Small Cap Feast

Small Cap Feast – 11 September 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 880

Total number of AIM Companies trading: 795*
* As at 09 September 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 88*

Total number of NEX Growth Market Companies trading: 86*
* As at 09 September 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 166*

Total number of Standard List Companies trading: 144*
* As at 09 September 2019

Dish of the Day:

No Joiners Today

Off the Menu:

No Joiners Today

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

AIM

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

NEX

WORLD HIGH LIFE—The Investment Vehicle is to identify investment opportunities and acquisitions in legal Medicinal Cannabis, Hemp and CBD wellness sectors. Has raised £2,398,309 through three issues of Ordinary Shares to private subscribers. Due 12 Sep.

Rumours and  Speculation

Press reports that Georgina Energy will join the standard list at the end of this month. Georgina is acquiring the EP127 licence in the Northern Territory, Australia, which has significant helium potential. It is raising up to £10m

Breakfast Buffet

SigmaRoc (SRC.L) 40.2p £69.9m

SigmaRoc has conditionally agreed to purchase Belgian sea defence rock quarrying group, Stone Holdings S.A. , at 4.4 times three year average EBITDA, for a transaction value of up to 2.2m, comprising a combination of cash and new ordinary shares in SigmaRoc at a deemed price of 50p per share;

Renowned industrialist and one of Stone’s current owners, Jacques Emsens, to join to the Board of SigmaRoc as a Non-Executive Director, following completion of the acquisition of Stone and subject to customary director due diligence;

Notice of General Meeting to request additional authorities to issue new ordinary shares of 1p each in the Company’s share capital (‘Ordinary Shares’), thereby enabling SigmaRoc to execute certain pipeline transactions in Q4 2019.

Science in Sport (SIS.L) 52.8p £64.9m

 The premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community, is pleased to announce the appointment of James Simpson as Chief Financial Officer. James, an experienced finance executive with a track record in the e-commerce and consumer sectors, will join the Group, and Board, on 26 September 2019.

He joins Science in Sport from ASOS plc, the AIM-listed fashion e-tailer, where he held the title of Operational Finance Director. Prior to ASOS, James held senior financial roles at the consumer businesses Britvic plc and Tesco plc.

James qualified as an accountant with PwC in 1998. His early career was in audit at PwC after which he worked in finance roles at Cadbury Schweppes, L’Oreal and Royal Dutch Shell before joining Tesco.”

88 Energy (88E.L) 0.7p £44.3m

Proposed placing of up to A$10m at a price per Placing Share of A$0.0125 (equivalent to £0.007)  ,a discount of 20 per cent. to the volume weighted average price on the Australian Securities Exchange for the thirty days to 10 September 2019. The Bookbuild will open with immediate effect following release of this announcement.

The proceeds of the Placing, together with the Company’s existing cash reserves, will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company’s existing assets, including any potential costs in respect of the Charlie-1 well which is due to be drilled in Q1 CY2020, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.

Charles Taylor (CTR.L) 225p £175m

HY Jun 19 results. Revenue +15% to £141.7m.

Adjusted EBITDA +81% to £17m. 

Adjusted EPS +20% to 7.67p.

“Charles Taylor performed well in H1 2019.  We are successfully executing our strategy to grow the business.  Our focus on expanding our Claims Services and InsureTech businesses was achieved through new clients wins and solid organic growth with Claims Services delivering an improved margin, and InsureTech delivering a close to break-even operating result. While revenues from Insurance Management were marginally down, we delivered an increase in profits.  Together this resulted in strong growth in the Group’s revenue, adjusted EBITDA and adjusted profit before tax.”

ECO Animal Health (EAH.L) 367p £248m

ECO Animal Health Ltd a wholly owned subsidiary of ECO Animal Health Group plc,  has entered into a second worldwide exclusive research partnership with The Pirbright Institute, United Kingdom, to develop another novel vaccine for use in chickens.

Innovative technologies developed at Pirbright will use a Marek’s disease virus vector to express multiple protective components against the economically important poultry viral diseases of infectious bursal disease virus (IBDV), Newcastle disease virus (NDV) and infectious laryngotracheitis virus (ILTV) which cause significant systemic and respiratory damage.

The global poultry biologicals market is worth c. $2.3 billion and forecast to grow with a CAGR of 5-6%. The Marek’s disease, IBDV, NDV and ILTV segments are collectively worth c. $470m.

Armadale Capital (ACP.L) 1.88p £7.04m

Assay results from its final diamond drilling campaign at the Mahenge Liandu Graphite Project in Tanzania which confirm the high-grade near surface mineralisation.

The geological team is confident that it now has sufficient data points to fully define a JORC compliant Mineral Resource update. Importantly, the Resource update will underpin an initial 10-15 year mine life, in respect of only 25-30% of the mineralised ground tested by drilling and incorporated within the Resource.

Highlights:

High-grade, near surface assayed diamond drill intercepts recorded including:

– 5m @ 19.8% total graphite content (“TGC”) from 1m;

– 14m @ 14.3% TGC from 22m;

– 8m @ 15.3% TGC from 7m; and

– 7m @ 16.2% TGC from 22m

KRM22 (KRM.L) 69p £13.2m

Trading update from the technology and software investment company that focuses on risk management for capital markets.  “Further to the trading update announced on 11 July 2019, the Group’s sales pipeline continues to build with a number of opportunities in advanced stages of negotiation and a pipeline value of approximately £1.5m which could close before the end of the year of which approximately 20% is expected to close over the next 60 days. Demand for our products is strong and the ability to package our market risk suite, surveillance offerings and enterprise risk cockpit provides real competitive advantage as well as cost benefits to our customers. The pipeline has increased over the last two months reflecting new opportunities but also that sales did not close during the summer months. As a consequence, revenue and the associated cash flow is now expected to occur later in the second half of the year.”

RiverFort Global Opp(RGO.L) 0.07p £4.4m

Total income generated of £676,000 in the six months to 30 June 2019

Increase in net asset value since the beginning of the year of almost 6%

De-risked investment portfolio with around 90% now comprising debt instruments and cash

NAV per share is at a 49% premium to the period end share price

The Company is continuing to build on the progress made in 2018 and is generating significant level of investment income

Profit for the six month period of £423,000 and cash generated from operations of £417,000

Net profit margin of 63% and operating cash flow margin of 62% achieved during the period

In excess of £2m of cash available for further investment

Conroy Gold (CGNR.L) 4.7p £1.1m

Further assay results from the gold outcrop discovered by the Company in October 2018 and from prospecting north of the Company’s Clontibret gold deposit.

Highlights:

Channel sample extending over 90cm returned 3.1 g/t gold   

Upstream boulder returns results of 3.9 g/t gold and 23.2 per cent. Antimony

Altyn (ALTN.L) 0.78p £20.2m

The  exploration and development company has received approval  for a loan of US$17m (6.5bln Tenge) from Kazakh Bank JSC.

The loan is repayable in instalments over a term of seven years and bears interest at 6%.

The loan will be used to ramp up production at Sekisovskoye and to achieve the Company’s current development plans.

Head Chef:

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

*A corporate client of Hybridan LLP

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