Small Cap Feast

Small Cap Feast – 24 October 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 876

Total number of AIM Companies trading: *
* As at 20 October 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 87*

Total number of NEX Growth Market Companies trading: *
* As at 20 October 2019

Set Menu Standard List:

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

Total number of Standard List Companies trading: *
* As at 20 October 2019

Dish of the Day:

No Joiners Today

Off the Menu:

Tau Captial (TAU)  – has been delisted from AIM the market on the basis that neither a Reverse Takeover nor re-admission to trading on AIM as an investing company under the AIM Rules is likely to be completed by 23 October 2019.

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market premium

African Export-Import Bank a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.

DNEG Limited intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.

Breakfast Buffet

Motif Bio (MTFB) 0.8p £2.16m

Motif Bio, a clinical-stage biopharmaceutical company specialising in developing novel antibiotics, today announced that the Company has signed an agreement with the Walter Reed Army Institute of Research (WRAIR) to conduct pre-clinical testing to evaluate novel combinations with iclaprim to improve safety and efficacy administered by a novel enhanced aerosol technology.

The aerosol technology allows delivery of antibiotics painlessly and rapidly into skin and soft tissue with low-pressure and focused delivery. The research is being funded through a grant from the U.S. Department of Defense – Congressionally Directed Military Infectious Diseases Research Program to evaluate the potential of using such a drug-device combination for wound care and to prevent and treat wound infections on the battlefield. The work will be led by Dr. Daniel Zurawski, Ph.D., Chief, Pathogenesis and Virulence, WRAIR/Wound Infections Dept./Bacterial Diseases Branch.

Solid State (SOLI) 485p £41.75m

Solid State, the AIM listed manufacturer of computing, power and communications products, and value added distributor of electronic components, announced a trading update for the six months ended 30 September 2019.

The record trading performance achieved last financial year has continued in the first half of this year.  The Group is on track to deliver the recently upgraded full year earnings in line with the Board’s expectations.

Group sales for the first half are expected to show organic growth of circa 7.5% on a proforma basis*, giving revenue in excess of £33m, despite the heightened macroeconomic and political uncertainties of recent months.

Gross margins have benefitted from circa £0.3m of FX tailwinds in H1 with underlying Group margins having seen a slight improvement over the prior period. This margin improvement has been achieved notwithstanding the expected dilutive effect on Group margins of the enlarged Value Added Distribution division post the Pacer acquisition.

Shoe Zone (SHOE) 127p £59m

Shoe Zone, the UK’s largest value footwear retailer, operating in town centres, retail parks and online, reports on trading for the 53-week period to 5 October 2019, prior to entering its close period.

“As previously announced on 30 August 2019, trading conditions in the second half of the financial year were challenging. However, the Big Box and Digital growth elements of the company’s strategy have continued to progress strongly.

Shoe Zone is therefore pleased to report it has generated revenues for the period of approximately £161.9 million (2018: £160.6 million) and expects to report pre-exceptional Profit before Tax for the period in line with revised market expectations. 

Shoe Zone continues to demonstrate strong cash conversion and closed the year with a net cash balance of £11.3m (2018: £15.7m).  As referenced in the market update in August, no special dividend will be paid for the 2018/19 financial year.”

Base Resources Limited (BSE) 13.2p £154m

African mineral sands producer, Base Resources Limited provided a quarterly operational, development and corporate update.

Kwale Mineral Sands Operations in Kenya successfully ramped up mining operations at the South Dune orebody following the transition from the fully depleted Central Dune orebody at the end of June.  As expected, mining commenced on the northern fringes of the South Dune, where grades are lower, resulting in reduced output of finished products.  Ore grades improved throughout the quarter as mining proceeded further into the orebody.

The Toliara mineral sands project (Toliara Project) in the south-west of Madagascar saw sound progress on all workstreams and remains on schedule to complete the definitive feasibility study (DFS) in December 2019.

Itaconix PLC (ITX) 1.55p £4.1m

Itaconix, a leading innovator in sustainable specialty polymers, announces an expansion to its existing global supply agreement with Croda Inc. to include an additional polymeric zinc complex to the Itaconix product line already supplied to Croda. As part of the expanded agreement, Itaconix will receive a milestone payment of $60,000 from Croda as a partial contribution toward the completed development of the new polymeric zinc complex.

The current agreement with Croda began in 2017 for ZINADOR™ 22L in home and industrial applications. The new ZINADOR™ 35L is a more concentrated version of the polymeric zinc complex, which delivers significant performance and cost advantages in detergent and industrial applications.

CareTech Holdings (CTH) 385p £419m

CareTech Holdings, a pioneering provider of specialist social care and education services to adults and children in the UK, announce its pre-close trading update.

The Board announces that the trading performance of the Group for the year ended 30 September 2019 is in line with market expectations.  Furthermore, the Board announces that the integration of Cambian is on track, with operational improvements and synergies being delivered in line with the plan set out on acquisition. Importantly, the OFSTED quality ratings for Cambian have improved under CareTech’s ownership.  The CareTech business continues to perform strongly on all key metrics with quality ratings and staff retention remaining higher than sector averages.

Remote Monitored Sys (RMS) 0.55p £2.3m

Remote Monitored Systems announced that GyroMetric Systems Ltd, in which RMS has a 58% shareholding, has developed and launched its Absolute Dynamic Shaft Alignment (“ADSA”) system.

GyroMetric has developed the world’s first system capable of performing initial absolute alignment as well as continuous dynamic monitoring of relative alignment of rotating machinery.

GyroMetric’s ADSA system is a significant breakthrough, which enables any builder or owner of large rotating equipment to install GyroMetric’s equipment, use it to align the shafts initially, and then leave it in place to monitor conditions during the life of the asset, and when misalignment occurs, use it to measure and correct the shaft alignment absolutely.

MaxCyte, Inc. (MXCT) 117.5p £67.7m

MaxCyte, the global cell-based therapies and life sciences company, announces today that, having completed dosing of the second cohort of patients, clinical investigators have initiated dosing in the third cohort of patients of MaxCyte’s Phase I clinical trial with the next higher cell dose of MCY-M11. This lead, wholly-owned, non-viral mRNA-based cell therapy candidate from MaxCyte’s CARMA platform is a mesothelin-targeting chimeric antigen receptor (CAR) therapy being tested in individuals with relapsed/refractory ovarian cancer and peritoneal mesothelioma.

Beowulf Mining (BEM) 6p £42.7m

Beowulf, the mineral exploration and development company, announced that the Company has been awarded an Exploration Licence for Parkijaure nr 6 which covers almost 1,000 hectares, situated to the south of Kallak North and South deposits, and which is similarly prospective for magnetite iron ore.

Brand Architekts (BAR) 172.5p £30m

Brand Architekts Group plc, formerly known as Swallowfield PLC, announces the appointment of Chris How as Interim Chief Executive, with immediate effect.

Chris was formerly Group Chief Executive of Swallowfield PLC from July 2013 to June 2018 and will join the newly renamed Brand Architekts business as Interim CEO

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

*A corporate client of Hybridan LLP

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