Small Cap Feast

10th January 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 
Dish Of The Day:

Joiners: 
Tap Global Group (previously named Quetzal Capital Plc) has joined the Access Segment of the AQSE Growth Market via a Reverse Takeover. The Company is an innovative and fully integrated provider of crypto settlement and fiat banking, based on its proprietary artificial intelligence middleware. £3.1m raised. 

Leavers:
No leavers today. 




What’s Cooking In The IPO Kitchen?

Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late January 2023.

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.


Breakfast Buffet

Advanced Medical Solutions Group 268.8p £582.8m (AMS.L)
The specialist in tissue-healing technologies, announces its unaudited trading update for the year ended 31 December 2022. The Group reports that trading for the Period was strong as both Business Units continued to perform well. Group revenues and profits for the Period are expected to be in line with market expectations. AMS also made good progress during 2022 in its regulatory and clinical programmes including the US approval of LiquiBand® XL in May and the submission of a PMA for LiquiBandFix8® in October. The initial European SEAL-G® clinical trial also continues to progress well with over two-thirds of patients now recruited and remains on track for completion in the first half of this year. Preliminary results expected on Wednesday 15 March 2023.

C4X Discovery 17.95p £45.3m (C4XD.L)
The drug discovery company, announces the appointment of Nick Ray, PhD, as Chief Scientific Officer with immediate effect. Nick, a medicinal chemist by training who joined C4XD in 2016, is currently Senior Vice President Drug Discovery, leading the medicinal chemistry, structural analysis and computational chemistry/cheminformatics teams. Nick has more than 30 years' experience leading key programmes at large multi-national companies including Rhône-Poulenc, Celltech and Argenta/Charles River, in the therapeutic areas of oncology, respiratory diseases, inflammation, CNS, pain and metabolic diseases.

Eden Research 4.25p £16.2m (EDEN.L)
The company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, provides an unaudited trading update for the year ended 31 December 2022. Revenue for the year is expected to have increased by approximately 50% to £1.8m, £0.1m, or 6%, ahead of market expectations of £1.7m (FY2021: £1.2m). Product sales are expected to have increased by approximately 55% to £1.7m, £0.3m, or 21%, ahead of market expectations of £1.4m (FY2021: £1.1m). Loss before tax is expected to be approximately £2.8m, £0.3m, or 10%, ahead of market expectations of £3.1m loss (FY2021: £3.4m loss). Cash position at the year-end was £2.0m, £0.2m, or 9%, below market expectations of £2.2m (31 December 2021: £3.9m). Eden expects to see a further step-up in product sales growth in 2023.

Getech Group 13.13p £8.8m (GTC.L)
The geoenergy and green hydrogen company, announces the signing of a Strategic Collaboration Agreement with Eavor Technology Inc., a global geothermal technology company. The Strategic Agreement will see the Parties work together to locate and de-risk multiple closed-loop geothermal projects for development across Latin America, a region with inherent strong heat-flow potential and rapidly growing green energy demand. The Parties will retain the commercial optionality to either realise asset value pre-development through farm-down/sale to a third party (retaining the potential to provide ongoing development support) or to proceed as development investors.

Ironveld 0.28p £8.1m (IRON.L)
The UK based exploration and development company, confirms that its subsidiary, Ironveld Smelting, has completed refurbishment of the first of the three furnaces at the Rustenburg smelter complex and has successfully produced metal from the furnace, marking a transformational step in the Company's development. ‘Cold Commissioning' of machinery and 'Hot Commissioning' of the first furnace commenced in December 2022 and has now been completed. In the coming weeks operations from the first furnace will be tested and optimised and also be extended to include production of vanadium slag, which requires a further processing step. First production sales are still in line to be achieved by Q2 2023. The second and third furnaces at the smelter continue to be refurbished and are both anticipated to be in production by April 2023.

Nanosynth Group 0.19p £5.2m (NNN.L)
The company specialising in the synthesis and application of nanoparticles to create new and improve existing products, announces a conditional placing to raise gross proceeds of £0.4m at a price of 0.18 pence per Ordinary Share. The Placing Shares equate to approximately 8.4% of the Company's currently issued share capital. In addition, participants in the Placing have been issued with one warrant for every two Placing Shares exercisable at 0.5p pence per share at any time up to 2 years from Admission. The funds raised will be principally used for working capital purposes and to accelerate the Company's near-term commercial opportunities.

Poolbeg Pharma* 8.45p £42.3m (POLB.L)
The a leading infectious disease focused biopharmaceutical company, yesterday announced positive initial data analysis for POLB 001, a viral strain agnostic, small molecule immunomodulator being developed to address the significant unmet medical need for severe influenza. Initial data indicates that administration of POLB 001 resulted in a marked reduction in both systemic and localised inflammatory response in subjects challenged with bacterial lipopolysaccharide compared to those who received placebo. A clear dose-response relationship was demonstrated. POLB 001 was well tolerated across all doses and no serious adverse events or volunteer withdrawals were reported. As announced in December, full data read-out is expected in Q2 2023.

Team 57.5p £12.6m (TEAM.L)
The wealth, asset management and complementary financial services group, announces its final results for the year to 30 September 2022. Revenues increased 44% to £2.1 m (FY 21: £1.5m). Adjusted EBITDA a loss of £0.8m (FY 21: £0.8m). Net assets increased by 15% to £8.6m (FY21: £7.4m). Acquisitions of Omega and Concentric have been completed and the Company’s headcount has increased from 16 to 33. Team report to have an excellent pipeline of opportunities ahead in 2023.

Tekmar Group 17.5p £10.7m (TGP.L)
The provider of technology and services for the global offshore energy markets, announces that Group companies Pipeshield International Limited and Subsea Innovation Limited, have been awarded several significant contracts. Pipeshield International Limited has been awarded multiple contracts from an offshore EPC contractor to provide pipeline support and protection materials for major subsea construction projects in the Middle East. The combined value of the projects is over £8m with delivery expected in the first half of 2023. Subsea Innovation has been awarded a significant contract for a bespoke turnkey launch and recovery system. The contract value is approximately £2m and is expected to be delivered by December 2023.

Zenova Group 11.75p £11.0m (ZED.L)
A provider of fire safety and heat management technology solutions to a wide range of users across the globe, has begun production of the FX500 in USA as well as the UK following a positive trade show in November with orders received to arrive in early 2023. The FX500 is now ready for both the retail and commercial markets, having significant performance capabilities of extinguishing all fire types at the simple push of a button even operating at -10 centigrade. Zenova Group plc’s sub-distributor in the USA - Omnis LLC has placed an initial order for 7,500 units of the FX500 mini fire extinguisher for immediate delivery following a very successful trial.

10 January 2023
*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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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.

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