Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
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*as at close of business 29 March 2018
Standard List** of Main Market:
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Total number of Standard List Companies trading:
*as at close of business 29March 2018
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The Ottoman Fund Limited has cancelled its securities from trading on AIM.
What’s cooking in the IPO kitchen?
Main Market Premium Listing
Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 12 April.
Odyssean Investment Trust—Raising £100m at £1. Due 1 May. The Company will primarily invest in smaller company equities quoted on markets operated by the London Stock Exchange.
Report in the press that AMC is seeking to spin off Cinema Chain ODEON
FreeAgent Holdings (LON:FREE) 118p £48.04m
FreeAgent Holdings, a provider of cloud-based Software-as-a-Service accounting software solutions and mobile applications designed specifically for UK micro-businesses, provided the following trading update for the year ended 31 March 2018.
For the full year ended 31 March 2018, the Board expects to report revenue of £9.8m and Annualised Committed Monthly Recurring Revenue of £10.1m in line with board expectations. Period end net cash was approximately £2.3m.
"Overall progress has been strong, particularly in our Banking channel, despite headwinds in the practice channel - courtesy of the turmoil surrounding the IR35 changes. The RBS partnership has continued to prosper and we were pleased on 27 March to announce the terms of a recommended cash offer for FreeAgent by a wholly-owned indirect subsidiary of RBS at a price of 120p per share. “
SEC S.p.A (LON:SEC) 121p £14.79m
SEC, the independent advocacy, public relations and integrated communications agency in the Italian market, announced audited results for the year to 31 Dec 2017 is expected during the last week of May 2018.
The Company expects to report increased revenue for the year to 31 Dec 2017 up over 14% over EUR 20m and EBITDA up over 50%. Net Cash at 31 Dec 2017 was EUR 1.5m.
Improvements brought in 2017, are the result of management time, after listing, focused back on the business, generating new business opportunities and boosting existing client growth.
Castleton Technology, the software and managed services provider to the public and not-for-profit sectors, provided the following update on trading for the year ended 31 March 2018 ahead of the announcement of its full year results.
The Company announced that results for the year are expected to be in line with expectations with revenue of not less than £23.1m and adjusted EBITDA of not less than £5m, representing continued double digit organic growth. Cash generation in the period was strong, resulting in operating cash conversion of approximately 100% of adjusted EBITDA, facilitating a continued reduction in the Company's net debt.
"The market opportunity remains large and given the Group's now established position as a 'one stop shop' serving the social housing sector, the Board is very optimistic about the Group's continued growth prospects."
ITM Power (LON:ITM) 30.5p £97.2m
ITM Power, the energy storage and clean fuel company, announced the award of a grant from the Massachusetts Clean Energy Center to undertake a multi-MW Power-to-Gas (P2G) feasibility study for the Massachusetts region.
The study will assess the potential for P2G energy storage and hydrogen fuel for the Massachusetts region in collaboration with Holyoke Gas and Electric, a local gas and electricity utility, and will determine the technical and economic feasibility for P2G and hydrogen fuel derived from renewable energy sources.
The project is due to commence in Q2 2018 and has a duration of 12 months.
In Dec 2016 The Massachusetts Department of Energy Resources adopted a 200 Megawatt hour energy storage target for electric distribution companies to procure viable and cost-effective energy storage systems to be achieved by Jan 1, 2020.
Gfinity (LON:GFIN) 10.65p £23.35m
Gfinity, an international esports group, announced that it is continuing its relationship with Formula 1® and Codemasters, the publisher of the official game of the FIA FORMULA ONE WORLD CHAMPIONSHIP™, and has been announced as Events Partner for season two of the F1 Esports Series. As part of the arrangement, Gfinity will manage tournament operations for the live events including the adjudication framework which supports all competitive gameplay and broadcast all the live events. The competition, open to everyone on the PlayStation®4 computer entertainment system, Xbox One and PC, launches with four in-game online events on F1™ 2017. The fastest ten players on each gaming platform will race off in a live-streamed event with the top three on each platform qualifying for the first ever Pro Draft and the chance to be signed by one of nine teams.
