Small Cap Breakfast
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AIM:
Total number of AIM Companies (Incl Susp):
940*
Total number of AIM Companies trading:
884*
*as at close of business 18 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 18 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 18 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
Team17 Group (AIM:TM17) -video games label and creative partner for independent developers. 2017 revenues of £29.6m and Adjusted EBITDA of £12.9m. Raising £45.1m primary and £62.5m secondary at 165p. Mkt Cap £216.6m.
Off the menu
Mytrah Energy has left AIM following a cash offer.
What’s cooking in the IPO kitchen?
AIM
Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June.
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, 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
Main Market (Standard Listing)
Predator Oil & Gas Hldgs—focused on developing Enhanced Oil Recovery onshore Trinidad using carbon dioxide injection and exploration and appraisal offshore Ireland . Raising £1.3m at 2.8p. Mkt cap £2.8m.
Main Market (Premium)
Utilico Global Income— new actively managed income investment trust raising up to £100 million . Due 22 June.
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.
Breakfast Buffet
Atlantis Resources (LON:ARL) 42p £52.9m
Atlantis Resources Limited has conditionally agreed to acquire SIMEC Uskmouth Power Limited from SIMEC UK Energy Holdings Limited.
The proposed acquisition constitutes a reverse take-over under Rule 14 of the AIM Rules.
SUP is the owner of the 393MW Uskmouth power station in Newport, South Wales. It is proposed that, following the Acquisition, 220MW of capacity at the power station will be converted by the Company to use a waste derived energy pellet as the fuel source for power generation.
Forecasts (FY17) show revs of £3.64 and EBITDA of -£4.97m.
Physiomics* (LON:PYC) 4.65p £3.56m
£525k placing at 4p from the provider of technology-based solutions to predict the effects of cancer treatment regimens for the biopharma industry,
Dr Jim Millen, CEO said: "We are delighted by the continuing support of current shareholders and the addition of new institutional investors to the register. The placing price of 4p per share reflects a 60% premium to the price at which the Company last raised money in September 2016 (and a discount of 35% to the closing share price on the 22nd May 2018), which is reflective of the strong commercial traction the company has enjoyed this financial year including the signing of contracts with three large global pharmaceutical companies. The directors believe this fundraising will provide a solid platform to support the growth of our business and the expansion of our client base".
Sandal (AQSE:SAND) 28p £4.4m
“The designer, developer and manufacturer of electronic products, is pleased to announce that Energenie MiHome is launching a new range of light switches comprising a dimmer and 2-gang light switch and slave, which together with its wall power sockets, thermostat and radiator valves makes Energenie MiHome the only system that currently covers the complete Smart Home IoT lighting, power and heating requirements of homes and small businesses in the UK. “
Sativa Investments (AQSE:SATI) 2.875p £11.6m
“Sativa Investments, the UK's first medicinal cannabis investment vehicle, has subscribed to, through a private placement which may or may not precede an IPO, 400,000 shares at C$0.5 per share, at a cost of C$0.2m cash, in Toronto-based Pharma-Tech company, Rapid Dose Therapeutics Inc.
RDT has its own patent-pending proprietary QuickStrip(TM) technology, a fast-dissolving strip that is placed on or under the tongue, or inside the cheek, then enters directly in to the recipient's system, mimicking an injection path. Pharmaceuticals, emulsified oils and over-the-counter medicines are used in RDT's proprietary RDMx mixture technology, which is sold across North America.”
Aura Energy (LON:AURA) 1.58p £10.56m
The results from its Häggån Battery Metals Project in Sweden orebody modelling study have defined a significant high-grade Vanadium zone close to surface and resulted in a new overall resource estimate. The orebody modelling, which confirmed the Global Resource of 15.1 Billion lbs V2O5, was also designed to review the potential for higher grade vanadium zones in the Häggån deposit at a range of cut-off grades. JORC Compliant. Importantly, the modelling work defined a new significant high grade near-surface Vanadium zone of 90 million tonnes at 0.42% V2O5 at a 4000ppm cut-off. “The discovery that a large high-grade vanadium zone exists close to surface in the Häggån deposit provides a significant boost to the economics of this Battery Metals project. Clearly, this newly defined high-grade zone provides an excellent location to start an open pit which will result in the rare event of mining the best ore grades from the very start of the project”.
