Small Cap Feast

13th December 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers.

Dish Of The Day:

Admissions: 
No joiners today.

Delistings: 
No leavers today.





Whats baking in the oven?

Potential Initial Public Offerings:

11 December: Kondor AI ITF: A U.K. registered AI company planning to launch the Kondor AI app, which will analyse pictures and live photos and provide solutions to questions and challenges based on visual input, is seeking Admission to the AQSE Growth Market. Expected AQSE Admission is on or around 21 December 2023.


01 December: Investment Evolution Credit ITF:
An U.K. registered fintech group that specialise in online consumer loans, announces its application for Admission to the AQSE Growth Market. The Company currently provides online consumer loans in the U.S. under the brand Mr. Amazing Loans and plans to provide online consumer loans in the U.K. under the brand IEC Credit. Expected AQSE Admission is on 14 December 2023.


30 November: Flex Labs ITF: a software business engaged in the development of advanced artificial intelligence (AI) middleware products, intending to offer these to business customers through a software as a service (SaaS) model announces its application for Admission to the AQSE Growth Market. Expected AQSE Admission date is on or around 15 December 2023.


2 October: Tekcapital announced intention to spin off and IPO: 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-December.


Reverse Takeovers:

06 December: Good Life Plus RTO: Formally Semper Fortis Esports Plc, announces its Admission to Access Segment of the Aquis Stock Exchange which constitutes a reverse take-over. Good Life Plus operates an entertainment focused monthly subscription service for consumers that provides access to daily luxury prize draws, along with numerous offers, discounts and rewards. Aquis Admission is expected 18 December.


30 November: EnergyPathways RTO: Formally Dial Square Investments Plc, listed on the Standard Listing of the Main Market, announces its Admission to AIM pursuant to the Acquisition of EnergyPathways Limited which constitutes a reverse take-over. EnergyPathways is an integrated energy transition company, initially targeting development of UK gas assets, with the aim of bringing these into production. AIM Admission is expected mid-December.


Change of Market:
05 December: AdvancedAdvT Limited (ADVT.L):
Intends to delist from its Standard Listing of the Main Market and apply for the Admission of its shares to trading on AIM on 10 January 2024.


Banquet Buffet

Anglesey Mining 1.5p £6.3m (AYM.L)
The UK minerals development Company announced that the drilling of the first drill hole into the Northern Copper Zone (NCZ001) on the Isle of Anglesey was completed on 11th December. The interpreted Northern Copper Zone has varying levels of sulphide accumulation. This was also the case with drilling in the 1970’s with the nearest hole to NCZ001 intersecting two higher grade zones of 22.9m @ 1.20% Cu (1.42% CuEq) and 85.3m @ 1.13% Cu (1.40% CuEq) within a broader zone of 146m @ 0.98% Cu (1.20% CuEq) – no gold assaying was conducted on that drill hole. The mineralisation from the lower zone, currently interpreted to be the Garth Daniel Zone, is particularly encouraging. The samples from this drill hole will be sent off to the assay laboratory as soon as possible and the results are expected in Q1 2024.

Cohort plc 532p £221.6m (CHRT.L)
The independent technology Group announces its results for the six months ended 31 October 2023. Revenue was up 22% to £94.3m (2022: £77.5m). Adjusted operating profit was up 20% to £6.0m (2022: £5.0m) and net funds totalled £13.3m at 31 October 2023 (30 April 2023: £15.6m net funds). The interim dividend increased by over 10% to 4.70 pence per share (2022: 4.25 pence per share) continuing the Group's long standing track record of progressive dividend growth. The record order book of £353.9m includes over £90m of revenue deliverable in the second half. Revenue deliverable in future years from committed orders continues to grow, and the duration of the order book now extends to 2033. The current year outlook remains unchanged and is line with previous experience, with a stronger performance in the second half.

Frontier IP Group 39p £21.6m (FIPP.L)
The specialist in commercialising intellectual property notes the following announcement that its portfolio company the Vaccine Group (TVG) has appointed an Advisory Board to support the scale-up of TVG's novel herpesvirus-based vaccine platform. TVG has 12 vaccines currently under development targeting economically harmful and zoonotic diseases. The advisory board members are Christophe Barnier-Quer who works for Merck Life Science in its Contract Development and Manufacturing Organisations branch; Johan Dreesen, a member of the Advisory Council to Kela Pharma and sits on the GALVmed board; and Vaughn Kubiak: Vaughn who has more than 40 years' experience in global animal health in a wide range of senior technical and managerial roles.

