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Small Cap Wrap - Summerway Capital, PetroTal & CEIBA Investments

Small Cap Wrap - Summerway Capital, PetroTal & CEIBA Investments

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Total number of AIM Companies (Incl Susp):




Total number of AIM Companies trading:




*as at close of business  11 October 2018


Standard List**  of Main Market:


Total number of Standard List Companies


(Incl Susp):




Total number of Standard List Companies trading:




*as at close of business 11 October 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  11 October 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 Joiners Today


Off the menu      


Abzena has left AIM following a takeover.




                                What’s cooking in the IPO kitchen?


Main Market (Premium)


Sirius Aircraft Leasing Fund targeting a raise of US$250m  - objective is to provide investors with an attractive level of regular income and capital returns through investing primarily in used, single-aisle aircraft. Due early Nov


Smithson Investment Trust—New Fund from Fundsmith LLP  established by Terry Smith. focused on a global basis on small and medium sized companies between £500m and £15bn in market cap . Due 19 Oct.  Seeking £250m raise.


Main Market (Standard)


Eurotorg—the largest grocery retailer in Belarus  -Revenue for the 12 mths to Jun18 was BYN 4.21 bn (USD 2.13 bn); adjusted EBITDA for the same period was BYN 385.0 mn (USD 194.7 mn).  Raising $200m primary plus secondary offer. Due 11 Oct.


ECI Telecom— provider of comprehensive networking and data transport products and solutions. Raising c.$230m and potential sell down. Due late Oct


Main Market (Specialist Funds)


The Global Sustainability Trust -aiming for attractive risk-adjusted returns by investing primarily in private market investments that are expected to have a positive environmental and social impact raising c.£200m. Due end Nov.


Gresham House Energy Storage Fund  - will invest in utility-scale  Energy Storage Systems in the UK. Raising up to £200m. Due early Nov.


CEIBA Investments. the largest foreign investor solely dedicated to investing in Cuba, with existing total assets in excess of £160 million.  Raising up to £100m.  Due 10 Oct


Blue Ocean Maritime Income  - aims to generate long-term, sustainable shareholder returns, predominantly in the form of income distributions, from direct lending and similar financing opportunities to vessel owners and operators, and other maritime businesses.  Raising up to $250m. Due 23 Oct.




Azalea Energy—oil and gas production and development company based in Louisiana, United States.  Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. DueOct


Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October


Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October.


PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quotation before the end of 2018.


Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct


Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m.  Due Mid October 2018.  EBITDA Profitable. Offer TBA


Crossword Cybersecurity Plc* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.



Banquet Buffet


Frontera Resources (LON:FRR) 0.38p £63.48m


“The European-focused oil and gas exploration and production company, notes the recent movement in share price following the shareholder Q&A session with the Company's CEO on 4 Oct 2018. 


The Company confirms that there is no further update from the position previously notified, other than in respect of the action in Cayman Grand Court”.


On 11 Oct 2018, the Company and its fully-owned subsidiary, Frontera International Corporation, filed an action in the Grand Court of the Cayman Islands in relation to the loan notes issued by Frontera International Corporation to Outrider Master Fund L.P. in 2016 and due in 2020.  On the same date, the Court granted the Company's request for an injunction regarding the security underlying the notes pending the outcome of the dispute. The Company intends to vigorously assert its rights.  The Company will provide further updates as they become available.


TomCo Energy (LON:TOM) 8.75p £5.44m


Update in respect of TurboShale Inc., in which the Company has an 80% interest, and its current field test programme being conducted on the Company's Holliday Block in Utah.  Drilling of the wells and installation of the well heads for the Field Test has been successfully completed on time and to budget. Core samples were collected from the wells and sent for analysis by Shale Tech International Services, LLC.  The analysis has now been completed and the results have been reviewed by the Company's competent person, Bruce McConachie of SRK Consulting 


"The assayed core data indicates a good Mahogany oil shale section to test with Fischer assays in the test zone of about 15 to 40 GPT (US gallons per 2000 lbs ton) and 0.8 to 3 GPT moisture.


It is anticipated that the pilot test work will define an estimated practical recovery based on the antenna distances and assessment of the rock volume stimulated."


Atalaya Mining (LON:ATYM) 249p £313m


Atalaya Mining notes the recent press speculation relating to the Company.


As part of its ongoing responsibility to its stakeholders, the Board confirms that it is undertaking a review to evaluate the Company's strategic options. The review is ongoing and there is no guarantee that any particular course of action will proceed.


The Company will update the market if appropriate and continues to execute on its current business plan, which includes the expansion at Proyecto Riotinto and the development of Proyecto Touro.




Premaitha Health (LON:NIPT) 8.35p £32.73m


The international molecular diagnostics group, is pleased to provide an update on trading for the six-month period ended 30 September 2018.


H1 revenues were approximately £3.9m, an increase of 45 per cent over the corresponding period last year. The Company has made a strong start to the second half of the year.


