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Breakfast News - Bilby, Versarien, SkinBioTherapeutics and more...

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Small Cap Breakfast

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AIM:

Total number of AIM Companies (Incl Susp):

954*

Total number of AIM Companies trading:

905*

*as at close of business  19 February 2018

 

Standard List**  of Main Market:

Total number of Standard List Companies

(Incl Susp):

136*

Total number of Standard List Companies trading:

123*

*as at close of business  19 February 2018

 

NEX Growth Market:

Total number of NEX Growth Market Companies (Incl Susp):

86*

Total number of NEX Growth Market Companies trading:

82*               

*as at close of business 19 February 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

TruFin—TRU.L (AIM) holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer raising £70m at 190p with market cap of £185m. Pro-forma 2017 ‘Gross Revenue” >/ £3.6m. 

 

Off the menu   

SQS Software Quality (SQS) has left AIM following a cash takeover.


   
What’s cooking in the IPO kitchen?

AIM

Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd 

Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. Due 5 March.

GRC International Group— holding company for a group of companies providing a range of products and services to address the IT governance, risk management and compliance requirements of organisations. Offer TBC, expected 5 March 2018

Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m.

expected 21 Feb

Polarean  - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb

Block Energy—a  NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC

 

Main Market Specialist Funds

Life Settlement—closed-ended investment company whose principal activities will be to support and manage portfolios of whole and partial interests in life settlement policies issued by life insurance companies operating predominantly in the US.  Due 6 Mar.

 

Main Market Premium Listing

Augmentum Fintech—Seeking to raise £100m at £1. Focused strategy to invest in fast growing and/or high potential private fintech companies in the UK and wider Europe

Energean Oil & Gas—Seeking gross proceeds of c.$500m. Independent oil and gas exploration and production company focused on  exploration, development and production of assets in the Eastern Mediterranean . Due march 2018.

IntegraFin provides platform services to UK clients and their financial advisers through its award-winning platform, Transact. Due Mar 18. FYSep2017 PBT up 44% to £29.9m.

GEMS Education—report by Reuters that the private schools group is seeking a $4.5bn to $5bn London float in 2018. FYAug17 rev $926.2m and adjusted EBITDA $261.6m.

JTC Group Jersey based financial services firm reported to be considering London float with c. £300m valuation.

  
 
Breakfast buffet

Range Resources (LON:RRL) 0.19p £15.19m

Update from the  international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad.

* The Company's average net oil production for Jan 2018 was 777 barrels of oil per day ("bopd"). This is an increase of 23% on the production for the quarter ended 31 Dec 2017; 

* Trinidad work plan for 2018 comprises:

* Integration of the oilfield business and securing third-party contracts;

* Completing work to increase the water injection rate at the SE waterflood project to a rate of at least 1,500 barrels of water per day ("bwpd");

* Drilling a minimum of two new development wells at the Beach Marcelle and Morne Diablo fields;

* Up to 30 heavy workovers; and

Non-exec Lubing Liu moves to COO.

 

TMT Investments*  (LON:TMT) $3.00 $87.4m

“The venture capital company investing in high-growth technology companies across a number of core specialist sectors, is pleased to confirm its first blockchain related investment through participation in the recent pre-ICO (initial coin offering) conducted by Telegram Group, Inc.. Telegram is an established global messaging platform with over 200 million users around the world https:// telegram.org 

The recent pre sale of Telegram's tokens raised $850m in fiat currency according to a filing submitted by Telegram to the US Securities and Exchange Commission ("SEC") on 13 Feb 2018. The Telegram pre-ICO was offered exclusively to a circle of investors selected by Telegram. TMT believes that demand for the Telegram pre-ICO was driven by the fact that Telegram is a well-established global messaging platform rather than a startup ICO issuer.” Investment from existing cash balances in an amount below 1% of TMT's NAV.

 

Concurrent Technologies (CNC.L) 72.5p £52.72m

The “specialist in the design and manufacture of high-end embedded computer boards for critical applications, is pleased to announce the launch of a new 3U VPX I/O board.

The BA 2TR/501 is a multi-channel communications board offering systems integrators an efficient way to introduce up to 8 serial communication ports into a VPX system.  The board is especially suited to applications requiring communication with legacy devices that are still widely used in the defence, industrial control and aerospace markets.

