Small Cap Wrap: Month: February 2017

AIM Breakfast - Archive

28th February

GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow.

Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.

Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

 

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27th February 2017

Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Admission now due 7 March

 

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24th February 2017

GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow.

Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

 

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23rd February 2017

Sealand Capital— Publication of prospectus regarding the Reverse Take Over of SecureCom. The business of the Target is the operation of Metalk, a secure mobile communication software application that serves corporate executives and business people across the APAC region . Raising £1.4m at 20p. Readmission to Standard List expected 28 Feb.

Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.

Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

 

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21st February 2017

GBGI—Schedule One update from integrated provider of international benefits insurance. Raising £32m at 150p. Admission expected tomorrow.

Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.

Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

 

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20th February 2017

Anglo African Oil & Gas— Admission expected early March. Acquiring stake in producing near offshore field in the Republic of the Congo.

Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

 

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16th February 2017

Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

 

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15th February 2017

 Backers reaffirm support for ProMetic

InnovaDerma revenue picks up again

TP Group acquires

On this day:

399 BC—Philosopher Socrates is sentenced to death by the city of Athens for corrupting the minds of the youth of the city and for impiety

1763—Austria, Prussia & Saxony sign Treaty of Hubertusburg, marking the end of the French and Indian War and of the Seven Years War

2001—First draft of the complete human genome is published in the journal “Nature”

Dillistone Group (LON:DSG 87.00p/£17.60m)

Dillistone Group, the  supplier of software for the international recruitment industry through its Dillistone Systems and Voyager Software divisions, provided a trading update for the 12 months ended 31 December 2016. The Board confirmed that pre-tax profits before acquisition related items and one off adjustments are expected to be broadly in line with market expectations, with year on year growth in revenue, EBITDA and pre-tax profits.  Currency gains have impacted both revenues and costs, however the net impact of this currency fluctuation has been positive. Both divisions will be reporting good revenue growth for the period.  Economic turbulence in 2016, as noted in their Interim Report in September, has resulted in a lower than normal level of sales of new licences and subscriptions to existing clients, however licence sales to new clients and upgrades for existing clients remain strong.   The Board also noted that Dillistone Systems division has seen a notable improvement in its market performance after a challenging 2015, with significant growth in both the number and total value of new contract wins in the year.  The Board remains optimistic about making further progress in 2017, although it is mindful of the wider economic influences and their potential to impact on the performance of the business.  The Group remains profitable and cash generative and continues to follow a progressive dividend policy, subject to the needs of the business.

 

Ferrum Crescent (LON:FCR 0.18p/£4.19m)

Ferrum Crescent, the metals developer, announced further to its previous announcement of 16 January 2017, that the farm-in and joint venture agreement between Ferrum Iron Ore Limited (FIO), Ferrum South Africa Limited (FSA) and Business Venture Investments Limited (BVI) for the production of a bankable feasibility study (BFS) for the Company’s Moonlight Iron Project in Limpopo Province, northern South Africa has now been formally terminated by FIO and FSA in accordance with its terms. Under the terms of the Agreement (details of which were first announced by the Company on 14 October 2015), BVI was entitled to earn up to a 43 percent equity interest in FIO through the completion and full funding of the BFS, which was to be conducted in two phases. As announced on 14 January 2016, the Company agreed to extend the timetable for BVI to complete BFS Phase 1, however, as announced on 16 January 2017, BVI failed to complete BFS Phase 1 by that extended deadline of 12 January 2017. Consequently, and in accordance with the terms of the Agreement, BVI has not earned any equity interest in FIO. The Company is considering its options in relation to the potential development of the Moonlight Project, and will make further announcements as and when appropriate.

