Small Cap Feast
Small Cap Feast – 12 June 2019
Set Menu AIM:
Total number of AIM Companies (Incl Susp): 894
Total number of AIM Companies trading: 819*
* As at 10 June 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 10 June 2019
Set Menu Standard List:
Total number of Standard List Companies (Incl Susp): 163*
Total number of Standard List Companies trading: 141*
* As at 10 June 2019
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
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?
IronRidge Resources (IRR.L) 15.50p £45.66m
“The African focussed minerals exploration company, is pleased to announce that it has now completed acquisition of 100% of the share capital of each of Marlin Minerals SARL, Booster Minerals SARL and CAPRI Metals SARL (collectively the “Vavoua Projects”), which gives IronRidge full ownership of a further and highly prospective gold exploration portfolio in Cote d’Ivoire.”
The acquisition of the Vavoua Projects is in return for the issue of 2,111,668 shares in IronRidge at 22 pence per share, a significant premium IronRidge share price
Magnetics data confirms strike extension over 40km of a major Shear Zone which hosts the world-class 1.73Moz JORC compliant Abujar project to the south of the Vavoua portfolio
IronRidge team to advance the projects and future growth strategies.
Former shareholders of Marlin, Booster and CAPRI further endorse the IronRidge vision and strategy by voluntarily escrowing their IronRidge stock for 12 months.
Cemented commodity and jurisdiction diversity.
Streamlined operations with continuity and structure for future growth.
PCI-Pal (PCIP.L) 28.00p £11.06m
The “secure payments provider to contact centres, is pleased to announce it has signed a global extension to its UK reseller contract with leading CCaaS and UCaaS vendor, 8×8 Inc. This agreement builds on the Company’s existing relationship with 8×8 in the UK. The Company is also pleased to announce today that this reseller contract has already generated the partnership’s first customer contract in the U.S. with a market leading brand in the travel sector.
Leveraging PCI Pal’s globally accessible AWS cloud platform, this fully integrated solution will enable 8×8 to deliver secure payment services to their customers across the globe through simplified deployment processes and without the need for on-premise hardware. The fully integrated service is expected to be generally available within the next few months.
In addition, PCI Pal has also extended its existing partner relationship with a leading telecommunications company in Canada, signing a fully integrated reseller contract. This new agreement, and the integration of our respective technologies, gives PCI Pal access to the full range of their contact centre and telco customer base in both Canada and other territories in which they operate.”
Ananda Developments (NEX:ANA) 0.3p £1.3m
Update regarding hapac®.
Ananda owns 15% of Liberty Herbal Technologies Limited, the 100% owner of hapac ®, a technology for inhaling medicinal cannabis.
As previously announced, the hapac® product was launched in Milan, Italy over
the Christmas and New Year period 2018/2019. Since the last update in April
hapac® continues to be sold in 6 stores in Italy
hapac® products have been launched online on the Easyjoint e-shop
A new range of products have been developed and launched
Sales have increased significantly since January 2019
Plans are in place to launch a www.haplondon.com website and e-shop and further expand distribution.
Slingsby (SLNG.L) 85.00p £0.98m
AGM Statement from one of the market leaders in the distribution of industrial and commercial equipment.
Group sales in the five months to 31 May 2019 were 3.5 per cent. higher when compared to the same period in the prior year, reflecting the lower level of growth seen during April and May 2019. The trends in Group margin and overheads experienced in the first quarter of 2019 have continued in the second quarter and, as a result, operating profit in the four months to the end of April 2019 have remained lower when compared with the same period to April 2018.
“The Group has suffered variability in its level of order intake since the decision to extend the Brexit date, which was an event the Group and a portion of its customer base had planned for. The effect on short term demand from the unwinding of these plans, together with the additional economic uncertainty created by the Brexit extension, means that we are cautious regarding the outlook for the results for the six months to 30 June 2019.”
StatPro (SOG.L) 129.00p £84.94m
The provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry, has acquired the environmental, social and governance (“ESG”) research and index business unit (ECPI”) from ECPI Group Srl for a total estimated consideration (included deferred contingent consideration) of €2.9m (£2.6m) in cash.
