Small Cap Feast

Small Cap Feast – 27 September 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 879

Total number of AIM Companies trading: 795*
* As at 23 September 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 88*

Total number of NEX Growth Market Companies trading: 86*
* As at 23 September 2019

Set Menu Standard List:

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

Total number of Standard List Companies trading: 144*
* As at 23 September 2019

Dish of the Day:

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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.

Breakfast Buffet

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.

Financial highlights

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)

Post period-end

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.

Head Chef:

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

*A corporate client of Hybridan LLP

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