AIM Breakfasts

AIM BREAKFAST – 16th August 2016

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 1,008

Total number of AIM Companies trading: 992*
* As at 10 August 2016

Dish of the Day:

No Primary Today

Off the Menu:

Hydro International (HYD) cancelled from AIM due to being acquired.

Leed Resources (LDP) leaving AIM under rule 41 due to non  completion of acquisition

Set Menu ISDX Growth:

Total number of ISDX Growth Market Companies (Incl Susp): *

Total number of ISDX Growth Market Companies trading: *
* As at 10 August 2016

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

LoopUp—The provider of conference calls and online meetings is seeking to join AIM. 2015 revs of £9.2m and EBITDA of £1.02m

Bacanora Lithium— To list on AIM around 28 Sep as holding company for TSX listed Bacanora Minerals at £100m market cap

Aura Energy—ASX listed uranium developer (ASX:AEE) expected to join AIM 6 September

Autins Group plc – The acoustic and thermal insulation specialist now looks to join AIM late August

 

Breakfast Buffet

Petards Group* (PEG.L) 15.38p £5.34m

The developer of advanced security and surveillance systems  has been awarded a  £1.3m contract to supply Bombardier Transportation with  Petards eyeTrain systems.  Petards deliveries are due to commence during the latter part of this year with completion expected during the second quarter of 2018. The shares are on a diluted PE rating of 8.1x falling to 7.4x based on 2017 forecasts , a discount of circa 50% to the sector even after a strong recent run in the shares.

 

Cambridge Cognition Holdings* (COG.L) 40.5p £8.27m

The neuroscience company has announced results from a new technology feasibility study, demonstrating that consumer grade wearables can be used to accurately measure clinically relevant cognitive performance in everyday life using the Company’s new Cognition Kit software, thus having the potential to revolutionise brain health treatment at all stages, from patient assessments during the development of disease-modifying interventions to monitoring of patient health.

 

Ilika (IKA.L) 50.5p £33.2m

The pioneer in materials innovation and solid-state battery technology, announces that it is taking part in a three-year project to develop protected anodes for lithium sulphur batteries, led by Johnson Matthey Plc and supported by Innovate UK and the Engineering and Physical Sciences Research Council (EPSRC). £365,133 of the grant will be used to fund project activities at Ilika.

 

Orosur Mining (OMI.L) 20.75p £20.5m

The South American-focused gold producer, developer and explorer has announced FYMay2016 results. Gold production of 35,773 oz, exceeding guidance of 30,000 – 35,000 oz (FY15: 53,485). Gross profit in the year was US$0.8M compared to a loss of US$3.8M in FY15. Net loss after tax and after impairment and write off for the year was US$1.2M (FY15: loss of US$54.4M). Average gold price received of US$1,154/oz (FY15: US$1,232/oz). Guidance for FY17 increased to between 35,000 to 40,000 oz AU .

 

Roxi Petroleum (RXP.L) 11.25p £105.5m

The Central Asian oil and gas company with a focus on Kazakhstan has released an operational update, including news that, seeking to replicate the success of Well 143, Shallow Well 141 has been spudded. The new well is located some 1,150 meters from Well 143 with a planned depth of 2,450 meters. The new well is initially targeting Jurassic Callovian sands at  2,200 meters with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1,900 meters. Fixed drill cost of $1.25 m.

 

easyHotel (EXH.L) 79.5p £49.7m

The owner, developer, operator and franchisor of “super budget” branded hotels, has announced a further 96 rooms under development by its Benelux franchisee. This will be the third easyHotel in the Amsterdam region. Additionally, the Group’s Benelux franchisee is due to open easyHotel Brussels in October 2016, ahead of schedule.  The 107 room hotel will be the first easyHotel in Belgium.  FY Forecasts suggest £5.99m of revenues and £0.84m PBT.

 

Marshall Motor Hldgs (MMH.L) 151.5p £117.3m

The automotive retail and leasing group,  has released H1Jun16 interims. Revenue increased by 30.7% to £826.4m.  Adjusted profit before tax up 33.6% to £14.0m.  Interim dividend of 1.80p per share (Pro rata interim dividend 2015; 0.58p). Adjusted net debt (excluding leasing loans) at 30 June £32.4m. Proforma adjusted net debt / EBITDA 0.8x. Trading since 30 June 2016 has continued to show positive like-for-like new unit sales growth outperforming the wider UK market . PE 7x. Yield 3.1%

 

Ubisense (UBI.L) 27p £15.1m

The provider enterprise location intelligence solutions, announced its interim results for the six months ended 30 June 2016. First half revenues marginally ahead of 2015 achieved on a significantly reduced cost base. Revenue £10.7m vs £10.4m. Adjusted EBITDA loss of £0.6m (H1 2015: £3.7m loss). ‘The Company is on track to deliver full year results in line with the Board’s expectations.’ There are no forecasts in the market.

 

Circle Holdings (CIRC.L) 15.25p £36.03m

The employee co-owned hospital group, has been named as the preferred bidder by the Greenwich CCG to provide integrated musculoskeletal (MSK) services in Greenwich.   The five year contract is valued at approximately £73.7 million and is expected to deliver an estimated savings of £12 million for the CCG over the initial five-year term, which is renewable for up to two additional years.

 

Earthport (EPO.L) 13.6p £65m

The payment network for cross-border payments,  has provided a FYJun16 trading update. Revenues of approximately £22.7 million, +18%. In Line. Cash balance at FY16 year-end of approximately £14.4 million, with cash and cash equivalents of £14.9. In February 2016, Earthport’s FX subsidiary, Baydonhill, experienced a material financial loss of approximately £5 million, resulting from a potential fraud in relation to a corporate client . Various avenues of recovery being pursued.

 

Head Chef:

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

*A corporate client of Hybridan LLP

Disclaimer

This document, which does not constitute research, has been issued 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, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, directors, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the UK, this document is directed at and is for distribution only to persons who (i) fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.