Small Cap Brunch
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AIM:
Total number of AIM Companies (Incl Susp):
937*
Total number of AIM Companies trading:
866*
*as at close of business 10 July 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 10 July 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
87*
Total number of NEX Growth Market Companies trading:
84*
*as at close of business 10 July 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
Hipgnosis Songs Fund (LON:SONG) Main mkt spec funds — offering pure-play exposure to Songs and associated musical intellectual property rights. £202m raise at £1
Off the menu
No Leavers Today
What’s cooking in the IPO kitchen?
AIM
Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July
Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July.
Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
Immotion Group - aims to become the market leader in "out of home" Immersive Entertainment Experiences. Offer TBA. Due 12 July
Main Market (Premium)
ASA International— “one of the world's largest and most profitable international microfinance institutions, which aims to enhance financial inclusion among low-income populations throughout Asia and Africa in a socially responsible manner”. Secondary sell down. No primary. Due July. Offer TBA
Brunch Buffet
Conroy Gold & Natural resources (LON:CGNR) 13.25p £2.86m
“Significant gold intersections from the seventh and eighth drill holes completed in the current (2018) drilling programme on the Company’s 100% owned Clontibret gold deposit.
Significant Gold Intercepts and Grades:
4.0m @ 7.4 g/t Au (including 1.0m @ 24.4 g/t Au)
7.5m @ 2.2 g/t Au (including 1.1m @ 11.9 g/ t Au)
2.0m @ 5.3 g/t Au
3.0m @ 2.2 g/t Au
These results relating to new drill holes 7 and 8, totalling 402.7m, intersected 10 and 6 gold lodes respectively, with high grade gold and wide intersections.”
“Once again the new drill results confirm further high gold grades with wide intersections. We look forward to providing further updates in the near future.”
Orchard Funding (LON:ORCH) 99p £21.14m
“The finance company which specialises in insurance premium finance and the professions funding market, is pleased to announce that it has submitted an application for a bank licence to the Prudential Regulatory Authority and the Financial Conduct Authority.
The Company also announces the appointment of Mr Rajiv Agarwal as Director of Legal and Compliance as well as the appointment of Mr Harsukh Soni, who will be appointed as Chief Financial Officer upon the Application being approved and subject to receiving regulatory approval .”
Mr Soni spent over 7 years as Finance Manager of Sun Bank and nearly 20 years' in senior financial positions at Santander. Mr Soni spent over 7 years as Finance Manager of Sun Bank and nearly 20 years' in senior financial positions at Santander.
We could see no forecasts.
Alpha FX Group (LON:AFX) 540p £176m
Trading update for the six month period ended 30 June 2018 from the founder led, UK-based foreign exchange service provider,
“The Board is pleased to report that revenue for the period is expected to be approximately £9.6m, representing an increase of over 50% on the corresponding period last year. This performance has been derived from strong growth in our core UK corporate market supplemented by increasing traction in both Europe (with employees based from our London office) and the institutional division which launched in March. The period has seen increased investment across our business, including a number of key hires made in both the corporate and institutional divisions, to support the continuing growth of the business. Based on the performance in the period and the outlook for the second half, the Board remains confident that earnings for the full year will be in line with expectations.”
FY2018E revs of £17m and EBITDA of £8.43m
Swallowfield (LON:SWL) 277.5p £53.9m
The specialist “in the development, formulation and supply of personal care and beauty products, including its own portfolio of brands, provides a trading update for the 53 weeks to 30 June 2018. “Overall the Group has traded broadly in line with expectations for the full year. We expect Group revenues to be similar to those reported in the prior year, driven by a strong double-digit growth in our Brands business and single digit decline in our Contract Manufacturing business. We expect Group pre-tax profit for the full year to be significantly ahead of that reported last year, driven by the strong performance of our Brands business and reflecting a reduction in LTIP charges, with underlying operating profit marginally behind last year.
FY2018E revs of £76.3m and EBITDA of £6.85m
Crusader Resources (LON:CAS) 1.6p £7.9m
Update on the Installation Licence for the Borborema Gold Project.
In parallel with the ongoing work associated with the bankable feasibility study on Borborema, Crusader has now commenced the application process for the full Installation Licence required for mine construction as it approaches the decision to mine on completion of the BFS. This is the only major outstanding permit required to commence mine construction at Borborema.
In the period since admission to AIM, Crusader has completed several measures to improve overall cost efficiencies. These steps included a number of retrenchments at the Juruena Gold Project. In addition, management has proactively scaled back the Company's Brazilian office in Belo Horizonte to essential personnel, as well as moving the Australian corporate branch to a smaller office in Perth.
Target Healthcare (LON:THRL) 113.5p £385m
The UK's listed specialist investor in modern, purpose-built care homes, announces that it has completed the acquisition of two properties for a total value of £13.9m.
The Group acquired the freehold of Cantley Grange, a modern purpose-built care home in Doncaster, South Yorkshire. The 40-bed home, which opened in 2007, has full en suite wetroom facilities and is operated by Orchard Care Homes. The home is let on a 35-year full repairing and insuring lease, with 24 years left to run and is subject to annual RPI-linked rent increases subject to a cap and collar. The Group has also acquired a development site and entered into a forward funding agreement in Burscough, Lancashire, just outside Ormskirk. The site has planning consent for an 80-bed care home.
FY2018E revs of £28.3m and Net Income of £21.5m
AfriAg Global (AQSE:AFRI) 0.13p £1.9m
The global food and logistics investment group, provides an update on its intention to seek shareholder approval to expand its investment strategy to include investments in the developing markets for medicinal cannabis derivatives, or related products.
"The legalised global cannabis industry is a fast-growing sector with many international governments now legalising the use of cannabis products for medical use. Since our last announcement on this matter, the Company has engaged experienced UK legal counsel as part of the process of gaining approvals from our regulators to actively engage in this very exciting sector and we now in active discussions with leading global experts in the medical cannabis field to join our advisory board."
Allied Minds (LON:ALM) 98.5p £234m
“Allied Minds subsidiary, Precision Biopsy, today announces the appointment of Adam Savakus as COO.
This appointment represents an important investment in Precision Biopsy's regulatory and clinical expertise at a key juncture in its development as its lead diagnostic product, ClariCoreTM, enters a pivotal Cohort B study.
Adam is an accomplished medical device executive with direct experience driving successful operational, regulatory and marketing outcomes. Most recently as Executive Vice President at Relievant MedSystems, he was responsible for clinical and regulatory strategy design and execution for the Intracept device targeted at relief of chronic lower back pain.”
Air Partner (LON:AIR) 111p £58.09m
AGM Statement "In our full year results, published on 11 June, we reported that the new financial year had started with a particularly strong performance in Freight and the USA, a flat performance in Commercial Jets, and a slow start for Private Jets UK. Additionally, our more pipeline orientated businesses in Consulting & Training and Remarketing have encouraging order books, which we expect to develop further during the year ahead. I am pleased to report that since that announcement we have seen increased strength in Commercial Jets. We remain confident about the Group's prospects for the remainder of the year. We have a strong net cash position and while we will incur a material one-off cost of £1.3m in the current year as a result of the recent accounting review, we are determined to realise value from that unexpected cost by learning from its findings“. FY2019E revs of £50.3m and EBITDA of £7.22m