Small Cap Feast

Small Cap Feast – 29 March 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 903

Total number of AIM Companies trading: 833*
* As at 22 March 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 22 March 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 161*

Total number of Standard List Companies trading: 141*
* As at 22 March 2019

Dish of the Day:

No Joiners Today

Off the Menu:

Akers Bioscience (AKR.L) has cancelled its quote on AIM today.

Terra Capital has cancelled its quote on AIM today after appointing liquidators.

Lazard World Trust (WTR.L) has cancelled its listing from the Official List.

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

US Solar Fund, a newly-established investment company focused on investing in solar power assets mainly in the US, looking to raise $250m at $1. Expected 16 April

AIM

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa  region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m.  Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%.

Techniplas –global  producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient.  FYDec17 rev $515m.

 

Breakfast Buffet

MTI Wireless Edge (MWE.L) 23p £19.04m

MTI Wireless Edge, the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announced that it has secured a new contract, worth approximately $1m, for the development and manufacturing of military antennas. This order is from an existing customer for antennas developed several years ago which are being customized for a new project.

“We are delighted with this additional contract win, which demonstrates this customer’s satisfaction with our products, technology and service. We continue to see expansion and growth opportunities in all sectors of the antenna industry, particularly in the 80 GHz spectrum as mobile operators start to plan their implantation of 5G”.

 

IndigoVision (IND.L) 142.5p £10.71m

IndigoVision announced that Vikki Macleod has been appointed to the Board of the Company as a NED with effect from 29 March 2019.

Victoria (‘Vikki’) Macleod, 47,  has broad experience leading businesses in the private, public and not-for-profit sectors across the retail, technology, financial services, hospitality and marketing industries in Europe, USA and Southern Asia. She is currently a non-executive director of Zonal Retail Data Systems, providing strategic and operational support and acts as an adviser to a number of start-up and fledging businesses.

 

Savannah Petroleum (SAVP.L) 23.8p £217.3m

Savannah Petroleum, the British independent oil & gas company focused around activities in Niger and Nigeria, announced an update on the Seven Energy Transaction.

Good progress on the remaining Transaction workstreams continues. Following the completion of the recent Nigerian election process, the Company remains confident that Ministerial Consent will be forthcoming shortly. Savannah now expects that the Transaction will complete during Q2 2019, and the publication of a Supplemental Admission Document will follow in due course. Further updates relating to the Transaction will be published as appropriate.

 

Mobile Streams (MOS.L) 0.2p £0.53m

Mobile Streams announced its unaudited interim results for the six months ended 31 Dec 2018.

Unaudited revenues were £0.9m (31 Dec 2017: £1.83m). All revenue is from continuing operations.

£0.55m of cash and cash equivalents at 31 Dec 2018 (£1.46m as at 31 Dec 2017), with no debt.

£0.29m of cash and cash equivalents as at 20 March 2019, with no debt. The cash balance includes £0.13m of net funds raised via the subscription which was announced on 27 Feb 2019.

The Company is currently working with some of the largest carriers in the India market: Vodafone-Idea, Jio and BSNL.

 

MC Mining (MCM.L) 45.5p £64.1m

MC Mining confirmed the appointment of Sebastiano (Sam) Randazzo as a NED of the Company’s board, effective 29 March 2019.

Sam Randazzo began his career with Arthur Young (predecessor firm to Ernst & Young) before working as a consultant across a variety of projects in the USA, Australia, Canada, Africa and South America and is a member of Chartered Accountants Australia and New Zealand. He has over 25 years’ experience in the international mining industry with extensive public company management expertise from roles as chairman, director, chief executive officer, chief financial officer, company secretary and executive director positions of ASX, TSX and AIM listed mineral resource companies. Mr Randazzo has completed numerous feasibility studies, mergers and acquisitions and capital-raisings and has operational management experience in Australia, South America, USA, Canada and the UK.

 

Ariana Resources (AAU.L) 1.8p £18.8m

Ariana Resources, the exploration and development company with gold mining operations in Turkey, announced a positive update on its exploration and development activities at its projects within Turkey.

