Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading:
*as at close of business 30 April 2018
Standard List** of Main Market:
Total number of Standard List Companies
Total number of Standard List Companies trading:
*as at close of business 30 April 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 30 April 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
Rosenblatt Group AIM:RBGP -specialist litigation and contentious restructuring law firm established in 1989 based in the City of London. Raising £43m at 95p. Mkt cap c.£76m. FYDec17 rev £15.8m, EBITDA £5.5m.
Off the menu
Conviviality has left AIM under rule 1 following the resignation of Investec Bank as NOMAD in April.
What’s cooking in the IPO kitchen?
Team17 Group -video games label and creative partner for independent developers. Since 2014, delivered a revenue CAGR of 69% (31 December 2015 to 31 December 2017), with revenues of £29.6m and Adjusted EBITDA of £12.9m. Offer TBA
Urban Exposure, a newly formed company which been established to pursue two main strategies in the residential development finance market - asset management of development finance loans and direct lending into development finance loans, looking to join AIM. Offer raising £150m at £1, market cap of £165m, expected 9 May 2018
Supreme, POSTPONED a leading manufacturer and supplier of branded consumer batteries, a manufacturer and supplier of branded and licensed consumer lighting and a leading manufacturer and supplier of vaping products in the United Kingdom, is looking to join AIM. Offer TBC, expected May 2018
Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m. Offer TBA. Due mid May.
Main Market Premium Listing
Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811m, Adjusted Revenue was $780m, Adjusted Cash EBITDA was $451m. Seeking to raise $200m. Due in May.
On the horizon (speculative and rumoured IPOs)
Finablr - press reports in ‘Arabian Business’ that Money transfer firms UAE Exchange, Travelex and others under UAE billionaire Bavaguthu Raghuram Shetty’s newly formed holding company Finablr are preparing for a London IPO
Vannin Capital—Press reports that litigation funder Vannin Capital is working on plans to float on the London Stock Exchange later in 2018 with an expected valuation of well over £500m.
Arix Biosxience (LON:ARIX) 210p £283m
The global healthcare and life science company supporting medical innovation, noted that, its largest Group Business holding, Autolus Therapeutics Limited, has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering in the United States of its American Depositary Shares, each representing one ordinary share. All ADSs to be sold in the proposed IPO will be offered by Autolus. Autolus intends to apply to list its ADSs on the Nasdaq Global Market under the ticker symbol "AUTL." The number of ADSs to be sold and the pricing terms for the proposed IPO have not yet been determined. Arix led the Series B financing of Autolus in March 2016, with Joe Anderson, Arix's CEO, joining Autolus's Board. Autolus has since progressed from a pre-clinical to clinical stage company, with clinical trials currently ongoing for five programmes in six indications.
The developer of next-generation proton therapy systems for cancer treatment, announced that is has signed a lease with the UK Government's Science and Technology Facilities Council ("STFC") to establish a UK testing and assembly site for its next generation proton accelerator, "LIGHT", at the STFC Daresbury Laboratory in Cheshire, home to the UK's Accelerator Science and Technology Centre.
The STFC facility will become the testing and assembly site of the Company's first fully operational LIGHT system. Building work will now begin to prepare the site to receive the LIGHT system components from June 2018 onwards. As outlined to investors in March 2017, the Company is targeting first patient treatment at Harley Street for H2 2020.
Omega Diagnostics (LON:ODX) 12.75p £16.19m
“The medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that it has CE-Marked two additional allergens, extending the menu to 53 allergens which can be run on the fully automated IDS Instrument.
These allergens will be supplied to IDS under the global distribution agreement announced on 20 April 2018. Ongoing investment to increase the menu is supported by the research and development grant of up to £1.8m, which the Company secured from Scottish Enterprise in August 2016.”
FYMar18E rev £13.6m and £0.5m PBT.
Duke Royalty (LON:DUKE) 45p £41.17m
“The provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, updated the market on the financial results shown by its initial two Royalty Partners”.
Temarca B.V. is anticipating an 8% increase in annual revenue in FY2017, subject to completion of the audit
Temarca's three river cruise vessels have fully sold their capacity for the 2018 sailing season
Lynx Equity (U.K.) Limited ("Lynx UK") has delivered a 7% year-over-year revenue growth for the eight-month year to date period
Duke's royalty payments are derived from Lynx UK's three separate operating businesses in the UK and Denmark, each with a long history of profitable operations
FYMar19E rev £2.38m and £1.72m PBT yield c7%.
