Small Cap Feast

Small Cap Feast – 22 May 2020

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Breakfast Buffet

Synectics 120p £21.3m (SNX.L)

Two new multi-year contracts with existing long-term customers.

Synectics’ Systems division has been awarded a new five-year multi-million dollar support contract by a major casino operator for its flagship resort in Asia, further extending an existing long-term relationship. Secondly, Synectics’ IMS division has been awarded a new three-year framework agreement by Stagecoach, the UK’s largest bus and coach operator. The contract is an extension of Synectics’ 18-year relationship with Stagecoach and covers the delivery of safety critical on-vehicle surveillance systems and maintenance support for their fleet of over 8,000 vehicles.

 

Coro Energy 0.475p £3.8m (CORO.L)

All necessary Indonesian regulatory approvals for the transfer of title of the 15% direct interest in the Duyung PSC  to Coro have now been received. Accordingly, final completion of the acquisition of the PSC Interest by the Company from West Natuna Exploration Ltd has now been achieved. The Company looks forward to the publication of the revised independent reserve audit report from Gaffney Cline & Associates following the successful appraisal drilling campaign in the fourth quarter of 2019, which is expected to be announced later in the month.

 

Proactis Holdings 37p £35.3m (PHD.L)

The Group has signed new contracts  with a total contract value of £11.3m cumulatively in the year to date, which equals the equivalent performance for the whole of the prior financial year.

This improved new business performance has been driven by the Group’s refreshed go-to-market strategy and, in tandem with improved retention performance, annual recurring revenue from the Group’s buyer subscription business has returned to organic growth for the year to date.

 

Eco Animal Health 208p £141m (EAH.L)

Subsidiary ECO Animal Health Limited (ECO) has received a positive opinion from the European Medicines Agency (EMA) for the use of Aivlosin® 625 mg/g Water Soluble Granules (WSG) for the treatment and metaphylaxis (disease control) of Mycoplasma hyopneumoniae in pigs.  Mycoplasma hyopneumoniae is the most common primary pathogen in pig respiratory disease and is a key instigator of secondary bacterial and viral pathogens.

Aivlosin®, ECO’s patented antimicrobial, is used under veterinary prescription for the treatment of a variety of economically important respiratory and enteric (gut) diseases in poultry and pigs. The European Commission is expected to issue a marketing authorisation within two months of the publication of a positive opinion.

 

Codemasters 312p £473 (CDM.L)

Update regarding the launch of Fast & Furious Crossroads (the “F&F Game”), the licensed IP game that is being developed by recently acquired studio, Slightly Mad Studios, originally scheduled for release in May 2020.

Following close consultation with our partners at BANDAI NAMCO Entertainment Europe and Universal Games and Digital Platforms, the Company can confirm that an agreement has been reached to launch the F&F Game in the second quarter of the Company’s current financial year, being the three months to 30 September 2020.

Accordingly, the Board of Codemasters confirms that this later launch date is not expected to have a material impact on its financial expectations for FY21.

 

genedrive 178.5p £62.2m (GDR.L)

The near patient molecular diagnostics company, announces that the Genedrive® 96 SARS-CoV-2 Kit is now CE-IVD marked and is available for commercial sale across the European Union, including the UK, whilst also accelerating market access to countries that accept the CE-IVD mark. 

The Genedrive® 96 SARS-CoV-2 Kit is a novel Polymerase Chain Reaction (PCR) assay designed to detect active infection in COVID-19 patients. genedrive’s PCR bead format eliminates the need for the time consuming and error-prone reagent preparation required in all other open-platform test kits. The proprietary format streamlines laboratory workflow, allowing more tests to be performed in a day. Patient samples are simply mixed with the PCR beads, and are then analysed on a variety of existing third-party real time PCR platforms. During CE-IVD evaluations on 180 randomised specimens, the Genedrive® 96 SARS-CoV-2 Kit achieved 100% sensitivity and 98.2% specificity, placing it in a top tier performance table for COVID-19 PCR tests.

 

Tissue Regenix 0.475p £5.6m (TRX.L)

Confirmation of successful fundraising of £ 14.6  million at 0.25p.  Following significant excess demand, the Company has increased the overall size of the Fundraise. “We continue to experience strong demand for our products. This injection of additional capital will allow for the commencement of the planned manufacturing capacity expansion in the US enabling us to increase the output of our San Antonio facility, unlock additional revenues and realise new partnership opportunities we foresee potentially emerging.”

 

Time Out Group 40p £59m (TMO.L)

The Company today announces it is proposing to raise up to £49 million, before expenses, by way of a Placing to raise gross proceeds of up to approximately £45 million and an Open Offer to raise gross proceeds of up to approximately £4 million, in each case at an issue price of 35 pence . The Company also announces that it has today entered into the amendment and restatement of the terms of the Group’s €22.6 million (approximately £20.2 million) outstanding debt facilities from Incus Capital Advisers, S.A.

The net proceeds of the Equity Fundraising will be used primarily to support general working capital requirements and strengthen the Company’s balance sheet in the wake of the impact of COVID-19, to part fund continuing Time Out Markets capital expenditure, to continue developing the new London Waterloo and Porto Markets and to (conditionally) redeem the OCI Loan Notes in full.

 

Tekcapital 14.5p £12.7m (TEK.L)

Portfolio Company Guident has won the Florida Atlantic University (FAU) Tech Runway® Annual tech Launch competition as one of the most promising startups in South Florida . A panel of judges, including successful entrepreneurs, technology investors, entrepreneurship professors, economic development professionals, philanthropists, and commercial bankers selected Guident as the winner of the competition. The judges were convinced that the company seeking to create a Remote Monitoring and Control Center, (“RMCC”) in Florida for autonomous vehicles applying artificial intelligence, and their first use-case for ‘zero-touch’ ground-based delivery of groceries and medicines would be the right choice to create significant value in South Florida and Nationwide.

 

ITM Power 224p £1.1bn (ITM.L)

The energy storage and clean fuel company, announced the formation of the H2OzBus Project and the signing of a memorandum of understanding with strategic partners.  The Consortium comprises Transit Systems, part of the SeaLink Travel Group, Ballard Power Systems, BOC Limited, Palisade Investment Partners and ITM Power.  The Consortium partners have signed a memorandum of understanding as a further step in evaluating and demonstrating the concept of hydrogen fuel cell electric buses for use in public bus transport in Australia.

 

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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