Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
940*
Total number of AIM Companies trading:
884*
*as at close of business 24 May 2018
Standard List** of Main Market:
Total number of Standard List Companies
(Incl Susp):
137*
Total number of Standard List Companies trading:
124*
*as at close of business 24 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 24 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
Gore Street Energy Storage Fund (Main Premium) - Raised £30.6m at £1 for the purposes of investment in a diversified portfolio of utility scale energy storage projects.
Off the menu
Escher Group has left Aim following a cash offer.
What’s cooking in the IPO kitchen?
NEX Exchange
Stratmin Global Resources RTO of Signature Gold a specialist Australian gold exploration company focused on the exploration and development of large-scale Intrusion Related Gold System. Offer TBA. Due 4 June. Will leave AIM under rule 41.
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. Cloud based automated management data system. Raising £6m at 15p. Mkt Cap £12m. Due 30 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 (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
Wheelsure HLDGS (AQSE:WHLP) 0.55p £1.1m
HYFeb18 results from the industrial engineering company. “Orders in this period have fallen below the comparable period last year due to budgetary constraints and administrative delays, particularly in the UK and Italy.
S
ales of £45,547 (6 months to 28 Feb 2017: £103,686), including royalty income of £1,140 (6 months to 28 Feb 2017: £9,293).
The reduction in turnover is, in the Board’s opinion, an issue of timing and that the Tracksure strategy can deliver positive results in those territories listed below, however, delays in sales look inevitable. As previously reported our customer base and contacts in these countries remains strong and this will facilitate further business.” Cash £119k.
Draper Esprit (LON:GROW) 450p £322.25m
Proposed £115m fundraising at 420p by the venture capital firm involved in the creation, funding and development of high-growth digital technology businesses across Europe. Final results published today show NAV up from 370p to 431p.
Ergomed (LON:ERGO) 229p £102.6m
The Company focused on providing specialised services to the pharmaceutical industry, announced the addition of specialist pharmacoepidemiology services to PrimeVigilance's offering and the appointment of Dr Michael Forstner as Head of Risk Management and Pharmacoepidemiology. The ongoing contracts of Mesama Consulting, a Swiss-based consultancy most recently owned and managed by Dr Forstner, will be assigned to PrimeVigilance. Dr Forstner is an expert in pharmacovigilance with significant experience in the planning, development, implementation and evaluation of risk management strategies, including post-authorisation studies, supporting the safe use of medicinal products. FYDec18E rev £53.9m, PBT £4.2m.
Echo Energy (LON:ECHO) 12.27p £49.54m
The South and Central American focused upstream gas company, has conditionally raised £8.5m at 12p.
Following the early successes of the Argentinian work programme and the attractive domestic contractor rates available to the Company at the current time, the net proceeds of the Placing will be applied towards the Company's proposed increased short term commitments in relation to the Full Tapi Aike Seismic Programme and towards the Company's general working capital requirements.
EU Supply (LON:EUSP) 13.75p £9.31m
The e-procurement software provider has raised £0.6m at 15p. The Issue Price represents a premium to approximately 9.1% to the closing price of 13.75 pence per share on 24 May 2018.
The net proceeds of the Placing and Subscription will be used primarily to invest in the development of certain micro-procurement features within the Group's CTMTM platform to better address needs within the Company's client base and target markets and for working capital purposes.
The Board believes there is a demand from new and existing customers for additional capabilities within the Group's CTMTM platform (e.g. Central Purchasing Body support) when addressing low value and short-term procurement needs, such as the recruitment of agency staff. 2019e PE of c.19x
Helios Underwriting (LON:HUW) 115p £17.37m
FYDec17 results.
Gross premium written during the period totalled £34.7m (2016: £31.3m)
(Loss)/profit before impairment, goodwill and tax for the year of £(406,000) (2016: £1,334,000)
(Loss)/earnings per share of (4.75)p (2016: 6.22p)
Helios retained capacity for 2018 open underwriting year £12.3m (2017: £10.6m). Recommended total dividend for this year of 1.5p per share (2016: 5.5p per share). Adjusted NAV per share £1.60 per share (2016: £1.96 per share). Record insured losses for natural catastrophes of $144bn in 2017. Helios gross loss for the 2017 underwriting year of £5.8m reduced by reinsurance protection to £1.9m. Board to seek authority to buy back shares at this year's annual general meeting. Given the existence of a concert party, a "whitewash" resolutions will also be sought at the AGM.
Nakama Group (LON:NAK) 0.95p £1.12m
Board Changes. John Higham, NED has stepped down. Patrick Meehan, ACCA, joined as interim finance director on a part-time basis. The appointment is a non-Board position. Patrick Meehan is the FD of Sheffield Haworth and his services will be supplied to Nakama by Sheffield Haworth pursuant to a secondment agreement.
Further to the announcement on 9 April 2018, the Company can confirm that all payment plan obligations to the Australian Tax Office are being paid as they fall due. The Board continues to closely monitor the Group's working capital obligations. Nakama continues to benefit from its relationship with Sheffield Haworth, which has resulted in Nakama gaining access to opportunities previously unavailable to it. So far, the association with Sheffield Haworth has brought: new client wins in both Singapore and Hong Kong; and new preferred supplier agreements being signed in the UK.
Haydale Graphene Technologies (LON:HAYD) 101.5p £27.7m
New market opportunities for HCT, the Group's US based producer of proprietary Silicon Carbide ('SiC') micro-fibre. A global leader in pipe coatings has continued to purchase monthly quantities of SiC micro-fibres from HCT which, at the end of April 2018, amounted to sales in excess of US$200k for the six months previous. HCT understands that the global customer is incorporating HCT's SiC into their epoxy-based coatings in order to improve the scratch, wear and corrosion resistance of ferrous structures, an important industry wide issue. In addition, HCT has been developing opportunities within the ceramic matrix composites market where HCT's SiC micro fibre is currently undergoing evaluation with a multi-national oil and gas major. June 2018 is a significant sales month for HCT and its SiC micro-fibre with contracted sales of circa US$0.9 million due for delivery.
Hydrogen Group (LON:HYDG) 35p £11.7m
AGM Statement from the global specialist recruitment group. "2017 was a significant year for the Group with the acquisition of Argyll Scott in June and its operational integration is substantially complete. We also launched a Minority Interest Share Scheme to align the goals of leaders to support the profitable growth of niche business within the Group and I am pleased to report that the business has been highly energised by its introduction.
The Group's performance in the year to date has been encouraging giving management confidence in achieving current market expectations for 2018 and I look forward to providing a further trading update in July."
FYDec18E rev £136.8m and PBT £1.39m. PE 7 to 8x.
Midatech Pharma (LON:MTPH) 30p £18.3m
“The international specialty pharmaceutical company focused on developing and commercialising products in oncology and immunotherapy, today announces that dosing has commenced in the Company's first-in-human study with MTX110 for the treatment of diffuse intrinsic pontine glioma ("DIPG"), a highly aggressive form of childhood brain cancer.
The study is a combined Phase I and II study in approximately 40 patients to be conducted at specialist centres at the University of California, San Francisco and the Memorial Sloan Kettering Cancer Center in New York. The Phase I safety component of the study is expected to read out in the second half of 2019 and the Phase II efficacy component is expected to read out in 2020. Following this, and pending positive study results, the Company may attempt to secure expedited regulatory approval for MTX110.”