AIM Breakfasts

AIM BREAKFAST – 9th September 2016

Set Menu AIM:

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

Total number of AIM Companies trading: 989*
* As at 08 September 2016

Dish of the Day:

No Primary Today

Off the Menu:

Antrim Energy (AEY.L) to leave AIM after a voluntary dissolution

Set Menu ISDX Growth:

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

Total number of ISDX Growth Market Companies trading: *
* As at 08 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 12 September raising up to £2.85m at £8.1m mkt cap


Breakfast Buffet

Vela Technologies (VELA.L) 0.18p £1.26m

The investing company focused on early-stage and pre-IPO disruptive technology investments, announced a conditional fundraising to raise £400k gross through the issue of convertible (at 0.15p) unsecured loan notes to certain Shareholders, including director Antony Laiker. The Loan Notes are repayable on 30 September 2018 and carry a coupon of 8%. The proceeds will be used for additional working capital and to provide additional funds for the Company to make further investments in the future.


Richoux Group (RIC.L) 22.5p £20.7m

The owner and operator of Richoux, Dean’s Diner and Villagio restaurants has announced interims to 10 July 2016. Turnover increased 5.7% to £7.08m. Adjusted EBITDA decreased to £0.28m from £0.79m.  Trading conditions have been difficult during the period in the face of increased competition at a number of sites as well as increased property and staff costs, the latter due largely to the impact of the living wage.


Randall & Quilter Investment Holdings (RQIH.L) 109.5p £78.9m

Subject to regulatory approval, the Company has agreed to acquire RLGI, a UK non-life insurance company in run-off, from The Royal London Mutual Insurance Society. The agreed purchase price is £11.9m and represents a small discount to RLGI’s net assets of £13.5m as at year-end 2015.   In the year ended 31 December 2015 RLGI reported a profit before tax of £0.8m.  Randall & Quilter is currently forecast to record £7.6m of PBT for FYDec2016. PE 12.6x


Botswana Diamonds (BOD.L) 1.98p £6.7m

Update on the ongoing diamond exploration campaign in Botswana.  The campaign is part of the 50/50 joint venture between Botswana Diamonds and Alrosa, the world’s leading diamond producer.  Next stage exploration to commence this month. Eight holes in total plus intensive soil sampling and geophysics. An Alrosa team of 7 specialists will be joined by Botswana Diamonds geologists and support crew.  Final analysis of 80 tons of material previously recovered still outstanding.


Coretx (COR.L) 34p £64.9m

Coretx has agreed to sell its subsidiary undertaking, CORETX Media (“CML”), to Matt Hawkins, Chief Technology Officer, who is stepping down with immediate effect in order to focus on developing the CML business.  Matt is the founder of CML. Nominal consideration of £1. CORETX will provide CML with fibre, network connectivity and other related services.  CML was acquired with the C4l acquisition (£20.2m) in February for no additional consideration.FY2016E revenues, £49n. EPS 1.19p.


YOLO Leisure and Technology (YOLO.L) 1.05p £1.88m

The company focusing on opportunities in the technology and leisure sectors, announces that TVPlayer Limited, in which YOLO has an interest by virtue of its investment into TVPlayer’s parent company Simplestream Limited, has signed formal licensing multi year content agreements with ITV, Channel 4 and Channel 5 to simulcast the broadcasters’ free to air channels on TVPlayer.


Minoan Group (MIN.L) 8.62p £16.8m

Update on trading and Greece Project. The Group’s Travel Business has been negatively affected by the outcome of the Brexit vote, weakness in Sterling and the decline of tourism in Turkey. Accordingly, profits for the current year will not meet market expectations. Encouraging trend in forward bookings for 2017 which show a return to a rate of growth ahead of current market indicators at 8%.  Appeals against the Presidential Decree for the Crete Development scheduled for 16 September.


Hurricane Energy (HUR.L) 32.125p £322m

The UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, announces that the Company has completed the testing and logging phase of the 205/21a-7 well (the “Pilot Well”) and operations are now progressing as planned to permanently abandon the Pilot. A very significant hydrocarbon column of at least 620 metres is present within the basement extending well below structural closure confirming Hurricane’s reservoir model for the Lancaster field.


Hornby (HRN.L) 30.6p £25.9m

AGM Trading statement from the international models and collectibles group. Current trading has been in line with its expectations.  Since the July capital raising the Group is now implementing the new business plan to refocus the business on existing profitable and cash generative products, channels and geographies, whilst also reducing the cost base of the business to reflect projected revenue sources and a simplified overall business model.  FYMar2017E revenues £44.1m, £6.3m loss before tax.


CityFibre Infrastructure Holdings (CITY.L) 61.5p £163.4m

The designer, builder, owner, and operator of fibre optic infrastructure in UK towns and cities, has announced the signing of a commercial launch partner agreement for its Southend-on-Sea network currently under construction.  Onecom, the largest service provider in the Vodafone Partner Programme by customer connections, is CityFibre’s 50th service provider partner. Worth £1.7m over five years.  FY2016E revenue £14.8m, pre-tax loss £11.18m.


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”.