AIM Breakfasts

AIM BREAKFAST – 20th February 2017

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 971

Total number of AIM Companies trading: 951*
* As at 17 February 2017

Dish of the Day:

No AIM Joiners Today


Off the Menu:

Fyffes has delisted following a takeover.

Set Menu ISDX Growth:

Total number of ISDX Growth Market Companies (Incl Susp): 85*

Total number of ISDX Growth Market Companies trading: 82*
* As at 17 February 2017

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?

Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.

Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.


Breakfast Buffet

Sareum Holdings* (SAR.L) 1.07p £28.4m

HY Dec 16 from the specialist cancer drug discovery and development business  showing a Maiden profit on ordinary activities (after taxation) of £573,000, driven by the licensing agreement for its CHK1 inhibitor cancer drug candidate.  Cash at bank at period end was £2,305,000 (2015: £335,000) and the Company’s unspent investment in the Chk1 Project was £258,000 (2015: £841,000). TYK2 progressing to lead optimisation in auto immune and also being investigated for lupus and  acute lymphoblastic leukemia (“T-ALL”) and other cancers. Biomarker strategy on Aurora+FLT3 has made good progress with the candidate showing measurable reductions on markers downstream of both Aurora B and FLT3 signalling in a disease model of FLT3 mutant Acute Myeloid Leukemia.


Feedback (FDBK.L) 1.94p £4.10m

HYNov16 results from specialist in imaging tools for clinical decision makers.  Revenue  was £203,000 (2015: £225,000) and the loss after tax was £126,000 (2015: Loss £143,000). The loss before interest, tax and amortisation was £115,000 (2015: Loss £132,000). The cash balance at 30 November 2016 was £63,000 (30 November 2015: £164,000). Received a significant number of purchase orders for TexRAD research versions during the period, the majority of which were installed shortly before the period end. Accordingly, these sales only made a modest contribution to revenue in the period.  received additional new orders from customers in Singapore and Korea. Expects substantial increase in TexRAD-related revenue in  H2. There are no market forecasts.


Restore (RST.L) 369p £412.52m

Acquisition of The ITAD Works Limited, a Surrey-based provider of IT asset recovery and recycling services. ITAD Works was founded in 2002. For the 12 months ending 30 September 2016, it generated revenues of £3.5 million based on unaudited management accounts. The acquisition was funded from Restore’s existing bank facilities. FYDec17E rev of £132.26m and PBT of £22.27m. Div of 4.84p.


Fishing Republic (FISH.L) 41.5p £15.7m

FYDec16 trading update from one of the largest fishing tackle retailers in the UK. The Company continues to make encouraging progress and results for the year are expected to be in line with current market expectations. Revenue is expected to show an increase of approximately 40% year-on-year, driven by the addition of new stores, organic growth across existing stores, and strong growth in own website sales.  Own website sales increased by 132% year-on-year and accounted for c. 40% of total online sales for the year. As expected, with lower third party sales, total online sales decreased but, importantly, overall gross margins improved. 3 stores opened in H1. Lincoln acquired in September, plus Mildenhall opened before year end and Milton Keynes in January. Good pipeline ahead. FYDec16E of £5.7m and PBT of £0.4m.


GAN (GAN.L) 36p £25.2m

The award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, has executed an agreement with Everi Games Inc., a subsidiary of Everi Holdings Inc. (NYSE: EVRI) to launch several key Everi Class II and Class III slot titles online for GAN’s US casino Simulated Gaming™ clients. This is an expansion of an already well developed partnership. FYDec16E £7.99m rev and £4.8m loss.


Condor Gold (CNR.L) 65p £34.39m

Placing at 62p together with a proposed Director’s subscription of 161,290 units has raised £5.242m. The net proceeds will be used for general working capital purposes and to continue with the strategy to fully permit Mina La India in Nicaragua for a 2,800tpd processing plant with capacity to produce 100,000oz gold p.a., secure the surface rights for the rural land that host and surround the future mine infrastructure and continue work to demonstrate the significant exploration upside of the 2.4 millionoz gold resource at 4.0g/t gold at La India Project via scout drilling on new exploration targets that have never been drilled and expand some of the existing resource areas.


European Metals (EMH.L) 76.5p £99m

EMH announced on Friday a  substantial upgrade of its JORC compliant Indicated Mineral Resource at the Company’s 100% owned Cinovec Lithium/Tin Project in the Czech Republic, confirming its status as the largest Lithium resource in Europe.   Lithium Indicated Resource increased 50% to 3.9 Mt LCE, contained in 347.7 Mt @ 0.45% Li2O and 0.04% Sn (0.1% Li cut-off). Total contained tin in the Total Mineral Resource increases to 262,600 tonnes. Lithium Exploration Target remains 350 to 450 Mt @ 0.39% to 0.47% for 3.4 Mt to 5.3 Mt of LCE.


7digital Group (7DIG.L) 7.87p £9.11m

The specialist in end-to-end digital music solutions, announced that it has signed a deal with DTS, a pioneer in audio solutions for automotive, mobile devices, home theatre systems and cinema. The Company has been contracted to partner with DTS, a wholly owned subsidiary of Tessera Holding Corporation, on the development of new high-resolution audio solution prototypes for the automotive market. DTS provides dashboard-mounted audio for several leading brands and its portfolio of technology is integrated in more than two billion devices globally. This deal is a significant move for 7digital into the in-car vertical. The deal will contribute to 7digital’s revenues for 2017. FYDec17E rev £14.1m. PBT £0.16m.


Premier African Minerals (PREM.L) 0.875p £34.73m

The mining exploration and production company, reported further assay results from shallow drilling from its high grade Zulu Lithium and Tantalum Project. The drilling programme was designed to drill test for the extensive lithium mineralisation over the known 3.5 km strike length of this deposit. Exceptionally high grade lithium encountered at Zulu with Drill-hole ZDD-3 returning grades up to 3.3% Li2O between 25.14 meters and 54.15 meters down hole, including 4.3 meters from 40.15 meters grading 2.16% Li2O. A new drilling programme has commenced with the aim of increasing the size of further defining the ore body


Edenville Energy (EDL.L) 0.85p £6.76m

£2m oversubscribed subscription at 0.8p. The net proceeds from the Subscription will be used predominantly for the advancement of mining development and to facilitate the Company’s progress into full coal mining operations as soon as possible, including purchase of a wash plant and crusher and facilitate the transportation and installation of these items on site in Tanzania, and supporting infrastructure, including weighbridge facilities and implementing systems for coal delivery to customers.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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