Small Cap Feast

Small Cap Feast – 10 January 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 919

Total number of AIM Companies trading: 844*
* As at 07 January 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 89*

Total number of NEX Growth Market Companies trading: 87*
* As at 07 January 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 139*

Total number of Standard List Companies trading: 130*
* As at 07 January 2019

Dish of the Day:

Ocean Outdoor (OOUT.L) has re-joined the Main Market (standard) following a£200m RTO—a leading operator of premium Digital Out-of-Home advertising . Mkt cap $514m.

Off the Menu:

No Leavers Today

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Specialist Funds)

The Global Sustainability Trust -aiming for attractive risk-adjusted returns by investing primarily in private market investments that are expected to have a positive environmental and social impact raising c.£200m. Due 31 Jan 2019.

AIM

Circassia Pharma (CIR.L) – specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb.

Greenfields Petroleum (TSX-V:GNF)  production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Breakfast Buffet

Safecharge International (SCH.L) 1.27p £414m

FYDec18 trading update from  the payments technology company.

“The Company announced that the strong momentum reported in its last trading update issued on 28 Nov 2018 continued into Dec with record revenues and transaction processing volumes in Q4 2018. The Group’s processed volume for 2018 grew by 45% to $13.9bn, compared to $9.6bn in 2017. The Group expects that its revenue for 2018 will be at the top-end of management expectations, with revenue for the full year in the range of $137.5-138.5m, and Adjusted EBITDA in line with management expectations in the range of $36.5-37.5 m.

The Board reiterates its view that the full year dividend for 2018 will total 75% of Adjusted EBITDA for the period.

With robust current trading, an expanded client base and strong sales pipeline, the Directors look forward with confidence to the 2019 financial year and beyond

Premier AM (PAM.L) 193p £206.05m

Q1 trading update for the three months to 31 Dec 2018.

AUM were £6.4bn as at 31 Dec 2018 (31 Dec 2017: £6.4bn)

Total net inflows for the quarter of £65m (3 months to 31 Dec 2017: £237m)

Twenty third successive quarter of positive net inflows

Total net inflows of £562m for the rolling twelve months to 31 Dec 2018 (rolling twelve months to 31 Dec 2017: £843m)

Continued strong relative investment performance net of all fund charges:

Over three years to 31 December 2018: 77% of AUM were above median

Over five years to 31 December 2018: 84% of AUM were above median

Quarterly dividend per share declared of 1.70p vs 1.65p for the same period last year

 

Crossword Cybersecurity* (CCS.L) 265p £12.4m

The cyber security technology commercialisation company, released insights from its global review of academic cyber security research. The new database looked at nearly 1,200 current and past research projects from academic institutions in the UK, US, Europe, Australia, and Africa.  It reaffirmed the value of the cyber security research market, with reported funding of EU projects at over 1bn.

The review ‘finds Cyber Physical Systems, Privacy, IoT and Cryptography are the strongest cyber security areas to watch .

“One apparent omission is research solely focused on the application of AI techniques to complex cyber security problems. We hope to see more of that in the future, as the industry works to stay ahead of the constantly evolving cyber security landscape.”

 

Diurnal Group (DNL.L) 23.5p £14.5m

The specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces the US Patent and Trademark Office (USPTO) has granted a second US patent for Chronocort® (modified release hydrocortisone).

US 10,166,194, entitled “Hydrocortisone Controlled Release Formulation”, is a patent claiming a method of treatment for adrenal dysfunction, including the diseases congenital adrenal hyperplasia (CAH) and adrenal insufficiency (AI), that delivers hydrocortisone in accordance with a circadian rhythm. The patent provides in-market protection until 2033 and is in addition to the already granted pharmaceutical composition of matter patent US 9,750,704, which provides in-market protection until 2034.