Successful completion of 746m of infill resource diamond-drilling at the Company’s 100% owned Kizilcukur Project.

Construction of new haul road and plans for 2019 trial mining well underway at Kizilcukur.

Resource infill, geotechnical and hydrological diamond-drilling scheduled to commence at the Tavsan Project next week.

2,000m Reverse Circulation drilling due to commence in May 2019 at the Company’s 100% owned Salinbas Project in eastern Turkey.

Forestry permits for 10,000m drilling programme at Salinbas are close to being finalised.

 

Helios Underwriting (HUW.L) 127.5p £18.9m

Helios, the unique investment vehicle which acquires and consolidates private underwriting capacity at Lloyd’s, announced the current mid-point forecasts in respect of its portfolio of syndicate capacity for the 2016 and 2017 years of account based on Q4 2018 results.

“As the only listed consolidator of private capital at Lloyd’s, Helios offers a unique opportunity for growth and returns from exposure to the Lloyd’s market through targeted acquisitions of the better quality syndicates. Our strategy is bringing results, with returns on average 5.4% better than the Lloyd’s market itself.

“Looking ahead, the number of LLV’s for sale is increasing and we see attractive near-term opportunities to continue to build our core portfolio of capacity and achieve outperformance against the Lloyd’s market as whole.

“We look forward to the future with confidence.”

 

Bowleven (BLVN.L) 12.54p £44.14m

Bowleven, the Africa focused oil and gas exploration Group, announced its unaudited interim results for the six months ended 31 Dec 2018.

Loss for the 6 month period was $1.4m compared to $2.8m in the equivalent period last year

Special dividend of £0.15 per share declared on 7 Jan 2019, equivalent to £48.5m, paid in full on 8 Feb 2019

Ongoing data analysis following the completion of the 2018 two well appraisal drilling programme continues

Field development plans for an Isongo Marine focused development and update of the volumetric Resource held in the licence area expected to be formalized later in the year

Focus on Etinde development options and working with JV partners with aim of agreeing Final Investment Decision during late 2019 or early 2020

G&A further reduced to $2.1m (H1 2018: $3.6m)

 

FireAngel (FA..L) 20.5p £8.73m

FireAngel, one of Europe’s leading developers and suppliers of home safety products, announced its proposed placing and open offer to raise approximately £6m to accelerate recovery.

Open Offer to raise approximately £6m, on the basis of 17 Open Offer Shares for every 26 Existing Ordinary Shares held on the Record Date, at an issue price of 20p per New Ordinary Share

£6m (before expenses) conditionally raised by means of a Placing with an existing Shareholder and another investor of 30,000,000 New Ordinary Shares at an issue price of 20p per New Ordinary Share, subject to clawback under the Open Offer

The Issue Price of 20p represents a premium of approximately 5.5% to the Closing Price on 28 March 2019, being the last Business Day prior to this announcement

Net proceeds to be used to:

reduce indebtedness

for investment in the Company’s Connected Homes proposition; and

for working capital purposes

 

The Parkmead Group (PMG.L) 58.8p £57.08m

Parkmead, the UK and Netherlands-focused group, with four business areas, reported its interim results for the six-month period ended 31 Dec 2018.

Major growth in revenue and profits

Revenue increased by 95% to £5.3m (2017: £2.7m)

Gross profit more than doubled for the period to £3.8m (2017: £1.4m), an increase of 181%

Net profit for the period of £2.2m (2017: £4.5m loss)

Interim EPS of 2.23p (2017: loss per share of 4.57p)

Parkmead is cash flow positive on an operating basis

Strong total asset base of £79.9m at 31 Dec 2018 (2017: £75.8m)

Well capitalised, with cash balances of $30.1m (£23.6m) as at 31 Dec 2018 (2017: £24.4m)

£6.2m received post period-end from sale of the Group’s stake in Faroe Petroleum plc

Maintained strict financial discipline

Debt free

Low-cost Netherlands gas production, plus benchmarking & economics consultancy, provides positive cash flow to Parkmead

 

Head Chef:

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

*A corporate client of Hybridan LLP

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