Small Cap Feast

12th June 2023

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

Joiners: 
No joiners today.

Leavers: 
No leavers today. 




What’s Cooking In The IPO Kitchen?

CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.)

WE Soda, the world’s largest producer of natural soda ash, more commonly known in the UK as sodium carbonate or washing soda, announces that it is considering listing on the Premium Segment of the Main Market. WE Soda, an extractor of soda ash in Turkey and the US, is a subsidiary of Ciner Group, an industrial and media conglomerate. It is a high-margin business and last year it reported adjusted operating profits of $892m on revenues of $1.77 bn. The Offer would be wholly comprised of ordinary shares to be sold by the existing shareholder. Separately from and in addition to the Offer, the Company is also considering making an exempt public offer of Shares to retail investors in the UK through the PrimaryBid platform. The value of Shares sold will not exceed EUR8m equivalent (approximately £6.95m).


Breakfast Buffet

Actual Experience 0.7p £1.5m (ACT.L)
The Digital Workplace Management Platform (DWMP) company announces its unaudited consolidated interim results for the six months ended 31 March 2023. Revenue decreased 72% to £0.23m (H1 FY22: £0.82m), whilst the operating loss marginally decreased to £2.54m (H1 FY22: £2.84m). The Company has cash of £3.10m (30 September 2022: £2.87m) and has successfully released its new DWMP in October with Defra, leading to the first sale of the Company's new product offering less than six months after launching.

Caspian Sunrise 5.2p £117.0m (CASP.L)
An oil & gas exploration and production company focused on Kazakhstan announces the conditional sale of 50% of the Caspian Explorer for $22.5m and a general operational update. The Caspian Explorer is a drilling vessel designed specifically for use in the shallow northern Caspian Sea where traditional deep water rigs cannot be used. Caspian Sunrise acquired it for approximately $3.7m in 2020. The proceeds from the sale would be used in the further development of the Group's assets. Preparatory work has begun at Deep Well 803 which is to be drilled on the Yelemes Deep structure. The Company plans to spud the well in Q3 and complete it before the end of the year

Cordel Group 6.25p £12.4m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announces that Network Rail has granted official approval to the Cordel Wave 32 Mobile Laser Scanning system. The Cordel Wave 32 Mobile Laser Scanner has been assessed as compliant to Band 3A, delivering accurate Survey and LiDAR Techniques from vehicle mounted installations. Railways can use the raw outputs of survey grade data, in addition to Cordel's key value add of an AI-driven solution set of insights.

Dekel Agri-Vision 3.6p £20.1m (DKL.L)
The West African agriculture company focused on building a portfolio of sustainable and diversified projects provides a May production update for its Ayenouan palm oil project in Côte d'Ivoire. The Palm Oil Operation delivered a third consecutive month of performance with Fresh Fruit Bunch volumes and Crude Palm Oil (CPO) production increasing by 163.9% and 144.9% respectively compared to May 2022. CPO sales quantities increased 17.8% to 4,741 tonnes (May 22—4,025 tonnes) whilst CPO price per tonne marginally reduced by 9.8% to EUR953 (May 22—EUR1056). The Board remain positive to deliver on H1 2023 outcomes.

Futura Medical 52.1p £152.4m (FUM.L)
A pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® drug delivery technology currently focused on sexual health announces that the US Food and Drug Administration has granted over the counter sale Marketing Authorisation for MED3000, a topical gel formulation for the treatment of erectile dysfunction as a De Novo Medical Device. It is clinically proven treatment for ED with a 10-minute onset of action. MED3000 has already been approved as the first pan-European topical treatment for ED available OTC and is now available in Belgium and the UK. Initial launches in March 2023 with further launches planned through 2023.

Inspiration Healthcare Group 45p £30.7m (IHC.L)
The medical technology company focusing on specialist neonatal intensive care medical devices announces the appointment of Alan Olby ACA as Chief Financial Officer and a Director of the Company, effective immediately. Alan is an experienced and commercially focused healthcare CFO, with broad experience within fast-growing listed and private healthcare companies. He spent sixteen years at Sinclair Pharma, of which twelve years were as CFO.

One Heritage Group* 16.5p £6.4m (OHG.L)
The UK-based residential developer focused on the North of England announces the practical completion of Oscar House in Manchester. The Group previously reported a Gross Development Value (GDV) of £6.2m which included an agreement with a buyer underwriting the agreed purchase price of £6.1m for 27 apartments and the separate sale of car parking spaces. The buyer has failed to perform on the purchase of 22 apartments, such that the Group will now re-market these units and following a recent re-valuation of the completed building, it is anticipated that the GDV will increase to £6.8m owing to price appreciation in the area. The practical completion of Oscar House, Manchester marks the Company’s third project completion of 2023.

Ovoca Bio 6.63p £5.7m (OVB.L)
A biopharmaceutical company with a focus on women's health announces an update regarding the completion timeline of its ongoing Phase II dose ranging study assessing Orenetide, a novel treatment for women with hypoactive sexual desire disorder. The Company has been informed by its retained Australian Contract Research Organisation (CRO) that due to issues with staffing levels at the CRO, the timeline for delivery of the results of the Study has been delayed, now anticipated results to be finalised in August as opposed to June this year. The Company remains committed to completing the Study in the most efficient and accurate manner possible.

R&Q Insurance Holdings 56.9p £213.1m (RQIH.L)
The non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses announces a capital raise of $50m of equity issued by Randall & Quilter PS Holdings Inc., an indirect wholly-owned subsidiary of R&Q from investment funds affiliated with one of its shareholders, Scopia Capital Management, with the opportunity to increase to $60m. The preferred stock will be exchangeable at Scopia's election into new ordinary shares of R&Q at 60.98p representing a 10% premium. The proceeds will be used to increase the capitalisation of R&Q Legacy, and also be used for general corporate purposes.

Tungsten West 3.5p £6.3m (TUN.L)
The mining Company focused on restarting production at the Hemerdon tungsten and tin mine in Devon announces that it has entered into a strategic collaboration with Oxford Sigma, a fusion energy Company based in Oxfordshire, to explore and establish critical supply pathway options enabling the use of the critical material, tungsten, for fusion energy deployment. Tungsten would be required for radiation shielding and plasma-facing components within fusion energy devices. The strategic collaboration will provide a combination of skills and assets to secure the source of raw tungsten material in the UK, with the goal of deploying globally.

12 June 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