 

GAN (GAN.L) 61.p £52.3m

Material long-term deal with the FanDuel Group to be FDG’s Platform for rapid deployment of Internet casino, and account services for Internet sports betting in Pennsylvania (pop. 13M) and West Virginia (pop. 1.8M), in addition to the existing services provided since 2013 by GAN to FDG in the State of New Jersey (pop. 9M).

This expanded contract represents a material increase in the value of the partnership to GAN across revenue share, professional services and patent licensing fees.

 

IndigoVision (IND.L) 124p £8.9m

The Board of IndigoVision is pleased to report that sales for the financial year ended 31 Dec 2018 were $45.9m, representing a 9% increase over 2017 sales of $42.1m (as restated for the adoption of IFRS 15). The positive trend on gross margins reported in the interim results was maintained throughout the year. In 2018, the Company expects to report a significant reduction in its operating loss.

Net cash in hand at 31 Dec 2018 was $2m and the Company is continuing its discussions with debt providers to replace the existing Royal Bank of Scotland overdraft facility which expires on 28 Feb 2019.

 

 

Eland Oil & Gas (ELA.L) 118p £258.7m

The “oil & gas production and development company operating in West Africa with an initial focus on Nigeria, announced that through its joint-venture subsidiary, Elcrest Exploration and Production Nigeria Ltd, it has completed drilling phase of the Gbetiokun-3 appraisal/development well.

The OES Teamwork Rig has successfully completed drilling the Gbetiokun-3 well as part of the initial phase of the field development. The well encountered oil-bearing reservoirs across multiple horizons and will be completed as a dual producer on the D9000 and E4000 reservoirs, which have total net pay thicknesses of approximately 46 feet and 44 feet true vertical depth  respectively.”

 

Belvoir Lettings (BLV.L) 92.5p £32.3m

The UK’s largest property franchise, reported that it exceeded its 2018 target for Assisted Acquisitions by its franchisees, a core part of Belvoir’s growth strategy.

During 2018 franchisees completed on 26 transactions under the Belvoir Assisted Acquisitions programme, increasing the acquired annualised network revenue to £6.9m which exceeded the ambitious £6.6m target, double the 2017 level, set by the Board.  These acquisitions are expected to add in excess of £0.6m p.a. of recurring Management Service Fees (MSF), the main revenue stream for the Group. It also adds over 4,400 managed properties, increasing the portfolio by 7%. The Belvoir Group now represents over 62,000 managed properties.

 

Gfinity (GFIN.L) 6.4p £23.2m

The “esports solutions provider, announced it will host the third EA FUT Champions Cup April as part of the EA SPORTS™ FIFA 19 Global Series. This latest announcement is in addition to the four previously announced events: the Gfinity FUT Champions Cup Dec, which took place at the end of last year, and three Licensed Qualifying Events which will run each month from January to March. All events will be held at the Gfinity Esports Arena in London.

The tournament, which is the largest of the regular season events and forms part of the journey that players will take on the road to the FIFA eWorld Cup 2019, runs from 5th-7th April and will feature 64 of the world’s best FIFA 19 players who have qualified through in-game online competitions. The event will be streamed live via the EA SPORTS FIFA channels to millions of fans around the world.”

 

PetroNeft Resources (PTR.L) 1.27p £9.02m

The “ oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, is pleased to announce the selection and appointment of a new CEO. Mr. David Sturt, who has been a NED of the Company since 2016 will become CEO with effect from 25 March 2019. In the meantime, Karl Johnson, VP of Operations, will continue as Interim CEO.

David has over 35 years of international experience in the upstream oil and gas industry gained working on projects in Europe, CIS, Africa, South America and SE Asia. Since 2012 David has been a Senior VP with Azimuth Limited, he is currently also a NED of Petrosibir AB, a Swedish company with oil and gas interests in Russia. During 2011-2012, David served as a Deputy Board Chairman and Head of Upstream for Ukrnafta, the largest oil company in Ukraine.

 

Head Chef:

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

*A corporate client of Hybridan LLP

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