Small Cap Breakfast
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AIM:
Total number of AIM Companies (Incl Susp):
936*
Total number of AIM Companies trading:
880*
*as at close of business 29 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 29 May 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
85*
Total number of NEX Growth Market Companies trading:
83*
*as at close of business 29 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
Maestrano Group, (AIM:MNO) a software company with operations in Australia (main country of operation), the UK, US and the UAE.
Cloud based automated management data system. Raising £6m at 15p. Mkt Cap £12m. FYJun17 rev £1.17m and £1.86m EBITDA loss..
Off the menu
No Leavers Today
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 £5m at 4p. Mkt cap £10.3m. Due 11 June.
Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer primary raise of £15m, secondary of £170m at 200p. Market cap of £280m. 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.
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)
Press reports that Abu Dhabi's VPS Healthcare which operates about 20 hospitals and over 125 medical centers across the Middle East, Europe and India, is considering a London IPO.
Breakfast Buffet
Derriston Capital (LON:DERR) 11.4p £2.85m
Agreement on the terms of a transaction to acquire S4 Capital Limited, a newly incorporated company that has recently completed a £51m equity fundraising.
The transaction with S4 Capital constitutes a reverse takeover under the Listing Rules and as a result the Company has requested a suspension of listing of its shares.
The conditional acquisition of S4 Capital, a newly incorporated company which has recently completed a £51m equity fund raise, of which Sir Martin Sorrell contributed £40m with the balance of the funds coming from institutional and other investors.
A new corporate strategy to build a multi-national communication services business, initially by acquisitions. Changing the name of the Company to S4 Capital plc.
Fishing Republic (LON:FISH) 10.75p £5.6m
FY Dec 17 results. Turnaround plans are in place after a disappointing year - supported by a £1.3m (gross) share placing in Jan 2018. Revenue grew by 57.8% to £9.153m- but was below management targets. Operating loss, before exceptional costs and provision for inventory write-down, was £0.960m . Expects “this year to be a period of transition as the new team implements and embeds further changes. While the current financial year has continued to feel the impact of very competitive market conditions, our focus remains on improving working capital efficiency and developing our online platform in terms of technology and service levels, with the benefits to come through in 2019 and beyond. “We could see no forecasts for 2018.
TMT Investments* (LON:TMT.L) $2.77 $80.7m
Portfolio company revaluations and first "unicorn" [Taxify] from the venture capital company investing in high-growth technology companies across a number of core specialist sectors.
These developments collectively have generated an estimated increase of approximately $12.82m in the Company's net asset value ("NAV"), equivalent to approximately 43.9 cents per share (before adjustments for the Company's ongoing operating expenses, bonus provisions, insignificant revaluations, potential future impairments, and similar items). This represents an uplift in the Company's NAV of 18.1% from the previously stated figure of $2.43 per share as at 31 Dec 2017.
Landore Resources (LON:LND) 1.6p £16.7m
Progress report on drilling on the BAM Gold Deposit on its Junior Lake Property, Ontario.
Landore has drilled every 100 metres from 1200E to 1900E in the 900 metre gap between the BAM East Gold Deposit and the original BAM Deposit. The drilling has intersected widespread gold mineralisation within a similar lithological package to the two deposits with multiple instances of visible gold (VG).
Results to date are highly promising, with wide near-surface intersections of up to 41.27 metres at 1.10g/t in drill hole 0417-628, and high grade gold including 24.90 grams per tonne gold (g/t Au) in drill-hole 0418-631.
EU Supply (LON:EUSP) 14.25p £10.2m
AGM Statement from the –e-procurement software provider. “"2017 saw the achievement of the Board`s target of EBIT profitability coupled with another substantial organic increase in revenue. The focus for 2018 is to continue to grow revenue on this strengthened base and to secure increasing European market share with a profitable future. I am pleased to report that in the first four months of 2018, unaudited revenues have grown at approximately 28% compared to the same period in 2017, and is in line with the Board's expectations.
As of 31 Dec 2017, 66% of revenues were of a recurring or repeated nature which, together with the Group's promising pipeline of opportunities, gives the Board confidence that strong revenue growth will continue for the rest of this year.” FYDec18E rev £5.4m and £0.1m PBT.
Time Out Group (LON:TMO) 86.25p £115
The global media and entertainment business, announced that it has entered into a management agreement with global real estate company Ivanhoé Cambridge to open a new Time Out Market in Montréal, Canada. This allows further global expansion of Time Out Market with no capital expenditure to the Group. Under its first management agreement, Time Out Market's partner Ivanhoé Cambridge will invest to provide a complete environment for Time Out Market to operate; the Group will receive a guaranteed management fee and a share of profit in return for operating Time Out Market Montréal with primary responsibility for branding, curation and day-to-day management.
The first Time Out Market opened in Lisbon in 2014 and is now the country's most popular attraction with a record 3.6 million visitors in 2017. Five new sites in the pipeline over the next 18 months.
TLA Worldwide (LON:TLA) 17.5p £25.1m
FYDec17 results from the athlete representation and sports marketing business. Revenue up 17.7% to $51.1m. Headline EBITDA of $4.6m vs loss of $0.4m. Net debt $16.5m.
In 2018 the fundamentals of the business remain sound and trading has started well, particularly in Sports Marketing Australia. In Baseball, TLA has a high-quality and maturing roster of clients. TLA's Sports Marketing division organised the Group's highest number of events in 2017 and TLA expects to continue to organise popular flagship events in American Football, Soccer, Rugby and other sports played in front of large audiences. As a result, the Board looks forward to the future with confidence.
FYDec18E rev $25.65m and PBT $3.9m.
Cerillion (LON:CER) 151p £44.5m
“The billing, charging and customer relationship management ("CRM") software solutions provider, is very pleased to announce that it was part of the winning team that secured the "Outstanding Catalyst Business Impact" Award at TM Forum's 2018 Catalyst Awards at Digital Transformation World 2018 in Nice, France. TM Forum is the telecommunication industry's association for service providers and their suppliers. Its twice yearly global Catalyst Awards seek to recognise those Catalyst teams which have demonstrated outstanding work in developing solutions to the challenges that the industry is facing. Over 100 member companies and hundreds of individuals participated in the 2018 Catalyst projects.” PE c.15x, yield c.3%.
Keras Resources (LON:KRS) 0.37p £8.5m
“Calidus Resources Limited, in which Keras currently holds an approximate 35.8% equity interest, has commenced its 2018 Resource Definition programme at its Warrawoona Gold Project, located in the Pilbara of Western Australia. The drilling programme is primarily targeting an increase in the existing gold resource base of 712Koz to in excess of 1Moz and will also include reconnaissance drilling to verify new targets that lie adjacent to the existing JORC resource. Calidus has also further increased its land holding in line with its strategy to consolidate its holding in the Pilbara goldfield.”