Small Cap Feast

Small Cap Feast – 17 July 2019

Dish of the Day:

Uniphar (UPR), a diversified healthcare services business, has joined AIM raising €150m at €1.15 with a market cap of €310m

Off the Menu:

No Leavers Today

What’s Cooking in the IPO Kitchen?

Main Market (Premium)

Main Market (Specialist Funds)

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 the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m.


Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Breakfast Buffet

AorTech Inter (AOR) 58p £8.6m

AorTech International, the biomaterials IP and medical device development company, announced its audited final results for the year ended 31 March 2019.

Transformational year: new Board in place executing an exciting, funded business plan

Polymer IP business unit performing strongly: license fee and royalty income grew stongly increasing by 15% to £463k 

Year end cash balance: increased to £2,412k (2018: £422k)

Medical device development business established: key partnership agreements signed for development of polymeric heart valves, vascular grafts and soft tissue patches

Good progress made on R&D projects: design phase nearing completion and progression to prototype manufacture in current period

Overheads remain tightly controlled: all R&D costs charged to profit

Key milestones: expect to reach a number of key milestones in coming year

Mirada (MIRA) 1.10p £8.5m

Mirada, a leading provider of integrated software solutions for digital TV operators and broadcasters, announced the integration of Netflix, the world’s leading entertainment service, within its Iris multiscreen product, and its first deployment into izzi Telecom’s pay TV platform in Mexico. 

With this integration, all of Mirada’s customers with an agreement with Netflix will now have the option to provide their subscribers with access to the Video-on-Demand streaming service on set-top boxes directly from their Iris pay TV platform. With the help of Mirada’s powerful technology, operators who wish to provide Netflix on their platform will enrich the viewing experience for their subscribers with multiscreen interactivity, such as the ability to pause and play their favourite film or series from their smartphone when watching Netflix content on the set-top box.

In addition to being able to attract more subscribers to their pay TV service by facilitating access to popular third-party content from Netflix, such as the award-winning “Stranger Things”, operators will also enjoy the advantages of their subscribers spending more time engaged within their pay TV platform, encouraging consumption of their own content and creating loyal customers.

CyanConnode Holdings (CYAN) 5.6p £10.8m

CyanConnode, a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, provides a trading update for H1 2019.

Total revenues expected to be in the region of £1m

Operating losses reduced by 16% to £3m

Period end net cash was £2.4m

R&D tax credits of £0.8m to be received, bringing total cash available to £3.2m (31 Dec 2018: £4.6m)

Received approximately £2m in payments from customers during the period

“We have made solid progress during H1 2019, securing a number of follow on orders in India and Europe, which is testament to the strength of our Omnimesh technology.  As anticipated, the Indian general elections which took place during the period have impacted the number of new tenders awarded in this market during the first half of the year. Since the general elections closed in May 2019, we have seen in country business activity resume to normal, which we believe will result in increased contract orders from our key market and in-turn significantly higher revenues in H2 2019 than the whole of 2018. The growth in India and the demand from the rest of the world gives the Board confidence that we will meet full year market expectations. We look forward to reporting on such new orders in H2 2019 and delivering significant revenue growth for FY 2019.”

Itaconix PLC (ITX) 2.6p £6.46m

Itaconix, a leading innovator in sustainable specialty polymers, announced the following trading update for the six-month period ended 30 June 2019.

Demand for the Company’s proprietary detergent, odour control and hair styling polymers continued to grow from steady penetration of their use as key functional ingredients in an increasing range of everyday consumer product formulations for home and personal care.

As a result, unaudited revenues for the first half of 2019 grew to £0.5 million, which reflects a 59% increase over the same period in 2018 and a 33% increase compared to the second half of 2018.  First half revenues also represent 72% of revenues for the previous full year.

Unaudited EBITDA was a loss of £1m, compared to a loss of £2.4m for the same period in 2018 and a loss of £1.4m for the second half of 2018.  These reduced losses reflect the success of the Company’s efforts to reduce the overall cost base while growing revenues.

