Small Cap Feast

Small Cap Feast – 15 February 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 914

Total number of AIM Companies trading: 844*
* As at 05 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 05 February 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 145*

Total number of Standard List Companies trading: 128*
* As at 05 February 2019

Dish of the Day:

No Joiners Today

Off the Menu:

Richoux has left AIM

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

DWF, a global legal business,  expects to raise primary gross proceeds of approximately £75m. Due March

AIM

United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb

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.

Polemos, to be renamed Digitalbox plc, has agreed to acquire Digitalbox Publishing Holdings Limited for c.£10m through a share for share exchange. The acquisition constitutes a RTO. Polemos has also agreed to acquire the entire issued share capital of Mashed Productions Limited, a digital media business which owns the online satirical news website “The Daily Mash”, for a maximum total consideration of up to £1.2 million. Market cap on admission £12.4m, expected 28 February

 

Breakfast Buffet

Polarean Imaging (POLX.L) 18p £17.88m

The medical‑imaging technology company, with a proprietary drug‑device combination product for the magnetic resonance imaging (MRI) market, announces that it has entered into a contract for the procurement of its latest polarizer system by the University of British Columbia www.ubc.ca (“UBC”) following the conclusion of UBC’s procurement process.

UBC have received financial support from the Canada Foundation for Innovation (“CFI”) www.innovation.ca/about. CFI have also been active in supporting pulmonary imaging research using hyperpolarized 129Xe in the Toronto area and specifically, the SickKids Hospital in Toronto.

 

Yew Grove REIT (YEW.L) 1.01p £67.14m

The owner of a diversified portfolio of Irish commercial property assets has exchanged contracts on Unit 2600, Cork Airport Business Park,  adjacent to Cork Airport. The 7.5 million acquisition represents a net initial yield of 7.85% after accounting for purchase costs.

The property, a two storey, 40,953 sq. ft office block which was refurbished in 2015 to a high standard and includes a 163-space car park, is tenanted by Clearstream Global Securities Services Ltd, a subsidiary of Deutsche Borse AG, under a 25 year lease with final expiry in just over five years’ time.

 

 

Premier Foods (PFD.L) 35.65p £312.82m

“On 13 Nov 2018, Premier Foods announced that it was engaged in discussions with third parties regarding the potential disposal of its Ambrosia brand. A number of parties expressed interest in the business, and since the New Year the Company has been engaged in detailed discussions with a small group of potential buyers.

The Board has concluded that in the present business climate the process will not result in a satisfactory financial outcome. As a result, these discussions have now concluded.”.

 

Eddie Stobart (ESL.L) 105p £398m

The “UK end-to-end supply chain, transport and logistics group, announces that Damien Harte, CFO, has notified the Group of his intention to retire effective 31 March 2019 due to family health reasons.

The Directors announce their intention to appoint Anoop Kang as CFO with effect from 1 April 2019. Anoop is currently CFO at Cambian Group, prior to which he held a series of senior financial roles at Balfour Beatty plc and Kier Group plc. Damien will remain available following publication of the Company’s audited results for the year ended 30 Nov 2018 to ensure an efficient handover.”

 

 

Argo Blockchain (ARB.L) 3p £8.45m

Refocus of its business strategy in light of the continuing difficult trading conditions in the cryptocurrency market as digital currencies face severe price pressure and volatility. As a result of the challenging conditions, the Company has ceased accepting new mining subscriptions and will terminate all existing mining-as-a-service (MaaS) contracts by 1 April 2019.

This shift in strategy follows more than six months of better-than-expected growth achieved by Argo’s consumer business since its launch in the summer of last year. Despite continuing demand for the services, the Company is temporarily moving away from MaaS to mining directly for its own account.  The restructuring measures and strategy refocus are expected to reduce the overall cash burn and deliver EBITDA break-even in the second half of 2019. As of Feb 14, the Company’s net cash balance amounted to approximately £15m. 

