Small Cap Feast

Small Cap Feast – 25 January 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 914

Total number of AIM Companies trading: 847*
* As at 24 January 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 89*

Total number of NEX Growth Market Companies trading: 87*
* As at 24 January 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 145*

Total number of Standard List Companies trading: 128*
* As at 24 January 2019

Dish of the Day:

No Joiners Today

Off the Menu:

Frontera Resources Corporation, the USA based European-focused oil and gas exploration and production company, has  left AIM today

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Specialist Funds)

The Global Sustainability Trust -aiming for attractive risk-adjusted returns by investing primarily in private market investments that are expected to have a positive environmental and social impact raising c.£200m. Due 31 Jan 2019.


Techniplas –global  producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient.  FYDec17 rev $515m.

Circassia Pharma (CIR.L) – specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb.

Greenfields Petroleum (TSX-V:GNF)  production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb


Breakfast Buffet

RTC Group (RTC.L) 55p £7.61m

The Board of RTC provided a positive trading update for its financial year ended 31 Dec 2018, advising that it is trading in line with current market expectations.

The Company expects to announce its preliminary results on or around 25 Feb 2019.

“The continued growth of Group revenue and profits and improvement in net debt position is extremely pleasing and encouraging, especially in light of the uncertainty surrounding the UK economy.

I believe our results are a clear endorsement of the strategic path being followed by the Group and I remain cautiously confident in our ability to deliver continued growth across all areas of our business.”


Egdon Resources (EDR.L) 8.35p £20.67m

Egdon Resources advised that its application to extend the existing planning consent for the Wressle site by a year, was approved by the Planning Inspector on appeal yesterday. The original application was refused by North Lincolnshire Council’s Planning Committee on 1 Aug 2018, despite having been recommended for approval by the Council’s Planning Officer.

This extension to the existing planning consent to 24 Jan 2020 should allow the required time for the determination of an appeal against the refusal on 28 Nov 2018 by the Council’s Planning Committee of the Company’s application for the development of the Wressle oil field.


Caspian Sunrise (CASP.L) 6.60p £110.2m

The Board of Caspian Sunrise announced the appointment of Timothy Andrew Field as a NED of the Company with immediate effect.

Tim is a corporate lawyer specializing in securities law and corporate governance. He is currently the head of the public company practice at Mishcon de Reya which he joined from the City office of Addleshaw Goddard, where he led its equity capital markets practice.  His role prior to that was as Middle East Regional Head and Head of the Corporate and Commercial practice of Simmons & Simmons. He has a long and significant track record of advising AIM companies and Nominated Advisers.


PetroNeft (PTR.L) 1.25p £9.02m

PetroNeft an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, announced that Paul Dowling, CFO and Company Secretary, will depart the Company at the end of Jany 2019 to pursue other opportunities. Paul will be available to the Company for a transition period while a suitable candidate is identified by the Company.

“I would like to thank Paul for his service to PetroNeft over the years. Paul joined us in 2007 and has been a valuable asset to the Company throughout the successes and challenges along the way. I wish him the very best in his future endeavours.”


Goals Soccer Centres (GOAL) 56.5p £41.7m

Goals Soccer Centres a leading operator of outdoor small-sided soccer centres with 50 sites, including four in California, USA, has appointed Alan Hand as a NED with effect from 1 Feb 2019.

Alan has led a distinguished career within the leisure sector, and has considerable experience running multi-site businesses. Most recently, he served as CEO of Ten Entertainment Group, the operator of bowling and family entertainment centres. Having joined in 2010, he floated the business on the Main Market of the London Stock Exchange in 2017.

Prior to joining Ten Entertainment Group, Alan spent five years as Operations Director of Paramount Restaurants. He successfully implemented a turnaround strategy for underperforming brands while integrating Café Uno, whose 55 restaurants Paramount acquired in 2005. This culminated in the sale of Paramount, which then comprised of 77 restaurants, to private equity for £107.5m.


