Small Cap Feast

10th November 2022

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What’s Cooking In The IPO Kitchen?

One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022.

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

Looking Glass Labs, a Company engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams, intends to join the AQSE Growth Market. Looking Glass Labs is currently listed on the NEO Exchange (Canada). 14 November 2022.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (IPSX). Was due 10 November, now due 16 November 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.


Breakfast Buffet

Arecor Therapeutics 245p £74.7m (AREC.L)

The biopharmaceutical group advancing today’s therapies to enable healthier lives, announces that it has signed an exclusive formulation study collaboration with the pharmaceutical division of one of the world’s largest chemicals marketing and pharmaceuticals companies, which focuses on the development and commercialisation of speciality drugs. Under the terms of the agreement, Arecor will use its proprietary formulation technology platform, Arestat™, to develop a differentiated, stable, liquid drug product, for intravenous administration, that is Ready-to-Use. The partner will fund the development work and has the option to acquire the rights to the new proprietary formulation and associated Intellectual Property under a technology licensing model to further develop and commercialise the product.

Belluscura 56p £68.9m (BELL.L)

A medical device developer focused on lightweight and portable oxygen enrichment technology, announces that it has been certified as compliant with ISO standards for Quality Management (ISO 13485:2016), allowing for design, development, manufacture and distribution of its portable oxygen concentrators following an extensive audit process undertaken by leading global assurance provider SGS. The individual standards to which Belluscura is now certified are core to the Company’s business. The certification, enables the Group to apply to distribute the X-PLOR and DISCOV-R in Europe (CE mark), UK (CA mark), China and the Rest of the World.

Biome Technologies 77.5p £2.9m (BIOM.L)

A bioplastics and radio frequency technology business, provides an unaudited trading update for the quarter ended 30 September 2022. Group revenues for the quarter were in line with management expectations at £1.9m and were 77% ahead of the similar period last year (Q3 2021: £1.1m). There was some catch-up of revenues delayed from Q2 in both divisions as anticipated. This takes the Group’s revenues for the 9 months to 30 September 2022 to £4.3m (9 months to 30 September 2021: £3.6m). The Group had a cash balance as at 30 September 2022 of approximately £0.5m (30 2022 September 2021: £1.0m), no bank debt and access to a working capital facility of up to £600k.

HVIVO 10.25p £68.8m (HVO.L)

A specialist contract research organisation (CRO) and leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that it has signed a £13.6m contract with a US-based biopharmaceutical client to test its respiratory syncytial virus (RSV) antiviral candidate, using hVIVO’s established RSV Human Challenge Study Model. The Phase 2a double-blinded placebo-controlled human challenge trial will take place at the Company’s specialist quarantine facilities in Whitechapel and will evaluate the efficacy profile of the antiviral against RSV infection. The study is expected to commence in Q3/Q4 2023, with the revenue being recognised in 2023 and 2024. As part of the study, hVIVO will recruit healthy volunteers via the Company’s dedicated volunteer recruitment arm fluCamp.

Kromek Group 8.2p £35.4m (KMK.L)

The developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN (Kromek’s own CBRNE Homeland Security products and solutions detection segments, announces that it has received, and delivered, a contract worth $1.3m from a US customer for the Group’s D3M wearable radiation detector. This contract is a repeat order, with Kromek having now delivered D3M orders worth $2.6m to this customer in the last 6 months.

Physiomics* 2.45p £2.4m (PYC.L)

The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solution announces it has been awarded a further contract by existing client Ankyra Therapeutics. Building on the work that was announced in March this year, this contract extension is expected to complete in Q1 2023. Physiomics is supporting Ankyra with the modelling and simulation of its lead molecule ANK-101 in immune-oncology settings in support of its early development and clinical translation.

Savannah Resources 2.45p £41.4m (SAV.L)

The European lithium development company announces the appointment of Diogo da Silveira as independent non-executive director effective from 10 November 2022. On joining the Company Mr da Silveira will become a member of the Remuneration and Audit and Risk Committees. Mr Diogo da Silveira, a former McKinsey Partner, is a seasoned CEO and NED in multiple sectors across Europe. Over the last 20 years, Diogo has been the CEO of several listed and private companies.

Smoove 34.15p £22.2m (SMV.L)

The customer focused technology and services business aiming to revolutionise home moving and ownership, announces its interim results for the 6 months ended 30 September 2022. Revenue increased by 4% to £10.6m (H1 2021: £10.2m). Underlying Loss before Tax of £3.0m (H1 2021: (£1.5m)) reflecting increased investment in eConveyancer and new product areas. EBITDA Loss of £2.6m (H1 2021: (£1m)). During the period Smoove launched Smoove Start, the Group’s product for estate agents; 30 branches across 18 firms signed up, exceeding management expectations. Smoove’s cash balance of £17m as of 30 September 2022 with no debt.

SolGold 16.46p £377.9m (SOLG.L)

SolGold announces that Darryl Cuzzubbo, Managing Director and Chief Executive Officer, has left the Company and the Board, effective 10 November 2022. The Company has appointed Scott Caldwell, Non-Executive Director, as Interim CEO until a permanent replacement is appointed. The search for a permanent CEO will start immediately.

Zephyr Energy 5.56p £88.2m (ZPHR.L)

The Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, announces that the Company’s lender, North-Dakota based First International Bank and Trust (FIBT), has completed its regularly scheduled semi-annual redetermination of the Company’s revolving credit facility (RCF). The redetermination process resulted in a 30% increase to the RCF, with the new borrowing base set at US$13m. As of today, US$8m is currently outstanding on the RCF, providing the Company with an additional US$5m of liquidity which can be drawn at Zephyr’s discretion. In addition to the RCF, at 1 November 2022, Zephyr had an additional US$15.8m of outstanding borrowings, the majority of which is comprised of a senior bank term loan with FIBT.

10 November 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).

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.

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