Small Cap Feast

Small Cap Feast – 31 January 2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 914

Total number of AIM Companies trading: 848*
* As at 24 January 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 24 January 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 145*

Total number of Standard List Companies trading: 128*
* As at 24 January 2019

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

NEX Exchange

Altona Energy  (ANR.L) expected to move from AIM 1 February

Main Market (Specialist Funds)

The Global Sustainability Trust -aiming for attractive risk-adjusted returns by investing primarily in private market investments that are expected to have a positive environmental and social impact raising c.£200m. Due 31 Jan 2019.


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.

Circassia Pharma (CIR.L) – specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Mkt Cap c.£185m.

Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb

Breakfast Buffet

Anexo (ANX.L) 121.5p £133.6m

The specialist integrated credit hire and legal services provider, provided a pre-close trading update for the year ended 31 Dec 2018.

FY-2018 was a year of excellent progress for the Group and since Anexo’s AIM IPO in June, its strategy continues to be delivered and trading has been robust.  The Board therefore announce that it expects to report adjusted profit before tax of not less than £16.0m, which is slightly ahead of current market expectations of £15.8m.

FY-2019 has started strongly with continued investment into the Group’s credit hire fleet. In addition, positive momentum is being made at Bond Turner, the Group’s legal services division, in particular at their new regional office in Bolton. PE c.10X.


Collagen Solutions (COS.L) 4.15p £13.47m

The developer and manufacturer of biomaterials and regenerative medicines for the enhancement and has entered into a new license and distribution agreement for ChondroMimetic® with an Indonesian partner, PT Rajawali Mutiara Sejahtera. Rajawali Medika will collaborate with Collagen Solutions to obtain regulatory approval and launch ChondroMimetic® in Indonesia with the potential to expand to several other South East Asian countries. Financial terms of the agreement were not disclosed. ChondroMimetic® is a minimally-invasive surgically placed scaffold for the repair of cartilage defects in the knee, backed by positive results of an eight-year clinical extension study reported in Q1 2018.  The Company has made a submission for a CE Mark for ChondroMimetic® and is currently awaiting further feedback from the Notified Body reviewing the submission.


SRT Marine Systems (SRT.L) 36.8p £51.4m

The global provider of maritime surveillance, vessel tracking, monitoring and management systems, has raised gross proceeds of approximately £4m  in a placing at 30p.

The Placing will provide the Company with the funds required to support the delivery of existing contracts, accelerate the development of coast guard specific functionality of its systems and additional working capital.

SRT has a “significant and growing near term  pipeline of system sales opportunities worth in aggregate c.£212m, that we are working towards successfully concluding within the next 18 months, with delivery periods ranging from 6 to 24 months and longer term recurring satellite data supply.”


Location Sciences (LSAI.L) 2.25p £7.7m

The “mobile location data and intelligence expert, announced that, since completion of its fundraising on 29 Nov 2018, trading remained strong in the remainder of 2018. Consequently, trading for the year ended 31 Dec 2018 was in line with market expectations.

2019 has started well with Location Sciences utilising some of the funds raised in Nov 2018 by expanding its leadership and sales team in North America. Earlier this month, Warren Zenna, President of US Sales, led Location Sciences’ activities at CES, a major event that draws thousands of Location Sciences’ target customers. The event provided an opportunity to soft launch Location Sciences’ Verify solution – a platform which detects location ad-fraud.   This issue is causing growing concern across a plethora of brands and agencies which count on the fact that the premium location data they buy to drive their media decisions is valid.


Marlowe (MRL.L) 372p £151.7m

The support services group focused on acquiring and developing companies that provide critical inspection, testing and compliance services for commercial properties, has acquired Atana Limited  for an initial consideration of £3m.

Founded in 2001, Atana is a leading provider of wastewater treatment solutions to commercial organisations across the UK. Atana provides recurring services which ensure compliance with wastewater discharge regulations and reduce waste disposal costs.

For the year to 31 Dec 2017, Atana generated revenues of £5.1m, profit before tax of £0.5m and had net assets of £0.4m. The total enterprise value will comprise an upfront cash consideration of £3m and a cash earn-out expected to be in the region of £3m and capped at £5m for regulatory purposes. The achievement of the £3m earn-out is dependent upon the business generating EBITDA of £1.4m in the 12-month period to 31 Dec 2020.


BigDish (DISH.L) 1.81p £5.2m

Strategy update from the food technology company that operates a yield management platform for restaurants.

BigDish to go live in Bristol today

Bournemouth is progressing well after recent launch

First two territory targets defined

The UK launch in Bournemouth announced on 16 Jan 2019 has been more successful than expected as new users book dining experiences via the BigDish app. At one restaurant around 250 people were seated over the past two weeks.

The Company targets at least 200 restaurants for each territory.  Restaurants are selected based on their TripAdvisor rankings and reviews to ensure that restaurants of a certain level of popularity and quality are on the BigDish platform.



Appointment of Administrators following an earlier debt facility to a subsidiary not being extended.

The objective of the Administration is to enable an orderly realisation of the Company’s assets with a view to maximising value for creditors and shareholders and, if possible, the survival of the Company.


Morses Club (MCL.L) 155p £196m

“The UK’s second largest home collected credit lender, announced the acquisition of the business and assets of Eccles Savings & Loans Limited, a home collected credit lender.

Eccles Finance is a family-run business, which has been active in home collected credit for over 50 years.  Based in the North West of England, Eccles Finance has 3,000 customers and loan balances of c.£1.4m. Eccles Finance is authorised and regulated by the FCA.”

“We are delighted to announce the acquisition of another well-established regional home credit business with a high-quality loan book that further expands Morses Club and strengthens our position in a competitive market. This acquisition is in line with our stated acquisition strategy and we intend to make further earnings accretive acquisitions as and when the opportunities arise.”


Frenkel Topping (FEN.L) 29p £22m

“Further to the announcement on 13 Nov 2018, Frenkel Topping, the specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, confirmed that its full year results to 31 Dec 2018 are in line with market expectations.

Frenkel Topping Group has performed well with assets added in 2018 having increased by 43% over those added in 2017 and, as a result, AUM at 31 Dec 2018 increased to £778m. This represents a pleasing increase on the prior year, despite continued political uncertainty and volatile equity markets.

Frenkel Topping’s Expert Witness area is a key driver to building a pipeline for future AUM growth. 2018 Expert Witness Instructions increased by 30% over 2017, which has resulted in a solid start to the Company’s 2019 financial year.”

FYDec18E PE c.15x and yield c.4.8%.


ReNeuron (RENE.L) 51.5p £16.3m

The specialist “in the development of cell-based therapeutics, announced that new data relating to the manufacturing scale-up of its GMP produced, CTX-derived exosomes will be presented today at a leading US forum on the manufacture of cell and gene therapies.

Dr Nicola Goddard of the Department of Biochemical Engineering, University College London, will present new data from a grant-funded collaboration between ReNeuron, UCL and the Cell and Gene Therapy Catapult at the ECI Advancing Manufacture of Cell and Gene Therapies VI conference in Coronado, California.  The new data demonstrate the feasibility of scaling up the production of ReNeuron’s CTX-derived exosomes utilising state-of-the-art bioreactor systems, representing a significant advance towards an industrial scale production process without affecting the quality and consistency of the final product.

The ongoing collaboration is part-funded by a grant from Innovate UK, the UK’s innovation agency.”


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Derren Nathan
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