Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading:
*as at close of business 12 April 2018
Standard List** of Main Market:
Total number of Standard List Companies
Total number of Standard List Companies trading:
*as at close of business 12 April 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
Total number of NEX Growth Market Companies trading:
*as at close of business 12 April 2018
*A corporate client of Hybridan LLP
** Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity
Dish of the day
Crusader Resources (AIM:CAS), the independent gold explorer and developer, has raised A$6.5m at A$0.055 The Company's most advanced project, Borborema, is operationally de-risked, has a JORC reserve of 1.61 million ounces of gold at 1.18 g/t with plans to complete a BFS by the end of 2018;
Off the menu
Infinity Energy has cancelled it securities from trading on AIM pursuant to AIM Rule 41
Ambrian PLC has cancelled it securities from trading on AIM pursuant to AIM Rule 1
What’s cooking in the IPO kitchen?
KRM22, a closed-ended investment company with a particular focus on risk management in capital markets, is looking to join AIM. Offer tbc, expected 30 April 2018
Main Market Premium Listing
Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May.
Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May
Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA
Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 03 May.
Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange.
The “provider of digital performance marketing, announced the acquisition of WhichBingo.co.uk, one of the leading online informational portals and comparison sites for online bingo games in the UK. Founded in 2000, WhichBingo, is an award-winning bingo review website. The site provides in-depth information on the entire UK bingo market, publishing thousands of real player reviews, alongside its own opinion, covering every brand operating across the UK online bingo sector. More recently, WhichBingo has expanded its product reach to include additional gambling content including online slots and casino content. The Acquisition represents a further addition to the Group's website portfolio, and in particular in the fully regulated UK market. The Acquisition will benefit from increased scale through the full integration into XLMedia, which is expected to be completed within the second half of 2018.” FYDec18E rev $108.2m, PBT $30.86m.
Proposed all share RTO of Cellulac.
“The enlarged group will focus on biodegradable plastic ingredients, cosmetics and human grade food supplements and will have a portfolio of existing products, with high-margins in the oral care, medical and cosmetic industries. Existing Integumen cosmetic packaging, oral care consumer products and third party products can in time be replaced with biodegradable plastic materials. These drop-in replacements will be focused on existing and near to market products. Demand for these products is established and an offtake agreement worth up to $36m over five years is already in place.”
The consideration shares will represent approximately 84% of the issued share capital, as enlarged by the Consideration Shares only. In addition, Integumen intends to raise up to £7.5m by way of an equity placing and/or debt funding.
Solid State (LON:SOLI) 283p £23.93m
The “manufacturer of computing, power and communications products, and value added distributor of electronic components, is pleased to announce a distribution franchise for VPT, a leading global provider of power conversion solutions for the rapid deployment of critical power systems in avionics, military and space applications.
Solid State Supplies has been chosen by VPT due to its extensive military and aerospace knowledge, its certification to AS9120, its existing industry client base and value added distribution capabilities. The franchise is for exclusive rights to UK and Ireland and includes the transfer of the existing client base.
VPT has been selling into the UK market for 18 years to a loyal client base. Its products do not overlap with the current Solid State Supplies range giving the opportunity to develop and expand the client's reach and product representation into relevant markets.” FYMar18E rev £45.25m and PBT £3.1m. Div 12p.
NetScientific (LON:NSCI) 49p £33.83m
The “transatlantic healthcare IP commercialisation group, announces that its US-based portfolio company, Vortex BioSciences, a leading liquid biopsy company, is presenting compelling new data at the American Association for Cancer Research Annual Meeting in Chicago 14 - 18 April, 2018. These studies support the use of Vortex's non-invasive technology in the characterisation of circulating tumour cells for important clinical biomarkers, namely EGFR and PD-L1, which play a pivotal role in the development and progression of certain cancer in patients with non-small cell lung cancer.”