Norish PLC (LON:NSH) 80p £22.55m
"2017 was a year of considerable progress for the Company. At the time of the publication of full year results, in March 2018, I said that I anticipated another year of strong profit growth in 2018. I am happy to report that, after four months of trading, this remains the case.
In the first four months of 2018, our Cold Store division (comprising by far the largest percentage of our capital employed) has seen profits increase by 30% compared with the same period last year.
Our Sourcing division is trading in line with expectations and our Dairy division continues to make progress both operationally and strategically. Our Dairy division is very well placed to grow profits and returns in the years ahead."
Could see no forecasts
Frontier (LON:FST) 88.5p £60.59m
Frontier, a pioneer in technologies for Digital Radio and Smart Audio devices, announced a trading update for the period from 1 Jan 2018 to 30 April 2018 and the outlook for the current financial year ending 31 Dec 2018 ('FY-2018').
Challenging trading conditions in Q2-2018 are likely to have an adverse impact on the Group's FY-2018 trading performance. Consequently, the Board is revising its guidance for FY-2018. The Board now expects full year sales of approximately $47.7m (£34.9m) and EBITDA of c. $1m (£0.8m).
Given the usual seasonality of the business, the Group expects to report an EBITDA loss in H1-2018 of approximately $2.1m (£1.5m), followed by a stronger performance in H2-2018 when EBITDA is expected to be approximately $3.1m (£2.3m).
Could see no forecasts
Scancell Holdings (LON:SCLP) 14.75p £47.63m
Scancell Holdings Plc, the developer of novel immunotherapies for the treatment of cancer, confirms that following its announcement on 9 Feb 2018, the European Patent Office will grant a European Patent for the Company's Moditope® immunotherapy platform with effect from 13 June 2018.
The patent will provide broad protection for the Company's pipeline of Moditope® vaccines, including any citrullinated epitopes for the treatment of cancer, in all major European territories including: Austria, Belgium, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Sweden and Turkey. Counterparts to this patent have been filed in Australia, Brazil, Canada, China, Hong Kong, Japan, South Korea, South Africa and the US.
Could see no forecasts
MediaZest* (LON:MDZ) 0.16p £2.17m
FYMAr18 trading update. As announced at the time of the Interim results on 15 Dec 2017, the Group expected to show a positive EBITDA at Group level for the first time in respect of the year ended 31 March 2018, subject to the closing of three large deals. All three of those deals have been successfully closed, however project delays outside of the control of the Group have meant that the majority of the resulting profit will now fall into the current financial year ended 31 March 2019. The amount in question is approximately £0.2m worth of net profit. As a consequence the Board expects full year results to 31 March 2018 to show revenues in line with the prior year but profitability marginally behind. The Board expects considerable year on year improvement in the results for the 6 months to 30 Sept 2018.
Empyrean Energy (LON:EME) 10.75p £50.67m
Empyrean Energy, the oil and gas development company with interests in China, Indonesia and the United States, announced that it has been informed by Sacgasco Limited, the operator of the Dempsey 1-15 well in the Sacramento Basin, onshore California, that Dempsey will very shortly produce into the sales gas pipeline at an anticipated rate of 1,200 mcf per day from Field Level Kione Sandstone and the combined Zones 2, 3 and 4. Consequently, Dempsey will very shortly be generating cash flow for the Dempsey JV partners. Empyrean has a 30% working interest in the Dempsey Gas Project.
Zone 4 was perforated and tested with gas flow co-mingled with production from Zones 2 and 3 at a combined rate of 175 mcf / day on a 12/64" choke with associated minor water. The gas contribution from Zone 4 is interpreted to be minimal. The field and older zones in the well will now be produced and monitored in separate streams (via a dual completion) at the surface to enable reservoir assessment as the basis for further development activities in these levels.