Small Cap Feast

Small Cap Feast

Small Cap Feast

PetroTal Corp is an oil and gas company whose shares are currently admitted to trading on the TSXV. The Company is focused on development of oil and gas assets in Peru and it currently has controlling interests in three onshore Peru license blocks. No new funds being raised. Due 21 Dec. Mkt cap c.£80m Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected mid December.

Switch to US Dollar accounting

APQ Global (APQ) has reported results for the year to the end of December 2017. Although somewhat superseded by the subsequent Q1 2018 quarterly update and second CULS issue, we note the steady progress made during the Company’s first full year of operation. As previously flagged, APQ has switched to US Dollar accounting to report its numbers and performance in its functional currency. APQ achieved an increase in its US Dollar book value of 4.6% in 2017 while making a total return of 9.9% in dol

2017 milestones achieved, well set for 2018

APQ Global (APQ) achieved an increase in its US Dollar book value of 4.6% in 2017 while making a total return of 9.9% in dollar terms during the year. With economic growth and commodity prices among the supports for emerging markets, APQ looks well positioned for 2018. Payment in March of the 1.5p dividend declared for Q4 will mean that APQ meets its targeted 6% dividend for 2017. APQ will switch to US Dollar presentation of its accounts – its functional currency – with its FY 2017E results. Its

APQ Global - CULS issuance and income target achieved

Following shareholder approval at the December EGM, APQ has issued an additional £10.3m in 3.5% convertible unsecured loan stocks (CULS) at a 3% premium to par value. The CULS provide long-term structural gearing at a fixed cost, the proceeds of which will be deployed in line with the company’s business and investment strategy. APQ has also changed its reporting currency from sterling to US dollars so as to more closely match its investments. Separately, it has reported an unaudited 31 December

APQ Global - Meeting income targets and looking to grow

APQ Global is well on track to deliver its targeted 6% yield on its August 2016 IPO price of 100p. The proceeds from the IPO and follow-on CULS issue have initially already been invested in a highly diversified liquid markets portfolio of mainly global emerging market bonds and equities, including a number of strategic positions. APQ continues to work on the sourcing of direct investments. The management team is experienced and incentivised, and supported by an advisory group of international EM

Good progress, dividend on track

APQ Global (APQ) remains on track to pay a 6% dividend for FY 2017E. Its Q3 comment and its outlook for Q4 2017 provided an informative update on the progress of APQ and its portfolios. During the third quarter, APQ issued £20.09 million of Convertible Unsecured Loan Stock (CULS), the proceeds of which have already been fully invested. APQ ended October 2017 with a book value of 96.3p ex the Q3 2017 dividend of 1.5p (making a total dividend of 4.5p for the current financial year so far). Followi

Small Cap Brunch

Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. . £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. | Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. | Springfield Properties—Scottish housebuild

Income and growth from emerging markets

APQ Global is a company which invests in emerging markets and operates with a strategy geared to provide investors with a steady income steam. It aims to pay an annual dividend equivalent to 6% of the company’s opening book value, on a quarterly basis. In addition, it will target underlying growth of that book value of between 5% and 10% per annum through earnings (including realised and unrealised gains). Listed on the TISE in Guernsey in August 2016 following its IPO which raised £78 million,

Building an emerging markets business

Since listing in August 2016 with the issue of £78m in equity, APQ Global has moved quickly but cautiously to deploy the funds. It has initially assembled a highly diversified liquid markets portfolio of predominantly bonds and equities in global emerging markets, including a number of strategic positions, while working on the sourcing of direct investments. APQ is managed by an experienced and incentivised team aiming to deliver a sustainable, progressive dividend with the potential for capital

Small Cap Breakfast

QUIZ— omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets . Expected late June. Offer TBA. | Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA | Touchstone Exploration— Oil exploration and production company active in the Republic

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Earnings in line, NAV ahead, caution being exercised

Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E

In line final results, market headwinds impact AuM

Finals are in line on management fee earnings, but an unexpected performance fee drives a 6% earnings beat and a higher dividend. Recent market conditions have been challenging and have impacted AuM, down 12% in Q1 so far (vs pf incl. Majedie). We update our model, driving a 8-11% reduction in our earnings estimates. We think that the current 8x Mar-23e PER is already more than pricing in further forecast risk. We note a 6%+ prospective dividend yield generously covered by earnings with signific

Auctus on Friday - 01/07/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini

Hybridan Small Cap Feast 22/06/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety p

Hybridan Small Cap Feast 01/07/22

1 July 2022 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives

Cenkos: Marlowe Plc -- Record organic growth

Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including

LIBERUM: Alternatives Daily

LIBERUM: Alternatives Daily

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Morning Note – 29 June 2022

Hybridan Small Cap Feast 23/06/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overd

Cenkos: Professional Services -- The week that was

Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears

Morning Note – 28 June 2022

NextEnergy Solar Fund - NAV Grows 15% in FY 22

NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.