Small Cap Feast
Small Cap Feast – 18 March 2019
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
Interserve has left the main market following a period of Administration and has been taken over by its lenders. Utilitywise has left AIM following the earlier resignation of its NOMAD.
Interserve has left the main market following a period of Administration and has been taken over by its lenders.
Utilitywise has left AIM following the earlier resignation of its NOMAD.
What’s Cooking in the IPO Kitchen?
Main Market (Premium)
US Solar Fund, a newly-established investment company focused on investing in solar power assets mainly in the US, looking to raise $250m at $1. Expected 20 March
Network International Holdings—Potential Intention to Float— leading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m.
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.
Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, due to join AIM 21 March. Mkt Cap c. £53m Raising £17m at 76p.
PipeHawk (PIP.L) 4.95p £1.68m
The Company’s turnover in the six months ended 31 December 2018 was £2.9m up 25%, resulting in a loss before taxation of £164,000 (2017: loss of £118,000). The increase in turnover has been effectively offset in the period by increased recruitment and staff costs at QM Systems to service the Cox Powertrain Limited and Penso (UK) Ltd orders, as previously announced by the Company, coupled with increased R&D spend and marketing activity at Thomson Engineering Design. Well placed for H2 with full order books in all parts of the business and fully staffed to deliver.
PipeHawk plc is a dynamic electronic systems development company developing solutions in the specialist fields of land mines and utilities detection.
Spectra Systems (SPSY.L) 127.50p £53.40m
The leader in machine-readable high-speed banknote authentication, brand protection technologies, and gaming security software, today announces that it expects its profits for the year ending 31 December 2019 to exceed market expectations. The increased profits are related to a G7 central bank research contract which will commence in Q2 of this year and is expected to extend throughout 2020.
Dr. Nabil Lawandy, Chief Executive Officer, stated: “We are very pleased that we are able to provide a positive trading update for 2019 which is reflective of an increasing product mix which allows for sustained strong profitability.”
Microsaic Systems (MSYS.L) 1.15p £5.02m
The developer of point of need mass spectrometry instruments, is pleased to announce that it has signed an original equipment manufacturer agreement with Biometrics Technologies Co, Ltd (“BMT”) for the integration of the Microsaic 4500 MiD® MS detector with BMT’s High Performance Liquid Chromatography equipment, for distribution in Southeast Asia, Korea and India.
Established in 2013, BMT is a specialist OEM provider of life science and analytical equipment. BMT designs, develops and integrates high technology scientific instrumentation, with markets in Southeast Asia, Taiwan, Korea, the Middle East, and Oceana.
Evgen Pharma (EVG.L) 15.25p £15.10m
Update on the read-out of its two Phase II trials of SFX-01. in line with earlier guidance. Final read-out of the STEM trial in metastatic breast cancer is expected to be announced early next week, SAS trial of SFX-01. treatment phase concluded on track. Following advice from clinicians and statisticians, and light of commercial considerations, Evgen has decided to announce the primary and secondary endpoints at the same time, rather than announcing them separately as previously indicated. This approach fully protects the blinded integrity of the secondary endpoint data which continues to be collected post-dosing for six months from the initial haemorrhage. The final read-out continues to be expected late summer 2019.
EU Supply (EUSP.L) 10.75p £7.71m
“The e-procurement software provider, is pleased to announce that it has signed a contract with a service provider that facilitates cost effective services and solutions for collaboration and information sharing within the oil and gas sector for the delivery of some initial services for their supplier qualifications.
Commenting, Thomas Beergrehn, CEO of EU Supply, said:
“We are pleased to announce the signing of this maiden agreement in the oil and gas sector. It is a sector with significant needs in both qualification, tendering, contract management and risk management. We believe this first inroad in the oil and gas sector may lead to considerable additional business in the next three years.” “
Karoo Energy (NEX:KEP) 0.255p £0.5m
Update on “proposed fundraising and its intended move to AIM.
“The Company believed that it had secured conditional funding, sufficient in its view, for its intended AIM admission.”
“The Company’s engaged Nominated Adviser, pursuant to admission to AIM, has now informed that the Company is unable to be proposed as suitable for an AIM listing. This is disappointing and frustrating given the conditional fundraise and the substantial work undertaken by the Company and its advisers, including the preparation and issuance of a full pathfinder admission document. The Company cannot now pursue the proposed move and the conditional AIM fundraising.”
“The Company is in urgent discussions on a potential restructuring and potential re-financing.”
Salt Lake Potash (SO4.L) 30.50p £49.89m
- Initial Mineral Resource Estimate for the whole of Lake Way contains 73 million tonnes of SOP, including:
o Measured Resource – Lake Way Playa 6.9Mt @ 15.4kg/m3 o Measured Resource – Williamson Pit 32Kt @ 25.5kg/m3
o Indicated Resource – Paleochannel 3.7Mt @ 13.6kg/m3 o Inferred Resource – Lake Way Playa & Paleovalley Sediment 62Mt @ 15.2kg/m3
Lake Way confirmed as very high-grade with consistent brine chemistry both laterally and at depth, with an average grade of 14.5kg of SOP per cubic metre of brine across the Lake Way tenements (Measured and Indicated). The Mineral Resource Estimate for the ‘whole of lake’ will enable the Company to finalise technical studies for a larger production scenario with an anticipated release date towards the end of Q2 2019
Allergy Therapeutics (AGY.L) 11.25p £91.61m
Top-line results from the Phase III clinical trial B301of its new adjuvanted birch allergoid product. The trial did not show a statistically significant difference between active and placebo arms in the primary endpoint of a combined symptom medication score averaged over the peak birch pollen season. The safety and tolerability profile was positive and consistent with that observed in previous trials. Importantly, secondary endpoint analyses of immunoglobulin markers including IgG and IgG4 showed highly statistically significant differences between active and placebo, suggesting a strong and sustained immune response to treatment. “We are surprised by the result, given the strong immune response suggested by the increased immunoglobulin markers in the treatment arm and the substantial symptom improvement we had observed in earlier trials. We will now undertake a comprehensive review of the full dataset”.
Omega Diagnostics (ODX.L) 13.75p £17.14m
Omega has CE-Marked its VISITECT® CD4 Advanced Disease test for monitoring people living with HIV. The VISITECT® CD4 Advanced Disease test utilises a cut-off of 200 CD4 cells/mm³ of blood, a level at which patients’ immune systems are so weakened by HIV that they are at risk of infection by other life-threatening diseases. The technical file supporting the CE-Mark will form the basis of the additional regulatory approvals that the Company will seek through the UNITAID-funded Expert Review Panel for Diagnostics .
Cora Gold (CORA.L) 5.40p £3.30m
Positive interim results from the preliminary metallurgical test work programme for oxide samples taken from the Zone A and Selin prospects at the Sanankoro Gold Discovery in Southern Mali. Excellent gold recovery characteristics with similar test work response observed across both oxide ore samples Preliminary results demonstrate coarse ore gold recoveries of up to 97%, depending on crush size, are achievable through cyanide leach extraction. Results indicative of potential for industry standard process methodology for the extraction of gold.
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”.