Small Cap Feast

Small Cap Feast – 27 August 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 878

Total number of AIM Companies trading: 797*
* As at 27 August 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 87*

Total number of NEX Growth Market Companies trading: 85*
* As at 27 August 2019

Set Menu Standard List:

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

Total number of Standard List Companies trading: 144*
* As at 27 August 2019

Dish of the Day:

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.

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Breakfast Buffet

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.

Operational Highlights

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.  

Highlights

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.

Summary

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.

Highlights

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.

Head Chef:

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

*A corporate client of Hybridan LLP

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