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Breakfast News - Ashoka India Equity Investment Trust; Argo Blockchain;Bluebird Merchant Venture and more...

Breakfast News - Ashoka India Equity Investment Trust; Argo Blockchain;Bluebird Merchant Venture  and more...

Small Cap Breakfast

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AIM:

Total number of AIM Companies (Incl Susp):

934*

Total number of AIM Companies trading:

878*

*as at close of business  12 June 2018

Standard List**  of Main Market:

Total number of Standard List Companies

(Incl Susp):

137*

Total number of Standard List Companies trading:

124*

*as at close of business  12 June 2018

NEX Growth Market:

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

85*

Total number of NEX Growth Market Companies trading:

83*               

*as at close of business  12 June 2018 

*A corporate client of Hybridan LLP

**  Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity


 
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What’s cooking in the IPO kitchen?

NEX Exchange

Stratmin Global Resources RTO of Signature Gold  a specialist Australian gold exploration company focused on the exploration and development of large-scale Intrusion Related Gold System. Offer TBA. Due 14 June.  Will leave AIM under rule 41.

Sovereign Mines of Afirca PLC  to be renamed The Barkby Group PLC after the acquisition of Turf to Table Ltd will join the NEX Exchange on 26 June 2018 after raising £547k at 9p with market cap of £3.42m

AIM

Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and business improvement solutions to large corporations. Offer TBA. Due 28 June

Anexo -specialist integrated credit hire and legal services group. Offer TBA. Due 19 June.

i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June

Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply contract for up to $170m. Offer TBA.

Tekmar— technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services—Offshore wind farms and Oil & Gas. Revenue of £21.9m and Adjusted EBITDA of £4.9m Offer TBA

Knights Group— UK regional legal and professional services businesses. FYApr18 rev  £34.9 million and adjusted operating profit was £6.8 million excluding Turner Parkinson (acquiring on IPO).  Offer TBA

Aquis Exchange—a founder-led, pan-European Multilateral Trading Facility and exchange and regulatory technology developer and service provider is looking to join AIM. Offer TBC, expected 20 June.

TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 June

Strongbow Exploration (TSX:SBW) intends to dual list on AIM.  Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.

Main Market (Premium)

Ashoka India Equity Investment Trust—Target raise £100m. India  focussed high conviction, long-only IT. Due mid July.

Utilico Global Income—  new actively managed income investment trust raising up to £100 million. Due 22 June.

Amigo Holdings—The pioneer of guarantor loans now lending c. £470m per annum. Secondary Sell down. Pricing TBA

Main Market (Standard)

Argo Blockchain. UK-based provider of cryptocurrency mining services. Looking to raise £20m. Offer TBA. Its main operations went live on 11 June 2018. Offer TBA.

Main Market (Specialist Funds)

StenProp—UK REIT looking to join the Specialist Fund Segment with the objective of the Company to deliver sustainable growing income to its investors. The Company is currently listed in Johannesburg with a market cap of ZAR 5,790,611,749.

  

Breakfast Buffet

Bluebird Merchant Venture (LON:BMV) 2.85p £5.27m

“The Asian focused resource development group is pleased to announce that the execution of the formal Joint Venture Agreement with Southern Gold Ltd for the Kochang mine was signed on 12 June 2018.

Signing of 50:50 Joint Venture Agreement with Southern Gold for the Kochang mine

Feasibility report expected to be completed in Sept 2018 at Kochang

Bluebird to be the Joint Venture Operator

Target to become a 100,000 oz per year gold producer within five years

First gold expected in Q4 2019”

Upland Resources (LON:UPL) 2.85p £13.1m

Conditional placing of £3m at 2.5p from the oil and gas company actively building a portfolio of attractive upstream assets.

These funds, when combined with the Company's existing cash reserves, will be used to fund the Wick well (which is due to spud in the third quarter of this year), on potential new ventures in Sarawak and North Africa and on the ongoing costs of running the business.

