Small Cap Feast

Small Cap Feast – 22 February 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 910

Total number of AIM Companies trading: 842*
* As at 18 February 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 89*

Total number of NEX Growth Market Companies trading: 87*
* As at 18 February 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 145*

Total number of Standard List Companies trading: 128*
* As at 18 February 2019

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

DWF, a global legal business,  expects to raise primary gross proceeds of approximately £75m. Due March


United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March

Techniplas –global  producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient.  FYDec17 rev $515m.

Polemos, to be renamed Digitalbox plc, has agreed to acquire Digitalbox Publishing Holdings Limited for c.£10m through a share for share exchange. The acquisition constitutes a RTO. Polemos has also agreed to acquire the entire issued share capital of Mashed Productions Limited, a digital media business which owns the online satirical news website “The Daily Mash”, for a maximum total consideration of up to £1.2m. Market cap on admission £12.4m, expected 28 February

Breakfast Buffet

Ariana Resources (AAU.L) 1.98p £20.66m

Quarterly operating results (Dec18) from the Kiziltepe Mine.   Gross income for the year is $37.80m from production of 27,110 ounces of gold.

Gross income for the quarter is $10.62m and at an average realised gold price of $1,238 per ounce, against an average revenue per gold ounce of $1,413 (due to silver credit).

Production and sale of 7,517 ounces of gold during the quarter ending 31 Dec 2018.

Operating cash costs for the quarter are estimated at $349 per ounce.

Operational mill availability running at 99% and utilisation at 97% during Dec.

49,717 tonnes ore milled during the period ending 31 Dec 2018 at an average head grade of 5.23 g/t Au.

Process recoveries of gold remain high at c.92% at the end of the quarter.


Inspiration Health (IHC.L) 58p £18.55m

FYJan19 trading update from the  global medical device company.

The Company has continued to perform well in a difficult environment and expects to report revenues of approximately £15.5m, constrained by well publicised regulatory delays and PBT of approximately £1.2m, which is in line with our expectations. 

It is expected that preliminary results for the year ended 31 Jan 2019 will be announced on 30 Apr 2019.

“We go into the new year with a very strong order book and look forward to building on our international successes of last year.  We now have a strong management team in place, increasing interest for the new products we launched last year and I believe we are well placed to achieve double digit revenue growth going forward.”


MediaZest* (MDZ.L) 0.10p £1.29m

Conditional placing of £110k at 0.1p.

Whilst there is a clear trend for retailers over the longer period to invest in better stores and particularly in digital signage technology,  the Company is seeing evidence of retailers slowing or deferring investment decisions. Given this current uncertainty the Board believe it prudent to raise additional funds to improve the Group’s working capital position and strengthen its balance sheet.  As larger projects and clients are becoming the norm, there are increased demands on cashflow where certain projects need to be funded during the delivery phase .

The Board is aware of the dilutive nature of any fundraising at the current share price and has therefore limited the amount raised to cover these two requirements only, via a handful of existing shareholders.


Gaming Realms (GMR.L) 5.05p £12.94m

The developer, publisher and licensor of mobile real money and social games, announces that the Company has entered into agreements with River iGaming plc, a company listed on the Merkur Market of the Oslo Bors.

The Company will sell the entire issued share capital of Bear Group Limited, the Company’s real money operating subsidiary, to River Game Operations Limited  and grant River Technologies Limited (a River Group Company) a sole perpetual licence to the Group’s real money gaming platform, as well as sell its residual 30% stake in River UK Casino Limited  to River iGaming.

The cash consideration for these transactions will total £11.5m, which will include the settlement of the contracted deferred consideration of £4.2m owed by River UK Casino to the Group (due in Oct 2020) under the terms of the Acquisition.


Reach4Entertainment(R4E.L) 1.25p £12.57m

The entertainment marketing communications group, announced its proposed Acquisition of Agency Press Limited (trading as “Sold Out”), an independent full-service advertising agency, which, in part, will be funded by way of a conditional placing. The Company has provisionally placed 250,000,000 new Ordinary Shares at 1.2p per share and the Placing will raise gross proceeds for the Company of £3£m. London-based integrated agency Sold Out, has specialised in arts and entertainment advertising for over 25 years. During this period it has established a strong reputation in its field and built a portfolio of high profile clients, which includes S.J.M. Concerts, AEG Presents, Live Nation and Cirque Du Soleil. In the financial year ended 31 May 2018, Sold Out delivered gross profit of £4.1m, adjusted EBITDA of £1.7m and PBT of £1.3m.


APC Tech (APC.L) 6.25p £11.02m

AGM Statement from the provider of design-in, specification and distribution services for specialist electronic components and systems, lighting technologies and connectivity products, will make the following statement concerning current trading:

The Board are pleased with the start to the new financial year and can confirm that the Company continues to trade within management expectations.”

FY Aug 19E rev £23m, PBT £1.63m. PE  <9x


Webis Holdings (WEB.L) 3.35p £12.19m

The Group specialising in pool wagering and the operators of WatchandWager Cal Expo, the Californian harness track, announced that, further to the three month extension granted at the end of Nov 2018, its Advanced Deposit Wagering business, LLC received its two-year license approval from the California Horse Racing Board on 21 Feb 2019 in California.

The two-year ADW license renewal from the CHRB is for the years 2019-2021, and it allows WatchandWager to continue to accept online pari-mutuel wagers from residents of California.

We could see no forecasts.


Haydale Graphene (HAYD.L) 2.38p £3.25m

Accelerated bookbuild raising £3.8m at 2p. Open offer of up to £4m. To fund general working capital, restructuring costs and investment in equipment alongside the delivery of short-term commercial targets.  Interim results today (HYDec18):

Group Revenues of £1.64m for the Period, 20% up on H2FY18, but 20% down on H1FY18;

Revenue from US operations up 10% to £1.28m from H1FY18;

Loss before tax for the Period was £3.47m (H1FY18: £2.74m); and

Cash at period end of £0.96m (30 June 2018: £5.09m)

88 Energy (88E.L) 1.02p £64.27m

88E “is pleased to advise the following in relation to its oil and gas operations on the North Slope of Alaska.

Highlights: Winx-1

Surface casing has been run to ~2,500′, as planned

Drilling of intermediate section scheduled to commence week beginning 25 Feb”


Bahamas Petroleum (BPC.L) 1.62p £20.05m

The Company has received formal notification from the Government of The Bahamas as to the term of the second exploration period of the Company’s four southern licences in the territorial waters of The Bahamas confirming that the second exploration period of the licences is extended until 31 Dec 2020.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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