Small Cap Feast
Small Cap Feast – 17 October 2019
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
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. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected 18 Oct 2019.
African Export-Import Bank a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.
Sareum Holdings* (SAR) 0.33p £9.67m
The specialist small molecule drug development business, announced that, further to its announcement of 27 September 2019, the abstract for the poster that the Company will present at the American Association for Cancer Research (AACR) National Cancer Institute (NCI) European Organisation for Research and Treatment of Cancer (EORTC) International Conference, has now been published on the conference website. Dr Tim Mitchell, will present the poster on 29 October 2019. The preclinical data demonstrates “a significant reduction of tumour growth in preclinical models of many cancer types via a novel immunotherapeutic mechanism of action. These data suggest that our TYK2/JAK1 inhibitor could also offer the additional potential advantage of oral delivery. This contrasts with currently marketed cancer immunotherapies, which can only be dosed by injection. “
Tatton Asset Mgt (TAM) 210p £117m
Tatton Asset Management, the on-platform discretionary fund management (DFM) and IFA support services business, is today providing an unaudited period end update for the 6 months ended 30 September 2019.
The Group continued to perform well during the period and the progress outlined at the year-end results reported on 3 June 2019 has continued.
Tatton Investment Management continues to grow strongly. Assets under management (AUM) increased to £7.0 billion at 30 September 2019 (31 March 2019: £6.1 billion) which includes £135m of AUM from the Sinfonia acquisition completed recently and announced today. This is an increase of £0.9 billion or 14.8% for the six-month period. Organic growth of AUM was 12.5%.
Net inflows for the six months to September 2019 were £441m, an increase of 7.2% of AUM.
Pantheon Resources (PANR) 17p £85.5m
Pantheon Resources, the AIM-quoted oil and gas exploration company with working interests in several conventional project areas in Tyler and Polk Counties, onshore East Texas, and onshore North Slope of Alaska, is pleased to provide shareholders with the following update:
Increased ownership in Alkaid/Phecda (Alaska) from 75% to 100%
Pantheon reports that it has executed a contractual agreement with Halliburton to acquire its 25% working interest in the six leases jointly held with Pantheon on the North Slope of Alaska. Under the agreement, which is subject to a customary approval process by the State of Alaska Department of Natural Resources, Halliburton will transfer to Pantheon their entire working interests in the leases in exchange for Pantheon accepting full responsibility for all future lease obligations.
Creo Medical Group (CREO) 173.5p £211m
The medical device company focused on the emerging field of surgical endoscopy, announces that Queen Elizabeth The Queen Mother Hospital in Margate, part of the East Kent Hospitals University NHS Foundation Trust, today hosts its third endoscopy training course. The three-day training course will include live demonstrations and hands-on stations training on Creo’s Speedboat device
The Course convenor is Dr Zacharias Tsiamoulos, Consultant in Gastroenterology and Specialist in GI Endoscopy at the East Kent Trust. Dr Tsiamoulos is a key opinion leader in the field of Gastrointestinal therapeutic endoscopy and a leading user of Speedboat for colorectal endoscopic submucosal dissection, an advanced surgical procedure using endoscopy to remove gastrointestinal pre-cancerous lesions that have not entered the muscle layer.
IG Design Group (IGR) 619p £482m
IG Design Group, one of the world’s leading designers, innovators and manufacturers of gift packaging, greetings, stationery, creative play products and giftware, announces a trading update for the first half of the financial year, which covers the six month period to 30 September 2019.
The Group is pleased to report a strong performance over the period; on track to meet full year market expectations, with the business delivering double digit year on year growth in revenue and operating profit. The Group continues to deliver strong cash generation and as a result we expect year end average to show further improvement against the prior year, reaching around 1.1x.
Agronomics Limited (ANIC) 5.85p £6.66m
The Board of announced it has completed a subscription of US$ 1,500,000 in VitroLabs Inc. VitroLabs, headquartered in San Jose, USA, is developing laboratory-produced, cruelty-free leather. The Subscription is in the form of a SAFE, that will convert at VitroLabs’ next funding round giving Agronomics an expected interest of approximately 3.79% in the form of Series A Standard Preferred Stock. The Subscription will be paid using cash from the Company’s own resources.
Renalytix AI (RENX) 253p £149m
Renalytix AI, a developer of artificial intelligence-enabled clinical diagnostics for kidney disease, announces that Capital District Physicians’ Health Plan, Inc. (CDPHP®), a physician led health insurance provider, has adopted coverage determination policies that will provide KidneyIntelX™ for qualified CDPHP members who have Type 2 diabetes and chronic kidney disease (diabetic kidney disease or “DKD”). In the United States, approximately 12m people currently have diabetic kidney disease1. Qualified CDPHP members are eligible for KidneyIntelX™ testing and score reporting for the risk of rapid progression of kidney disease.
Alpha FX Group (AFX) 895p £315m
Alpha, a foreign exchange and payments specialist working for corporates and institutions internationally, today announces a trading update for the year ending 31 December 2019.
The Board announced that trading has continued to be strong. Growth continues to be derived from the core UK corporate market, European clients serviced from the London office, as well as the Institutional division and the broadening of the product base into currency options. The newly launched operations in Canada and Alpha Pay also continue to make positive revenue contributions to the Group.
As a result of the strong performance , the Board expects earnings for the year ending 31 December 2019 to be ahead of current market expectations.
Feedback (FDBK) 1.40p £6.5m
Feedback, the specialist medical imaging technology company, provides an update on Bleepa®.
The Company is considering a number of potential opportunities for Bleepa® following its launch at the NHS Expo in September 2019. The Company is in advanced discussions with NHS pilot sites whilst additionally pursuing a number of commercial opportunities within and outside the NHS, and hopes to commence Bleepa® pilot schemes in the near future.
Harvest Minerals (HMI) 4.4p £8.2m
Harvest Minerals Limited, the AIM quoted remineraliser producer, announces that following publication of its audited financial statements for the year ended 30 June 2019, it will change its financial year end from 30 June to 31 December.
Rationale for Change is the Company’s production and sales cycles work predominately on a calendar basis, consistent with the planting seasons in the Southern Hemisphere, however, its existing financial accounting period has a 30 June year end, which is typical of most Australian incorporated companies.
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 firstname.lastname@example.org with “unsubscribe me”.