Latest AIM Breakfast
AIM BREAKFAST – 16 August 2018
Set Menu AIM:
Total number of AIM Companies (Incl Susp): 935
Total number of AIM Companies trading: 871*
* As at 14 August 2018
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
Set Menu ISDX Growth:
Total number of ISDX Growth Market Companies (Incl Susp): 90*
Total number of ISDX Growth Market Companies trading: 87*
* As at 14 August 2018
Dish of the Day:
No Joiners Today
No Joiners Today
Off the Menu:
No Leavers Today
No Leavers Today
What’s Cooking in the IPO Kitchen?
Main Market (Premium)
Mobius Investment—exploring the launch of a new UK investment trust. The trust will invest in small to mid-cap companies in emerging and frontier markets with an absolute return focus. Due September.
Sensyne Investments – healthcare technology company that creates value from accelerating the discovery and development of new medicines and improving patient care. Raising £60m. Mkt Cap £225m. Due 17 Aug.
Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug.
Vitesse Media (VIS) — To be renamed Bonhill Group. RTO of the trade and assets of InvestmentNews, a Business Information and Data & Insight brand supporting the US financial adviser and wealth manager community Due 17 Aug. Raising £18.6m at 80p. Mkt cap £26.7m.
Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Petards Group* (PEG.L) 26p £12.7m
Petards, the software developer of advanced security and surveillance systems, announced that it has been awarded a contract to supply Bombardier Transportation with Petards eyeTrain systems.
The new contract, which is worth in excess of £2.7m, is for the supply of Petards eyeTrain systems as part of a Class 172 modifications project for supply to West Midlands Trains. A total of 35 trains will be modified to have Petards Automatic Selective Door Opening system “ASDO”, Driver Controlled Operation CCTV “DCO CCTV” and Automatic Passenger Counting “APC” systems installed. Engineering activities will commence immediately with the first equipment deliveries starting in Jan 2019 and it is expected that the project will be completed in 2020.
“We are delighted that Petards has been selected by Bombardier to work with them on this exciting project and supply our innovative ASDO, DCO CCTV and APC systems. This new order adds to our already significant installed base and strengthens our position as the leader of on-train video and data solutions. Additionally it further bolsters the Group’s present order book for delivery in 2019 through to 2020”
TMT Investments* (TMT.L) 25p £28.4m
TMT Investments, the venture capital company investing in high-growth, technology companies across a number of core specialist sectors, announced its unaudited interim results for the half-year ended 30 June 2018.
Bonus-adjusted NAV per share of $2.75 (uplift of 13.2% from $2.43 as of 31 Dec 2017)
$2m profitable partial cash exit from Pipedrive
$16.6m in positive revaluations from Taxify, Pipedrive, Vinebox and Remot3.it
$4.8m in impairments from Scentbird, Adinch, Ninua, RollApp and TryTheWorld
$3.5m (before expenses) raised from UK institutional investors
Diversified portfolio of over 30 companies focused around big data, e-commerce, and business SaaS (software-as-a-service) tools
Many portfolio companies continue to experience rapid growth
Kibo Energy (KIBO.L) 4.8p £29.8m
Kibo Energy, the multi-asset, Africa-focused, energy company, announced that the recent application to secure water permits for the Mbeya Coal to Power Project has been provisionally approved by the Lake Rukwa Water Basin Board. Permanent water permits will be issued following completion of the construction and implementation of all necessary water infrastructure that will be required to meet the water needs of the Mbeya Power Plant and Mbeya Coal Mine.
The application was made to permit the operation of numerous water boreholes which are integral to the Mbeya Coal Mine’s dewatering plan and the provisional approval of these water permits is an integral part of the water supply strategy for the Mbeya Power Station
Separately the Company has also completed the process of additional submissions related to the local content plan and integrity pledge, announced in the RNS of 19 July 2018 and the Mining Commission is now in receipt of a Special Mining License Application for the Mbeya Coal mine that is fully compliant with the latest statutory requirements, as announced during July 2018.
Online Blockchain (OBC.L) 44.5p £3.85m
Online Blockchain, announced that it has agreed to invest up to $0.1m in cash for up to a 35% interest in Encryptid Gaming Inc, a crypto gaming software development start-up company. Online Blockchain’s subscription is payable over a period of time based on development milestones being achieved by Encryptid. The investment is being funded from Online Blockchain’s existing cash resources.
Encryptid is a newly-incorporated US-based company which is planning to develop new crypto-based games, storable on the Ethereum blockchain.
The first planned game for initial development is “Cybernetika”, a futuristic electronic world with roving robot-like creatures that can be trained, upgraded and put into tournament-style battles. Encryptid plans that Cybernetika will enable users to interact and raise their companion robot, and exchange them with other players.
