Small Cap Feast

Small Cap Feast – 26 November 2019

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Dish of the Day:

No Joiners Today

 

Off the Menu:

Synovia has left AIM pursuant to an offer by a subsidiary of funds advised by Camelot Capital Partners.

 

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

What’s cooking in the IPO kitchen?

AIM

The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt.  Offer TBA.

Longboat Energy raising £10m at 100p.   Expected admission November 2019.  The company has been established by the former management team of Faroe Petroleum to create a new full-cycle North Sea oil and gas company .The strategy to achieve this will initially be through the acquisition of assets where the management team can add value through subsurface and operational improvements, follow-up deal opportunities and near-field exploration; and by value creation through the drill bit.  Due 28 Nov.

NEX Exchange

Sapo PLC – Seeks to invest in the developing market for rural broadband in the UK.  Due 2 Dec

Main Mkt Standard

Taseko Mines  – North American focused copper producer and developer, seeking a London Listing. No capital raise. Due 22 Dec

SDIC Power  – “potential intention to float”. Proposed GDR listing.  Leading power generation company in China, with a diversified portfolio of projects across hydropower, coal-fired power, wind power and solar power.  Offer TBA

Main Mkt Premium

Octopus Renewables – Seeking raise of up to £250m. Will seek to provide investors with an attractive and sustainable level of income returns, with an element of capital growth by investing in a geographically and technologically diversified spread of renewable energy assets—Due 10 Dec

 

Breakfast Buffet

Crossword Cybersecurity* (CCS.L) 487p £22.5m

The Consulting division has recently signed numerous agreements including three with companies spanning the automotive, insurance and property sectors, to work with them on improving their cyber security posture.

An industry-leading cyber transformation project has begun with a global pioneer in connected vehicle data.

Consulting has also secured business with a leading international insurance broker that conducts business in the Lloyd’s of London market. A third-party audit left the organisation with a long list of security measures to implement but lacking sufficient in-house expertise to do so. Crossword Consulting worked with the organisation to offer advice on how best to improve their cyber maturity.

The consulting division has implemented its Virtual Chief Information Security Officer (vCISO) product with an SME property investment firm.

 

Allergy Therapeutics (AGY.L) 10.6p £67.4m

The fully integrated commercial biotechnology company specialising in allergy vaccines, today provides an update on its Grass MATA MPL phase III study, due to start in Autumn 2020.

Following further investigation of the phase III Birch MATA MPL study (B301), the upcoming Grass study will now take a stepwise approach, with two stages covering both the 2020/2021 and 2021/2022 pollen seasons, rather than the single large trial originally planned for the 2020/2021 season.

It enables a phase III-scale study to begin in the 2020/2021 season, followed by an interim review to gain insights into the trial, before continuing to the second part of the study.

Results from the Group’s successful G205 phase II clinical study, which completed in 2018, evaluating the dose to be taken into phase III, were recently published in the World Allergy Organisation Journal.

 

Regal Petroleum (RPT.L) 25.05p £80.3m

Memorandum of Understanding  for the acquisition of PJSC Science and Production Concern Ukrnaftinvest (UNI), which holds the Belolisky and Alibeysk-Trapivska production licences  in Ukraine.

Sets out proposals for the Company to acquire 100% of the issued share capital of UNI for a total consideration of up to $40 million, subject to satisfaction of certain conditions and contingencies.

The Licences are prospective for oil, as well as gas, and have been the subject of exploration since the 1980s, with 24 wells having been drilled on the Licences since then. The Company has undertaken a detailed review of the available data on the Licences, and has estimated that there is a substantial Oil Initially In Place volume of approximately 675 MMboe

 

Global Petroleum (GBP.L) 1.7p £3.45m

Estimate of prospective resources for PEL0094 (Block 2011A), offshore Namibia. Global holds a working interest of 85% and is operator of the licence.

A total of 964 million barrels of unrisked gross technical prospective resources (Best Estimate) has been estimated in PEL0094. Of particular note, the Albian carbonate reservoir at Welwitschia Deep has been estimated to have Best Estimate unrisked gross prospective resources of 772 million barrels of oil with a probability of success (“chance of geologic discovery”) of 15%. The prospective resources relate to the Welwitschia Deep prospect in Table A and the Marula lead in Table B. They are detailed in the tables below, have been classified in accordance with the Society of Petroleum Engineers Petroleum Resources Management System (SPE-PRMS) and have been estimated using probabilistic methods.

