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Small Cap Wrap - AfriAg, Tatton Asset Management, ReNeuron..

Published: 13:14 18 Oct 2018 BST

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AIM:

 

Total number of AIM Companies (Incl Susp):

 

927*

 

Total number of AIM Companies trading:

 

861*

 

*as at close of business  11 October 2018

 

Standard List**  of Main Market:

 

Total number of Standard List Companies

 

(Incl Susp):

 

138*

 

Total number of Standard List Companies trading:

 

120*

 

*as at close of business 11 October 2018

 

NEX Growth Market:

 

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

 

89*

 

Total number of NEX Growth Market Companies trading:

 

86*                

 

*as at close of business  11 October 2018

 

                                         

*A corporate client of Hybridan LLP

 

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

                               

What’s cooking in the IPO kitchen?

 

Main Market (Premium)

 

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.  Prospectus due for release 26 Oct.

 

Merian Chrysalis  Investment Co –Seeking a £200m raise.  Due 6 Nov. Objective is to generate long-term capital growth through investing in a portfolio consisting primarily of equity or equity related investments in unquoted companies .

 

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

 

Smithson Investment Trust—New Fund from Fundsmith LLP  established by Terry Smith. focused on a global basis on small and medium sized companies between £500m and £15bn in market cap . Due late Oct.  Seeking £250m raise.

 

Main Market (Standard)

 

ECI Telecom— provider of comprehensive networking and data transport products and solutions. Raising c.$230m and potential sell down. Due late Oct

 

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.

 

Gresham House Energy Storage Fund  - will invest in utility-scale  Energy Storage Systems in the UK. Raising up to £200m. Due early Nov.

 

CEIBA Investments. the largest foreign investor solely dedicated to investing in Cuba, with existing total assets in excess of £160 million.  Raising up to £100m.  Due 22 Oct

 

Blue Ocean Maritime Income  - aims to generate long-term, sustainable shareholder returns, predominantly in the form of income distributions, from direct lending and similar financing opportunities to vessel owners and operators, and other maritime businesses.  Raising up to $250m. Due 23 Oct.

 

AIM

 

Kropz PLC—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. Looking to join AIM, offer TBC, market cap TBC. Due Late October.

 

Azalea Energy—oil and gas production and development company based in Louisiana, United States.  Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due 29 Oct

 

Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer raising £6.08m at 100p, market cap £6.13m  expected 19 October

 

Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October.

 

Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due late Oct

 

Crossword Cybersecurity Plc* (AQSE:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.

 

NEX Exchange

 

Auxico Resources—Proposed dual listing of  the Canadian listed precious and base metals  company engaged in the acquisition, exploration and development of mineral properties in Colombia and Mexico.  Due 26 Oct. Mkt cap C$7.8m              

                                             

Banquet Buffet

 

AfriAg (AQSE:AFRI) 0.105p £1.8m

 

The “food and logistics group, focussed on the agricultural and medicinal cannabis sectors, acquired 546 Tilray Inc (NASDAQ: TLRY) shares at $146.439 per share for a total of $80,000 or £61,000.”

 

"This is AfriAg Global's first investment in the medical cannabis sector. We are totally focused on investing in many more legal cannabis entities, private or listed. We see Tilray as excellent value at this price and are regarded as a long-term hold in our new cannabis investment portfolio. This initial investment may increase in time, and we are looking hard at investments in other main board US listed public entities in this sector. We are also actively reviewing many opportunities around the globe in the legalised medical cannabis space. Further releases will be made as when further investments are made in this sector."

 

International Personal Finance (LON:IPF) 208.2p £465m

 

Q3 update from the provider of unsecured consumer credit to more than two million customers across 11 markets.

 

Q3 credit issued growth of 6%           Q3 credit issued growth of 6%  

 

IPF Digital growth of 39% - continued strong top-line growth and good operational performance

 

Mexico home credit growth of 13% - expansion strategy delivered further growth

 

European home credit contracted by 7% - operational performance in-line with full-year expectations

 

Well managed credit quality and collections - Group annualised impairment as a percentage of revenue of 25.2% (HY 2018: 25.5%)

 

Strong funding position - £226m of headroom on debt facilities at 30 Sept 2018

 

Strong funding position - £226m of headroom on debt facilities at 30 Sept 2018

 

Draft law proposing amendments to existing tax legislation being debated in Poland          Draft law proposing amendments to existing tax legislation being debated in Poland

 

FYDec18E PE <7x. Yield c.5.8%.

 

Mosman Oil & Gas (LON:MSMN) 0.5p £2.3m

 

“The oil exploration, development and production company, announces an update in respect to the Stanley-1 well and Stanley-2 projects.

 

At Stanley-1 the well choke size has again been increased as wellhead pressure reduced. The consultant's interpretation is that the data indicates a small gas cap is being depleted, and that once gas flow no longer has to be restricted, the well can then be opened up and optimised for oil production. As a result the initial proposal to install additional gas infrastructure has not proceeded.

 

Stanley-2 well is on schedule to be drilled by the operator in Nov. The Stanley-2 primary target is the Yegua sands.”

 

"Stanley-1 continues to generate revenue from gas and oil sales, however the hope is that the oil will become the dominate revenue stream shortly.  The Board is keen to move forward to Stanley-2 well being drilled soon."

