Small Cap Breakfast
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AIM:
Total number of AIM Companies (Incl Susp):
939*
Total number of AIM Companies trading:
883*
*as at close of business 9 May 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 9 May 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
86*
Total number of NEX Growth Market Companies trading:
84*
*as at close of business 9 May 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
Serinus Energy (AIM:SENX) -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m at 15p. Mkt cap £32.6m
Off the menu
No Leavers Today
What’s cooking in the IPO kitchen?
AIM
Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June.
Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine ("South Crofty"), a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.
Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May.
Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May
Team17 Group -video games label and creative partner for independent developers. 2017 revenues of £29.6m and Adjusted EBITDA of £12.9m. Raising £107.5m at 165p. Mkt Cap £217m. Includes vendor sale of £59.4m.
Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m at 15p. Due 18 May. Mkt cap £32.6m
On the horizon (speculative and rumoured IPOs)
GEMS Education- Press report s that the Dubai-based education provider may announce plans as early as this week to list in London, rebuffing interest from a private equity firm for a stake in the school operator backed by Blackstone Group LP.
Vannin Capital—Press reports that litigation funder Vannin Capital is working on plans to float on the London Stock Exchange later in 2018 with an expected valuation of well over £500m.
Breakfast Buffet
Hikma Pharma (LON:HIK) 1375p £3.3bn
AGM Statement from the multinational pharmaceutical group. "The year is off to an encouraging start. In the first four months, our Injectables, Generics and Branded businesses are benefitting from our broad product portfolio and recent product launches. Our efforts to reduce costs across the Group are on track and we continue to focus on enhancing and investing in our pipeline. Our cash position remains very healthy and our balance sheet is strong. Altogether, these factors reinforce our positive outlook for the Group and enable us to reiterate our guidance for the full year."
“Injectables revenue to be in the range of $750 million to $800 million and core Injectables operating margin to return to more normalised levels in the low to mid 30s.” “expectations for Generics revenues in 2018 in the range of $550 million to $600 million and core Generics operating margin in the low-single digits.” Branded revenue growth for the full year to be in the mid-single digits in constant currency . Fwd PE c.18x.
Tri-Star Resources (LON:TSTR) 0.05p £30.3m
“Tri-Star announces that Strategic & Precious Metals Processing LLC (“SPMP”) has appointed Mr. Steven Din as Chief Executive Officer, with effect from 1st August 2018. The Company has a 40% equity interest in SPMP which is constructing an antimony and gold processing facility in Oman.
Steven is currently Chief Executive Officer of Konkola Copper Mines plc (79% Vedanta Resources plc owned) which operates the flagship Konkola underground mine and associated processing facilities in the Zambian Copperbelt. Prior to this, he has worked in senior leadership positions at mining and metallurgical facilities across Africa, primarily with Rio Tinto plc.
Steven will lead SPMP’s new antimony/gold plant in Sohar, Oman which is now coming into production.”
Hunters Property (LON:HUNT) 54p £17.2m
AGM Statement from ne of the UK's largest franchised sales and lettings agency businesses. "So far this year we have signed nine new Hunters branches and have opened three. The Group has a strong pipeline of agreed sales and has increased instructions in the four months to the end of April. Excluding the effect of the acquisition of our Bristol chain, formerly known as Besley Hill, instructions are up by 5.4% against the same period last year, which should lay the ground for a comparatively strong second half performance.
The first half year is expected to end slightly better than the Board anticipated giving us confidence in the full year outcome for the Group. The government has put forward proposals to regulate the industry and to ban certain tenant fees. Given our strong sales profile our exposure is expected to be less significant than other lettings only based participants.”
We could see no forecasts,
Volga Gas (LON:VGAS) 51p £41.24m
“The oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to announce that production of liquid petroleum gases ("LPG") has commenced at its Dobrinskoye gas processing plant.
Following a period of commissioning and testing conducted during April, the first commercial load of LPG was transported from the gas processing plant on 17 May 2018.
By mid-June 2018, the plant is expected to reach full operational capacity at which point LPG production is planned to be at a rate of 50 tonnes per day, equivalent to approximately 400 barrels of oil per day.”