Mercia Technologies (MERC.L) 28.5p £85.2m
Mercia Technologies, the national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, announced that nDreams Limited has won a multi-million dollar contract with one of the world’s foremost virtual reality (“VR”) technology companies.
This new contract for nDreams, a leading European developer and publisher focused on VR gaming and experiences content, represents the company’s most significant contract win to date.
Mercia, which holds a 45.6% direct equity stake in nDreams, initially financed nDreams’ pivot from developing content for PlayStation Home Virtual Worlds to successfully becoming a specialist in virtual reality content provision. Following early support from Mercia’s managed funds, Mercia made its first direct investment into nDreams in Dec 2014. Since then nDreams has been working with the leading global names in the VR industry including Sony PlayStation, Oculus, HTC, Google and Microsoft.
VR Education (VRE.L) 17.5p £31.8m
VR Education, a leading virtual reality (‘VR’) technology company focused on the education space, announced the launch of Titanic VR, the Group’s highly anticipated immersive gaming experience, which will be available for PC, Oculus Rift, HTC Vive, and Windows Mixed Reality from 2:00pm (BST) today.
The Titanic VR game allows users to experience the tragic events of the doomed ship through the eyes of a survivor and to virtually explore the wreck on the seabed as she looks today. The game features a fully immersive and historically accurate animated experience which tells the story of the evacuation to lifeboats, based on the eye witness testimonies of survivors of the 1912 tragedy.
The project began its life through a Kickstarter campaign in early 2017. Motion capture technology and extensively-detailed maps of the shipwreck were used to create an accurate 3D depiction of the Titanic, setting the scene for an educational game where players are tasked with navigating the wreck using their submersible and ROV. The game features eight dive missions and seven lab missions.
Port Erin Biopharma Investments (PEBI.L) 4.4p £1.02m
The Board of PEBI announced it has completed a subscription of $0.25m for 43,357 issued shares in Blue Nalu, Inc, a company based in San Diego, California, USA. The Subscription, which is expected to give PEBI an interest of approximately 2% (on a diluted basis) in BlueNalu, will be paid by cash from PEBI’s own resources and is part of a fully subscribed Seed Funding round to raise $4.5m. The level of investment allows PEBI to qualify as a “Major Investor”, providing additional information rights unavailable to smaller investors.
BlueNalu is a relatively early stage company, focussed on manufacturing ‘clean’ seafood by growing cells of certain species of seafood in bioreactors which will ultimately be for human consumption. BlueNalu intend to partner with leading industry markets, in both food service and retail channels, allowing a speedy and cost-effective route to customers for a broad line of distinctive and differentiated seafood products.
BlueNalu is an early stage, pre-revenue company with costs of approximately $ 160,000 per month and net assets as at 7 Aug 2018 of approximately $3.2m.
Fusion Antibodies (FAB.L) 75p £17.2m
Fusion Antibodies, a contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications, announces its final results for the year ending 31 March 2018.
Revenue growth of 41% to £2.7m; adj EBITDA broadly in-line with expectations
Raised £5.5m before expenses
Loss for the financial year of £699,941
Adjusted loss for the financial year of £2,309
Adjusted EBITDA of £132,018 (2017: £288,473)
Cash and cash equivalents as at 31 March 2018 of £4.49m
Post period end highlights:
Facilities and technical capacity expansion is underway and will be completed by September 2018, earlier than planned and under budget
New affinity maturation service on schedule and expected to be introduced by Dec 2018
Mammalian antibody library on track for delivery in 2020
RA International Group (RAI.L) 83p £135.3m
RA International, a provider of services to remote locations in Africa and the Middle East, announced that it has secured a significant, new five year contract for the electrical works and construction of power infrastructure for the United Nations Support Office and African Union Mission in Somalia camps, both in Somalia.
RA International will deliver a full end-to-end managed service for the construction of power infrastructure, including the installation of UN provided generators and fuel tanks, and the provision of power distribution services to various facilities. The total contract value is just over US$30m and the works are due to commence this autumn.
Trinity Exploration & Production (TRIN.L) 16.9p £65m
Trinity Exploration & Production, the independent exploration and production company focused on Trinidad, announced that it has now repaid all outstanding debt to the remaining holders of the convertible redeemable loan notes issued by the Company, and thereby completes the full repayment of all outstanding debt.
“We are delighted to have repaid early all of our outstanding debts and now being debt free allows us to remain fully focused on the future. Moving forward with a clean balance sheet and a strong inventory of growth opportunities means we look to the future with confidence and are ideally positioned to take advantage of future opportunities as the environment in Trinidad & Tobago evolves.”
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 email@example.com with “unsubscribe me”.