AIM Breakfasts

AIM BREAKFAST – 17th September 2016

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 995

Total number of AIM Companies trading: 978*
* As at 12 October 2016

Dish of the Day:

Luceco the manufacturer if LED lighting products has joined the main market raising £26m at 13op.

Biffa (Official List) has also got away with the offer price set at 180p. Mkt Cap circa £450m

 

Off the Menu:

No AIM Leavers Today

Set Menu ISDX Growth:

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

Total number of ISDX Growth Market Companies trading: *
* As at 12 October 2016

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

TI Fluid Systems– has decided not to proceed with its proposed initial public offering at the current time due to market conditions

Van Elle—The geotechnical contractor to the UK construction market is hoping to come to AIM later this month

Ascot Lloyd— The UK IFA is also hoping to join AIM later this month. Ascot Lloyd’s strategy is to grow through a combination of organic growth and further targeted acquisitions.

 

Breakfast Buffet

Sareum Holdings* (SAR.L) 1.1p £29.1m

The specialist cancer drug discovery and development business has completed the protection of the intellectual property associated with Sareum’s Aurora+FLT3 programme in all the major territories, enhancing its negotiating position with potential licence partners.  The latest patents announced today  will be granted by the Japan and Singapore Patent Offices, covering  inventions associated with Sareum’s Aurora+FLT3 kinase inhibitor programme. This comes just a few weeks after a landmark license agreement was announced for the company’s CHK1 programme.

 

Elecosoft (ELCO.L) 27.25p £20.4m

The specialist international provider of software and related services to the architectural, engineering, construction and digital marketing industries has acquired  Integrated Computing & Office Networking Limited  for £2.4m.  ICON is a web solutions software development company whose solutions enable organisations to track and manage the specifications of a portfolio of properties through a single platform.  Solid blue chip client base.  Expected earnings neutral in FY16 and enhancing thereafter. ELCO FYDEC16E rev £17.2m, EPS 1.3p.

 

Great Western Mining (GWMO.L) 0.425p £1.13m

THE silver and copper exploration and development company  has raised £500k at 0.4p per share. The net proceeds of the Placing will provide the Company with additional working capital to fund its pre-development activities on the M2 Copper-Gold target, and to initiate joint development work on M1 with Crown Point Gold & Silver Mining LLC  under the terms of the Huntoon Mine Area Cooperation Agreement recently signed with Crown Point. The deal includes 12.5m 5 year warrants at 0.5p.

 

Mortice (MORT.L) 94p £47.6m

HYSep16 trading update from the security and facilities management company.  Another strong period of trading in first half of the year, with year-on-year revenue growth of over 57%, including the first full contributions from Office & General and Frontline Security, which were acquired during the previous financial year. The Company expects to announce total revenues for the first half of at least $80m (H1 2015: $51m). Remains on track to deliver full year revenues of at least $170m, in line with market expectations.

 

Image Scan Hldgs (IGE.L) 7.25p £9.11m

FYSep16 trading update  from specialists in the field of real-time X-ray imaging for the Security and Industrial Inspection markets.  Sales of £3.3m (2015: £1.7m) at a gross margin of 42% (2015: 38%).  Pre-tax trading profit of approximately £0.1m (2015: loss of £0.64m).  Outstanding order book at the end of the period of £1.7m (2015: £0.67m). £1m cash balance at the end of the period  (H1 2016: £0.53m). Recent product development and operational improvements are bearing fruit.

 

Anglo Asian Mining (AAZ.L) 20.25p £22.81m

The gold, copper and silver producer focused in Azerbaijan, has announced a new gold discovery, “Ugur”, within its Gedabek licence area in western Azerbaijan. This is in line with the Company’s strategy to continue to expand the potential resource at the Gedabek Licence. Ugur provides significant potential upside to the Company’s future gold production. 3km NW of existing plant. Initial Phase II core drilling programme has commenced to determine overall depth and style of mineralisation with a view to increase resources.

 

Lok’N’Store (LOK.L) 380p £101.4m

The  UK self-storage  company has announced FYJul16 results. Adjusted Net Asset Value1 per share up 27.6% to £3.86. Group Revenue £16.06 million up 4.1 %. Like for like up 7.6%. Group Adjusted EBITDA £6.30million up 10.8%. Annual dividend up 12.5% to 9p. A strong platform for growth. Looking to improve usage, pricing, acquire new sites, increase 3rd party management and grow document storage.

 

Omega Diagnostics (ODX.L) 18.25 p £19.85m

The medical diagnostics company focused on allergy, food intolerance and infectious disease has released an H1 2016 trading update. Turnover is expected to be £6.83m, 3% ahead of last year’s first half in constant currency terms and 11% ahead of last year’s result. Adjusted PBT in line with management expectations. Continues to see opportunities for Food Intolerance division in the North American market and is actively pursuing a number of prospects in what is an attractive consumer-driven market. FYMar17E Sales £13.8m. PBT £0.8m.

 

Marlowe (MRL.L) 295p £81.03m

The support services group focused on acquiring and developing companies that provide critical asset maintenance services, has acquired Hentland Limited for a total enterprise value of up to £7.6m on a debt free basis. Hentland provides a comprehensive portfolio of fire protection and security services to over 1,800 customers covering the leisure, logistics, healthcare, food, public service and retail sectors. Immediately earnings enhancing. Hentland reported £5.9m revenue in H1Jun16 and adjusted EBITDA of £0.9m. MRL FY Mar17E rev £36.2m, 7.6p EPS.

 

AB Dynamics (ABDP.L) 500p £88.82m

The designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry announced that  Tim Rogers, currently Managing Director of the Company, has today been appointed Chief Executive Officer. Tony Best, currently Executive Chairman will become Non-Executive Chairman, wishing to take a less active role, but leaves the company in good shape.

 

Head Chef:

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

*A corporate client of Hybridan LLP

Disclaimer

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 enquiries@hybridan.com with “unsubscribe me”.