(MENAFN- ProactiveInvestors) FOUR Final results BNK Settlement of Lawsuit BDI Contract Win CAZA $4m Convertible Loan CGNR* Interims CHAR 2D Seismic Programme CLIN Adds New Program CNC Product Launch FITB* Appeal and Integration with Samsung IMTK Contracts win Herschel heaters connected by LWRF MARL* Equity Raising Conversion and Drilling Update MWE Financial Results OPTI* Board Appointment PEG* Contract Win ROL Acquisition RTC Network Rail award SAR* Interims and Research Update SND AGM Statement TPET Placement
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.
4Imprint Group (LON:FOUR)
The leading direct marketer of promotional products announced final results for the year ending 27 December 2014. The Chairman’s stated that ‘even by the growth standards established in prior years the direct marketing business now the Group's sole business had an exceptional year. Early indications for 2015 are positive and in line with our aspirations.’ Revenue grew 25 per cent to US$415.8m and underlying PBT by 42 per cent to US$27.86m. In sterling terms the dividend was increased to 20 per cent to 20.45p. Underlying basic EPS grew by 32 per cent despite the rising tax rate. Orders from new customers increased by 24 per cent compared to 2013 representing the acquisition of 190000 new customers which was in line with the increased investment in new customer marketing and significantly ahead of the acquisition rate in the prior year. Orders from existing customers were 23 per cent higher than in the prior year continuing to demonstrate the productive and predictable nature of the customer file even as the number of new customers acquired increases. The business with its low capital intensity again generated pre-tax operating cash inflow broadly in line with underlying operating profit. During 2014 a further substantial step was taken in removing the risk of the legacy defined benefit pension scheme by means of a buy-in with an insurance company. 79 per cent of the scheme liabilities are now insured.
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announced that its subsidiary Albania (A) has reached a settlement with Oil International Limited (OI) in connection with the September 2013 lawsuit initiated by OI against A. The settlement is for a payment by A to OI of $16.5m inclusive of all costs and interest. The lawsuit was brought in connection with the termination by A in November 2012 of a long term oil supply contract between A and OI and initially sought damages of up to $54.2m for the alleged wrongful termination of such agreement. OI's claim had recently been revalued at $37.4m to reflect movements in oil price since September 2013. As part of the settlement neither party admitted to wrongful or illegal conduct and both parties' claims and counterclaims will be dismissed.
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the specialist provider of software for the international recruitment and human resources industries announces it has been awarded a new contract with Berry Recruitment Group (BRG) a fast-growing multi-division recruitment company following a competitive tendering process. The new contract will see BRG hostAdapt on premiseit additional flexibility and full product customisation to manage the placement of its candidates more effectively and profitably. Bond Adapt was selected because of its functionality and the ease of integration with third-party software. With implementation due to be completed in Q3 2015 BRG expects to benefit significantly from improved productivity and service levels as well as reduced time spent on administrative tasks. Other functionalities of Bond Adapt will includeRecruit Bond Adapt's fully interactive web portal that can be accessed by clients recruiters and candidates faster and more efficiently; and an integrated two-way finance system that enables the fast and easy administration of payroll and billing worker details bank details timesheets holiday accrual and more.
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announces that it has obtained a $4m loan as an initial tranche of a $5m facility under a convertible unsecured note agreement with YA Global Master SPV an investment fund managed by Yorkville Advisors LLC and Global Market Neutral Strategies SICAV. The company has immediately drawn down $1m of the initial tranche and expects to draw down the remaining $3m during the following thirty days. proceeds will be used to cover ongoing operational costs.The company believes the facility represents the most cost effective and accessible form of financing in the current oil price environment. Furthermore the injection of the entire initial tranche into the company will result in an agreement with its existing debt provider Apollo Investment Corporation which will defer determination of finance and performance covenants under its $50m note purchase agreement from 31 March 2015 to 30 September 2015.This deferral will provide the company with added flexibility in determining its allocation of capital resources during this period of low oil prices.
