Proactive Investors - Run By Investors For Investors

Small Cap Wrap - MOD Resources, AJ Bell, Manolete Partners...

Small Cap Wrap - MOD Resources, AJ Bell, Manolete Partners...


Set menu




Total number of AIM Companies (Incl Susp):




Total number of AIM Companies trading:




*as at close of business  26 November 2018


Standard List**  of Main Market:


Total number of Standard List Companies


(Incl Susp):




Total number of Standard List Companies trading:




*as at close of business 26 November 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 26 November 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


finnCap Group— has joined AIM today raising £5m (£3.75m of new money and £1.25m for selling shareholders) with an expected market cap of £47.1m


The Panoply Holdings—joined AIM yesterday raising £5m at 74p with market cap on admission  of £30m


Off the menu      


Produce Investment PLC—cancelled its AIM quote yesterday after being acquired by Promethean Investments LLP for around £53m


What’s cooking in the IPO kitchen?


Main Market (Premium)


SEEIT will be the first UK-listed investment fund of its kind to invest exclusively in the energy efficiency sector. Looking to raise £150m. Due 11 Dec


AJ Bell—one of the largest investment platforms in the UK—Expects to publish prospectus end Nov. FYSep18—revenues up 19% to £89.7 million, profit before tax up 31% to £28.4 million.  Secondary sell down, Due December.


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. POSTPONED


MOD Resources—(ASX:MOD) A$78.7m mkt cap.  Copper exploration and development company focused on the central and western Kalahari Copper Belt in Botswana.  Introduction only. Due c.26 Nov.


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.




Litigation Capital Management—provider of litigation financing and ancillary services, moving from ASX (ASX:LCA) to AIM. Offer TBC.  Due 18 Dec. Mkt Cap A$64m.


Crossword Cybersecurity Plc* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission.


Manolete Partners—leading UK insolvency litigation financing business looking to join AIM raising £16.3m as a placing and £13.1 realised by the selling shareholder at 175p. Market cap £76.3m, expected 14 December


Titon Holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m.


Greenfields Petroleum (TSX-V:GNF)  production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected early December.


Banquet Buffet


YOLO Leisure (LON:YOLO) 4.5p £1.99m


The “company focusing on opportunities in the technology, media and leisure sectors, announced that its investee company, Magic Media Works Ltd, has completed a funding round to raise an additional £900,000 of equity to enable it to launch its TV campaign for the ROXI home music entertainment product.


Post this investment round, YOLO will hold 15.8% of Magic Media's issued share capital.


The largest investor in the round was private investor and Saracens Rugby Club owner Nigel Wray, who is also the largest investor in YOLO. Magic Media's founder CEO Rob Lewis, the previous CFO of Pandora Jewellery (CPH: PNDORA) Henrik Holmark and Endeavour Ventures also participated in the round.”


Shanta Gold (LON:SHG) 4.36p £33.3m


Announced project economics for the Singida Gold Mining Project in central Tanzania.


Average annual production from open pit mining of 26,000 oz for an initial six year period;


Expected to increase Shanta Gold's total gold production to over 100,000 oz pa from first full year of production;


Pre-production capex requirement of US$16 million ("m") and US$3 m for working capital;


NPV of US$31 m and IRR of 67%, at an 8% discount rate and using the current gold forward curve;


Life of Project Cash Cost of US$794 /oz;


"We are making steady progress with the Singida funding plan, which as we have stated previously, will be completed at the asset level and not through Shanta Gold shareholders. I look forward to providing a more detailed update in Q1 2019, with a target to complete the funding during the course of 2019."


Itaconix (LON:ITX) 5.3p £13.73m


The “innovator in sustainable specialty polymers, is pleased to announce that it has signed a licence agreement with New Wave Global Services Inc. ("New Wave") of Mississauga, Ontario, Canada for a new proprietary non-phosphate automatic dishwasher ("ADW") detergent formula based on its Itaconix® CHT™ polymer. New Wave will use the formula to market and produce a new triple-chamber ADW detergent sachet for North American retailers in the private label market.


Itaconix's advanced detergent laboratory develops new product formulations for potential customers based on the unique properties and value of Itaconix's polymers. Under the arrangement with New Wave, Itaconix developed and licensed a proprietary formula for New Wave's exclusive use.  Itaconix will receive revenues from this formula through the sale of its polymer to produce the new detergent.”


