Small Cap Feast

Small Cap Feast – 26 November 2018

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 920

Total number of AIM Companies trading: 849*
* As at 23 November 2018

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 November 2018

Set Menu Standard List:

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

Total number of Standard List Companies trading: *
* As at 23 November 2018

Dish of the Day:

MOD Resources— a copper exploration and development company focused on the central and western Kalahari Copper Belt in Botswana, has joined the Main Market via an Introduction.


Off the Menu:

No Leavers Today

Dish of the Day:

European Lithium—(ASX:EUR)-  a mining exploration and development company which wholly owns the Wolfsburg Lithium Project located in Carinthia, 270 km south of Vienna, Austria, has joined the NEX Exchange.

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

SEEIT will be the first UK-listed investment fund of its kind to invest exclusively in the energy efficiency sector. Looking to raise £150m. Due 11 Dec

AJ Bell—one of the largest investment platforms in the UK—Expects to publish prospectus end Nov. FYSep18—revenues up 19% to £89.7 million, profit before tax up 31% to £28.4 million.  Secondary sell down, Due December.

Sirius Aircraft Leasing Fund targeting a raise of US$250m  – objective is to provide investors with an attractive level of regular income and capital returns through investing primarily in used, single-aisle aircraft. Due 5 Dec

MOD Resources—(ASX:MOD) A$78.7m mkt cap.  Copper exploration and development company focused on the central and western Kalahari Copper Belt in Botswana.  Introduction only. Due c.26 Nov.

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 end Nov.


Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov

Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m.

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 early December.

Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA. Due early Dec

Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission.

The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.

Breakfast Buffet

Fusion Antibodies (FAB.L) 58.5p £13.59m

Fusion Antibodies, a pharmaceutical contract research organisation specialising in antibody engineering services, announced its unaudited interim results for the six months ended 30 Sept 2018.

Planned facilities and technical capacity expansion completed on time and within budget

Affinity maturation service on schedule to launch in Dec 2018

New contract signed with MAB Discovery GmbH

Orders and revenues in the six months to 30 Sept 2018 below expectations, as previously announced

Mammalian antibody library on track for delivery in 2020

Revenues of £658k (H1 2018: £1,414k)

Loss for the period of £742k (H1 2018: £166k)

Cash and cash equivalents at 30 Sept 2018 of £2,802k (31 March 2018: £4,490k)


Frontera Resources (FRR.L) 0.39p £61.51m

Frontera Resources, the European-focused oil and gas exploration and production company, announced the mobilization of a workover rig to T-16 well, situated inside the 80 square km Taribani field area located in onshore Block 12 in Georgia.

The Company has successfully completed a technical study of Taribani wells drilled by a previous operator and has selected the following wells for workover operations: T-16, T-24 and T-31. The intention is to clean these wells and check well integrity for future sidetracking/drilling operations in order to drill and complete the wells in the Eldari B reservoir.

As previously announced, Zones 19, 21, 23 and 24 of the Eldari B interval were penetrated during the drilling of the Niko-1 well, the first well drilled by the Company into the Eldari B formation. Testing of the interval confirmed the presence of oil and gas bearing Miocene aged marine sandstones with good reservoir properties. T-39 was the second well drilled by the Company into Zone 19 of the Eldari B reservoir.


LEKOIL (LEK.L) 9.10p £48.82m

LEKOIL, the oil and gas exploration, development and production company with a focus on Africa, announced that the Company has written to the Federal Ministry of Petroleum Resources for a relief from enforcement of expiration of the exploration licence for lease OPL 310 in which it holds an unconditional 17.14% interest and an additional 22.86% interest, which is subject to Ministerial consent.

LEKOIL has requested that the Ministry grant an extension of the license beyond Feb 2019 in order to recover the three years and one month lost due to regulatory delays beyond the control of the Company and thereby enable the current holders of participating interests in OPL 310 to fulfil the requirements for the conversion of OPL 310 to an OML.

Lekoil believes it has valid grounds under the relevant Petroleum Act of 1969  for being granted an extension, and will provide an update in due course.


GAN (GAN.L) 53.5p £45.08m

GAN, an award-winning developer and supplier of enterprise-level B2B Internet gambling software and services, announced the launch of Internet gaming content for GOLDBET Srl a leading Italian sports betting & casino gaming operator in Italy’s regulated market.

Further to the announcement on April 17, 2018 announcing Goldbet as the Company’s 9TH client in Italy, GAN has now integrated its Platform in Italy and launched internet gaming content for Goldbet. Goldbet operates a substantial network of more than 900 retail gambling shops accounting for approximately three per cent market share of Internet casino gaming in Italy.

Today, GAN delivers more than 500 high-quality casino slots, table games and non-traditional games in Italy to nine (9) Italian operators who together represent more than forty-five per cent of Italy’s total Internet casino gaming market by Gross Gaming Revenue. Strong growth in the region resulted in revenues from Italy growing to £1.7m during H1 2018 (£1.2m H1 2017; £2.8m CY2017) accounting for just under 40% of GAN’s net revenues and this latest launch further strengthens GAN’s position as the country’s leading independent Internet gambling software and services provider.


Quadrise Fuels International (QFI.L) 2.4p £20.69m

Quadrise Fuels International announced it has extended the contracts for the exclusive supply of goods and services and joint development for future MSAR® projects with AkzoNobel for a further year to Nov 2019, at which time the parties intend to enter into a new three-year exclusive global cooperation and supply agreement with new Nouryon legal entities that will be established during 2019.

Nouryon is the new company name for the AkzoNobel Specialty Chemicals Business, following its acquisition by The Carlyle Group on 1st October 2018.


Cohort (CHRT.L) 405p £165.88m

Cohort, the independent technology group, announced that its wholly-owned subsidiary MASS Consultants Ltd has been awarded a contract to supply Electronic Warfare Operational Support software and services valued at £20m. The contract will include the development of countermeasures to protect combat aircraft against missile threats. Delivery will take place over the next 7 years.

“This is an important win for MASS that once again demonstrates its world-leading capability in this important area. MASS’s ability to provide customers with true operational sovereignty, and to enable them to operate with confidence in the real tactical environment that they face, is a unique source of competitive advantage. Together with other recent wins, this contract award enhances the visibility of future Group revenue.”


Ncondezi Energy (NCCL.L) 6.05p £19.31m

Ncondezi Energy Limited ) provided an update on its process to conclude a binding Joint Development Agreement for the Company’s integrated 300MW power and coal mine project in Tete Mozambique.

The Company has finalised the work program and timetable for the Project with its potential strategic partners and submitted it to the Liaison Committee which includes representatives from the Ministry of Mineral Resources and Energy and Mozambican state power utility Electricity de Mozambique. The work program and timetable includes the following key milestones and target dates:

JDA – Q1 2019

Binding engineering, procurement, and construction and operations and maintenance contracts – Q1 2019

Signing of key commercial agreements: Power Purchase Agreement and Power Concession Agreement – Q1 2020

Financial Close – H1 2020

Commercial Operations Date – H1 2023


Kodal Minerals (KOD.L) 0.16p £11.71m

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project, reported assay results for an additional three diamond drill holes at the Boumou prospect located on the Company’s 450km2 Bougouni Lithium Project in Southern Mali.

Diamond core intersections at Boumou prospect continue to return multiple mineralised pegmatite intersections including:

6.5m at 1.18% Li2O from 64.0m  and

6.5m at 1.42% Li2O from 80.5m and

1.0m at 2.07% Li2O from 131.63m all from drill hole KLDH010;

Assay grades up to 3.54% Li2O returned for individual samples within the mineralised pegmatites;

Diamond core drilling continuing at the Sogola-Baoule and Boumou prospects on site;

Reverse Circulation drilling continuing with a focus on mineral resource definition and extension at the Sogola-Baoule prospect.


PowerHouse Energy (PHE.L) 0.59p £8.84m

PowerHouse Energy Group, the UK technology company pioneering hydrogen production from waste plastic and used tyres and developer of the DMG® System announced that it has received a formal invitation from Toyota Tsusho Corporation of Japan to engage in advanced commercial discussions regarding the PowerHouse DMG® technology.

This invitation has been made subsequent to an extensive review of the DMG® technology by Toyota Tsusho’s Chemical Business Development Division and subsequent to PHE having achieved its recent “Statement of Feasibility” by DNV-GL, a leading provider of technical assurance world-wide.

Following Toyota Tsusho’s review of the PHE Basic Engineering Package and the DNV-GL technical qualification process, PHE now welcome the news that Toyota Tusho have positively reviewed the DMG®technology and consider that DMG® and its  application within Japan and Asia offers significant potential.


Hotel Chocolat (HOTC.L) 323p £354.88m

Hotel Chocolat announced the opening of the first Hotel Chocolat store in Japan, at the Aeon Lake Town shopping mall in Tokyo, the largest mall in Japan.

“The reaction to Hotel Chocolat in Japan on our first day of trading last week was hugely encouraging. Customer engagement, media attention and sales performance were all well ahead of expectations. Our portfolio of products landed with aplomb. Hot chocolat drinks, our 8g sculpted chocolate batons, and our Selector range were all in high demand. We look forward to unfolding the brand further here.”


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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