Small Cap Feast
Small Cap Feast – 15 July 2019
Set Menu AIM:
Total number of AIM Companies (Incl Susp): 888
Total number of AIM Companies trading: 807*
* As at 15 July 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 15 July 2019
Set Menu Standard List:
Total number of Standard List Companies (Incl Susp): 165*
Total number of Standard List Companies trading: 143*
* As at 15 July 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?
Main Market (Premium)
Main Market (Specialist Funds)
Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m.
Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019.
Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Tertiary Minerals (TYM.L) 0.28p £1.04m
Further to the Company’s announcements of 21 Feb 2019 and 30 May 2019, Tertiary Minerals plc is pleased to advise that initial follow-up field reconnaissance of soil anomalies at its recently acquired Paymaster Polymetallic Project in Nevada has identified two zones of zinc-silver mineralisation for follow-up exploration and drilling.
New thick skarn zone observed in the field: Approximately 350m long and up to 8m thick
Ø Rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver
East Slope Prospect
650m long zinc soil anomaly (100-250 ppm zinc) surrounding previously sampled outcrop of zinc-silver cobalt bearing skarn mineralisation, including 175m long 250-500 ppm zinc soil anomaly
Previous rock sample assays up to 20.9% zinc, 0.11% cobalt and 198 ppm silver within the prospect
Infill soil sampling and trenching proposed to better define drill target
Maestrano Group PLC (MNO) 1.07p £0.82m
Maestrano, the open platform for banking integration, master data management and business analytics provided a business update.
Since announcing on 1 May 2019 the closure of the US banking customer project, Maestrano has undertaken a review of business strategy and long term value growth. ‘We are committed to continuing development of our master data management platform and support for current and prospective clients but also resolved to explore opportunities to acquire complimentary products and teams, where clear opportunities exist to accelerate shareholder value.’
One such opportunity has arisen and, after preliminary due diligence, Maestrano and this company have signed a term sheet in order to enter into a period of exclusive negotiation and formal due diligence. The potential acquisition is at an early stage and there is no certainty that a transaction will be concluded. Further announcements will be made in due course.
Lansdowne Oil & Gas (LOGP) 1.90p £11.98m
Providence Resources, the Irish based Energy Company, provided a commercial and operational update in relation to Standard Exploration Licence (“SEL”) 1/11 which contains the Barryroe oil accumulation. SEL 1/11 is operated by EXOLA DAC, a wholly-owned Providence subsidiary, on behalf of its partners, APEC Energy Enterprises Limited and Lansdowne Celtic Sea Limited. The area lies in c. 100 metre water depth in the North Celtic Sea Basin and is located c.50 km off the south coast of Ireland.
On June 5, 2019, the Company announced that it had agreed certain amendments to the Farm-Out Agreement for the Barryroe Project with APEC Energy Enterprises Limited and, together with EXOLA and Lansdowne, the “Barryroe Partners”, including a revised backstop date with APEC for receipt of the $9m loan advance to June 14, 2019, which was subsequently extended to July 5, 2019. On July 8, 2019, the Company advised that it agreed an extension to July 10th and subsequently to July 12, 2019.
Amino Technologies (AMO) 121.00p £86.67m
Amino Technologies, the technology provider for modern TV experiences, has acquired 24i Media, an online video specialist, providing Apps as well as user experience (“UX”) solutions and services for a total consideration of €21.4m
24i shares Amino’s vision of where the modern TV industry is heading and, like Amino, recognises that the industry is at the beginning of the curve of disruption. This is a fundamental shift from broadcast and hardware to streaming and hosting video platforms in the cloud. Like Amino, 24i has an agile culture of innovation and is focused on capturing this market opportunity.
The Acquisition will enable Amino to deliver full ‘end-to-end’ and on-demand personalised content solutions to its customer base. It will also build momentum in Amino’s software and services revenues, as well as its recurring revenues.
24i extends Amino’s customer base, as well as the products and services it offers. There are clear cross selling and upselling opportunities. Amino serves mainly operators whereas 24i serves mainly broadcasters but is also of high appeal to operators.
Velocys PLC (VLS) 3.25p £13.36m
Fundraise of £7M. Project co-funding by BA & Shell of £2.8m
Velocys plc (VLS.L), the renewable fuels technology company, is pleased to announce that it has secured £7m (gross) by way of a Placing.
Fund raising of £7m
Placing of 233,333,335 New Ordinary Shares at a placing price of 3p per share by certain existing shareholders and new institutional investors
Net proceeds of the Placing will be used predominantly: (i) to complete the development capital fund raising and initial stages of development of the Front End Engineering Design (FEED) for the Mississippi Biorefinery Project; (ii) to strengthen and extend the Company’s intellectual property portfolio; (iii) for working capital and central costs; and (iv) on analysing and testing catalyst and Fischer-Tropsch reactors from the recently completed full scale demonstration run in Oklahoma
The Placing complements commitments received by the Company from the Altalto Immingham waste-to-sustainable-fuels project’s strategic partners, British Airways and Shell, of £2.8m in total.
