Small Cap Feast

Small Cap Feast – 18th September 2016

Dish of the Day:

No AIM Primary Today

Off the Menu:

Sable Mining Africa’s (SBLM.L) delisted  from AIM yesterday

Premier Farnell (PFL.L) leaves  the main market today following a cash offer

What’s Cooking in the IPO Kitchen?

Misys— Press reports that the IPO valuation is to be cut by £1bn against an expected £5bn

TI Van Elle—The geotechnical contractor to the UK construction market is hoping to come to AIM later this month

Ascot Lloyd— The UK IFA is also hoping to join AIM later this month. Ascot Lloyd’s strategy is to grow through a combination of organic growth and further targeted acquisitions.

Breakfast Buffet

Directa Plus (DCTA.L) 121p £53.5m

The producer and supplier of graphene-based products for use in consumer and industrial markets, announced that Ufficio Brevetti e Marchi (Italian Patent and Trademark Office) has issued notification that a further two patents have been granted covering Directa Plus’ proprietary G+ manufacturing process. The Company now has a portfolio of 14 patents granted and eight pending.


Clinigen Group (CLIN.L) 750p £860m

The global pharmaceuticals and services group, has launched its Japanese business with the opening of an office in Tokyo, Japan. The establishment of Clinigen KK further expands the Group’s presence in Asia, following Clinigen’s acquisition of Link Healthcare in 2015. Alongside the launch, Clinigen KK will transfer the Marketing Authorisation for its lead Specialty Pharmaceutical (SP) product Foscavir® (foscarnet sodium) back from Nobel Pharma on 1 November 2016. FY Jun16E EPS of 41.18p and 4.75p dividend.


Accesso Technology (ACSO.L) 1620p £360m

The technology solutions provider to leisure, entertainment and cultural markets, today announces a three year agreement with Village Roadshow Theme Parks to install the accesso LoQueue virtual queuing solution at Wet’n’Wild Sydney. The agreement will see accesso’s patented Qbandsm deployed across nine attractions in one of Australia’s most visited water parks. FYDec2016E revenues of £77.4m and EPS of 34.24p.


Digital Barriers (DGB.L) 46.5p £76.79m

The specialist provider of visually intelligent solutions to the global surveillance, security and safety markets has agreed a two year £10m revolving credit facility with Investec Bank plc. The funds available through the facility will be used to meet the increasing working capital requirements of the Group’s organic growth, helping to ensure that the Group’s stock levels are better able to keep track with contracted revenue growth.  FYMAR17E revenues of £43.7p and pre tax profit of 0.5p rising to £48.2m and £2.9m for FY18E.


Orogen Gold (ORE.L) 0.02p £1.33m

The gold exploration company, reports on its review of the recent diamond drilling programme and further planned step-out drilling at the Mutsk gold project in southern Armenia. Management strongly encouraged by preliminary modelling of 2016 drill results. Potential for significant strike additions. Step-out holes planned to north and south. Immediate drilling start-up.  The additional drilling is expected to be completed in approximately 4-5 weeks.


Tethyan Resources (TETH.L) 2.25 p £2.03m

Tethyan has announced an exploration update for the Suva Ruda project over which it has an option and its proprietary Gokcanica copper-gold project both located in Central Serbia. A sampling programme has defined a coincident copper and molybdenum anomaly in soils over a 1200 meter by up to 600 meter area, with a maximum molybdenum sample value of 59 ppm. Molybdenum is a good indicator for porphyry mineralisation as it is not generally mobile in the weathering environment. 2500m drill programme to start imminently.


Botswana Diamonds (BOD.L) 1.6p £5.4m

Further to the notification of 9 September 2016, drilling has commenced on kimberlite pipe AK 22 on Licence PL 260 in the Orapa area of Botswana. A further announcement will be made as soon as practicable regarding the commencement of drilling on licence PL 135 in the Gope region.


88 Energy (88E.L) 2.82p £110m

The Company has provided an update on Project Icewine, located onshore North Slope of Alaska (77.5% working interest). Interpretation of modern 2D seismic data acquired by 88 Energy in early 2016 has identified multiple large conventional leads in Brookian Sequence across the Project Icewine acreage. 758 million barrels of prospective mean recoverable oil (gross) identified in current top 5 leads. 88E will undertake further technical work in order to mature the evolving conventional portfolio from which future likely drilling candidates will be selected.


Hardide (HDD.L) 0.95p £14.58m

The provider of advanced surface coating technology, announced a pre-close trading update ahead of the publication of its preliminary results for the year ending 30 September 2016.  The Company expects to report preliminary year-end results that are in line with current market expectations with H2 seeing an improvement over H1, as projected at the time of the interim results. There are signs of a slow recovery from oil and gas markets, both from existing customers and from new opportunities. Positive progress in aerospace.


Marshall Motor Hldgs (MMH.L) 137p £106.3m

The top 10 UK motor dealer with 103 franchises has noted the recent (downwards) movement in its share price. Other than general speculation surrounding the potential impact of Brexit on the UK economy and the automotive sector in particular, the Board knows of no reason for this. Reiterated that the outlook for the full year remains in line with previous expectations. Specifically, that FYDec16E should represent a significant improvement in earnings per share versus that achieved in the year ended 31 December 2015 (19.7p).


Head Chef:

Derren Nathan
0203 764 2344

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