Small Cap Feast

Small Cap Feast – 24 June 2019

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

NEX Exchange

Clean Invest Africa (NEX:CIA)—readmission and all share RTO of CoalTech (South Africa) engaged in agglomerating coal fines into coal pellets through the commercialisation o f its proprietary binding technology. Due early Aug.

Main Market (Premium)

Airtel Africa Limited — provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa, looking to join the premium segment of the main market. Offer TBC, expected TBC

ReAssure Group plc  –  The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market.

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. TBC


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 Expected market cap of £36.5m

Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for non-speculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC, expected 25 June

Rumours & Speculation

Neptune Surf Technology plc*, a vertically integrated lifestyle accessory group focused on the surf market, designing its own high-performance wetsuits and surfing hardware and distributing these together with third party brands globally with key markets being Europe, Australia and USA and Brazil, is looking to join AIM and ‘is planning an £11m float’ according to The Sunday Telegraph.

Breakfast Buffet

Salt Lake Potash (SO4.L) 40p £98m

SO4 has commenced pumping the Williamson Pit brine into a commercial scale Sulphate of Potash (SOP) brine evaporation pond at its Lake Way Project.

Pumping of the high grade SOP brine from Williamson Pit has now commenced

De-watering is expected to be finished during Q3 2019 ensuring the evaporation process will be underway during the summer months and provide the initial feed salts for the process plant

Salt Lake Potash has commenced a Bankable Feasibility Study (BFS) for a commercial scale 200ktpa Sulphate of Potash development at Lake Way, targeting completion in Q3 2019

Velocity Composites (VEL.L) 22p £7.9m

“The  supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, today announces an update to the process to re-constitute the Board.

At the AGM, the Board announced a process for the re-constitution of its membership. At that time, it was agreed that Mark Mills would step down from the Board and his role of Executive Chairman. At the same time, Jon Bridges (former CEO and Board member) was appointed as the Interim CEO and Andrew Hebb was confirmed as continuing as the Interim CFO and Company Secretary. Neither of the interim roles are members of the Board and both report directly to the Board.” A search for new Board members began. However the Founders have made clear that they do not support the Board’s process and instead have proposed an alternative approach to re-constituting the Board which was rejected. Discussions are ongoing.

Thor Mining (THOR.L) 0.9p £7.35m

Final follow up lab assay results from the recent Bonya RC drill program confirm the previously reported portable XRF results . Tungsten highlights from White Violet include;

27m @ 0.29% WO3 from 35m including 16m at 0.31% Cu from 43m and 7m @ 0.2% WO3 from 67m; White Violet hole 19RC020

12m @ 0.67% WO3 from 46m; 25m @ 0.39% WO3 from 63m and; 5m @ 0.1%WO3 from 96m; White Violet hole 19RC021

29m @ 0.70% WO3 from 81m; including 13m at 1.13% WO3 from 91m; White Violet hole 19RC022

Tungsten highlights from Samarkand include;

13m @ 0.48% WO3 from 19m; Samarkand hole 19RC026

8m @ 0.45% WO3 from 38m; Samarkand hole 19RC028

Tungsten highlights from Samarkand include;

13m @ 0.48% WO3 from 19m; Samarkand hole 19RC026

8m @ 0.45% WO3 from 38m; Samarkand hole 19RC028

“In the event that follow up drilling leads to the definition of mineral resource estimates, there is potential to add materially to both the life and financial outcomes at the Company’s Molyhil project”

AFC Energy (AFC.L) 5.5p £23.4m

The alkaline fuel cell power company, today confirms plans to manufacture and showcase its latest zero emission, off grid, multi-vehicle Electric Vehicle (“EV”) charging system in the fourth quarter of 2019.

New EV charging system to be showcased in a national roadshow due to start in Q4 2019, launched with a customer day hosted by Rolec Services Limited (“Rolec”).

State of the art hydrogen fuelled system supported by Rolec’s EV charging infrastructure to meet industry and customer standards for rapid and ultra-fast charging.

Designed to displace or defer the need for significant investment in short to medium term grid upgrades provoked by the exponential growth in EVs.

Company to appoint sales and marketing team to develop sales opportunities in collaboration with Rolec.

Has also raised£1.06m at 4.8p in a subscription.  A discount of 12 per cent to the close on 20th June.

