenue and adjusted EBITDA than previously anticipated:

  • The protracted delay in the announcement of the new public sector procurement frameworks significantly reduced the number of available bids during the period.
  • As a result of two of the group’s partners losing four contracts between them, managed service revenue to the Group reduced faster than expected. The Board is confident that the contract renewal profile for 2020 does not represent a similar risk.

For the year ended 31st December 2019, the Board now expects revenue of approximately £123m and adjusted EBITDA of approximately £10.8m excluding IFRS 16

For the year ending 31st December 2020, the Board anticipates that the Group will deliver low single digit organic revenue growth, underpinned by the improved order intake in Q4 and a return to healthier levels of activity in the public sector.

 

Columbus Energy (CERP.L) 3.15p £26.7m

Update for its Saffron well, onshore Trinidad.

Highlights

  • The Company has successfully completed drilling and casing operations for the Saffron well, reaching a total depth (“TD”) of 4634 feet as planned.
  • The Company completed open hole logging to a depth of 2545 feet, with cased hole logging to TD currently underway with processing and interpretation to be completed in the coming weeks.
  • In the Upper, Middle and Lower Cruse (the tertiary, secondary and primary targets), the Company drilled multiple sand packages with high sandstone content and multiple oil shows to TD.  The full potential of the well will be evaluated in the coming weeks upon the processing and interpretation of the cased hole logging.
  • The Company is planning to complete and test the Saffron well in Q1 2020.

 

TP Group (TPG.L) 7p £55m

The providers of mission-critical solutions for a more secure world, announces that it has been awarded a contract valued at c.£1.0 million from an existing long-term customer based in South East Asia for the supply of a submarine carbon dioxide removal system.

The work will be undertaken at the TP Group facility in Portsmouth for delivery at the end of 2020.  This contact is part of a broader replacement programme.

Phil Cartmell, Chief Executive Officer of TPG commented:

“We are delighted once again to have secured this contract with a long-term customer in the maritime sector. It also demonstrates our growing reputation as a trusted supplier in a global market.”

 

Itaconix (ITX.L) 1.575p £4.2m

The innovator in sustainable specialty polymers, is pleased to announce the following trading update for the year to 31 December 2019.

Unaudited revenues for the year were £1.1 million, representing 59.6% growth over 2018.

Unaudited LBITDA was in line with management expectations.

Net cash balances as of 31 December 2019 were £0.6 million and include £0.13 million in R&D tax credits received ahead of expectations before the year end.

John R. Shaw, CEO of Itaconix, stated: “The acceleration in our revenue growth reflects growing commercial validation and consistent progress with customer projects across all of our products and application areas. Our ingredients have unique value that offer performance, cost, and sustainability advantages for the next generation of products used.”

 

Alien Metals (UFO.L) 0.215p £2.9m

 The exploration and development company is pleased to announce that it is in the process of submitting applications for permission to drill at its Los Campos and San Celso Silver projects in Mexico. Additionally, Alien’s Technical Director, Bill Brodie Good, will be conducting a site visit to these projects imminently. Both of these events tie into potential long term development plans for these projects.

 

Jadestone Energy (JSE.L) 87.5p £403m

 Jadestone Energy Announces Award of Damages in Respect of Philippines Arbitration .

US$11,075,000 in favour of Jadestone’s subsidiary, less specific expenditures incurred prior to the breach to be agreed or determined if the parties cannot agree; and (ii) legal costs of approximately US$4,300,000.  The tribunal’s costs will be borne by Mitra SC56 (Jadestone) and Total 25:75.

 

Head Chef:

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

*A corporate client of Hybridan LLP

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