Morning Note – 21 January 2020
dotDigital (DOTD): Corp Interim trading update | Elecosoft (ELCO): Corp FY 2019 earnings on track for growth forecast | eve Sleep (EVE): Corp FY19 pre-close; EBITDA loss/cash burn materially reduced | Hardide (HDD): Corp Placing proceeds to further upgrade equipment | LPA Group (LPA): Corp LED lighting contract win and trading update
EVE DOTD ELCO HDD LPA
21 Jan 20
Sector Note -
Experiential leisure is a fast-developing sector, offering the potential for high future growth. Despite significant macro-economic uncertainty and weak consumer confidence over the past two years, numerous data sources (e.g. Visa’s UK Consumer Spending Index and Barclaycard monthly spending data) point to the relative resilience of low-ticket leisure spending, often highlighting it as perhaps the only consistent growth area of Consumer over the past 18-24 months. A number of sentiment surveys also show consumers prioritising ‘going out’ and other ‘experiential’ leisure activities, with consumers searching out experiences – rather than the ownership of goods – with their disposable income. In particular, we have noted a huge increase in activity-based social entertainment experiences. In this Quarterly report, we have assessed the five most promising emerging sub-sectors of experiential leisure (Urban mini-golf, Competitive socialising in bars/clubs, Escape rooms, Outdoor adventure, Virtual reality/Video gaming/eSports), outlined the key dynamics (both the opportunities and challenges) of each, and identified the up-and-coming specialist operators as well as the larger quoted leisure/retail operators making initial moves in these sub-sectors in locations across UK and even internationally.
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11 Dec 19
Morning Note – 26 September 2019
Armadale Capital (ACP): Corp Mahenge Liandu project update | Circassia (CIR): Corp Initiation report: interims clarify misperceptions | eve Sleep (EVE): Corp Inline H1; KPIs show good progress, with much still to do | Hardide (HDD): Corp Encouraging year-end trading update | Independent Oil & Gas (IOG): Corp Herculean interims | Pelatro (PTRO): Corp Focus on recurring revenue intensifies H2 weighting | Savannah Resources (SAV): Corp Interim results | Surface Transforms (SCE): Corp Breaking into a new OEM | Transense Technologies (TRT): Corp Full-year results start to show strong commercial traction
EVE ACP HDD IOG SAV SCE TRT PTRO CIR
26 Sep 19
Small Cap Feast
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
EVE SRES ARE UFO ORM ULS MTPH ONC AST GMAA
20 Sep 19
Morning Note – 18 July 2019
eve Sleep (EVE): Corp H1 FY19 pre-close: Good broad-based progress | Minds + Machines (MMX): Corp Positive H1 trading update with new buyback announced | NAHL (NAH): Corp On track, evidence of success building gently | Photo-Me (PHTM): Corp Laundry remains the core growth driver | Scientific Digital Imaging (SDI): Corp FY results; acquisitions to fully benefit FY 2020 | SRT Marine Systems (SRT): Corp FY 2019 confirms step change from projects business
EVE MMX PHTM SDI SRT NAH
18 Jul 19
Small Cap Feast
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC, expected late April. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.
EVE CMCL MATD HUM THR CBUY ECSC TAM RBD CORO
16 Apr 19
Small Cap Dinner
Litigation Capital Management—provider of litigation financing and ancillary services, moving from ASX (ASX:LCA) to AIM. Offer TBC. Due 18 Dec. Mkt Cap A$64m. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. Manolete Partners—leading UK insolvency litigation financing business looking to join AIM raising £16.3m as a placing and £13.1 realised by the selling shareholder at 175p. Market cap £76.3m, expected 14 December Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. 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 early December.
EVE DIA GHT CTEA CWR BOO BOKU VELA BBB QIL
06 Dec 18
Small Cap Feast
Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov. Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. 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 Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.
EVE TAM VRE LWRF DISH ACSO BMV ACT LTG
15 Nov 18
Small Cap Breakfast
Range Resources— oil and gas company listed on the ASX plans to admit to AIM on 13 Dec with market cap of £17.4m | Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec | Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT | Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec | Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA | OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m | OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November
EVE LVCG CREO ARS IPX ABA RCN HUW SCH ODX
29 Nov 17
eve Sleep’s (eve) disruptive model is seeing positive traction and management is pressing the pedal to grow the brand. While carrying execution risk, indications after this short first period are at least equal to expectations at IPO and the valuation on a sales basis appears undemanding.
19 Sep 17
Small Cap Breakfast
Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep | OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. | People’s Investment Trust—Objective of sustainable wealth creation. Also to list on the Social Stock Exchange. Targeting £125m raise on 17 Oct. No performance fees or executive bonuses in order to focus on long term rather than short term performance. | Charter Court Financial Services Group—Intention to float. Specialist lender serving the UK residential mortgage market. The net mortgage loan book stood at £4.4 billion as at 30 June 2017 growing at a compound annual growth rate of 92 percent since 31 December 2014. Part vendor sale and £20m primary raise. | ContourGlobal LP—Report on Bloomberg that the thermal energy power generator is considering a London listing. | Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017
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08 Sep 17