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AIM:
Total number of AIM Companies (Incl Susp):
938*
Total number of AIM Companies trading:
868*
*as at close of business 17 July 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 17 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 17 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
No Joiner Today
Off the menu
Hogg Robinson has left the Main Market (premium) following a takeover by American Express
What’s cooking in the IPO kitchen?
NEX Exchange Growth Market
Veni Vidi Vici. Investment Vehicle to identify investment opportunities and acquisitions in companies in the Precious Metals and Base Metals sectors. Raising £490k at 50p. Market cap £0.8m. Due 8 August.
AIM
CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A which constitutes a RTO. Raising £24m at 52p, combined market cap of £88.7m
Trackwise—established business that manufactures specialist products using printed circuit technology. Offer TBA. Due Late July
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
Main Market (Standard)
Danakali—potash company focused on the development of the Colluli Potash Project in Eritrea. Currently on ASX, Mkt cap c.£108m. Due 24 July
Main Market (Premium)
Grit Real Estate Income Group pan-African income real estate company focused on real estate investment assets in pre-selected African countries . Looking to raise net proceeds of at least $120m. To be priced at EPRA NAV of $1.43/share. Due 31 July.
Breakfast Buffet
Record (LON:REC) 41.75p £85.5m
Q1 update from the specialist currency manager. Assets under management equivalents as at 30th June 2018 totalled $61.9bn (31st March 2018: $62.2bn). Net client inflow of $0.6bn offset by market and FX movements. “Record earned performance fees of £1m during the quarter.” "The Group continues to focus on enhancing its products and on building a more diverse portfolio both in terms of clients and in the mix of revenue streams.” “The announcement of Record's first performance fees since March 2016 reinforces the progress made in product enhancement and diversification, and upon which we hope to build going forward. With our diversified product suite and our ability to offer tailored solutions to clients and potential clients, we are confident that further progress can be made in the current financial year." FYMar19E rev £23.1m. PBT £6.2m. Yield c. 5.7%.
Midwich (LON:MIDW) 662.5p £515m
HYJun18 trading update from the specialist audio visual and document solutions distributor to the trade market. “The Group has traded well in the first half, with good top line growth delivered across all of its geographies on a constant currency basis. Overall gross margins have improved, helped by the contribution of the three businesses acquired in 2017.
Cash generation in the first half has been slightly behind the Board's expectations, due to an investment in working capital later in the period. The Board continues to expect cash generation for the current year as a whole to be in line with the Group's long term average performance. As a result of this encouraging first half performance, and current positive sales momentum, the Board now anticipates that the Group's performance for the current full year will be ahead of its previous expectations.” FY Mar18E £556m and PBT £21.7m.
Personal Group (LON:PGH) 466p £144m
“Personal Group, a leading provider of employee services in the UK, is pleased to provide the following update on trading for the six months ended 30 June 2018.
The Company had a good start to the year, with trading in line with management's expectations and ahead of last year's performance in all three business segments. The core insurance business continued to perform well, while PG Let's Connect, the Company's salary sacrifice business, also had an encouraging start to the year. The Company's SaaS business also performed as expected, with an increase in revenues compared to last year.” Good new client momentum and progress in partnership/product development with Sage. The Board remains confident in its outlook for the full year.”
FYDec18E rev £59.1m and PBT £10m. Yield c.5%.
Bango (LON:BGO) 162p £114m
HYJun18 update. End User Spend (EUS) continues its four-year growth trend of at least doubling every twelve months. The total EUS for 1h2018 was £220m compared with £92m in 1h2017, and £271m for all of 2017. As in previous years, EUS in the second half of the year is expected to be significantly higher than in the first.
“End User Spend (EUS) continues its four-year growth trend of at least doubling every twelve months. The total EUS for 1h2018 was £220m compared with £92m in 1h2017, and £271m for all of 2017. As in previous years, EUS in the second half of the year is expected to be significantly higher than in the first.” New launches in multiple regions. “Bango is fully funded to reach Group profitability. Cash on 30 June 2018 was £5.8m compared with £4.8m on 31 December 2017. “ FYDec18E rev £9.3m and op profit of £0.9m rising to £13.8m and £5.3m for FY19E respectively.
