Small Cap Feast

Small Cap Feast – 18th August 2016

Dish of the Day:

No primary today

Off the Menu:

Marwyn Management Partners (MMP) has delisted from AIM

NewRiver Retail (NRR.L) is leaving AIM to join the Main Market as a REIT

What’s Cooking in the IPO Kitchen?

LoopUp—The provider of conference calls and online meetings is seeking to join AIM. 2015 revs of £9.2m and EBITDA of £1.02m

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

Autins Group plc – The acoustic and thermal insulation specialist now looks to join AIM late August


Breakfast Buffet

Physiomics* (PYC.L) 0.04p £1.22m

The computational systems biology services company applying simulations of cell behaviour to drug development to reduce the high attrition rates of clinical trials has signed a share purchase agreement to acquire BioMoti whose  platform technology, Oncojan™, creates nanoparticles which package cancer drugs into sustained release delivery vehicles which are then coated with tumour targeting protein called CD95R. There are lots of synergies here. The deal is contingent on a  £1m placing.


Tricor (TRIC.L) 0.4p £0.74m

Tricor which is a ‘Rule 15’ investing company has been informed that the Upper Tribunal (Tax and Chancery Chamber) has rejected the Company’s appeal to reclaim £1,847,976.70 of input VAT plus any interest and costs. The Company has until 2 September 2016 to make any application for permission to make a further appeal to the Court of Appeal in England & Wales. The Company is considering the implications of the decision with its lawyers and is awaiting further advice from them.  There is also an unquantified prospective liability for costs incurred.


Concepta (CPT.L) 11.87p £13m

The UK healthcare company and developer of a proprietary platform and suite of products targeted at the personalised mobile health market with a primary focus on women’s fertility has announced H1Jun16 results. All Oil & Gas assets disposed or dissolved. Concepta acquired post year end for £3m. Cash balance at the period end was $1.335m . ‘MyLotus’ to launch in China this year and targeting UK/Europe launch in 2017 subsequent to CE Marking.


Akers Biosciences (AKRL) 235p £12.8m

The developer of rapid health information technologies, announces the results of a study of the Company’s BreathScan OxiChek™ test, the first disposable breath test to rapidly determine levels of oxidative stress in the body – an indicator of the overall health and wellbeing of a personThe study has demonstrated an exceptionally high correlation between an Akers Bio rapid breath test and an established reference laboratory blood test.  FDA clearance not required and already being marketed.


Rex Bionics (RXB.L) 32.5p £8.3m

The pioneer of the REX Robot technology that enhances the mobility of wheelchair users, has announced positive results from a second interim analysis of its RAPPER II clinical trial showing that REX can safely be used by people with spinal cord injury.  51 out of 53 volunteers (96%) were able to complete the transfer-walk-exercise protocol (“Treatment Success”) – the primary endpoint of the trial. There were no Serious Adverse Events.


Empresaria Group (EMR.L) 98p £48m

H1Jun16 results from the international specialist staffing group. Net fee income +9% to £27.2m, adjusted EPS +26% to 4.3p. No interim dividend (traditionally only pays final). Average net debt of £10.5m was up 14% on prior year, due to the investment spend in the period of £3.4m. Continues to look for suitable external investments to fill in gaps in sector or geographic coverage with a pipeline of interesting prospects. 8.5xPE and 1.1% yield.


YOLO Leisure & Tech (YOLO.L) 0.9p £1.6m

The company focusing on opportunities in the travel, technology and leisure sectors, announced that, TVPlayer Limited, in which YOLO has an interest by virtue of its investment into TVPlayer’s parent company Simplestream Limited, has signed a multi-year agreement with Viacom International Media Networks to simulcast a selection of its pay-TV channels on TVPlayer Plus, TVPlayer’s low cost subscription TV service.


Nostra Terra Oil and Gas (NTOG.L) 1.85p £1.75m

Further to the recent announcements by the Company concerning the sale of its interest in the Chisholm Trail Prospect, the Company has announced the US$2.1 million sale has completed successfully. Nostra Terra intends to deploy the net proceeds from the Sale to accelerate its growth plans and for general working capital purposes. Nostra Terra continues to evaluate a number of opportunities across different geographic regions, particularly North America and Egypt.


EG Solutions (EGS.L) 44p £9.98m

The back office workforce optimisation company, has announced that its partner Aspect Software Inc. has closed a three-year contract with a leading social networking corporation (‘the Client’) to supply eg’s back office optimisation software.  The initial contract is valued at US$1 million with up to 4,000 licences being deployed over the next 3 years.  FYJAN17 forecasts suggest a 19.1x PE multiple falling to 8.7x the following year.


HydroDec Group (HYR.L) 3.25p £26.1m

The specialist re-refiner of industrial oils reports that its Australian operation has been awarded a 5 year contract for the supply of inhibited transformer and switchgear oil by Essential Energy, a major Australian utility. The contract includes the collection and re-refining of all generated PCB (polychlorinated biphenyl)  and non-PCB waste oils and is expected to generate over 1 million litres of new transformer oil sales over the life of the contract.  FY16E forecasts suggest £36.7 m revenues and a loss per share of 0.49p.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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