LightwaveRF PLC (LWRF) 8.75p £8.53m
The leading smart home solutions provider, announces the following trading update for the three months ended 30 June 2019, being the third quarter of its financial year ending 30 Sept2019.
Revenue in Q3 2019 increased by 67% to £1.27m compared with the same period last year (Q3 2018: £0.76m)
Revenue for the first three quarters of the financial year increased by 98% to £3.77m (2018: £1.9m)
New European distribution agreement with Tech Data and £0.5m first order
Lightwave compatible Google smart speakers now being marketed
“Since I joined the Company a year ago, Lightwave has made considerable progress. As well as continuing the strong sales growth, we now have in place a number of further initiatives to maintain this momentum. The recently announced Tech Data distribution agreement for Europe and joint marketing with Google continue to position the Company for its full year revenue to more than double last year’s £2.8m.”
Ceres Power Holdings (CWR) 183.50p £268.11m
Ceres and Doosan will work together to develop a Solid Oxide Fuel Cell (SOFC) power system, for the commercial building market
Agreement worth £8m to Ceres over two years
South Korea is one of the world’s leading fuel cell markets, and Doosan is already one of the world’s largest developers of fuel cell power systems
Ceres Power, a world leading developer of low cost, next generation fuel cell technology and Doosan Corporation, have signed a Collaboration and Licensing agreement to jointly develop SOFC distributed power systems initially targeted at the Korean commercial building market.
Conroy Gold & Natural Resources (CGNR) 5.65p £1.34m
Conroy Gold and Natural Resources, the gold exploration and development Company focused on Ireland and Finland, announced that it has raised €250,000 through the issue of an unsecured convertible loan note to Hard Metal Machine Tools Limited. The Lender is a company 99% owned by Mr Philip Hannigan, an existing shareholder of the Company with a beneficial interest in 1,961,577 ordinary shares of €0.001 representing 8.28%of the current issued share capital of the Company.
The net proceeds of the Convertible Loan Note will be used for general working capital purposes and exploration programme costs.
The Company has entered into an unsecured convertible loan note agreement for a total amount of €250,000 with the Lender which have been created pursuant to a loan note instrument. The Convertible Loan Note has a term of three years and attracts interest at a rate of 5% per annum which is payable on the redemption or conversion of the Convertible Loan Note. The Convertible Loan Note is unsecured.
GAME Digital PLC (GMD) 29.90p £51.88m
GAME notes the announcement made by Sports Direct International that, as at 1:00 p.m. on 12 July 2019, it owned, had agreed to acquire or had received valid acceptances of the Mandatory Offer in respect of a total of 145,057,695 GAME Shares, representing approximately 83.88% of the issued share capital of GAME at that date, and noting its intention to procure that GAME make applications to request the cancellation of the listing of GAME Shares on the premium listing segment of the Official List of the UK Listing Authority and the cancellation of the admission of the GAME Shares to trading on the London Stock Exchange’s main market for listed securities.
Capitalised terms used but not defined in this announcement have the meaning given to them in the response circular published by GAME on 4 July 2019.
Accordingly, GAME announces that applications will today be made to the UK Listing Authority and the London Stock Exchange to request the Cancellations and GAME confirms that the notice period of 20 business days for the Cancellations commenced on 15 July 2019.
Access Intelligence (ACC) 58.50p £35.44m
Access Intelligence, a leading supplier of SaaS solutions for communications and reputation management, announces its unaudited half year results for the six months ended 31 May 2019.
First half revenue increased by approximately 42% to £6.2m (H1 2018: £4.3m).
Annual Contract Value (“ACV”) base increased by approximately 45% year on year to £12.9m (H1 2018: £8.9m):
ACV base increased by £0.45m during H1 (H1 2018: £0.36m).
The Company delivered an Adjusted EBITDA* profit in the period of £379,000 (H1 2018: loss £55,000).
At 31 May 2019, cash balance was £1.76m (H1 2018: £3.06m).
ResponseSource Ltd integration activity progressing in line with expectations, with customers to be migrated onto upgraded systems during Q3 2019.
92% of the expected £700,000 annualised synergy savings pursuant to the acquisition already achieved.
Continued investment in product development with new functionality added to support a range of artificial intelligence led insights alongside advanced data management that allows customers to manage sensitive data in accordance with increasingly stringent privacy law.
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”.