 

Hutchinson China MediTech (LON:HCM 2,165.00p/£1,296.18m)

Hutchison China MediTech announced that it has initiated the first-in-human (FIH) Phase I clinical trial of HMPL-453 in Australia.  HMPL-453 is a novel, highly selective and potent small molecule inhibitor targeting fibroblast growth factor receptor (FGFR).  The first drug dose was administered on February 14, 2017. FGFRs are a sub-family of receptor tyrosine kinases.  Activation of FGFR signalling pathways is central to several biological processes, including angiogenesis, tissue growth and repair.  Given its complexity and critical role in a number of important physiological processes, aberrant FGFR signalling has been found to be a driving force in tumour growth, promotion of angiogenesis, as well as, conferring resistance to anti-tumour therapies.  To date, there are no approved therapies specifically targeting the FGFR signalling pathway. The FIH dose-escalation trial aims to evaluate the safety, tolerability, pharmacokinetics and preliminary anti-tumour activity of HMPL-453 in patients with advanced or metastatic solid malignancies, who have failed or are unable to tolerate standard therapies or for whom no standard therapies exist.  This open-label study consists of two preliminary phases, a dose-escalation (stage 1) and a dose-expansion stage (stage 2). In pre-clinical studies, HMPL-453 demonstrated superior potency and better kinase selectivity as compared to other drugs in the same class, as well as a favourable safety profile.

 

InnovaDerma (LON:IDP 137.50p/£15.42m)*

InnovaDerma, a UK developer of ‘at-home’ and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, announced its unaudited half year results for the period ended 31 December 2016.  Actions carried out by the Company have begun to have a positive financial impact, with January 2017 delivering the highest monthly revenue ever recorded. This, together with the seasonality of the business being second-half weighted, means the Board is confident of delivering a robust second half of the year. Financial Highlights showed group revenue grew strongly by 125.5 percent to £3.19m (HY2015: £1.41m) driven by the successful penetration of the UK market through Superdrug and Direct To Consumer sales,  gross profit increased significantly by 131 percent to £1.84m (HY2015: £0.8m) and loss before tax of £0.15m (HY2015: £0.004m) as a result of one-off exceptional listing costs and strategic initiatives to expand and scale the business. At 31 December 2016, the Group carried a cash balance of £0.701m against an opening balance of £0.115m. There was a very strong start to the second half of the year with January 2017 delivering the highest ever monthly sales in what is considered to be the slowest month in the self-tanning industry, with the US performing in line with expectations after launching in November 2016 with the Group securing opening orders for Skinny Tan from Harmon Retail Chain (a subsidiary of Bed Bath and Beyond). Revenue and profit expected to grow in the second half driven by the above-mentioned strategic initiatives undertaken in 2016, the fast-growing DTC platform and expansion in the UK, Europe and US.

 

OneView Group (LON:ONEV 3.38p/£12.75m)*

OneView, a retail digital transformation software provider for in store customer service, announced that Hawk Investment Holdings Limited has agreed to provide an additional loan facility of $0.3m.  The Loan is unsecured and attracts an arrangement fee of 1 percent and interest is charged at 1 percent per month.  The Loan will be used to cover short term working capital needs and is expected to be repaid in the next three months from anticipated cash receipts. Given the substantial shareholding of Hawk, the Loan is deemed a related party transaction under the AIM Rules for Companies. The Directors consider that the terms of the Loan are fair and reasonable insofar as the Company’s shareholders are concerned.

 

ProMetic Life Sciences (TSX:PLI CAD2.41/CAD1,547.89m)*

ProMetic Life Sciences, the biopharmaceutical company with globally recognised expertise in bioseparations, plasma-derived therapeutics and small-molecule drug development, announced that California Capital Equity LLC (CCE), has exercised 44,791,488 share purchase warrants at a price of $0.47 per share for total proceeds of CAD21.05m to the Corporation. The CEO of CCE stated that ProMetic represented a long term and strategic investment for CCE, and that CCE anticipate further collaborations going forward.

 

Proxama (LON:PROX 0.38p/£6.83m)

Proxama, the international digital and mobile commerce company specialising in end-to-end payment solutions for card issuers and processors, announced that a leading South African insurance and financial services provider, has signed a 5 year contract with Proxama Solutions Limited for the supply of in-house EMV card issuing, PIN management and card lifecycle management. Revenue earned from software licenses, services and support will be £0.365m in 2017 and a minimum of £0.691m in total over the five years, with additional payments if certain card capacity thresholds are achieved. Proxama will supply Payment Application Manager for EMV card issuing, card lifecycle and key management, PIN Manager for electronic PIN capture and distribution, and EMV Transaction Manager for EMV transaction authentication and post-issuance control of EMV cards, including PIN changes and risk management.