OptiBiotix Health (LON:OPTI) 68p £54.73m
OptiBiotix will be presenting an extended range of products and presenting new research data on its LPLDL® and SlimBiome® products at the Vitafoods European tradeshow in Geneva from the 15-17 May 2018. OptiBiotix will be showcasing its LPLDL® probiotic for the reduction of high cholesterol and high blood pressure in a number of new product concepts with its global manufacturing partner Sacco S.r.l. OptiBiotix will be showcasing its award winning SlimBiome® presented in a range of new product concepts which include natural fruit gummies, muesli pots, Nutri-Bites® and flavours for new bars. In addition to an exhibitor presence, the Company will be presenting results of its humans studies on SlimBiome®. We could see no forecasts.
Ideagen (LON:IDEA) 112.5p £228m
“The Board reported that results to 30 April 2018 are expected to be in line with market expectations representing the Group's ninth consecutive year of revenue and adjusted EBITDA growth.
The Group expects to report revenue up 33% at approximately £36.1m, (FY2017: £27.1m) and adjusted EBITDA up 40% at approximately £11m (FY2017: £7.9m), and a significant increase in adjusted EPS, which continues to be an important financial metric for the Group.”
David Hornsby has moved from the role of CEO to become the Group's Executive Chairman. Ben Dorks, currently Chief Customer Officer, has succeeded David to become Ideagen's CEO. Jonathan Wearing has stepped down from his position as Non-Executive Chairman after 15 years in this role. Stays as NED.
4d pharma (LON:DDDD) 125p £83.8m
DDDD has announced that the Company has submitted, and the U.S. Food and Drug Administration (FDA) has cleared, an Investigational New Drug Application for Blautix, the Company's live biotherapeutic for the treatment of Irritable Bowel Syndrome (IBS). Enrolment in the Phase 2 study is expected to commence in the second half of 2018.
The double-blind, placebo-controlled multicentre Phase 2 study will evaluate the efficacy and safety of Blautix in patients with IBS with constipation (IBS-C) and IBS with diarrhoea (IBS-D). 4D has consulted with the FDA on the design of the study. Up to 500 patients will receive either Blautix or placebo daily for 8 weeks. The primary endpoint will be the Overall Response rate, defined as the proportion of patients reporting an improvement in their weekly cohort-specific symptoms (abdominal pain and stool frequency or consistency) for at least 4 out of 8 weeks.
Transense Technology (LON:T0RT) 40.5p £3.87m
“The provider of sensor systems for the transportation and industrial markets, is pleased to announce that Translogik, its trading division providing tyre management solutions, has won a contract through its Ghanaian partner WATS (West African Tyre Services) to supply 16 iTrack II mining tyre monitoring systems for large haul trucks at SOMITA, a Nordgold mine in Burkina Faso.
These systems are to be supplied on a rental and service basis via WATS, which is a wholly owned subsidiary of Rana Motors & Metal Works Engineering Company Ltd. This method allows mining companies to benefit from the productivity gains and overhead savings provided by using the system without any of the associated capital cost while providing Translogik with a recurring revenue stream.” We could see no forecasts.
Empyrean Energy (LON:EME) 13.4p £55.5m
EME “has been informed by Sacgasco Limited (ASX: SGC), the operator of the Dempsey 1-15 well in the Sacramento Basin, onshore California, that flow-testing of the Dempsey 1-15 well from the field level Kione Zone has produced a commercial gas flow rate of 1 million cubic feet of gas (1,000 Mcf/day). Empyrean has a 30% working interest in the Dempsey 1-15 well. The flow rate is very encouraging as it is water free natural gas flowing through a 12/64" choke with flowing tubing pressure of 1140 PSI, and surface shut-in pressure exceeding 1300 PSI. Operational considerations meant that perforating the Kione Zone ahead of Zone 4 would deliver significant benefits for the perforating of Zone 4 sands. Zone 4 testing preparations are underway. After testing Zone 4 Sacgasco plans to combine production from all flowing tested zones in the Dempsey 1-15 well; and anticipates very early cash flow due to the gas sales infrastructure that is connected to the Dempsey well.” We could see no forecasts
Faron Pharmaceuticals (LON:FARN) 135p £41.89m
“Faron announces top line data from the Phase III INTEREST trial with Traumakine in the treatment of ARDS
INTEREST study did not meet the primary composite end point for efficacy
Both Traumakine and placebo reported similar all cause mortality rates at day 28 and at day 90, with no difference in the number of ventilator free days
Further investigations are currently underway to provide additional information on the outcome of the current analysis”.
We look forward to the results of the Japanese study in Q3 2018 and will be considering how we can advance Traumakine in clinical development.
"We will continue our plans to advance our next asset, Clevegen, our second candidate which is a ground breaking anti-Clever-1 antibody, into clinical development in solid cancers later this year.” The shares are down 81% today.