 

Angus Energy (ANGS.L) 4.3p £19.39m

£2.2m placing at 4p.

The Placing monies will be used by the Company to pay down £1.5m of the YA II PN Ltd and Riverfort Global Opportunities PCC Limited loan facility referred to in the Company’s announcements of 14 Feb 2019 and 9 Jan 2019, for the work programmes at Balcombe and Brockham as detailed in recent announcements and for general working capital purposes.

“We recognise that the placing price is significantly below historic share price levels and, whilst we did consider forms of pre-emptive issues to Shareholders which unfortunately haven’t been possible within the timeframe, believe, having considered all factors, that this best positions the Company to exploit the value of our asset base as we proceed with our well-defined strategy. I look forward to updating shareholders on this and the progress of our forthcoming Board appointments shortly.”

 

GAN (GAN.L) 53.5p £41.2m

The “award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, updated the market following the publication on Feb 13, 2019 by the New Jersey’s Division of Gaming Enforcement (“DGE”) of Internet gaming and Internet sports betting financial information for the calendar month of Jan 2019 in New Jersey. 

Internet Gaming Win was $33.6m in Jan compared to $22m in the prior year period, reflecting a year-over-year increase of 53%.

Total Internet Sports Wagering Handle was approximately $305m for the month of Jan 2019, a significant increase from $241m in Dec 2018 and $238.6m in Nov 2018.

Internet Sports Wagering Gross Revenues (after payouts) were $15.5m, compared to Dec’s $14.7m and Nov’s $14.5m.”

 

Coro Energy (CORO.L) 2.25p £16.9m

Coro Energy provides the following regulatory update concerning its production and exploration licenses located in the Republic of Italy.

On 12 Feb 2019, The Italian government has introduced some changes to oil and gas and mining law through the “Sustainable Energy Bill”. These changes include, inter alia, an increase in surface fees as well as a temporary suspension in the permitting of activities for exploration licenses such as the drilling of exploration wells.

With the exception of the increase in surface fees, which is expected to increase group annual operating costs by approximately 0.1m, these changes are not material to Coro Energy’s Italian portfolio, which consists of five exploitation (production) concessions. The portfolio of exploration licenses remains under review as part of the post merger integration process.

The legislation makes allowance for compensation for companies that are impacted. Should it become necessary, Coro Energy could seek compensation for all exploration costs up to the withdrawal date.   

 

Patisserie Holdings (CAKE.L) SUSPENDED

Yesterday evening it completed the sale of Baker & Spice to the Department of Coffee & Social Affairs for a total consideration of £2.5m. This follows the announcement of the Patisserie Valerie and Philpotts disposals, which were sold in separate transactions for a combined consideration of £13m. The remaining assets, which were not included in the three separate transactions, will be realised during the administrations. As previously announced, following the loss of its nominated adviser and the appointment of administrators, the Company is provisionally scheduled for cancellation with effect from 7am on 25 Feb 2019. In the circumstances no objection will be made to such cancellation and it is expected that this will proceed at the appointed time.

 

Red Emperor (RMP.L) 4.3p £18.3m

Further operational update with respect to preparations for the drilling of the Winx-1 exploration well, located on the Western Blocks, North Slope of Alaska.

Spud on schedule for 15 Feb 2019 (Alaska time, GMT -9 hours) – final preparations underway

Red Emperor is pleased to confirm that 88 Energy Limited (ASX/AIM: 88E), in its capacity as consortium operator, has advised that the Nordic Rig#3 arrived on location as planned on 7 Feb 2019, Alaska time. Rig-up activities have proceeded smoothly and final preparations for spud are now underway. The call to “crew-up” was made at 05:30 on 14 Feb 2019, Alaska time, which typically indicates that spud will occur within 24 hours. Regular updates will be made during the drilling operations.

 

Head Chef:

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

*A corporate client of Hybridan LLP

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