We could see no forecasts,
Union Jack Oil (LON:UJO) 0.11p £6.65m
UJO “welcomes the Government's support and commitment to our industry as laid out in the Written Ministerial Statement ("WMS") from the Department of Business, Energy and Industrial Strategy and the Department for Housing, Communities and Local Government today.
The statement itself constitutes a material consideration in planning decisions and reiterates that shale gas development is of national importance. The government will publish revised planning practice guidance on shale development in the Summer alongside the launch of a consultation that will consider allowing exploration wells to be drilled under permitted development (i.e. without the requirement of a planning application) and consult on the inclusion of shale production projects into the Nationally Significant Infrastructure Projects regime.”
Echo Energy (LON:ECHO) 14.9p £60.16m
The Latin American focused upstream oil and gas company, is pleased to announce the successful completion of drilling of the ELM-1004 exploration well at the Company's Fracción C asset, onshore Argentina and a gas discovery for the first well in its four well exploration campaign.
Pre-drill resources for the ELM-1004 well were calculated on the basis of net pay of 7-11-15m (P90-P50-P10). The determination of net pay from wireline log analysis with the complex mineralogy of the volcanic reservoir is, as normal in the basin, complicated, however initial interpretation computes around 14.5m of net pay within the section, that being towards the upper end of the range and encouraging from a volumetric and value perspective.
Mkango Resources (LON:MKS) 8.38p £9.1m
Mkango and Talaxis Ltd, have signed the definitive agreements in relation to the transaction announced on November 16, 2017, whereby Talaxis will acquire up to a 75% interest in Lancaster Exploration Ltd, the holder of the licence for the Songwe Hill Rare Earths Project in Malawi, and up to 49% of Maginito Ltd:
In January 2018, Talaxis invested £5m (C$8.8 m) in return for a 20% interest in Lancaster. Mkango will shortly commence a major drilling programme at Songwe and is targeting the completion of an updated Mineral Resource Estimate by the end of 2018.
On Mkango publishing an NI 43-101 technical report in relation to the updated Mineral Resource Estimate, Talaxis will invest an additional £7m to fund the completion of a feasibility study for a further 29% interest, increasing its total interest in Lancaster to 49%.
Rockhopper Exploration (LON:RKH) 38.05p £174m
AGM Statement. “"Over the course of 2017, Rockhopper has continued to balance the progression of its world-class Sea Lion project in the North Falkland Basin with building a material production base in the Greater Mediterranean, and with an ongoing focus on cost control.
"2018 has the potential to be transformational with all efforts focused on securing the funding required to sanction the Sea Lion project and move into the development phase. "The selection of the main contractors for the project, and finalising letters of intent to underpin the contractual arrangements and the provision of vendor funding for $400 million, is near completion.” “A pathfinder bank will be appointed imminently to assist with the arrangement of senior debt facilities for the project.”
Goldstone Resources (LON:GRL) 1.85p £4.62m
The extension for the prospecting licences in respect of the Homase-Akrokeri project in Ghana has been received.
The Company's wholly owned subsidiary GoldStone Akrokeri Limited ("GAL"), has been notified of the renewal of GAL's prospecting licence, PL6/87, in the Ashanti Region of Ghana for an extended period through to April 2020. This licence incorporates the Akrokerri project, in which the Company has a 100% interest.
The Company has been notified by Cherry Hill Mining Company Limited, that its prospecting licence, RL6/96, has also been extended until April 2020. This licence incorporates the Homase project, in which the Company has a 90% interest.
Andrews Sykes Group (LON:ASY) 525p £221m
FYDec17E results from the specialist hire company for air conditioning, heating, pumps, chillers and boilers. Revenue £71.3m, an increase of 9%. This increase had a more than proportionate impact on operating profit which increased by 11.2%, to £17.6m. This increase, which follows a 19.7% increase last year, reflects strong and improved performances from both hire and sales businesses in the UK and Europe and a strong and stable performance from the business in the Middle East. Facea both challenges and opportunities in all markets but the business remains strong, cash generative and well developed, with positive net funds. The Board is therefore cautiously optimistic for further success in 2018, whilst mindful of the favourable or adverse