Small Cap Breakfast
Total number of AIM Companies (Incl Susp):
Total number of AIM Companies trading:
*as at close of business 24 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 24 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 24 April 2018
*A corporate client of Hybridan LLP
** Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity
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What’s cooking in the IPO kitchen?
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 TBC, expected early May 2018
Rosenblatt Group -specialist litigation and contentious restructuring law firm established in 1989 based in the City of London. Offer TBC. Due 8 May.
Supreme, 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 early May 2018
KRM22, a closed-ended investment company with a particular focus on risk management in capital markets, is looking to join AIM. Offer raising £10.3m at 100p expected market cap of £12.3m, expected 30 April 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 $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May.
Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May
Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA
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 03 May.
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.
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
FYMar18 update. “During the course of the year the Board continued to be closely involved at the operational level with our three strategic investments which have made further good progress, and in fund management our businesses have met their revenue targets.
As a result and reflecting the good progress achieved during the financial year, the Company is pleased to report that following a revaluation of all the Company's investments by an externally commissioned valuer, the Directors expect that, subject to the review of the auditors, the Company will be able to report a substantial increase in the value of its investment portfolio, primarily in its investments in Paraytec Limited and Kirkstall Limited. In addition, trading at Viking Fund Managers for the year ended 31 March 2018 is expected to show a slight improvement on the last financial year.
As a result, the Directors expect to report, subject to audit, a substantially increased profit after tax for the year ended 31 March 2018 compared to the prior year.”
Octagonal (LON:OCT) 3.05p £15.03m
Trading update for principal and wholly owned trading subsidiary Global Investment Strategy UK Ltd ("GIS").
“The Board announced that GIS expects to report EBITDA of £3.01m, a record for the Group, on sales of £6.53m for the year ended 31 March 2018. This is a 39% increase in profit (2017: £2.16m) and 16% increase in sales (2017: £5.62m) from the previous year. These results reflect the ongoing work we have undertaken to improve efficiencies and reducing transaction costs as well as offering a broader range of services to clients.”
Cash in the bank or equivalents more than £5m as at 31 March 2018.
Corporate finance and related activities represented 14% of sales in the period
Soft launch of SynerGIS Bonds Platform
Further developments with Hong Kong application to the SFC.
Shearwater Group (LON:SWG) 3.12p £30.02m
The digital resilience group, has acquired the business and assets of Crystal IT Services Limited, a Cardiff based provider of cyber security and business information technology solutions.
“Founded in 2004 by its current Managing Director, Chris Benson, Crystal IT has a portfolio of customers including a number of small and medium enterprises and not-for-profit organisations, to whom it provides information, network and application security solutions, cyber essentials advice, and outsourced IT services and training for companies seeking compliance with the upcoming GDPR legislation.
As part of the Acquisition, the Business has been rebranded Xcina IS and will form a component of the Group's information security and assurance company, Xcina, augmenting its services capability. Chris will lead the rebranded Business and Shearwater will look to invest in Xcina IS to support its organic growth and meet the increasing demand for resilient information services from Xcina's expanding customer base.”
The “oil and gas company, announced a new gas discovery at Stockdale Field, Wilson County, Texas as part of its ongoing development activities at the Morris #1 well. The Company has a 60.0% working interest and 45.0% net revenue interest in the Stockdale Field.
Further to the announcement of 20 April 2018, the Company has completed the evaluation of an additional prospective zone known as the Escondido Sand formation from 4358'(feet) to 4776' that was identified using the proprietary Quad Neutron Roke tool on the Morris #1 well. Specifically, within this area of interest the Company has identified 20' of net pay with approximately 10' of oil/ condensate below a 10' gas cap. The Company estimates 3bn cubic feet of natural gas recoverable that could, subject to further testing, produce at a rate of ~ 1.3 million cubic feet per day gas and 10-11 barrels of condensate per day. The Company will update the market in due course with respect to its plans to test and produce from this zone.”
The “UK IT managed services provider, announced that it has been confirmed as the preferred supplier for Health and Social Care Network (HSCN) and Public Services Network (PSN) services to the Yorkshire and Humber region. The arrangement will connect public sector organisations across Yorkshire and the Humber region, reducing costs and enabling more efficient and integrated delivery of services.”
