Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading:
*as at close of business 8 March 2018
Standard List** of Main Market:
Total number of Standard List Companies
Total number of Standard List Companies trading:
*as at close of business 8 March 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 8 March 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
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Off the menu
Styles & Wood has left AIM following a takeover.
BOS GLOBAL Holdings has left AIM following the appointment of administrators.
What’s cooking in the IPO kitchen?
City law firm Rosenblatt reported in the press to be considering a London listing. The commercial firm had a reported revenue of £16m in 2017
VR Education Holdings—a virtual reality software and technology company. Raising £6m at 10p, mkt cap £19.3. Due 12 March
SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money.
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
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 Mid March
Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due 26 March
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
Helios Towers—Sub-Saharan telecommunications tower operator. FYDec17A revenue of $345.m and Adjusted EBITDA of $146m. Expected to join FTSE 250. Due early April. JSE Secondary 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.
Amigo Loans—Sub prime lender reported to be preparing for an IPO targeting a £500m valuation.
Eaton Towers– press reports African mobile telco mast specialist is seeking a £1.5bn London listing
Vast Resources (LON:VAST) 0.56p £30.11m
The “mining company with operating mines in Romania and Zimbabwe, announced that it continues to make good progress with Mercuria Energy Group to finalise the pre-payment offtake. Mercuria has requested a further period of up to two weeks to complete the necessary documentation phase of the transaction. Therefore, the Company and Mercuria now anticipate that the transaction will close within the next two weeks.
Moreover, both the Company and Mercuria have had discussions with Sub-Sahara Goldia Investments ('SSGI') with regard to the $1.68m bridging loan due for repayment on 9 March 2018, and the Company with the support of Mercuria have requested that SSGI agree to extending the repayment date for a further two weeks. The Company awaits written confirmation from SSGI and will duly update shareholders with the expectation that they will revert as soon as possible given the current delays.
The Company has no reason to believe that the transaction will not close in due course.”
Secure Income REIT (LON:SIR) 370p £852.99m
The specialist long term income REIT, announced that contracts have been exchanged to acquire two substantial off-market portfolios at a total cost of £436m.
The Acquisitions meet the Company's strict investment criteria established at its IPO in June 2014 and will be significantly dividend accretive, will materially deleverage the Group's balance sheet and will reduce the Group's weighted average cost of debt, while also maintaining the Group's very long weighted average unexpired lease term. The Acquisitions have the secure long-term inflation protected income that is at the core of the Company's business, and they also present a number of value enhancing opportunities through asset management.
To part finance the Acquisitions, the Company is proposing a Placing to institutional investors of up to 86.4 million new Ordinary Shares in the Company targeting gross proceeds of up to £315.5m. Post-acquisition dividend expected to yield 4.3% on the Placing Price.
Consensus forecasts for FY Dec 17 shows revs of £101m and EBITDA of £83.3m.
The software and service company specialising in identity, credential management and secure mobility, announces that a major healthcare provider in the US has selected Intercede's MyID product for deployment as its new identity and credential management infrastructure.
Under this contract, MyID will be used to issue tens of thousands of digital credentials to healthcare professionals across the group on smart cards and mobile devices.
Secured through a long-term sales partner, this contract will have an initial order value of $300,000 including advanced support and maintenance fees. This win reinforces that Intercede's MyID product remains the platform of choice within the high-end US enterprise market.”
Consensus forecast for FY Mar 18 shows revs of £9.1m and a LBITDA of £3.8m.
Update on the re-commencement of drilling at the Stonepark Zinc Project, located in Limerick, which will be undertaken by joint venture partner Group Eleven Resources Corp. Group Eleven aims to determine if exploration success at the adjacent Pallas Green Project (owned by Glencore plc and hosting a JORC 2012-compliant Inferred Mineral Resource Estimate of 44 million tonnes grading at 8.0% Zn&Pb as at 31-Dec-2016) can be replicated within the same Waulsortian Limestone Units located within the Company's extensive adjoining project area.
Group Eleven recently commenced regional fieldwork at Stonepark, consisting mostly of a detailed ground gravity survey and ionic leach soil sampling. Group Eleven is also participating in an upcoming airborne geophysical survey, conducted as part of the Geological Survey of Ireland's Tellus programme, which will cover the Stonepark Project. The survey is scheduled to commence in May 2018.
