Small Cap Feast

Small Cap Feast – 18th April 2017

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 967

Total number of AIM Companies trading: 944*
* As at 13 April 2017

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 84*

Total number of NEX Growth Market Companies trading: 81*
* As at 13 April 2017

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): *

Total number of Standard List Companies trading: *
* As at 13 April 2017

Dish of the Day:

No AIM Joiners Today

Off the Menu:

No AIM Leavers today

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?

Ten Entertainment Group—The UK’s second largest ten-pin bowling operator with 40 sites announced the successful pricing of its initial public offering and the placing of 16,250,000 Shares at a price of 165 pence per Share. Admission due 19 April.

Verditek— Schedule One. On Admission, the Company’s subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Funding and admission date TBC.

Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC.

ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May.

Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.


Breakfast Buffet

Keras Resources (KRS.L) 0.4p £6.88m

Pharmanet Group Limited  (ASX: PNO), the ASX listed company which the Company will reverse its wholly owned gold subsidiary, Keras (Gold) Australia Pty Ltd into, has successfully raised A$620,000 (before expenses) from sophisticated investors in Australia.  The Proceeds of the Placing will support the planned listing of Keras’ Australian gold assets on the Australian Securities Exchange as previously announced on 21 March 2017. It is anticipated that Pharmanet, which is currently suspended from trading subject to completion of the proposed acquisition, will relist on the ASX as Calidus Resources Limited in Q2 2017.


APQ Global (APQ.L) 104.5p £81.57m

The emerging markets growth company incorporated in Guernsey which is listed on the Channel Islands Securities Exchange Authority Limited and admitted to trading on AIM announced that as at the close of business on 31 March 2017, the unaudited book value per Ordinary Share was 97.23 pence.


Ironridge Resources (IRR.L) 44p £104.8m

Ironridge has secured the right to acquire an additional highly prospective gold license application which complements and enhances the existing projects within Ivory Coast, West Africa.  Acquisition complements and enhances existing 3,110km2 portfolio in Ivory Coast for a combined total 3,510km2 land package over highly prospective geology. Strategic acquisition is adjacent to, and along strike from, a recently defined and growing third party 700Koz JORC compliant gold resource and complements the existing Vavoua and Gboguhue license applications in the west of the Country. Good access via extensive bitumen road networks. Ivory Coast represents an underexplored and highly prospective gold rich terrain within the prolific West African Birimian Greenstone sequence, with a diversified economy and pro-mining investment framework.


Faron Pharmaceuticals(FARN.L) 612.5p £170m

The clinical stage biopharmaceutical company, has signed an agreement with the University of Birmingham Medical School, UK, to initiate a liver cancer program testing Clevegen, the Company’s immuno switch antibody, in clinical trials. This collaboration will focus on trial and protocol design for a Phase I/II trial,) in liver cancer patients at Birmingham Health Partners’ NIHR Clinical Research Facility and the Centre for Liver Research.  Approval will be sought from MHRA for an adaptive protocol, which would allow flexible administration of Clevegen based on results obtained in previous dosings. Faron and the University of Birmingham anticipate filing the clinical trial application  with the MHRA in late 2017 or early 2018.


Bluejay Mining (JAY.L) 14.5p £106.3m

Permitting activities at the Pituffik Titanium Project in Greenland have commenced, having been notified by the Mineral Resource Authority (‘MRA’) of the Government of Greenland that it has entered the pre-consultation phase of the process.  The  period covers 35 days. By facilitating early input, this phase is aimed at creating a collaborative dialogue between any interested individuals and stakeholder groups throughout the later public consultation process and exploitation application process. The Company recently concluded settlement meetings throughout Greenland as part of the Social Impact Assessment process.  Importantly, there were no issues raised by the community, only that it should employ local people.


Begbies Traynor (BEG.L) 49.75p £53.1m

According to Begbies Traynor’s Red Flag Alert research for Q1 2017, which monitors the financial health of UK companies, levels of ‘Significant’ financial distress within key sectors of the UK supply chain have risen by 26% on average over the past year following increased cost pressures from rising inflation in both fuel and food prices. This follows the news that UK inflation rose to 2.3% in March, its highest level since September 2013, with transport costs being the biggest contributor, increasing 6.6% over the past 12 months.  This is before the impact of the National Living Wage that came into effect 1 April. The independent insolvency firm trades on 15.3x FYApr17E earnings and yields 4.4%.


Mosman Oil & Gas (MSMN.L) 0.83p £1.7m

The oil exploration and development company, has executed contracts to acquire 50% of the Strawn Oil Project  located in Young County, Texas for a consideration of USD$75k. The Project will be operated as a JV and Mosman’s Strategic Alliance Partner Blackstone Oil & Gas, Inc. has acquired the other 50% of the Project. Mosman will act as operator on the Project. Mosman has examined a number of production projects internationally and in the USA. The acquisition announced today is a small part of a larger overall strategy and other potential acquisitions continue to be examined and evaluated. This process is not limited to the previously announced Strategic Alliance or the Strawn Oil Project. Strawn is a small producer but  with potential to increase with modest workover budget.


Verona Pharma (VRP.L) 0.83p £75.14m

The clinical-stage biopharmaceutical company focused on developing and commercialising innovative therapeutics for the treatment of respiratory diseases, announced  that the FDA has authorised the initiation of a pharmacokinetic clinical trial in the U.S. for the Company’s product candidate, RPL554. RPL554 is a first-in-class, inhaled, dual inhibitor of the enzymes phosphodiesterase 3 and 4 designed to have anti-inflammatory as well as bronchodilator properties, currently in development for the treatment of chronic obstructive pulmonary disease and cystic fibrosis. With the IND effective, the Company plans to initiate a PK clinical trial in the middle of this year  with top-line data is expected in the fourth quarter of 2017.


redT Energy (RED.L) 8.38p £54.77m

The energy storage technology company, has signed an agreement with The Olde House, a working farm and holiday retreat, situated in North Cornwall, to place six of its redT energy storage machines, totalling 1.08 MWh. The Olde House is an early leading innovator in using renewable technology to support its business, adopting solar and biomass generation as well as demand use management. The installation is being supported by energy services company Centrica who will also work with the site owner to optimise the use of the redT’s energy storage assets. ‘redT’s machines will demonstrate how distributed energy grids such as this can embrace solar generation by coupling with energy storage to provide reliable, cheap energy all day and night.’


Zoo Digital Group (ZOO.L) 11.25p £3.67m

The provider of subtitling and digital distribution services for the global entertainment industry, is proposing to raise gross funds of approximately £2.58 million, through a Placing and Subscription at 9 pence. The Company has further announced that it is proposing to issue 12,222,223 New Ordinary Shares at 9 pence in respect of the Capitalisation and by way of the Extensions, to extend the terms of its outstanding CLN1 and CLN2 (Convertible Loan notes) by a period of three years. The transaction includes Director participation. There are no market forecasts.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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