Small Cap Feast

13th January 2023

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What’s Cooking In The IPO Kitchen?

Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late January 2023.

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.


Breakfast Buffet

Appreciate Group 41.35p £77.1m (APP.L)
The UK's leading multi-retailer redemption product provider to Corporate and Consumer markets today issued a trading update for its Q3 trading period, representing the three months ended 31 December 2022 of the current financial year ending 31 March 2023 (FY23). Trading in Q3 was as expected and reflected the normal pattern of seasonality and, consequently, the profit outlook remains in line with the Board's expectations despite the current economic headwinds. The Group has continued to prioritise driving profitable billings within its High Street Vouchers business ahead of volumes. New client numbers have increased by 27% vs last year, which was offset by a reduction in average order value of 8% across the entire ABS client base. The new Park Christmas Savings 2023 campaign launched in September with encouraging early signs that this channel can return to growth.

Beacon Energy 0.175p £2.7m (BCE.L)
The energy company seeking growth through acquisition and its strategy is to create a self-funding oil and gas production company taking advantage of growth opportunities announces its half-yearly report for the six months ended 31 October 2022. Following the disappointing outcome on the Buffalo well announced in January 2022, the Board has refocused the strategy for the Company and substantially reduced its cost base in order to preserve cash. On 26 July 2022 the Company successfully raised £425k from new and existing shareholders, including £80k from Directors of the Company, and had cash resources of US$616k. The Company announced that it had entered into a conditional share purchase agreement in respect of the proposed acquisition of Rhein Petroleum GmbH on the 16 December 2022.

Belluscura 45.5p £56m (BELL.L)
A leading medical device developer focused on lightweight and portable oxygen concentrator (POC) technology provided a trading update for the year ended 31 December 2022. The collaboration agreement with the VGM Group has already resulted in 17 new distribution agreements in the last 3 months announced in September 2022. In December 2022 the company also signed its first international distribution agreement, with MedHealth Supplies of South Africa. By 31 December 2022 the Company had shipped or received orders for 2,850 X-PLOR units with 1,226 units being shipped in 2022 (2021: 377). As at the year end, the Adjusted EBITDA loss is anticipated to be in line with market expectations and retained cash balances of $1.8m, which together with inventory and inventory deposits, amounted to $11.9m.

Celadon Pharmaceuticals 51.5p £28.2m (CEL.L)
A UK-based pharmaceutical company focused on the research, cultivation, manufacturing and sale of breakthrough cannabis-based medicines announced that further to the RNS of 1 November 2022 Jonathan Turner will formally join the Company and be appointed to the Board as Chief Financial Officer on 17 January 2023.

Echo Energy 0.1025p £5.7m (ECHO.L)
The Latin American focused energy company provided an operational update regarding its Santa Cruz Sur assets, onshore Argentina, for the quarter ended 31 December 2022 (Q4 2022). Q4 daily operations in the field at Santa Cruz Sur continued to deliver produced gas and liquids to key industrial customers and total 2022 cumulative production from Santa Cruz Sur, net to Echo's 70% interest, reached an aggregate of 532,302 barrel of oil equivalent. Net liquids production averaged 298 barrels of oil equivalent per day whilst net gas production averaged 7.3m standard cubic feet per day. The Company also announces that Marco Fumagalli has stepped down as a Director of the Company with immediate effect.

Kavango Resources 1.6p £11.3m (KAV.L)
Botswana focussed metals exploration firm announced that drilling is about to restart on the Company's Kalahari Copper Belt (KCB) after a scheduled summer break. Kavango will recommence drilling on the sixth and final hole (KCBRD006) in the current drilling programme on prospecting licence. Upon completion, the Company expects to have drilled around 1,640m in the programme, exceeding its original guidance. KCBRD006 is targeting a major stratigraphic structure identified by its Controlled-Source Audio MagnetoTelluric surveying. The results of which work are expected to refine the 2023 KCB exploration strategy.

Physiomics* 4p £3.9m (PYC.L)
The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solutions announced that Dr Christophe Chassagnole's job title has changed from Chief Operating Officer to Chief Scientific Officer. This title aligns more closely with Dr Chassagnole's current role and responsibilities and the expectation that, going forward, he will spend more time focused on the Company's personalised medicines initiatives. The change builds on the ongoing restructuring of the board which commenced last year with the hiring of two highly experienced Non-Executive Directors.

Premier Milton Group 118.5p £187.1m (PMI.L)
The Company provided an update on its unaudited statement of Assets under Management (AuM) for the first quarter of its current financial year. £11.1bn closing AuM at 31 December 2022 (30 September 2022: £10.6bn), an increase of 5% on the opening position for the year. The Group experienced positive net flows for the quarter totalling £8m with inflows into US equity, fixed income and Diversified funds. These were partially offset by outflows from European and UK equity open-ended funds. Despite the on-going challenging economic conditions, clear proposition of active management and diversified product range should position the Group well when confidence returns.

Revolutionary Beauty Group SUSPENDED (REVB.L)
The multi-channel mass beauty innovator, today announced the completion of its independent investigation, conducted by law firm Macfarlanes LLP and forensic accountant Forensic Risk Alliance. Trading in the Company's shares was suspended on 1 September 2022 as a result of the non-publication of the FY22 accounts owing to several serious concerns that had arisen during the course of its work. Concerns include excess purchases resulting in increased stock holding after the Company’s acquisition of Medichem Manufacturing ltd., false revenue recognition in February 2022, supplier rebates and support payments, inventory provisioning and personal loans made by directors. The second half of the Company’s 2023 financial year (28 February 2023) is taking place against a challenging backdrop, particularly the ongoing macroeconomic impact of inflationary headwinds and declining consumer confidence.

ValiRx 11.35p £10.2m (VAL.L)
A life sciences company focusing on early-stage cancer therapeutics and women's health, announces a Placing to raise approximately £1m (before expenses), at an Issue Price of 11p per Share. The Company is granting an option (Broker Offer) allowing additional subscriptions of up to £0.5m. The net proceeds from the Fundraising will be used to establish a new internal research facility. This research facility and equipment will be used to launch tCRO (Translational Contract Research Organisation) service offering with a view to accelerating the Company's longer term buy and build strategy.

13 January 2023
*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).

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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.

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