ECPI has annualised recurring revenues of approximately €0.9m (£0.8m) and generated €0.3 m (£0.2m) EBITDA in 2018
Expected to enhance Group adjusted EPS in the first full year following acquisition
Enhances Source: StatPro’s benchmark offerings with growing demand for ESG ratings and indices
Altus Strategies (ALS.L) 4.85p £8.27m
The Africa focused project and royalty generator, announces the discovery of a new gold prospect and positive results from a trial gravity survey at the Company’s 100% owned 412km2 Daro Cu-Au-Ag Volcanogenic Massive Sulphide (“VMS”) project, located in the Tigray Regional State of northern Ethiopia.
Wedi Keshi gold prospect discovered at the Daro project in northern Ethiopia
Rock chip samples include 14.1 g/t Au, 8.5 g/t Au and 7.3 g/t from quartz veins and wall-rock
Prospect mapped for 2km along strike and up to 300m in width
Numerous artisanal hard rock and alluvial gold workings mapped along margins of prospect
Five separate gold & VMS prospects defined to date at the Daro project
Reconnaissance ground gravity survey at Teklil prospect confirms VMS potential
Simultaneous exploration programmes underway at Daro and recently granted Zager licence
Big Sofa Tech (BST.L) 4.75p £6.71m
The international video analytics provider to the consumer insight industry, announces that revenues for the 6 months ending 30 June 2019 are anticipated to be in the region of £1.1m, reflecting growth of approximately 80 per cent. over the same period in 2018.
As previously announced, the Company is seeing deepening engagement with Ipsos, one of the world’s largest market research organisations and a significant shareholder in the Company, growing traction and repeat subscriptions from existing global customers, and new customer acquisition in a diverse range of sectors, including manufacturing, technology and retail.
The benefits of the programme of cost savings which were announced in October last year have continued to have an impact on the Company’s cost base; the revenue growth has been achieved on a materially lower cost base than the comparable period in 2018. The board expects revenues to grow significantly in the second half of its financial year while maintaining a tight focus on cost control.
Keywords Studios (KWS.L) 1,709.00p £1,101.23m
The international technical services provider to the global video games industry, today announces that it has acquired the entire equity share capital of Descriptive Video Works Inc (“DVW”) from its founder, Diane Johnson, a highly respected executive in the broadcasting industry in North America.
DVW ‘s highly specialized and skilled team provides audio description services for broadcast and over the top (OTT) streamed programming, feature films, documentaries and live action series as well as live coverage of prime time events such as the Olympics for NBC.
DVW generated adjusted profit before tax of CAD 0.66m on revenues of CAD 2.2m. The total consideration for the acquisition is CAD 3.2m, of which CAD 2.24m is being paid in cash on completion and the rest through the issue of 35,560 new ordinary shares in Keywords. The consideration shares will be issued to the Seller on the first anniversary of the acquisition and will then be subject to orderly market provisions for a further 12 months.
Everyman Media (EMAN) 182.00p £131.65m
The independent cinema group has appointed Elizabeth Lake as Chief Financial Officer with effect from 16 September 2019.
Elizabeth, aged 51, brings extensive financial and commercial experience to the management team at the Company. For the past three years, Elizabeth has been the Finance Director at Science in Sport plc and prior to that was the finance director at Hugo Boss UK and Ireland. Elizabeth has also worked at listed companies Marks and Spencer, Pearson and Thomson Reuters. Elizabeth is ACA qualified having trained at Coopers and Lybrand.
Avesero Resources (ASO.L) 31.00pp £25.70m
The “West African gold producer, announces that, further to its announcement of June 10, 2019, negotiations remain on-going between the Company’s open pit mining contractor, the Orkun Group Sarl and former employees of the Company’s open pit mining department at its Youga mine in Burkina Faso with a view to re-hiring the open pit operators. The Company’s CEO is working closely with senior management of Orkun to resolve the situation. The Company remains confident of a positive near-term conclusion, however gold processing operations have now been temporarily suspended at Youga. Mining and processing operations will recommence upon successful conclusion of these negotiations.”
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 firstname.lastname@example.org with “unsubscribe me”.