Small Cap Feast

Small Cap Feast – 19 September 2019

Dish of the Day:

National World Ord (NWOR) –  issued share capital of 54,000,000 ordinary shares has today been admitted to listing on the standard segment of the Official List at 10p per share. The Company has been formed to pursue opportunities in the news publishing and digital media sector and/or in associated complementary technologies initially focusing on potential acquisition opportunities in the UK and continental Europe.

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?


AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

Main Market Standard

VAALCO Energy, Inc. (NYSE: EGY), an independent energy company focused on development and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange (“LSE”), to complement its existing Listing on the New York Stock Exchange., the largest Payments, Marketplace and Fintech Ecosystem in Kazakhstan with a leading market share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering .

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.

Breakfast Buffet

Petards Group* (PEG) 16p £11.2m

Petards Group plc, the AIM quoted developer of advanced security and surveillance systems, is pleased to report its interim results for the six months ended 30 June 2019.

As of 30th June 2019, the company are sitting on a healthy order book of over £15m, £7m of which to fall in H2 2019. 

Revenue £8.9m (2018: £9.7m)

Adjusted EBITDA £766,000 (2018: £1,085,000)

The core business of rail and traffic remain robust with revenues up circa 40% over June 2018.  However, defence activity levels remain challenging. 

Healthy increase on the gross margin to 37.5%

The timing of certain orders has meant a lower than previously anticipated performance for FY 2019. 

“”The Group continues to benefit from a good order book which at 30 June 2019 included revenues of almost £7 million for the second half of 2019.  This has been supplemented by orders received since June, the majority of which will benefit 2020.”

GAN PLC (GAN) 85.50p £74m

GAN plc, an award-winning developer and supplier of enterprise-level B2B gambling software and services in the United States and Europe, announces a new agreement with JACK Entertainment LLC, which has chosen GAN as their platform to support sports wagering and online casino gaming should enabling legislation and corresponding regulatory approvals come to pass in the jurisdictions where JACK operates.

JACK is an existing client of GAN’s Simulated Gaming Enterprise Platform, available online at, since October 2016. Today’s announcement once more demonstrates the strategic value to GAN of establishing relationships with U.S. casinos in advance of relevant intra-State U.S. regulation of real money Internet gambling.

JACK and its affiliates own and operate gaming properties in Cleveland, Cincinnati, and Baltimore in addition to racing facilities in Ohio and Kentucky. The complete JACK portfolio includes over 4,000 team members, 40 bars and restaurants, 375,000 square feet of gaming space and generates more than $800 million in revenues.

Karelian Diamond Res. (KDR) 3.20p £1.24m

Further to the announcement made on 2 September 2019, Karelian Diamonds, the diamond exploration company, announces that the Company has published a shareholder circular and notice of general meeting in relation to resolutions to remove certain existing directors of the Company, being Professor Richard Conroy, Maureen Jones, Seamus FitzPatrick, Dr Sor?a Conroy and Louis J Maguire and appoint as new directors, Alan Osborne, Stephen Grimmer, Martin Doyle and Kevin Taylor.

Your Board believes that the proposed resolutions are NOT in the best interests of the Company and Shareholders as a whole and is therefore unanimously recommending that you VOTE AGAINST ALL of the proposed resolutions.

An extraordinary general meeting of the Company (“EGM”) has been convened for 1.00pm on 18 October 2019 at Gandon Suite South, Davenport Hotel, 8-10 Merrion Street Lower, Dublin 2.

The Circular and a form of proxy for voting at the EGM were posted to shareholders after close of business on 18 September 2019 and the Circular will also be available shortly on the Company’s website.

Begbies Traynor (BEG) 73p £94m

Begbies Traynor Group, the business recovery, financial advisory and property services consultancy, is today holding its Annual General Meeting. Ric Traynor, Executive Chairman, will make the following statement:

The last financial year was one of strong financial performance, in which we grew the business organically, completed four acquisitions and increased the dividend whilst reducing net debt.

The benefit of our strategy to increase the scale and quality of the group’s businesses, through both investment in organic growth and targeted acquisitions, is reflected in our financial performance. We now have an enhanced breadth of service lines with multiple sources of growth potential. Whilst we retain a counter-cyclical focus, which accounts for 65% of our income, our broad range of services also positions the group well to grow across the economic cycle.

