Small Cap Feast

11th September 2023

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

Joiners: 
No joiners today

Leavers: 
Yourgene Health (YGEN.L)





What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.


Breakfast Buffet


Active Energy Group 4.75p £7.7m (AEG.L)
The international biomass based renewable energy business, announces an update on the construction of the CoalSwitch® manufacturing facility at Ashland, Maine (the Ashland Facility). The Company has been informed that construction of the Ashland Facility will not be completed and will not be ready to commence production, before the end of Q3 2023. The delay in completion of construction is due to delays in receipt of key components and associated equipment. Operations at the Ashland Facility and production of CoalSwitch® are now expected to commence in November.

Barkby Group 7.5p £10.8m (BARK.L)
The owner of a diverse portfolio of businesses announces that it is exploring options to maximise shareholder value from its subsidiary, Cambridge Sleep Sciences, (CSS) the science-based sleep technology business behind SleepEngine®. CSS expects to generate revenues in excess of £10m over the next three years, based on the licence deals signed to date. The Board has appointed advisers to undertake a strategic review of Barkby's investment in Cambridge Sleep Sciences as the Company focuses on its Roadside Real Estate strategy.

Blackbird PLC 10.5p £38.7m (BIRD.L)
The technology licensor, developer and seller of the cloud native video editing platform Blackbird, announces a contract win with an OEM partner for use at a global Summer Games in 2024. This Summer Games deployment will involve the deployment of Blackbird's cloud video editing platform to publish content from up to 70 concurrent live streams and provide rights holders all over the world with the availability of the full editing suite. The deal also covers Blackbird's usage on two other events, including a schools project and a global Youth Games.

Bushveld Minerals 2.3p £35.8m (BMN.L)
The integrated primary vanadium producer and energy storage solutions provider, announces that it has entered into a binding term sheet with the investment fund SPR GP1 (Pty) Limited (Southern Point Resources, SPR). The key terms of the cumulative proposed investment of US$69.5-US$77.5m are as follows: (1) Working capital facility of US$8.1m secured against production at the Vanchem plant; (2) US$25m for SPR’s proposed purchase of 50% of the shares in Bushveld's subsidiary that owns its Vanchem vanadium plant, and its 64% equity interest in its subsidiary that owns its Mokopane project; (3) an equity investment by Southern Point Resources of US$12.5m into the Company, at the same equity price as Orion Mine Finance; (4) US$25-30m medium-term trade finance working capital facility; (5) a potential commitment by SPR of an investment of US$7-10m in Vanchem for the recommissioning of Kiln 1.

Inspired 90p £90.4m (INSE.L)
The technology enabled service provider supporting businesses in their drive to net-zero announced its unaudited results for the six-months ended 30 June 2023. The Group’s revenue was £44.6m in H1 2023, up 10% from 1H 2022. Adjusted EBITDA grew 9% in H1 2023, with stable margins at 24% and in line with expectations. Net debt was £49.1m, up 14% year-on-year, driven by performance related payments in relation to acquisitions and due to the timing and profile of optimisation projects. Net debt is expected to decrease by the year end. Given the 1H 2023 performance and current trading, the Board remains confident in delivering market consensus for the full year 2023.

Intelligent Ultrasound 11.25p £36.8m (IUG.L)
The 'classroom to clinic' ultrasound company, specialising in artificial intelligence (AI) software and simulation, announces that GE Healthcare has launched SonoLystlive onto its latest version of the Voluson Expert Series portfolio of ultrasound machines. This new technology further builds on Intelligent Ultrasound's long-term partnership agreement with GE HealthCare, which already incorporated Intelligent Ultrasound's AI technology as an option add-on in its SonoLyst X/IR software on the Voluson Expert 22 and SWIFT ultrasound machines.

Journeo plc 190p £30.8m (JNEO.L)
The provider of information systems and technical services to transport operators and local authorities, announces that it has received purchase orders totalling £2.25m from Hertfordshire County Council. These purchase orders are for the provision of Journeo's advanced real time passenger information systems and software in bus shelters and on-street at key locations throughout Hertfordshire county. These purchase orders are included in management's expectations of performance for FY23 and FY24 and add to the Company's strong order book.

Pennant International 38p £14,0m (PEN.L)
The IPS software and services company announces that it has signed a strategic partnership agreement with Oxford-based Aquila Learning Limited (Aquila), a developer of innovative technologies and services for complex training needs on a number of projects including the integration of the ALaRMS (Aquila Learning and Requirements/Resource/Record) Management System into Pennant's IPS software suite (GenS, Analyzer and R4i). Aquila has established capabilities within defence organisations and OEMs in the UK and overseas. The new partnership agreement will provide users with additional capabilities and functionality, including an end-to-end S-Series software toolkit.

Rainbow Rare Earths 16.5p £98.8m (RBW.L)
The developer of a responsible rare earths supply chain to drive the green energy transition, announce its strategic supply agreement with the UK-based Less Common Metals Ltd (LCM) for supply of the magnet separated rare earth oxides neodymium and praseodymium (NdPr), dysprosium (Dy) and terbium (Tb). These rare earth elements are used to make the permanent magnets for electric vehicles, wind turbines and other high-tech products in defence. LCM is a manufacturer of complex alloy systems and metals. The separated rare earth oxides supplied by Rainbow will be used for manufacturing into metal in order to create an alloy, which is then supplied to permanent magnet manufacturers in the EU and the USA.

Water Intelligence 402.5p £69.9m (WATR.L)
The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, announces that the commercial traction of its four technology products reinforces its 2024 sales plan. These products are IntelliDitch, a proprietary liner product that slips over concrete or earthen channels to convey water; Pulse, a proprietary tool based on acoustic technology that pinpoints sewer line blockages much faster and more accurately than conventional video camera technology; LS1 (to be branded in Q4), an acoustic device that enables rapid surveys of urban water and wastewater infrastructure; and CreatorSuite 2.0, an AI video ecommerce tool.

11 September 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

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 enquiries@hybridan.com with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram