Small Cap Feast

Small Cap Feast – 25th January 2017

Dish of the Day:

Jackpot Joy is due to join the Main Market today under the ticker JPJ.L

Off the Menu:

No AIM Leavers Today

What’s Cooking in the IPO Kitchen?

Impact healthcare REIT— Intends to float on the main market. Seeks to raise £160m to acquire a portfolio of up to 58 care homes. Expected Admission 7 March.

Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas  exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise.

Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January 2017.


Breakfast Buffet

Fitbug Holdings* (FITB.L) 0.26p £3.26m

The digital wellness technology provider for corporate organisations, has successfully completed, subject only to Admission, a cash placing to raise gross proceeds of £1,000,000  at a subscription price of 0.2 pence per share.   The Company intends to use the funds raised from the Placing for general corporate purposes.  Fitbug CEO Anna Gudmundson said: “We are pleased to have raised these additional funds at this time. We have made good progress with the development and sales of our digital wellness programmes in pursuit of our service based strategy to focus on corporate wellness.  We believe that our prospects for 2017 are positive and we are now looking for opportunities to accelerate our growth strategy.”


Cambridge Cognition Holdings* (COG.L) 70.5p £14.4m

The neuroscience digital health Company  has received 510(k) clearance from the U.S. Food and Drug Administration to market its CANTAB Mobile product as a medical device in the U.S. Since being classified as a European Medical Device in 2013, CANTAB Mobile has been used routinely to assess over 26,000 patients in the UK who had concerns about their memory or were considered by their physician to be at increased risk of dementia. “Access to the large US healthcare market combined with the recent investment in our U.S. operation will help underpin the Company’s revenues and its continued growth.”


One Media iP Group (OMIP.L) 3.25p £2.31m

The digital media content provider which consolidates, exploits and monetises intellectual property rights around music and video, has renewed the exclusive rights to the MD Production music catalogue for recoupable advance of  $18,000. The MD catalogue comprises over 1,000 original recordings from the 1960s to the 1980s.  The tracks have been marketed exclusively by One Media since 2007 on a royalty-sharing basis. MD Productions has been a long-term music provider and has received three advances and on-going royalties from One Media throughout the term.  One Media is pleased to report that it has always fully recouped its advances throughout the relationship.


StatPro Group (SOG.L) 100p £64.71m

FYDec16 trading update from provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry.  Group Annualised Recurring Revenue increased by 18% to £39.3m. Forward order book of contracted revenue up 9% to £46m. StatPro Revolution, the cloud-based portfolio analysis service, ARR increased by 68% to £15.0m. Net debt was £10.1m. “We have had a good year with the Group’s revenue and profitability remaining in line with our expectations. Notable highlights include two acquisitions, the launch of Revolution Performance in September 2016 and our best year yet for sales of StatPro Revolution.” FY17E PE of 28.8x and 2.8% yield.


Wynnstay Group (WYN.L) 557.5p £108.68m

FYOct16 results from the manufacturer and supplier of agricultural products to farmers and the wider rural community. Satisfactory results in line with market expectations despite tough trading environment. Group revenue of £368.14m (2015: £377.38m) – impacted by deflation.  Earnings per share of 30.01p (2015: 34.66p). Proposed final dividend of 8.00p – takes total for the year to 12.00p (11.10p), up 8.11%.  Trading environment showing signs of recovery with improving output prices for farmers. New financial year has started in line with management expectations


Immupharma (IMM.L) 46.5p £57.96m

The specialist drug discovery and development Company, has provided further details of patient participation following confirmation (as announced on 22 December 2016) that the Company had successfully completed, on target, patient recruitment into its pivotal 52-week Phase III clinical trial of Lupuzor™, its lead programme for the potential breakthrough compound for Lupus, the life threatening auto-immune disease. 200 patients successfully recruited and randomised (dosed). 7 Countries and 28 sites are participating in the study (US/Europe/Mauritius). No Serious Adverse Events reported to date. Top line results expected Q1 2018.


Beximco Pharmaceuticals (BXP.L) 57p £51.84m

The fast-growing manufacturer of generic pharmaceutical products and active pharmaceutical ingredients, announces the creation of a joint venture  with BioCare Manufacturing (M) Sdn Bhd based in Malaysia, as the Company’s first overseas manufacturing collaboration. Under the terms of the JV, Beximco Pharma will provide full technical support to BioCare for the establishment of manufacturing facilities in Seri Iskandar Pharmaceutical Park, Perak, Malaysia to produce specialised pharmaceutical products. Beximco will be issued 30% of the equity shares in the JV company.  BioCare will operate and fund the facility. 1st sales expected this year although no material contribution expected in short term.


Clinigen (CLIN.L) 810p £932.26m

H1Dec16 trading update from the global pharmaceutical and services Company .  Gross profit up 34% driven by a combination of good organic growth across all divisions, a full six months contribution from Link Healthcare and currency benefits.  Excellent growth by Link Healthcare and Clinical Trial Services. Strong growth in Managed Access and Specialty Pharma. “We are trading in line with our expectations and are well positioned to deliver good performances across all divisions in H2.”  FYJun17E PE 19.6x and 0.6% yield.


Audioboom Group (BOOM.L) 2.75p £17.55m

The leading spoken word audio on-demand platform for hosting, distributing and monetising content, has entered into a conditional sale and purchase agreement to acquire the Neuro-linguistic Programming and Artificial Intelligence development Company, SONR. The consideration for the acquisition will be approximately £1.42m, to be satisfied by the issue of shares in Audioboom at an equivalent of 2.5p per share. A new £1m convertible loan note has been issued to support the working capital requirements of the combined Audioboom group and SONR businesses.


Minds + Machines Group (MMX.L) 9.38p £65.61m

FYDec16 trading update from owner and operator of Internet top-level domains. Topline billings growth of 100% for the year ended 31st December 2016. Total billings of $15.8m were achieved for FY 2016 compared to $7.9m for FY 2015, with the strong performance of H1 2016 continuing into H2 where billings were up 30% at $7.7m compared to the same period last year.  Operating expenditures cut by over 40% to approximately $6.8m. Operating EBITDA, before restructuring costs, as defined in the Interims, is expected to be over $3.5m for the full year ended 31 December 2016, compared to a $12.1m loss.


Head Chef:

Emily Liu, CFA, CAIA
0203 764 2344

Sous Chef:

Sacha Morris
0203 764 2345

*A corporate client of Hybridan LLP


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