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Faron Pharmaceuticals Ltd - Small Cap Wrap -

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What’s cooking in the IPO kitchen?

Main Market (Standard List)

Abal Group (formerly on AIM) to relist as [email protected], a growing innovative "inventory monetisation" platform, having originated more than EUR300m of prospective "inventory monetisation deals" in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. Due 23 March.

Main Market (Premium)

DRI Healthcare—investment company focused on investments in healthcare Royalty Assets  looking to raise $350m.  Timetable now extended.

Banquet Buffet

Faron Pharma 390p  £169m (LON:FARN)

FY Dec 19 results.

Part I of the open label phase I/II MATINS trial, initiated across multiple sites through Europe and primarily intended to investigate safety and tolerability, was completed with dose escalation reaching its planned maximum level of 10mg/kg. Clevegen demonstrated good tolerability at all dosing levels (0.1 to 10 mg/kg) without dose limiting toxicity.

The US Food and Drug Administration (FDA) approved Faron's Investigational New Drug (IND) application for Clevegen, enabling expansion of the MATINS trial into the US. The Company envisages that further Traumakine trials are likely to be funded through a third party.  The emergence of this novel virus, and the risk of ARDS among infected patients, is a reminder of the need for new treatments to tackle this potentially fatal condition.

In March 2020, Faron announced it had acquired rights for the potential new use of AOC3 inhibitors covered by a recently filed patent application.  Eur 13.3m loss. Cash EUR 7.1m.

 

Tracsis  485p  £141m (LON:TRCS)

“We expect the Rail Technology & Services Division to have resilience as it derives most of its income from highly recurring product sales and we will continue to remain focused on the delivery of a number of large multi-year client contracts, with staff being able to work on development whilst at home.

We do however expect parts of the Traffic & Data Services Division to be impacted by Covid-19. In particular, our events businesses SEP and CTM both derive a significant amount of revenue from major UK based outdoor events, and in recent days we have been notified by some major clients that events scheduled for this summer will either be cancelled or postponed to the Autumn. We expect further events to be cancelled or postponed in due course.”

Given that the situation is changing rapidly, at this point in time it is not possible to accurately quantify the impact on H2 trading and therefore full year expectations. Further updates will be provided in due course.

 

Inspiration Healthcare  67.5p  £25.9m (LON:IHS)

Update to its announcement of 16 March 2020 of a large order for ventilation equipment. The company continues to work proactively with the Dept of Health and Social Care in dealing with the Covid-19 (Coronavirus) situation in the UK. The company has now received further orders from UK National Health Service for the immediate supply of medical equipment and ventilators with a combined total value of over £4million and is working with suppliers from various countries to expedite delivery as soon as possible.

 

TomCo Energy 0.475p  £1.3m (LON:TOM)

The oil shale exploration, development and technology group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that, further to its announcement of 4 December 2019, it has entered into a binding exclusivity agreement with Valkor Technology LLC, under which the partie have agreed an exclusivity period up to 30 June 2020 to negotiate a legally binding agreement which will set out how the parties will explore the oil sands potential across TomCo's leases and nearby leases.  During the Exclusivity Period, the parties will undertake a Pre-FEED study.

 

Hotel Chocolat 232.5p  £269m (LON:HOTC)

£20m placing at 225p. 3% discount.

Trading both in the UK and in the Company's international markets of the USA and Japan had been encouraging up to the end of February with Group revenue having increased by 6% year-on-year in February. 

However, in common with the broader sector, the Company's trading in March-to-date has inevitably slowed as the outbreak of COVID-19 has impacted footfall both in the UK and internationally with Group retail revenue having decreased by 5% year-on-year in March-to-date. 

With the increasing possibility that the UK Government will impose further public health measures, the Group anticipates the ongoing effect of COVID-19 and the continued reduction in high-street footfall is likely to result in some or all of the Company's stores being closed for a period, which will impact Company sales and profits. Mother's Day and Easter, two important trading periods for the Company, typically contribute c.12% of the Group's annual revenue. 

