Small Cap Feast

Small Cap Feast – Small Cap Feast 07/08/2019

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 887

Total number of AIM Companies trading: 804*
* As at 26 July 2019

Set Menu NEX Growth:

Total number of NEX Growth Market Companies (Incl Susp): 86*

Total number of NEX Growth Market Companies trading: 84*
* As at 26 July 2019

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): 166*

Total number of Standard List Companies trading: 144*
* As at 26 July 2019

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What’s Cooking in the IPO Kitchen?

NEX

Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016,  is planning to list on the NEX exchange on the 13 August.

Rumours and Speculation

According to Bloomberg Helios Towers, one of South Africa’s largest mobile phone tower operators, is reviving plans for a London IPO.

Breakfast Buffet

Europa Oil and Gas (EOG.L) 2.75p £11.56m

Europa Oil & Gas, the UK and Ireland focused oil and gas exploration, development and production company,  announced that the Irish Government has approved the Company’s application to convert Licensing Option 16/20 in the Slyne basin in Atlantic Ireland to Frontier Exploration Licence 4/19.  The 100%-owned Licence includes the Company’s flagship Inishkea prospect which lies immediately to the north west of, and abuts, the producing Corrib gas field in the Corrib Field Petroleum Lease Area. 

The Inishkea prospect has estimated gross mean un-risked prospective gas resources of 1.5 trillion cubic feet and has been assigned a one in three chance of success.  The next steps for the Licence, which has a 15-year term commencing from 1 August 2019, include a site survey in preparation for drilling an exploration well, subject to funding and regulatory consent.  An application to obtain a site survey on the Inishkea prospect is in process.

 

Palace Capital (PCA.L) 289.00p £133.20m

Palace Capital, the UK REIT that has a diversified portfolio of UK regional commercial real estate in carefully selected locations outside of London, today announced that it has signed a new secured £40m revolving credit facility (RCF) from NatWest with a maturity of five years, to replace the current £29.4m NatWest facility.

The RCF provides the Group with additional firepower over current drawings to support operational flexibility, deliver further portfolio initiatives and offers wider scope for new investments that meet the Company’s selective investment criteria.

The Group is currently £106.2m drawn on its existing facilities (34% LTV using 31 March 2019 values) and the RCF increases the Company’s total debt facilities to £154.6m.  With the benefit of the new facility, the initial weighted average cost of debt (prior to amortisation of fees) at current rates will be 3.2%, reducing to 3.1% if fully drawn (weighted average cost of debt for 12 months to 31 March 2019: 3.3%).

 

Shield Therapeutics (STX.L) 169.50p £194.95m

Shield Therapeutics, a commercial stage, pharmaceutical company with an initial focus on addressing iron deficiency, announced its unaudited interim results for the six months ended 30 June 2019.

Revenues were £2.6m (H1 2018: £0.5m), the loss for the period of £2.0m (H1 2018: £8.0m), and at the end of the period the Group had cash of £6.6m (31 December 2018: £9.8m) .

Norgine commenced promotion of Feraccru in the UK and Germany with early signs of the positive impact of a larger commercial operation, and have started pricing and reimbursement activities in other European markets. Feraccru has also been granted extension of approved indication in Switzerland to include treatment of all adults with iron deficiency.

There were also positive results in AEGIS-H2H non-inferiority study, triggering 2.5m development milestone from Norgine, and positive results achieved in long-term follow-up of patients enrolled in AEGIS-CKD clinical study.

 

Evgen Pharma (EVG.L) 17.12p £23.05m

Evgen Pharma, a clinical stage drug development company focused on the treatment of cancer and neurological conditions, announced the grant of further intellectual property rights in Europe pertaining to the novel composition, SFX-01.

The newly granted patent leads with a product claim covering “a composition comprising a complex of sulforaphane and alpha-cyclodextrin”. Composition-of-matter patents have already been granted in the USA and other territories. Furthermore, patents in Europe, the US and other territories relating to the method of production have also been granted.

Exclusive worldwide rights to the patent are held by Evgen Pharma under the terms of a licence agreement with PharmAgra Labs Inc., the US laboratory that invented SFX-01.

