Small Cap Feast

Small Cap Feast – 2nd July 2022

Dish of the Day:

No joiners today

Off the Menu:

No leavers today

What’s Cooking in the IPO Kitchen?

Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech translation in 42 languages, built in smart assist (google and siri), multiple built-in microphones and high-definition sound. Expected 5 August.
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 countries and is a key supplier to almost every leading fibre optic cable manufacturer worldwide and is the industry’s only organisation with multiple manufacturing facilities spread across 3 continents. The Company acts as the holding company for its wholly-owned operating subsidiary, Unitape Limited and its 60% owned operating subsidiary, Unigel (UK) Limited. Delayed, timing TBC.
Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late September.

Breakfast Buffet

Belluscura plc 92.5p £112.7m (BELL.L)

The medical device developer focused on lightweight and portable oxygen enrichment technology, announces that it has entered into an agreement for the supply of portable oxygen concentrators to VGM Group, Inc (VGM). VGM is the largest and most comprehensive Member Service Organization in the US for post-acute healthcare and provides medical equipment in the respiratory field. This agreement further expands Belluscura’s distribution network across the US and its routes to market.

C4X Discovery 26.5p £61.4m (C4XD.L)

The drug discovery company provides a update on the continued progression across its drug discovery portfolio, including (1) In July, C4XD received its first milestone payment of EUR3m from Sanofi under the out-licensing agreement for its IL-17A inhibitor programme entered into in April 2021. (2) Indivior has completed preparations for Phase 1 multiple ascending dose (MAD) study with C4X_3256 (INDV-2000), an oral Orexin-1 receptor antagonist for the treatment of addiction. The study is expected to start in September 2022.

Eneraqua Technologies 265p £88.0m (ETP.L)

The specialist provider of energy and water efficiency solutions, announces the acquisition of Mathewson Holdings Ltd for an initial consideration of £1.4m with further consideration of £0.35m payable over two years. This acquisition extends Eneraqua Technologies the Group’s low-carbon offering into the healthcare sector and strengthens its offering in other commercial sectors where Mathewson provides underfloor heating solutions.

GYG 20.5p £9.6m (GYG.L)

The superyacht painting, supply and maintenance company, provides a trading update for the six months ended 30 June 2022. The Board remains confident of meeting 2022 full year market expectations. Meanwhile, the company has proposed the cancellation of trading of its ordinary shares on AIM, citing reasons such as the compatibility requirements for transparency within public markets and client discretion, the valuation volatility of the Company and the increasing costs of maintaining a public listing.

Jadestone Energy 101p £470.7m (JSE.L)

The independent oil and gas producer focused on the Asia-Pacific region, announces the launch of a share buyback programme, for up to US$25m and not exceeding 46,574,528 ordinary shares, in line with to the authority granted at its Annual General Meeting on 30 June 2022. This is part of the company’s intention to return up to US$100m of cash over the course of 12 months, predicated on the Company’s strong balance sheet and highly cash generative nature of its asset base.

One Heritage Group* 25.5p £9.9m (OHG.L)

The residential developer focused on the North of England, announces the appointment of Anthony Unsworth as CFO and Executive Director of the Board with immediate effect. Anthony is an Associate of the Chartered Institute of Management Accountants and has over 14 years’ experience with FTSE 100 and 250 listed House Builders. His most recent role was at Countryside Partnerships PLC where he was the Divisional Finance Director, Partnerships North and oversaw significant change through organic and acquisitive growth. Prior to joining Countryside, Anthony held the role of Finance Director North West from 2007 until 2018 at Barratt Developments.

PHSC 22.5p £2.7m (PHSC.L)

The provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, announces its results for its financial year ended 31 March 2022. Revenue was £3.571m, up 9% from £3.289m in the prior year. Underlying EBITDA was £0.274m, down 46% year-over-year, mainly due to goodwill impairment in respect of the Security Division. Despite the difficult trading environment, the company is confident that it can remain profitable and cash-generative throughout the current year.

Revolution Beauty 26p £82.1m (REVB.L)

The multi-channel mass beauty innovator announces a change to its full year results announcement date. The results for the year ended 28 February 2022 (FY22) is be released on 30 August 2022, due to additional time required to complete the audit. The company also provides a trading update for the first half of FY23: low single digit revenue growth and a small adjusted EBITDA loss, due to post Covid retailer updates, cost inflation, supply chain issues and the war in Ukraine. For the full FY23, management expects sales to be £215m-£225m and adj. EBITDA to be £18m-£20m.

Rockfire Resources 0.39p £4.4m (ROCK.L)

The gold and base metal exploration company announces that the ongoing mapping and rock sampling at its 100%-owned Plateau gold deposit in Queensland, Australia, has identified multiple new targets close to the drilled JORC gold resources. The additional targets lie outside the 208,000 ounces of gold already drilled at Plateau, with future drilling to be designed to increase near-surface, open cut gold resources.

Quantum Blockchain Technologies 1.85p £18.5m (QBT.L)

The company focused on cryptocurrencies mining and other advanced blockchain applications, provides an update regarding the success of its defence against claims for EUR 1.7m regarding the former management of Sosushi in Italy, an asset acquired by Quantum Blockchain Technologies ’s wholly owned subsidiary Clear Leisure in 2019. Following an English court order enforced in Italy, the claimants have abandoned the EUR1.7m claim and paid the Company approximately EUR 77k towards legal costs sustained in defence of the claim.

Head Chef:

Emily Liu, CFA, CAIA
0203 764 2344

Sous Chef:

Sacha Morris
0203 764 2345

*A corporate client of Hybridan LLP


This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email with “unsubscribe me”.