The official esports drivers will then represent their teams in the second half of the season as they race in the three live events that will determine the 2018 F1 Esports Series Teams' and Drivers' World Champions with a prize fund of at least $200,000.
OptiBiotix Health (LON:OPTI) 56.5p £44.2m
OptiBiotix Health, a life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care, announced three new patent filings. These filings protect the production methods and product application areas arising from OptiBiotix's SweetBiotix® product development programmes.
These patent filings follow on from a total of five successful independent human studies in which OptiBiotix's products and comparator samples were tested by an expert panel of 11 panellists who rated 11 products attributes (e.g sweetness, aftertaste, off- flavour, bitterness etc) compared to sucrose.
The Company believes that these patent filings add a further layer of protection to its intellectual property portfolio, create a highly valuable asset and broaden the number of product application and partnering opportunities. These now include use as a sweetener and/ or functional food ingredient for foods, beverages, cereals, breaded products, dairy products, and incorporation into confectionary, snacks, and meals, or use as a standalone sweetener product.
ECSC Group (LON:ECSC) 80p £8.99m
The Board of ECSC announced that Ian Mann has resigned as CEO and as a Director of the Company. He remains fully committed to the business as a major shareholder, and as a full-time employee, focusing on business development and marketing. Stephen Hammell will move from FD to become the new CEO. Lucy Sharp remains as an Executive Director on the board.
The Board also announces that Nigel Payne is stepping down as NEC of the Board with immediate effect. He will be replaced as Chairman by David Mathewson. Stephen Vaughan will be remaining on the board as NED.
In making these changes the Board is of the view that, whilst trading in the first quarter is in line with management expectations, the business has still not developed the necessary momentum to deliver long term shareholder value. While the current cash balance is slightly ahead of plan, trading conditions for the Company remain challenging. Consequently, the Board is of the view that a change of CEO is required, as well as an increased level of involvement from the non-executive Board members. This will give the Board the opportunity, over the coming weeks, to review and if necessary remodel our offerings to the market.
FairFX Group (LON:FFX) 99.8p £148.69m
FairFX, the e-banking and international payments group, announced the achievement of two further milestones as part of its digital banking strategic plans, with the commencement of self-issuance of Mastercard branded cards and launching a commercial finance capability to its business banking customers.
Self-issuance allows the Group to consider multiple options for issuance of cards across its entire product suite and delivers the stated objective of achieving increasing economies of scale, whilst selectively internalising appropriate parts of the value chain. Developing this facility was made possible through the Group's e-money licence and its principal membership of Mastercard.
In addition, the Group has launched a commercial finance capability through a collaboration with Alternative Business Funding, which connects customers with appropriate and properly regulated lenders. The Board believes this is a natural extension of the Group's comprehensive digital banking offering through the CardOneBanking platform. The provision of this service adds a crucial banking capability and will broaden the appeal of the Group's offering, whilst improving the ability to add more business customers without taking on any credit risk.
Interquest Group (LON:ITQ) 18.5p £7.15m
Further to its announcement on 15 March 2018, InterQuest Group, announced the completion of the acquisition of 95% of the issued share capital of Albany Beck Consulting Limited. The consideration for the Acquisition will be satisfied through the issue of 13,273,400 new ordinary shares in the Company to the selling shareholders of Albany Beck.
Completion of the Acquisition was conditional upon Albany Beck and the Selling Shareholders having complied with the provisions contained in Albany Beck's articles of association. The transfer and pre-emption provisions contained within Albany Beck's articles of association required shares in the capital of Albany Beck to be offered to the existing shareholders of Albany Beck and for such offer to remain open for 21 days. The offer period expired on 4 April 2018, and the eligible shareholders of Albany Beck did not take up their acquisition rights. Therefore, the Condition has been satisfied and InterQuest has completed the acquisition of 95% of the issued share capital of Albany Beck.