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AIM Breakfasts

AIM BREAKFAST – 14 November 2018

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 922

Total number of AIM Companies trading: 851*
* As at 09 November 2018

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

Set Menu ISDX Growth:

Total number of ISDX Growth Market Companies (Incl Susp): 88*

Total number of ISDX Growth Market Companies trading: 86*
* As at 09 November 2018

Dish of the Day:

No Joiners Today

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

AJ Bell—one of the largest investment platforms in the UK—Expects to publish prospectus end Nov. FYSep18—revenues up 19% to £89.7 million, profit before tax up 31% to £28.4 million.

Nova Ljuublianska banka—financial and banking institution based in Slovenia with a network of 349 branches,  dual listing process in Ljubliana with GDRs in London. For HYJun18 and for FY17 the Group recorded a net profit equal to EUR 104.8 million and EUR 225.1 million, respectively. 50% plus sell down.  Estimated mkt cap €1bn to €1.3bn. Due 14 Nov

Sirius Aircraft Leasing Fund targeting a raise of US$250m  – objective is to provide investors with an attractive level of regular income and capital returns through investing primarily in used, single-aisle aircraft. Due early Nov

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 end Nov.

AIM

Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov

Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m.

Greenfields Petroleum (TSX-V:GNF)  production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD

Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA

Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission.

Breakfast Buffet

Conroy Gold & Natural resources (CGNR.L) 11.25p £2.72m

FYMay18 results. €745k loss vs €432k. £1m raised in the year via a placing plus €167 from director warrant exercises.

Excellent drilling results at Clontibret including the discovery of an extensive gold zone and additional major targets discovered within the Clontibret area. Updated JORC compliant mineral resource of 517,000 ounces.

Updated estimated Exploration Target* of 8.8Moz gold for the combined Clontibret, Clay Lake and Glenish areas.

Further exploration potential on other licences along the Orlock Bridge Fault.

Discovery of a new area of bedrock gold mineralisation halfway between the Clontibret gold deposit and the Corcaskea gold target in Ireland.

 

Cambridge Cognition (COG.L) 114p £22.4m

The specialist in neuroscience technology to assess brain health, today announced it has won a significant new clinical trial contract, which is the largest in a series of recently signed electronic clinical outcomes assessment (eCOA) trials.

The contract is worth over $0.75m with a new client for the Company, a specialty pharmaceutical developer, over a one-year period. It is the largest of a number of eCOA contracts won since Cambridge Cognition decided to increase the value of its software service by expanding the capabilities of its CANTAB Connect platform. The technology now enables the assessment of multiple outcomes, in addition to cognitive measures, on a single platform.

FY2018E revs of £6.9m and EBITDA of -£0.4m

 

AB Dynamics (ABDP.L) 1,425p £271m

FYAug18 results from the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry.

Revenue increased 51% to £37.05m (FY17: £24.57m)

Reported PBT increased 78% to £7.95m (FY17: £4.47m)

PBT increased 45% to £8.61m (FY17: £5.94m)

Diluted EPS increased 70% to 35.03p (FY17: 20.56p)

Proposed final dividend increased 10% to 2.20p per ordinary share (FY17: 2.00p)

Strong balance sheet with net cash of £15.94m as at 31 Aug 2018

Very strong outlook statement although hints at increasing cost base to accommodate growth which may constrain margins.

 

Falanx (FLX.L) 3.12p £7.99m

HYSep18 results from the cybersecurity and intelligence provider .

Group revenues increased 51% to £2.2m (2017: £1.4m) and gross margin increased to 36% (2017: 27%). 198% increase in Cyber division revenues to £1.4m (2017: £0.47m) Underlying EBITDA £0.71m loss (2017: £0.85m loss), 

Recurring revenues remain strong and grew by 41% to £1.2m

Cash of £69k.

“The SolarWinds opportunity is transformational for Falanx both in terms of customer capture and potential financial returns.  Over the next few months, there will be a necessary expansion in the deployment of our resources to meet the expected increase in activity. Whilst revenues for the first half, although well ahead of the same period last year, have been slightly lower than our original internal expectations”.

