AIM Breakfasts

AIM BREAKFAST – 8th September 2016

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 1,004

Total number of AIM Companies trading: 989*
* As at 07 September 2016

Dish of the Day:

No Primary Today

Off the Menu:

No AIM Leavers Today

Set Menu ISDX Growth:

Total number of ISDX Growth Market Companies (Incl Susp): *

Total number of ISDX Growth Market Companies trading: *
* As at 07 September 2016

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

Jackpotjoy—Press reports Canadian online Bingo firm currently known as Intertain (TSX) to vote on an October IPO in London

Misys— The press reports that the Banking Technology provider owned by Vista Equity Partners is seeking a £5.5bn float in London

Bacanora Lithium— To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap

Aura Energy—ASX listed uranium developer (ASX:AEE) expected to join AIM 9 September raising up to £2.85m at £8.1m mkt cap


Breakfast Buffet

PHSC (PHSC.L) 24.5p £3.6m

The provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors has announced a pre-AGM trading update. Unaudited management accounts are showing a consolidated EBITDA loss of around £94k on sales of £2.3m but the Board anticipates that the position will improve before the conclusion of H1 and that this improvement will be sustained in the second half of the year . Cash of £565k at 6 September.


Metminco (MNC.L) 0.18p £6.98m

The exploration and mining company announced results for the scoping level work completed by SRK Consulting on an underground only mining study at its 100% owned Miraflores Project in Colombia. Based on the updated capital and operating costs for this option, and the associated financial returns, the Project is considered to be financially robust and hence represents a viable development option.  The study envisages 9 years of annual EBITDA of $31.7m and a $73.4m NPV discounted at 8%.


Milestone Group *(MSG.L) 0.575p £4.4m

The provider of digital media and technology solutions announces the signing of a cooperation agreement with  Apprenticeships 4 England  who will promote the Company’s products such as the Alchemy digital media and charity giving platform and the Passion Project to its influential network. Milestone will help Apprenticeships 4 England expand and build its brand utilising its fast growing network of corporates & high profile media & sports stars.


B.P. Marsh & Partners (BPM.L) 189.5p £55.4m

The niche venture capital provider to early stage financial services businesses has updated on the six months to July 2016. Dividend of 3.76p per share announced for year ending 31 January 2017.  £6.6m net cash available. The Group is in discussions on a number of enquiries that fall within its heartland of insurance intermediaries, both in the UK and overseas.  The UK’s expected withdrawal from the European Union is not anticipated to change the direction of B.P. Marsh’s business.


Hunters Property (HUNT.L) 73.6p £m

The national sales and lettings estate agency and franchise businesses,  has announced H1 Jun 2016 results.   Revenue up 26% to £6.6m. Adjusted operating profit  up 107% to £923k. Interim dividend up 20% to 0.6p per share. Opened 17 new branches, including the conversions of 10 existing businesses expanding the branch network to 180. H2 has started strongly. EU referendum has reduced some activity levels in the market, particularly in London and the South East but less so nationally.


HydroDec Group (HYR.L) 3.625p £27.1m

The clean-tech industrial oil re-refining group  reports that the American Carbon Registry has approved Hydrodec’s patented technology as a carbon offset project, creating an  incremental revenue stream for the Company and establishing Hydrodec (as far as the Board is aware) as the only oil re-refining business in the world to receive carbon credits for its output.  165k  credits awarded retrospectively. Estimates 50k-60k tonnes of offset annually. Ongoing credit generation could realise up to US$5 per ton.


Midwich Group (MIDW.L) 243.5p £m

The specialist audio visual and document solutions distributor to the trade market with operations in the UK and Ireland, France, Germany and Australasia, announced the acquisition of Holdan Limited in the UK for a maximum consideration of approximately £7.9m and the smaller acquisition of Wired Limited  in New Zealand.  In the year ended 31 December 2015 Holdan reported annual turnover of £20.6m. PBT £1.1m.


Strat Aero (AERO.L) 0.825p £2.77m

The international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle sector, has announced that its wholly-owned subsidiary, Geocurve, has been awarded a further contract to provide aerial inspection and level survey services for the Environment Agency’s Thames Estuary Asset Management 2100 (TEAM2100) programme which could deliver in the region of £1m in revenue to Strat Aero over the next 18 months, and £2.5m over the duration of the whole programme

Tower Resources (TRP.L) 2.5p £0.65mm

The Africa focussed oil and gas exploration intends to raise gross proceeds of approximately £1.03 million, through a non-brokered subscription at a placing price of 2.25 pence. A discount of circa 59% to yesterday’s close. This is accompanied by an open offer  for up to £0.56m. The proceeds will be used, primarily, to provide the working capital to progress the farm-out of Thali (offshore Cameroon) and secure a suitable partner and for other corporate uses.


MXC Capital (MXCP.L) 3.2p £109.4m

FYAug2016 trading update from the technology focused merchant bank. NAV up 16% to £72m. £32m invested in 6 new businesses: portfolio now 11 investments, six are quoted. Advised on a total of 8 corporate finance mandates in the period including the £51m IPO of Tax Systems plc – MXC acted as lead adviser and cornerstone investor.  Underlying EBITDA £2.5m. £13m funding available.


Head Chef:

Derren Nathan
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 such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own 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, they have not been independently verified and are not guaranteed 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, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on 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, directors, 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, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document 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, directors, 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 UK, 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 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) 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 persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

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 UK or US securities law, or the law of any such other jurisdictions.

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, directors, 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.

Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP.
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 with “unsubscribe me”.