Small Cap Feast

Small Cap Feast – 22 July 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 888

Total number of AIM Companies trading: 806*
* As at 22 July 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 88*

Total number of NEX Growth Market Companies trading: 86*
* As at 22 July 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 165*

Total number of Standard List Companies trading: 143*
* As at 22 July 2019

Dish of the Day:

No Joiners Today

Off the Menu:

El Oro (ELX) has been put into Voluntary liquidation due to winding up and reconstruction proposal.

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market

Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, which may value the financial technology company at $1.3 billion to $1.5 billion.

Main Market (Specialist Funds)

Voyager AIR  The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m.

AIM

Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

NEX

Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016,  is planning to list on the NEX exchange on the 30th July

Breakfast Buffet

Angle PLC (AGL) 71.50p £122m

ANGLE, a world-leading liquid biopsy company, announced that one of its leading customers, the Disseminated Cancer Cell Network (DCCNet), Duesseldorf, an interdisciplinary team of cancer researchers and clinicians, has published new results in a peer-reviewed journal of work done to develop a “robust, reliable and cost-efficient workflow” for enrichment of single circulating tumor cells (CTCs). 

This has been published by the DCCNet at the University Hospital and Medical Faculty of the Heinrich-Heine University of Duesseldorf as a peer-reviewed publication in the journal Cancers and is available at https://angleplc.com/library/publications/.

The researchers combined use of the Parsortix® system with the micromanipulator CellCelector™ to enable single CTCs to be analysed individually to investigate the heterogeneity of the cancer.  They were able to complete PCR-based gene expression analysis of single CTCs processed by Parsortix direct from the patient sample as well as from cells obtained from Parsortix and subsequently cultured outside the patient.  This approach may facilitate complex therapeutic decision-making based on the CTC analysis.

The work was undertaken in breast cancer and was able to detect varying gene expression between the individual CTCs as well as demonstrating that changes in the patient’s HER-2 expression can be detected.

21st Century Tech (C21) 3.20p £2.94m

21st Century Technology, the specialist provider of integrated systems and software to the passenger transport markets, announced it has secured contract awards with West Midlands Combined Authority (WMCA), valued at approximately £0.8m.

The awards include works to enhance existing passenger information displays throughout Birmingham City centre, valued at £0.3m within the current year, and the installation of new passenger information displays and public Wi-Fi for the first of the new Sprint Bus Rapid Transit(BRT) corridors valued at £0.5m commencing in 2020. 

In the current financial year, 21st Century will deliver upgraded technology to Birmingham City Centre passenger information totems, replacing orange-LED displays with new, multi-colour LEDs; believed to be the first of their kind deployed in the UK transport market.

The award also includes the provision of 21st Century’s integrated technology to the first tranche of the new contemporary design bus shelters, being deployed throughout the West Midlands, specifically for the Sprint BRT corridors; enhancing transport infrastructure in the region.  As part of the works, which are due to commence in H1 2020, 21st Century will be installing advanced displays and communications technologies. The framework allows WMCA to select from a number of additional options for application in the shelters, which would see the value increase.

Galantas Gold Corp (GAL) 4.80p £14.38m

Galantas Gold reported progress at the Omagh gold mine. An access drive on the fourth (1060) level has intersected the Kearney vein ahead of schedule. The intersection shows strongly developed mineralization. The north and south faces of the vein were channel sampled. The average of the two channels was 8.35 g/t gold over an average true width of 2.65 metres.

The vein intersection is expected to allow in-vein development both north and south on the fourth (1060) level. Development on the fourth level is anticipated to produce increased feed tonnage to the processing plant, which produces a concentrate sold under an off-take contract.

Development on the third (1072) level continues southwards with gold grades within the expected range.

A drivage  from the 1072 access has been taken northwards, in-vein, for approximately 40 metres (July 19, 2019). Mineralisation beyond the first 20 metres is currently excluded from the geological model, due to paucity of data. The mineralization was shown to be persistent and has been followed in an in-vein development.

Two channel samples taken across the face as the drivage was developed at 24.1m and 27.6m into the third level (1072) north development showed a grade of 6.2g/t gold and 16.3 g/t gold respectively, each with a true width of 3 metres.

Pembridge Resources (PERE) Suspended

Pembridge Resources announced that its subsidiary Minto Explorations Limited has signed an agreement with Sumitomo Canada Limited”, a subsidiary of Sumitomo Corporation to receive a working capital facility in connection with an off-take agreement for 55,000 tonnes of copper concentrate, to be produced by the Minto mine. The Advanced Payment and the Off-Take are part of a broader strategic relationship between Sumitomo and Pembridge, In addition the parties are working together towards finalising a pre-payment facility agreement.

