Small Cap Feast
Small Cap Feast – 1st December 2016
Dish of the Day:
No AIM Joiners Today
No AIM Joiners Today
Off the Menu:
No AIM Leavers Today
No AIM Leavers Today
What’s Cooking in the IPO Kitchen?
Big Sofa Technologies— Schedule 1 from the b2b technology company providing video analytics at an enterprise level. Seeking to complete RTO of unlisted HubCo investments. Raising £6.1m. Target date 19 December.
ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m.
RM Secured Direct Lending – The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Creo Medical Group – UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Mobile Streams (MOS.L) 8.12p £3m
The emerging markets focused mobile media company intends to raise circa £1.6m at 4p (a 50% discount to yesterday’s closing bid price) via accelerated bookbuild and an offer for subscription on PrimaryBid. The proceeds are to be used to finance the rapid growth in working capital required by the Company’s plans and to enable the Company to commit to its proposed marketing spend in India through to the end of the next financial year in 2018.
Caledonia Mining (CMCL.L) 83.5p £43.8m
The Company confirms that, following the recent introduction of “Bond Notes” by the Reserve Bank of Zimbabwe (RBZ), there is no change to the settlement system in place for Blanket Mine in Zimbabwe for its gold sales. Since January 2014, Blanket has sold all of its gold production to Fidelity Printers and Refiners Limited, which is a subsidiary of the RBZ. Blanket has received all sale proceeds within 48 hours of delivery to Fidelity in US dollars at a price which is 98.75% of the London afternoon “fix” on the day after delivery to Fidelity.
Clinigen (CLIN.L) 755p £868.96m
The global pharmaceutical and services company has announced that Halaven® (eribulin) is now registered by the Medicines Control Council (MCC) in South Africa for the treatment of women with locally advanced or metastatic breast cancer who have progressed after at least two chemotherapeutic regimens for advanced disease. Eribulin was discovered and developed by Eisai and will be available to people in South Africa through a partnership with Equity Pharma, part of Clinigen’s Link Healthcare division.
Character Group (CCT.L) 435p £91.96m
FYAug16 results from the designers, developers and international distributor of toys, games and giftware. Revenue up 22.1% to £121m. Underlying PBT up 22.5% to £12.5m. Final dividend up 33%, total for the year 15p, up 36% over 2015. Net cash up 53.3% to £6.9m. Initiatives introduced to mitigate dollar strength. Will update on Xmas trading at AGM in Jan 2017. FYAug17E revenue 120m and PBT of £15m. 8.7x PE. 3.9% Yield
Forbidden Technologies(FBT.L) 11.25p £16.93m
The cloud video platform owner has announced a £3m placing at 10p a discount of 11% to yesterday’s close. The net proceeds of the Placing, which will be approximately £2.81 million, will be used to increase the Company’s sales and sales support capabilities, effectively resource larger contracts with new customer implementation capabilities, respond more rapidly to additional revenue related product development requirements and strengthen the Company’s balance sheet for larger strategic sales.
IMPAX Asset Management (IPX.L) 49.5p £55.22m
FYSep16 results from the investment manager focused on environmental markets and related resource efficiency sectors. Assets under management and advice increased 59% to new peak of £4.5 billion rising further to £4.7 billion by 31 October 2016. Record net inflows of £496 million over the 12 months and encouraging mandate pipeline . Operating profit of £4.2m from £3.1m. Final divi of 1.6p from 1.2p. Given the powerful long term drivers and notable shorter term catalysts in its investment universe, IMPAX expects the trend of above-average earnings growth in this area to persist for many years.
Nakama Group (NAK.L) 1.75p £2.06m
In-line HYSep16 results from recruitment consultancy working across UK, Europe, Asia and Australia providing staff for the Web, Interactive, Digital media, IT and Business Change sectors. Pre-tax loss of £63k vs £169k profit off flat Net Fee Income (2.9m vs £3m). Contractor revenue increased by 4.3% £9.3m. Revenue across the APAC region increased by 14.7%. “We see a stronger second half of the year from the Group as a whole this year compared to a softer second half last year. The outcome for the period reflects the Group’s commitment to strengthen existing business lines whilst supporting new ones.”
Cluff Natural resources (CLNR.L) 2.58 £8.48m
The natural resources investing company announced a significant increase in P50 Prospective Resources on its 100% owned Licence P2252 from 162BCF to 636BCF primarily due to the newly named Pensacola Prospect, which the Company estimates to have P50 Prospective Resources of 424 BCF, providing significant exploration upside potential on the licence. Increases combined P50 Prospective Resources to 2.37TCF contained within a small number of low cost, high impact exploration opportunities close to new or proposed infrastructure.
Formation Group (FRM.L) 3p £6.62m
The provider of professional construction management services to its clients in the property sector, following extensive discussions amongst its board, including with representatives of its major shareholders, has concluded that it is in the Company’s interests to cancel its quoting on AIM and apply for the ordinary shares of the Company to be admitted to trading on the ISDX Growth Market. The Board decision has taken account of, amongst other things, the relative costs of maintaining a quotation on AIM and the limited liquidity in the Company’s shares.
Defenx (DFX.L) 3p £6.6m
The mobile security software solutions company, has secured a partnership agreement with a European software developer to distribute its parental control software suite in Ukraine and across Eastern Europe and the CIS. Defenx Parental Control, the first solution developed with the Company’s Software Development Kit, has already secured a 75,000 unit pre-order. The Company will sell both its own branded Defenx Parental Control, mainly to retailers, and a white-label version. Launch is scheduled for Q12017 in Ukraine and will then be rolled out across Eastern Europe and other CIS countries. Further 2017 partnerships anticipated.
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