Small Cap Feast

Small Cap Feast – 24 September 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 879

Total number of AIM Companies trading: 795*
* As at 23 September 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 23 September 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 166*

Total number of Standard List Companies trading: 144*
* As at 23 September 2019

Dish of the Day:

No Joiners Today

Off the Menu:

Thomas Cook Group (TCG) has left the Official List following a compulsory liquidation.

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

AIM

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

Main Market Standard

VAALCO Energy, Inc. (NYSE: EGY), an independent energy company focused on development and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange (“LSE”), to complement its existing Listing on the New York Stock Exchange.

Kaspi.kz, the largest Payments, Marketplace and Fintech Ecosystem in Kazakhstan with a leading market share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering .

Main Market premium

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators  in five African growth economies.  Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.

Breakfast Buffet

Diurnal (DNL.L) 31.5p £26.7m

The specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announced its audited results for the year ended 30 June 2019.

Some highlights:

Successful launch of Alkindi® in the UK as the first specifically developed and licensed replacement therapy for paediatric adrenal insufficiency.       Alkindi® pricing agreed in Germany, Italy, Austria, Sweden, Norway, Denmark and Iceland

  • Confirmation of the current clinical and regulatory path for Alkindi® in the US with the US FDA, facilitating a New Drug Application (NDA) submission in Q4 2019 -Marketing Authorisation Application (MAA) submission in Israel and grant of Orphan Drug Designation in Australia.

   MAA submission is on track for Q4 2019: confirmation of the current clinical and regulatory path for Chronocort® by the European Medicines Agency (EMA) following completion of European Phase 3 study .

Alkindi® revenues reached over £1m. Cash and cash equivalents at 30 June 2019 of £9.1m

Midatech Pharma (MTPH) 5.75p £23.54m

Midatech Pharma, the R&D biotechnology company focused on delivering innovative oncology and rare disease products to patients, announced that the Company has filed a “universal” shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission. The filing of a shelf registration statement, a common practice by NASDAQ-listed companies, is intended to provide the Company with more timely and efficient access to the U.S. capital markets.   

Once declared effective by the SEC, the shelf registration statement, which can remain effective for up to three years, will enable the Company to offer, issue and sell, in one or more offerings at any time, up to an aggregate of $50m of ordinary shares, including American Depositary Shares,  warrants, and a combination of such securities, separately or as units. The specifics of any future offering, including the prices and terms of any Securities offered by the Company, would be determined at the time of any such offering and would be described in detail in a prospectus supplement filed in connection with such offering.

Symphony Environmental Technologies* (SYM.L) 8.25p £14.03m

The Company will be holding a General Meeting (“GM”) at 10am on Friday 11 October 2019 at the offices of Symphony Environmental Technologies PLC, 6 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.

Further to the announcement made on 19 July 2019 in respect to an equity subscription in the Company by Vincel Investment Holdings Limited and grant of warrants to Vincel, the Directors are seeking shareholder approval at the GM to enable the Company to issue shares pursuant to the warrant agreement which was entered into by the Company dated 26 July 2019 and in addition, and in order to replace the authority used in the Equity Subscription, to issue shares other than on a pre-emptive basis. These authorities will be in addition to those granted by Shareholders at the Annual General Meeting on 3 May 2019.

Animalcare Group (ANCR) 137.5p £80.5m

Animalcare Group, the European Animal Health business, announces its interim results for the six months ended 30 June 2019.

The Group continues to trade in line with market expectations for the full year on revenue and EBITDA and is making continued progress against its strategic priorities, building a strong foundation for growth.