 

TP Group (LON:TPG 8.12p/£30.10m)

TP Group, the specialist services and engineering group, announced that it has reached an agreement to acquire the entire issued share capital of ALS Technologies Ltd and Flexible Software Solutions Ltd for a combined initial consideration of £1.25m, funded from the Group’s existing cash resources, on a debt free cash free basis. A further consideration of up to £1.5m will fall due on delivery of profit related earn-out targets over the first 20 months from completion. The maximum consideration payable for ALS and FSS, assuming all earn-out targets are met, is £2.75m. ALS, based in Wincanton, Somerset, provides systems engineering and assurance capability for mission support, flight control, combat systems and tactical information systems in the aerospace and defence markets. FSS, also based in Wincanton, develops safety-critical software for the defence and commercial sectors. ALS reported revenues of £4.3m and profits before tax of £0.5m in the financial year ended 30 September 2016. As at 30 September 2016, ALS had gross assets of £0.8m. FSS generated revenues of approximately £0.2m and was approximately breakeven in the year ended 31 December 2016. As at 31 December 2016, FSS had gross assets of approximately £0.1m.

 

Vernalis (LON:VER 30.75p/£155.57m)

Vernalis announced the achievement of a clinical milestone from its collaboration with Corvus Pharmaceuticals Inc had triggered a payment of $3m to Vernalis.  In February 2015, the Company licensed exclusive, worldwide rights to its adenosine receptor antagonist programme, CPI-444, for use in all therapeutic applications to Corvus, a US-based biotechnology company focused on developing novel immuno-oncology therapies. CPI-444 is a patented small molecule that is now being evaluated in a Phase 1/1b trial in patients with advanced cancers. It is the lead molecule in Corvus’ pipeline and is being developed both as a single agent and in combination therapy. The clinical trial utilizes an adaptive design that allows expansion of disease-specific cohorts upon reaching certain pre-defined endpoints. Corvus announced positive data from its Phase 1/1b study in January 2017, having achieved the clinical study protocol criteria for expansion in the cohort of patients with renal cell carcinoma with single agent CPI-444. The licensing deal has the potential for Vernalis to earn approximately $220m in milestones from all indications, subject to development, regulatory and sales milestones being achieved.  In addition, there are mid-single digit royalties payable if a product reaches the market, with the potential to reach low-double digit royalties in certain circumstances.

 

Versarien (LON:VRS 15.25p/£18.58m)

Versarien, the advanced materials group, announced the launch of the Company’s new graphene brand, Nanene. Nanene is manufactured using Versarien’s patent protected, mechanised exfoliation process. This process uses high shearing forces to separate the layers of graphite to sheets of graphene which are less than ten atoms thick, with the majority being less than five atoms thick, ensuring the properties of Nanene are superior to materials already established as the industry norm. Versarien has taken this process from the laboratory to scalable production by investments in labour and capital, increasing both throughput and yields.  The result of this is an independently verified, high quality graphene product, Nanene, produced in a manufacturing process that can be scaled to meet ever increasing customer demands. Nanene can be used in a variety of applications including in high-end applications in carbon fibre composites, such as the order announced on 29 November 2016, which was achieved with a tripling of manufacturing capacity on a short lead time.

 

*A corporate client of Hybridan LLP

15th February 2017

Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business  has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb.

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

 

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14th February 2017

Xafinity –Publication of prospectus. The pensions actuarial, consulting and administration business  has conditionally raised £179.6m. At 139p. Due to join main market 16 Feb.

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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13th February 2017

Emmerson— Prospectus published. Joining standard list. Seeking acquisitions. Expected admission 15 Feb

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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10th February 2017

Saffron Energy— Schedule One. Italian Oil and Gas play . Expected admission 24 Feb.

Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime.  Issue closing 23 Feb.

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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9th February 2017

GBGI—Schedule One from the integrated provider of international benefits insurance focused on providing tailored insurance products. Looking to raise £32m with admission expected 22 Feb.

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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8th February 2017

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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7th February 2017

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’.

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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6th February 2017

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’.

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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3rd February

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’.

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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2nd February 2017

Arix Bioscience — Intention to float on the main market from the  global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management

Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’.

Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.

 

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01st February 2017

 Revolymer Development Agreement

TP Group Trading Update

Fitbug Customer Win

On this day:

1793—France declares war on the United Kingdom and the Netherlands

2003—Space Shuttle Columbia disintegrated during the re-entry of mission STS-107 into the Earth’s atmosphere, killing all seven astronauts aboard.

2013—The Shard, the tallest building in the European Union, is opened to the public.

Cambridge Cognition (LON:COG 84.00p/£16.76m)*

The neuroscience digital health Company announced it has received 510(k) clearance from the U.S. FDA to market its CANTAB Mobile product as a medical device in the U.S.. CANTAB Mobile is designed to detect clinically-relevant memory impairment in older adults at the point of care. It includes a computerised test of visuospatial associative learning (CANTAB PAL) to assess episodic memory with optional mood and functional assessments, which can help to detect symptoms of depression and problems with performing regular activities of daily living. The touchscreen test, which takes under 10 minutes to complete, can be self-administered using voiceover instructions in over 20 languages with automatic scoring, accounting for age, gender and education level. All results can be accessed in a simple to interpret, one-page physician’s report using a traffic-light output for memory and mood outputs. Since being classified as a European Medical Device in 2013, CANTAB Mobile has been used routinely to assess over 26,000 patients in the UK who had concerns about their memory or were considered by their physician to be at increased risk of dementia.

 

Craneware (LON:CRW 1,280.00p/£351.60m)

Craneware, the provider in Value Cycle solutions for the US healthcare market, provided an update on trading for the six months ended 31 December 2016. The Group announced continued growth and expects to report 15 percent increases in both revenue and adjusted EBITDA for the six month period ended 31 December 2016, building on the return to double digit growth reported in the year to 30 June 2016 and slightly ahead of expectations. Underlying sales continue to support this growth, with a particularly strong Q2, post the US Election result, and a healthy sales pipeline. The Group continues to invest for the future. In the period it has invested c$3m in its newly formed Employee Benefit trust and over $1m in future product development, including its cloud-based Trisus product suite and the new Craneware Healthcare Intelligence product suite. The Group’s cash balance at the end of the period was maintained at $45m (H116: $45m) after making these investments whilst continuing a progressive dividend payment policy. With the growth in the period, continued cash generation and a healthy sales pipeline, the Board is confident in meeting market expectations for the full year.

Fitbug (LON:FITB 0.186p/£2.24m)*

Fitbug, the digital wellness technology provider for corporate organisations,  announced a customer win with a global financial services group in Asia. The customer will use Fitbug’s digital wellness services to help maximise employee performance, with the end goals of improving employee engagement, and reducing absenteeism and risk of chronic illness. Fitbug has secured an initial 1-year corporate wellness programme, which includes ongoing service revenue, together with an order for 14,000 devices. The devices were shipped in December and the programme is rolling out early this year. The Company also announced that for year ended 31 December 2016, revenue for the year is expected to be slightly behind that for the corresponding period last year, however the mix of revenue is expected to have changed to over 90 percent of 2016 revenue from corporate customers. Losses before tax for the full year are expected to be in line with the Board’s expectations. Overall the Group’s turnaround strategy is expected to have reduced losses for the full year by almost 50 percent in comparison with 2015’s audited loss before taxation of £6.53m, with substantial cost savings made in the second half which will continue to benefit Fitbug through 2017 and beyond. The Company’s balance sheet is also expected to show an improvement over the FY15 balance sheet as a result of its £2.61m fundraise and the conversion of £8.4m of the Group’s core debt into equity, which was completed in July 2016. Moreover, the Company successfully completed a cash placing to raise £1m with the intentions to use the funds raised from the Placing for general corporate purposes. Moreover, the Company also announced a strategic partnership with Olympic gold medallist Sally Gunnell, OBE, to help promote and expand its digital wellness offering to businesses in the UK. The partnership combines Sally’s programme and Fitbug’s scalable digital platform to offer a rich corporate health and wellness proposition and to generate new growth opportunities.

