Small Cap Feast

Small Cap Feast – 2nd September 2016

Set Menu AIM:

Total number of AIM Companies (Incl Susp): 1,006

Total number of AIM Companies trading: 993*
* As at 30 August 2016

Set Menu NEX Growth:

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

Total number of NEX Growth Market Companies trading: *
* As at 30 August 2016

Set Menu Standard List:

Total number of Standard List Companies (Incl Susp): *

Total number of Standard List Companies trading: *
* As at 30 August 2016

Dish of the Day:

No primary today.

Off the Menu:

No AIM Leavers today

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

Misys— The press reports that the Banking Technology provider owned by Vista Equity Partners is seeking a £5.5bn float in London

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

Breakfast Buffet

Papua Mining (PML.L) 1.88p £1.59m

The company focused on the exploration and development of gold and copper deposits in Papua New Guinea  has announced a £400k subscription by Thalassa Holdings (THAL.L) at 1p. A separate offer is being made to qualifying shareholders to raise up to a further £400k at the same price. The proceeds  and any additional funds received by way of the Offer for Subscription will provide the Company with additional working capital and will enable Papua to continue to advance operations at the Company’s Mt Visi prospect.

Roxi Petroleum (RXP.L) 10p £93.74m

The Central Asian oil and gas company with a focus on Kazakhstan, has updated the market with news of a reserves update as at 31 December 2015 of BNG’s South Yelemes fields. The reserves update covers the Company’s shallow fields at its BNG asset and does not include its deeper prospects that are subject to drilling at its wells A5, A6 and 801. The company’s net entitlement in the field now totals a 17.1 MMBbl of Proved and Probable reserves rising to 26.3 MMBbl when including the possible category.

Fyffes (FFY.L) 132.25p £394.7m

The European importer and distributor of tropical produce has reported H1 Jun16 interims. Revenue up 14.7% to €739.3m. EBITDA up 11% to €44m. Diluted EPS up 0.8% to 10.01c. Dividend up 10% to 0.9032c.  FY Guidance reiterated. Adjusted EBITDA – €63m – €69m. Adjusted EBITA – €49m – €55m  Adjusted EPS – 12.8c – 14.5c, the mid point implying an 11.49x PE multiple. Completion of €99m acquisition of Highline Produce in period

Eckoh (ECK.L) 49p £117.3m

The global provider of secure payment products & customer contact solutions, announced a trading update regarding its US business & its faster than expected transition towards a pure SaaS pricing model. Over 80% of Eckoh’s US sales pipeline is already using this structure. This is expected to reduce the forecast margin from US Secure Payments in the short & medium term but to increase it in the longer term.  Consequently FY Mar17 PBT now expected below market expectations. Consensus is £5.3m. Medium/long term outlook remains positive.

ASOS (ASC.L) 4,562p £3.81bn

The global fashion destination for 20-somethings has reached a global settlement regarding trade mark infringement disputes with high-performance cycle wear manufacturer Assos of Switzerland GmbH, and German menswear retailer, Anson’s Herrenhaus KG. The disputes have resulted in several cases being heard in court, as well as multiple trade mark registry actions around the world.  The full and final settlement will cost ASOS £20.2m

Lifeline Scientific (LSIC.L) 309.5p £60.4m

The transplantation technology company, announced a trading update for H1Jun16. Revenues for transplantation products increase by 21.1% to $18.2m and sales of proprietary single-use consumables up 24.7% to $10.6m. Overshadowed by news of a merger led by Shanghai Genext Medical Technology for a cash consideration of US$87.8m or $4.08/share. Unanimous Board approval. Premium of 0.7% to yesterdays close but 51.3% prior to the strategic review announced 18 Sep 2015.

hVIVO (HVO.L) 181.5p £141.7m

The pioneer of human disease models, announced that the Company’s landmark asthma stratification initiative is now underway, with the first volunteer inoculated with human rhinovirus (HRV). The study seeks to discover a more effective way to differentiate subtypes of asthma patients – enabling the development of targeted therapies, disease biomarkers and more precision medicine-based approaches to asthma care. Over 80% of asthma attacks or exacerbations are caused by viruses, primarily HRV.

Sound Energy (SOU.L) 66.75p £357.8m

Sound Energy, the European and African focused upstream company, announced that, following Sound Energy’s inclusion in the FTSE AIM UK 50 Index with effect from Monday 19 September 2016, trading of the Company’s ordinary shares will be migrated to the London Stock Exchange’s SETS trading platform with effect from that same date. The Company’s ordinary shares have historically been traded via the London Stock Exchange’s SEAQ trading platform.

Trading Emissions (TRE.L) 2.58p £6.44m.

Trading Emissions has  announced the sale of a 11.52MW portion of its Italian solar portfolio to a member of the Sonnedix group. The aggregate net proceeds from the sale of the Investments, after allowing for transaction costs, are estimated to be EUR8.5 million. Staggered over two years.

Proxama (PROX.L) 0.52p £8.96m

The mobile proximity marketing expert, announced that on 1 September 2016 it was certified by Google to deliver Physical Web user experiences for consumers, after graduating from its new beacon certification programme.  Proxama is one of only two companies in the world & the first in Europe to be certified by Google as a Google Location Services Provider, offering services & experiences based around Google’s open beacon format, Eddystone. In FYDec2015 Proxama had £2.5m revenues and a £6m LBT.

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

*A corporate client of Hybridan LLP

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