Net cash as at 30 June 2019 was £1.5m.  Net cash as at 31 Dec 2018 was £2.1m.

Hotel Chocolat Group (HOTC) 357.5p £400m

Hotel Chocolat Group, a premium British chocolatier and omni-channel retailer, announced its trading update for the 52 weeks ended 30 June 2019.

Revenue for FY19 was £132m, an increase of 14% compared to the 52 weeks ended 1 July 2018.

Management expects that PBT for FY19 will be in line with market expectations.

Operationally, the Group opened 16 Hotel Chocolat locations in the year contributing five per cent to Group sales year-on-year. Two of the new openings were in the USA. In addition to the above openings, the Group entered into a joint venture in Japan which opened two locations in Tokyo.

Trading since FY19 continues to be in line with management’s expectations.

Brooks Macdonald Grp (BRK) 1,965p £274m

Brooks Macdonald announced it has signed an agreement to lease a new London office at 21 Lombard Street. The lease is for six years with relocation to the new premises in the second half of the Group’s financial year ending June 2020 (FY20). The Group’s two current London offices at Welbeck Street in the West End and Bevis Marks in the City will consolidate into the new central location.

“Bringing our London-based teams together at 21 Lombard Street is an important step in delivering our growth ambitions.  It will allow us to provide an improved experience for clients and advisers, and a better environment for our people – supporting employee engagement, collaboration and wellbeing.  This move is a significant milestone for our business and it is pleasing that we have been able to do this at a lower operating cost than today.”

Reabold Resources (RBD) 1.23p £46.8m

Reabold, the AIM investing company which focusses on investments in pre-cash flow upstream oil and gas projects, noted the announcement made by ADX Energy Ltd this morning, regarding the completion of the farm out of a 50% interest in the Parta Exploration Licence to Parta Energy Pty Ltd, which will earn its interest through funding the first US$1.5 million of a planned 3D seismic acquisition programme.

Danube Petroleum Limited, in which Reabold owns a 37.5% interest, will subsequently own 50% of the Parta exploration licence and 100% of the defined 19.4km2Sole Risk Area, which includes the Iecea Mare Production licence, where ADX is planning to commence drilling of the IM1 appraisal well in the coming weeks.

M Winkworth (WINK) 115p £14.6m

The Directors of M Winkworth Plc announced that the Company will pay a dividend of 1.9p per ordinary share for the second quarter of 2019 to shareholders. The timetable is as follows:

Ex-Dividend Date 25/07/19

Record Date 26/07/19

Expected Payment Date 22/08/19

MaxCyte (MXCT) 126p £72.7m

MaxCyte, the global clinical-stage cell-based therapies and life sciences company, provided an update on trading and corporate progress for the six months ended 30 June 2019.

MaxCyte continues to build upon its substantial momentum and is trading in line with expectations for the full year. H1 2019 revenues are expected to increase approximately 21% year-on-year to $8.4m (2018: $6.9m). 

Next generation ExPERT™ launch

MaxCyte launched its next generation of instruments and disposables, ExPERT, during the first half of the year, with positive feedback and strong interest from existing and new customers.

Anglo African O&G (AAOG) 4.1p £9.7m

Anglo African Oil & Gas, an independent oil and gas developer, announced that it has completed a fundraising for up to £8.25m. The fundraising comprises:

A placing of 49,288,347 ordinary shares of 5p each in the capital of the Company to Miton Asset Management at a price of 5.2p per Ordinary Share, a premium of 26.83% to the prevailing share price on 16 July 2019, raising a total of £2,562,994.04; and

The entry into an Investor Sharing Agreement between AAOG, YA II PN, Ltd and Riverfort Global Opportunities PCC Limited for a subscription of 109,331,011 Ordinary Shares at the Issue Price for a total commitment of £5,685,212.57.

Head Chef:

Derren Nathan
0203 764 2344

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