Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading:
*as at close of business 23 July 2018
Standard List** of Main Market:
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Total number of Standard List Companies trading:
*as at close of business 23 July 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
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*as at close of business 23 July 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
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Alpha Pyrenees Trust has left the Offficial List (Standard)
What’s cooking in the IPO kitchen?
NEX Exchange Growth Market
Veni Vidi Vici. Investment Vehicle to identify investment opportunities and acquisitions in companies in the Precious Metals and Base Metals sectors. Raising £490k at 50p. Market cap £0.8m. Due 8 August.
Jadestone Energy (JSE.TO)—an independent oil and gas production and development company focused on the Asia-Pacific region. Pro-forma production of 13.9 mboe/d, 2P reserves of 45.3 MMboe, and a 2P NPV10 of US$563.7 million . Offer TBA. Current mkt cap C$135m. Due early August.
CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A which constitutes a RTO. Raising £24m at 52p, combined market cap of £88.7m
Trackwise—established business that manufactures specialist products using printed circuit technology. Offer TBA. Due Late July
Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July
Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July.
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
Main Market (Premium)
Grit Real Estate Income Group pan-African income real estate company focused on real estate investment assets in pre-selected African countries . Looking to raise net proceeds of at least $120m. To be priced at EPRA NAV of $1.43/share. Due 31 July.
FYJun18 update from the SaaS technology company that enables businesses to create a real-time connection with their customers.
· Group revenue increased 33% to £14.8m (FY17: £11.1m)
· Recurring revenue increased to c. 77% of Group revenue (FY17: 68%) and grew by 51% from the prior year
· Adjusted EBITDA** loss of £(2.0)m (FY17: £(1.8)m)
· Total volumes through the platform increased 556% to 403.7m (FY17: 61.5m)
· Successful launch of Canada's leading loyalty programme with Loblaw, illustrating the Group's international reach and scalability
James Halstead (LON:JHD) 395p £828m
FYJun18 update from the commercial flooring manufacturer and distributor. “Sales for the year were ahead of the comparative year. This represents a creditable performance in still difficult trading conditions. It is particularly pleasing to report that our UK turnover is 3% ahead of the prior year in a market that seems to be quite robust despite the well reported spending cuts and high street retailer issues.
In the Chairman's interim statement, announced on 29 March 2018, it was noted that adverse price pressure on raw materials was holding back the benefits of export currency gains. This continued in the second half year but was ameliorated by increased sales.” “we are pleased to anticipate, once again, reporting record turnover and expect profits for the year to 30 June 2018 will be in line with last year.” FY18E rev £248m and EBITDA £52m.
Wynnstay Properties (LON:WSP) 565p £15.32m
“The Company is pleased to announce that it has exchanged contracts for the acquisition of a freehold multi-let trade counter estate comprising Units 10-15 Petersfield Business Park, Petersfield from Friars House Investments Limited for £3.83 million. The total acquisition cost of £4.1 million, which includes stamp duty and other acquisition costs, will be funded from existing cash resources and debt facilities. The estate is fully let and produces a current rent of £203,592 per annum.” "We are pleased to have secured the Petersfield property for the Wynnstay portfolio in a keen bidding process. It provides a good fit with our other assets in Hampshire, Surrey and Sussex, in terms of size, lease profile and tenant mix. We hope that there may be possible opportunities to build on our presence in Petersfield in due course although this will take time and effort in the current market conditions."
Empresaria (LON:EMR) 80p £36.5m
“HY update from the international specialist staffing group. Empresaria remains on course to meet market expectations for the full year. For the first half, adjusted profit before tax is up approximately 2% and net fee income is down approximately 1% on the prior year. There were strong results in a number of businesses, particularly within the Americas region, offsetting the previously announced impact of regulatory changes in Germany and Japan. The Group's strategy of specialisation and diversification continues to lay the foundations for future profitable growth.” Recent investment in Grupo Solimano in Peru strengthens the Group's presence in Latin America. To be funded by the operating cash flows of the Group and is expected to earnings enhancing in the next financial year. PE <6x, yield c.2%
Gfinity (LON:GFIN) 13.1p £37.5m
The “esports solutions provider, today announces a multi-season agreement with Domino's to become Presenting Partner of the Gfinity Challenger and Elite Series UK. The significant investment into the Gfinity Challenger and Elite Series UK enables Domino's to connect and engage within one of the fastest-growing entertainment sectors and target the young adult demographic that consumes gaming and esports content daily via digital platforms.
