Hybridan’s Small Cap Wrap
This essay is an edited remove from a non-independent examine note expelled by Hybridan.
This essay is for information and contention functions customarily and does not form a recommendation to deposit or otherwise. The value of an investment competence fall. The investments referred to in this essay competence not be suitable for all investors, and if in doubt, an financier should find recommendation from a competent investment adviser.
Amur Minerals Corporation (AMC) [8.95p/£24.87 million]*
The nickel-copper sulphide vegetable scrutiny and apparatus enlargement company, focused on Far East Russia, announced a halt formula for a half-year finished 30 Jun 2010.
Reconnaissance scrutiny during a Kun-Manie nickel copper sulphide plan commenced in Jun to code a 2012 cavalcade targets. Cash augmenting to $5.07 million (£3.29 million) from $3.07 million during a six-month period, due to both VAT refunds from a Russian Federation and an agreement with Lanstead to tighten a Jul and Oct 2010 Lanstead placings by settling a remaining payments on an accelerated basis, so ensuing in an boost in money reserves.
The association remained debt giveaway and swell has been done in advancing Amur’s concentration for a mining looseness during Kun-Manie. All eyes are on a mining looseness concentration while a association continues to get good formula in a scrutiny programme.
Anglesey Mining (AYM) [40p/£63.26 million]
Iron ore miner Anglesey announced that a 33%-owned associate Labrador Iron Mines Holdings (LIM) has expelled a initial conveyance of LIM iron ore organisation for China.
The Iron Ore Company of Canada bought 167,167 tonnes of iron ore underneath a arrangement LIM has entered into for a sale and shipping of all LIM’s calendar 2011 iron ore production, with a sale cost formed on a tangible realised prices to Chinese customers, reduction an allocation for handling, loading, shipping and sales costs.
This is glorious news for a company, that customarily started transporting iron ore from a James Mine and Silver Yards estimate plant behind in Aug (478,000 tons of ore were mined, with 100,000 tons during a class of 65% stockpiled during a pier accessible shipment). With a second sight in operation now, and shipping carrying commenced, a association is really many pushing a operations full steam ahead.
EKF Diagnostics Holdings (EKF) [24.75p/£62.18 million]
The AIM-listed point-of-care diagnostics business announced a unaudited halt formula for a six-month duration finished 30 Jun 2011 – a duration of transition, investment and progression.
Revenues were adult 23% to £7.38 million (first half 2010: £6.01 million); sum margins softened to 64% from 58%, though were still impacted by a plan of fixation Quo-Test during cost; and a association done an handling detriment of £1.49 million (first half 2010: detriment of £0.66 million), reflecting investment in infrastructure and augmenting overhead.
EKF had money during 30 Jun 2011 of £5.52 million.
In a duration underneath review, EKF acquired Stanbio for an altogether care of c£16 million; agreements were sealed with Alere (ALR) for chain of a CLIA-waived HemoControl device and cuvettes; a SFDA capitulation for Quo-Test in China came by and in sum a accumulative chain of 1,000 Quo-Test instruments by a finish of Sep should have been achieved.
The enlargement of Quo-Lab for a Medica launch in Nov with initial shipments approaching in a initial entertain of 2012 is on aim and EKF has successfully grown a Argutus kidney markers onto a POC platform.
Finally, Richard Evans was allocated as full-time financial executive as of 28 Sep 2011. Evans joins EKF from Hitachi Data Systems GmbH where he has worked given 2002, firstly as financial director, where he had altogether shortcoming for a financial duty in Germany, afterwards ubiquitous manager and finally as tellurian comment director.
The researcher assembly for EKF was good attended. Management were during heedfulness to indicate out that they are not on a ‘buy and build’ strategy, and are focused on flourishing a business as it now stands.
We design to see ongoing enlargement from Quo-Test and Quo-Lab is approaching to do good in rising markets such as India. One engaging product was a Lactate Scout for sports medicine, that is rising a new indication in early 2012 that will demeanour during rising lactate as a means of preeclampsia.
GGG Resources (GGG) [18.12p/£30.04 million]
GGG and joint-venture partner Auzex Resources announced they have practical for additional prospecting looseness areas (licences P15/5661-4 and P15/5669) covering 8 block kilometres, to extend a borders subsequent to a pivotal impending areas to a south of a categorical mineralised zone.
