Small Cap Feast

Small Cap Feast – 14 January 2020

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What’s Cooking in the IPO Kitchen?

Main Market (Premium)

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale.

The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m.   Due 28 February.

Main Market (Specialist Funds)

Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO.   The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn.   First day of dealings expected early February.

 

Breakfast Buffet

MJ Hudson (MJH.L) 58.5p £100.2m

HY Dec 19 update from the international asset management consultancy.

The Group’s financial year to June 2020 has started well with underlying revenue of £10.4m, an increase of 21 per cent., compared with the same period in the previous financial year. On an organic basis, underlying revenue growth was 7 per cent. During the period, the Company successfully completed the acquisition and integration of Amsterdam-based SARIS, the ESG reporting and consulting business (since rebranded MJ Hudson Spring), further details of which are set out in the Company’s admission document.  The acquisition of Anglo Saxon Trust is expected to complete within the next two months, subject to and following receipt of applicable regulatory approval by the Jersey Financial Services Commission.

Given this promising start, the Board is confident that trading is in-line with management expectations for the full financial year to June 2020.

 

Frontier IP Group(FIPP.L) 67p £33.96m

Frontier IP, a specialist in commercialising university intellectual property, today announces that portfolio company Fieldwork Robotics has raised £298,000 through an initial equity funding round.

The proceeds will be used by Fieldwork to accelerate development and scale up of the Company’s novel robotics technology for harvesting soft fruit and vegetables. A prototype raspberry picking robot successfully completed two field trials last year in collaboration with Hall Hunter Partnership, one of the UK’s leading soft fruit growers.

 As part of the fundraising, Frontier IP converted a loan of £48,000 into equity, with £250,000 being raised from new investors. The funding round values the University of Plymouth spin out at £5,048,000, with the Group’s 26.9 per cent equity stake valued at £1,355,000. Frontier IP also holds outstanding warrants on a further 0.74 per cent of Fieldwork’s equity. Before the funding round, the Group held an equity stake of 27.5 per cent, which was valued at £415,000.

 

Personal Group (PGH.L) 361p £112.7m

The provider of employee services in the UK, provided a FY Dec 19 trading update.

The Company has continued to make good progress on delivering the strategy following the appointment of Deborah Frost as Chief Executive in March 2019. Overall trading for FY 2019 was in-line with market expectations. The Insurance segment retained its strong profitability during 2019 despite the volume of new policies written during the year being slightly hindered by a slowdown of new client business wins. The Company is now starting to see positive signs from its investment in sales and marketing to address this.

During FY 2019, the PG Let’s Connect segment improved its year-on-year performance.  The Company expects this growth to continue following a positive reaction to the new proposition created for the NHS. The Company’s SaaS business delivered a strong increase in revenue, driven by increased user spend on Hapi (Personal Group’s own platform) and the fact that the provision of products such as reloadable cards, e-vouchers and cinema tickets are now serviced largely in-house.  “We enter 2020 in a good position across all three business segments.”

 

Audioboom Group (BOOM.L) 232.5p £32.6m

The leading global podcast Company announces that the Company has renewed an exclusive sales and distribution contract with one of Audioboom’s most popular entertainment podcasts for 24 months, which includes the opportunity to work with the content partner on further podcast projects together. Over the past year this podcast has been downloaded more than 140m times, and during 2019 Audioboom sold more than 98% of the available advertising inventory against this podcast.

The Company’s content funding guarantee facility announced on 17 June 2019 with SPV Investments Ltd (a special purpose vehicle owned equally by Michael Tobin, the Company’s Chairman, and Candy Ventures sarl, the Company’s largest shareholder) which will be used to provide a guarantee of US$1.75m in relation to this contract renewal.

 

Property Franchise Group (TPFG.L) 213p £55m

The Property Franchise Group PLC (AIM:TPFG), one of the UK’s largest property franchises, announced that it has launched a new financial services division and appointed Mark Graves to the new role of Financial Services Director, a non-board position. The Group intends to pursue a “buy and build” strategy to develop this new division, targeting the acquisition of quality financial services businesses which are relevant to the Group’s core business and directly authorised by the FCA. This division will operate as a subsidiary of the Group and will service the Group’s existing franchisees.

As part of this new strategy and to seed the division, TPFG has acquired a 72.25 per cent. stake in Auxilium Partnership Limited, a protection advisory business, for a non-material sum.  The Company has no debt and is cash generative.

 

Osirium Tech (OSI.L) 26.12p £5.1m

 FYDec19 update from the  vendor of cloud-based cybersecurity software.

The Board confirms that trading has continued to improve year on year and anticipates bookings for the year to be at least £1.8m, slightly ahead of market expectations and materially ahead of the prior year. Revenue for the 12 months to 31 December 2019 is anticipated to be at least £1.1m with deferred revenue of circa. £1.3m, giving greater visibility of future revenues into 2020 and beyond. Cash balances as at 31 December 2019 were £3.8m.

Further new accounts added in the last quarter of the year included an NHS Trust, a central government department, and a fleet risk and safety management business. As an important new step in the Company’s strategy, these new contracts include business being delivered and managed by one of the UK’s leading Managed Services Providers with a substantial base of accounts in the public and private sectors.

 

D4t4 Solutions (D4T4.L) 225p £90.6m

New contract wins in key vertical sectors for the Group’s Celebrus data collection software.

Newly won contracts comprise:

  • A new multi-year contract for Celebrus data collection software with a major UK high street bank.
  •   An extension of a contract with a major US bank using Celebrus data collection software.
  •   A capacity extension and a new data collection channel contract for Celebrus data collection software with a major financial services customer in the US.
  • A significant multi-year capacity extension and multiple country expansion contract for  Celebrus data collection software with a major European financial services customer.

 

Oxford Metrics (OMG) 138.8p £110.5m

The international software Company servicing government, life sciences, entertainment and engineering markets announces that Yotta, a provider of cloud-based infrastructure asset management software and services, has won a significant multi-year contract with South Gloucestershire Council for its connected asset management solution, Alloy. 

South Gloucestershire Council plans to deliver a wide range of infrastructure management and environmental services, including managing highways, street lighting, open spaces, street cleansing, drainage and waste collection.

 

Savannah Resources (SAV.L) 2.85p £37.02m

The Minister of Mineral Resources and Energy in Mozambique has issued Mining Licence 9228C (‘Licence 9228C’ or the ‘Concession’) to Mutamba Mineral Sands S.A.  This completes the grant of the three core, contiguous concessions in the Mutamba Heavy Mineral Sands Project in Mozambique, over which the Company operates a joint venture with mining major Rio Tinto.

 

Rambler Metals & Mining (RMM.L) 2.45p £31.76m

 Operating subsidiary, Rambler Metals and Mining Canada Limited, has entered into a Financing Facility  with Transamine Trading S.A.

Pursuant to the terms of the Facility, Transamine has agreed to provide up to USD $2m. The Facility accrues interest at a rate of 7.00 per cent per annum. The Facility will be used for working capital requirements as the Company consolidates the most recent expansion at the Ming Mine to 1,350 tpd milled.

 

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

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