Small Cap Brunch
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading:
*as at close of business 05 July 2018
Standard List** of Main Market:
Total number of Standard List Companies
Total number of Standard List Companies trading:
*as at close of business 05 July 2018
NEX Growth Market:
Total number of NEX Growth Market Companies (Incl Susp):
Total number of NEX Growth Market Companies trading:
*as at close of business 05 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
Ashoka India Equity Investment Trust (AIE.L Main Mkt, premium) —Target raise £100m. India focussed high conviction, long-only IT. Raised £45.6m gross at £1.
Off the menu
No Leavers Today
What’s cooking in the IPO kitchen?
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
Main Market (Specialist Funds)
Hipgnosis Songs Fund— offering pure-play exposure to Songs and associated musical intellectual property rights . Targeting £200m raise. Due 11 July
Tritax EuroBox raising up to £300m. “Will provide an opportunity for investors to gain exposure to a portfolio of well located Continental European logistics real estate assets”. Due 9 July.
Hurricane Energy (LON:HUR) 51.3p £958.4m
“Operational update in relation to the Early Production System development of the Lancaster Field ("Lancaster EPS"). Well completion operations for the Lancaster EPS have concluded, and the Paul B. Loyd Jr. rig has departed from the field. Both production wells for the development are now ready to be tied-in to the subsea infrastructure.
These operations were one of three main elements of the installation campaign for the Lancaster EPS planned to take place during the summer 2018 weather window, the other two being the installation of the mooring system for the FPSO and the installation of the SURF. The installation of the mooring system is currently ongoing and will be followed by the SURF programme. These elements remain on schedule to take place prior to arrival of the FPSO at the field, and first oil remains on target for 1H 2019.”
BCA Marketplace (LON:BCA) 219p £1.7bn
“The Board of BCA Marketplace PLC ("BCA" or the "Company") notes the announcement by Apax Partners LLP ("Apax") that neither Apax nor any funds advised by Apax intend to make an offer for BCA.
The Board of BCA received two preliminary and conditional indicative proposals from Apax relating to a possible cash offer for the entire share capital of BCA (the "Proposals"). After careful consideration, the Board of BCA concluded that the Proposals undervalued the Company and its attractive prospects. Accordingly, the Board of BCA unanimously rejected the Proposals.
The Board of BCA continues to believe in the attractive long term prospects for the Company, and on 28 June 2018, BCA published its preliminary results for the twelve months ended 1 April 2018, delivering a third consecutive year of strong earnings growth.” FYMar19E PE c.18x and yield c.4%,
Alliance Pharma (LON:APH) 98p £503.9m
“The specialty pharmaceutical company, announces that the Medicines and Healthcare products Regulatory Agency (MHRA) has approved the UK Marketing Authorisation Application for Diclectin®, a prescription product for the treatment of nausea and vomiting of pregnancy.
Alliance also confirms that the MHRA has approved the brand name Xonvea®, which will be used for marketing Diclectin in the UK. As previously indicated, Alliance anticipates Xonvea's launch in autumn this year as the only medicine licensed in the UK for the treatment of nausea and vomiting of pregnancy.”
“The Group estimates peak sales for Xonvea in the UK of approximately £10m and across the other nine European countries a further £30m approximately at peak sales.” FYDec18E rev £121m and PBT £28.57m. Yield c.1.5%.
FairFX (LON:FFX) 114p £177m
“The low-cost multicurrency payments and banking service, is pleased to provide the market with a trading update for the six-month period ended 30th June 2018.
The Company has enjoyed a strong first half of trading, with substantial growth and new products launched. Against this background, strong margins have been maintained and rationalisation of the supply chain is delivering results. “ Turnover for the first half was up 146.2% year on year to £1.1bn, in line with management's expectations. On a like for like basis, excluding the acquired entities of Cardone Banking and City Forex, turnover for the first half was up 22.8% to £532.9m. Like-for-like turnover from prepaid cards and international payments rose 8.5% to £181.7m and 39.1% to £334.6m respectively.” FYDec18E PE c. 23x.