 

Rockfire Resources (ROCK.L) 1p £5.5m

Drilling intersects major gold system at Plateau.  “The gold and base-metal focused explorer, is pleased to announce that drilling to test a geophysical target has returned broad, consistent gold assays, indicative of a large-scale gold deposit. Gold mineralisation occurring almost continuously throughout a 215 m deep drill hole.

Hole BPL025 intersected 177 m @ 0.5 g/t Au, including: 26m @ 1.0 g/t Au (from 22m)

42m @ 1.0 g/t Au (from 95m): 7m @ 1.0 g/t Au (from 195m)

The above intersection also includes zones of 1 m @ 7.5 g/t Au, 2 m @ 5.6 g/t Au and 3 m @ 6.6 g/t Au, demonstrating that high grades occur throughout this large system;

BPL025 finished within a gold-mineralised rhyolite, which is considered by our geologists to be similar to the Mt Wright Gold Mine, (part of the Ravenswood operations hosting +10.0 M oz gold)

 

Walker Greenback (WGB.L) 73p £51.8m

The luxury interior furnishings group, announces that it is building on its existing agreement with Kravet Inc., which has been distributing the Clarke & Clarke and Studio G brands in the US since August this year, by extending the agreement to include Canada. 

The decision to extend the distribution agreement for the Clarke & Clarke and Studio G brands to Canada follows a positive start to the distribution of the two brands in the US by Kravet Inc., the premier US home furnishings resource available exclusively to the trade.

The Clarke & Clarke and Studio G brands were, until earlier this year, distributed in Canada by Robert Allen Duralee Group, which also formerly distributed the two brands in the US.

Walker Greenbank has a long track record of working with Kravet Inc. through the Company’s manufacturing operations, which print wallpapers and fabrics for certain Kravet Inc. brands.

 

Ncondezi Energy (NCCL.L) 5.2p £16.9m

Ncondezi has received “in principle” support from all loan holders to enter the Loan restructuring proposal as set out below :

o  12 month extension on existing terms, including 12% annual interest rate and ability for Lenders to swap debt for equity in part or in full at a conversion price of 10.0p per share

o  A right for Ncondezi to pay off the original principal amount of the Loan along with conversion of all interest into Ncondezi shares on AIM at a 25% to 30% premium to the 30 day volume weighted average price (“VWAP”)

  • Documentation for the Restructuring is being finalised for submission to Lenders
  • The Loan is currently valued at US$4.3m, including US$2.1m principal and US$2.2m rolled up interest
  • 50% of the Loan is held by the Company’s largest shareholder: 45% of the Loan is held by Ncondezi Board and management

 

Tristel (TSTL.L) 337.5p £150.7m

The manufacturer of infection prevention, contamination control and hygiene products, announces that Dr Bruno Holthof will take over the role of Non-Executive Chairman at the Company’s forthcoming Annual General Meeting. Dr Holthof joined the Board of Tristel in February 2019 as an Independent Non-Executive Director. Having spent ten months familiarising himself with the Company he will take over the position of Non-Executive Chairman from Paul Barnes at the 2019 AGM. Paul Barnes has provided interim cover in the role, after Francisco Soler stepped down in December 2018. Paul Barnes will remain a Non-Executive Director of the Company.

The Board will now begin the search for a third Independent Non-Executive Director to maintain an appropriate balance between executive and non-executive directors as detailed in the QCA guidelines on Board composition.

 

 

WANdisco (WAND.L) 350p £158.4m

 The live data company for machine learning and AI, has signed a contract valued at more than $500k with a Fortune 500 technology company. The contract is with an existing WANdisco customer that has renewed and expanded its relationship and commitment to WANdisco’s Fusion technology.

1pm (OPM.L) 33.5p £29.8m

The independent specialist finance provider, has secured new and extended facilities to provide further funding for UK SMEs. The new facilities are primarily for the Group’s Loans division with an increase in the current £7.5m Secured Medium Term Note Programme  to up to £25m. In addition, a further £5m of funding specifically for the Group’s Loans business has been established with some of the Group’s long-standing funders.

 

Head Chef:

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

*A corporate client of Hybridan LLP

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