Small Cap Feast
Small Cap Feast – 10 May 2019
Set Menu AIM:
Total number of AIM Companies (Incl Susp): 898
Total number of AIM Companies trading: 827*
* As at 03 May 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 03 May 2019
Set Menu Standard List:
Total number of Standard List Companies (Incl Susp): 161*
Total number of Standard List Companies trading: 141*
* As at 03 May 2019
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
Manx Telecom has left AIM after being acquired by Kelion Bidco Limited. Safeland has left AIM today after approval from the General Meeting
Manx Telecom has left AIM after being acquired by Kelion Bidco Limited.
Safeland has left AIM today after approval from the General Meeting
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
What’s Cooking in the IPO Kitchen?
Main Market (Premium)
Jewel UK Midco Limited, the parent company of The Watches of Switzerland Group Limited, is looking to join the premium segment of the main market. Offer TBC, expect TBC
Finablr plc— global platform which provides Cross-Border Payments and Consumer Solutions, Consumer Foreign Exchange Solutions and B2B and Payment Technology Solutions to consumers and businesses in the large and growing payments and foreign exchange market is looking to list on the Main Market plans to raise $200m, expected May 2019
Main Market (Standard)
IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. Expected 11 June 2019
Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019.
SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m
Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.
Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
Arbuthnot Banking Group plc, primarily involved in banking and financial services including commercial banking, private banking, wealth planning and investment management, is looking to joining the NEX Exchange Growth Market. Expected 17 May 2019
SolGold (SOLG.L) 38p £701m
Update from the Company’s regional exploration activities from its 100% owned Coangos Project in southeastern Ecuador .
Initial geochemical sampling has identified 4 anomalous areas in the Coangos Project in the Coangos 2, Chimius and Chimius 2 Tenements .
Two areas of mineralised outcrop have been identified in Anomaly 1
Rock chip samples of mineralised outcrops;
R02001026 9.27% Cu, 91.5g/t Ag
R02001027 8.31% Cu, 99.8g/t Ag
R02001031 6.12% Cu, 60.1g/t Ag
Rock chip samples of near-source stream boulders;
R02001010 23.2% Cu, 122g/t Ag
R02001011 20.6% Cu, 114 g/t Ag
High-grade fault breccia, located in anomaly 2 has been mapped over 200m in length and 1m wide and remains open in both directions.
Scancell Holdings (SCLP.L) 4.05p £14.74m
The developer of novel immunotherapies for the treatment of cancer, announced that it has appointed six world-leading clinicians to establish its Clinical Advisory Board (“CAB”). The Board will be chaired by Professor Robert Coleman and will provide strategic guidance and support as the Company prepares for its lead Moditope® candidate, Modi-1, to enter the clinic in Q1 2020 in multiple tumour types, including head and neck, breast and ovarian cancer.
The Company also provides an update on progress towards initiating the Modi-1 Phase 1/2 clinical trial.
Good Manufacturing Practice (GMP) synthesis of the bulk Modi-1 peptide conjugates is underway at the PolyPeptide Group’s facilities in The Netherlands.
The Company signed an agreement at the end of April 2019 with AMRI (Glasgow, UK), a global contract and manufacturing organisation, to formulate, manufacture and package the Modi-1 GMP final product for clinical testing.
The preclinical toxicity testing programme required prior to the start of the clinical trial commenced in April 2019 and is anticipated to be completed during H2 2019.
Symphony Environmental (SYM.L) 11p £10.82m
The “global specialist in products and technologies that “make plastic smarter” advised, further to its statement on 15 March 2019, that the European Chemicals Agency (ECHA) has been instructed by the European Commission to close the oxo-degradable plastics restriction process which commenced in Dec 2017 because the Commission thought that those plastics created microplastics. This still leaves the EU Single-use Plastics Directive in draft, but it is now clear that there is no scientific dossier published by ECHA to support any restriction on such plastics in Europe.”
“Microplastics are created by the disintegration of ordinary plastics, and they are very persistent. Oxo-biodegradable plastics like d2w are necessary, because they are for the time being the only way to prevent the accumulation of plastics and microplastics in the open environment. They do this by degrading much more quickly than ordinary plastic so that they can then be properly biodegraded and recycled back into nature by bacteria and fungi, and will not accumulate as a problem for future generations.”
