Small Cap Feast

Small Cap Feast – 28 June 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 894

Total number of AIM Companies trading: 818*
* As at 25 June 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 89*

Total number of NEX Growth Market Companies trading: 87*
* As at 25 June 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 163*

Total number of Standard List Companies trading: 141*
* As at 25 June 2019

Dish of the Day:

Airtel Africa Limited — provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, has joined the premium segment of the Main Market raising £595m at 80p with a market cap of £3.1bn.

Off the Menu:

Maistro plc, has left AIM today following approval from shareholders.

Lonmin plc, has left the Main Market today after being acquired by Sibanye Gold Limited

A&J Mucklow plc, has left the Main Market today after being acquired by LondonMetric Property plc

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

NEX Exchange

Clean Invest Africa (NEX:CIA)—readmission and all share RTO of CoalTech (South Africa) engaged in agglomerating coal fines into coal pellets through the commercialisation o f its proprietary binding technology. Due early Aug.

Main Market (Premium)

ReAssure Group plc  –  The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market.

Main Market (Specialist Funds)

Voyager AIR  The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited   he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m·

Main Market (Standard)

IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC

Rumours & Speculation

Neptune Surf Technology plc*, a vertically integrated lifestyle accessory group focused on the surf market, designing its own high-performance wetsuits and surfing hardware and distributing these together with third party brands globally with key markets being Europe, Australia and USA and Brazil, is looking to join AIM and ‘is planning an £11m float’ according to The Sunday Telegraph.

Breakfast Buffet

Dods Group (DODS.L) 7.62p £29.04m

Further to its announcement on 11 June 2019 regarding the conditional acquisition of Meritgroup, the Company announced a conditional Fundraising to raise up to £13.2m to part finance the Acquisition.

Transformational acquisition of Meritgroup, provider of data services and software code, for consideration of up to £22.4m

Placing and Subscription with new and existing investors to raise £12.2m to part finance the Acquisition

Open Offer to existing Qualifying Shareholders to raise up to an additional £1m

Remainder of consideration financed through issue of new shares, bank debt and existing cash resources

Acquisition in line with growth strategy by increasing depth in existing markets via data enrichment

Acquisition is expected to be earnings enhancing in the first full financial year following Completion.

TMT Investments* (TMT.L) $3.33p $97.21m

TMT Investments, the venture capital company investing in high-growth technology companies, announced that its portfolio company Bolt (formerly known as Taxify), a leading international ride-hailing and transportation company (www.bolt.eu), has completed a new funding round. The transaction represents a revaluation uplift of $5.04m(or 29.5%) in the fair value of TMT’s investment in Bolt, compared to the previous reported amount as of 31 Dec 2018.

Versarien (VRS.L) 103p £146.24m

Versarien, the advanced materials engineering group, announced that the Company has secured its first graphene order from a US based company, operating in the oil and gas exploration sector.

This order is for 12kg of Versarien’s high purity graphene nano platelets (“GNP-HP”) integrated into a polymer masterbatch by the Company and follows successful laboratory testing and industrial trials by the Customer. The Versarien GNP-HP enhanced material will be used by the Customer in down-hole drilling components for their initial scale up process.  If the scale up is successful, additional significantly larger orders are anticipated.

GAN (GAN.L) 70p £59.48m

GAN, an award-winning developer and supplier of enterprise-level B2B Internet gambling software, services and online gaming content in the United States, announced that GAN and Greenwood Gaming & Entertainment, Inc. trading as ‘Parx Casino’ have launched Internet sports betting in the Commonwealth of Pennsylvania and as of yesterday, is now available online 24/7  following a three-day soft launch period.

Parx Casino’s nominated third party sports betting application software provider KAMBI was integrated by GAN into the GAN Platform. Parx Casino patrons can also link their Reward Card online to their counterpart Internet gambling account, enabled by GAN’s U.S. patented integration framework. Internet casino gaming is expected to launch on July 15, subject to all requisite regulatory approvals.

Physiomics* (PYC.L) 2.9p £2.09m

Physiomics, a provider of technology-based solutions to predict the effects of cancer treatment regimens for the biopharma industry, announced that it has been awarded a contract by Bicycle Therapeutics plc (Nasdaq: BCYC). The project will focus on the mathematical computer modelling of interactions between tumour and Bicycle®compounds in an immune-oncology setting. This will be the fourth project conducted by Physiomics in the immune-oncology space and highlights the Company’s rapidly developing capabilities in an area that is currently receiving significant investor and scientific focus.

