Small Cap Feast

Small Cap Feast – 12 September 2019

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What’s Cooking in the IPO Kitchen?


AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

Rumours and  Speculation

Press reports that Georgina Energy will join the standard list at the end of this month. Georgina is acquiring the EP127 licence in the Northern Territory, Australia, which has significant helium potential. It is raising up to £10m

Breakfast Buffet

LiDCO Group Plc (LID) 4.25p £10.38m

Today, LiDCO announces that the Company has signed a variation agreement to its existing commercial collaboration with CNSystems Medizintechnik AG, Graz, Austria providing LiDCO with access to CNS’ latest continuous non-invasive blood pressure monitoring software.

The main improvements with this latest software Include:

Faster set-up, significantly reducing the time to start monitoring, meaning that clinicians can be monitoring their patients in less than a minute

Sensor size assistant, automatically recognising if an incorrect sensor size is attached, ensuring an error-free application that gives notice to the user if finger sensor size does not fit

Improved signal optimisation, for more reliable short and long term blood pressure tracking.

Ovoca Bio (OVB) 12.5p £9.2m

Ovoca Bio, a biopharmaceutical company focused on identifying and developing novel therapeutics targeting the large unmet needs in the treatment of female sexual dysfunction, today announces that a Marketing Authorisation  application for BP-101, a novel synthetic peptide administered through a nasal spray, has been filed by its subsidiary, IVIX LLC, with the Russian Ministry of Health.

IVIX submitted the BP-101 MA application for the treatment of hypoactive sexual desire disorder, a condition characterized by a distressing lack or loss of sexual desire, in premenopausal women. The MA application is based on data from two Phase 1 studies, a Phase 2a study and the pivotal Phase 3 study completed earlier this year, conducted in Russia, which establish the safety and efficacy of BP-101 in the proposed indication.

HML Holdings (HMLH) 33.5p £15.35m

HML Holdings plc , a leading provider of property management, insurance and ancillary services to residential property blocks, announced the acquisition of Thornes Chartered Surveyors, a property management business with offices in Luton, on 11 September 2019.

HML has purchased the business and assets of TCS for £376,000 cash consideration, satisfied from HML’s existing facilities. The transaction includes additional performance related retention payments of up to £94,000 in total which will be subject to the achievement of certain criteria and will be payable 12 months and 24 months from the acquisition date.

TCS was established 1896 and has been operating as a standalone property management business for block and lettings under the leadership its current owner, Andrew Randall.  The business has annual revenues of £370,000 and now manages over 70 blocks for 1,300 mainly leasehold property owners in addition to over 170 properties managed as let properties.

Focusrite (TUNE) 525p £289m

Focusrite Plc, the global music and audio company supplying hardware and software products used by professional and amateur recording engineers and musicians, updates the market on another successful year in which revenue and profits have grown strongly.

The Company expects revenue for the financial year ending 31 August 2019, to be ahead of market expectations at approximately £84m, up from £75.1m last year.  This growth comprises an increase of approximately 10% for the existing business (c6% on a constant currency basis) and approximately six weeks of revenue for ADAM Audio, a German studio monitor company, which was acquired on 16 July 2019 for a total consideration of £16.2m in cash.  Margins have remained consistent with the prior year and as a result EBITDA is also expected to be ahead of market expectations.

Aggregated Micro (AMPH) 73.5p £46.5m

Aggregated Micro Power Holdings plc, trading as AMP Clean Energy, the specialist provider of distributed heat, power and renewable fuels, announces a further trading update in respect of the twelve months ended 31 March 2019.

It is expected to show revenues and income of £50m and an EBITDA loss in the region of £1.3m.

During the last two years, the Wood Fuels business underwent a transformative restructuring to bring all operations into a single management and brand platform which has further consolidated its market leading position. This has resulted in significant non-recurring costs from depot closures, office relocations and redundancies; all of which has been expensed through the profit and loss account.

Diversified Gas & Oil (DGOC) 113.5p £739m

Diversified Gas & Oil PLC, the U.S. based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, provides the following update of their proposed Move to Main Market

The Board confirms that following its robust evaluation of the matter, the Company is formally pursuing a move to the Premium segment of the Main Market of the London Stock Exchange, which it expects to complete following the publication of its full-year results issued in Q1 2020, subject to the approval of the UK’s Financial Conduct Authority. The Company will announce further details as appropriate.

Agronomics (ANIC) 9p £10.24m

The Board of Agronomics announced that investee company, Insilico Medicine Cayman Topco has completed its US$37m Series B financing led by Qiming Venture Partners, along with Juvenescence, Eight Roads, Longevity Vision Fund, F-Prime Capital, Lilly Asia Ventures, Sinovation Ventures, Baidu Ventures, Pavilion Capital, BOLD Capital Partners and other prominent investors in the field of longevity.  Insilico is a pioneer in the application of next-generation artificial intelligence to drug discovery, biomarker development and ageing research.

UK Oil & Gas (UKOG) 1.23p £76m

UK Oil & Gas announced that final site works to accommodate the arrival of the rig to drill the new Horse Hill-2/2z (“HH-2/2z”) Portland horizontal well commenced at 1200 hrs, Friday 30 August and were completed yesterday. Test production from the Horse Hill-1 (“HH-1”) Kimmeridge oil pool was temporarily shut-in to permit oil storage tanks and flowlines to be relocated to enable safe simultaneous drilling and HH-1 testing operations. Kimmeridge test oil production has now resumed and will continue until the rig arrives, when a further short shut-in will occur to enable the HH-2/2z drilling set-up to be assembled.

Biome Technologies (BIOM) 335p £8.3m

Biome Technologies plc, a leading bioplastics and radio frequency technology business, announced that it has conditionally raised approximately £1.3m (before expenses) at a price of 300 pence per share to fund Biome Bioplastics’ growth and development  including Growth capital needs for several bioplastics projects that are scaling up and will drive a significant increase in revenues over the next 18 months .

PROVIDENCE RES. (PVR) 5.4p £32.87m

Providence Resources, the Irish based energy company announces that it has conditionally raised approximately US$3.76m investors at a price of £0.051 . The proceeds of the Placing will only provide working capital in respect of general, administrative and licence operating costs for the period to the beginning of February 2020. Accordingly, the Board is currently undertaking a strategic review of the options available to the Company on future financing alternatives. Timing of $9m loan remains unclear.  “ The materiality of both our portfolio and investment in offshore Ireland remains, and the Board remain focused on realising value”.

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Derren Nathan
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