Small Cap Feast

Small Cap Feast – 17 March 2020

Dish of the Day:

No Joiners Today


Off the Menu:

Sirius Minerals has left the Main Market. following a takeover. Summit Properties has left AIM


What’s Cooking in the IPO Kitchen?

Main Market (Standard List)

Abal Group (formerly on AIM) to relist as Supply@Me, a growing innovative “inventory monetisation” platform, having originated more than EUR300m of prospective “inventory monetisation deals” in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. Due 23 March.

Main Market (Premium)

DRI Healthcare—investment company focused on investments in healthcare Royalty Assets  looking to raise $350m.  Timetable now extended.


Breakfast Buffet

Litigation Capital Management (LIT.L) 49.25p £56.6m

HY Dec20 results from the international provider of disputes financing solutions.

 Delivering sustained growth across a diversified portfolio by investment activity and geography

First close of a new third-party fund of US$150m (post-period)

Cumulative 139% ROIC and 79% IRR over the last 8.5 years

Total cash generated of A$18.9 million (post-period cash receipt totalling A$9.7 million)

Four single-case investments in APAC generated a combined revenue of approximately A$14.9 million and contribution to gross profit of approximately A$7.8 million

First matter resolution in the aviation portfolio; generated revenue of A$0.6 million and provided a contribution to gross profit of A$0.2 million

Strategic Alliance with international law firm delivered material opportunities and over 30 applications, including both single case and corporate portfolio. Second Alliance initiated with an international law firm which has already generated corporate portfolio applications


Seeing Machines (SEE.L) 1.575p £53m

COVID-19 Update. There is an underlying and unstoppable movement for improved safety across all industry verticals and transport sectors, globally. Seeing Machines’ driver monitoring system technology benefits significantly from this and expects to continue to do so in the medium and long term.

The immediate global impact from COVID-19 is unprecedented and, as governments across the world make a number of significant decisions on a day-to-day basis and implement a range of precautionary measures, many of which impinge on the movement of people and goods, this presents an obvious challenge to the transport sectors which Seeing Machines’ technology and products serve.

Accordingly, despite the otherwise positive momentum across all transport sectors and significant confirmed order books for both the Fleet and Automotive divisions, the short to medium-term outlook is uncertain and it is possible that the Company will be impacted by these conditions.


Cambridge Cognition (COG.L) 21.3p £6.6m

Cambridge Cognition Holdings plc , which develops and markets digital solutions to assess brain health, announced that the Company has won a contract for three phase II studies with a new pharmaceutical client The Directors believe these studies, which have an aggregate value to the Company of £1.37 million, demonstrate significant progress for the Company in delivering its strategy of combining the sale of CANTAB™ cognitive assessments with additional electronic clinical outcome assessments (eCOA).  Contract delivery is expected to be over a two year period.

The three studies will include a total of 180 patients – 60 per clinical group – with the overall objective being to track early cognitive changes and motor signals associated with the drug being delivered.  By delivering CANTABTM cognitive assessments and eCOA questionnaires and scales all one platform, the Client will be able to sensitively, efficiently and securely monitor three distinct clinical populations.


Osirium (OSI.L) 19.5p £3.8m

The vendor of cloud-based cybersecurity software, is pleased to announce a contract win with a major regional UK Ambulance Service.

The new client has purchased a 60 month term license for 250 devices for the Osirium PAM platform including the Privileged Access Management, Privileged Task Management and Privileged Session Management modules. Consultancy and training from Osirium Professional Services are included in the contract.

The Osirium PAM platform has been selected in a public sector tender bid as part of a sales initiative led jointly by Osirium and an approved reseller partner. The principal d rivers for the client on this project are securing and controlling access to the infrastructure by 3rd party contractors and vendors, implementing secure access for internal staff to privileged accounts, and managing service accounts in line with policy.  The client will be making full use of Osirium Task Automation to ‘Shift Left’ or delegate IT tasks to junior IT team members and free up senior IT staff to focus on complex projects


Blackbird (BIRD.L) 7.75p £26m

 The  developer and seller of the market-leading cloud video editing platform, Blackbird, today launched its Virtual pre-NAB 2020 focused on enabling live or file-based remote video editing for enterprises.

