Small Cap Feast
Small Cap Feast – 30 January 2020
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?
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group’s key producing assets, the Kagem emerald mine in Zambia (believed to be the world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Main Market (Standard List)
The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC.
Main Market (Premium)
Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m. Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies. Due 14 Feb.
Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020
The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February.
Main Market (Specialist Funds)
Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.
Anpario (ANP.L) 325p £75.8m
FYDec19 update from the international producer of natural feed additives for animal health, hygiene and nutrition. Revenue and adjusted EBITDA (excluding fx) should be in line with market expectations. The increase in the value of sterling during the year has impacted the overall result as realised exchange gains have been materially outweighed by unrealised losses.
Sales improved in H2, driven by continued strong performances in Latin America and the Middle East and a welcome recovery in Asia. Targeting of the Chinese poultry market, coupled with the Group’s geographic and species diversity, have helped to mitigate the impact of African Swine Fever.
Gross margins improved further reflecting the Group’s focus on marketing higher value-added products and developing further direct routes to market which are seeing positive momentum. Costs continue to be closely managed, whilst maintaining investment in our sales channels and product development initiatives to support future sales growth. Cash £13.8m.
Alien Metals (UFO.L)0.215p £2.9m
Update on the Company’s Donovan 2, copper-gold project.
– The Donovan 2 copper-gold project contains a prospective Volcanic Massive Sulphide (‘VMS’) target, identified by previous sampling and mapping programmes
– A ground magnetics Induced Polarisation (IP) survey plan has been finalised and an updated quote has been received for the VMS target in order to generate high-priority drill targets
– Discussions with various drilling companies are in progress with quotes requested for possible next stage work on Donovan 2
– Successful site visit and technical review at Donovan 2 during recent trip improves confidence in interpreted VMS style mineralisation
Best of the Best (BOTB.L)450p £42.2m
HY Oct 19 results from Best of the Best plc which runs competitions online to win cars and other prizes.
- Total revenue for the six months up by 6.7% to £7.60m (2018: £7.12m)
- Online revenues representing 99% of the total, increased by 13.3% to £7.52m
- Profit before tax increased by 27.8% to £1.38m (2018 adjusted: £1.08m)
- Earnings per share increased by 37.3% to 12.40p (2018 adjusted: 9.03p)
- Net assets of £2.26m, substantially underpinned by property and cash
- Cash balances of £3.24m at 31 October 2019, with current cash balances in excess of £4.3m
- Special dividend of 14.0p per share declared
Sales momentum since the period end has been encouraging, and now expects.
Aukett Swanke (AUK.L) 2.9p £4.8m
The international group of architects, interior designers and engineers announced final results for FY Sep 19.
Major financial turnaround
PBT restored at £292,000 (2018: Loss £2.54m)
All three geographic hubs in profit before central cost allocation
Revenue up 7.7% to £15.49m (2018: £14.38m)
Net funds grew to £820k (£157k)
EPS returned to positive at 0.21p (2018: loss 1.42p)
CEO Nicholas Thompson said
“The strong second half performance augurs well for the next financial year, particularly so, given the recent resolution of electoral and Brexit related uncertainty. With a leaner and more stream-lined group now in place, after last year’s focus on costs and the disposal of the loss-making Moscow operation, we look forward to improving fortunes for the Group in 2020.”
Angle (AGL.L) 73p £126m
HY Oct 19 results. Highlights
Multi-year comprehensive clinical and analytical studies successfully completed in support of FDA clearance of the Parsortix® system for capturing and harvesting circulating tumour cells from metastatic breast cancer patients
Q-Submission process completed and full De Novo FDA submission in preparation, targeting Q1 CY20 submission
Ovarian cancer clinical verification study established with leading US cancer centre. Pre-study phase completed successfully and 200 subject study initiated patient enrolment
Over 16,000 samples processed during the period (H1 2019: 13,000) and a further six peer reviewed publications from internationally recognised cancer centres (H1 2019: two) with key developments in breast, lung, prostate, melanoma and head and neck cancers.
Rev £0.4m, loss £5.3m cash of £20.4m following £18m raise.
Ingenta (ING.L) 75.5p £12.7m
The leading software and services provider to the publishing and media industry, provides the following trading update for the year ended 31 December 2019.
The Group expects to report revenue of £10.9m and adjusted EBITDA of approximately £1.3m. The Group generated operating cash inflows of £3.5m in the year, before expenditure on research and development of £1.4m, dividends of £0.3m and the planned reorganisation costs of £0.5m, resulting in net cash balances at year-end of £2.6m. Cash performance was improved by £0.5m of accelerated cash receipts from the year end annual renewal cycle.
These headline figures indicate a leaner, more responsive business better equipped to service its diverse customer base with a coherent set of solutions and services. During the year, the business also took the opportunity to incur an impairment charge against non-core goodwill from historical business combinations of £1.7m.
The Board confirms its intention to pay a dividend of at least 1.5 pence
Bahamas Petroleum (BPC.L) 3.075p £65.6m
The oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, updated on its planned H1 2020 drilling campaign.
- Drilling of exploration well expected to commence in April 2020 with results expected to follow later in Q2 2020
o Licences and exploration well 100 per cent. owned and operated by BPC
Targeting recoverable P50 oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels
Benchmark Holdings (BMK.L) 42.5p £237.56m
The aquaculture health, nutrition and genetics business, announces that it has conditionally raised £36.4m by way of a Placing at 40p. Open offer of up to £6.6m.
The Company has developed CleanTreat®, a proprietary system that removes medicinal residues from treatment water, and which is integral to the commercial delivery of product candidate BMK08, the Company’s novel sea lice treatment for sea lice
- The Directors strongly believe the Fundraise represents the optimal scale-up strategy for CleanTreat® ahead of the anticipated BMK08 regulatory approval by:
– increasing its speed to market
– delivering a higher expected return-on-investment
– maximising value for Benchmark shareholders by retaining full ownership of CleanTreat®
KEFI Minerals (KEFI.L) 1.44p £18.7m
The gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, announced that in relation to the Company’s Tulu Kapi Gold Project a General Meeting of Tulu Kapi Gold Mines Share Company has been convened for 14 February 2020, to formalise the final and procedural sign-off of all matters required for the release of funds from ANS Mining Share Company to Tulu.
The total ANS Mining commitment is US$38m with the first US$9.5m being unconditional .
Renew Holdings (RNWH.L) 496.5p £374m
Conditional placing of £15m at 475p. Acquisition of Carnell Support Services for £38m. Carnell operates in the regulated highways sector, with long term framework contracts and high barriers to entry. Carnell’s FYSep20 forecasts are £48m rev and EBITDA of £5m.
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 email@example.com with “unsubscribe me”.