As the board is available in commercial grade, extended temperature and rugged conduction cooled variants, it is suitable for use in benign as well as very harsh environments.” We could see no forecasts.

 

Gooch & Housego  (LON:GHH) 1432.5p £350m

AGM Statement from the  specialist manufacturer of photonic components & systems.

“The Company has benefited from positive overall market conditions in the first four months of the current financial year and expects full year trading to be in line with management's expectations, with a typically higher H2 weighting. We are experiencing exceptional demand for critical components used in microelectronic manufacturing. There has been a slowing in demand for high reliability fibre couplers since the start of the year, but it is expected to come back in the second half of the year.

Our order book has reached record levels. As at 31 January 2018, it stood at £89.7 million, an increase of 48.4% compared with the same time last year. Excluding the impact of foreign exchange and acquisitions this represents an increase of 49.2%.” FYSep18Erev £118.4m and PBT £18.75m.

 

EVR Holdings  (LON:EVRH) 10.78p £124.8m

“The leading creator of virtual reality music content, is pleased to announce that its subsidiary MelodyVR Ltd has entered into a multi-year agreement with Warner/Chappell Music. The deal licenses the VR distribution of Warner/Chappell songwriters' music and enhances MelodyVR's capabilities to use an extensive library of original content, throughout numerous European territories.

Warner/Chappell Music is home to a wide array of legendary songwriters and a rich catalogue of contemporary hits and influential standards. With a history dating back more than 200 years, Warner/Chappell currently publishes and administers music from songwriters such as Steve Aoki, Beyoncé, Blur, Eric Clapton, Gamble & Huff, Green Day”….

 

Inspiration Healthcare (LON:IHC) 48.5p £14.87m

FYJan18 trading update from the global medical device Company.

“The Company has continued to perform strongly and expects to report revenues and profit before interest and tax in line with market expectations. This follows a stronger performance by the Company during the second half of the financial year as predicted by the Company at the time of interim results. The balance sheet remains strong with cash balances similar to the prior year”

FYJan18E rev £15.5m and £1.1m PBT.

 

Bilby (LON:BILB) 107.05p £43.13m

Trading  update from the holding company to P&R Installation Company Limited, Purdy Contracts Limited, Spokemead Maintenance Limited and DCB (Kent) Limited, a leading gas heating, electrical and building services provider. Continues to take market share by winning large contracts. 

“In addition, Bilby is pleased to confirm that since the beginning of 2018, the Group has already won a number of new clients including Wandsworth Council and the University of Essex.”

“As a result of these factors, the Board is pleased to advise that revenue and profitability for the year ending 31 Mar 2018 will be ahead of current market expectations.” FYMar18E rev £76.3m and PBT £5.4m.

 

EU Supply  (LON:EUSP) 11.25p £7.62m

“EU Supply (LSE AIM: EUSP), the e-procurement software provider, is pleased to announce that the Group has been awarded two smaller contracts, one  by a Housing Association and the other by a local council, both in the UK. The contracts are for delivery of CTMTM as SaaS and related services.

The Group has also initiated a pilot agreement with a pioneering renewable energy company, which subject to feedback may lead to a full roll-out.”

FYDec18E rev £5.4m and £0.15m PBT.

 

Versarien (LON:VRS) 80p £118.9m

“The advanced materials engineering group, is pleased to announce that it has signed an agreement to develop a range of graphene based sensor technologies to enable the creation of digital bandages and wound dressings capable of various forms of physiological movement and excretion detection.

This project will utilise strain sensors printed with graphene ink using methods which have been developed by the Company's subsidiary, Cambridge Graphene Limited. Trials will take place at the internationally renowned Addenbrooke's Hospital in Cambridge with Orthopaedic surgeon Dr Arman Memanzedah leading the clinical trials. “

 

SkinBioTherapeutics (LON:SBTX) 8.5p £10.09m

HY Dec 17 results.

* Significant progress in developing the SkinBiotix® technology; successful initial lysate manufacture scale-up

* Three different formulation options for the cosmetic application are being assessed ahead of the human study scheduled in Q3 2018

* Anti-infection and eczema programmes progressing - application frequency and safe dosing levels determined

* Early stage commercial discussions with significant industry players continuing with respect to the cosmetic application

* Cash as at period end at £3.6m (2016: £0.4m)

Op Loss of £386k

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