Small Cap Feast
Small Cap Feast – 18 November 2019
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
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
Dish of the Day:
Off the Menu:
What’s Cooking in the IPO Kitchen?
Touchstone Exploration (TXP.L) 12.875p £20.69m
Production test results for the Coho-1 well on the Ortoire exploration block, onshore in the Republic of Trinidad and Tobago. During the final flowback period, a peak rate of 19.8 million cubic feet per day (“MMCFD”) (3,300 barrels of oil equivalent (“BOEPD”)) of dry, sweet natural gas was observed with a wellhead pressure of 2,632 psi on a 32/64″ choke.
“These positive well test results represent a new era for Touchstone as we expect to add significant natural gas volumes to our production base. The results outline the opportunities that still exist for onshore Trinidad exploration and position Touchstone to become a top three onshore petroleum producer. It must also be noted that the Coho-1 well is in the smallest prospect of the Ortoire
Shanta Gold (SHG.L) 8.7p £68.5m
Reserve and resource update as at 30 September 2019 at the New Luika Gold Mine (“NLGM”) in South Western Tanzania, drilling programme for the 6-month period from 1 April 2019 to 30 September 2019, which totalled c.8.5 km and consisted of 81 holes all located within 4 km of the plant, at a cost of c.US$1m;
This drilling has added new probable gold reserves totalling 135,438 ounces grading 4.07g/t Au at Bauhinia Creek Deep West, Elizabeth Hill North, Bauhinia Creek North and Black Tree Hill. New Inferred resources of 94,007 ounces grading 2.75 g/t up 26% from 74,427 ounces grading 1.71 g/t have been estimated at the Newly Drilled Targets, with further drilling planned to prove this up. Since 30 September 2019, drilling has been ongoing on the Mining Licences and across other regional targets in the Lupa Goldfield; Approximately 4,000 meters of exploration drilling is planned for Q4 2019
Centralnic (CNIC.L) 48.5p £88.2m
Formerly announced acquisition of Team Internet AG, Germany now expected to complete in the week commencing 23 December 2019. US$48m total consideration payable, US$45m is cash, to be funded by an underwritten bond issue. Expected to be immediately earnings enhancing and significantly accretive in the financial year ending 31 December 2020 before any synergies.
Q3 trading update – Unaudited revenues of US$77.1m and adjusted EBITDA of US$13.1m for the period from 1 January to 30 September 2019. The Group, prior to any contribution from the acquisition, continues to trade in line with the high end of analyst expectations
Ariana Resources (AAU.L) 1.975p £20.9m
Recent resource drilling results obtained from the Kiziltepe Mine .
Infill resource drilling results from the Arzu North Vein include 7m @ 3.34 g/t Au + 54 g/t Ag, 9m @ 2.44 g/t Au + 41 g/t Ag, and 8m @ 2.88 g/t Au + 156 g/t Ag.
·Significant mineralisation confirmed at far NW end of Arzu North, which sits outside of the current resource with the potential to extend further by several hundred metres.
Mining activities at Arzu North and Derya are fully underway, and grade control results obtained to date from Arzu North include: 2m @ 17.90 g/t Au + 147 g/t Ag, 3m @ 7.74g/t Au + 60 g/t Ag and 8m @ 2.05 g/t Au + 20 g/t Ag.
Inspirit Energy Holdings(INSP.L) 0.15p £2.13m
The developer of micro combined heat and power boilers, is pleased to announce that it has raised £300,000 at 0.12p vs a closing price of 0.22p.
Further to the announcement of 13 November 2019, where the Company announced that its Inspirit Charger had successfully created a smaller prototype of the Stirling engine casting using modern 3D printing methods with its partners in Poland, the funds raised will a) allow the Company to finalise the development of the new enhanced 6.4kW boiler and seek the associated accreditation with a view to producing a unit for batch trail production and b) provide general working capital.
Tristel (TSTL.L) 320p £143m
“The manufacturer of infection prevention products, announces that MobileODT (“MODT”), a company in which it holds a 2.13% strategic equity stake, has successfully completed its first closing of a US$9.75 million second-round institutional fund raising. The funding has been led by OrbiMed Israel Partners and will provide MODT with further growth capital. Whilst Tristel has not participated in this latest funding round the Company has invested US$911,000 in MODT since June 2017. “
Open Orphan (ORPH.L) 6.35p £16.2m
The “European-focussed, rare and orphan drug consulting services platform, is pleased to announce the signing of a contract with Carna Bioscience (“Carna”) (www.carnabio.com)for a First In Human Clinical pharmacology trial. The contract is expected to deliver significant revenue for the Company over the next twelve months. Carna is a Japanese company specialising in kinase biology, developing innovative treatments against cancer and immune disorders.
This contract sees Venn Life Sciences (“Venn”), part of Open Orphan plc, provide Carna with a range of expertise from Chemistry Manufacturing and Controls to Clinical Trial Management as well as biometry, legal and regulatory support.”
Real Estate Investors (RLE.L) 54.5p £101.6m
The REIT “with a portfolio of 1.53 million sq. ft. of commercial property in the Midlands property market across all sectors, is pleased to announce the acquisition of a fully-let, prime, mixed-use block on The Parade, Royal Leamington Spa, for £7.45 million, generating a net initial yield of 8.05%.
The property, which includes twelve units, produces £639,500 p.a. with a current WAULT of 2.8 years to break and 5.5 years to expiry.”
IQGeo (IQG.L) 43p £21.3m
Two new contracts worth in excess of USD1.2 million with an existing customer, increasing the number of its licensed users and purchasing IQGeo’s field data capture product.
The customer is a regulated electric and natural gas utility, based in the USA serving over 700,000 electric and natural gas customers, covering an area of more than 600 square miles.
Mosman Oil and Gas (MSMN.L) 0.25p £2.2m
Memorandum of Agreement (MOA) and a Heads of Agreement (HOA) in respect to a potential Joint Venture for its Amadeus Project located in Central Australia. The timetable for these discussions, which will include a site visit, will be firmed up in due course and following this and a data review in Sydney, we will then be able to determine the outcome.
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”.