Small Cap Wrap - Mobius Investment; Arix Biosciences; Redx Pharma and more...


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Main Market (Premium)

Funding Circle—SME loans platform seeking raise of up to £300m plus a secondary sell down. Reg doc published but no prospectus as yet.

Aston Martin— Reg document submitted by the iconic producer of hand-crafted luxury sports cars. Any prospectus would be published around 20 Sep. Targeting 25% plus free float. H1 results rev+8% to £445m, EBITDA £106m.

Mobius Investment—exploring the launch of a new UK investment trust. The trust will invest in small to mid-cap companies in emerging and frontier markets with an absolute return focus. Due September.


Crossword Cybersecurity Plc* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.

Path Investments (PATH) -RTO of  a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September

Kropz PLC-Intention to float by the  emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

Brunch Buffet

Gulf Marine Services (LON:GMS) 42p £149.6m

HYJun18 results from the provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors Adjusted EBITDA of $25.4m (H1 2017: $34.5m) an increase of 6% on H2 2017. Margin 45% from 44%. $4.4m loss for the period after tax (H1 2017: profit after tax of $0.7m) reflects some clients' later contract start dates, now all underway, return to profitability expected in H2 2018. 2018 EBITDA expected to be $ 59m - 65m, with EBITDA margin continuing at current level.  “We expect to see increasing opportunities for GMS against the backdrop of a more stable oil price environment and with the continued development of the renewable energy sector.  We will continue to maximise utilisation as effectively as possible and this is already proving successful for our Large and Mid-Size Class vessels.  We are now focused on improving the utilisation of our Small Class vessels, and on securing improved day rates across the fleet”. FYDec18E  PE c.22x and 7x for FY19E.


STV Group (LON:STVG) 411p £159m

HY Jun 18 results from Scotland’s leading multi-platform media company.

Total revenue up 6% reflecting good growth across all divisions - Broadcast, Digital and Production to £57.7m.

Operating profit pre-exceptionals up 9% to £10m.  Div up 20% to 6p.

Momentum in advertising markets continued during H1 2018 with total advertising revenue up 6% and this is expected to be maintained in Q3 with total advertising revenue up 6% to end of Sept.

STV national airtime revenue is expected to be up 1% to the end of September, with Q3 expected to be flat reflecting the broader market. The regional airtime market continues to perform strongly and is expected to be up 20% to 25% to end of Q3. Strong growth in digital revenues achieved in H1 is forecast to continue in Q3, with revenues expected to be up 20% to 25% to end of September. STV Productions' revenues are expected to be up over 50% for the full year. PE<10x and yield >5%.


Severfield (LON:SFR) 76p £231m

AGM statement from the UK's market leader in the design, fabrication and construction of structural steel. “The Group's trading performance and financial position remains in line with management expectations and the outlook for the year ending 31 March 2019 remains unchanged. Following the higher profit from certain project completions in first half of the prior year, we expect the profits in the first and second half of the current year to be more equally weighted. “

“The UK order book of £210m as at 1 Sept (1 June: £237m) remains in line with our normal order book levels, which typically equate to eight to ten months of annualised revenue. The Indian order book has increased again to £128m at 1 September (1 June: £106m).  “As a result of these continued market improvements we have agreed with our joint venture partner, JSW, to increase factory capacity at the Bellary facility. The expansion will be financed by a combination of equity of c.£8m”. PE c.11x. Yield 3-4%.


Arix Biosciences (LON:ARIX) p £m

Planned changes to  exec team to prepare for its next phase of growth and development. Dr Joe Anderson, who has served as CEO of Arix since its inception in 2016, will transition to CIO to focus on new investments and work with existing group companies to build and realise value. Joe will continue to Chair the Investment Committee and as of today, will step down from the Board of Arix. Executive Chairman of Arix, Jonathan Peacock, will assume corporate and operating responsibilities and, working closely with the Board of Arix, will lead the process of recruiting a CEO. Since 2016 Joe Anderson has partnered with Jonathan Peacock and Sir Chris Evans to build the company and lead Arix through its IPO and recent fundraising. The business is now strongly positioned having raised £250m, built a strong, diverse and innovative portfolio, a unique group of industry and academic partners and a talented investment team in the United Kingdom and the United States.