 

Clear Leisure (LON:CLP) 0.72p £3.68m

 

“Further to the Company’s announcement dated 4 Oct 2018, the board of Clear Leisure wishes to notify shareholders that, having consulted its Italian legal advisers, the Company has filed an appeal against the decision of the Ivrea Court to refuse assignment of the Mediapolis land to the Company.

 

With this action the Company has formally requested the Judge, as a precautionary measure, suspends the outcome of the auction and, as a principal matter, assigns the land to the Company (through its wholly owned subsidiary Clear Leisure 2017 Limited) or, alternatively, orders a new auction to be undertaken.”

 

Clear Leisure is an investment company with a portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy. The focus of management is to pursue the monetisation of all of the Company’s existing assets, through selected realisations, court-led recoveries of misappropriated assets and substantial debt-recovery processes. The Company has recently launched a JV initiative in the cryptocurrency mining sector.

 

Tatton Asset Management (LON:TAM) 274p £148m

 

HY Sep 18 update from the on-platform discretionary fund management (DFM) and IFA support services business. “Tatton Investment Management continues to grow strongly.  Assets under management increased to £5.7bn at 30 Sept 2018 (31 Mar 2018: £4.9bn) an increase of £0.8bn or 16.3% for the six-month period.

 

Paradigm Mortgage Services, the Group's mortgage distribution and support services business, continues to grow well.  New members increased to 1,290 at 30 Sept 2018 (31 March 2018: 1,219).

 

Paradigm Partners, the Group's IFA support services business increased new member firms to 382 at 30 Sept 2018 (31 Mar 2018: 368).

 

Management remain confident that the Group continues to trade in line with the Board's full year expectations.”

 

FYMar19E £17.7m and PBT £7.83m.

 

RWS Holdings (LON:RWS) 476p £1,302m

 

FY Sep 18 update from  the provider of intellectual property (IP) support services.

 

“RWS has enjoyed by far its best year ever and the Board expects Group revenues to be not less than £305m, compared to £164m in 2017, an increase of over 85%. This significant growth has been driven primarily by the acquisition of Moravia, in Nov 2017, together with solid performances across the Group's activities, and a favourable recovery in currency in the second half.

 

Adjusted PBT is also expected to have grown strongly and to be slightly ahead of market expectations, reflecting improved margin in our IP support services business as well as a markedly improved second half performance at Moravia.”

 

"There is increasing momentum across the business which underpins our confidence in delivering further significant progress in the new financial year."

 

FYSEp18E £300m and £61.1PBT.

 

Urban Logistics REIT (LON:SHED) 121.5p £104.6m

 

HY Sep 18 trading update from  the specialist UK logistics REIT. 

 

Portfolio valuation of £173.8m, a like-for-like increase of 6.6% since 31 March 2018

 

EPRA NAV up 5.5% to 129.21p (122.49p at 31 March 2018)

 

Total accounting return (NAV + dividend) for the interim period of 8.1%

 

Portfolio occupancy increased to 98.9% (93.3% at 31 March 2018)

 

WAULT unchanged at 5.0 years since 31 March 2018

 

LTV of 37.1% (36.9% at 31 March 2018)

 

£20.4m gross proceeds raised in April 2018 to acquire a portfolio of logistics assets for £36m

 

Yield >5%

 

Evgen Pharma (LON:EVG) 14p £13.07m

 

 The clinical stage drug development company focused on the treatment of cancer and neurological conditions, announced it has raised £0.75m via a placing of 5,555,558 new ordinary shares of 0.25p each in the Company at a price of 13.5p per ordinary share.

 

The net proceeds of the Placing will be used by the Company to provide working capital for the months following read-outs from the Company's two on-going Phase II trials in subarachnoid haemorrhage and metastatic breast cancer.”

 

Zytronic (LON:ZYT) 385p £68.19m

 

Pre-close statement, from he developer and manufacturer of a unique range of internationally award-winning and patented touch sensor products ahead of the release of its preliminary results for the financial year ended 30 Sept 2018.

 

“Trading in the second half of the year showed a 10% improvement in revenues over the first half, totalling £11.7m, resulting in total revenues for the year of £22.3m which is in-line with market expectations.

 

However, the increase in business required the introduction of some new designs and production techniques which have resulted in lower than expected margins, particularly in the final two months of the financial year.  In addition, a spurious patent claim was settled for £72k, plus the Group's own cost of £240k. Lower margins coupled with litigation costs have resulted in full year profits before tax of approximately £4.2m or £4.5m before the litigation costs, being behind market expectations. The Group continues to be cash generative and is in a robust financial position with cash of £14.6m as at 30 Sept 2018.”

 

ReNeuron (LON:RENE) 60.5p £19.15m

 

“New data relating to its CTX stem cell platform will be presented today at the 26th Annual Congress of the European Society of Gene and Cell Therapy, demonstrating for the first time that the Company's proprietary, conditionally immortalised, human neural stem cell line (CTX), currently undergoing clinical evaluation for the treatment of stroke disability, can be successfully re-programmed to a pluripotent state (that is, to an embryonic stem cell-like state enabling differentiation into any cell type).”

 

“The possibility of generating an allogeneic source of haematopoietic stem cells from our clinical-grade CTX cell line offers the prospect of a potential non-patient-specific alternative to those cancer immunotherapies in development that currently rely on the use of the patient's own T-cells."

 

 

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