Chariot Oil & Gas ()
Chariot Oil & Gas the Atlantic focused oil and gas exploration company announces that in conjunction with its partners AziNam (20 percent) NAMCOR (10 percent) and Ignitus (5 percent) it has commenced a 2D seismic acquisition survey of approximately 1700km in the Central Blocks 2312 & 2412A offshore Namibia conducted by SeaBird Exploration. Chariot and its partners have agreed to initially carry out a 2D survey which will infill an existing grid of data in order to gain a better understanding of the regional prospectivity of this large licence area (which covers approximately 16800km2). This will enable the company to optimise the design of the location and size of the 3D seismic programme required as a commitment during this current phase of exploration.survey is anticipated to take approximately two weeks to acquire.
Clinigen Group ()
Clinigen Group announces the latest program to be managed by Clinigen Global Access Programs. The program will provide access to Raptor Pharmaceuticals’ PROCYSBI (cysteamine bitartrate) for individual patients with nephropathic cystinosis. Through the program PROCYSBI will be available worldwide except for the USA Latin America and a small number of European territories where the drug is already commercially available. Nephropathic cystinosis is a rare inherited condition caused by a build up of cystine that affects every cell in the body. Without treatment patients can suffer from kidney and eye problems and eventually severe and irreversible damage to the heart central nervous system and muscles. PROCYSBI is a delayed-release form of cysteamine bitartrate that can be used to manage cystinosis by continually reducing the toxic levels of cystine in the cells. This can help to prevent cellular damage and delay the progression of cystinosis and its complications.
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a specialist in the design and manufacture of high-end embedded computer products for critical applications in the defence aerospace telecommunications transportation scientific and industrial markets announces the release of its latest generation CompactPCIprocessor board. The PP B1x/msd allows customers to easily migrate to the latest 4th generation Intelprocessors for longer system life-cycles.Three levels of performance are offered and all variants are capable of driving three simultaneous displays powered by the integrated IntelGraphics processor. New to this generation of CompactPCIis an option for dual 10 Gigabit Ethernet interfaces allowing for higher bandwidth connections with external equipment which would have previously required the use of an additional expansion module.There are also options to add a mix of extra I/O including digital graphics more USB and Ethernet.
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the gold exploration and development company planning to develop a gold mine at Clontibret in Ireland announces its results for the six months ended 30 November 2014. The viability of the mine at Clontibret has been confirmed and metallurgical test work indicates favourable flotation and downstream processing characteristics the potential economic quantities of antimony as well as gold may be mined. The satellite imagery and structural studies highlight further gold potential in addition to gold licences being granted in a highly prospective region in Finland. The loss after taxation for the half-year ended 30 November 2014 was €150230 (2013: loss of €131527) and the net assets were €15449505 (2013: €13224751). During the period Conroy raised £750000 by way of placing and subscription there was also a debt conversion of £273500 nominal of unsecured convertible loan and an extension of warrants by five years.
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the provider of online personal health and wellbeing services has filed an appeal of the recent decision by the District Court for the Northern District of California Northern concerning its trademark dispute against Fitbit Inc. The Fitbug case against Fitbit alleges trademark infringement and unfair competition and will now be appealed to the 9th.Fitbit denied the allegations and successfully defended the claim before the District Court based on a laches defence. The company also continues to progress separate trademark actions in the UK and EU against Fitbit applying to cancel Fitbit's EU trademark registration and defending the company's earlier UK trademark registration. Fitbug also announces that Kiqplan has now been integrated into the Samsung Digital Health platform and is currently one of the partner applications featured in Samsung’s S Health app globally. Fitbug has also created an exclusive 12 week Kiqplan named “Fit + Healthy” which is available for download to Samsung customers free of charge.
Imaginatik ()
Imaginatik the full service innovation provider offering a range of technology products and consultancy services announces that it has signed two further contracts one with a leading US based biotech company and the other with a leading Canadian media service both of which have an initial one year term. Under the terms of the contract with the US biotech company Imaginatik will provide its consulting expertise and technology platforms in order to support the customer in initiating its own innovation programme. Imaginatik will help catalyse develop and incorporate innovation capabilities across the business enabling the customer to adjust efficiently to its evolving and dynamic marketplace. Additionally Imaginatik will provide the technology platform and consulting support to the Canadian media service as they look to upgrade from a previous platform provider as they seek to expand and enhance their innovation strategy.
