Tekcapital announced intention to spin off and IPO on 2 October: MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. AIM Admission delayed, expected mid-November.
Argentex Group 62.3p £70.5m (AGFX.L)
The service led, tech enabled provider of currency management and payment services to international institutions and corporates, announces that the Board expects the revenue and operating profit for the year ending 31 December 2023 to be below current market forecasts and at approximately the same levels as for the year ended 31 December 2022. The Board is disappointed to have seen similar financial numbers year on year but Argentex continues to be a stable, profitable and cash generative business.
Challenger Energy Group 0.063p £6.6m (CEG.L)
The Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration, advises that consistent with the terms of the short-term bridge loan (as per announcement of 27 October 2023), part of the proceeds from the sale of the Cory Moruga licence have been applied to repayment of the bridge loan. Consequently, the short-term bridge loan has been fully discharged resulting in the Company becoming debt-free.
Dekel Agri Vision 2.15p £12m (DKL.L)
The West African agriculture company focused on sustainable and diversified projects, provides an October 2023 monthly production update for its Ayenouan palm oil project in Côte d'Ivoire (Palm Oil Operation). The Palm Oil Operation recorded increases in Crude Palm Oil (CPO) and Palm Kernel Oil (PKO) production of 2.8% and 14.5% respectively. Early guidance for November 2023 shows CPO production is likely to be materially higher than prior year. CPO sales prices in October decreased from EUR822 per tonne last month to EUR788 per tonne. The CPO extraction rate was relatively low at 19.4%; however, early November extraction rates have materially increased over the past 10 days together with CPO production volumes.
Goldplat 6.25p £10.5m (GDP.L)
The mining services group, with international gold recovery operations located in South Africa and Ghana, announces an operational update for the 1st quarter ended 30 September 2023 (Q1 FY23). Operations in South Africa and Ghana achieved combined operating profit for the quarter of £1.85m (excluding listing and head office costs, interest and foreign exchange movements), compared to the combined operating profit of £1.94m for Q1 FY22. During the period the Company incurred capital expenditure of £205k on a lower grade milling, gravity and flotation circuit. Cash balances was £1.35m, with significant balances invested in debtors with the Group’s main exposure to a new smelter in Europe and South Africa.
Helium One Global 5.4p £51.5m (HE1.L)
The primary helium explorer in Tanzania provides an update on Tai-3 operations. The Company's Epiroc Predator 220 drilling rig has encountered an issue with the hydraulic system, as a result, is affecting the performance of the iron rough neck mechanism. As a result of this, the Company has had to temporarily shut down operations whilst the full extent of the issue is determined. The Tai-3 results during drilling were positive with helium showing up to six times above background at multiple levels, increasing in frequency and quality with depth.
Physiomics* 1.6p £2.2m (PYC.L)
The mathematical modelling company, supporting development of oncology drugs and personalised medicine solutions, announces that it has been awarded a grant by Innovate UK and The Office for Life Sciences as part of the UK Government's Advancing Precision Medicine programme. The project is called PREDICT-ONC: Precision Risk Evaluation and G-CSF Dosing for Chemotherapy-Induced Neutropenia Tool (Project) and will be carried out in partnership with Beyond Blood Diagnostics Limited and Blackpool Teaching Hospitals NHS Foundation Trust. The Project's total costs, shared between the three partners, are expected be £571k, of which Physiomics' costs are expected to be £196k (primarily comprising staff salaries). The Project costs are 70% funded by the grant, hence Physiomics will receive £137k over the course of the Project which will start immediately and is expected to run until October 2025.
Strategic Minerals 0.11p £2.2m (SML.L)
The mineral company announces an update from its 100% owned subsidiary Cornwall Resources Limited (CRL), regarding the completion of its involvement in the Deep Digital Cornwall (DDC) project. DDC was led by the University of Exeter's Camborne School of Mines (CSM), in which CRL and Cornish Lithium Plc were delivery partners. CRL's DDC outputs included: 1) Analytical data for 2,184 soil samples, 2) A highly detailed ground gravity survey and 3D interpretation, and 3) datasets from the DDC aerial survey of the Redmoor area, consisting of electro-magnetic and magnetic data over 40 km². CRL is in discussions to further advance collaboration on DDC outputs, data interpretation and follow up activities.
Tungsten West 1.55p £3.1m (TUN.L)
The mining company focused on restarting production at the Hemerdon tungsten and tin mine in Devon, UK, announces the appointment of Mr. Alistair Stobie as its Chief Financial Officer (CFO) effective Monday 13 November 2023. Mr. Stobie has a strong track record of leading the finance function of AIM-listed businesses within the energy and natural resources sector. Mr. Stobie was previously CFO at Hurricane Energy, which raised c.$700m to fund drilling campaigns and an Early Production System during his tenure.
ValiRx 12.25p £12.2m (VAL.L)
The life science company focusing on early-stage cancer therapeutics and women's health, has entered into an agreement with StingRay Bio Limited (StingRay) to investigate a lead series of drug candidates for use in oncology. Under the agreement, the Company will carry out a defined series of preclinical tests on the molecules over the next twelve months to validate the technology and determine suitability for commercialisation. The cost of the work will be borne by ValiRx and will be capped at £100k over the twelve month period. At the conclusion of the evaluation period the Company has an option to license the technology on pre-agreed terms.
Warpaint London 335p £258.5m (W7L.L)
The supplier of colour cosmetics and owner of the W7 and Technic brands, provides a trading update. Group sales for the year ending 31 December 2023 are now expected to be at least £85m (2022: £64.1m), and profit before tax for the year is now expected to be in excess of £16m (2022: £7.7m). Results for the year are expected to be above market expectations. Launches in November 2023 include a range of W7 products in 400 Etos stores in the Netherlands and 100 Watsons stores in the Philippines.
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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).
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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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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.
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