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Mediazest PLC - Small Cap Wrap - MediaZest, B.P. Marsh, Desiny Pharma and more...

*A corporate client of Hybridan LLP

 

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What’s cooking in the IPO kitchen?

 The pantry is bare!

 

Banquet Buffet

B.P. Marsh  221p  £83m (LON:BPM.L)

 The specialist investor in early stage financial services businesses, announces its audited Group final results for the year to 31 January 2020.

 Highlights: · Net Asset Value increased by £10.7m to £136.9m an 8.5% increase, net of Dividend

· Net Asset Value per share increased by 29.8p to 380.1p (31 January 2019: 350.3p)

· Total Shareholder return of 9.8 % for the year including the Dividend paid in July 2019

· Net Asset Value average annual compound growth rate of 8.5% during the year, compares to an average of 8.1% per annum since flotation and 11.8% since 1990 (net of Dividends and the cash proceeds of Placings)

· Two new investments; Agri Services Company PTY Limited in Sydney and Lilley Plummer Risks Limited in London

· Dividend of 2.22p per share payable in July 2020 (2019: 4.76p)

“It is our belief that due to the diversity of our portfolio, which operates solely within the intermediary space, we are well positioned to manage through these unprecedented times. We have no doubt that there will be difficult hurdles ahead, but our spread of risk across the globe, and across many classes of business, should provide a natural hedge for the challenges to come.”

 

MediaZest* 0.0375p  £0.5m (LON:MDZ)

Updated Trading Performance and Covid-19 update  from yesterday afternoon. Group revenue £1,454,000, EBITDA profit of £57,000 and a loss after tax of £50,000 for the 6 months to 31 March 2020 despite negative impact of the Pandemic. Net assets of £1,629,000 as of 31 March 2020. New recurring revenue contracts in excess of £150,000 written since “lockdown” begun. Secured additional funding of £50,000 from Bounce Back Loan in May 2020. The Group’s cash balance on 31 May 2020 was £55,000. The Group is currently considering both its short- and medium-term funding options as a result of the Pandemic.

As the lockdown has been eased across many countries, further client sites have re-opened and in May 2020 MediaZest delivered on two of the previously delayed projects. There are several other projects now similarly scheduled for completion in June 2020 and the Board expects that all previously delayed projects will be delivered in the coming weeks. In addition to these existing projects which are now at the completion stage, the Group has been involved in active discussions in relation to potential new client mandates over the last month, and several are expected to be won during the next 4-6 weeks.

 

Destiny Pharma 38p  £17.6m (LON:DEST)

The clinical stage biotechnology company focused on the development of novel, hospital infection prevention treatments that address the global challenge of antimicrobial resistance (AMR), today announces it has been jointly awarded a National Biofilms Innovation Centre (NBIC) grant to fund a research collaboration with Cardiff University. The project will establish the potential of three of the Company's proprietary XF drug compounds, DPD-207, XF-70 and XF-73 as novel treatments for clinically important fungal infections in mucosal mouth models of disease. Financial terms of the collaboration have not been disclosed.

 

Diurnal 38.5p  £47m (LON:DNL)

The specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces that a presentation, entitled 'A Phase 3 Study of a Modified-Release Hydrocortisone in the Treatment of Congenital Adrenal Hyperplasia,' will be presented by Deborah P. Merke, MD, MS, from NIH Clinical Center and NICHD, Bethesda, MD, USA, at ENDO Online 2020.

 The presentation will focus on data from Diurnal's Phase 3 clinical trial of Chronocort® (modified release hydrocortisone) for the treatment of congenital adrenal hyperplasia (CAH) in adults, the largest interventional study conducted to date in this patient population. The Phase 3 data forms the basis for Diurnal's Marketing Authorisation Application (MAA) for Chronocort® in Europe. The MAA is currently under review following submission to the European Medicines Agency (EMA) in December 2019 and validation in April 2020. Diurnal is targeting recommendation for approval of Chronocort® by the EMA in Q1 2021. The presentation is part of the on-demand programme during the online conference, which will be available to view for free from 11:00 EDT on Monday 8 June 2020 until Monday 22 June 2020. To register for ENDO Online 2020 to view the presentation, please visit www.endocrine.org/meetings-andevents/endo-online-2020

 

 Omega Diagnostics 51.5p  £79.1m (LON:ODX)