The Company has many measures at its disposal to reduce the impact of COVID-19 virus on the business including, but not limited to leveraging its highly successful multi-channel model by rebalancing inventories toward online and digital wholesale.

 

Active Energy 0.445p  £5.4m (LON:AEG)

Active Energy, the international biomass based renewable energy business, announces that the public comment period for its construction and air permit for the Company's CoalSwitch™ plant at the Lumberton site has been extended to 27th March 2020. The Division of Air Quality will then take final action in relation to issuance of the Permit.

This extension is in response to the cancellation of the public meeting, which was originally scheduled for the 16th March 2020, to avoid a public gathering based on guidance to the current situation regarding COVID-19.

The Division of Air Quality has published the following video in relation to the public meeting: https://deq.nc.gov/ about/divisions/air-quality/ air-quality-permitting/wood-pellet-industry-permitting-actions-and#active-energy-renewable-power.

 

Johnson Service Group  103p  £381m (LON:JSG)

As reported on 2 March 2020, JSG's trading up to that date had been in line with management's expectations, building on the strong profitable growth seen in the financial year ended 31 December 2019.

 

In recent weeks the Group has started to experience a slowdown in certain areas of its operations linked to COVID-19, particularly within our HORECA business, which serves the Hotels, Restaurant and Catering markets.  These market segments have seen reduced demand which has resulted in a significant reduction in our processing volumes, particularly in the last few days.  Our Workwear business has seen limited impact to date, although it is reasonable to expect that some Workwear customers will see an impact from COVID-19 in due course.

Given the current need for prudent cash management, the Board has decided that it will, at the forthcoming Annual General Meeting on 5 May 2020, withdraw Resolution 3 in the Notice of Annual General Meeting relating to the final dividend payment of 2.35p per Ordinary share.

 While the full implications of COVID-19 on the financial performance for the current financial year are difficult to determine at this stage, the Board remains confident in the future prospects and viability of the Group.

 

Altona Energy SUSPENDED (AQUIS:ANR)

The mining exploration company in South Australia, announces the resignation of Qinfu Zhang with immediate effect.

Mr Zhang, who from 2015 served as the Executive Chairman of Altona is stepping down from the Board and as a Director of Altona, to pursue his other business interests in China, which have been affected by the Covid-19 virus.

The Company is looking to appoint a new Executive Chairman or CEO, should its current fund-raising project be successful but, in the meantime, non-Executive Director, Christian Taylor-Wilkinson, is appointed as Interim CEO.

Christian Taylor-Wilkinson, Interim CEO of Altona, commented, “We wish to thank Mr Zhang for his contribution to the board over the past five years and wish him every success in these difficult economic times. 

“We are focusing on strengthening the board so as to be able to execute our In-Situ Gasification strategy on mining tenement PELA 517. We are currently in discussions with a mining Technical Director based in Australia and a possible Executive Chairman/CEO located in London. These appointments will be made in April, should we raise sufficient funds in the Open Offer.”

 

Creo Medical Group  117.5p  £120m (LON:CREO)

Trading update from the medical device company focused on the emerging field of surgical endoscopy and COVID-19 impact.

Short term slow down, but outlook for medium and long term remains unchanged.

Cash levels remain strong at £77.6m at the end of Feb.

Progress in the first quarter of the year ending 31 December 2020 in gaining regulatory approvals for a further four devices has been in-line with management expectations.

 

Sound Energy  1.125p  £13.1m (LON:SOU)

Sound Energy, the Moroccan focused upstream gas company, is pleased to provide an Eastern Morocco update, confirming receipt of a further Environmental Impact Assessment approval and land corridor rights in respect of the Tendrara Gas Export Pipeline . 

 

Head Chefs

Derren Nathan

0203 764 2344

[email protected]

Niall Pearson

0203 764 2343

[email protected]

 

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