Small Cap Feast
Small Cap Feast – 13 September 2019
Set Menu AIM:
Total number of AIM Companies (Incl Susp): 880
Total number of AIM Companies trading: 795*
* As at
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
Set Menu Standard List:
Total number of Standard List Companies (Incl Susp): 166*
Total number of Standard List Companies trading: 144*
* As at
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?
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
Main Market premium
Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
SThree (STHR.L) 277.25p £385m
The international specialist staffing business focused on roles in Science, Technology, Engineering and Mathematics (‘STEM’), issued a trading update covering the period from 1st June 2019 to date .
Group net fees adjusted for working days up 6% YoY
Group net fees up 4% YoY
Good net fee growth in Contract, in line with strategic focus
Contract up 7% YoY
Contract increased to 75% of Group net fees in Q3 (Q3 2018: 73%)
Permanent net fees down 5%
Growth in net fees across all international markets.
DACH net fees up 8%, USA up 5% and Japan up 82%
Net fees generated from international markets increased to 86% (2018: 84%)
Group period-end sales headcount up 8% YoY, with Q3 headcount down 1% versus Q2
Chaarat Gold (CGH.L) 27.4p £114.6m
The gold mining company with assets in the Central Asia and the Former Soviet Union, is pleased to announce the conclusion and signing on 11 September 2019 of a Joint Venture Agreement with Çiftay İnsaat Tahhüt ve Ticaret A.S, the Turkish mining and mine construction contractor. This follows the announcement on 18 March 2019 that Chaarat had signed a binding term sheet to enter into a Joint Venture with Çiftay to collaborate on the Tulkubash and Kyzyltash projects in the Kyrgyz Republic.
Under the agreement, based on an agreed valuation of US$252m (post money) for Tulkubash and Kyzyltash, Chaarat’s mining projects in the Kyrgyz Republic, Çiftay will progressively invest up to US$31.5m in cash for a corresponding 12.5% equity stake in these two project assets. Construction continues at Tulkubash and the first gold production is on track for late 2021. The updated June 2019 Tulkubash Feasibility Study, as well as the ongoing drilling programme, continue to suggest the emergence of a significant new gold district.
Katoro Gold (KAT.L) 1.1p £1.9m
HYJun19 results from the Tanzanian focused exploration and development company .
Preparation work for initial drill programme at the high-grade Haneti Nickel Project (“Haneti”) in Tanzania well advanced to
o Ascertain the existence of disseminated or massive sulphide mineralisation
o Define a future larger scale drilling programme
Joint Venture with Power Metal Resources plc (‘POW’) (AIM:POW) for the development of Haneti now a 5.9% holder.
Proposed sale of the Company’s wholly owned subsidiary, Reef Miners Limited, for a staged cash consideration of up to US$1.0m and a 1.5% Net Smelter Royalty .
£433k loss. Reef sale should provide working capital for the ‘foreseeable future’. The Board has therefore elected to accrue salaries due to the Board until sufficient funds have been received pursuant to the Disposal or otherwise
Character Group (CCT.L) 340p £72.7m
H2 Scandinavian client woes and weak sterling are key factors highlighted in today’s trading update.
“This has put considerable pressure on our margins and negatively impacted the Group’s results for the second half of the year ended 31 August 2019 and will likely continue to be a factor in the current year.
Through a combination of these factors, the profit before tax for the Group for the year ended 31 August 2019 is likely to be in the range of £11.0m – £11.5m., slightly under the lower end of current market expectations.”
Peppa Pig License extended to June 2021. In house Goo Jit Zu range getting a good reception.
The Board remains confident in the Group’s continued profitable performance and balance sheet strength and, therefore, will be recommending to shareholders that the final dividend for the year is maintained.
Sterling Energy (SEY.L) 9.75p £21.46m
The “oil and gas exploration company with a high potential exploration asset in Somaliland and an active strategy to deliver shareholder value through disciplined, exploration and production projects, is pleased to announce that the Government of the Republic of Somaliland has granted a continued extension to the current period of the Odewayne Production Sharing Agreement (“PSA”).
The expiry dates of the relevant exploration periods under the PSA shall now be: Third Period: 2 November 2020;
Fourth Period (optional): 2 May 2022; Fifth Period (optional): 2 May 2023; and Sixth Period (optional): 2 May 2024.”
Metals Exploration (MTL.L) 0.84p £17.4m
The natural resources exploration and development company with assets in the Pacific Rim region, announces its interim results for the six months ended 30 June 2019.
Gold production of 30,774 ounces, an increase of 34% over the 2018 half-year of 22,952 ounces; Gold recoveries of 66.1%, an increase of 20.6% over the 2018 half-year of 54.8%;
Gross profit of US$8.49m achieved compared to gross loss for the 2018 half-year of US$3.46m; Positive cashflow from operations of US$3.47m, compared to a cash outflow from operations for the 2018 half-year of US$1.16m;
Restructuring negotiations with lenders continues to progress with a standstill agreement in place; and, New management team in place.
Angle (AGL.L) 77p £110m
The liquid biopsy company, is pleased to announce that the University of Birmingham has published results of a review of research into the use of circulating tumor cell (CTC) markers in the treatment of head and neck cancer identifying some key benefits of ANGLE’s Parsortix® system over other CTC liquid biopsy systems.
The review identifies key potential uses of a CTC liquid biopsy to:
facilitate accurate patient risk stratification
guide treatment selection
predict response and identify the failure of treatment early, allowing a timely shift of therapeutic strategy.
Asiamet Resources (ARS.L) 3.47p £38m
Key Operating highlights include:
Feasibility Study for the BKM Copper Project in Central Kalimantan completed
- Value Enhancement initiatives announced with the Feasibility Study (see release 14 June 2019)
Updated JORC Mineral Resource estimate for the BKM Copper Project
Maiden JORC Ore Reserve estimate for the BKM Copper Project
Updated JORC Mineral Resource estimate for Beutong
2019 loss $4.2m (2018: loss $6.2m)
Closing cash as at 30 June 2019 $0.46m. $2.1m since raised in August.
AFH Financial (AFH.L) 296p £126m
The financial planning led wealth management firm, announces it has completed two acquisitions of IFA businesses with a maximum consideration of £7.2m, subject to performance criteria. The two deals will bring a combined £215m of Funds Under Management (“FUM”), raising AFH’s total FUM above £5.6 billion. “The announcement of these latest acquisitions follows our recently completed £15m placing in July 2019. Notably, the acquisitions have been completed on attractive, value-enhancing multiples, in line with our business model and those negotiated in previous transactions. “
Serinus Energy (SENX.L) 8.75p £20.9m
Serinus has made the final payment of US$2.7m, plus accrued interest, on the EBRD Senior Loan Facility.
“I am delighted that we have made this payment, which puts us on a firmer financial footing as we continue to progress production at our key projects in Romania and Tunisia. We look forward to providing further updates to shareholders over the coming months.”
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”.