Small Cap Feast

Small Cap Feast – 20 May 2019

Dish of the Day:

No Joiners Today

Off the Menu:

WorldPay has left the Main Market (standard) today pursuant to a merger with  Fidelity National Information Services

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

Jewel UK Midco Limited, the parent company of The Watches of Switzerland Group Limited, is looking to join the premium segment of the main market. Offer TBC, expect TBC

Main Market (Standard)

IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. Expected 11 June 2019

Pure Gold—  TSX listed seeking a London listing. Focused on Madsen Red Lake Gold Deposit.  Feasibility Study outlines a robust 12-year, high grade, 800 tonne per day underground mining operation with low initial capital cost of C$95mm and strong financial performance with an after-tax NPV of C$247mm . Introduction only at this point Mkt cap CA£138m.

Main Market (Specialist Funds)

Riverstone Credit Opportunities Income  – raising US$200m—will seek to generate consistent shareholder returns predominantly in the form of income distributions principally by making senior secured loans to energy-related businesses. Due 24 May


Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC,  expected 29 May 2019.

Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019.

SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.

Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

NEX Exchange

SSuINOx—has developed a hydrocarbon fuels conditioning and emulsifying process that enables more efficient fuel combustion, leading potentially to reduced fuel usage and significantly lowered emissions.  Offer TBA.

Breakfast Buffet

Scancell Holdings (SCLP.L) 4.25p £16.48m

Scancell Holdings PLC, a developer of novel immunotherapies for the treatment of cancer, and Cancer Research UK, the world’s leading cancer charity dedicated to saving lives through research, are pleased to provide an update on their clinical development partnership for the development of Scancell’s ImmunoBody® vaccine, SCIB2, as a potential treatment for patients with solid tumours, including non-small cell lung cancer (NSCLC). “

Pre-clinical studies have demonstrated that administration of SCIB2 as a liposomal nanoparticle results in potent immune responses and prolonged survival. 

Cancer Research UK are now planning a clinical trial to investigate the safety and efficacy of the SCIB2-nanoparticle complex in patients with solid tumours.


Volga Gas (VGAS.L) 82.84p £66.74m

 AGM Statement from the  oil and gas exploration and production group operating in the Volga Region of Russia .

  • Between 1 January and 30 April 2019, Group production averaged 5,859 barrels of oil equivalent per day (“boepd”).
  • Between 1 January and 30 April 2019, realised prices for oil and condensate net of sales expenses averaged $39.36 per barrel.
  • The Group’s cash position as at 30 April 2019 was US$14.8m (US$15.2m at 31 December 2018), after payment of approximately US$2.2m on capital expenditure, repaying the full outstanding balance of US$1.7m of bank debt, and purchasing 450,000 of the Company’s shares in the market.
  • The Group has been debt-free since February 2019.


Reabold Resources (RBD.L) 0.7p £26.7m

Integrity Management Solutions (“IMS”), contract operator of Reabold’s interests in California, has informed the Company that the perforating and swabbing operation at the Burnett 2B and Burnett 2A wells, as announced on 29 April 2019, has been completed.  Commercial flow rates have been confirmed at both wells, which are the third and fourth wells in the Reabold California portfolio to achieve this.

Multiple zones were perforated in both wells and the swabbing runs resulted in oil flow from all zones prognosed to be hydrocarbon bearing.

Pumping units are being mobilised this week, with the final permanent production facilities expected to be in place within the next two weeks, at which point both wells will be put onto permanent production. Reabold will inform the market as to the flow rates achieved once the wells are on permanent production.


AFC Energy (AFC.L) 4.741p £20.2m

The alkaline fuel cell power company, announces the successful results of an 18 month Ammonia to Power (“A2P”) trial and confirms plans to conclude work on the business case and engineering of an integrated, scalable ammonia fuelled clean power generator.

The system, which expects to utilise existing ammonia cracking technology alongside AFC Energy’s proprietary fuel cell system, would enable the use of AFC Energy’s fuel cells in off-grid locations where electricity would be generated through the consumption of ammonia; a low-cost commodity chemical that is readily available in industrialised and developing countries.

