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This week: New CEO at the coal face, Jubilant drill results, Ormonde one step closer

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Actual Experience AIM float,AGL interim results,AVCT collaboration with University of Liverpool,CZA new CEO,FLOW compliance approval,JBU successful testing,ORM Barruecopardo permitting,PHSC trading update,PLA trading update,RHL Vivergo settlement,RTG contract win,SHFT impact of strike,TRCS trading update,TRT interim results,TYR placing

Actual Experience (TBC)

Actual Experience, a UK technology business, is set to float on AIM. Founded in 2009, the company has developed an innovative business tool based upon ten years of research carried out at Queen Mary, University of London into the relationship between the human experience of applications and digital infrastructure behaviour.  Actual Experience's product analyses the performance of applications based on user experience. This analytics-as-a-service enables corporations to manage their digital supply chain and thereby improve the experience of their employees, customers, and partners with regard to important commercial applications.

ANGLE (LON:AGL)

ANGLE, the specialist medtech company, announced unaudited interim results for the six months ended 31 October 2013. The balance sheet and specialist medtech focus was strengthened by the sale of Geomerics in December 2013 to ARM Holdings plc for up to £6.2m in cash with £5.5m already received. Product development was completed for the Parsortix system for both research and clinical use and a CE Mark authorisation was secured for the Parsortix cell separation system for use as an in vitro diagnostic device in the European Union in the treatment of patients. The University of Surrey Oncology Group completed its validation of Parsortix technology, using colorectal cancer cells and demonstrated twice the sensitivity of currently accepted clinical practice for CTC capture. A specialist, larger scale manufacturer was appointed to manufacture the Parsortix system with the necessary quality systems and capacity to support roll out into the market. The loss for the half year was £0.5m (H1 2013: loss £0.4m) and the Company had a cash balance at 31 October 2013 of £0.4m (30 April 2013: £1.8m). The cash position was subsequently strengthened with the sale of Geomerics.

Avacta Group (LON:AVCT)

Avacta Life Sciences has initiated a collaboration with Professor Rob Beynon and his team at Liverpool University to combine Affimer microarrays and reagents with mass spectrometry with the aim of delivering powerful new methods for biomarker and drug target discovery. Prof. Beynon in the Department of Integrative Biology at Liverpool University was recently awarded a Royal Society Industrial Fellowship to work with Waters (a leading mass spectrometer manufacturer) and Avacta, with a focus on developing approaches to handling complex protein mixtures for proteomic analysis. The project aims to develop efficient methods for identifying proteins highlighted by the array as being different between healthy and diseased samples. Mass spectrometry is an ideal approach to protein identification and Prof. Beynon heads one of the leading biological mass spectrometry facilities in the UK and is an acknowledged expert in this field of proteomics (the study of all proteins in a complex biological sample). Avacta are supporting a full time research student in the team and providing Affimer arrays for the project.

Coal of Africa (LON:CZA)

Coal of Africa, the coal exploration, development and mining Company operating in South Africa, announced that David Brown has been appointed as Chief Executive Officer and Executive Director with effect from 1 February 2014.  David was appointed as Non-executive Chairman of CoAL effective the 6th of August, 2012, and subsequently appointed as acting CEO on the 1st of June, 2013. David joined the CoAL board following almost 14 years at Impala Platinum Holdings Limited (Implats), where he served as a board member of Implats as Chief Finance Officer from January 1999 to August 2006, and then as CEO from September 2006 to June 2012.  He is also a Non-executive Director at Vodacom Group Limited (January 2012 to date) and Edcon Holdings Limited (January 2013 to date).  He is also a member of the Accenture South African Advisory Board.  Further, following the appointment of David Brown, Bernard Pryor has been appointed as CoAL's interim Chairman effective 1 February 2014, whilst the search for a Chairman has commenced.

Flowgroup (LON:FLOW) 

Flowgroup, which develops and commercialises alternative and efficient energy technology products, has achieved BSI G83/2 compliance for its in-house power electronics control system. G83/2 is an Engineering Recommendation as laid down by the ENA (Energy Networks Association) for the connection of embedded generation (solar PV, wind turbines, mCHP etc.) technologies to the distribution networks. The company has also reported that the roll out of 120 domestic Flow Boilers is progressing in line with expectations.

Jubilant Energy (LON:JUB)

Jubilant Energy, the upstream exploration and production Company focused on India, announced, that KSG#70 (previously referred to as KPL-3E-5), the sixth and last development well of the Phase-III Extension drilling campaign in the Kharsang Field, Arunachal Pradesh, has successfully tested for oil and has been put into production at an initial gross rate of 38 barrels of oil per day (bopd) by artificial lift.  The well, spud on 2 August 2013, was successfully completed drilling to a revised target depth of 1,075 meters Measured Depth (MD) on 17 August 2013.  Based on the wire line log interpretation, mud log shows and formation pressure data from the Reservoir Dynamic Tester, the Consortium identified total net pay of 64.6 metres, out of which 38.2 metres appears to be oil bearing. Initial production testing was carried out in the intervals 955-957.5 metres and 916-920 meters in the G-00 and G-60 sand layers, which commenced on 18 September 2013. Now the well is completed on Sucker Rod Pump and is currently producing at a rate of around 38 bopd.