Tern PLC (TERN.L) 11.65p £29.63m

The investment company specialising in the Internet of Things (“IoT”), is pleased to announce that Wyld Networks Limited, the technology inventor for communications at the edge of the internet in which Tern has a 100% holding, has been awarded a £121,344 grant by Innovate UK to collaborate on a new mass production technology, SmartDrop, for Archipelago Technology Group Ltd.

 Tern is also pleased to announce that Alastair Williamson has been appointed as CEO of Wyld Networks (over 28 years’ experience working for technology companies including Krone, Lucent and most recently, Ranplan Group AB, where he acted as CEO and VP of Sales working to develop the company’s customer base and successfully raising $7m with an IPO on NASDAQ First North in Sweden in 2018).

Sensyne Health (SENS.L) 122.5p £158m

The British Clinical AI technology company, today announces that it has entered into a new strategic partnership with Evotec SE (Frankfurt Stock Exchange: EVT), a global drug discovery and development company, with the University of Oxford, Oxford University Innovation Ltd (OUI) and Oxford Sciences Innovation (the world’s largest IP investment company dedicated to a single university) aimed at accelerating the translation of research in the fields of clinical artificial intelligence and digital health at Oxford).

Projects will be sourced exclusively from University of Oxford researchers via OUI across therapeutic areas and modalities and will be aided by an expert in residence seconded by Sensyne Health to the LAB10x initiative and embedded  in the University.

Tiziana Life Sciences (TILS.L) 69.5p £95m

Newly Published Article Reporting Clinical Activity of Orally Administered OKT3, a Mouse Anti-CD3 Monoclonal Antibody, in Moderate to Severe Ulcerative Colitis Patients, Supports Tiziana’s Oral Monoclonal Antibody Platform. Shows orally administered anti-CD3 resulted in anti-inflammatory gene expression with no serious treatment related adverse events up to a dose of 1 mg of OKT3.

Tiziana’s platform oral monoclonal antibody (mAb) technology applicable to mAb’s on the market today which are currently available only through IV, addressing an enourmous market potential.

Tiziana’s Foralumab is the first fully human anti-CD3 mAb which has not shown anti-drug antibody (immune reaction) in humans

MySale (MYSL.L) 0.03p £10.34m

The leading international online retailer, announces that the board of the Company has decided to commence a review of the Group’s options with a view to maximising value for its stakeholders .

The Strategic Review will consider all types of corporate activity, including options to raise additional capital to support the ongoing restructuring and rationalisation of the Group, reduce the Group’s debt, the sale of certain parts of the Group or the whole of the Group and de-listing of the Company’s shares to trading on AIM. The Strategic Review will include a formal sale process of the Company, further details of which can be found below. Initiatives  have already been commenced in order to rationalise the business and implement a number of cost saving measures.

600 Group (SIXH.L) 18.9p £21.35m

Acquisition of US-based Control Micro Systems Inc. (‘CMS’), an industry-leading solutions provider for integrated laser applications.

CMS provides turnkey, custom-designed and fully-automated laser process machines and systems to a diverse base of US and international blue-chip customers across a range of industries, including industry-leading positions in the high-growth precision medical equipment, pharmaceutical and aerospace sectors.

Total consideration of $10m comprising a cash consideration of $9m and $1m of 600 Group plc shares.

The business has grown consistently over recent years with revenues for the year ended 31 December 2018 of $11.6m generating a reported pre-tax profit of $1.2m. Gross assets at 31 December 2018 were $7m including cash and cash equivalents of $3.1m.

Immotion Group (IMMO.L) 9.75p £24.4m

The UK-based immersive virtual reality  ‘Out of Home’ entertainment group, announced an exclusive aquarium partnership with Shedd Aquarium in Chicago, USA, one of the largest aquariums in the world boasting 1.9m visitors annually.

Shedd Aquarium was the first inland aquarium in the United States, opening its door in May 1930. With over 1.5m species, the Shedd Aquarium is one of the top aquariums in the world.

In addition to Shedd, Immotion has signed a partnership with Mote Marine Laboratory & Aquarium in Sarasota, Florida.  Mote is a leader in research and conservation and is one of the most popular aquariums in the region. Both Shedd and Mote will offer guests the Company’s ‘Undersea Explorer’ VR Cinematic motion pod with a range of underwater experiences that are already proving to be very popular with current aquarium and zoo partners.

 Both Shedd and Mote will operate under the Company’s partnership arrangement, with both Immotion and the aquarium partner sharing revenue generated from the ‘Undersea Explorer’ VR Cinematic pods.

Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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