Destiny Pharma (DEST.L) 280p £185.8m

Destiny Pharma, a clinical stage biotechnology company focused on the development of novel antimicrobial drugs, that addresses the global problem of antimicrobial resistance (AMR), announced it has been awarded  funding of up to £1.6m from a collaboration established under the UK-China AMR grant fund set up by Innovate UK and the Department of Health and Social Care with the Chinese Ministry of Science and Technology. The two-year project will examine the use of the Company’s novel XF drugs to prevent, control, and eradicate life threatening bacteria or “superbugs” without generating resistance. The research work will be carried out by Destiny Pharma’s team in collaboration with expert groups at Cardiff University’s School of Dentistry and College of Biomedical and Life Sciences, led by Professor David Williams, and a team at Tianjin Medical University, China.


Regency Mines (RGM.L) 0.35p £2.87m

Regency Mines, the natural resource exploration and development company with interests in hydrocarbons and battery metals, provides an update on operations.

MET Coal production continues at Omega with improved production following operational disruptions during move to new location at end 2018

Activity increasing at the Mambare JV in PNG with a significant GPR Program planned for 2019 pursuing the goal of a DSO operation and mining license

ESTEQ continues to develop its investments with Allied Energy refocusing on the promising local grid and combined heat and power arenas

Curzon Energy remains focused on its intention to participate in a multi-TCF gas opportunity in Texas to supplement its existing CBM project

Regency’s 50% stake in the Dempster Vanadium project announced recently offers exploration upside in the battery metals space


LEKOIL (LEK.L) 10.15p £56.6m

LEKOIL, the oil and gas exploration, development and production company with a focus on Africa, provided an update on OPL310 with reference to the Company’s Application for a Declaration regarding Ministerial Consent filed at the Federal High Court, Lagos on March 28, 2018.

Further to the Company’s announcement on 23 Jan 2019, the matter came up for mention at the Federal High Court in Lagos on 24 Jan 2019. A summary briefing was given and a subsequent adjourned court date of 7 Feb 2019 was assigned for the hearing.

The parties remain in negotiations aimed at seeking a satisfactory conclusion for all parties on the above matter.  LEKOIL and Optimum continue commercial discussions regarding the financial and technical obligations of both parties in the block once development work is underway. LEKOIL will provide further updates to the market as appropriate. The Company is represented by Fidelis Oditah QC, SAN.


Mountfield Group (MOGP.L) 1.65p £3.43m

The Directors of Group announced that the Group companies have between them been awarded three new contracts with an aggregate value in excess of £7m, with the work on all to be undertaken during 2019.

The first contract (which has been awarded to MBG by a European bulk-liquid storage operator) is for the construction of its new London headquarters building and is valued at £2.1m.

The second contract won by MBG has a value of £4.1m and is for the construction work connected with the expansion of a data centre in Essex for a global telecoms operator. The contract was won by MBG by competitive tender and a deciding factor for the client when making its decision was MBG’s knowledge and experience in working in live data centre environments.

The third contract was won by CAF for the flooring work on the fourth and final stage of a European bank’s development and expansion of its London office.  The work is valued at approximately £1m.


Elecosoft (ELCO.L) 78p £56.86m

Elecosoft, the construction software and software visualisation specialist announced that its results for the year ended 31 Dec 2018, excluding the acquisition expenses of Shire Systems Ltd and Active Online GmbH are expected to be significantly higher than for the year ended 31 Dec 2017 and comfortably in line with market expectations.

The acquisitions of ShireSystems and ActiveOnline, both acquired in the second half of 2018, have made contributions to revenues and profits in line with the Board’s expectations at the time of their acquisition. The remainder of the Group has performed well and continued to achieve year-on-year growth in revenues notwithstanding the macroeconomic uncertainties and also adverse exchange rate movements.

Elecosoft’s strong trading performance has been underpinned by its strategy of securing new direct customers, whilst supported by excellent customer training and support. The success of this service-centred approach was reflected in continued high renewal rates.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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