Small Cap Feast

Small Cap Feast – 11 March 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 908

Total number of AIM Companies trading: 837*
* As at 27 February 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 27 February 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 161*

Total number of Standard List Companies trading: 142*
* As at 27 February 2019

Dish of the Day:

DWF Group (Main Premium) DWF.L – a  Global Legal business.  Primary gross proceeds of approximately £75m at 122p with market cap of £366m. HYOct18 revs of £133.4m and gross profit of £66.2m

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 (Premium)

US Solar Fund, a newly-established investment company focused on investing in solar power assets mainly in the US, looking to raise $250m at $1. Expected 20 March


Techniplas –global  producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient.  FYDec17 rev $515m.

Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

Breakfast Buffet

Jangada Mines (JAN.L) 2.75p £6.25m

Update on recently completed exploration activities at its Pitombeiras West vanadium deposit in north-eastern Brazil.

Drill results confirm the presence of a high-grade deposit with potential for significant resource delineation

High-grade zone contains an average of 0.83% V2O5, 11.6% TiO2 and 48.4% Fe over a 12.8 m average downhole width

Total mineralised intersections range from 26 m to 46 m wide with average grades of 0.57% V2O5; 8.1% TiO2 and 37% Fe

High grade mineralisation commences at surface and remains open at depth and along strike

Preliminary metallurgical tests demonstrate that the material can be processed by conventional methods currently used for the ore type globally

Watkin Jones (WJG.L) 224.5p £573.08m

The “UK developer and constructor of multi-occupancy residential property assets, with a focus on the student accommodation and build to rent sectors, announced that the Group has completed the forward sale of a purpose-built student accommodation (‘PBSA’) development in Wembley to the real estate investment business of DWS.

The consideration payable to Watkin Jones over the course of the development will be approximately £90m, net of all client funding and acquisition costs. The scheme is expected to deliver a margin in line with target returns and is scheduled for delivery in time for the start of the 2021/22 academic year.  The completed scheme will be managed by Fresh Student Living, the Group’s PBSA asset manager.

The Wembley PBSA scheme has a planning consent for 599 high quality purpose designed student beds with associated amenity and management space.  It also includes a retail offering and substantial landscaped external communal area.”


Nektan (NKTN.L) 14p £6.42m

Nektan has added another leading operator to its growing B2B E-Lite platform. Addison Global, the creators of MoPlay, have partnered with Nektan to access its portfolio of industry-leading casino games via Nektan’s proprietary E-Lite content aggregation platform. Launched in Aug 2018, MoPlay is the global betting partner of Premier League clubs, Manchester United FC and Watford FC.

Nektan’s B2B content distribution platform, E-Lite, provides gaming operators with more than 700 of the industry’s most cutting-edge, mobile-ready HTML5 games content, including titles from PGSoft, Habanero and Yggdrasil. E-Lite also offers operators an advanced suite of promotional tools, including free spins, which can be configured across all games via the E-Lite back office. The integration with the E-Lite platform will see MoPlay significantly boost its casino offering, providing its players with a more feature rich and diversified gaming experience.


Draper Esprit (GROW.L) 550p £642.69m

Update on recent investments and developments in its portfolio .

The Company has continued to invest in new and existing high growth portfolio companies. Recent investments include a £7m funding round in Hadean led by Draper Esprit, a £4.3m (5m) investment in N26, a £3m investment in Onefootball and a further investment as part of Trustpilot’s $55m Series E funding round.

Other developments within the Company’s core portfolio include the acquisition of Graze by Unilever plc and a strategic investment in Pod Point from Legal & General.

The board is confident that the Company is on track to meet its NAV growth expectations for the full year ending 31 March 2019.


OPG Power (OPG.L) 23.5p £85.34m

“As previously reported, Unit IV (180 MW) of OPG’s Chennai plant was shut down whilst turbine repairs were undertaken. OPG reported that the repair works, which were performed under the supervision of the turbine manufacturer, have been completed and Unit IV re-started operations on 5 March 2019.

“Despite the temporary interruption of operations at Unit IV, we expect to meet market profit expectations for our final results for the year to 31 March 2019 and we are confident of maintaining strong operational performance in FY20.”



Oriole Resources (ORR.L) 0.39p £2.63m

The exploration company operating in Africa and Europe, will receive $0.5m in success-based payments from its partner Anadolu Export Maden Sanayi ve Ticaret Limited Şirketi (‘Anadolu’) in relation to the Karaağaç project in Turkey. The payment occurs as per the terms of the exploration agreement, which was announced on 2 Feb 2015, following the definition of a minimum JORC 2012-compliant Resource of 50,000oz Au.

Oriole to receive staged payments of $25,000 per month for 20 months – first payment already received for Feb 2019;

Environmental Impact Assessment awaiting approval by Urban and Environment Ministry;

Oriole will receive 1.5% net smelter returns royalty on any future production.


Northern Bear (NTBR.L) 66.5p £13.98m

Trading for the financial year ending 31 March 2019 from the family of businesses provides specialist building services to local authorities, housing associations, NHS trusts, universities and more.

“Since publication of the interim report in Nov 2018, the Company and its subsidiaries have continued to trade well.  Based on management information for the ten months to Jan 2019, the Group has traded ahead of management expectations and in line with the outstanding prior year results.

While the final two months of the financial year is a key trading period for the Group, the Board’s current expectation is that operating profit (prior to the impact of non-cash amortisation and transaction costs) will be broadly in line with the prior year.”


Mountfield Group (MOGP.L) 1.6p £3.81m

FY Dec 18 update from the flooring and specialist construction services company.

The Group improved strongly upon 2017 performance.

2018 also saw the Group achieve a record turnover.

Demand for the Group’s services is outperforming the general sector.

The Group’s secured order book is at a post-Admission record high level.

The Directors expect another strong performance in 2019.

The Directors are confident that the net PBT for 2018 will exceed £864k – the figure achieved in the year ended 31 Dec 2017.


Coro Energy (CORO.L) 2.12p £14.73m

“The South East Asian focused exploration and production company, announced that the Minister of Energy and Mineral Resources has approved the Plan of Development for the Mako field, Duyung PSC, offshore Indonesia.

On 11 Feb 2019, Coro announced the acquisition of a 15% stake in the Duyung PSC, which covers an area of approximately 890 km2 in the West Natuna basin and is proximal to the West Natuna Transportation System (“WNTS”), a gas pipeline to markets in Singapore. WNTS currently supplies approximately 0.4bn standard cubic feet (“Bcf”) per day to Singapore. A resource audit by Gaffney Cline & Associates, dated Nov 2018 reported 276 Bcf of contingent (2C) resources attributable to the Mako field.”


SafeCharge (SCH.L) 280.5p £424.08m

The payments technology company, announced that in light of the success of the partnership with Nayax Ltd, a leading global cashless payment solutions provider for the unattended machine industry, on 17 Jan 2019 SafeCharge and Nayax agreed to extend the acquiring agreement between Nayax and SafeCharge to the end of 2024.

In conjunction with the extension and under the terms of the Agreement more fully described below, SafeCharge agreed with Nayax’s founding shareholders that they will, by the end of 2022, buyback SafeCharge’s shareholding in Nayax for a consideration equal to SafeCharge’s cumulative investment of $24.5m plus 9% interest per year, calculated from 15 Feb 2018 until payment is received.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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