  • Negligible difference in fuel-cell performance witnessed between direct hydrogen gas sourced from industrial gas companies, and that sourced from cracked ammonia

  • Ability to utilise “off the shelf” ammonia crackers readily available in today’s market without the need for further research and development costs that would otherwise likely delay go to market strategies


Allergy Therapeutics (AGY.L) 12.5p £79.5m

The fully integrated commercial biotechnology company specialising in allergy vaccines, today announces positive Phase I safety and tolerability results of subcutaneous Acarovac MPL (Monophosphoryl Lipid A) in patients with house dust mite (HDM)-induced allergic rhinoconjunctivitis.  

The primary endpoint was the safety and tolerability of 7 injections of Acarovac MPL administered over 6-12 weeks each 1-2 weeks apart. The formulation was well tolerated. The safety profile was satisfactory and the reported adverse events were consistent with what have been observed with similar formulations of allergy vaccines.

A significant improvement from baseline in patients’ total symptom scores following NPT after 12 weeks, and significant increases in immunoglobulin markers and reduction in IL-4 were observed.


AB Dynamics (ABDP.L) 2410p £471m

Proposed Placing to raise up to £45.1m via an accelerated bookbuild the designer, manufacturer and supplier of advanced testing systems and measurement products for the global automotive market, lus £5m open offer.  Issue price 2200p.

 The Company intends to use the net proceeds of the proposed Placing in support of the Company’s stated strategy to finance potential acquisition opportunities, adding important production capacity and for ongoing working capital requirements.


Iofina (IOF.L) 18.4p £23.5m

The specialists in the exploration and production of iodine and manufacturers of other halogen-based derivatives at its specialty chemical company, today announces a proposed conditional placing, subscription and open offer  to raise gross proceeds of up to £7.5m at 16 pence per share.

The net proceeds of the Fundraising will enable Iofina to accelerate its plant upgrading programme, which in turn will increase iodine production and sales, as well as reduce the Company’s debt.

The Issue Price represents a discount of approximately 15.8 per cent. to the Closing Price of 19 pence per Ordinary Share on 17 May 2019,.


The City Pub Group (CPC.L) 230p £141m

AGM statement from the owner and operator an estate of premium pubs across the southern half of England and Wales.

Year on year performance continues to be strong following our annual results announcement on 9 April 2019 and, for the 19 weeks to 12 May 2019, sales were up 35% on last year.

“We are continuing to seek further pubs in Southern England and Wales to build the estate and achieve our target of 65-70 sites by mid-2021.” (currently 45 trading and 5 under development).


Actual Experience (ACT.L) 185p £83m

HY  Mar 19 results from the analytics-as-a-service company.

 “●   Deepening of our engagement with our Channel Partners and two further ‘land and expand’ customer deployments secured

  • Increased automation and scalability of our Analytics-as-a-Service (“AaaS”), to support our Channel Partners
  • Revenue increased to £953,025 (31 March 2018: £264,348), reflecting growth in Channel Partner revenue
  • Operating loss reduced to £3,458,087 (31 March 2018: loss of £3,825,738), in line with management expectations”.
  • Cash and cash equivalents at 31 March 2019 of £8,166,466 (30 September 2018: £10,776,516)”


Post period end

  • First successful evaluation of ‘built in’ Channel Partner achieved, a key strategic milestone”.


Rockfire Resources (ROCK.L) 0.75p £3.24m

The gold and base metal-focused resource company, is pleased to announce that recent soil sampling at the Cardigan Dam Prospect, part of the Lighthouse tenement in Queensland, Australia, has returned a promising gold-in-soil anomaly. 

  • Two broad gold-in-soil anomalous trends detected

  • Each trend is approximately 400m long x 100m wide in dimension

  • The anomaly remains open along strike length

  • Soil results up to 205ppb (0.2ppm) Au

  • 14% of all soil samples have results above 20ppb Au

  • Historical rock samples identify anomalous gold up to 11.4 g/t Au at surface


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Derren Nathan
0203 764 2344

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