Small Cap Feast
Small Cap Feast – 27 August 2019
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
Sirius Petroleum (SRSP), the Nigeria-focused oil and gas development and production company, announces the delisting of the Company’s ordinary shares from trading on AIM, The Company is continuing to develop its portfolio and will seek a relisting on the London Stock Exchange as a new applicant (rather than pursuant to Aim Rule 14) as soon as possible. VinaLand (VNL), the Company has been placed into voluntary liquidation. Mortice (MORT), All Ordinary Shares have been repurchased by the Company under the Exit Facility and have been cancelled upon repurchase. Herencia Resources (HER), has been cancelled due to not appointing another broker and Nomad after suspension on the 26th Feb 19.
Sirius Petroleum (SRSP), the Nigeria-focused oil and gas development and production company, announces the delisting of the Company’s ordinary shares from trading on AIM, The Company is continuing to develop its portfolio and will seek a relisting on the London Stock Exchange as a new applicant (rather than pursuant to Aim Rule 14) as soon as possible.
VinaLand (VNL), the Company has been placed into voluntary liquidation.
Mortice (MORT), All Ordinary Shares have been repurchased by the Company under the Exit Facility and have been cancelled upon repurchase.
Herencia Resources (HER), has been cancelled due to not appointing another broker and Nomad after suspension on the 26th Feb 19.
What’s Cooking in the IPO Kitchen?
Sareum Holdings* (SAR) 0.36p £10.90m
Sareum Holdings plc, the specialised small molecule drug development business, provides the following trading update ahead of its full year results for the year ended 30 June 2019. Sareum expects to report its full audited annual results by mid-October 2019.
Selective TYK2/JAK1 Inhibitors in Autoimmune Diseases and Cancer
Advancing two distinct molecules selected from our proprietary dual tyrosine kinase 2 (TYK2) / Janus kinase 1 (JAK1) programmes as potential therapies for autoimmune diseases (SDC-1801) and cancers (SDC-1802)
Candidates continuing to attract interest from international pharma companies.
SRA737 – Promising Data Presented at International Cancer Congresses
In June 2019, Sierra Oncology, the licence holder of SRA737 (an oral selective Chk1 inhibitor), announced promising preliminary efficacy and safety data at the annual meeting of the American Society of Clinical Oncology (ASCO) from two ongoing Phase 1/2 clinical trials. These trials were evaluating SRA737 across multiple indications, as a monotherapy and as a combination, potentiated by non-cytotoxic low-dose gemcitabine.
AFC Energy (AFC) 4.79p £19.80m
AFC Energy, a leading provider of hydrogen power generation technologies, today confirms it has achieved a milestone continuous twelve months operation of its fuel cell electrode, developed in partnership with Industries De Nora S.p.A (“De Nora”), and is on track to achieve targeted electrode longevity.
Results of twelve-month operation of fuel cell electrode at AFC Energy’s head office supports potential to achieve electrode life expectancy, for continuous use operations, in excess of four years.
Over the twelve-month test, electrode degradation rates have continued to improve with time.
Four-year electrode lifetime consistent with targeted commercial longevity necessary to drive down cost of power and achieve a power conversion cost of < US$0.10 / kWh (excl. fuel cost).
AFC Energy and De Nora continue to develop the electrode technology and are confident that further improvements in electrode performance and reduction in cost are feasible.
IMImobile (IMO) 336p £248.68m
IMImobile, a global cloud communications software and solutions provider, confirms that it has completed the Tender Offer for the acquisition of 3CInteractive Corp, details of which were announced on 24 July 2019.
As of the expiration of the Tender Offer on Friday, August 23, 2019, a total of approximately 99.5% of the shares in 3C were validly tendered and accepted by IMImobile for payment in accordance with the terms of the Tender Offer.
As previously announced, $10m (£8.1m) of the Total Consideration of $53.2m (£43.3m) will be deferred for up to two years (“Deferred Consideration”). Selling shareholders representing in aggregate approximately 24.5% of the shares in 3C who were unable to demonstrate accredited investor status will, pursuant to the terms of the Merger Agreement, receive Deferred Consideration in cash instead of Consideration Shares. The balance of the Deferred Consideration will be satisfied through the issue of up to 1,937,146 Consideration Shares.
