AIM Breakfasts

AIM BREAKFAST – 20th September 2016

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 1001

Total number of AIM Companies trading: 986*
* As at

Dish of the Day:

No AIM Primary today

Off the Menu:

No AIM Leavers today

Set Menu ISDX Growth:

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

Total number of ISDX Growth Market Companies trading: *
* As at

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

Air Astana — In the press: Kazakhstan ‘s Air Astana intends to list in Kazakhstan. London a strong candidate for secondary listing

Biffa — Intention to float announcement states that up to £270m is to be raised to pay down debt and historic landfill tax liability

Hollywood Bowl — The UK’s largest bowling operator will place £181.3 at 160p. Vendor placing. Admission 21 Sep. £240m mkt cap

Bacanora Lithium — To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap

Breakfast Buffet

Cambridge Cognition* (COG.L) 72p £14.71m

The neuroscience company has secured the first contract for the recently launched CANTAB Recruit product. The contract has been signed with one of the world’s largest biotechnology companies to support its patient enrolment in a late-phase Alzheimer’s disease trial, helping to accelerate the development of a new drug treatment. Revenues will be recognised in the current financial year. Patient recruitment for early stage neurological diseases is particularly challenging. CANTAB Recruit helps address this need.

Crossword Cybersecurity* (ISDX:CCS) 192p £4.6m

Interim results from the ISDX listed cyber security focussed tech commercialisation company. Revenue momentum building with top line of £164k from £20.6k. Crossword now has formal relationships with five universities, has two recently launched products, and is expanding its range of commercial partners. Its consultancy arm is generating revenue. CEO TOM Ilube will be presenting at a Small Cap Club conference tomorrow at ISDX along with your Chef.

Smart Metering Systems (SMS.L) 535p £478.8m

The owner and operator gas and electricity meters on behalf of major energy companies has announced H1Jun16 interims. Revenue up 25% to £32.3m. Total annualised recurring income increased by 23% to £37.4m. Underlying EPS up 23% to 8.45p. Interim dividend of 1.37p, up 25%. 8 new framework agreements signed in H1. Confident for remainder of 2016. With over half of FY2016E revs (£58.75m) in the bag forecasts look undemanding. On a 30.9x PE.

Berkeley Energia (BKY.L) 50.5p £101.3m

Berkeley Energia has signed a Letter of Intent with a European based commodity trading company relating to the sale of the first 1m lbs of production from the Salamanca mine. The Agreement contemplates the sale of up to 1m lbs of uranium concentrate over a five year period starting from the commencement of the mine and extendable thereafter. The average price contemplated by the parties is above US$41 per pound compared with the current spot price of around US$25 per pound.

Clontarf Energy (CLON.L) 0.65p £2.95m

Clontarf Energy has announced a £400k gross placing at 0.5p. The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company’s Ghanaian assets and will also provide the Company with additional working capital, as the Company’s board continues to assess new projects in areas which may become available for exploration. The placing is at a 17.7% discount to the bid price at yesterday’s close.

EVR Holdings (EVRH.L) 1.88p £13.47m

The creator of virtual reality content has raised £3.4m through a placing at 1.7p (a small discount to the share price) including a 1 for 6 warrant issue exercisable at 1.85p. The proceeds will be used to drive further corporate expansion, in particular in the USA where the MelodyVR app continues to explore opportunities with a number of strategic partners. There are no forecasts in the market.

Shield Therapeutics (STX.L) 188p £168.7m

The specialty pharmaceutical company focused on secondary care has announced H1Jun16 results. First revenues of £240k from sales of Feraccru, Shield Therapeutics’ first prescription medicine which was approved in February 2016. Adjusted net loss of £5.1m. Ended period with £28.4m cash following IPO. Further out licensing discussions underway for Feraccru. Next candidate PT20 under development.

Pittards (PTD.L) 95p £14m

The specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors has announced H1Jun16 results. Revenue down to £13.4m from £15.6m and EPS down to 1.56p from 4.47p due to lower profits and dilution. However has traded profitably in challenging conditions and expects to report FYDec16 numbers in line with expectations. Valuation heavily asset backed. 7.4x PE.

Mountfield Group (MOGP.L) 1.4p £3.56m

The construction company specialising in supplying and installing raised access flooring and the construction, fitting out and refurbishing of data centres and commercial and residential buildings has reported H1Jun16 interims. Revenue reduction to £4.9m to £7.3m largely offset by improved gross margin. GP £1m vs £1.1m. PBT up to £316k from £246k. Expects performance to continue in H2. No post-Brexit decline seen.

Lighthouse Group (LGT.L) 11.25p £14.37m

H1 Jun16 interims from the financial advice firm. Revenues broadly flat at £23.8m. EBITDA up 40% to £1.01m. EPS up 132% to 0.6p5. Interim dividend declared of 0.09 +13%. New product ‘Luceo’ to be launched in October and managed by Octopus Investments. Whilst H2 results will not include the platform-based trail income due to regulatory change, the Board remains confident that the Group’s financial performance for the full year will be in line with market expectations. 10.4x PE

Head Chef:

Derren Nathan
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 such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own 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, they have not been independently verified and are not guaranteed 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, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on 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, directors, 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, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document 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, directors, 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 UK, 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 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) 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 persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

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 UK or US securities law, or the law of any such other jurisdictions.

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, directors, 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.

Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP.
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 with “unsubscribe me”.