Patisserie Holdings (LON:CAKE.) SUSPENDED


Announced that the Company has retained Nick Perrin as Interim Chief Financial Officer.


Nick is an experienced and successful Finance Director, most recently of AIM-quoted CVS plc, the leading integrated veterinary services provider in the UK, which saw revenues grow from £110m to £350m during his tenure.


Nick has been retained on an interim basis while the Board undertakes a process to appoint a permanent Chief Financial Officer. Mr Perrin is not a member of the Board.


Steve Francis, CEO, said:  "I am pleased to welcome Nick to Patisserie Holdings. He brings with him the necessary experience to help strengthen the team as the Company works tirelessly to put the events of the past months behind it and look forward to the future."


Versarien (LON:VRS) 122p £184.24m


The advanced materials engineering group, “is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with China Tiesiju Civil Engineering Group Co Ltd. ("CTCE"), a subsidiary of China Railway Group Limited ("CRG").


CRG is one of the world's largest construction and engineering contractors and is listed on the Shanghai and Hong Kong Stock Exchanges.  CTCE is specifically focused on railway, bridge, tunnel and highway infrastructure engineering and has over 23,000 employees.  It is active in China and overseas, including in Asia, Africa, Latin America and the Middle East.


The cooperation between the parties is intended to explore the applications for graphene specific to CTCE's needs and the options to jointly establish manufacturing capability in China for graphene enhanced products. “


 Enteq Upstream (LON:NTQ) 22p £13.8m


 The oilfield services technology and equipment supplier, announces the filing of a new UK patent application relating to a "real- time" azimuth and inclination measurement tool.


This patent filing is a result of the work done by Enteq's UK based development team that was set up by following the grant obtained from the Technology Strategy Board of Innovate UK, which was announced on 2 May 2017.


The intellectual property and related future product development will broaden the range of Enteq's oil and gas drilling products, as well as having applications in geothermal wells.


FIH Group (LON:FIH) 273p £33.99m


FIH “has exchanged contracts on the purchase of the freehold of a 2.5 acre industrial estate in Leyton, East London. The site consists solely of five warehouses operated by Momart, the Group's art handling subsidiary, and is located 5 miles north of London's Canary Wharf financial centre near the Queen Elizabeth Olympic Park.  


The freehold purchase effectively exchanges the Group's former leasehold interest and associated escalating property rents (currently of c.£0.8 million per annum) for the security of tenure offered by ownership of the land and specialist buildings located on the site.”


 The purchase price of the freehold (including stamp duty land tax) was £19.4 million.


"We are pleased to have acquired the Leyton property as this will result in significant savings of annual rent for the Group and removes the prospect of a continuing escalation in future operating costs.”


Joules Group (LON:JOUL) 226p £181.7m


 Joules, the premium British lifestyle brand, today provides a trading update covering the 26-week period to 25 November 2018, the first half of the Group's 2019 financial year (the 'Period' or 'first half').  Group revenue for the Period increased by 17.6% to £113.1 million (H1 FY18: £96.2m).  This result, in what has been a well-documented challenging period for the sector, reflects the strength of the Joules brand, the appeal of our products, the flexibility of the Group's 'total retail' model in the UK and the rapid growth of our international business, which now represents approximately 16% of Group revenue (H1 FY18: 11.3%).


UK trading expected to remain challenging. Contingency  plans in place for ‘hard Brexit’.


Bluebird Merchant (LON:BMV) 2p £4.2m


The Asian focused resource development group, is pleased to announce excellent results relating to initial metallurgical test work conducted on a composite ore sample from Kochang Mine.




The average grade of the composite sample is almost 5 g/t gold and 19 g/t silver, confirming the results obtained from the underground programme


A simple gravity circuit yields gold recoveries of up to 80% with silver recoveries of around 60%


·Additional test work is in progress  ·      Potential for a low-cost process is excellent.


“ This will certainly improve the economics of production following the reopening of the Kochang mine. “

Hybridan LLP Disclaimer

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document. This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, does not constitute  “independent investment research” for the purposes of the Financial Services Authority (FSA) rules. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, directors, officers  and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. In the UK, this document is directed at and is for distribution only to persons who (i) fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the FSA) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons.  For the purposes of clarity, this document is not intended for and should not be relied upon by persons who would be classified as Retail Clients (as defined by the rules of the FSA). Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions. Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.  Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.


© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use