LightwaveRF (LON:LWRF)
LightwaveRF the creator of the LightwaveRF Smart Home Platform and products for the Internet of Things enabling households and businesses to remotely operate and control household applications including lighting power heating and security using smartphones tablets PC and MAC applications announces that Herschel now offers its Far infrared electric heaters connected by LightwaveRF controls. Herschel's range of Far Infrared heaters claim to be the most comprehensive in the world. They have high quality heaters to suit almost any application and combined with LightwaveRF control systems are at the forefront of the revolution in heating. Herschel has already trialled the LightwaveRF system at a specialist private hospital and expects to roll out further in to the nationwide group.
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the exploration and development company with projects in South America and Turkey announces that the company has raised approximately £1.8m through a placing.The net funds of £1.76m will be used to advance a number of Mariana's assets including the upcoming deeper drilling at Soledad scout drilling of high grade gold and silver targets in Argentina and the continuation of their drill targeting at the Nassau Gold project in Suriname.The company will issue new shares at a placing price of 1.6p. Mariana also announces that it has received notification from JV partner Lidya Madencilik Sanayi ve Ticaret A.S. that it has completed the minimum exploration expenditure commitment at Hot Maden as required by the Hot Maden Definitive Agreement. In addition Lidya has also made a $150000 cash payment to Mariana thereby completing all the necessary requirements to earn-in to an initial 20 per cent interest in the Hot Maden property and to continue with the project earn-in. Lidya has also indicated that planning has started for an aggressive Phase II work program at Hot Maden which will include up to 10000 metres of diamond drilling.The follow-up diamond drill program will include both step-out drilling and infill drilling. Mariana also announces that it has received the final notice of exercise in respect of $400000 of the initial convertible security issued pursuant to a Convertible Security Agreement with Bergen Global Opportunity Fund.
Edge ()
Edge a market leader in the manufacture of flat panel antennas for broadband wireless access announces its audited full year results for the year ended 31 December 2014. Revenues increased by 7 percent to $14.3m (2013: $13.4m) which led to gross profit also increasing by 7 percent to $5.14m (2013: $4.8m). Profit from operations increased 79 percent to $340000 (2013: $190000) with the revenue in the 80 GHz product line doubled to $1.9m (2013: $0.9m). $1m cash was generated from operations in 2014 (2013: $0.04m). Net cash cash equivalents and marketable securities at the year-end of $6.6m equivalent to 8.4 pence per share and net value of the company's offices of $3.6m equivalent to 4.6per share. Dividend of $0.68 cent per share declared to be paid on 2 April 2015 to shareholders on the register at close of trading on 13 March 2015.
OptiBiotix Health ( 27)*
OptiBiotix Health a life sciences business developing compounds to tackle obesity high cholesterol and diabetes announces the appointment of Jim as Commercial Director to the board. Jim has worked in commercial and corporate roles for some of the world's leading food companies including Birds Eye Walkers Snacks and Premier Foods. was General Manager of Quorn the world's leading meat-free brand operating in ten countries with global turnover of £140m and in this role he increased international sales by £10m concluding with the £205m sale of Quorn to private equity. During his time at Premier Foods Jim led the integration of three acquisitions and established numerous partnership licensing and joint venture agreements including a £60m joint venture for the dry powders business. In 2011 Jim founded an FMCG (Fast Moving Consumer Goods) consultancy business to support companies with strategic and corporate development including M&A opportunities to build shareholder value.
Petards Group ( 12.25p/£4.21m)*
Petards the developer of advanced security and surveillance systems announces that itreceived a significant order to supply Siemens Mobility Division with Petardsproducts. During 2014 Petards entered into aagreement under which Petards has the opportunitysupply Siemens' world-widevehicle business withrelatedand services. This further order is for-board digitalsystems that will be fitted to new Desiro City Electrical Multiple Unit trains being built by Siemens. The equipment to be supplied will provide the trains with Driver Only Operation capability as well as providing CCTV coverage of the internal saloon areas.order is worth in excess of £1.5m and engineering activities will commence immediately with the first equipment deliveries expected to be made in the latter part of this year.