 

IG Design (LON:IGR 244.50p/£153.91m)

IG Design Group, a designer, innovator and manufacturer of gift packaging, greetings, stationery, creative play products and giftware, announced an update for the third quarter, which covers the Group’s key Christmas trading period to 31 December 2016. The Group reported that following the strong performance reported over the first six months ending 30 September 2016, trading has continued to be strong during the Christmas period. Results remain in line with the upgraded expectations announced in November 2016, with all regions trading profitably. The Board remains confident in the full year outlook of the Group.

 

InnovaDerma (LON:IDP 130.5p/£22.10m)*

InnovaDerma, a UK developer of ‘at-home’ and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, provided its trading update for the six months ended 31 December 2016. The Board announced that the Group’s first half year financial performance has been encouraging and revenues are expected to show growth of just over 80 percent year-on-year on a constant currency basis to approximately £3m. The increase in revenue has been driven by the Company’s expansion strategy in the UK with the strong performance of Skinny Tan, which was launched in February 2016 through Superdrug. The Group has undertaken significant corporate activity in the first half including listing on the Main Market of the London Stock Exchange, opening up the US market, and the transition of its manufacturing to the UK. One off costs associated with these activities will be absorbed into the first half of the financial year. The Company also announced the appointment of Kieran Callan as a Non-Executive Director with immediate effect, succeeding Garry Lemair who stepped down from the Board on 10 January 2017. Mr Callan has more than 30 years of experience in the FMCG and retail sector with a strong track record of devising and implementing strategies for growth companies.  Moreover, the Company also announced that it has raised £0.8m before expenses through a placing by Hybridan LLP of 727,273 new ordinary shares at a placing price of 110 pence per share. The Company has continued to receive strong demand for its products and therefore the key funding priority is to build stock levels at a faster pace to fulfil any increase in demand from various markets in the second half of our financial year in 2017.

 

MediaZest (LON:MDZ 0.102p/£1.35m)*

The Board reported the unaudited results for the six months ended 30 September 2016 for MediaZest plc. The financial review showed revenue for the period was down 8 percent to £1.47m, gross profits were up 2 percent to £0.63m leading to an EBITDA profit of £4,000 (2015:£8,000). Highlights of the six month period included delivery of several new projects with existing clients such as Hyundai, HMV, Kuoni, Rockar, Diesel, Farrow & Ball and Ted Baker (combined revenue in the period £0.6m), but also new business wins with Halfords, Virgin Media and LG (combined revenue in the period £0.17m). Further afield, in May 2016 the Company successfully installed a high resolution video wall for Ugg, part of the Deckers group, in their new flagship store in Florida. Improvements in recurring revenue streams continue, and coupled with tight cost control and new business wins for the second half of the current financial year, the Board is looking to deliver improved results for the full year ended 31 March 2017. However, this is subject to the acquisition, timing and delivery of certain upcoming key projects.

 

Mercia Technologies (LON:MERC 48.5p/£107.06m)

Mercia Technologies, a national investment group focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, announced a conditional placing at 46p per Placing Share. The Placing Price represents a discount of approximately 8.9 percent to the closing mid-market price of 50.5p per Ordinary Share on 30 January 2017. Once completed, the gross proceeds from the Placing will be approximately £40.0m. The primary purpose of the Placing is to accelerate the development of the Group’s existing portfolio companies and to capture the opportunity to invest in new direct investment opportunities across its target sectors nationally and specifically within the UK regions. The number of opportunities has been significantly enhanced through the acquisition of Enterprise Ventures Group Limited in March 2016 which took the number of investee technology companies in the Group’s third party managed funds from circa 35 to circa 150.

