Small Cap Feast

Small Cap Feast – 19th August 2016

Dish of the Day:

AEC Education (AEC.L)  to resume trading on AIM following publication of Annual Report

Off the Menu:

Stellar Diamonds (STEL.L) suspended pending potential reverse takeover

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 30 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

Polo Resources (POL.L) 6.22p £19.4m

Polo’s investee company, Blackham Resources (ASX: BLK) has raised approximately A$25 million through a placement of approximately 25 million new shares at a price of A$1.00 per share (2% discount) to fast track expansion plans.

The Placement proceeds will be used at Blackham’s 100% owned 5.1Moz Matilda Gold Project. Blackham reports that Matilda gold production is targeted within 3 weeks.


Immedia Group (IME.L) 33.5p £4.9m

The supplier of digital audio content solutions for leading brands and global businesses, announces that its contract with Arcadia Group Ltd will expire in December 2016. Conversely it is seeing significantly higher than expected uptake of SUBWAY® Radio by franchisees The Board  expects uptake to further accelerate into the next financial year as the service is rolled out across existing stores and new franchises are opened. Advanced negotiations for substantive deal with Major UK Retailer.


PHSC (PHSC.L) 27p £3.5m

The provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, announce that, in response to investor demand communicated to it yesterday, it has raised £350,000 through a placing  with new investors at a price of 22p per share, an 18.5% discount to yesterday’s closing mid price. The funds will provide PHSC with additional working capital including for ongoing expenditure relating to recent acquisitions.


Inspiration Healthcare(IHC.L) 60p £18.4m

The global medical device company  has proposed a reduction of its share premium account in order to create distributable reserves to provide the Board with the flexibility to distribute profits to shareholders as dividends, subject to the financial performance of the Company. FY Jan2017E numbers are looking for £14.3m revenue and £1.2m PBT. The company reported cash balances of £2.3m at the last year end.


Kellan Group (KLN.L) 1.25p £4.25m

The recruitment business operating across a wide range of functional disciplines and industry sectors reported H1Jun interims. Net Fee Income fell 10% to £3.3m. Adjusted EBITDA £0.2m vs £0.4m. Berkeley Scott’s temporary business was flat 0with the new Living Wage impacting H1 performance. Construction growing. ‘Uncertainty surrounding the EU referendum has been a distraction in H1 of 2016’  ‘We have also seen some general slowness post referendum in job flow and candidate attraction. ‘


Mincon Group (MCON.L) 56p £117.9m

The Irish engineering group specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products has reported H1Jun 16 interims. Revenue for H1 was 11% ahead of last year at €36.3 million, which tracked through to an improvement of 11% in profit before tax to €5.0 million against the backdrop of the cyclically depressed volumes and margins in some of the sectors Mincon services. Market share increasing. Some improvements in commodity prices/end-markets. 17x PE.


Netscientific (NSCI.L) 181.5p £39.3m

The transatlantic biomedical and healthcare technology group, announced that its digital health portfolio company, Wanda has launched myWanda, the first and only mobile application aimed at empowering women to improve the health of their hearts. Available on US iTunes. Forecasts for FY2016E are looking for £0.73m revenues and a £14.98m pre-tax loss.


Fox Marble Holdings (FOX.L) 9.38p £16.9m

The company focused on marble quarrying & finishing in Kosovo and the Balkans region, announced an operational update ahead of its H1Jun16 interims.  2016 order book of  4.1m, 0.5mn lower than previously announced  due to  impact of Sterling orders & a revised customer order. The Board confirms it is beginning to see progress in an increasing order book & sales conversions. H1 revs €0.26m. Advances of €4.2m. Cash: €2.7m following £2m placing. Factory nearly complete. PE 16.4x.


Independent Oil & Gas (IOG.L) 29.12p £29.9m

The development and production focused Oil and Gas Company, announced the completion of its first operated appraisal well on the Skipper oil discovery which lies in Block 9/21a in licence P1609 in the Northern North Sea, of which IOG is 100% owner and operator.  Retrieved good quality reservoir condition oil samples from the Skipper reservoir in order to optimise the Skipper field development plan.  Secondary exploration target did not show hydrocarbons.


Alpha Real Trust (ARTL.L) 84.3p £58.4m

ART currently focuses on high-yielding property, infrastructure and asset backed debt and equity investments in Western Europe. Trading update to 30 Jun 2016. NAV per share increased to 141.7p at 30 June 2016 (137.9p: 31 March 2016). Adjusted earnings per share of 2.0p for the quarter ended 30 June 2016 (7.0p: 12 months to 31 March 2016) . Declaration of a dividend of 0.6p. Income from investments, both equity and high yield debt, continue to add to the Company´s earnings position .


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Derren Nathan
0203 764 2344

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