Tribal (TRB.L) 72.5p £139.2m
The provider of software and services to the international education management market, has acquired Crimson Consultants Holdings Limited, the UK’s market-leading provider of customer relationship management (‘CRM’) based solutions to the education market, for a total initial consideration of £6m with a further £4m contingent consideration based on meeting an annual recurring revenue target.
Crimson’s technology provides valuable, additional functionality to Tribal Edge, Tribal’s cloud-based, next generation Student Information System (SIS). It will accelerate its speed to market and reduces Tribal’s requirement to develop this functionality.
Crimson brings with it a broad existing customer base and strong relationships with universities and Further Education colleges, presenting compelling new cross-selling opportunities
The Acquisition will be earnings accretive in the medium term as Tribal is reinvesting in Crimson to drive increased revenue in markets in the near term.
For the year ended 31 Dec 2018, Crimson had revenues of £3m, operating profits (adjusted EBITDA) of £0.6m and net assets of approximately £0.3m.
Oncimmune Holdings (ONC.L) 89.5p £56.2m
The specialist in the development, manufacture and commercialisation of personalised immunodiagnostics for the screening, detection and care of cancer, and its partner, Genostics Company Limited, announced the start of a multi-centre case control study on early lung cancer detection (for screening and nodules) in the People’s Republic of China using an extended panel of autoantibodies to accommodate variations in the biomarkers expressed on cancer cells in Asian populations.
The results are expected in the fourth quarter of 2019 and will be used to support Oncimmune’s application for approval of EarlyCDT-Lung with the China Food and Drug Administration.
StatPro (SOG.L) 123p £80.33m
The “provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, has secured a three-year contract, including a significant uplift in annual value with a EU investment manager for Revolution Delta, with a minimum contract value of EUR1.2m.
The investment manager currently uses Revolution Delta for a variety of purposes but has now added a new module to cover the new EU Money Market Regulations in order to provide risk reporting to the regulator.
As regulations evolve, so StatPro is providing its clients with extended services to mitigate their cost of meeting onerous and multiple requirements.”
Bluejay Mining (JAY.L) 11p £93.77m
Submission of the Social Impact Assessment for its Dundas Ilmenite Project in Greenland, the world’s highest-grade mineral sands ilmenite project.
Representsthe completion of another core module in the exploitation permitting process for Dundas
Key findings of the Study concluded:
Dundas judged to have a net positive impact on local communities
Substantial public support for Dundas’ development demonstrated across the Qaanaaq region as well as throughout Greenland with national stakeholders
The new mine is expected to bring significant employment opportunities and economic development to the region and to Greenland in general
Premier Technical (PTSG.L) 74.5p £85m
“The niche specialist services provider, announced a trading update for the 12 weeks to 31 March 2019.
Trading during the first quarter of the current year has been strong, and the recent acquisitions of Guardian and Trinity are performing ahead of management expectations.
Sales remain robust as contract renewal rates remain high and a number of significant three to five year contracts and framework agreements have been signed across all disciplines with new and existing customers since the beginning of the financial year. Notable sales wins include a fire solutions contract for London Underground, fixed wire testing for BMW and replacement fall arrest equipment for Morrisons.
This underscores our confidence in achieving a successful full year result in 2019, in line with the board’s expectations.”
RA International (RAI.L) 43.5p £73.77m
The “provider of services to remote locations in Africa and the Middle East, announced it has been awarded a new contract by the United Nations Support Office in Somalia (UNSOS) to provide vehicle and equipment fleet operation and first line maintenance services to UNSOS in up to 10 locations in Somalia. Under a previous agreement, RA International provided these services to UNSOS in one location.
The contract will run for up to five years with work set to start in June. The total five-year value of the contract is $9.8m.”
VP (VP..L) 730p £293m
The equipment rental specialist, announced the acquisition of the entire issued share capital of Sandhurst Limited for a cash consideration of £3.325m.
Sandhurst was founded in 2004 and is engaged in the rental of specialist excavator attachments to the construction and civil engineering sectors from five locations across the UK.
Sandhurst will work alongside and complement our Piling business within Vp’s UK division.
0203 764 2344
*A corporate client of Hybridan LLP
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email email@example.com with “unsubscribe me”.