The dual companies, in a routine of merging to turn Bullabulling Gold, are adding looseness areas adjacent to their existent properties given this will both supplement operational efficiencies, and could also lead to an boost in a distance of a altogether resource, if a formula of stirring exploratory drilling uncover a same characteristics as a rest of a Bullabulling Trend.
The dilemma try now has a sum of 131 block kilometres in tenements hold in several mining permits, diverse licences, prospecting licences and applications. In serve a dilemma try also binds a rural franchise underlying a tenements.
Iomart (IOM) [104.5p/£109.41 million]
Cloud computing dilettante Iomart has expelled a pre-close trade refurbish reflecting a stability irresolution of a sector. The organisation achieved strongly, with revenues and boost significantly brazen of a analogous duration final year, and hence is assured that a financial opening for a full year will be brazen of tide marketplace expectations.
Iomart continues to advantage from a flourishing trend of organisations seeking to revoke both operational risk and IT costs by relocating their mission-critical business applications to a devoted retailer and has an enlivening tube of opportunities that it expects to grow significantly as businesses pierce their vicious IT systems to cloud.
This gives good brazen prominence of revenues and underpins a middle and longer-term opinion for a group.
Jubilee Platinum (JLP) [12.12p/£31.1 million]
Jubilee Platinum, a path-finder and exploiter of healthy resources, announced a full-year formula to 30 Jun 2011.
While income augmenting by 480% to £5.5 million (2010: £0.95 million), pre-tax waste for a association widened to £7.32 million (2010: £2.23 million). The boost in income is mostly down to a stretched Middelburg smelting operations, that falls into a multiplication of a association that evaluates and develops bullion organisation steel (PGM) smelters.
The company’s other operations embody a analysis of a reclamation and estimate of sulphide nickel tailings during a series of BHP Billiton (BLT) operational sites, and a enlargement of bullion organisation elements and compared metals.
While a waste for a duration have widened, a Jubilee expects to lapse to profitability as it continues to expostulate a enlargement of a smelting operations.
Milestone Group (MSG) [0.78p/£2.24 million]*
The AIM-quoted provider of digital media and record solutions announced an refurbish on new developments following a merger of a FEDS/LIMIT program solutions and Oil Productions Ltd.
Milestone has extended a collaborative operative apparatus ‘FEDS’, that allows for real-time feedback and pity of information, and is building it in a series of new sectors including competition and a community. The Onside project, that uses a program to furnish a energetic risk comment apparatus within village sports, is now being discussed with other sporting entities such as Saracens Rugby Club and Premiership Rugby for a intensity roll-out.
‘Voice’ is a village plan grown by a association in and with a Metropolitan Police Hackney gangs involvement organisation – initial trials of ‘Voice’ have now commenced.
Furthermore, Oil Productions Ltd has been defended to lift out a serve plan for Unilever’s (ULVR) Lynx code – a success of a series of campaigns is followed by a ask for Oil to relaunch a campaigns around Lynx’s Facebook channel.
While a association is seeking to lift serve supports in a nearby destiny to serve accelerate a enlargement strategy, it so distant seems to have incited a dilemma such as with a ongoing Onside – Pilot that has commenced with a Charlton Athletic Community Trust.
Personal Group (PGH) [269.5p/£81.03 million]
Employee benefits, word and consultancy dilettante Personal Group has reported formula for a 6 months to 30 Jun 2011. Pre-tax distinction augmenting by 3% to £4.7 million (2010: £4.6 million) and some-more promisingly, new business premiums augmenting to £4 million (2010: £3.5 million).
Personal, that pays out to shareholders 4 times a year, upped dividends 2.4% to 8.7p a share for a initial half.
The association hopes to have allocated a new CEO by early 2012 and in a meantime is looking to make interrelated acquisitions to a core business, quite where it can move in-house elements that it now outsources.
Pulse Group (PGRP) [85p/£0.9 million]
Pulse Group, a heading PLUS-quoted digital marketplace examine organisation formed in Asia, announced a annual audited formula for a financial year finished 31 May 2011.
In a period, it determined a new examine and enlargement laboratory and launched new services including a amicable media dimensions use and an online branded communities’ service; determined a centre in New Delhi, India, to use a domestic market; and skeleton to settle a identical operation in China.
Operating profit came in during $50,045 (£30,502), compared to $270,548 in 2010, on reduce income of $1.6 million (2010: $1.7 million), creation a extrinsic net detriment of $8,342 (2010: distinction of $237,600).
