OMG!!!! Murray wins and is this a good AIM opportunity?

OMG!!!! Andy Murray currently holds the US open and Wimbledon titles. Well done Andy!!!!

OMG again!! Is this aim listed company (OMG) worth backing following a recent reversal in it's share price.

I don't own shares in OMG, but it has come to my attention over the weekend through an article in the 'Money' section of the Daily Telegraph and recent Director purchases.

Firstly the article is essentially about AIM shares being eligible for ISAS by the Autumn, and it then goes on to say that Paul Mumford who runs the Cavendish Aim Fund (and formerly the hugely successful Cavendish Opportunities Fund) is a fan of OMG, and he will be backing the recently announced £9m fund raising.

To quote from the article he says "The real reason I get quite excited about this one is that it has developed intelligent, wearable camera technology".

"It's the first camera in the world that's been made like that and will be sold exclusively through Amazon. Remember what happened when Amazon sold Kindle exclusively?"

I also noted that Directors bought £205,000 worth of shares in the fundraising at 29p (the current share price is around this figure).

It would appear that the shares have suffered a bit of a hit following the dilutive placing and open offer, and the mild profits warning that OMG issued with their interim results.

I haven't researched the company properly, and have only had a superficial glance at the moment but it may be worth researching further.

The fundraising was for an acquisition and "to exploit opportunities in the Autographer market".

The interims did show a small loss, but the company was profitable last year with diluted EPS at 1.47p (p/e around 20) . The company seem to be generating cash and have paid a steadily rising dividend since 2005, although the current yield is only around 1.2%.

Cash on the balance sheet was around £4m at the interims and if you strip out intangibles and goodwill then tangible NAV is about £7m. The current market cap. is £21m.

Not a screaming buy for me with those figures, but it certainly merits further research and with the price hovering around the fundraising mark it might just have hit its low point?

I'll put OMG on my monitor and keep a close eye on developments.