Steve Franklin, CEO of Evgen Pharma, said that the patent “further expands the strength and depth of our intellectual property position across all the key territories with regard to the composition of the product and method of manufacture.”

 

Oilex (OEX.L) 0.15p £2.94m

Oilex, an oil and gas exploration company whose strategy is to use its extensive technical and commercial expertise to explore, appraise and develop petroleum resources around the Indian Ocean Rim,  announced that it has entered into an agreement with Holloman Energy Corporation to acquire its 48.5003% interest in the PEL 112 and 444 license in the world class Cooper-Eromanga Basins in South Australia. 

Pursuant to the share purchase agreement entered into with HEC, the Company will acquire 100% of its wholly owned subsidiary, Holloman Petroleum Pty for gross consideration of 40,416,917 ordinary shares in the Company (Shares) at a deemed price of 0.3 cents and A$24,250 for a total consideration of A$145,500.

 

Cora Gold (CORA.L) 5.50p £5.94m

Cora Gold, the West African focused gold exploration company, announced results of a selective infill drill programme undertaken at the Selin Prospect at the Sanankoro Gold Discovery, Southern Mali, in addition to results from its ongoing reconnaissance regional exploration programme.

Infill drill results at Selin prospect correlate with results of previous drill programmes and confirm that oxide gold mineralisation extends to depths of up to 90 metres at the southern part of the prospect.

For the Sanankoro Reconnaissance Exploration, gold mineralisation of potentially economic interest was identified to the north of the Bokoro North artisanal pit, whilst some drill collar sites may have not been optimal due to access around the workings. 

 

Eight Capital Partners (NEX: ECP) 0.025p £0.158m

Eight Capital Partners, who provide equity, debt, and equity-related investment capital to companies seeking capital for growth and development, consolidation or acquisition in the technology, media, telecoms and financial services sector, announced that it has completed the acquisition of a EUR2m receivable as outlined in its announcement of 1 June 2019 Notice of AGM.

Settlement of the transaction’s EUR1.9m consideration is being effected through EUR1m of Eight Capital’s 7% bonds, a EUR600,000 vendor loan at a 5% interest rate with a duration of one year, and, EUR300,000 in cash.

Following the transaction above, the Company will have placed EUR1,800,000 of bonds from its instrument traded on the Vienna MTF as “EUR5,000,000 7.00 per cent. Notes due 26 July 2022”. It is anticipated that more bonds will be placed in due course.

 

Secure Property Development (SPDI.L) 9.00p £11.45m

Secure Property Development and Investment, the South Eastern European focused property company, announced the signing of two formal agreements  relating to the transfer of certain assets owned by SPDI in Bulgaria and Ukraine to Arcona Property Fund N.V. in exchange for approximately 630,000 new ordinary shares in Arcona and approximately 190,000 warrants over ordinary shares in Arcona (subject to standard form adjustment and finalisation in accordance with the Agreements).

The total €29.3m value of the Transaction (based on a net asset value of €13.44 per Arcona share as at 3 June 2019, and excluding the issue of warrants over ordinary shares in Arcona), completion of which is still subject to a number of conditions, represents a premium of approximately 135% to SPDI’s current market capitalisation.

 

W Resources (WRES.L) 0.41p £25.63m

W Resources, the tungsten, tin and gold mining company announced an update on its flagship project La Parrilla in Spain and further detail on its projects in Portugal.

At La Parrilla, the mine is in the final stages of construction and following delivery of the Motor Control Centre (MCC) the team is completing the final electrical connections in the lead up to full commissioning of the large-scale Concentrator Plant.

The Company has also signed an amendment agreement with BlackRock to capitalise the last two interest payments of the BlackRock $1.29m term loan.

 

Shanta Gold (SHG.L) 8.90p £70.07m

Shanta Gold, the East Africa-focused gold producer, developer and explorer, provided an update on the Singida Gold Mining P

roject (“the Project”) in Tanzania.

The Project’s Environmental Impact Assessment Certificate has now been received from the Minister of State in the Vice President’s Office for Union Affairs and Environment. This marks an important milestone for the future construction and operation of the Project.

 

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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