Additionally, the Company is pleased to note that all required legal settlement actions relating to the patent infringement court proceedings have now been completed.


Premaitha will publish its H1 results on or before 3 December 2018 and provide a business update at its Annual General Meeting on 25 October 2018.


Symphony Environment (LON:SYM) 7p £15.05m


Trading update from the specialist in products and technologies that make plastic and rubber products smarter.


“Revenues for the financial year to 31 Dec 2018 are expected to be broadly in line with market expectations, being approximately 6% higher than the previous year. Orders for the Group's d2w "oxo-biodegradable" technology remain strong but the timing of orders placed by distributors in our principal market, the Middle East, have been fluctuating quite significantly from month to month and are currently anticipated to be lower than original management expectations due to varying levels of, and delays in, local enforcement action.”


The Board expects full year earnings to be approximately £0.10m. This figure includes the additional communication and marketing costs of £0.38m and expensed R&D costs, which for 2018 are expected to be broadly in line with the previous year at £0.63m.


The Board remain confident that the Group will continue to meet 2019 expectations.


Strategic Minerals (SML.L) 1.35p £18.67m


The “producing mineral company actively developing projects prospective for battery materials, is pleased to announce the commencement of the next phase of drilling focussed on exploration for additional copper resources at the Leigh Creek Copper project (LCCM). This is being completed at the same time as the metallurgical testwork on the diamond drill core recently obtained from the three key deposits, Paltridge North, Lynda and Lorna Doone.”


Commencement of 10 hole drilling programme for 500m, reverse circulation (RC) exploration, drilling for potential repeat copper oxide deposits between Lynda and Lorna Doone at the Lyndhurst Project


2 RC holes testing for potential copper oxide and sulphide mineralisation below the Rosmann East pit adjacent to the Mountain of Light copper processing facility


250 air core holes drilled on a 10 x 10m grid pattern to test for remnant mineralisation within the existing heap leach pads at Mountain of Light


Integral part of Board's vision to make LCCM a major long term copper play


Carclo (CAR.L) 86p £63.14m


Trading in the first half was below the Board's expectations due to underperformance at Technical Plastics.


In Technical Plastics, three new medical programmes were delayed by customers in the period but all entered production successfully towards the end of the first half of the year and this, together with planned new tooling programmes, support the expected stronger second half performance. The implementation of our operational improvement programme has delivered a number of price increases, efficiency opportunities and cost savings across the division, the benefit of which will positively impact margins in the second half of the year and beyond.


In the LED Division, Wipac has continued to be successful in winning new programmes, including nomination for two mid-volume electric vehicles, leading to a healthy level of design and development contract profits.  The Board's expectations for the year ending 31 March 2019 remain unchanged, with results weighted towards the second half of the year, as expected


Haydale Graphene (LON:HAYD) 27.5p £7.24m


The global advanced materials group, is pleased to announce, further to the statement made by BAC Mono on 14 September 2018, that it has been awarded a research and development grant from the Niche Vehicle Network to develop graphene enhanced composite tooling and graphene enhanced automotive body panels.


A grant of £249,600, of which Haydale will receive £120,000 has been awarded to the consortium that Haydale leads, joined by Briggs Automotive Company (BAC) and Pentaxia. BAC is a British manufacturer of the Mono, the world's only road-legal, single seat super car. Pentaxia is specialist in tooling design, machining (jigs & fixtures), and composite production.


Through development in this core strategic area, Haydale is looking to reduce cycle times compared to existing tooling methods, as well as reduce weight and increase performance of component material.




Keras Resources (LON:KRS) 0.36p £7.44m


“The AIM listed mineral resource company, is pleased to provide an update released by Calidus Resources Limited (ASX:CAI) ('Calidus') following its recent drilling results from the Coronation Prospect, which forms part of its wider Warrawoona Gold Project, located in the Pilbara of Western Australia.  These results, that have yielded multiple high-grade intercepts including 10m @ 4.69g/t Au from 57m, are part of a resource infill and extension programme which is aimed at increasing the current JORC compliant 712,000 oz Au resource to in excess of 1Moz Au and will support the Pre-Feasibility Study targeted in 2019.


Keras has 458m shares in Calidus, representing approximately 35% of Calidus' total issued share capital.”


Red Rock Resources (LON:RRR) 0.65p £3.49m


Further to the announcement of 17 Sept 2018, Red Rock Resources Plc, the natural resource development company with interests in gold and steel feed materials, announces that Red Rock has received a $658,545.69 dividend from Jupiter Mines Limited ("Jupiter", ASX:JMS), in respect of the first half of Jupiter's financial year, which ran from 1st March 2018.


Jupiter is an Australian public company in which Red Rock holds 18,524,914 shares (0.95%) and which owns 49.9% of the Tshipi manganese mine.



Red Rock notes that the manganese price has strengthened in the second half of Jupiter's financial year, and the price for 37% ore currently stands at US$6.22 per dry metric ton unit (DMTU) FOB Port Elizabeth.

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