Trading update . Further to the announcement on 2 April 2020, the Company now expects EBITDA for the year ended 31 March 2020 to be in a range of £850k to £900k, which is slightly ahead of market expectations. This figure excludes the exceptional impairment charges referred to below. Signing of a longer-term Supply Agreement with Mologic Ltd

· First orders for the COVID-19 ELISA test and ongoing registration / evaluation activities

· The signing of an additional Material Transfer Agreement  with Mologic providing the Company with access to raw materials and know-how to manufacture the following additional Mologic COVID-19 tests: · an ELISA antigen test that determines the concentration of COVID-19 (SARS-CoV-2) antigens in human blood, saliva or swab extract sample thereby identifying an individual with an active COVID-19 infection;· a lateral flow antigen test product that determines the concentration of COVID-19 (SARS-CoV-2) antigens in a human blood, saliva, or swab extract sample also used to identify an individual with an infection;· a lateral flow antibody test product that determines the concentration of human antibodies in a human blood sample specifically targeting the COVID-19 (SARS-CoV-2) antigens.

 

Bahamas Petroleum 3.2p  £78.4m (LON:BPC)

 In its efforts to expand the Company's portfolio options, it has been awarded the AREA OFF-1 petroleum licence offshore Uruguay.

Highlights:-

· BPC has been awarded the OFF-1 licence, offshore Uruguay.· OFF-1 contains a management estimated resource potential of up to 1 billion barrels of oil equivalent (BBOE), based on current mapping from multiple exploration plays and leads in relatively shallow waters with significant running room.  The OFF-1 licence play system is directly analogous to the prolific Cretaceous turbidite discoveries currently being evaluated/ developed offshore Guyana and Suriname

 

RWS Holdings 629p  £1.7bn (LON:RWS)

One of the world's leading language, intellectual property support services and localization providers, today announces the acquisitions of Iconic Translation Machines, Ltd, for an initial consideration of US$10.0m with additional deferred consideration of up to US$10.0m in RWS shares, subject to future performance and Webdunia.com (India) Private Limited  for a total cash consideration of US$21.0m.

Iconic achieved revenues of US$1.2m for the year ended 31 December 2019, a 100% increase on the prior year, and an adjusted EBITDA of US$23k. Webdunia achieved revenues of US$13.8m for the year ended 31 March 2020, an increase of 12% on the prior year, and an adjusted EBITD* of US$3.1m, up 33% on 2019.

"The acquisitions of Webdunia and Iconic are an ideal fit for RWS.  They complement and strengthen our existing translation and localization and technology services, while extending the Group's geographic reach in line with our strategic objectives.

Notwithstanding the challenges presented by COVID-19, the Group's strong financial position enabled us to acquire these businesses from existing financial resources.”

 

Telit Communications  128p  £169m (LON:TCM)

FCA Investigation Complete. The global enabler of the Internet of Things (IoT), announced that the Financial Conduct Authority has formally notified Telit that it has completed its investigation into Telit and has decided not to take enforcement action.  

Simon Duffy, Chairman of Telit, commented:  "We are very pleased that this matter has now been resolved. The composition of the Board has changed completely since the events that were the subject of the FCA's investigation and Telit's corporate governance has improved significantly ."  

 

Brooks MacDonald Group 1590p  £256m (LON:BRK)

Appointment of Dagmar Aspatria Kent Kershaw as a non-executive director, with effect from 1 July 2020.

Ms. Kent Kershaw (aged 52) is Senior Advisor at Strategic Value Partners, Director of Aberdeen Smaller Companies Trust plc, and a Trustee of Laurus Trust.

Ms. Kent Kershaw was formerly Head of Credit Fund Management at Intermediate Capital Group plc from 2008-2016.  Prior to that, Ms. Kent Kershaw held senior roles at Prudential M&G, having started her career at NatWest Bank and Scotia Capital.

 

iEnergiser 215p  £409m (LON:IBPO)

iEnergizer, the technology services and media solutions leader for the digital age, reported that the Company continued to perform strongly in the second half of the financial year ended 31 March 2020.   The Group's continued focus on higher margin work enhanced the profitability of the Group. As a result of this, the Board expects that the Group's revenue to be in line with market expectations and expects adjusted EBITDA to be ahead of market expectations.

 

Due to the Group's strong balance sheet and the cash generative nature of the business, the Board also reaffirms its commitment to a progressive dividend policy. Further details of which will be provided at the time of the Group's full year results which are expected to be released in late June 2020.

 

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