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Breakfast News - Learning Technologies Group; Netscientific and more...

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Small Cap Breakfast                    

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AIM:

Total number of AIM Companies (Incl Susp): 

937*

Total number of AIM Companies trading:

881*

*as at close of business  30 May 2018

Standard List**  of Main Market:

Total number of Standard List Companies

(Incl Susp):

137* 

Total number of Standard List Companies trading:

124*

*as at close of business  30 May 2018

NEX Growth Market:

Total number of NEX Growth Market Companies (Incl Susp):

85*

Total number of NEX Growth Market Companies trading:

83*               

*as at close of business  30 May 2018

*A corporate client of Hybridan LLP 

**  Standard Listing as defined by Hybridan LLP to be a business with strictly operational activity

                              

Dish of the day

Codemasters Group (AIM-CDM)— video game developer and publisher, specialising in high quality racing games.  Offer primary raise of £15m, secondary of £170m at 200p. Market cap of £280m. FYMar18 rev £63.5m, op profit £8.1m. However due to £9.5m interest charge suffered £1.5m pre-tax loss.

Off the menu   

Fenner has left the Main Market (Premium) following a takeover by Michelin        

                                                 

What’s cooking in the IPO kitchen?

NEX Exchange=

Stratmin Global Resources RTO of Signature Gold  a specialist Australian gold exploration company focused on the exploration and development of large-scale Intrusion Related Gold System. Offer TBA. Due 4 June.  Will leave AIM under rule 41.

AIM

Aquis Exchange—a founder-led, pan-European Multilateral Trading Facility and exchange and regulatory technology developer and service provider is looking to join AIM. Offer TBC, expected mid June.

TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 June

Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia.  Raising £5m at 4p. Mkt cap £10.3m. Due 11 June.

Strongbow Exploration (TSX:SBW) intends to dual list on AIM.  Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.

Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Early June

 

Main Market (Premium)

Utilico Global Income—  new actively managed income investment trust raising up to £100 million . Due 22 June.

           

Breakfast Buffet

Actual Experience (LON:ACT) 265p £118.9m

“The Analytics-as-a-Service company, announced that it has received an order for the full-scale deployment of its analytic software within a large enterprise customer of one of its four Channel Partners. This is the Company's second full-scale deployment, following the announcement of a c. £1m per annum implementation received via another Channel Partner in April 2018. The rollout, which began in 2017, is expected to expand to full-scale within the next three months and is predicted to generate revenues of approximately £240,000 per annum for the Company, on a multi-year basis.”

We could see no forecasts.

 

Learning Technologies Group (LON:LTG) 108.5p £720.3m

“Further to its announcement of 24 April 2018, Learning Technologies Group plc, the leading integrated e-learning services and technologies provider, is pleased to announce that all conditions relating to the acquisition of PeopleFluent Holdings Corp. have been satisfied and that the transaction completed on 31 May 2018.

The Group's current trading remains in-line with expectations and the Board of LTG looks forward to updating shareholders on the progress of the integration of PeopleFluent at the time of the Group's Interim results announcement in Sept.”

FYDec18E rev £85.9m and PBT £17.9m.

 

DCD Media  (LON:DCD) 559p £14.2m

FY Dec17 results from DCD Media and its subsidiaries, the independent TV distribution and production group . Continuing operations:

Revenue £10.2m (2016: £8.2m). Gross profit £2.5m (2016: £2.5m)

Operating profit/ (loss) 0.5m (2016: (£0.1m))

The Group's net cash balances have decreased to £1.3m at 31 Dec 2017 from £2.2m. The decrease in the year is largely due to temporary movements in receivables and payables in working capital. The Group has experienced a challenging start to the year in line with other content distribution companies.  However, Q2 has been more fruitful and the team at DCD Rights are confident in surpassing 2017 sales levels.  We could see no forecasts.

 

Rurelec (LON:RUR) 0.75p £4.2m

FYDec17 results from the electricity utility focused on ownership and operation of power generation plants in Latin America.

