Small Cap Breakfast
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AIM:
Total number of AIM Companies (Incl Susp):
956*
Total number of AIM Companies trading:
907*
*as at close of business 15 March 2018
Standard List** of Main Market:
Total number of Standard List Companies
(Incl Susp):
136*
Total number of Standard List Companies trading:
123*
*as at close of business 15 March 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
88*
Total number of NEX Growth Market Companies trading:
82*
*as at close of business 15 March 2018
Dish of the day
Trinity Capital has left AIM pursuant to a voluntary liquidation.
What’s cooking in the IPO kitchen?
NEX Exchange
Sativa Investments Due 29 Mar. Raising £1m at 1p. Mkt cap £4m. Investment Vehicle for investment opportunities and acquisitions in companies which are well-placed to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis.
AIM
Kore Potash— advanced stage mineral exploration and development company whose primary asset is its interest in the Sintoukola Project, a potash project located in the Republic of Congo. ) Measured, Indicated and Inferred Mineral Resource of 5,953Mt at an average grade of 22.0% KCl. Offer TBA. Due end March.
Perfomatrix PLC, a global end to end Performance Marketing technology and services company headquartered in the UK, is looking to join AIM in early April 2018, offer TBC
Crusader Resources, an ASX-listed public company incorporated in Australia, which is primarily focused on the exploration and development of gold assets in Brazil. Offer TBC, expected late March.
SimplyBiz, a Financial Services Firm, looking to join AIM raising £30m via placing and £34.6m via a sale of existing ordinary shares at 170p giving a market cap of £130m. Expected 4 April
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March
Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due 26 March
Main Market Specialist Funds
Life Settlement—closed-ended investment company whose principal activities will be to support and manage portfolios of whole and partial interests in life settlement policies issued by life insurance companies operating predominantly in the US. Due 6 Mar.
Main Market Premium Listing
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 12 April.
Broker and investment platform operator AJ Bell reported to be considering London float with a valuation at £50m.
Breakfast buffet
Clear Leisure (LON:CLP) 0.93p £3.66m
Placing of £300k at 0.7p from the investment company with a portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy.
The Placing, which was over-subscribed, is with certain existing and new investors. The funds raised will be used for working capital purposes, legal costs associated with debt recovery and to continue the development of the Company’s cryptocurrency strategy.
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.
Arix Bioscience (LON:ARIX) 218p £209.6m
Results of capital raise—circa £87m at 225p.
“Since the inception of Arix, just over 2 years ago, we have raised in excess of £250m to pursue our goal of accessing breakthroughs in life sciences and accelerating their development into important new medical treatments.
"We have built interests in 13 promising young businesses, to date, and see significant potential for value creation among them in the year ahead. We continue to evaluate other opportunities in high quality, science-based businesses and the financing announced today will enable us to embrace these for the benefit of our shareholders.”
cloudBuy (LON:CBUY) 4.8p £6.26m
FYDec17 results from the provider of cloud solutions to buyers and sellers. Revenue for the year was £1.5m a reduction of 12% on 2016. This reduction was as a result of the end of 2 contracts in Q4 2016 and the continuing reduction in Company Formations revenue. Operating loss excluding share based payments was £2.18m a reduction of 35% on 2016. Continuing cost initiatives are expected to result in a further reduction in administrative expenses in 2018. “Further investment of £1.7m from Roberto Sella in Dec 2017. This funding is anticipated to be sufficient to take the business to profitability based on forecast revenue from existing customers.”
“The main strategy for growth remains PHBChoices where we expect to see revenue in 2018 growing from the initial current level.”
Range Resources (RRL.L) 0.2p £13.29m
HY Dec17 results from the international exploration, development and production company, with interests in oil and gas projects in Trinidad and Indonesia, as well as oilfield services business in Trinidad. Financial performance has materially improved with a 77% reduction in loss before tax to $8.5m (prior year: $37.8m); Revenues increased by 39% to $5.4m (prior year: $3.9m), principally due to an increase in production;
Trinidad: The average production for the period of 605 bopd was 22% higher than comparable prior year; Increase in production is mainly attributed to the ongoing waterflood programme, selective development drilling and workovers; Independent Competent Persons Report published confirming net 2P reserves of 16 MMstb and net 2C contingent resources of 8 MMstb.