Ormonde Mining (LON:ORM)

Ormonde Mining, a mineral development and exploration Company focused on Spain, provided an update on further progress in connection with permitting of its flagship Barruecopardo Tungsten Project in Salamanca, Spain. Saloro SLU, the Company's wholly-owned subsidiary which is developing Barruecopardo, has now received formal written notification from the Regional Environmental Department in Castilla y Leon of the granting of the Environmental Impact Declaration (EID) for the Project.  The EID for the Barruecopardo Project contains a positive finding, stating that the Project as proposed by Saloro is, from an environmental perspective, approved in so far as Saloro complies, inter alia, with the conditions presented in its Environmental Study and Restoration Plan.  This EID is in effect the environmental permit for the Project without which the Mining (Exploitation) Concession cannot be granted by the Director General for Energy and Mines. 

PHSC (LON:PHSC)

PHSC, the provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, announced an update on its performance up to the end of the third quarter of its financial year. Consolidated Group sales for the nine months ended 31 December 2013 were £5,715,755 (nine months ended 31 December 2012: £3,856,440), EBITDA was £475,378 (nine months ended 31 December 2012: £362,800, adjusted for exceptional item) and net assets stood at £6,282,881 (at 31 December 2012: £5,488,564) including cash at bank of £180,000. Stephen King, CEO, said: "The board looks forward to a strong final quarter in line with the trend in recent years and is confident that its previous projection of EBITDA for the full year of between £700k-750k remains attainable." 

Plastics Capital (LON:PLA)

The niche plastics products group provided a Q3 trading update confirmed that the Company continues to trade broadly in line with market expectations. Trading has continued as expected and in a similar pattern to the first half of the year.  They reported strong sales of mandrels and improving sales of creasing matrix and films.  Demand for bearings has been relatively weak, predominantly as a result of some new product development slippage from customers. Margins and cash generated from operations remain strong and are similar to last year. As previously announced, completion of the acquisition of Shengli Printing Science and Technology Co, Ltd has been delayed for approximately two months. However, good progress has recently been made in satisfying the various conditions of the local Commission of Commerce. With supplementary information having recently been provided, PLA is currently on track to complete the acquisition on or before 28 February 2014.

Redhall Group (LON:RHL)

Redhall, the specialist engineering support services group, announced the final settlement of all aspects of the Vivergo Fuels contract. Following a series of discussions held subsequent to the judgement being handed down on 16 December 2013 and ahead of the Cost Hearing scheduled for 29 January 2014, Vivergo made an offer of £2.1m in full and final settlement of all claims between the parties to be paid in cash within five days. The carrying amount of the Vivergo contract on the balance sheet at 30 September 2012 was £9.8m and therefore there will be an exceptional charge in the Financial Statements for the year ended 30 September 2013 of £7.7m before tax and legal and professional costs incurred in reaching this settlement. 

Rethink Group (LON:RTG

Rethink Group, the leading talent management and recruitment services Company, has confirmed that the significant Talent Management contract noted in its recent trading update is with Admin Re, a leading insurance company that is part of the Swiss Re group. The multi-year contract has an annual value of approximately £7.5m and will see Rethink both provide and manage all IT contract staff for Admin Re across four UK locations. 

Shaft Sinkers Holdings (LON:SHFT)

Shaft Sinkers provided an update on the ongoing strike action involving its clients, Impala Platinum Holdings Ltd. and Lonmin Plc., and the impact it has on Shaft Sinkers' operations at those sites. Whilst Shaft Sinkers' employees are not on strike, a number of its projects for these clients have been impacted by the current strike action, although the situation at each site remains fluid. The remainder of the Group's South African projects are unaffected. The Board believes that the strike could result in a material negative impact on the Group's revenues and profits for the year ended 31 December 2014 if the strike situation prevails for an extended period. The Group continues to monitor the labour situation in South Africa closely and will make further announcements as and when appropriate. 

Tracsis (LON:TRCS

Tracsis, a provider of software and technology led products and services for the transportation industry, has provided an update on trading ahead of the release of its interim results for the six months to January 2014. Trading has been strong in the first half of the financial year with revenues expected to be in excess of £9m (2013: £4.7m). Both revenue and profit are in line with expectations. The balance sheet remains strong with cash balances in excess of £7m and debt free. 

Transense Technologies (LON:TRT)

Transense Technologies announced its interim results for the six months ended 31 December 2013 (H1 2014).  It announced a record revenue of £2.215m, an increase of approximately 130 per cent (H1 2013: £0.967m), a maiden EBITDA profit of £0.02m (H1 2013: loss of £0.91m) and the Company had cash resources of £3.16m at the period end (31 Dec. 2012: £813k, 30 Jun 2013: £1.98m). Translogik has seen a significant increase in the average value of probe orders, field trials of iTrack are progressing well, delivering significant results and with IntelliSAW, the supply agreement for Siemens India represents an important milestone with a top tier global switchgear manufacturer. Transense opened regional offices in Shanghai, China, and Bogota, Columbia, in late 2013 in order to strengthen market presence and channel support in these rapidly emerging markets.

TyraTech (LON:TYR

TyraTech, a natural life sciences company, has conditionally raised £1.87m before expenses by means of a placing and subscription of new shares at 5p. The funds raised will be used primarily to assist the successful launch of the Vamousse(TM) head lice product range in Walmart and other major US retailers including building appropriate inventory and funding the registration of new products.

*A corporate client of Hybridan LLP 

A full archive of previous weeks’ Small Cap Wraps can now be viewed on www.hybridan.com.

The Hybridan Small Cap Wrap is a weekly review of some of the most interesting small cap stories of the past week. Our review will usually be of those companies whose market capitalisations are less than £50m although we may occasionally cover larger companies. 

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