Pulse believes it is good positioned for destiny enlargement as enlargement in Asia continues apace and it has a healthy tube for full year 2012.
Pulse authority and CEO Bob Chua commented: “While a marketplace examine attention has remained comparatively prosaic in a West, Asia has continued to develop. In response to this, a plan has been to concentration some-more on Asia Pacific-based clients over a past year or so and this is starting to compensate off, ensuing in new comment wins, agreement renewals, and a healthy tube for full year 2012.
“Our concentration on creation is heading us towards a subsequent limit of Consumer Insights measurement, where we trust that we are in a forefront, generally in Asia.”
SeaEnergy (SEA) [26.5p/£18.31 million]
The appetite ventures company, that is focused on flourishing oil and gas and renewables businesses, announced half-year formula for a 6 months finished 30 June, 2011.
There is a transparent plan in place to build on SeaEnergy’s singular position as an appetite ventures business, reflecting a company’s birthright in both oil and gas and renewables. The association successfully divested of a 80% seductiveness in SeaEnergy Renewables (SERL) to Repsol in a period.
SeaEnergy has a clever financial position, with no debt and money on a change piece interjection to a divestment of SERL.
In a period, distinction from stability operations after taxation came in during £27.0 million for a initial 6 months of 2011 (first half 2010: detriment of £4.2 million) and a association had a money change during 30 Jun 2011 of £27.0 million (first half 2010: £1.0 million). The organisation reported an gain per share of 39.5p (2010: detriment per share 5.96p).
SeaEnergy’s oil and gas portfolio has element near-term, value-accretive opportunities and poignant swell has been done with building a services business to a offshore breeze industry. Steve Remp, executive chairman, said: “Our oil and gas investments are during an engaging stage, in sold with a near-term intensity of a augmenting holding in Lansdowne Oil Gas (LOGP).
“… Elsewhere, a enlargement of a singular vessel for a operation and upkeep of breeze turbines situated in low and severe H2O has been good perceived by intensity charterers. We are assured in a poignant blurb event of this strand of a business, and are operative to maximize a chances of success in nearby tenure behest rounds. We are also identifying other high domain opportunities in a servicing of a offshore breeze industry.”
The association competence be in a position where it competence make a chain to shareholders, compensate a multiplication or buy behind some of a possess shares following execution of a examination of a company’s 2011 results.
Silence Therapeutics (SLN) [1.85p/£10.67 million]*
Silence Therapeutics, a heading RNA multiplication therapeutics company, announced it has entered into an agreement with one of a world’s heading tellurian curative companies to examine a concentration of Silence’s exclusive DACC smoothness record for intravenous smoothness of brief interfering RNA sequences to a pulmonary vascular endothelium.
CEO Thomas Christely pronounced that Silence is now significantly augmenting a apparatus in business development, and that it is gay to be announcing this partnership with another of a world’s largest curative companies.
A serve RNS for Silence delivered a certain news that a arch executive and arch financial officer both augmenting their holding in a group. Thomas Christély bought 1,662,162 shares for 1.8p any and Max Herrmann, CFO, bought 1,114,864 shares, also for 1.8p each. A good publicity for a company.
Transense Technologies (TRT) [4.5p/£5.95 million]*
The record send association announced a halt formula for a half year finished 30 Jun 2011.
Gross distinction augmenting to £141,000 from that for a half year finished 30 Jun 2010 of £108,000, while a handling detriment fell to £816,000. The pre-tax detriment was £793,000 – an alleviation on final year’s half-year results.
During a duration Transense done poignant swell in transforming itself from a association contingent for a revenues on royalties from licensees to one carrying a series of revenue-generating channels. Last week, we commented that General Motors had been identified as a end-customer for a torque drive-line ‘flexplate’ sensor regulating a company’s law SAW technology.
As good as a formula over this past week, Transense announced a arrangement of a new trade division, IntelliSAW. The new business has been determined to arise and marketplace SAW formed wireless sensor systems for Smart-Grid applications. Smart-Grid is a extended tenure used to report technologies that yield intelligent control and monitoring of a electrical energy grid. IntelliSAW leverages existent Transense IP and RD investment and uses a company’s law SAW inquire wiring to yield a state-of-the art wireless heat monitoring system, primarily targeted during a electrical switchgear market.