Renold (RNO) 23.50p £51.06m
Renold plc, a leading international supplier of industrial chains and related power transmission products, today issues the following statement.
On 9 July 2019, the Group announced the postponement of the Annual General Meeting to permit the preparation of revised audited financial statements for the year ended 31 March 2019, following the identification of historical accounting issues in the Gears business unit, which is part of the Torque Transmission division.
In order to prepare accurate revised financial statements, an independent internal audit investigation, supported by PwC, has been undertaken to assess the extent and impact of the historical misstatement of results. This independent investigation has now been concluded and the Board can confirm that these issues, the nature of which were as set out in the announcement of 9 July 2019, were confined to the Gears business unit.
Surface Transforms (SCE) 21.00p £27.20m
Surface Transforms, manufacturer of carbon fibre reinforced ceramic brake discs announced that it has concluded the final contractual terms on the contract award with German OEM 5 as previously described in the Company’s RNS announcement on 16 July 2019.
Specifically, the Company has agreed and accepted a signed multi year supply agreement and separate price agreement (previously together described as the “Agreements”) with its customer known as German OEM 5.
The supply agreement also refers to the supply of spares, albeit without any volume or revenue commitment from either party.
Regal Petroleum (RPT) 32.00p £104.21m
Regal Petroleum plc, the AIM-quoted oil and gas exploration and production group, announces that it has agreed an amendment to the terms upon which it sells its gas production to LLC Smart Energy.
As announced on 30 June 2017, Regal entered an agreement to sell all of its gas production from its Mekhediviska-Golotvshinska and Vasyschevskoye fields in Ukraine to Smart Energy.
Smart Energy has oil and gas operations in Ukraine and is part of the PJSC Smart-Holding Group, which is ultimately controlled by Mr Vadym Novynskyi, who also controls an indirect 82.65% majority shareholding in Regal. As such, Smart Energy is considered to be a related party of Regal pursuant to the AIM Rules for Companies .
Malvern International (MLVN) 2.40p £6.59m
Malvern International plc, the global learning and skills development partner, announced that it has entered into a loan agreement with Boost & Co Ltd for working capital purposes, to repay a shareholder loan and to fund the continued development of the Group.
Subject to certain terms of the loan agreement, Boost has agreed to make available to Malvern a cash advance facility comprising two tranches:
The first tranche of £2,600,000 which will be drawn in full immediately; and,
an optional second tranche of up to £4,000,000, which, subject to certain conditions, will be available to the Group to fund a permitted acquisition.
Tlou Energy (TLOU) 4.65p £18.61m
Tlou Energy Limited, the AIM, ASX and BSE listed company focused on delivering power in Botswana and Southern Africa through the development of coal bed methane projects, has announced 2019 results.
Production wells drilled successfully and now producing sustained gas flows at the Lesedi CBM project;
Environmental approval secured for the Company’s planned downstream development, all environmental approvals are now in place to commence commercial development;
The Company has been selected as a preferred bidder for a CBM gas-to-power proposal in Botswana.
Faron Pharma (FARN) 112.50p £44.86m
Faron Pharmaceuticals, the clinical stage biopharmaceutical company, announces that following its announcement on 6 August 2019 (the “Open Offer Announcement”), it has received valid acceptances and excess applications from Qualifying Shareholders in respect of a total of 859,513 Open Offer Shares pursuant to the terms of the Open Offer, raising gross proceeds of approximately €1.01 million (£0.92 million) at the Issue Price of £1.06 per share in respect of Qualifying DI Holders and at the Euro Issue Price of €1.19 in respect of Qualifying non-DI Holders.
M&C Saatchi (SAA) 214p £195.27m
Application has been made to the London Stock Exchange for the Admission of 408,115 new ordinary shares of 1p each in the Company (the “New Shares”) to trading on AIM. The shares have been issued to fulfil put options in a Malaysian Subsidiary.
Admission of the New Shares is expected to become effective on 29 August 2019.
The total number of Ordinary Shares in issue on the date of admission will be 92,142,544. Of this total, 485,970 Ordinary Shares are held in treasury. Therefore, the total number of Ordinary Shares in issue with voting rights will be 91,656,574.
0203 764 2344
*A corporate client of Hybridan LLP
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email firstname.lastname@example.org with “unsubscribe me”.