Small Cap Feast

Small Cap Feast – 16 January 2020

Set Menu AIM:

Total number of AIM Companies (Incl Susp):

Total number of AIM Companies trading: *
* As at

Set Menu NEX Growth:

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

Total number of NEX Growth Market Companies trading: *
* As at

Set Menu Standard List:

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

Total number of Standard List Companies trading: *
* As at

Dish of the Day:

No Joiners Today


Off the Menu:

No Leavers Today


Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale.  Expected Admission February 2020

The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m.   Due 28 February.

Main Market (Specialist Funds)

Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO.   The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn.   First day of dealings expected early February.


Breakfast Buffet

ProPhotonix (PPIX.L) 1.65p £1.53m

FY Dec 19 update from the technology designer and manufacturer of LED illumination systems and laser diode modules, with operations in Ireland and the United Kingdom.

Trading conditions improved in H2 over H1 with orders placed approximating $9.3m (1H 2019: $7.1m), an increase of 30%, and revenue recognized of approximately $7.8m (1H 2019: $7.1m), an increase of 9%.  Importantly, much of this increase was from the Group’s larger and more important customers, albeit not yet having recovered to 2018 run-rate levels.  This second half performance resulted in orders placed for the full year totaling approximately $16.5m (2018: $16.1m) and revenue recognized of approximately $14.9m (2018: $16.4m), in line with previous guidance.


Digitalbox (DBOX.L) 8.375p £7.6m

 The mobile-first digital media business, which owns Entertainment Daily and The Daily Mash, today issued a trading update in respect of its year ended 31 December 2019.

Trading for the year ended 31 December 2019 has delivered better operating margins than forecast, with adjusted profit before tax  being ahead of market expectations, and revenue slightly ahead. 

Entertainment Daily has seen average monthly users continue to grow, and in December, historically its peak month, it had over six million unique users visiting its site.  This success has been driven by Digitalbox’s Insights programme, which provides a detailed analysis of user behaviour to better inform content strategy.


Cello Health (CLL.L) 137.5p £146m

FY Dec  19 Update from the global healthcare-focused advisory group .

Overall, the Group traded very well in 2019, with continued excellent like-for-like growth from Cello Health balanced against a weaker outcome from the Cello Signal division. Accordingly, the Group expects to report full year results in line with consensus market expectations on an IFRS 16 basis.

The Group is well placed to continue to execute its organic and acquisitive growth strategy in 2020 and beyond. The Group will announce its full year results on 18 March 2020. The Group experienced strong cash inflows in the second half of the year, in line with normal seasonal patterns of cash flow. Conversion of operating profit into cash flow was strong. Accordingly, the Group was in a strong net cash position ahead of consensus expectations at the end of the year.


Empyrean Energy (EME.L) 8.25p £36.5m

£420k placing at 0.2p.  The Placing Shares have been issued to new and existing shareholders, including the Company’s CEO and Director Thomas Kelly. 

The funds raised pursuant to the Placing will be used to meet the Company’s contributions to the drilling campaign at the Duyung PSC in the West Natuna basin, offshore Indonesia, in which Empyrean holds an effective 8.5% interest  and for general working capital purposes.


Microsaic (MSYS.L) 1.25p £5.7m

 The developer of point of need mass spectrometry (“MS”) instruments, confirms that revenues for the year ending 31 December 2019 have significantly exceeded 2018, and increasing momentum is being achieved in key areas of the Company’s strategy. 

2019 revenues are expected to be £0.87m, 50% higher than last year (2018:  £0.58m), with stronger sales in the second half being 66% above those reported for the first half.  Gross margins also improved significantly in H2 and are expected to be approximately 43% (H1 2019.  Cash position at 31 December 2019 is £2.62m, which is in line with management expectations.

The Board is targeting a further significant increase in revenues in 2020 underpinned by further extending its MS product offering with the launch of a range of new complete system products. With launches planned in H1 2020, these products will provide a cost-effective approach to traditional liquid separation, and a potentially game-changing approach to protein separation.


Aura Energy (AURA.L) 0.275p £3.92m

Further to the Company’s announcement on 8 November 2019, official notification has now been released by the Swedish Government regarding Aura Energy’s claim under the Energy Charter Treaty.

The notification indicates that Chancellor of Justice is now handling the case.

Aura has further been advised that; The Ministry of Environment initially had carriage of the claim; The claim was recently listed as an agenda item in the Swedish Parliamentary Cabinet; The agenda item stated “Assignment to the Chancellor of Justice to guard the state’s right because of claims against the state”; The Environment Ministry confirmed the claim being referred to was Aura Energy .

Uranium mining in Sweden was banned effective August 1, 2018 and Aura Energy is seeking compensation for the financial loss resulting from this decision. 

Aura is pleased with this latest development indicating the case is progressing strongly and that it has been presented at the highest level of government.


 MySale (MYSL.L) 4.295p £35m

 The  international online retailer, today provides a trading update for the six months to 31 December 2019.


  • Revenue of $71.9m in line with management expectations as the Group transitions to an Inventory Light Marketplace Platform
  • Underlying EBITDA loss of $3.6m
  • Net cash of $7.2m Debt Free
  • 170 brand partners relaunched on the Group’s marketplace platform

The Group continues to trade in line with management expectations, building on the important steps taken to simplify, reorganise and recapitalise the business last year. This has involved a restructure of the supply chain and relaunching brand partners on the Group’s Inventory-Light Marketplace Platform, where they can benefit from MySale’s counter seasonal proposition.

Following the decisive actions taken by management in 2019, the Group now operates on a debt-free basis, with a net cash balance of $7.2m at period end. The Board continues to closely monitor the Group’s cost base, with further opportunities identified in the second half


Thor Mining* (THR.L) 0.41p £4.41m

Gold, nickel, and chromium assays from preliminary geochemistry reconnaissance at its 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

The program comprised stream sediment samples from 44 sites located to provide a broad coverage across the tenements. Initial gold panning provided strong evidence of gold prospectivity. Subsequent laboratory assay results now to hand provide further support for the gold potential in addition to identifying nickel and chrome potential of the location.


Three samples assayed above 0.3g/t gold

Including one assay of 0.9g/t gold

Anomalous nickel & chromium up to 1,272ppm Ni and 2,074ppm Cr.

The assays follow up previously announced results from panning  (6 Nov 2019).

“The next phase or work here is likely to comprise further detailed stream sediment sampling, and soil sampling to confirm and extend these results, along with geological mapping”.


Tekcapital (TEK.L) 5.975p £3.81m

THE  investment group focused on creating marketplace value from investing in university technology, will exhibit at the Association of University Technology Managers (AUTM) annual meeting IN San Diego, the largest gathering of academic technology transfer professionals. AUTM is made up of over 3,100 technology transfer professionals committed to commercialising university research.


ECR Minerals (ECR.L) 0.725p £3.27m

ECR’s 100%-owned Australian subsidiary MGA has received a cash refund of (R&D) expenditure of AUD 555k  c.£295k. The qualifying activities pertain to research into turbidite-hosted gold deposits within MGA’s exploration licences in Victoria, Australia; In addition, as at 30 Sep 2019, MGA had carried forward tax losses of AUD 66.3m. “The gold price remains strong and we believe there is considerable and growing interest in respect of Australian gold exploration, and we have also observed strong interest in the Victorian goldfields where we have an active exploration portfolio.”


Head Chef:

Derren Nathan
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 with “unsubscribe me”.