“We are thrilled to be working with Bicycle Therapeutics, which we believe to be one of the UK’s most exciting emerging biotech companies.”

ImmuPharma (IMM.L) 12.5p £18.83m

ImmuPharma, the specialist drug discovery and development company announced analysis of the results from the open label six month extension study from its original Pivotal Phase III trial of Lupuzor™, its lead programme for the potential breakthrough compound for Lupus, a potentially life threatening auto-immune disease.

62 eligible patients enrolled throughout the US and Europe completing a 24 week treatment period

Primary endpoint successfully achieved confirming the safety profile of Lupuzor™

No ‘serious adverse events’ related to Lupuzor™ reported

As the study is an open label study, only descriptive efficacy data will be produced

Aukett Swanke (AUK.L) 1.82p £2.77m

Aukett Swanke, the international practice of architects, interior designers and engineers, announced its interim results for the six month period ended 31 March 2019.

Revenues marginally down at £7.30m (2018: £7.41m)

Loss before tax significantly reduced to £371k (2018: £1.22m loss)

Cash (net of overdraft) of £628k (2018: £317k) with net funds of £199k (2018: net debt of £311k)

UK operation recovered strongly in H1 to achieve breakeven at a loss of £15k (2018: loss £879k)

Middle East recovery delayed due to quieter market; losses widened to £438k (2018: Loss £380k)

Continental Europe improved on associate and JV results to £60k profit (2018: £18k)

Sareum Holdings* (SAR.L) 0.43p £12.2m

Sareum, the specialist small molecule drug development business announced on 26 June 2019 the completion of a fundraising.

Subsequent to the successful closing of the Fundraising, the Company has raised a further £100,000 at 0.4p per ordinary share from an institutional investor which participated in the Placing. The total gross proceeds of the Fundraising have therefore increased to £781,484. The net proceeds will be used to progress the Company’s TYK2/JAK1 drug development programmes as well as for working capital purposes.

W Resources (WRES.L) 10.44p £26.23m

W Resources, the tungsten, tin and gold mining company with assets in Spain and Portugal, confirmed that construction completion of the La Parrilla concentrator is imminent with the commencement of commissioning on track for July 2019.

The La Parrilla concentrator is comprised of three buildings. Primary equipment installation and construction is complete for the Spirals and Shaking table buildings, and the small FME Building is on track for primary construction completion next week following installation of the filter press.

As previously confirmed, the MCC will be delivered mid-July and electrical cabling is advancing ahead of delivery to allow rapid tie in of the MCC and commencement of commissioning in July.

Commissioning of the jig and mill is proceeding well.   The jig is upgrading crushed ore grades and rejecting waste mass in line with expectations.   Pre concentrate from the jig is being trucked to the existing La Parrilla concentrator which has now moved to 24 hour operation.   Production for July remains in line with previous guidance of 20 tonnes of WO3 concentrate.

Norman Broadbent (NBB.L) 9.5p £5.12m

Norman Broadbent, a leading London listed Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services announced its final results and annual accounts for the year ended 31 Dec 2018.

Group Revenues increased by £2.9m (+44%) to £9.4m, our highest annual revenue in over 10 years

Group Net Fee Income increased by £1.6m (+32%) to £6.6m

2018 Group operating performance (loss of £0.7m) a significant improvement on 2017 (loss of £1.6m)

2018 Group operating performance includes a one off charge of £0.1m due to an increase in the provision for office dilapidations relating to our former offices

Loss before tax reduced by £0.9m (-54%) to a 2018 loss before tax of £0.7m

2018 NFI mix: Search (including Research & Insight) 48%; Interim 23%; Solutions 26%; Consulting 3%. This further improved NFI mix evidences the success of our ongoing diversification strategy

Interim Management NFI increased by £0.8m (+109%) to £1.5m

Executive Search NFI increased by £0.7m (+22%) to £3.7m

Solutions NFI increased by £0.4m (+45%) to £1.2m

Phase 2 of transformation complete and significant progress made towards a return to profitability

Head Chef:

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

*A corporate client of Hybridan LLP

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