Tiziana Life Science (LON:TILS) 80p £103m
The “clinical stage biotechnology company developing targeted drugs for cancer and autoimmune diseases, announces that it has entered into an exclusive license agreement for novel technology discovered by Dr Howard Weiner at the Brigham and Women's Hospital ("BWH"), Harvard Medical School. “ Highlights of this novel technology include:
Data from animal studies demonstrate proof-of-concept of nasal administration of foralumab, a fully human anti-CD3 mAb, for treatment of neurodegenerative diseases such as Lou Gehrig's disease (ALS), progressive multiple sclerosis and traumatic brain injury.
An Investigational New Drug (IND) application for the first-in-human (FIH) evaluation of nasal administration of foralumab in healthy volunteers will be submitted shortly.
Frontera Resources (LON:FRR) 0.5p £79.12m
“The European focused independent oil and gas exploration and production company, notes the recent media speculation in respect to arbitration and potential territory relinquishment. The Company confirms that it has received a request for arbitration from Georgian Oil and Gas Corporation and State Agency of Oil and Gas in respect to certain terms of the Company's production sharing contract ("PSC") in Georgia, however, the full statement of the case has not been submitted and the timings for any such hearing, should it occur, are unknown.” The Company considers the Request to be without merit and has engaged legal counsel to protect its rights. The Company intends, if the administrative formalities are followed through and the statement is submitted by the authors of the Request, to respond to each point and ensure that the Company's rights are protected. The Company is confident of its standing and complete compliance with the PSC.
Columbus Energy Resources (LON:CERP) 5.1p £33.1m
Update about the potential acquisition of a 50% interest in the Icacos field, in the South West Peninsula of Trinidad. “Whilst the transaction is still subject to a definitive sale and purchase agreement and certain regulatory approvals, the Company is confident it can work with Touchstone to complete the relevant paperwork and take over operatorship in Q2 2018.”
The consideration for the transaction is $0.5m for Primera's current net 11 bopd. However, LTL will not pay any upfront consideration for the purchase but will pay the consideration over time until 1 Jan 2021 through Primera receiving the net revenue it would have received had it retained its interest. Primera will also receive, in the event of increased production, 25% of any net revenue above the current baseline.
First Property Group (LON:FPO) 49.5p £55.06m
“The property fund manager and investor with operations in the United Kingdom and Central Europe, announced that its profit before tax for the year to 31 March 2018 is expected to be in line with market expectations.
Funds under management at the year-end amounted to £625m (2017: £477m), an increase of 31% from the prior year. Of this some £454m was held for clients (2017: £313m), an increase of 45% from the prior year. Almost all of this increase resulted from new property investments in the United Kingdom.
The Group's Preliminary results for the year to 31 March 2018 are scheduled to be announced on 8 June 2018.”
FY Mar18E rev £24.2m and PBT £9.1m. Div 1.62p.
Itaconix (LON:ITX) 5.25p £4.13m
Q1 update from the innovator in sustainable performance polymers. Revenue £149k from £138k. Cash £2.5m from £6.9m.
"The start of 2018 has seen a growing number of active customers across a variety of application areas, geographies and products. This is beginning to lead to revenue growth, albeit moderate currently, as each product gains traction and markets become more familiar with the benefits of each product in terms of performance, cost and sustainability. The Board is confident, subject to the availability of further funding, that the Company is well positioned to continue to deliver revenue growth through 2018 in line with expectations."
FYDec18E £1.2m, Pre-tax loss £4.5m.
Fox Marble (LON:FOX) 9p £19.36m
“The company focused on marble quarrying and finishing in Kosovo and the Balkans region, announced that it has installed a new state-of-the-art Computer Numerical Control ("CNC") machine and a block vacuum pump machine in the Company's processing factory in Pristine, Kosovo. These additions to the new marble processing factory will provide additional capacity to meet increased order flow and improve margins.
The brand new, CNC machine is capable of automatically processing many varied shapes of material from slabs and small blocks, including 1,500 square metres of marble tiles per day. The machine is fully operational and has just manufactured the Company's first order in which the whole process has been completed in house for "cut-to-size" tiles.” FYDec 18E rev £7.8m and EBITDA £3.93m.