AIM Breakfasts

AIM BREAKFAST – 20th September 2016

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 1001

Total number of AIM Companies trading: 986*
* As at

Dish of the Day:

No AIM Primary today

Off the Menu:

No AIM Leavers today

Set Menu ISDX Growth:

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

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

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

Air Astana — In the press: Kazakhstan ‘s Air Astana intends to list in Kazakhstan. London a strong candidate for secondary listing

Biffa — Intention to float announcement states that up to £270m is to be raised to pay down debt and historic landfill tax liability

Hollywood Bowl — The UK’s largest bowling operator will place £181.3 at 160p. Vendor placing. Admission 21 Sep. £240m mkt cap

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

Breakfast Buffet

Cambridge Cognition* (COG.L) 72p £14.71m

The neuroscience company has secured the first contract for the recently launched CANTAB Recruit product. The contract has been signed with one of the world’s largest biotechnology companies to support its patient enrolment in a late-phase Alzheimer’s disease trial, helping to accelerate the development of a new drug treatment. Revenues will be recognised in the current financial year. Patient recruitment for early stage neurological diseases is particularly challenging. CANTAB Recruit helps address this need.

Crossword Cybersecurity* (ISDX:CCS) 192p £4.6m

Interim results from the ISDX listed cyber security focussed tech commercialisation company. Revenue momentum building with top line of £164k from £20.6k. Crossword now has formal relationships with five universities, has two recently launched products, and is expanding its range of commercial partners. Its consultancy arm is generating revenue. CEO TOM Ilube will be presenting at a Small Cap Club conference tomorrow at ISDX along with your Chef.

Smart Metering Systems (SMS.L) 535p £478.8m

The owner and operator gas and electricity meters on behalf of major energy companies has announced H1Jun16 interims. Revenue up 25% to £32.3m. Total annualised recurring income increased by 23% to £37.4m. Underlying EPS up 23% to 8.45p. Interim dividend of 1.37p, up 25%. 8 new framework agreements signed in H1. Confident for remainder of 2016. With over half of FY2016E revs (£58.75m) in the bag forecasts look undemanding. On a 30.9x PE.

Berkeley Energia (BKY.L) 50.5p £101.3m

Berkeley Energia has signed a Letter of Intent with a European based commodity trading company relating to the sale of the first 1m lbs of production from the Salamanca mine. The Agreement contemplates the sale of up to 1m lbs of uranium concentrate over a five year period starting from the commencement of the mine and extendable thereafter. The average price contemplated by the parties is above US$41 per pound compared with the current spot price of around US$25 per pound.

Clontarf Energy (CLON.L) 0.65p £2.95m

Clontarf Energy has announced a £400k gross placing at 0.5p. The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company’s Ghanaian assets and will also provide the Company with additional working capital, as the Company’s board continues to assess new projects in areas which may become available for exploration. The placing is at a 17.7% discount to the bid price at yesterday’s close.

EVR Holdings (EVRH.L) 1.88p £13.47m

The creator of virtual reality content has raised £3.4m through a placing at 1.7p (a small discount to the share price) including a 1 for 6 warrant issue exercisable at 1.85p. The proceeds will be used to drive further corporate expansion, in particular in the USA where the MelodyVR app continues to explore opportunities with a number of strategic partners. There are no forecasts in the market.

Shield Therapeutics (STX.L) 188p £168.7m

The specialty pharmaceutical company focused on secondary care has announced H1Jun16 results. First revenues of £240k from sales of Feraccru, Shield Therapeutics’ first prescription medicine which was approved in February 2016. Adjusted net loss of £5.1m. Ended period with £28.4m cash following IPO. Further out licensing discussions underway for Feraccru. Next candidate PT20 under development.

Pittards (PTD.L) 95p £14m

The specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors has announced H1Jun16 results. Revenue down to £13.4m from £15.6m and EPS down to 1.56p from 4.47p due to lower profits and dilution. However has traded profitably in challenging conditions and expects to report FYDec16 numbers in line with expectations. Valuation heavily asset backed. 7.4x PE.

Mountfield Group (MOGP.L) 1.4p £3.56m

The construction company specialising in supplying and installing raised access flooring and the construction, fitting out and refurbishing of data centres and commercial and residential buildings has reported H1Jun16 interims. Revenue reduction to £4.9m to £7.3m largely offset by improved gross margin. GP £1m vs £1.1m. PBT up to £316k from £246k. Expects performance to continue in H2. No post-Brexit decline seen.

Lighthouse Group (LGT.L) 11.25p £14.37m

H1 Jun16 interims from the financial advice firm. Revenues broadly flat at £23.8m. EBITDA up 40% to £1.01m. EPS up 132% to 0.6p5. Interim dividend declared of 0.09 +13%. New product ‘Luceo’ to be launched in October and managed by Octopus Investments. Whilst H2 results will not include the platform-based trail income due to regulatory change, the Board remains confident that the Group’s financial performance for the full year will be in line with market expectations. 10.4x PE

Head Chef:

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

*A corporate client of Hybridan LLP

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