The partnership, which runs until December 2020, represents the biggest commercial deal in the Company's history and is further evidence of the world's leading brands being attracted to both esports and Gfinity, with previous partners including Unilever (Lynx), HP Omen and Turtle Beach.”
Van Elle (LON:VANL) 82p £66.85m
FYApr18 results from the geotechnical contractor offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets.
Group revenue increased by 10.4% to £103.9m driven by activity in new housing and infrastructure sectors
Underlying operating profit was down 4% to £11.1m reflecting contract specific issues in the rail and ground stabilisation units together with challenging market conditions in H2
Completed major new rig investment programme with fleet increasing from 111 to 123 rigs
· Strong balance sheet with net debt at 30 April 2018 of £5.9m, 0.4x EBITDA
CEO succession process complete, with Mark Cutler to start in August 2018 The Board is recommending a final dividend of 2.3p per share (total dividend of 3.7p per share. PE c.8x and yield 4.5%
APC Technology (LON:APC) 7p £9.4m
The provider of design-in, specification and distribution services for specialist electronic components and systems, lighting technologies and connectivity products, is announced the acquisition of Aspen Electronics Limited and a placing, including the sale of Vendor Ordinary Sharesat 6.75 pence per Ordinary Share, to raise approximately £2.54 million before expenses. Consideration of £2.2m in cash and shares.
Aspen is a premium distributor of electronic components, specialising in radio frequency (RF) and microwave components and test and measurement equipment. - Complementary RF and microwave business to APC's which the Board expects will lead to top line synergy opportunities. Expected to be earnings enhancing in the first full year after Completion. Aspen FYJun17 rev £4.3m and adjusted EBITDA of £0.35m.
FYAug18E rev £17.5m and PBT £0.7m.
The “the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that it has raised approximately £2.9 million before expenses through an unconditional placing of 11,192,307 new ordinary shares of 0.02p each at a price of 26 pence per ordinary share [a 20% discount to yesterday’s close] (the "Placing"), utilising the existing share authorities granted at the 2018 AGM.
The funds raised will place Tern in a stronger financial position for upcoming investment negotiationsand will also provide additional finance to develop the businesses of the existing portfolio companies.”
Evgen (LON:EVG)17.75p £16.57m
The ‘clinical stage drug development company focused on the treatment of cancer and neurological conditions, announces that it has concluded patient recruitment in its STEM Phase IIa trial of SFX-01 in metastatic breast cancer. STEM is an open label trial that had regulatory approval to recruit 60 patients. Following the favourable interim read-out, announced on 11 June 2018, the Principal Investigator and the Company's medical adviser believe there is sufficient evidence to conclude that the main aims of the trial, being a favourable safety and tolerability profile and evidence of clinical benefit, have been successfully met. On this basis, the Company has decided that there is no merit in recruiting the full number of patients allowed under the protocol.’ Final read out due around the end of the year. “The next step is likely to be a placebo-controlled trial, testing SFX-01 in combination with second-line hormone therapy in patients that have failed on CDK4/6 inhibitors.”
Norcros (LON:NXR) 216p £174m
AGM statement from the market leading supplier of high quality and innovative bathroom and kitchen products. “The Group's overall trading for the first quarter was in line with the Board's expectations.
Group revenue for the 13 week period was 15.5% higher on a reported basis compared to the same period last year.
On a like-for-like basis Group revenue was 0.9% higher than the previous year. This performance reflected strong revenue growth of 6.9% in the Group excluding Johnson Tiles and the expected revenue reduction at Johnson Tiles which was largely due to the Kingfisher unified programme as previously reported on in the Group's 2018 results.”
“We experienced further progress in our South African business which grew revenue by 8.5% in Sterling terms and 8.9% at constant currency.” PE c.7x and yield c.4%.