Small Cap Feast

Small Cap Feast – 29 August 2019

Dish of the Day:

Brickability (BRCK) The bricks supplier, which also has a heating and plumbing business as well as a roofing division, joined the AIM Exchange  raising £57m with a market cap of circa £150m at a 65p price. FY19 results reported £163m revenues and Pbt of £10m.

Off the Menu:

Albert Technologies  (ALB)  – Has delisted from AIM  to seek a strategic investment to continue its development.

IFG Group (IFP) – Has delisted from the Main Market after reaching an agreement on the terms of a recommended cash offer from SaintMichelCo Limited of  193p per share.

What’s Cooking in the IPO Kitchen?


Bracken Trading — The Group undertakes its main trade of lending as well as electricity generation through the operation of two solar farms. Admission on the 09/09/2019

Breakfast Buffet

Angle PLC (AGL) 69p £119.20m

ANGLE plc, a world-leading liquid biopsy company,  announced that the main phase of its 200 patient ovarian cancer clinical verification study has been initiated and the first patient has been enrolled.

The Study, undertaken by Dr. Richard Moore and colleagues at the University of Rochester Medical Center Wilmot Cancer Institute, New York (Rochester), has been designed to evaluate the use of ANGLE’s combined Parsortix® and HyCEAD™ Ziplex® platforms as a simple blood test to detect the presence of ovarian cancer in women with a pelvic mass, in a clinical setting and with clinical samples. The combined Parsortix® and HyCEAD™ Ziplex® test, to harvest circulating tumor cells and undertake multiplex RNA analysis, has been modified and further optimised since ANGLE’s previous 200 patient ovarian cancer study with Rochester.

Diversified Gas &Oil (DGOC) 103p £672.89m

Diversified Gas & Oil PLC, the U.S. based owner and operator of natural gas, natural gas liquids, and oil wells as well as midstream assets, announced that the asset purchase agreement  with EdgeMarc Energy Holdings, LLC, and certain of its subsidiaries, as announced on 25 July 2019 the acquisition has been approved by the Seller and the United States Bankruptcy Court. Accordingly, subject to satisfaction of certain remaining closing conditions, DGO will acquire EdgeMarc’s natural gas development, production and exploration assets for a total cash consideration of $50 million (subject to customary purchase price adjustments). The assets to be acquired include 12 gross producing unconventional Utica natural gas wells and related facilities in Monroe and Washington counties within the State of Ohio, as well as certain undeveloped lands containing deep Utica rights.

Bushveld Minerals (BMN) 23p £243.40m

Bushveld Minerals Limited, the AIM listed integrated primary vanadium producer, with ownership of high grade vanadium assets, announced that on 28 August 2019, it received approval from the Competition Commission of South Africa to acquire the Vanchem assets, without conditions.

On 1 May 2019, Bushveld announced a conditional agreement to acquire the primary vanadium processing assets of Vanchem Vanadium plant, the ferrovanadium production business of SAJV as a going concern, and a 100 per cent of the outstanding shares of Ivanti Resources Limited, a subsidiary of Duferco Participations Holding S.A.

The transaction remains on track to be completed on 31 October 2019 and we expect the outstanding conditions precedent, being the cession of specific commercial agreements and South African Reserve Bank approval, to be satisfied.

Live Company Group (LVCG) 41p £28.88m

The Company announced that its wholly owned subsidiary, Brick Live International (“BLI”) Limited has entered into an agreement with Imagine Exhibitions Inc. a company incorporated in Georgia, USA.

BLI has appointed Imagine Exhibitions for a five year term as its representative to:

assist BLI to identify suitable venues in North America to hire BRICKLIVE Touring Shows and/or

If requested by BLI, on a case by case basis, to manage BLI’s relationship with, and to deliver the Touring Shows to, those venue(s).

The BRICKLIVE Touring shows include Animal Paradise, Big Cats, Brickosaurs, Ocean, Metropolis, Outer Space and Fantasy Kingdom and other new touring shows produced during the term of the Agreement.

Duke Royalty Limited (DUKE) 47.90p £95.14m

Duke Royalty Limited, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, announced a follow-on investment of £0.25 million and restructuring of its Royalty Partner, Pearl & Dean Cinemas Limited

Duke has restructured its investment, which now totals £2.75 million, by moving the entire Royalty Agreement from the Pearl & Dean Group, a UK and Irish cinema advertising business, to its parent company, Step Investments Limited (“SIL”).

SIL is a diversified investment vehicle with interests in several profitable and cash-generative UK and Irish businesses, spanning the media and hospitality & leisure sectors. The restructuring will therefore provide Duke with exposure across the broader SIL portfolio, increasing the security of the investment.

W Resources PLC (WRES) 0.4p £23.52m

W Resources Plc, the tungsten, tin and gold mining company announces an update on its flagship project, La Parrilla in Spain.

The La Parrilla Concentrator Plant has commenced commissioning following the detailed installation of the Motor Control Centre  including all electrical connections and associated plant completion work.  Commissioning of the spirals and shaking tables buildings ‘on water’ has commenced, which is an important phase prior to feeding ore through. Ore will be introduced into the circuit with first concentrate production from the new Concentrator Plant planned in September, as announced on 7 August 2019.

Agronomics Limited (ANIC) 9.25p £10.53m

Agronomics announced it has today completed a subscription of US$ 749,990 for 40,540 Series A Preferred Shares in BlueNalu, Inc. The Subscription, which increases the Company’s existing interest in BlueNalu of 2.01% to approximately 2.59% will be paid using cash from the Company’s own resources.

The Company now holds 83,897 shares of BlueNalu (comprising 43,357 Seed Preferred Shares and 40,540 Series A Preferred Shares) with a book value of US $1,552,113.

Union Jack Oil PLC (UJO) 0.32p £30.73m

Union Jack Oil plc a UK focused onshore hydrocarbon production, development and exploration company announced an update in respect of the West Newton A-2 conventional appraisal well, located within PEDL183 and operated by Rathlin Energy (UK) Limited. Union Jack holds a 16.665% interest in this licence containing the West Newton A-1 discovery well and the West Newton A-2 appraisal well.


The Operator and project partners now believe that the West Newton project represents a significant oil and gas discovery rather than a pure gas discovery as originally perceived

Evaluation of the West Newton A-2 open hole data has identified an estimated gross hydrocarbon column of approximately 65 metres in the Kirkham Abbey formation

Falcon Oil & Gas Ltd. (FOG) 13.80p £135.49m

Falcon Oil & Gas Ltd. has formally notified Euronext Dublin of the intention to seek cancellation of admission of Common Shares of Falcon to trading on Euronext Growth.

The last day of trading in Common Shares on Euronext Growth will be 25 September 2019 and the cancellation will take effect at 7.00 a.m. (Dublin time) on 26 September 2019.

Block Energy PLC (BLOE) 6.35p £24.79m

Block Energy Plc, the exploration and production company focused on the Republic of Georgia, announced the mobilisation of a ZJ40 drilling rig to the site of well 38Z at its flagship West Rustavi field in preparation for planned horizontal sidetrack operations.

Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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