The Off-Take is for 100% of the copper concentrate produced at the Minto mine delivered on a cost, insurance and freight (CIF) basis to a nominated Japanese port and shall remain in place until (i) 55,000 tonnes of copper concentrate delivered, or (ii) 31 Dec 2020, whichever is later.

The Advanced Payment shall be made by Sumitomo to Minto on a monthly basis, for 90% of the estimated value of concentrate produced that month with final payment due on delivery to Japan.

The Advanced Payment allows Minto to immediately monetise each month’s production, eliminating the historically large working capital requirements when the site is unable to transport concentrate owing to seasonal weather disruptions.

The Advance Payment is subject to interest payable of $3 month LIBOR plus 1.5% until Sumitomo has taken delivery of the concentrate in Japan.

Harvest Minerals Ltd (HMI) 4.80p £8.73m

Harvest Minerals, the fertiliser producer, provided an update on the status of its application for a full mining license for the Company’s Arapua Project, located in the heart of the Brazilian agricultural belt in Minas Gerais. Arapua is fully operational and producing KPFértil, a multi-nutrient direct application natural remineraliser product.

The Agência Nacional de Mineração (ANM), formerly the Departamento Nacional de Produção Mineral, has confirmed its acceptance of the Company’s Plano de Aproveitamento Econômico submitted by the Company in July 2018.  In essence, the Company Plan is a Feasibility Study wherein the Company demonstrates that the Arapua project is technically and economically feasible.  The confirmation of its acceptance of the Company Plan and its content is the final step in the ANM’s consideration of the Company’s application for a full mining license.

Dekeloil PLC (DKL) 3.05p £10.60m

Further to the announcement earlier today that AgDevCo Limited, a leading African agriculture sector impact investor, has agreed to provide a €7.2m loan to the Company, DekelOil, the West African focused agricultural company, announced that as one of the conditions to the AgDevCo Loan, AgDevCo intends to subscribe for 41,188,990 new ordinary shares of 0.0003367 each in the Company at an issue price of 3.27p per Ordinary Share, raising gross proceeds of approximately £1.35m (1.5m). The AgDevCo Subscription Price is based on a 5% premium to the last 30 days volume weighted average price of the Ordinary Shares.

Shearwater Group PLC (SWG) 1.90p £41.45m

Shearwater Group, the organisational resilience group, announced that its group company Brookcourt Solutions has secured a multi-million pound contract with a leading FTSE 100 global financial institution for the provision of security and cyber security services.

Under the terms of the contract, Brookcourt Solutions has been commissioned to deliver renewed support for a critical part of the organisation’s global security infrastructure over a 3-year period. In addition, Brookcourt Solutions will also implement a security solution utilising technology partner software, which will help defend the financial institution and their clients against the increasing onslaught of advanced threats from the internet.

Belvoir Group PLC (BLV) 115p £40.18m

Belvoir, the UK’s largest property franchise, today announces that it has changed name from ‘Belvoir Lettings PLC’ to ‘Belvoir Group PLC’. The Board believes that ‘Belvoir Group PLC’ better recognises the Group’s strategic success in diversifying from a single franchisor of residential lettings agents, to a multi franchisor, operating three property franchises offering residential sales and lettings, and a network of financial advisers offering mortgage and other property related financial services.

The change of name was executed by a resolution of the Board on 5 July 2019 as permitted under the Company’s Articles of Association and has been registered at Companies House and accordingly the change is now effective. The Company’s TIDM ‘BLV’ and ISIN ‘GB00B4QY1P51’ will both remain unchanged.

Ergomed plc (ERGO) 319p £139m

Ergomed, a provider of specialised services to the pharmaceutical industry, announced a trading update for the first half of 2019. The Company will provide further details of its first half performance with its interim results in Sept 2019.

Summary – trading ahead of expectations

Following a strong first half of the year, and the upgrade to market expectations in May 2019, Ergomed expects both revenue and EBITDA for the year ending 31 Dec 2019 to be ahead of current market expectations.

Ingenta PLC (ING) 67.50p £11.42m

Ingenta, a leading provider of innovative content solutions, announced that it has secured two further new deals for its Commercial software platform. These sales are for customers based in the UK and France and comprise the Ingenta Commercial Order to Cash, Contract Rights and Royalties, and Product Manager modules with scope for further services in due course. The combined implementation and licence deals are valued at £365K with total annual recurring fees of approximately £70K.

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Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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