Small Cap Feast

Small Cap Feast – 15th November 2016

Dish of the Day:

No AIM Joiners Today

Off the Menu:

No Aim Leavers Today

What’s Cooking in the IPO Kitchen?

United Global—According to Arabian Business the merged UAE Exchange/Travelex is seeking a LSE float in Q3 2017 with 30% of the shares to be made public

Diversified Gas & Oil—The US based gas and oil producer is seeking a December AIM quoting to raise circa $60m

FreeAgent—Schedule one now out from the provider of accounting software to small businesses, with expected admission 16 November 2016. The Company plans to raise £8m with an anticipated market capitalisation on admission of £34.1m.

Breakfast Buffet

Conroy Gold and Natural Resources* (CGNR.L) 24.5p £2.7m

The Company has announced that Garth Earls has been appointed Non-executive Director of the Company with immediate effect. Professor Garth Earls is a geologist with over 35 years mineral exploration and management experience who has worked extensively both in Ireland and internationally. He qualified as a geologist in 1979 and has had a distinguished career in the mining industry. He was the project geologist on the team that discovered the Curraghinalt gold deposit in the North of Ireland. He has been working with Conroy for a number of years.


Altitude Group (ALT.L) 94p £41.3m

The provider of technology solutions for the personalised products industry announced that the first “Click to Ship” web sites were launched and went live with distributors over the last two weeks in accordance with the timetable outlined in its Interim Results.   As at 14 November  2016 the first 11,000 web sites had been launched for distributors. All the sites were issued through the Company’s first key trading partners in the USA, Aprinta and AI Mastermind. FYDec16E revenues of £4.5m and PBT of £0.5m.


WANdisco (WAND.L) 130.5p £48.27m

The provider of enterprise-ready, non-stop cloud software solutions, has secured an important contract win for its Amazon S3 Cloud solution, available in Amazon’s AWS Marketplace, with global online gaming company Playtika. The deal is based on Terabytes of data being replicated by WANdisco Fusion on a subscription basis.  “No other solution could move active, continuously changing data to the cloud without downtime and disruption“ FYDec16E rev£8.9m. £15.2m pre-tax loss.


Cyan holdings (CYAN.L) 0.21p £32.2m

The specialist in narrowband RF networks for Omni Internet of Things (IoT) communications, has won two Frost & Sullivan best practices titles in the 2016 awards. The Company was awarded the Global Smart Meter Growth Excellence Leadership Award and the Award for Best Practices in Enabling Technology Leadership in Smart Lighting Control for the Public Lighting Industry. These awards recognise CyanConnode’s consistency in delivering innovative technology and customer value across the global smart metering and smart lighting industries.


Dolphin Capital Investors (DCI.L) 5.62p £50.89m

The investor in high-end residential resorts in the eastern Mediterranean, Dominican Republic and Panama,  has entered into an agreement for the disposal of its Playa Grande Golf and Resort project, including the Amanera resort.  The Disposal was agreed at an enterprise value of 140 million which represents a 10% discount to the project’s carrying gross asset value as at 30 June 2016 and will result in a loss on sale of €15 million.


Atlantis Resources (ARL.L) 69.5p £81.3m

The specialist in the tidal power sector, announced that first power has been produced from the MeyGen project site in the Pentland Firth, Scotland. This turbine is the first of four 1.5MW tidal stream turbines to become operational at the site for the first 6MW phase of a total build out of almost 400MW.  Construction for the next 6MW phase, which benefits from a €17 million grant from the EC’s NER300 fund, is due to commence next year.


Nyota Minerals (NYO.L) 0.05p £0.94m

Under the Company’s plan to change focus and direction Nyota has  concluded negotiations with BigDish Ventures, the holding company of a digital privilege card business for the restaurant sector, under which BigDish Ventures will (i) provide debt funding to the Company and (ii) the parties will work towards agreeing an acquisition of BigDish Ventures by Nyota. BigDish has provided Nyota with a £200k loan. The proposed acquisition would be considered a reverse takeover and Nyota has requested a suspension.


Gateley (GTLY.L) 111.5p £119.1m

H1Oct16 trading update from the national commercial law firm and complementary business services group. Trading has been good with growth in revenue and operating profit supported by good cash generation in line with the Board’s expectations. The Board looks forward to H2, with further organic growth in the Group’s core legal services, augmented by the contributions from the recently acquired complementary businesses of Gateley Capitus and Gateley Hamer combining to deliver on Gateley’s diversification strategy.  FYApr17E rev £73.4m, PBT £13.15m.


Totally (TLY.L) 57.5p £11.5m

The provider of a range of out-of-hospital services to the UK healthcare sector, announced that it has completed the acquisition of the entire issued share capital of Optimum Sports Performance Centre, an established provider of physiotherapy services in the UK and one of the first physiotherapy providers in the UK to obtain ISO9001:2008 certification in 2013. Consideration of up to £650k with an initial £400k payment. The Board of Totally believes that the Acquisition will be earnings enhancing with revenue and profit growth potential.


ProPhotonix (PPIX.L) 6.25p £4.92m

The high technology designer and manufacturer of LED illumination systems and laser diode modules, with operations in Ireland and the United Kingdom, announced an addition to the COBRATM LED line light series  with a new multi‐wavelength configuration. One target application is the print inspection market. High brightness, multi-wavelength lights allows faster processing of print product without the loss of inspection integrity. FYDec16E revenue $15.4m EPS 0.9c. 4.2x PE.

Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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