Small Cap Feast

Small Cap Feast – 25th October 2016

Dish of the Day:

No AIM Primary Today

Off the Menu:

Avarae Global Coins (AVR) delisting complete following a tender offer

What’s Cooking in the IPO Kitchen?

Filta— Schedule One from  the provider of a number of services to national and independent commercial kitchen operators and owners.   Targets early November listing. Capital raising plans as yet undisclosed

 Van Elle—The geotechnical contractor to the UK construction market is hoping to come to AIM later this month

Ascot Lloyd— The UK IFA is also hoping to join AIM later this month. Ascot Lloyd’s strategy is to grow through a combination of organic growth and further targeted acquisitions.

Breakfast Buffet

Shoe Zone (SHOE.L) 142.5p £71.25m

FY 01Oct 16 trading update from  the UK’s largest value footwear retailer. The Group has traded well in the second half of the year and expects to report revenues for the 52 week period of approximately £160 million (2016: £166.8 million), reflecting the continued planned closure of loss making stores. The Group ended the year with 510 stores, having opened 17 and closed 42 during the period.  The Board expects pre-tax profit for the period to be broadly in line with expectations and marginally ahead of the prior year. FY16E revenue of £164.5m and PBT of £10.9m.

Beximco Pharmaceuticals (BXP.L) 45.5p £39.41m

The fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, has received US Food and Drug Administration approval for Sotalol Hydrochloride, a generic version of the cardiovascular drug Betapace, following submission of an Abbreviated New Drug Application in June 2014. This is the second product from Beximco Pharma to be approved by the US FDA after Carvedilol, a prescription drug for treating hypertension, which was approved in July 2015. Expects Q1 2017 launch.

Valirx (VAL.L) 7p £5.83m

The life science company, which focuses on clinical stage cancer therapeutic development, taking proprietary & novel technology for precision medicines towards commercialisation and partnering,  updated on its patents for clinical stage therapeutic compounds VAL201 and VAL401, which are currently in Phase I/II and Phase IIB clinical trials to treat prostate and lung cancer respectively.  Patent approval for Val201 in Japan. A 3rd US patent has been allowed covering the use of VAL401 in the treatment of pancreatic adenocarcinoma.

Galileo Resources (GLR.L) 1.43p £2.77m

Update on Nevada projects. Ferber:   A significant number of rock-chip samples (11 out of 23 samples) returned gold values exceeding   0.2 g/t.  Seven of these 11 samples exceed 1.0 g/t with a high of 10.8g/t. ‘The Ferber intrusion-centred gold system is broadly similar to productive gold deposits elsewhere in north-central Nevada, where Carlin-style gold mineralisation and gold skarn mineralisation are genetically related to Late Eocene intrusions similar in age to the Ferber stock’. Silverton Project JV partner Orogen Gold plc commences drilling.


Alba Mineral Resources (ALBA.L) 0.32p £5.79m

Alba has completed a detailed gravity survey and soil sampling programme on its 100% owned prospecting licence (PL3824) in County Limerick in the Republic of Ireland.  Survey completed over a total area of 400 ha., 240 gravity stations measured and the results from each station have now been sent to Alba’s consulting geophysicist for detailed analysis. 277 soil samples taken. Following initial analysis by portable XRF, anomalous samples to be dispatched to laboratory for detailed multi-element analysis.

Tekcapital (TEK.L) 36p £12.75m

The international provider of technology and intellectual property services, announced that Belluscura has concluded an oversubscribed private placement to raise approximately US$675,000, giving Belluscura a post-money valuation of US$5,250,000. Tekcapital now owns approximately 65% of the share capital of Belluscura. Use of proceeds includes regulatory, safety and quality expenses for medical products, including CE Marking and certification for European sales. Investors in the Private Placement include Nigel Wray and his family.

Swallowfield (SWL.L) 265p £44.69m

The specialist in the development, formulation, and supply of personal care and beauty products,  announced that one of the products in its The Real Shaving Co. owned brand, was awarded a prestigious award at the GQ Grooming Awards.  The brand’s ‘Sensitive Shave Gel’ won the Best New Shaving Gel at the awards ceremony. The Real Shaving Company was acquired by Swallowfield in May 2015 and is available at Waitrose, Sainsbury’s, Boots & online at: FY Jun16E revs £67m, EPS 20.74p, Div 5.2p. 12.8x PE

Clinigen Group (CLIN.L) 738.5p £849.97m

The global pharmaceutical and services company, announced that its Idis Global Access  division, has signed an exclusive supply agreement with BTG plc (LSE: BTG), a specialist healthcare company, to manage BTG’s critical care portfolio across the whole of Europe and now into new territories in Asia. This agreement extends the four-year partnership Clinigen has with BTG to provide early access programmes. First agreement that capitalises on the complementary nature of the Managed Access and Global Access divisions.

88 Energy (88E.L) 2.45p £95.4m

88 Energy has reached agreement regarding a placement to raise gross proceeds of A$11m to two US-based institutional investors. The net proceeds from the Placement will be used to strengthen the Company’s balance sheet ahead of the upcoming drilling of Icewine#2 in Q2017, pursue complementary growth opportunities in Alaska and for general working capital purposes.  The placing price is  A$0.04 equivalent to ~£0.025. In addition, 137.5m 5 year unlisted options at an exercise price of A$0.055 (equivalent to ~£0.034) will be issued to the investors.

Share (SHRE.L) 27.5p £39.5m

Share, which operates The Share Centre Limited, a UK independent stockbroker, has provided an update on trading, and announced an agreement to acquire a book of 8,000 customer accounts  (predominantly ISAs) containing approximately £200m of assets under administration. The acquisition is expected to complete in April 2017.  The consideration was not disclosed. Q3 was in line with management expectations, with revenues excluding interest increasing by 7% year-on-year, up from the 1% increase for the first half of the year.

Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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