Small Cap Feast

10th August 2022

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What’s Cooking In The IPO Kitchen?

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

88 Energy Limited 0.58p £97.2m (88E.L)

The oil and gas exploration company released its results for the half-year ending 30 June 2022: a net loss of $67.3m (30 June 2021: $445k in profit). The loss was largely attributable to the $68m impairment of the Merlin 1 and Merlin 2 wells. As at 30 June 2022, cash on hand was $10.5m (31 December 2021: $32.31m) and there was no debt. Meanwhile, the company is proposing to raise up to £5.8m, with the ability to accept over-subscriptions of up to £2.8m.

Atalaya Mining 272.5p £381.2m (ATYM.L)

The producer of copper concentrates in southwest Spain, announces its half-year results for the period ended 30 June 2022. Revenue was EUR180m, down 9% year-over-year. EBITDA was EUR41.4m, down 58% from the same period last year, due to high input costs and negative provisional pricing adjustments. The plant demonstrated strong performance in Q2, processing around 4m tonnes of ore and yielding good recoveries despite lower grades. Management expects strong throughput to continue for the remainder of the year.

Crossword Cybersecurity* 26.5p £20.0m (CCS.L)

The cybersecurity solutions company focused on cyber strategy and risk, announces that it is issuing 177,314 new ordinary shares in respect of deferred acquisition of £50k for the acquisition of Stega UK Limited (announcement dated 9 August 2021). The consideration shares have been issued at the preceding three-month average price of 28.2 pence per share. In addition, £80k consideration is payable in cash. Total consideration payable on the first anniversary of completion is therefore £130k. There is no additional first anniversary performance fee payable.

Dekel Agri-Vision 3.0p £16.1m (DKL.L)

The West African agriculture company provides a production update for its Ayenouan palm oil project in Côte d’Ivoire (Palm Oil Operation), and an update on progress regarding the ramp-up of its large-scale cashew processing plant at Tiebissou, Côte d’Ivoire (the Cashew Project). The Palm Oil Operation is currently operating in the middle of the fresh fruit bunch low season, which typically runs from July to mid-September. The objective of commencing positive operating cash flow from the Cashew Operation remains on track for Q4 2022.

Digitalbox 11.3p £13.3m (DBOX.L)

The mobile-first digital media business (which owns Entertainment Daily, The Daily Mash and The Tab), provides a trading update for the six months ended 30 June 2022. Revenue was approximately 40% up year-on-year to £1.9m (H1 2021: £1.3m). The performance is a result of strong traffic for Entertainment Daily and ongoing improvements in the monetisation of The Tab. Despite the likely adverse impact on advertising revenues over the next six months given the challenging macro-economic conditions, the Board remains confident of meeting market expectations for the full year.

GreenRoc Mining 4.9p £5.4m (GROC.L)

The mineral exploration and development company reports its results for the six months ended 31 May 2022: a net loss of £484k (Period ended Nov 2021: £306k). At the end of the reporting period, the cash position was £1.8m, after a net cash outflow of £1.5m, consisting of exploration expenditure of £0.8m, cash administration costs of £0.4m, and movement in working capital of £0.3m. CEO Stefan Bernstein indicates that the long-awaited results from the 2021 drilling campaign at Thule Black Sands are expected in the coming weeks.

Pelatro 24.5p £11.1m (PTRO.L)

The specialist in enterprise customer engagement software, announces that it has been selected by a Middle East telco (part of a wider international group) to provide its mViva Campaign Management and Loyalty Management Solutions. The initial value of the license contract is around $1m (payable over 3 years). With this win, revenue visibility for 2022 stands at around $8m. This is also the company’s first contract in the Middle East.

Power Metal 0.93p £14.2m (POW.L)

The metal exploration company announces an update on its uranium property portfolio surrounding the Athabasca Basin, Saskatchewan, Canada. The 2022 Phase I Field Programme now underway covers three Athabasca properties: Clearwater, Thibault Lake and Tait Hill. The planned work will build on the positive findings of the 2021 fieldwork. The company is prioritising the initial follow-up work on the Thibault Lake property where the 2021 mapping and sampling programme returned high grade uranium sample assays of up to 38,600 ppm or 3.86% uranium oxide (U308).

Victoria PLC 372.5p £434.5m (VCP.L)

The designer, manufacturer and distributor of innovative flooring products announces that it has purchased 250,000 of its ordinary shares at a weighted average price of 380.236 pence per share pursuant to the authorities obtained at its most recent annual general meeting to make market purchases up to a maximum aggregate of 11,685,190 shares, representing 10% of its issued share capital.

Westminster Group 1.4p £4.5m (WSG.L)

The supplier of managed security services and technology-based security solutions, announces that its aviation specialists, Westminster Aviation Security Services Ltd, have been awarded a contract for aviation security training contract within the UK. The contract, potentially worth several hundred thousand pounds, will ensure that one of the UK’s busiest airports is directly supported by Westminster to deliver GSO (Ground Security Officer) training to security staff.

10 August 2022
*A corporate client of Hybridan LLP

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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).

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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.

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