 

Petards (LON:PEG 25.10p/£8.98m)*

Petards, the software developer of advanced security and surveillance systems, announced that it has secured a 3 year contract renewal from the Air Platform Systems Platform Protection team, part of the UK Ministry of Defence, worth in excess of £1.6m for the support of ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems which are fitted to Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms. The contract is effective from 1 January 2017 and runs until 31 December 2019 with an option, which if exercised, would extend the contract for a further two years until 31 December 2021. The Company also announced that it has been awarded a contract to supply Siemens Mobility Division with Petards eyeTrain systems. The order is worth approximately £2m. Engineering activities will commence immediately with the first equipment deliveries to be made at the end of the first quarter 2017 and it is anticipated that the project will be completed during 2018.

ProMetic Life Sciences (TSX:PLC CAD2.11/CAD1,315.01m)*

ProMetic Life Sciences, announced that its orally active lead drug candidate, PBI-4050, has been issued a Promising Innovative Medicine (PIM) designation by the UK Medicines and Healthcare Products Regulatory Agency for the treatment of Alström Syndrome (AS). A PIM designation is an early indication that a medicinal product is a promising candidate for the Early Access to Medicines Scheme, intended for the treatment, diagnosis or prevention of a life-threatening or seriously debilitating condition with the potential to address an unmet medical need following an early review of the clinical data by the agency. The Company also announced that its orally active lead drug candidate, PBI-4050, has been granted an orphan drug designation status for the treatment of AS by the European Commission. The European Medicines Agency determined that the intention to treat AS with PBI-4050 was justified based on the preliminary clinical data generated in AS patients showing an improvement in liver fibrosis.  ProMetic is currently investigating the effects of PBI-4050 on multiple organs in AS patients in an ongoing open label Phase 2 clinical study in the UK.

 

Revolymer (LON:REVO 33.50p/£26.33m)

Revolymer announced that its wholly owned US subsidiary, Itaconix Corporation, has signed a joint development agreement with Akzo Nobel Chemicals International B.V. to advance commercial collaborations in certain applications for the Itaconix itaconic acid polymer technology platform. The agreement establishes a broad operating framework for the parties to jointly identify, develop and commercialise new polymers using Itaconix’s patented technology. This innovative technology enables the production of polymers from renewable ingredients, which fits closely with their Planet Possible sustainability agenda of doing more with less, these bio-based polymers offer unique properties in applications essential to our everyday lives, ranging from water quality to cleaning and hygiene.

 TMT Investments (LON:TMT $1.65/£46.5m)*

TMT Investments, the venture capital Company investing in high-growth, internet-based companies across a variety of core specialist sectors, announced that its portfolio company Pipedrive, Inc. has completed a US$17m Series B equity financing round, led by Atomico, with participation from Bessemer Venture Partners and Rembrandt Venture Partners. The transaction represents a revaluation uplift of approximately US$4.08m (or 132 percent) in the fair value of TMT’s investment in Pipedrive, compared to the previous announced amount as of 30 June 2016, and is equivalent to approximately 14.7 cents in additional net asset value per TMT share.

TP Group (LON:TPG 6.38p/£25.88m)

TP Group, the specialist services and engineering group, announced the following trading update. The Board reported that, following the trading update issued on 14 December 2016, the Group will report results for the financial year ended 31 December 2016 in line with current market expectations. The Group closed the year with a cash balance ahead of expectations at £9.2m. This is an improvement of £2.2m over the cash balance at the end of 2015.  The Board is confident that the Group can continue its progress in 2017 as it pursues a strong pipeline of future business opportunities alongside a growing order book position.

*A corporate client of Hybridan LLP

1st February 2017

Nando’s—According to a Reuters news release Nando’s has now denied speculation it was considering a London stock market flotation.

LXI REIT— Intention to float on the main market from the Company intending to invest in UK commercial property assets. Seeking an initial raise of £200m with authority for £200m more in first year,

Diversified Gas & Oil plc— AIM Admission now expected 3rd Feb. Raising $50m with expected market cap of $86.4m.

 

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