We have further added to our potential for growth by raising £8.3m in July 2019 to fund further acquisition opportunities.”

Conroy Gold & Natural Reso (CGNR) 4.83p £1.11m

Conroy Gold and Natural Resources plc, the gold exploration and development Company focused on Ireland and Finland announced an independent review of the structural controls on the Clontibret Gold Deposit, County Monaghan, Ireland by consultant structural geologist, Dr. Francis Murphy.


Structural controls for higher gold grades and thicker gold intersections in Clontibret gold deposit identified

Gold mineralising fault recognised in adjacent Corcaskea area

The structural review has identified the factors controlling the higher gold grades and thicker gold intersections along the gold lodes in the Clontibret gold deposit.

This information will be particularly valuable in targeting higher gold grades and thicker gold intersections in future drilling programmes.

SolGold PLC (SOLG) 23.15p £412m

SolGold advises that The Constitutional Court of Ecuador has ruled against a petition to seek local consultation to consider the prohibition of mining activities within the province of Azuay, Southern Ecuador. The province of Azuay contains SolGold’s 100% owned Sharug project, a high priority project that SolGold believes has considerable potential for the discovery of a world class orebody with commensurate benefits for Ecuador and SolGold.

The Court unanimously dismissed the petition and concluded that referendums implying constitutional reforms are incompatible with the Ecuadorian constitution.  In addition, the Court ruled that any referendum which may if successful, result in other nationally enjoyed constitutional rights being restricted, are inadmissible. The decision specifically addressed the rights granted to mining concessionaires.

Kodal Minerals PLC (KOD) 0.06p £5.17m

Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project in southern Mali, provides the following update on its Environmental and Social Impact Assessment application.

A formal validation meeting of the ESIA was held on Wednesday 18 September with the Direction Nationale De L’Assainissement et du Contrôle des Pollutions et des Nuisances, the governing administration for environmental matters in Mali.  The meeting was attended by Kodal Minerals Project Manager Steve Zaninovich, its Country Manager Mohamed Niare, the Company’s ESIA Consultant group Digby Wells and by a number of Kodal Minerals technical staff, to ensure all questions and comments were addressed. The matters arising minor in nature, and Kodal anticipates the addendum will be completed within a short period, following which, the DNACPN statutory approval period of 45 days commences.

Velocys PLC (VLS) 2.70p £16.09m

Velocys plc announced that it has secured a purchase order and technical service agreements with Toyo Engineering Corporation for the use of Velocys technology in a publicly funded demonstration facility in Nagoya, Japan, as well as an advanced deposit for the use of the Velocys technology by Toyo in a subsequent commercial plant.

Toyo has placed an order with Velocys, worth approximately $0.5 million (£0.4 million), to supply its Fischer-Tropsch  technology, equipment and catalyst for a biomass-to-jet fuel demonstration facility currently under construction by a consortium of Japanese companies.

In addition, Velocys has agreed that it will grant an exclusive right for Toyo to secure and use the licence and technical services of the Velocys FT Technology for a future potential commercial plant in Japan with an advance deposit of $4 million (£3.2 million).

Anglo African O&G (AAOG) 3.35p £12.69m

Anglo African Oil & Gas plc, an independent oil and gas developer, provides an update on the repayment of funds owed to the Company by Société Nationale des Pétroles du Congo (‘SNPC’), the Congolese national oil company, in regards to SNPC’s 44 per cent holding in the Tilapia Licence (‘the Licence’) in the Republic of the Congo

The Company has received a further payment of US$600,000 from SNPC, which brings the total funds received in 2019 to US$3.956 million.  

Blackbird PLC (BIRD) 10.35p £30.29m

Blackbird plc, developer and seller of the market-leading cloud video editing platform Blackbird, has announced that TownNews has again expanded its deployment of Blackbird for the fast production of digital news content in the US. This is the fourth deployment of Blackbird by TownNews within the past 15 months.

TownNews has signed up a further six US TV stations that will use Blackbird to rapidly view, edit and publish their video news content to social and web platforms.

Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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