Revenue in line with the same period last year at £36.1m (increase of c. 0.9% at CER, 1H18: £36.1m)

Underlying* EBITDA increased by 8.6% to £6.8m (1H18: £6.2m). On a comparable basis, excluding the impact of IFRS16, underlying* EBITDA and EBITDA margin were flat at £6.2m (1H18: £6.2m) and 17.3% (1H18: 17.3%) respectively

The Group continues to focus on driving sales and profitable growth through portfolio optimisation, strengthening capabilities and creation of a robust pipeline:

Resources focused on the promotion of higher margin products. 25% of product brands to be delisted or divested by the end of 2019, with no significant impact to profit

Silence Therapeutics (SLN) 196p £153m

Silence Therapeutics, a leader in the discovery, development and delivery of novel RNA therapeutics for the treatment of serious diseases, today announces the triggering of the first $2m in research milestones for SLN500 under the collaboration with Mallinckrodt Pharmaceuticals, a global biopharmaceutical company.  This milestone relates to the completion of specific pre-clinical aspects of the SLN500 programme and highlights the rapid progress which has been achieved and the close working relationship between the two companies since the collaboration was entered into in July 2019..

Under the terms of the agreement, Mallinckrodt has options to license up to two additional complement-targeted assets in Silence’s preclinical complement-directed RNAi development program. Silence continues to work with Mallinckrodt to actively assess the two additional complement-targeted.

Moss Bros Group (MOSB) 19.23p £19.38m

Moss Bros, the first choice for men’s tailoring, announce the launch of the eco suit, a suit that helps Moss Bros’ customers do their bit for the environment. The eco suit is cut from recycled polyester-blend cloth with canvas and trims that have been consciously chosen for their low impact on the environment. Moss Bros has selected every element either because it is recycled or because it is made sustainably, but without compromising on quality.

Key elements of the eco suit are;

Each eco suit’s fabric is made from up to 45 plastic bottles which would otherwise go to landfill.

Each eco suit retails for £169 and the fabric and suits are made in India.

Every detail of the eco suit has been consciously chosen for its low impact on the environment.

Allied Minds (ALM) 60p £144.8m

Allied Minds, the IP commercialisation company focused on early stage company development within the technology sector, announces that it has conditionally agreed to sell its entire stake in its portfolio company HawkEye 360 to Advance for cash consideration of $65.6m subject to shareholder approval.

Highlights

Gross cash proceeds from the Proposed Disposal of $65.6m

Represents a 5.6x return on invested capital; equivalent to an internal rate of return (IRR) of 96.0% over four years

$32.8m, or 50% of the gross proceeds, to be returned to shareholders

Irrevocable undertakings or letters of support in favour of the transaction representing 58.0% of issued share capital

GETECH Group (GTC) 25p £9m

Getech provides geoscience and geospatial products and services to companies and governments who use them to de-risk exploration programmes and improve their management of natural resources.

H1 revenue £2.5m with an additional £1.6m of new forward sales

Revenue £0.4m lower than H1 2018 – due to restructuring of Geoscience Services

New forward sales £0.2m higher than H1 2018 – delivering 49% order book growth (£3.0m at 30 June 2019) and a 57% expansion in Annualised Recurring Revenue (£2.3m at 30 June 2019)

Total cost base reduced by a further 10%, to £3.2m, the net impact of lower costs and revenue being that Group Gross Profit increased to £1.3m (H1 2018: £1.1m)

Loss Before Tax in line with the same period last year (H1 2019: £598k; H1 2018: £592k)

Cash of £3.0m (30 June 2018: £1.9m)

J2 Acquisition (JTWO) Suspended

The Company announced on 3 September 2019 that it had entered into an agreement to acquire APi Group, Inc., for approximately $2.9 billion.  The Company today announces that the completion of the Transaction is presently anticipated to occur on 1 October 2019, or as promptly as practicable thereafter upon the satisfaction of any remaining closing conditions.

Workspace Grp (WKP) 956p £1,728m

Workspace announce the appointment of Graham Clemett as Chief Executive Officer (CEO) with immediate effect. Graham has been serving as Interim CEO since June 2019, when his predecessor Jamie Hopkins stepped down.

Graham has been with Workspace for over 12 years, having joined the Board as Finance Director in July 2007

Head Chef:

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

*A corporate client of Hybridan LLP

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