Good Energy Group 313p £51.4m (GOOD.L)
The supplier of 100% renewable power and an innovator in energy services announced that its investee Zapmap, the UK's leading electric vehicle charge point mapping service, has expanded its market presence by launching charge point mapping in Europe. The coming months will also see Zapmap open up additional features such as EV route planning and charging payments for drivers in France, Germany and the Benelux. In the UK, Zapmap already offers its services to over 95% of the public points.

Jade Road Investments* 1.875p £6.7m (JADE.L)
The London quoted company focused on seeking the best risk-adjusted returns globally provides an operational update. As part of its transition away from Asia, the Company is considering strategic alternatives in relation to its legacy portfolio. These alternatives include the transfer of the legacy assets into a special purpose vehicle, which would be owned by all shareholders of the Company in addition to their existing quoted shares in the Company. Concurrently, Jade is in discussions with the holders of its Bond due on 31 December 2023 regarding the potential restructuring of its terms, including an extension of its maturity. Significant progress has been made with the proposed sale of Future Metal Holdings, and the Company expects to announce details in due course. The Company has sold 50% of its investment in the Heirloom Investment Fund SPC - Heirloom Fixed Return Fund SP for US$ 235,000 in order to manage its short-term working capital requirements.

Ondine Biomedical 9.0p £20.3m (OBI.L)
The Canadian life sciences Company indicates that it will continue accelerating commercialisation of its proven nasal photodisinfection technology following its successful fundraising of C$4.91m. Ondine confirmed that it has more than doubled the number of Steriwave deployments in 2023 and is in discussions with more than 75 hospitals in the UK, Mexico, Spain, and Canada. The growing global emphasis on preventing hospital acquired infections post-surgery, coupled with the escalating challenge of antimicrobial resistance, has spurred heightened interest in Ondine's photodisinfection technology.

Power Metal Resources 0.775p £16.1m (POW.L)
The exploration Company with a global project portfolio provides an update on progress of the conditional disposal of its Canadian uranium assets. On 8 August 2022 and 4 November 2022, Power Metal announced the conditional disposals of the Reitenbach and E-12 uranium properties into Teathers Financial plc (Teathers), which is to be renamed Uranium Energy Exploration plc (UEE). With the pre-IPO Financing work complete, Teathers/UEE is now moving to execute its planned Q1/Q2 2024 listing on the London capital markets. As noted in the announcement of 10 March 2023, Sean Wade, CEO of Power Metal Resources plc, is a director and a shareholder of Teathers.

Reabold Resources 0.1175p £12.1m (RBD.L)
The oil & gas investing Company announces the restart of its share buyback programme following the announcement on 31 October 2022 about its intention to return £4m of excess cash to shareholders upon receipt of £9.5m of deferred net proceeds from Shell, relating to the sale of the Victory asset. The Company accelerated this return with an initial £0.75m buyback that commenced in April 2023 and has returned £156,154 to shareholders to date. Reabold has now received £5.2m of the deferred consideration from Shell and is recommencing the Programme with up to a further £593,846 to be returned to shareholders. The average daily volume figure acquired will be no more than 25% of the average daily volume traded in the calendar month preceding this announcement.

Steppe Cement 22p £48.2m (STCM.L)
The investment holding Company which produces and supplies construction materials provides an update regarding its intention to pay a dividend. Further to the announcement on 12 July 2023 about its intention to pay a dividend of 2 to 3 pence per share before November 2023, the Company confirmed that it had set aside the funds to do so. The Company has been advised that new tax legislation, which has taken effect in Malaysia, the Netherlands and Kazakhstan, has made the Company's current corporate structure inefficient for the purposes of making shareholder distributions, subject to tax charges arising in multiple jurisdictions. The Board is therefore in the process of reviewing the current group structure in order to understand what courses of action are available to facilitate efficient shareholder distributions in the future. Steppe will update the market when it has resolved on a course of action.

13 December 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

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