We could see no forecasts.

Lighthouse Group (LGT.L) 27.3p £33.8m

“The national financial advisory group, is pleased to announce that it has entered into a strategic relationship with Tavistock Investments plc.

Lighthouse currently advises clients with assets in excess of £5bn and on new investment and pension flows of circa £1bn p.a. The Strategic Agreement will enable Lighthouse and its advisers and clients to access Tavistock’s investment solutions, including its capital protection fund products that are principally invested in iShares by BlackRock and guaranteed by Morgan Stanley, all managed to the client’s agreed risk profile.”

 

Marshall Motor Holdings (MMH.L) 156p £114m

“One of the UK’s leading automotive retail groups, issues the following trading update in response to better than anticipated trading during Oct 2018 and a more positive outlook for the remainder of the current financial year. 

As previously announced on 11 Oct 2018, the introduction of the new Worldwide Harmonised Light Vehicle Test Procedure  had a significant impact on the UK new vehicle market during Sept 2018 which was expected to continue for the remainder of the year. Whilst the resultant new car supply imbalance is continuing, growth in our used car volumes and margins given supply constraints in the new car market, combined with further revenue growth achieved in aftersales, has given us more confidence over the expected outcome for the year.  As a result, the Board now expects continuing underlying profit before tax for the year ending 31 Dec 2018 to be ahead of the Group’s record results reported last year.”

FY2018E revs of £2,191m and EBITDA of £39.8m

 

Tekcapital (TEK.L) 6.25p £3.51m

“The UK intellectual property (IP) investment group focused on creating marketplace value from university technology, is pleased to announce that wholly owned portfolio company Lucyd ltd has launched an Affiliate and Reseller Program.

Lucyd Pte Ltd, the developer of an eShop for innovative spectacles, has launched a global affiliate and reseller program using the Leaddyno and Shareasale affiliate platforms. Lucyd has also introduced a reseller Intro Kit to provide initial stock and marketing materials for Lucyd products. As of today, seventy affiliates have already signed-up.

Interested parties are encouraged to sign up at Lucyd.leaddyno.com and contact info@Lucyd.co for assistance. Lucyd will regularly update the platforms with new collateral content, as well as publish a weekly affiliate newsletter.”

 

Craven House (CRV.L) 3.30p £6.44m

Craven House announced its participation in a Public Offering for shares of LM Funding America, Inc.. The Company has acquired 640,000 common shares at a price of $2.40 per share for a total consideration of c.$1.5m. The Company’s position represents 31.5% of the common shares in LMFA.

In the year to 31 Dec 2017, LM Funding America made a loss before income tax of $5.2m and had total assets of $2m.”

LM Funding America, Inc., together with its subsidiaries, is a technology-based specialty finance company that provides funding to non-profit community associations primarily located in the state of Florida.

 

Maestrano (MNO.L) 9.12p £7m

The open cloud business integration platform with cross-app data synchronization, announces it has now successfully gone live with a platform for a major US based banking customer.

This Maestrano platform is used by Enterprises to assemble and serve integrated suites of Cloud applications with value-adding data analytics to drive engagement with their small and medium sized customers. Maestrano has been working with the US Bank for almost a year developing new digital services using the Maestrano platform which allow increased functionality for SMB users.

 

Science in Sport (SIS.L) 61.5p £47.4m

The endurance sports nutrition company that develops, manufactures and markets sports nutrition products for elite athletes and sports enthusiasts, announced the proposed acquisition of PhD Nutrition Ltd (“PhD”), a premium, innovation-led protein brand for total consideration of £32m. Proposed £29m placing at 60p.

For the year ended 31 August 2018, PhD generated revenue of £20.8m and adjusted EBITDA of £2.8m.

“The acquisition of PhD is highly complementary, doubles the size of our business and accelerates our ambition to become a global leader in premium performance nutrition. It is a compelling combination that will deliver a wider product offering, including premium protein, provide broader consumer reach and greater international presence, and dovetails our respective strengths in retail and e-commerce channels.”

 

Head Chef:

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

*A corporate client of Hybridan LLP

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