Focus of the Company has been to continue reducing costs, to stabilise the Company, and to seek certain asset disposals.

Operating loss more than halved to £3.7m from £12.8m.

Substantial reduction in ongoing borrowings, post Peru disposal, Group borrowings to £1.4m (2016: £4m).

NAV/share 4.5p. Argentinian JV asset still  operating at reduced output. The restoration of the Argentinian plant to full capacity is key in enabling the outstanding loans from the Group to the Argentinian plant to be repaid.

 

Weatherly (LON:WTI) 0.18p £1.86m

“Further to the Company's announcement on 21 May 2018, the position at the Tschudi mine remains fundamentally uncertain, as a result of significant water ingress.  Whilst water levels have been stabilised, it is not currently possible to assess the length of time required before full mining operations can be recommenced, nor can the full financial impact be assessed at this time.  As a result of this material uncertainty, Orion Mine Finance (Master) Fund I LP have confirmed to the Company, in writing, that they are unlikely to permit further drawdowns under the existing uncommitted loan facility with Orion, details of which were announced on 28 July 2017. As a result, the Directors consider that no reliance can be placed on Orion supporting the Company financially and the Board is, therefore, currently seeking advice in relation to administration.” A suspension has been requested.

 

STM Group (LON:STM) 59p £35.05m

“The multi-jurisdictional financial services group, advises that further to the update provided on 4 May 2018, the respective Gibraltar regulated entities are still working collaboratively with Deloitte and the Gibraltar Financial Services Commission in order to finalise the third-party review (a Skilled Person Review) being carried out under Section 7 of the Financial Services (Information Gathering and Co-operation) Act 2013, on certain aspects of the various Gibraltar businesses.

Deloitte are expected to finalise their report in the coming days, on receipt of the respective management responses from the various Gibraltar businesses.

A fuller update will be provided as soon as the finished Report is delivered to the respective parties.”

FY18E PE c.11x and yield c.3.3%.

 

Westmount Energy (LON:WTE) 8.5p £4m

Westmount has made market purchases of 1,200,000 participating share units in Ratio Petroleum Energy Limited Partnership. The total consideration, including transaction costs, of 1,187,068 (equivalent to £248,406) has been funded from Westmount's existing cash resources. Ratio Petroleum is an oil and gas exploration company focused on the development and production of international hydrocarbon assets. The company completed its IPO on the Tel Aviv Stock Exchange in January 2017 and currently holds assets in Guyana, Suriname, Malta, Philippines and Ireland. In Guyana, Ratio Petroleum holds a 25% carried interest in the Kaieteur Block, located adjacent to and in the same geologic basin as the Stabroek Block which has delivered seven substantial oil discoveries since 2015, with reported discovered recoverable resources in excess of 3.2 billion oil-equivalent barrels to date.

 

Velocity Comps (LON:VEL) 55.5p £19.8m

The “supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, is pleased to announce that it has agreed a Long Term Agreement to secure the supply of complex design consumable kits for the Boeing 737 Max programme. In addition, this contract encapsulates the finalisation of the agreement for the provision of complex vacuum bags on this programme. The agreement extends to 31 Dec 2021 with a contract value of £3m. These composite material kits will be produced in Velocity's Fareham site starting immediately and used by Velocity's customer for the wing construction on the Boeing 737 Max.” FYOct18E sales £28m, EBITDA £0.4m.

 

Netscientific (LON:NSCI) 48p £37.7m

Portfolio company ProAxsis has been awarded a grant by Invest Northern Ireland to support the development of its proprietary ProteaseTag® technology to identify and quantify active protease biomarkers.

 

The project will assist in the clinical validation of new therapeutics for deubiquitinases (DUBs) as part of a £150,000 project. DUBs are thought to play significant roles in the pathogenesis of several types of cancer as well as neurodegenerative disorders, and as such are of high interest to the pharmaceutical industry.

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