Small Cap Feast
Small Cap Feast – 29 November 2019
Set Menu AIM:
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading: *
* As at
Set Menu NEX Growth:
Total number of NEX Growth Market Companies (Incl Susp): *
Total number of NEX Growth Market Companies trading: *
* As at
Set Menu Standard List:
Total number of Standard List Companies (Incl Susp): *
Total number of Standard List Companies trading: *
* As at
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
Dish of the Day:
Off the Menu:
What’s Cooking in the IPO Kitchen?
What’s cooking in the IPO kitchen?
The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer TBA.
MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC but expected admission date mid-December.
Sapo PLC – Seeks to invest in the developing market for rural broadband in the UK. Due 2 Dec
Main Mkt Standard
Taseko Mines – North American focused copper producer and developer, seeking a London Listing. No capital raise. Due 22 Dec
Main Mkt Premium
Octopus Renewables – Seeking raise of up to £250m. Will seek to provide investors with an attractive and sustainable level of income returns, with an element of capital growth by investing in a geographically and technologically diversified spread of renewable energy assets—Due 10 Dec
ThinkSmart (TSL.L) 16p £17m
AGM Statement. “It has been a transformational year for ThinkSmart.
The sale of 90% of ThinkSmart’s Clearpay business to the Australian listed Afterpay Touch Group in August 2018 was a significant positive point for the Group and its shareholders, delivering a profit on sale of £7.9 million plus a further £1.6 million gain on the sale of the one million Afterpay shares received as consideration.”
“We are encouraged by the early growth of the Clearpay business in the UK which Afterpay recently announced has transacted over AU$100 million of underlying sales in the 4 months to 31 October”.
Has also issued a claim against The Carphone Warehouse Ltd for damages for losses estimated at £20m
Edenville Energy (EDL.L) 0.03p £1.5m
Corporate update. Significant investments have been made in plant and equipment at the Project site, including wash plant upgrades and the purchase of the Company’s own trucks in August 2019. The Company has also been able to begin mining at the new Northern Area, which has yielded near surface and thicker coal zones (up to 40m thick versus previous thicknesses of 3.5m) and also higher energy value coal than that previously mined. However, since the announcement of the interim results for the six months to 30 June 2019 on 27 September 2019, further operational progress has been limited, primarily due to working capital constraints and the onset of the rainy season at the beginning of November.
Current funding does not provide sufficient working capital to enable the Project to operate at its planned capacity, nor to continue the 2020 monthly payments to Lind in cash. Various funding options are on the table at project and company level.
Alexander Mining (AXM.L) 0.0275p £1.2m
Suspension and advanced negotiations for RTO of eLight, an “Energy Efficiency as a Service” company with operations in the UK and Ireland which provides commercial customers with immediate energy and cost reductions with zero upfront investment.
eLight had revenues of approximately €4.5m and loss before tax of approximately €1.6m in the period to June 2019.
As consideration for the Proposed Transaction and Disposal, eLight Shareholders will be issued pro-rata 6 new ordinary shares in Alexander for every 1 ordinary share currently in issue. It is proposed that David Nicholl, Harvey Sinclair, Richard Williams (eLight directors) and Andrew Lawley will join the board of the enlarged group while the current directors of the Company, with the exception of Dr Nigel Burton, will resign from the board.
Woodbois (WBI.L) 6.3p £29.3m
MoU with a leading West African timber supplier (“Supplier”) to offtake all of their timber production in Liberia. A formal offtake agreement is expected to be entered into in January 2020.
Under the terms of the MOU, Woodbois will have exclusive right of first refusal to purchase.
The formal offtake agreement is expected to generate material additional trading revenue for the Group in 2020, with scope to increase as the agreement develops.
The MOU shall automatically renew on 31st December 2020, unless otherwise agreed. Either party may terminate the MOU at one month’s notice.
Aura Energy (AURA.L) 0.35p £4.6m
Completion of a successful program of metallurgical leach test work examining vanadium recovery by acid pressure leaching for the Häggån Vanadium Project, Sweden.
The program was carried out on a total of three drill hole composite samples defined as representative of the mineralisation within the Häggån Vanadium High Grade Resource following consultation with the ASX on the Häggån Scoping Study.
The test work resulted in vanadium recoveries of up to 96.9% to leach solution, with average recovery of 96.5% V2O5. This strong result for scoping level leaching test work provides the company with confidence that the proposed process flow sheet for the Häggån Vanadium Project is robust.
Quadrise Fuels International (QFI.L) 3.7p £36.7m
“The Board believes that QFI has demonstrated staged progress during the year in a number of areas that have enabled the Company to increase the breadth and depth of the market opportunities it is concurrently pursuing. As we indicated both at the time of the interims and the preliminary results, this progress has not always been as smooth, or as rapid as we would like, nonetheless this approach is enabling QFI to be benefit from the skills, experience and network of relationships from our various partners, with no immediate cash cost”. We were delighted that, following the announcement of the initial £2m tranche of the £4m Bergen funding, with strong support from both existing and new shareholders, the Company was able to secure funding of £4.5 million during Q3 2019 which will enable QFI to continue its business development activities through to the end of 2020 on the basis of current planned expenditure.
Advanced Medical Solutions (AMS.L) 253.5p £544m
The surgical and advanced woundcare specialist company, has today been notified by one of its third party medical device sterilisation partners of a failure at one of their UK e-beam sterilisation facilities. Consequently, many of the December orders for the Company’s topical adhesive product, Liquiband®, will not be sterilised and shipped to customers during this financial year ending 31 December 2019.
The full financial impact will not be known until after the closing of the financial year but it is potentially up to £2 million of EBITDA.
CAP-XX (CPX.L) 3.15p £10.2m
Has conditionally agreed to acquire the equipment currently used in the supercapacitor production lines of Murata Manufacturing Co., Ltd of Japan. The Board is of the view that the Acquisition represents a compelling opportunity to acquire high-quality, modern supercapacitor manufacturing assets, which have become available to CAP-XX at a very low cost.
Raising £2.6m at 3p with additional offer to raise up to £0.75m at the same price to qualifying shareholders.
Watchstone Group (WTG.L) 140.5p £66.3m
Canadian subsidiary, Quindell Services Inc. still awaits a final change of control consent in respect of its agreement to sell its wholly owned subsidiary PT Healthcare Solutions Corp. and other subsidiaries forming its Canadian Healthcare services business to 11628542 Canada Inc. a wholly owned subsidiary of LM Holdings Corp. The parties have, therefore, agreed to extend the long stop completion date to 31 December 2019 as they await the final consent.
Blackbird (BIRD.L) 14.6p £43.17m
Raising £5.54m at 14p. The Placing Shares have been placed with existing and new institutional investors, including existing shareholders, certain Directors and family of the Directors.
Proceeds to be applied to marketing, team expansion, product development and to strengthen the Company’s balance sheet, facilitating longer-term deals with new customers.
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”.