Xeros Technology (LON:XSG) 62p £61.49m

“The UK-headquartered technology business and innovator of a near-waterless laundry system, announces the supply of 32 near-waterless washing machines to Encom Trading LLC, a wholly owned subsidiary of Electro RAK, a leading UAE-based infrastructure services company and the appointed partner in the UAE to Hydrofinity, Xeros' cleaning technologies brand.   Electro RAK intends to install machines in premium hotels in the UAE. The first shipment will be made to Dubai during Sept. The Xeros solution marks an unprecedented step forward for the commercial laundry industry, replacing water with its reusable XOrbTMtechnology to deliver up to an 80% reduction in water use and material reductions in both energy and detergent, whilst delivering a superior cleaning result and extended linen life.  The UAE faces critical  water management challenges.”


Mattioli Woods (LON:MTW) 854p £224m

FYMay18 results from the specialist wealth management and employee benefits business.

Revenue up 16.2% to £58.7m· Organic revenue growth1 of 15.6%. Adjusted EBITDA up 15.7% to £12.5m. Adjusted EPS up 11.1% to 37.0p (2017: 33.3p)

Proposed total dividend up 20.6% to 17.0p (2017: 14.1p)

Strong financial position with net cash6 of £20.2m

“We continue to invest in the Group as we look to build upon our success to date and grow our business both organically and through strategic acquisitions that share our culture and values.  I am delighted with the performance of our business over the last financial year and believe we are well-positioned to progress further towards the ambitious longer-term goals we have set.” FYMay19E rev £60.35m, PBT £12.5m.


Redx Pharma (LON:REDX) 8.2p £10.56m

The drug development company focused on cancer and fibrosis, announces that having presented an amended study protocol to the Medicines and Healthcare products Regulatory Agency (MHRA, "the Agency"), the Agency has agreed, in principle, with the proposed re-start of the Company's phase 1/2a clinical study for the Porcupine inhibitor, RXC004. Redx will now work with the investigators to finalise this protocol, with the intention of restarting dosing of patients in the first half of 2019.

The Company confirms it aims to position RXC004 as a potentially attractive combination partner for immune-oncology agents e.g. anti-PD1 (immune checkpoint inhibitors) in cancers where they currently have clinical benefit in only a small percentage of patients e.g. colorectal cancer.


European Metals (LON:EMH) 21.5p £30.4m

Update highlighting recent significant advancements made in the development of the Cinovec Lithium-Tin Project .

Work has commenced on an update of the Preliminary Feasibility Study to model the production of higher value lithium hydroxide due to its increasing use in lithium ion batteries. This study will be finalised over the coming two months.

Leach recoveries of 94-95% lithium have been replicated in recently completed confirmatory laboratory scale roasting and water leaching tests in Germany. Locked cycle testwork will commence post the lithium hydroxide study to model the selected route.

Permits have been granted for the commencement of geotechnical drilling at the project.


Codemasters (LON:CDM) 178p £249.2m

Noting the recent share price movement, the Board wishes to confirm that the Company's trading in the year to date is in line with its expectations.

The Company has generated revenue of £35.5m in the five months ended 31 August 2018, which includes sales of Onrush (released on 5 June 2018), F1 2018 (released on 24 August 2018), and the Company's back catalogue of games.

The Company's financial performance in the year to date, together with the future contribution expected from both existing games and planned game launches in the remainder of the financial year, support the Board's full year expectations.

The Company intends to release a trading update on 8 October 2018 following the conclusion of its half year to 30 Sept 2018.

FYMar19E rev £71.46m and PBT £13.39m.


Phoenix Global Mining (LON:PGM) 27.5p £8.75m

The “US-focused base and precious metals exploration and development company, announced encouraging results from the Company's 2018 drilling programme at the Empire Copper Mine in Idaho, USA  and  the appointment of Ryan McDermott as COO of Phoenix.” “Ryan, as CEO and GM of Konnex, our operating company developing the Empire Mine, has been fundamental to its success to date.” Step out drilling to the east and west of the Empire Open Pit, as designed in the Preliminary Economic Analysis ("PEA"), has intercepted previously unknown mineralisation including: eb4.6 metres of 1.53% copper,  3.0 metres of 2.85% copper, 13.7 metres of 0.64% copper

Infill drilling inside the PEA open pit to upgrade the inferred resources include: 5.9 metres of 1.11% copper, 7.0 metres of 1.21% copper, 17.8 metres of 1.19% copper, including 3.0 metres of 3.02% copper. Drilling expected to continue into Oct 2018

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