Small Cap Feast
Small Cap Feast – 27 November 2019
Set Menu AIM:
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading: *
* As at
Set Menu NEX Growth:
Total number of NEX Growth Market Companies (Incl Susp): *
Total number of NEX Growth Market Companies trading: *
* As at
Set Menu Standard List:
Total number of Standard List Companies (Incl Susp): *
Total number of Standard List Companies trading: *
* As at
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
Synovia has left AIM pursuant to an offer by a subsidiary of funds advised by Camelot Capital Partners.
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?
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.
MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC but expected admission date mid-December.
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
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
Greencoat Renewables (GRP.L) 1.1575p £602m
The Irish renewable infrastructure company invested in euro-dominated assets is pleased to announce it has acquired Beam Hill Wind Farm, a 14.0MW wind farm situated in County Donegal for a consideration of €10.5m. This brings Greencoat Renewables’ portfolio of operational wind assets to 461MW.
The wind farm consists of 8 Vestas V66 turbines that have been operational since November 2006. Vestas will continue to manage the operations and maintenance contract.
The acquisition is being funded by the Company’s €380m credit facility. Following the acquisition, Greencoat Renewables total borrowings are 48% of Gross Asset Value.
Base Resources (BSE.L) 12.25p £143.5m
Maiden Ranobe Ore Reserves estimate which forms the foundation of its Toliara Project in Madagascar.
Ranobe Ore Reserves estimate of 586Mt of ore at an average heavy mineral grade of 6.5%, containing 38Mt of in-situ HM.
The Ore Reserves estimate is consistent with the Mineral Resources assumptions underpinning the pre-feasibility study.
Samples from a 26,141m drilling program completed during 2019 are currently being processed, seeking to upgrade the Mineral Resources and Ore Reserves estimates for Ranobe over the course of 2020.
VR Education (VRE.L) 8p £15.5m
The virtual reality (‘VR’) technology company focused on the education and enterprise training space, is pleased to announce that the Group’s latest VR showcase experience, ‘Shuttle Commander’, will launch on Sony PlayStation on Tuesday, 3 December 2019.
Shuttle Commander is an accurate physics-based flight simulator experience, offering users the chance to take to the controls of NASA’s Discovery space shuttle and land it at a number of real-world landing sites, such as Kennedy Space Centre, White Sands Air Force Base and Edwards Air Force Base in an immersive virtual reality.
The VR showcase experience will retail at £21.99 in the UK, €24.99 in the EU and US$24.99 in the US. https://youtu.be/uHxmKkd5BYA
Alliance Pharma (APH.L) 78.7p £413m
Agreement with Duchesnay Inc. of Canada to return the UK and EU licensing rights to Xonvea, a prescription medicine for the treatment of nausea and vomiting of pregnancy where conservative management has failed.
As previously indicated, the uptake of Xonvea in the UK has been slower than the Group originally anticipated, in part due to the ongoing delay in the issuing of updated clinical guidelines. In addition, the competitive landscape for Xonvea in Europe has shifted, making an EU rollout less attractive for Alliance.
Under the terms of the agreement signed with Duchesnay, the £2.0m in milestone payments made to date by Alliance will be repaid to the Group, £0.25m in 2019 and the balance in 2020. Alliance will continue to make Xonvea available to patients in the UK for up to 12 months to assist Duchesnay with the transition to a new licensee.
Shearwater (SWG.L) 248p £54.8m
The organisational resilience group, announced its unaudited results for the six months ended 30 September 2019.
Group revenue up 262% at £16.3 million. Underlying organic revenue growth of 11%. Adjusted earnings per share of 2.23 pence (2018: loss 18.73 pence)
Acquisition of Pentest substantially expands security testing and “red teaming” capability
- New software product developments, including launch of cloud hosted “as-a-service” offerings to complement on-premise solutions
Outlook —Double digit organic growth in H1 providing good momentum into H2- Secured multi-million-pound managed service contracts, underpinning revenue visibility—Group continues to trade well – in line with expectations for the full year.
Union Jack Oil (UJO.L) 0.16p £19.4m
£5m placing and subscription at 0.15p. C.12% discount to yesterday’s close.
The proceeds will be deployed into what Union Jack believes are highly accretive projects including the drilling and testing of two further appraisal wells and the acquisition and reprocessing of new seismic data at the Company’s flagship asset at West Newton. Funds will also be used to drill an anticipated side-track well at Biscathorpe and to provide additional working capital.
Versarien (VRS.L) 100 £154m
Commercial Partnership Agreement with the Company’s textile sector collaboration partner, MAS Innovation (Private) Limited (“Twinery – Innovations by MAS”). The Agreement follows the Letter of Intent between the parties, announced on 26 July 2019, which set out the intent of both parties to enter into a formal commercial partnership.
Twinery – Innovations by MAS is part of MAS Holdings a holding company for a portfolio of businesses with a combined revenue of c.US$ 2 billion which are positioned as one of the world’s most recognised design to delivery solution providers in apparel and textile manufacturing. The Agreement sets out the basis under which the parties will operate with the objective of securing commercial orders or contracts for garments developed using Versarien’s proprietary graphene ink materials.
Vectura Group (VEC.L) 84p £512.22m
Vectura Group notes today’s announcement by Hikma Pharmaceuticals PLC (HIK.L), its partner in the development of an AB rated substitutable US generic version of Advair Diskus® (VR315US), that it has submitted responses to the US Food and Drug Administration for review, which includes data from a further Clinical Endpoint study requested by the FDA in a Complete Response Letter .
Hikma’s submission is an important milestone in our generic Advair programme. We believe the submission addresses the outstanding questions raised by the FDA in its CRL and remain confident in the prospects for the approval of VR315US.
Pressure Technologies (PRES.L) 96.93p £17.39m
Update on the prosecution by the Health & Safety Executive (“HSE”) following the fatal accident at its subsidiary Chesterfield Special Cylinders (“CSC”) in June 2015. Trial proceedings have concluded and the jury has delivered a guilty verdict pursuant to Section 2 of the Health and Safety at Work Act 1974. A sentencing hearing has been scheduled for 9 December 2019 and the Company expects that the penalty will be determined at that time.
Water Intelligence (WATR.L) 284.25p £41m
Trading update through the end of October with respect to a year-to-date sales growth milestone. “ We have surpassed the prior full-year revenue result earlier than expected. Through the end of October, we achieved $27.5m in revenue which stands significantly ahead of the full year 2018 result of $25.5m. PBT (statutory and adjusted) remains comfortably in-line with expectations for full year 2019.”
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 email@example.com with “unsubscribe me”.