Enterprises responding to the global threat of Coronavirus that need to enable remote or home editing for all or part of their content creation teams are invited to book an online demonstration of Blackbird on either 25 or 26 March 2020. There will also be a selection of group masterclasses available.

Blackbird can, very easily, enable highly responsive and fully featured remote editing for live and file-based content and can be used with a standard laptop. Built for the cloud, Blackbird is the only professional video editor in a browser. Video production staff can work with Blackbird from home or any other location with all the professional standard editing tools they need – even on low bandwidth.


Ethernity Networks (ENET.L) 32p £10.46m

 The supplier of data processing offload solutions on programmable hardware for accelerating telco/cloud networks, today introduced its ENET-D, an add-on Ethernet Controller technology to its ACE-NIC100 SmartNIC that efficiently processes millions of data flows and offers performance acceleration for networking and security appliances.

ENET-D is an Ethernet adapter and DMA (direct memory access) engine that eliminates the need for proprietary hardware on a network interface card. By fitting into various FPGAs and enabling customers to further avoid ASIC-based components, ENET-D advances complete disaggregation at the edge of the network .


Xeros Tech Grp (XSG.L) 0.425p £3.3m

The developer and provider of water saving and filtration technologies with multiple commercial applications, announces today that it has signed a Joint Development Agreement (“JDA”) with a global leader in commercial laundry solutions, with the aim of incorporating the Company’s microplastic filtration system, XFiltraTM, into their commercial washing machines. Washing textiles containing synthetic fibres, such as nylon or polyester, is a major source of microplastic pollution. Globally, it accounts for 35% of primary microplastics released into the oceans every year[1]. As many as 700,000 microplastic fibres can be released in the wastewater from a single load of domestic laundry.

Xeros’ patented filtration system, XFiltra removes up to 99% of these microplastic fibres from laundry effluent. he device lasts for the lifetime of the washing machine and does not use disposable filter cartridges.


Everyman Media (EMAN.L) 70p £51.5m

As announced on 15 January 2020, the Company had a good 2019 demonstrating the strength of the Everyman brand and financial model. The Company intends to release full year results for the financial year ended 2 January 2020 on 19 March 2020.

Trading over recent days has been impacted by COVID-19 and the delay of major movie releases. Following guidance provided by the UK government yesterday, the Board of Everyman has taken the decision to close its venues to guests until further notice. The health of our staff and our customers is the boards highest priority.

Whilst site closures will clearly have an impact on the Group’s ability to operate whilst restrictions are in place, this does not change the Board’s confidence in Everyman and its proposition over the long term.


Best of the Best (BOTB.L) 405p £38m

Trading update from the online organiser of weekly competitions to win cars and other lifestyle prizes, is pleased to provide the following trading update. As announced at the time of its Interim Results, the Company has experienced a strong start to the H2 and the Board reportx that this momentum has continued. 

The Board has continued to drive investment across all marketing channels and this increased spend has led to a rise in customer engagement and new customer acquisition. As such, the Company is pleased to advise that it is currently trading ahead of market guidance, as updated on 30 January 2020, in respect of both full year revenue and profit.


Nu-Oil and Gas (NUOG.L) 0.0225p £0.77m

The AIM Rule 15 cash shell, has updated shareholders.

As a result of, inter alia, commodity price volatility over several months and, more specifically, the last few weeks, the Company is evaluating potential reverse takeover targets across all sectors and not solely in oil and gas, which had been the Company’s intended target space as announced on 11 October 2019.  

The Company has particularly focused its efforts on the environmental industries sector and is pleased to confirm that it is in discussions with several potential targets.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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