AIM Breakfasts

AIM BREAKFAST – 16th February 2017

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 973

Total number of AIM Companies trading: 953*
* As at 15 February 2017

Dish of the Day:

Xafinity due to join the main market today. The pensions actuarial, consulting and administration business  has  raised £179.6m at 139p. XAF.L


Off the Menu:

No AIM Leavers Today

Set Menu ISDX Growth:

Total number of ISDX Growth Market Companies (Incl Susp): 85*

Total number of ISDX Growth Market Companies trading: 82*
* As at 15 February 2017

Dish of the Day:

No NEX Growth Market Joiners Today

Off the Menu:

No NEX Growth Market Leavers Today

What’s Cooking in the IPO Kitchen?

Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management


Breakfast Buffet

Zytronic (ZYT.L) 385p £61.3m

AGM Trading update from the developer and manufacturer of a unique range of internationally award winning interactive touch sensor overlay products for use with electronic displays in industrial, self-service and public access equipment.

Further to the outlook statement given in December 2016, revenue and trading year to date has continued to be ahead of the equivalent period and remains in line with management’s expectations. FYSep17E £21.9m rev and £5.4m PBT 16.56p div.


Fitbug Holdings (FITB.L) 0.17p £2.9m

Insights and findings from a recent case study, following a pilot wellness programme with MTR Crossrail. The pilot was rolled out in collaboration with Olympic gold medallist Sally Gunnell, OBE, (the partnership which was announced in December 2016) to a select group of about 100 MTR Crossrail employees over a period of three months. Over the course of the programme, participants walked 72% more than the average person in the UK. Activity levels gradually increased from week one to week four. Some individuals improved their step activity by 177% over the course of the programme. 60% of employees who participated in the post-programme survey thought that the programme had a positive impact on office morale.


Cronin Group (CRON.L) 2.37p £11.17m

The Company with a business activity of the digitization of chemical space notes that an experiment designed by its scientific founder is to be carried out on a DIDO2 nano-satellite, successfully launched yesterday on an Indian Space Research Organisation rocket. Cronin owns the commercial rights to intellectual property from the University of Glasgow to develop the Chemputer™, which intends to open up chemistry to a wide user-base via digitization. “It’s exciting to see digital chemistry being trialled in space for the first time.  Low and zero-gravity offer a range of new opportunities for performing chemical reactions which I believe will only be able to be performed routinely using a digital chemistry platform.”


Versarien (VRS.L) 15p £18.2m

The advanced materials group has signed heads of terms regarding a distribution agreement with Lansdowne Chemicals Plc for its recently launched new graphene brand Nanene. Lansdowne Chemicals, a member of the Overlack Group, is a chemical distribution, manufacturing and marketing company with two UK sites and operations in Europe, Asia and the USA.  The agreement, which will be for an initial six months and thereafter terminable on three months notice, will help accelerate Versarien’s route to market for Nanene by enabling Lansdowne Chemicals to target customers which Versarien currently has no relationship with.


Proxama (PROX.L) 0.37p £7.94m

The mobile commerce Company specialising in payments and proximity marketing, announced the immediate appointment of Kelvin Harrison as Non-Executive Chairman, with David Bailey moving to Deputy Chairman.  Kelvin Harrison joins Proxama with a proven track record of leading and scaling companies, specialising in fast growth technology and services business. Kelvin is currently Chairman of Traveltek, Atlas Cloud and Clixfix and holds various other Non-Executive Director positions. He has previously held Non-Executive Director positions with NetDespatch, TotalSoft and UBC Media. Kelvin is former Chairman of Maxima Holdings and former CEO of Symbionics Group.


MTI Wireless Edge (MWE.L) 20.25p £10.5m

FYDec16 results from the specialist  in the manufacture of flat panel antennas for fixed wireless broadband and a wireless irrigation solution provider. Revenue + 19% to $23. Generated over $1.2m of cash from operation (2015: $0.2m). Profit before tax remains strong at $1.2m (2015: $1.4m). Dividend of $0.01 per share declared with a scrip dividend alternative. ‘We enter 2017 with confidence in the growth prospects of our business and its ability to increase its revenues and generate cash.’


Simigon (SIM.L) 20.25p £10.4m

FY Dec16 trading update from the specialist  in providing simulation training solutions. Must recognise additional costs relating to major $6.7m contract and has had delays on Israeli Air Force contract. Results to be below market expectations. The Company expects to report revenues of approximately $6 million and adjusted net profit before tax will be at least $0.3 million. The Company remains optimistic in its outlook and confident in its existing forecasts for the current financial year ending 31 December 2017. The revenue and profit which could not be recognized in the Period will be incremental to those existing expectations for the years ending 31 December 2017 and 2018. Cash strong. Proposing share buy back.


Solo Oil (SOLO.L) 0.61p £42.62m

Placing of £2m at 0.5p. The net proceeds from the Placing will be used to fund the Company’s share of the imminent well testing programme for the recently drilled Ntorya-2 appraisal in Tanzania and the analysis of future development options for the Ntorya discovery, where Aminex plc is the operator.  Solo holds a 25% working interest in the Ruvuma Petroleum Sharing Agreement and in the Ntorya gas and condensate discovery.


Chariot Oil & Gas (CHAR.L) 9.93p £26.6m

The Atlantic margins focused oil and gas exploration Company, announced that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, has been awarded a 75% interest and operatorship of the Kenitra Offshore Exploration Permit (“Kenitra”), Morocco in partnership with the Office National des Hydrocarbures et des Mines (“ONHYM”) which holds a 25% carried interest. Kenitra, with an area of approximately 1,400km2 and in water depths ranging from 200m to 1,500m, was formerly part of the Rabat Deep Offshore Exploration Permits I-VI (“Rabat Deep”), in which the Company now has a 10% interest and a capped carry on the RD-1 well which is anticipated to be drilled in early 2018.


Jarvis Securities (JIM.L) 409p £44.9m

FYDec16 results from the provider of retail and outsourced financial services. 7% increase in profit before tax to £3.6m.  8% increase in EPS to 26.45p. Div up 6%. Reports strong trade volumes following lack of Brexit market crash.  ‘Looking forward into 2017 and beyond I am confident we will continue to grow the business and further improve our financial results. Market conditions are currently excellent for our own retail client activity, we have a strong pipeline of new Custodian and Model B business, and cash under administration is at record levels. Even modest increases in interest rates which now seem as though they may materialise in the shorter term will significantly increase profitability.’


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 such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own 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, they have not been independently verified and are not guaranteed 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, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on 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, directors, 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, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document 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, directors, 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 UK, 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 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) 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 persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

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 UK or US securities law, or the law of any such other jurisdictions.

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, directors, 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.

Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP.
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”.