LIBERUM: Aquis Exchange* - Investing for growth. Careful just now.
The company is trading in line with FY expectations, but is cautious that clients’ lack of certainty may temper short-term growth, so is taking back 2020 revenue expectations. It is also investing an extra £1m in some hires to drive the business beyond 2020. The need for best execution and low toxicity, further impelled by regulation, continues to drive business growth.
19 Dec 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
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17 Sep 19
LIBERUM: Aquis Exchange* - NEX Exchange acquired to create a pan-European Listing Exchange
Aquis is buying NEX Exchange for £1 (plus net working capital on the balance sheet). Management expectations of profitability in 2020 are not changed by this transaction, though the acquired business is forecast to lose £1m over the next two years.
05 Jul 19
Small Cap Feast
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019
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05 Jul 19
LIBERUM: Best of the Week: Financial Services In-Depth, Strategy Monthly:All-Cap and SMID, Melexis, Shield Therapeutics
The week's most insightful research and ideas. Liberum's most insightful and high-value research and commentary published this past week.
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22 Feb 19
LIBERUM: Financial Services - UK sell-off has created opportunity
Reviewing a range of diversified financial services companies in the UK, we see a group of businesses that are relatively capital light, with many offering a strong mix of large growth potential and recurring revenues. These are businesses that make their own futures – not macro or interest rate plays.
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20 Feb 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. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. 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 late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan mediumsized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb
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24 Jan 19
LIBERUM: Aquis Exchange* - Initiation - $30m of songs for $10 a month
Aquis is the Spotify of exchanges. It’s a subscription model, with unlimited trading above a certain volume, so a marginal trading cost of zero for high users, some of whom have already reduced their trading costs to 0.06bp.
25 Sep 18
AIM MARKET UPDATE June, July, August 2018
AIM showed no signs of a summer slowdown with three strong months with regards to total funds raised (new and further issues). June, July and August averaged over £700m per month, boosted by a particularly strong June which delivered 14 IPOs (historically AIM has 5-6 new joiners per month). Through the end of August 2018, the total amount raised (new and further issues) of £4.80bn is +15% on the same period in 2017 which itself was the best year since 2007.
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20 Sep 18
Small Cap Breakfast
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due late Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
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06 Sep 18