Versarien (LON:VRS) 129.5p £195m
“The Company announced that it has been selected to be The Graphene Council's launch client for their 'Verified Graphene Producer' programme, which will independently verify that the Company's Nanene graphene nano platelets meet their demanding standards.”
“The Company is pleased to announce the appointments of Dr Denis Koltsov and Dr Martin Kemp to strengthen its graphene technology team, with a particular focus on quality assurance. Both Dr Kemp and Dr Kolsov are at the forefront of developing the international standards that will define graphene and other nanomaterials.”
PureTech (LON:PRTC) 136p £531m
“PureTech Health Announces Collaboration with Roche to Advance Technology for Oral Administration of Antisense Oligonucleotides”.
“To receive up to $36m in upfront payments, research support, and early preclinical milestones and is eligible to potentially receive over $1 billion in development milestones.”
PureTech's milk exosome-based technology is uniquely designed to facilitate the oral administration of complex payloads such as nucleic acids, peptides, and small molecules. These exosomes are believed to traffic via lymphatic circulation and could potentially enable the targeting of immune cells in novel ways.”
Venture Life Group (LON:VLG) 41.5p £15.3m
Proposed placing, to raise up to £18.75m (before expenses) at 40p.
Proposed acquisition of the Dentyl Dual action mouthwash and BB Mints Business for £4.2m payable in cash.
Dentyl generated £2.8m of revenues in FYDec17 although sales have been declining. “The Directors believe that this decline in sales presents a significant opportunity for the Group and that the Company can capitalise on the operating leverage available within the VLG businesses to improve future long term revenues and profitability.”
The Acquisition is expected to be earnings enhancing in the first full financial year following completion; and
Significant strengthening of the balance sheet with additional cash and repayment of Convertible Bonds and Biokosmes Vendor Loan Notes.
FY18E rev £17.9m and £0.49m PBT.
Totally (LON:TLG) 21.78p £13.1m
The provider of a range of out-of-hospital services to the healthcare sector in the UK, announced that its wholly-owned subsidiary About Health Limited has secured a new contract along with a number of contract extensions worth a combined value of c £1.7m.
Newly awarded 1 year Contract to provide Referral Management Services to Harrogate Clinical Commissioning Group ("CCG"), with a total indicative value of £145k
18 month Contract extension to provide Community Dermatology Services for Preston, Chorley and South Ribble CCG, with a total indicative value of £1.2m
12 month Contract extension to provide Community Dermatology Services for West Hampshire CCG with a total indicative value of £400k
FYmar19E rev £85.4m and £1.29m EBITDA. Pre-tax loss £2.5m.
GLI Finance (LON:GLI) 8.75p £50.1m
“GLI announces that Sancus BMS Group Limited, a wholly owned subsidiary of GLI, has launched Sancus Loan Note 4. A new special purpose vehicle has been established with a 15 month life. The initial raise is £5.85m through the issue of senior notes entirely to external investors, and it is likely that further draws of funds will be made in the next 3 months, to reach a maximum total raise of £15m. The funds in the SPV will be deployed into loans which will be arranged by Sancus and its subsidiaries. As part of the loan note, investors will be paid interest monthly at a rate of 6% annualised and Sancus is assuming a 20% first loss position.”
FYDEc18E PE of 38.4x falling to 10.4x in FY19E. Yield 1.1% and 2.9% respectively.
Mosman (LoN:MSMN) 0.67p £3.03m
“The oil exploration, development and production company, is pleased to provide the following update in respect to the Stanley Drilling Project.
The Stanley-1 well, details of which were announced on 18 July 2018, commenced drilling on Thursday 19 July, and is proceeding on schedule. The well is targeting multiple potential reservoir zones that have been mapped on 3D seismic.
The well is planned to 7,000 feet and drilling is expected to be completed within the next two weeks.
Stanley is the first well to be drilled under the recently announced Strategic Alliance with Baja Oil and Gas LLC.”