Small Cap Feast
Small Cap Feast – 27 September 2019
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
What’s Cooking in the IPO Kitchen?
Main Market Standard
Kaspi.kz, the largest Payments, Marketplace and Fintech Ecosystem in Kazakhstan with a leading market share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%
Main Market premium
Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
Sareum Holdings *(SAR.L) 0.32p £9.7m
On 29th Oct 2019 Sareum will present new preclinical data from its SDC-1802 TYK2/JAK1 inhibitor cancer research programme at the American Association for Cancer Research (AACR) National Cancer Institute (NCI) European Organisation for Research and Treatment of Cancer (EORTC) International Conference, to be held 26-30 October 2019 in Boston, USA.
The poster describes how SAR-20351, a novel selective TYK2/JAK1 inhibitor discovered by Sareum, significantly reduces tumour growth in disease models of many cancers, including those of the pancreas, colon, skin and kidney, plus B-cell lymphoma. SAR-20351 was formally selected as preclinical development candidate SDC-1802 in September 2018. These findings provide support for TYK2/JAK1 inhibition as a potential new immunotherapy approach and for the further development of SDC-1802 as a novel cancer therapeutic.
“ Our data suggest that our TYK2/JAK1 inhibitors also offer the potential advantage of oral delivery; this contrasts with currently marketed cancer immunotherapies, which can only be dosed by injection. “
MediaZest* (MDZ.L) 0.07p £0.98m
AGM trading update. As previously noted at length, the first half of the financial year has proved difficult against a challenging macroeconomic backdrop in the UK, felt particularly keenly in the retail sector. This has been mitigated somewhat by cost savings implemented at the beginning of 2019 and ongoing contractual revenues which continue to renew at a healthy rate.
However, the second half of the year is set to be much improved with two large projects set for completion in November/December which should generate significant profitability in the quarter ended 31 December 2019.
Further projects for Ted Baker, LuluLemon, Pets at Home, Tiffany & Co, Kuoni, HMV and Hyundai have been completed or are in progress. New business enquiries in recent weeks have markedly increased and several potentially significant opportunities are being pitched in coming months.
At this stage it is too early to be able to forecast full year results but pending successful upcoming pitches the Board expects to build upon last year’s profit for the current financial year despite the economic environment.
ECR Minerals (ECR.L) 0.77p £3.46m
Australian Gold – Business Update.
Windidda Gold Project (Western Australia)
The Company’s wholly owned Australian subsidiary has submitted applications over 1,600 sq km of the Yilgarn Craton as announced on 2 January 2019;
ECR has been approached by a listed mineral exploration company seeking to farm into the project.
Creswick Gold Project (Victoria)
Whole-of-bag testing process has now been completed successfully and remaining samples have been sent to the laboratory for assay testing;
Partial assay results released on 27 August 2019 demonstrated a substantial increase in gold grade on average in respect of the 17 samples tested;
Ongoing activity at four further projects in Victoria,
Symphony Environmental Tech* (SYM.L) 8p £13.6m
Symphony Environmental Technologies, a global specialist in additive, masterbatch and concentrates technologies that enhance the properties of plastic and complementary non-plastic products by making them either biodegradable or resistant to bacteria, fungi, algai, moulds, insects, fouling and fire, is pleased to announce its interim financial results for the six-month period ended 30 June 2019.
Revenues stable at £4.1 million (H1-2018: £4.1 million)
Gross profit also stable at £2.0 million (H1-2018: £2.0 million)
Adjusted EBITDA, before R&D and planned marketing, communications and brand costs of £519,000 (H1-2018: £587,000)
Reported loss before tax of £86,000 (H1-2018: profit £7,000)
Basic loss per share of 0.05 pence (H1-2018: earnings per share of 0.01 pence)
Subscription for new shares raising £1.9 million (gross)
New and first significant order for d2w agricultural grade
New and first significant order for d2c “designed-to-compost” technology
Major launch of d2p Protector product in Bahrain.
Tavistock Investment (TAVI.L) 2.15p £12.4m
Trading in line with market expectations, despite challenging market conditions caused by political instability, anxieties over BREXIT outcomes and international trade disputes.
The Board continues to believe that it is in the best long-term interests of the Company to improve profitability through:
the selective purchases of client books from retiring advisers; investment in initiatives designed to significantly improve inflows of FUM; and reduction of net debt through scheduled capital repayments under its existing NatWest loan facility.
New £630k loan facility with two of the Company’s directors and its Chief Investment Officer.
Diversified Oil & Gas (DGOC.L) 108p £709m
DGOC has completed the purchase of two separate natural gas gathering systems in Pennsylvania and West Virginia. Total cash consideration of $7.7 million including purchase price adjustments. Assets comprise approximately 1,700 miles of low-pressure wet and dry gas gathering pipelines together with compressors, measurement stations and related facilities and equipment. The Company now owns and operates approximately 12,000 miles of natural gas gathering and transporting pipelines across the Appalachian Basin.
Itaconix (ITX.L) 2.03p £5.45m
Itaconix, a leading innovator in sustainable specialty polymers, was recognised this week as one of “The Top 50 Companies to Disrupt the World” by Biofuels Digest, the world’s most widely-read daily publication on the bioeconomy. The Company will be honoured with other recipients at the Advanced Bioeconomy Leadership Conference on Next Generation Technologies and Markets in San Francisco, California on 31 October.
Synairgen (SNG.L) 9.25p £8.5m
The respiratory drug discovery and development company, is presenting biomarker data from the first part of its ongoing Phase II trial of its wholly-owned antiviral therapy inhaled interferon beta (IFN-beta) in patients suffering from chronic obstructive pulmonary disease (COPD), at the European Respiratory Society (ERS) International Congress being held in Madrid 28 September – 2 October 2019.
Analysis of samples from the lung shows that treatment with IFN-beta boosted the lungs’ antiviral defences, increasing Synairgen’s confidence in the likelihood of a positive outcome in Part 2 of the study in which inhaled IFN-beta is being assessed when patients do have a confirmed respiratory virus infection.
Sabien Technology (SNT.L) 0.16p £1.86m
FYJun 19 results from the manufacturer of M1G and M2G boiler energy efficiency technologies . Sales for the year £1.38m (2018: £0.59m) Profit before tax £0.18m (2018: £0.85m loss). “Sabien continues to work diligently to bring the near-term pipeline into reported revenue and, with the support of our strategic investor TIG, we look forward to updating shareholders in due course on our development in the year ahead.”
Fox Marble (FOX.L) 3.9p £9.01m
Appointment of Francisco Espinosa to the role of Chief Operating Officer to the Company in a non-Board capacity. Francisco has worked for Levantina Y Asociados de Minerales S.A.U., one of the largest stone companies in the world for 12 years, rising to the level of Chief Operating Officer.
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”.