Tharisa (LON:THS) 112.6p £292.9m

Acquisition of 26.8% of  Karo Mining Holdings Limited for a total cash consideration of $4.5m.

Karo Holdings entered into an Investment Project Framework Agreement with the Republic of Zimbabwe on 22 March 2018 in terms of which Karo Holdings has undertaken to establish a platinum group metals ('PGMs') mine, concentrators, smelters, a base metal and precious metals refinery, as well as power generation capacity for the operations with surplus energy capacity made available to the Zimbabwe power grid.

The Acquisition provides Tharisa access to an area  covering 23 903 hectares on the Great Dyke of Zimbabwe, containing an estimated  PGM resource of some 96 Moz  (on a 4E basis).

Verseon Corporation (VSN.L) 111p £168m

The “technology-based pharmaceutical company, announced that its wholly owned subsidiary, VRH1 LLC, has closed a $ 22.7m financing with MCREIF SubREIT LLC (t/a Money 360) secured on the Company's custom-built research, development, and operations facility in Fremont, California. Of the total amount of the Financing, $21.7m has been received on closing, with an additional $1m available to be drawn at a future date for facilities-related expenses.

The Financing is an interest-only mortgage facility which carries an annual interest rate of 8% and is repayable after 24 months, with an option to extend for up to a further 12 months.”  “The proceeds of the Financing will be used for Verseon's drug programs and operations.”

Northern Bear (LON:NTBR) 78p £14.4m

FY Mar18 Trading update from the provider of specialist building services to local authorities, housing associations, NHS trusts, universities and more.

The Group's continuing operations have continued to trade strongly and ahead of management expectations over the second half of the financial year, despite the severe winter weather, particularly during the first three months of 2018.  There has also been a positive contribution to results from H Peel & Sons Limited following its acquisition on 25 July 2017. 

The Group continues to hold a high level of committed orders which provides optimism for another good set of results in the year ending 31 March 2019. 

We could see no forecasts.

Weatherly International (LON:WTI) 0.18p £1.86m

Receipt of regulatory approval, from the Namibian Competition Commission, in relation to its acquisition of a further 65% interest in China Africa Resources Namibia Limited .

The Company now has a 90% interest in CARN, which owns 100% of the high-grade Berg Aukas underground zinc-lead-vanadium project near Grootfontein.

Strategic Minerals (SML.L) 1.66p £22.9m

SML “has commenced the technical assessment of the Leigh Creek Copper Mine with the formation of a highly experienced study team. The proposed work programme is expected to lead to the commencement of copper production around mid-2019.”

Formation of highly experienced technical team with extensive experience in South Australian copper projects

Drilling of existing heap leach pads due to commence in second half of June

Drilling of Paltridge North, Lynda and Lorna Doone deposits for metallurgical samples due to commence in July

Exploration drilling for potential resource extension between the Lynda and Lorna Doone deposits due to commence in July”.

Enteq (LON:NTQ) 32.5p £20.2m

FY Mar 18 results from he oil and gas drilling technology company .

Return to positive EBITDA

North American market stabilised at new oil price and rig count

Re-built production capacity

Investment in new technologies

Maintained cash reserves for future investment. Rev $6.5m from $4.8m. EBITDA $0.2m. Cash $15.5m. “Core competencies are in place, technical differentiation is being improved and market share maintained.  The business is poised for growth opportunities." FYMar19E rev $8.5m, PBT $1.3m.

Maestrano Group (LON:MNO) 14.5p £11.25m

Appointment by the open cloud business integration platform with cross-app data synchronization  of Chris Constantine as Vice President Engineering. Chris was previously Applications Development Manager for the Australian Broadcasting Corporation, where he worked for over 18 years, leading delivery and engineering activities across all operations.  This coincides with the successful delivery of the first phase of a major project for a flagship Australian Bank, which involved the creation and testing of a platform for initial roll out to a limited number of the bank's clients. That initial roll out has now commenced, with full roll out expected to take place by the end of 2018.

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