The framework is awarded over four years and has the potential to add up to £15m to £20m of incremental revenue per year. Redcentric expects to deliver between £1m and £3m of revenue from the framework in the current financial year.
FFI Holdings (LON:FFI) 72.5p £113.82m
FFI Holdings, the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product, announced that it has acquired Signature Entertainment UK, one of the largest distributors of films in the UK.
Founded in 2011, Signature has released over 600 titles and established itself as a leading distributor of diverse entertainment titles to a broad UK audience in cinemas and at home. The company has a wealth of industry experience and acts as an aggregator for Netflix, Amazon Prime and Sky as well as other streaming services.
FFI has acquired Signature for a consideration comprising initial payment of $5m in cash followed by 4 annual payments of 13.75% of Signature's prevailing EBIT at a 5 times multiple. Signature has generated a trailing twelve-month EBIT of approximately $2m.
Draper Esprit (LON:GROW) 470p £333.7m
Draper Esprit, a leading venture capital firm investing in and developing high growth digital technology businesses, announced a commitment of up to $16.5m in Revolut, the London headquartered fintech company.
Draper Esprit's investment in Revolut is part of their latest Series C funding round, which sees Revolut valued at $1.7bn, taking their total funds raised to $340m since launch in 2015. The round was led by Hong Kong based DST Global.
Revolut, one of the fastest growing tech companies in Europe, was founded in 2015 by Nikolay Storonsky and employs over 350 people, providing alternative digital banking services direct to customers. It functions like a digital bank, allowing users to transfer money across different currencies without transaction fees.
The business has over 250,000 daily active users and is targeting 100 million customers in the next five years. In the last few months alone, it has launched features that allow customers to instantly buy and sell cryptocurrencies as well as a savings feature that lets customers round up their daily transactions and save their spare change in a digital Vault.
Volex (LON:VLX) 75.4p £68.05m
Volex, the provider of cable assemblies, announced the proposed acquisition of MC Electronics LLC, a North-American based manufacturer of customised complex medical and industrial cables, wire harnesses and electro-mechanical assemblies for medical and industrial applications. MC is a portfolio company managed by Nova Capital Management.
MC, which has operations in California and Juarez, Mexico, produces customised cables, wire harnesses and electro-mechanical assemblies for over 40 customers in the North American market.
For the year ended 28 Oct2017 MC reported unaudited revenues of $19.1m and a pre-exceptional operating loss of $0.2m.
Volex proposes to acquire all of the issued and outstanding units of MC and all of the outstanding shareholder indebtedness owed by MC for a maximum consideration of 3.5m new ordinary shares of 25p each in the Company, of which 3m will be issued on completion and the balance issued by the end of 2018, subject to MC achieving certain revenue targets for the year ending 3 Nov 2018.
ProPhotonix, a high technology designer and manufacturer of LED illumination systems and laser diode modules, with operations in Ireland and the United Kingdom, announced an extension to its range of laser diodes, with the addition of the new violet laser diode, HL40071MG from Ushio.
The new HL40071MG provides a high optical output power of 300mW at a wavelength of 405nm offering an ideal solution for applications such as Medical and Biomedical, Measurement, and 3D Printing. The single-mode, compact 5.6mm packaged violet laser diode is competitively priced and ideally suited to applications in challenging environmental conditions.
The 405nm laser diode performance is very stable across a wide range of temperatures and it operates at a maximum temperature of 70°C, making it a highly durable product.
Seeing Machines (LON:SEE) 5.15p £107.54m
Seeing Machines, a industry leader in computer vision technologies which enable machines to see, understand and assist people, announced a further program design win with an additional premium German Automotive OEM to deliver its FOVIO driver monitoring technology into new automobile models, planned for mass production from 2021.
Seeing Machines has been selected in conjunction with three major Tier 1 automotive suppliers to deliver the program covering much of the OEM model portfolio.
With an estimated revenue value of A$25m based on initial included models and lifetime volume projections, this program is expected to be classified as a large value program. However, volume projections can change materially and, as is typical in automotive industry contracts, there are no guarantees on the level of overall revenues beyond engineering milestone payments.