The house believes that a marketplace event for IntelliSAW is significant, and in line with a company’s revised plan of seeking out new routes to marketplace for a wireless and batteryless intuiting record to beget additional near-term income, IntelliSAW will yield another interrelated income stream. IntelliSAW has already perceived redeeming orders in additional of $300,000 and has concluded in element to a distributorship arrangement that would lead to serve orders in additional of $700,000.
In sequence for Transense to sell IntelliSAW products directly and boost a intensity revenues significantly over and above those accessible as royalties, Transense has sundry a chartering arrangements with Vectron.
Transense’s share cost has risen 33% over a past dual weeks. It is good to see some movement behind this share.
Triple Plate Junction (TPJ) [4.05p/£13.53 million]
Papua New Guinean-focused bullion play Triple Plate Junction has lifted £2.2 million to say a appearance in pivotal projects.
Fraser McGee, a former RAB Special Situations investment comment manager, has cumulative a appropriation during a 9% reward to a 3 Oct shutting price, as Triple Plate awaits drilling formula in about a month’s time from a Morobe dilemma try with US bullion vital and shareholder Newmont.
Newmont has 26% of Triple Plate and 51% to Morobe, that is subsequent doorway to Harmony Gold’s £1.9 billion Wafi project, holding an estimated 40 million ounces of bullion and 15 million tonnes of copper. After drilling during Morobe’s Hides Creek section subsequent month, Newmont’s Morobe interest could arise to 70% as a subsequent proviso of a plan unfolds.
Triple Plate also has a dilemma try with Australian miner Newcrest during another earnest PNG project, Manus Island. Triple Plate’s interest there will tumble from 75.9% to 15.2% when Newcrest starts drilling after this year.
Vane Minerals (VML) [1.12p/£3.68 million]
Vane Minerals, a copper and uranium producer, has completely lifted £1.16 million in equity for operations in a USA and Mexico.
The net deduction of a fixation will be used to accelerate a company’s designed copper porphyry scrutiny programme in a southern United States, enabling a association to move additional sources of ore online in Mexico for estimate during a SDA mill. It will also support a uranium scrutiny programme and examine probable item acquisition.
The association also announced halt formula for a 6 months to Jun 2011. Revenue augmenting to £1.24 million, adult 18.45% (first half 2010: £1.05million) though a detriment widened by 8% to £1.56 million, representing 0.48 pence per share. Group-wide money change during duration finish was £1.5 million.
Xenetic Biosciences (XEN) [7.25p/£12.86 million]
The AIM-listed biopharmaceutical association specialising in a enlargement of high-value differentiated biologic drugs and vaccines updated a marketplace on a shutting of a vital exchange initial announced on 4 Aug 2011.
The conditions fashion to a SynBio LLC (in Russia) and SymbioTec GmbH deals have gifted routine delays in both Russia and Germany such that grave shutting by 30 Sep 2011 was not possible.
Closing is now expected to take place in a second half of October.
*A corporate customer of Hybridan LLP
The Hybridan Small Cap Wrap is a weekly examination of some of a many engaging tiny top stories of a past week. Our examination will customarily be of those companies whose marketplace capitalisations are reduction than £50 million nonetheless we competence spasmodic cover incomparable companies. Our examination is not dictated to consecrate examine and is not to be taken as investment advice.
A non-independent examine note:
(a) has not been prepared in suitability with authorised mandate designed to foster a autonomy of investment research; and
(b) is not theme to any breach on traffic brazen of a distribution of investment examine (although Hybridan does levy restrictions on personal comment traffic in a run adult to edition examine as set out in their Conflicts of Interest Policy).
The people who prepared this request competence be concerned in providing other financial services to a association or companies referenced in this request or to other companies who competence be pronounced to be competitors of a association or companies referenced in this document. As a result, both Hybridan LLP and a particular partners and/or employees who prepared this request competence have responsibilities that dispute with a interests of a persons who accept this document.
It was not creatively dictated to be distributed to Retail Customers, and is enclosed here for information and contention functions only. It does not form a recommendation to deposit or otherwise. It is dictated as a weekly examination of some of a many engaging tiny top stories of a past week. The calm will customarily examination companies whose marketplace capitalisations are reduction than £50 million nonetheless we competence spasmodic cover incomparable companies.
Our examination is not dictated to consecrate examine and is not to be taken as investment advice.