Vast Resources (LON:VAST) 0.57p £30.3m
The mining company with operating mines in Romania and Zimbabwe, is pleased to announce the appointment of Mr Mark Mabhudhu, a preeminent figure in the Zimbabwean diamond industry, to the Board of Vast's wholly owned subsidiary, Vast Resources Zimbabwe (Private) Limited. Mr Mabhudhu's appointment is in line with the Company's updated strategy to increase its footprint in Zimbabwe, seeking new opportunities and revitalising historic claims.
Mr Mabhudhu, who has a BSc (Hons) degree in metallurgical engineering, an MBA, an MPhil in Information & Knowledge Management, and is currently working on his Doctoral studies, is a full-time resident of Zimbabwe and Zimbabwean national with over 25 years' experience in the mining industry.
Update on Perlak Field Indonesia. As previously announced, the operator of the project commenced reopening and workover operations on the selected wells. Following the reactivation operations on the first well (POG-D), the well produced 145 barrels of high-quality light oil from one of the multiple production zones over intermittent pumping periods of approximately 117 hours during a two-week timeframe. Further studies and tests are underway to establish a stable production rate. The rig was subsequently mobilised to the second well in the work programme (the POG-E well) and commenced reopening and workover operations on the well. There is a downhole obstruction in the well, which workover operations are attempting to remove.
Up to 10 wells due to reopen this year. The work programme is expected to add up to 200 bopd of production (gross). The produced oil will be trucked to Pertamina EP Pangkalan Susu field located 153 km away and exclusively sold to Pertamina, an Indonesian state-owned oil and natural gas corporation.
“Impax Asset Management Group plc, the specialist investor focused on a more sustainable economy, today provides an update of the development of its assets under discretionary and advisory management ("AUM") for the third quarter of its financial year.
On 30 June 2018, the Company's AUM totalled £11.8bn, representing an increase of 7% over the quarter.
Ian Simm, Chief Executive, commented:
"Twenty years on since the company's inception, Impax continues to make strong progress. With sustained net inflows, AUM at a record high, and a healthy pipeline of new business, it is clear that investor interest in the transition to a more sustainable economy continues to gather momentum."“
Oakley Capital Investments (LON:OCI) 189p £387.1m
Oakley agrees sale of Damovo to Eli Global
EV. The transaction values Damovo at up to EUR140m
Proceeds: OCI to receive up to £15.4m - a 12% premium to the Dec 2017 carrying value
Uplift: The sale results in an uplift of up to 1p per share on the overall 31 Dec 2017 NAV
Returns: Fund II gross returns are expected to be 5.4x MM, approximately 57% IRR
Under Oakley's ownership, Damovo has been transformed into a recognised European specialist in delivering and managing critical UC&C (Unified communications & collaboration) solutions for enterprise and public-sector organisations. The business has returned to organic growth by winning and delivering large, multi-year managed services contracts, supported by the integration of three strategic acquisitions. This growth, as well as a more efficient group structure put in place by the experienced management team, has lead to the business more than doubling EBITDA since Oakley's initial investment.
Volution Group (LON:FAN) 204p £405.7m
“The supplier of ventilation products to the residential and commercial construction markets, is pleased to announce that it has acquired Oy Pamon Ab. Pamon is a leading designer, manufacturer and supplier of Mechanical Ventilation with Heat Recovery ("MVHR") products primarily for the Finnish new build and refurbishment construction markets.” Initial cash consideration of EUR11.5m. Deferred cash consideration of up to EUR2
Volution expects the acquisition to be earnings enhancing in the year ending 31 July 2019 .
In the financial year ended 30 Nov 2017, Pamon generated revenue of EUR8.2 (approximately £7.2m). Reported profit before tax was EUR1m (approximately £0.9m) . FY Jul 18E rev £205.98m and PBT £36.68m.
“The social video company, is pleased to announce that it has appointed Kate Burns, a former senior Google and AOL executive, to the board as a Non-Executive Director with immediate effect. Kate will also join the remuneration and audit committees on appointment.
Kate has a wealth of experience within the advertising and media industry and is currently a Venture Partner at Hambro Perks, an investment firm. Kate also held a range of roles at Google during her 6 years at the company and was their first employee outside the United States. Before joining Hambro Perks, Kate was CEO of AOL Europe, following which she joined BuzzFeed as European General Manager.”