Small Cap Feast

Small Cap Feast – 24th August 2016

Dish of the Day:

LoopUp Group (LOOP.L) joins AIM raising £8.5m at 100p.

Off the Menu:

No AIM Leavers today

What’s Cooking in the IPO Kitchen?

Misys— The press reports that the Banking Technology provider owned by Vista Equity Partners is seeking a £5.5bn float in London

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


Breakfast Buffet

TMT Investments* (TMT.L) $1.95 $54.1m

HYJun16 interims from the investor in high-growth, internet-based companies across a variety of core specialist sectors. Cash of $5.92m boosted by partial disposal of Depositphotos, which implied a 5.5x return. Three new investments in the period.

Many portfolio investments experiencing rapid growth with future positive revaluations expected.  NAV/Share $1.91.


Instem (INS.L) 247.5p £38.9m

The provider of IT solutions to the global early development healthcare market  provided an H1Jun16 trading update. Encouraging market dynamics in early drug development, including the new regulatory requirements driven by the Standard for the Exchange of Non-clinical Data, has supported year-on-year revenue growth in H1, with overall trading providing confidence that FY results will be in line with market expectations. Consensus suggests FY revs of £18.3m and 10.37p EPS.


Mariana Resources (MARL.L) 55p £65.99m

The exploration and development company with projects in Turkey and South America, has updated on its Argentina &Chile operations.  Activity at Doña Ines  and Exploradora in Chile suspended following disappointing scout drilling. New exploration work to date in Argentina, as highlighted, has identified potential new target areas for follow up exploration and drilling with an emphasis on high grade gold and silver.  Improved political and investment climate in Argentina.


Tejoori (TJI.L) 46c $12.6m

The Dubai-based Shari’a-compliant investment company  has disposed of its 10.1% interest in BEKON Holding. BEKON was acquired by the Eggermann Group for a total consideration of EUR 2 million. Due to the rights of preferential shareholders of BEKON in a sale, Tejoori did not receive any initial consideration for the sale of its shares. Tejoori was forced to dispose of its interest by virtue of drag-along rights in the BEKON shareholders’ agreement. There is however a potential earn out .


Cloudbuy (CBUY.L) 7p £9.13m

The global provider of cloud-based ecommerce marketplaces and B2B buyer and supplier solutions,  has signed a contract with FSB to deliver a new online marketplace. The FSB marketplace will enable its 170,000 members to trade with each other securely and cost effectively and allow both consumer and business buyers to buy goods and services directly from FSB’s network. First revenues expected this year but not expected to change market expectations.  Consensus looking for £1.8m revs and £4.1m pre-tax loss.


Inspiration Healthcare (IHC.L) 61p £18.7m

H1 Jul16 trading update: As expected, the Company had a strong first half and the Board anticipates the results for the six months to 31 July 2016 will be in line with management expectations.

Revenue growth was 10% with particularly strong performance in international markets in line with strategy.   The Company will publish its results for the six months ended 31 July 2016 on Wednesday 28 September 2016.


Cluff Natural Resources (CLNR.L) 1.17p £3.02m

H1Jun16 results and a Resource update from the natural resources investing company. Loss for the period reduced to £662,473  (H1 2015: £744,668). Cash position of £955,000.  Additional prospects identified on Licence P2248 in the Southern North Sea in the Carboniferous and Triassic are expected to increase the Company’s estimated net P50 prospective resource to in excess of 3 TCF of natural gas from 760 BCF, subject to independent review and revised CPR.


Goldplat (GDP.L) 5.5p £9.2m

The African gold producer has updated on FYJun16 trading. The strength of the gold price, coupled with the reduction in the value of sterling, have contributed to a strong financial performance.

Guiding for approximately £20 million of revenues and consolidated profit before tax to be in the order of £2 million vs consensus of £21 million and£0.56 million respectively.


Metal Tiger (MTR.L) 4.02p £23.1m

The investor in strategic natural resource projects is announced an additional strategic investment in Red Rock Resources (LON:RRR). Metal Tiger to subscribe for 25,000,000  in Red Rock at 0.4p per new ordinary share for a total additional investment of £100,000; Metal Tiger to receive an additional 25,000,000 warrants exercisable at 0.8p and with a 24 month longevity. Holding will be 16.8%.  Suggests the resource sector will move into a ‘full recovery phase’.


Imperial Innovations (IVO.L) 424.75p £684.7m

Imperial Innovations (IVO.L) 424.75p £684.7m

The investor in pioneering technology companies and licensing opportunities notes its portfolio company Cell Medica  has signed a new research collaboration with UCL (University College London) which will see the Company utilise UCL’s novel T cell receptor (TCR) technology to generate leading-edge modified TCR products for the treatment of cancer. As at 31 January 2016, the Group had a 27.0% stake in Cell Medica with fair value of £21.0 million.


Head Chef:

Derren Nathan
0203 764 2344

*A corporate client of Hybridan LLP


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