Small Cap Feast

Small Cap Feast – 22 May 2019

Dish of the Day:

Induction Healthcare Group  INHC.L—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals has joined AIM.  Raised of £14.58m at 115p, market cap of £34.07m. No revenue generated from 5 mar 18 incorporation date through to the September year end

Off the Menu:

Ophir Energy has left the Main Market (premium) following a takeover.

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

Trainline, the rail booking app, will shortly announce that it intends to list, according to multiple press reports

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. £28m raised. Half primary, half shareholder sell down expected 29 May 2019. Mkt cap £72.6m.  Issue price 151p.

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

GETECH Group (GTC.L) 25.5p £9.6m

 Sierra Leone Offshore Waters Opened to Tender. “Getech  has worked with the Petroleum Directorate of Sierra Leone since 2016, delivering data management, capacity building and advisory services. As a partner in the planning and delivery of the Republic’s Fourth Licensing Round, Getech’s primary focus is to achieve a successful outcome to the re-opening of the Round and is actively engaged in the discussions with prospective investors. Getech also works in partnership with the Directorate to encourage all applicants to invest in the extensive inventory of geophysical and well data owned by the Government of Sierra Leone. “

“Having completed its consultation, the Petroleum Directorate has put in place a robust but flexible licensing framework that will assist investors in their evaluation of the significant potential of the Sierra Leone margin. We look forward to the successful outcome that facilitates the optimal exploration and development of Sierra Leone’s petroleum resources for the long-term benefit of its people“.

Telit Communications (TCM.L) 165.4p £218m

The global enabler of the Internet of Things (IoT), has appointed Paolo Dal Pino Chief Executive Officer and Simon Duffy Non-Executive Chairman, both with immediate effect.

Paolo joined Telit as Non-Executive Chairman in September 2018. He then became Executive Chairman the same month and led the Group transformation and repositioning with a real focus on profitability and cash generation.

Simon was appointed senior non-executive director in November 2017 and was interim Chairman from June to August 2018.


Motif Bio (MTFB.L) 7.4p £25.3m

Motif Bio to Evaluate Orphan Disease Opportunity for Iclaprim in Ophthalmology .

The “clinical-stage biopharmaceutical company specialising in developing novel antibiotics, today announced that the Company has signed an agreement with Otto-von-Guericke University Magdeburg to conduct a study evaluating iclaprim in an in vitro model of ocular toxoplasmosis.  The research will focus on toxoplasma chorioretinitis, an orphan disease that is a type of ocular toxoplasmosis, a parasitic disease that may result in severe life-threatening infections and/or blindness. The work will be led by Prof. Dr. Ildiko Rita Dunay, Director, Institute of Inflammation and Neurodegeneration at the university.


Big Sofa Tech (BST.L) 4p £6.6m

The video analytics provider to the global insight and analytics industries, announces the launch of a set of Ipsos and Big Sofa Technologies co-branded behavioural insight products.  These next generation, video-led consumer insight solutions utilise Big Sofa Technologies’ platform to provide analysis of real-life consumer behaviours at speed and at scale. 

The co-designed products have been in development with Ipsos since the start of the year and, after a successful launch internally with Ipsos, have now won their first client commissions

Commissioned revenue to be recognised in 2019 from completed and ongoing projects with Ipsos has now exceeded $500k, more than was recognised from Ipsos in the whole of 2018, and almost 3-times the level of commissions over the same period in 2018.


Codemasters (CDM.L) 215p £301m

“The award winning British video game developer and publisher specialising in high quality racing games, is pleased to announce that Fernando Alonso has signed as a Race Consultant and will appear in the Company’s new GRID® game, to be released on 13 September 2019.

Established as one of the best modern-day drivers across F1®, Endurance and Stock Racing, Fernando Alonso’s experience and knowledge has enabled Codemasters to make improvements to both the performance and handling of the cars.

Players will also have the chance to enter a series of in-game events against some of Alonso’s Esports driving team ‘FA Racing’, across multiple classes of racing before coming face to face with the former World Champion in his infamous Renault R26 F1® car, in a final showdown event.

GRID will be released on 13 September 2019 on PlayStation®4 computer entertainment system, the Xbox One family of devices including the Xbox One X and Windows PC (DVD and via Steam)”.


Hargreaves Services (HSP.L) 290p £93.16m

The “ diversified group delivering services to the industrial and property sectors, notes the media commentary regarding British Steel Limited and the reported uncertainty over its financial position. Hargreaves supplies materials handling and other services to British Steel’s operations and has been doing so for almost 8 years, employing approximately 170 people in those operations.

Until the future of British Steel is clarified, the potential impact on Hargreaves cannot be fully determined. However, the Board estimates that the Group has a current net exposure of approximately £4.5m to British Steel comprising trade debt and work-in-progress balances, some or all of which may prove to be irrecoverable were British Steel to be unable to continue trading.”


Inland Homes (INL.L) 58.5p £121.25m

“The leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, announces that its planning application at Wilton Park, Beaconsfield is scheduled to go before the planning committee in early June 2019 with an officer’s recommendation for approval.

The Group’s planning application for the Cheshunt Lakeside development was heard again by the planning committee on 21 May 2019 and whilst the application was recommended for approval by the planning officers, members of the planning committee of Broxbourne District Council resolved to defer making a decision once again.”


dotDigital Group (DOTD.L) 97.5p £289.9m

The ‘SaaS’ provider of an omnichannel marketing automation and customer engagement platform, “is pleased to announce that it has successfully completed the integration of the Comapi CPaaS technology into the Engagement Cloud platform of the core dotmailer SaaS-based marketing platform. The acquisition has delivered its core strategic objective which was to accelerate the route to market of our Omnichannel Engagement Cloud offering. The Company acquired Comapi in November 2017.

As part of the integration plan, the Board has identified that part of the Comapi business, Dynmark and Donky, is non-core to the Group’s operations. Following the completion of a thorough review of this business, the Board has decided to wind down this division. There will be a small team put into place to support current clients and partners. This course of action is expected to be net cash flow positive and allows the Company to increase future investment in its higher margin core SaaS Products.


21st Century Tech (C21.L) 2.45p £2.3m

The “specialist provider of integrated systems and software  to the passenger transport markets, solving complex operational requirements ‘on-board’ vehicles and the associated ‘in-street’ information delivery infrastructure, is pleased to announce a 3-year contract extension to an existing framework agreement with Arriva UK Bus through to April 2022, with the option of an additional 1-year extension through to April 2023 at the discretion of Arriva.

Under the terms of the framework agreement, 21st Century will continue to provide high definition CCTV systems and nationwide engineering support, along with technical design, new technology evaluation and project management services.”


Greatland Gold (GGP.L) 1.64p £54.5m

Further to the announcement of 30 April 2019, the precious and base metals exploration and development company, announced that Newcrest Operations Limited has commenced drilling at Greatland’s Havieron gold-copper project in the Paterson region of Western Australia.

The initial drill programme comprises approximately 10,000 metres of drilling with the aim to define the extent of the mineralisation along strike and at depth, testing the system to a depth of 1,000 metres below surface. All drilling is being carried out at Newcrest’s expense and Greatland expects to continue to receive regular updates as the programme progresses.



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