“In yesterday's announcement, the Company mentioned that it intended subject to a further announcement to use the PrimaryBid platform to offer shares at the placing price to retail investors, following and subject to the passing of the Resolutions at the forthcoming General Meeting. The Company wishes to clarify that this would need to be agreed with PrimaryBid at that time and if this isn't agreed then the Company will consider alternative options, such as reconsidering an open offer.”
The SecurLinx RTO has been terminated and Polemos is now an AIM Rule 15 cash shell and has six months to complete a relevant deal.
“The Tanzania focused gold exploration and development company, provided an update with regards to its Imweru gold project in Tanzania.
The Company remains focused on finalising the first phase of feasibility work at its Imweru gold project in Tanzania. Having undertaken an expanded drilling programme and various studies and surveys in 2017, the Company is seeking to shortly finalise a resource update and Pre-Feasibility Study ('PFS'). The Company has completed all the technical aspects of the PFS and is now assessing the economic feasibility of the project, with specific attention to the potential impact of the new mining legislation, announced in July 2017, together with the recently released mining regulations.”
"Changes in the Tanzania mining legislation and associated mining regulations, recently released, has compelled the Company to conduct further assessments to determine the extent to which the new legislation and regulations may impact the viability of the Imweru gold project. Work in this regard is nearing completion and a further update will follow shortly."
Focusrite (LON:TUNE) 365p £206.17m
The global music and audio products company, supplying proprietary hardware and software products used by professionals and amateurs around the world, is pleased to report that in the first half of the current financial year ending 31 Aug 2018, revenue, profits and cash have grown compared with the first half of the last financial year.
This growth has been across a wide range of product groups and regions. In particular, sales of the Scarlett and Launchpad ranges have grown strongly, fuelled by increased demand over the Christmas holiday period.
As a result, revenue for the half year ending 28 Feb 2018, is expected to be over £38m, up from £32m in the same period last year. This represents an increase of over 25% on a constant currency basis.
Conversion to cash has also remained positive and, as at 28 Feb 2018, net cash was £19.7m, up from £14.2m on 31 Aug 2017 and £9.4m on 28 Feb 2017.
Consensus forecast for FY Aug 18 show revs of £72.6m and PBT of £10m
RM2 International (LON:RM2) 2.62p £4.47m
Financial position and product update form the sustainable smart pallet innovator. Following the sale of a non-core office building in Switzerland and repayment of the related mortgage, it received net proceeds of approximately $2m and is therefore able to extend its cash resources to continue operating through mid-April based on information available to it today.
The Company is in advanced stages of financing discussions with the support of its existing shareholders and will announce developments to the market at the earliest possible opportunity.
On the RM2 ELIoT smart pallets “Significant opportunities with Fortune 500 companies are in final trial phases. The conversion of a subset of these opportunities, deployed and financed on schedule, is expected to result in the Company generating positive EBITDA in 2019.”
We could see no forecasts.
The blockchain venture builder, advisor and investor that finances and manages the development of early-stage blockchain technology companies, has completed the purchase of 2,000,000 of its own shares at a price of 9p per share.
The purchase was funded with a combination of cryptocurrency and cash reserves
The Board is satisfied on reasonable grounds that immediately after the acquisition the value of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as they fall due.
The Company has also agreed to sell up to a maximum of 250,000 ordinary shares of the 2,000,000 ordinary shares purchased, at a price of 9p per share, and a further announcement will be made in due course.
SDX Energy (LON:SDX) 47.50p £94.56m
SDX Energy, the North Africa focused oil and gas company, announced that a gas discovery has been made at its SAH-2 well on the Sebou permit in Morocco.
The SAH-2 well was drilled to a total depth of 1,304 meters and encountered 5.2 meters of net conventional natural gas pay across two zones in the Guebbas and Hoot formations with an average porosity in the pay section of 33%. The well came in on prognosis but with a reservoir thickness above pre-drill expectations.
The well will now be completed, tested and connected to existing infrastructure. SDX expects to provide a further update on testing results in early April.