Indonesia: The Company has been building an experienced operating team, and undertaking initial geological and geophysical studies; Upcoming work programme and budget are being finalised; and Independent CPR published confirming net 2C contingent resources of 10.9 Bscf and 3.1 MMstb.
Osford BioDynamics (LON:OBD) 160p £144.3m
The biotechnology company focused on the discovery and development of epigenetic biomarkers based on regulatory genome architecture, for use within the pharmaceutical and biotechnology industry, has presented its latest EpiSwitch™ biomarker data in a plenary talk entitled: "Multi-Center Biomarker Development for Diagnosis and Prognosis of Amyotrophic Lateral Sclerosis", at the 6th World CNS Summit in Boston, MA, 20-22 February 2018. Amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig's disease, is a type of motor neuron disease.
OBD has demonstrated on the MIQE-compliant qPCR format of EpiSwitch™ that there are prognostic biomarkers that capture rates of development and stages of ALS. These results define actionable stratifications for individual patients on the basis of high resolution detection of chromosome conformations and regulatory genome 3D architecture. This is a “unique opportunity to make a highly valuable contribution to improved patient care, clinical decisions and evidence of efficacy in drug treatments."
Shield Therapeutics (LON:STX) 17.5p £20.37m
Update following detailed analyses of the data from the double-blind period of the AEGIS-CKD study, which it has presented to the FDA in a previously scheduled pre-NDA meeting. Following a review of all enrolled subjects who completed the initial 16-week placebo-controlled portion of the study, a small number of patients in both treatment arms were identified as experiencing pre-specified events that could have led to withdrawal but, as permitted in the study protocol, they remained. Further analyses of the data have been conducted using an amended statistical analysis plan that removed the confounding data. As a result of these revised analyses, patients treated with Feraccru demonstrated a statistically significant response (p=0.0149) in haemoglobin levels after 16 weeks of treatment compared to placebo (difference 0.52g/ dl (CI 0.102, 0.930. Whilst the Company believes there is a clear and robust rationale for the analyses of the dataset as outlined, there can be no certainty that the FDA will accept the approach taken.
Graphene NanoChem (LON:GRPH) 1.93p £3.89m
Pursuant to AIM Rule 1 the shares will delist on 19 March.
“The Company is pleased to report progress in advancing the Proposed Acquisition, including substantial work on the legal and financial due diligence. The Directors believe the Proposed Acquisition, if completed, would be transformational for the Company and its shareholders and will continue to work with their respective advisers to complete the necessary documentation to execute the Proposed Acquisition.
It is contemplated that upon completion of the Proposed Acquisition the Company will be undertaking an IPO, with a view to being admitted to trading on AIM in conjunction with the execution of a simultaneous fundraise, the proceeds of which are intended to be used to finance the development of the enlarged group going forward.”
Techfinancials (LON:TECH) 21.6p £15.67m
“TechFinancials is pleased to provide an update on significant progress at Cedex Holdings Ltd, a company in which it currently has a 2% interest and an option to acquire a further 90%, which would give TechFinancials up to 92% of CEDEX or 87.4% on a fully diluted basis. CEDEX is a blockchain-based on-line exchange for diamonds.
As scheduled, CEDEX will launch its token pre-sale event today, 16 March 2018 at 10.00am. CEDEX has set the sale price of the CEDEX coins at 1 Ether = 900 CEDEX coins.
The CEDEX management team has indicated that there is strong demand from potential participants in the event, which is expected to last up to 10 days.”
We could see no forecasts,
Conviviality LON:(CVR) 101.2p £185.48m
Further to the update announcement on 14 March 2018, the Company has been actively engaging with its stakeholders while it continues to work through its funding requirements:
Customers and suppliers remain supportive of the Company and are working closely and constructively with the Company at this time;
We have had constructive discussions with our lenders which are on-going;
The Company has engaged with HM Revenues and Customs ("HMRC") regarding the £30m payment due on the 29 March 2018. HMRC has been receptive to our needs and these discussions continue; and
The Company is engaging with its advisers and broker regarding the possibility of an equity fundraise to effect a recapitalisation of the business.
FYApr18E rev £1.7bn and PBT £46.1m. pEc.6x.