Rotala ()
Rotala announces the acquisition from Rolling Solutions Limited and Mr Julian Peddle of the entire share capital of Green Triangle Buses Limited (GTB) for a cash consideration of £900000. At completion Rotala also repaid approximately £368000 to GTB's bankers to settle the outstanding overdraft. At the date of acquisition GTB had net assets of some £466000 including Hire Purchase debt of £233000. In the year ended 31st August 2014 GTB had revenues of approximately £3.9m and a profit before tax and exceptional items of £107000. On this basis the acquisition is expected to generate about £450000 of positive goodwill. GTB operates 43 vehicles from a long leasehold depot in Atherton Manchester and employs about 100 staff. The depot is well placed within the local transport network and capable of handling the expansion needs envisaged for GTB at the current time. The acquisition will enable the company to enhance its position in the Lancashire market and give it access for the first time to the Greater Manchester area which falls under the remit of transport for Greater Manchester.
RTC Group ()
RTC announces that Ganymede Solutions Limited its wholly owned subsidiary business providing blue collar staff to safety critical sectors has been chosen by Network Rail Infrastructure Limited to be a key strategic partner for Network Rail's CP5 (control period five) programme of work. is a five year £38bn spending and investment programme into the UK's railway network announced by government in March 2014. Ganymede will enter into a contract with Network Rail to provide contingent labour services including the supply of safety critical track and E&P (electrification and plant) resources in the West South West and North East England the Midlands and Wales.The contract will run for a period of five years from April 2015 and has an estimated order book value of between £80m to £100m confirming Ganymede's position as one of the UK's leading suppliers of contingent labour to the rail industry. The contract represents the maximum value of order book spend on core contingent labour that can be permissibly awarded to a single labour provider.
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The software and IT services business specialising in multi-channel retail and manufacturing markets in the UK and Ireland issued an update on trading at its AGM. Trading results to the end of January 2015 are ahead of the comparative period for the year ended 30 September 2014. Sales order intake is ahead of last year and the value of the Group order book is higher than the £2.41m at 30 September 2014. The manufacturing division has made a positive start and has gained six new customers albeit at a lower average initial order value.This compares with nine new customers during the whole of last year. Consequently the division has achieved an improved level of trading. The multi-channel retail division which is continuing to increase its penetration of the online sales ecommerce and catalogue markets has continued to achieve overall growth notwithstanding a slowdown in the wholesale distribution and cash and carry market. One iota focused on the rapidly developing mobile commerce market continues to forge ahead and in the period achieved a higher revenue than in the whole of the full year prior to its acquisition in October 2013. The Proteus business which was acquired in December 2014 has also made a steady start as part of the Group.
Sareum Holdings ( 0.37p/£6.69m)*
Sareum Holdings the specialist cancer drug discovery and development business announces progress with its cancer and autoimmune disease research programmes and its half-yearly results for the six months ended 31 December 2014. Co-development agreement with CRT Pioneer Fund to advance CHK1 programme continues to make good progress as it moves through preclinical development and towards Phase I clinical trials. Good progress being made to optimise process for larger scale production and develop new formulations to administer the Aurora+FLT3 candidate molecule via the oral route. The discovery and potential of SAR-20347 the TYK2/JAK1 inhibitor targeting autoimmune diseases have been reported in the peer-reviewed Journal of Immunology. The granting of several key patents that secure the intellectual property around programme drug candidates. Cash at the company's bank at period end was £429000 (2013: £1598000) and the company's unspent investment in the CHK1 Project was £447000. Loss on ordinary activities (after taxation) of £659000 (2013: Loss of £350000) in line with expectations and reflecting commitments to co-development agreements.
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announces that it has successfully completed the book build for a placement to raise approximately A$7m. The placement was undertaken at A$0.01 per share. Placement participants will receive one free attaching option for every two placement shares with the options exercisable at a $0.02 each and expiring 1 March 2018. Tangiers will apply to the ASX for quotation of the placement options. Funds raised pursuant to the placement will be utilised by Tangiers for completion of the acquisition of Project Icewine progressing exploration at Project Icewine and for working capital.
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