Small Cap Feast

13th July 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Ming Yang Smart Energy Group Limited (MYSE.L), a leading wind turbine manufacturer in China, has admitted Global Depositary Receipts to the Shanghai-London Stock Connect segment of the Main Market of the LSE.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late July.

Macaulay Capital is due to join the Aquis Growth Market on 22 July. The Group was formed to originate and manage corporate transactions, raise funds from third parties, invest the Group’s own funds alongside those of external investors and to manage the Group’s investment portfolio with the aim of maximising its value.


Breakfast Buffet

aledonia Mining 925p £114.6m (CMCL.L)

Caledonia Mining Corporation announces record gold production from the Blanket Mine in Zimbabwe for the quarter ended 30 June 2022. All production numbers are expressed on a 100% basis and are based on the final assay at the refiners. Quarterly gold production of 20,091 ounces, a record for any quarter. 20% increase in quarterly production on the 16,710 ounces produced in Q2 2021. Gold produced for the first half of 2022 was 38,606 ounces, approximately 29% more than the 29,907 ounces produced in the first half of 2021. Reiterated gold production for 2022 is expected to be between 73,000 – 80,000 ounces.

Gresham House 805p £308.1m (GHE.L)

The specialist alternative asset manager announced a trading update for the six-month period to 30 June 2022. Strong progress against the Group’s five year ‘GH25’ financial and strategic objectives, with AUM growth of £0.8bn to £7.3bn (+11%) in H1, from £6.5bn (31 December 2021), including organic growth of £0.5bn (+8%). Adjusted operating profit and margin expected to be at least in line with market expectations for the six months to 30 June 2022 and the full year to 31 December 2022. Several significant fundraises in private asset funds completed, including a £150m oversubscribed fundraise for Gresham House Energy Storage Fund plc and a £65m fundraise for UK shared ownership housing fund, Gresham House Residential Secure Income LP. Completion of the acquisition of Burlington Real Estate in Ireland, which is already delivering growth in the Gresham House Commercial Property Fund. £13m development capital deployed by the Group to develop new energy projects to support wider business growth. Strongest client pipeline since the management team launched GH25 in 2020, with new clients and identified commitment indications across funds including British Sustainable Infrastructure Fund II, both UK and international forestry funds, real estate, and battery energy storage systems.

Harland And Wolff 15.5p £25.0m (HARL.L)

The UK-quoted company focused on strategic infrastructure projects and physical asset lifecycle management, announced that the Company has been successfully awarded the M55 Regeneration Programme (M55 Contract) by the Ministry of Defence (MOD) on behalf of the Lithuanian Defence Materiel Agency after a competitive bid process. The contract value for this programme is £55m, with a potential to increase this value through additional equipment and further upgrades at the client’s option. The M55 Contract incorporates the delivery of a regenerated vessel, with stated mission and sonar systems, to an agreed operational condition, for final delivery to the Lithuanian Navy. It is a landmark deal for the Company, being its first contract win within the defence sector. Following extensive discussions with the MoD and a competitive tender process, winning the M55 Contract is a clear validation of the strategic progress the Company has made in the last 2 years as well as the technical skills, expertise and facilities it now has in operation.

Hemogenyx Pharmaceutical 1.25p £12.2m (HEMO.L)

Hemogenyx Pharmaceuticals has opened its new custom-engineered laboratory at the Mink Building in West Harlem’s Manhattanville Factory District of New York City, adjacent to Columbia University and City College. The Company’s state-of-the-art research facility includes approximately 10,000 rentable square feet of purpose-built lab space including two clean rooms for cell therapy manufacturing. In addition to continuing and expanding its research, Hemogenyx Pharmaceuticals is now able to manufacture cells in-house, accelerating and simplifying the commercialisation of its major cell therapy product candidates. The Company will first use its clean rooms to produce its HEMO-CAR-T cell therapy for the treatment of acute myeloid leukemia.

Ironveld 0.4p £4.7m (IRON.L)

The mining development company, announced a proposed fundraising of up to £5m at 0.3p. The net proceeds of the Placing will be used to complete the acquisition of FCF and the refurbishment of its existing smelter located in Rustenburg, South Africa, the terms of which were announced on 24 May 2022.

Mission Group 56.5p £51.4m (TMG.L)

The creator of Work That CountsTM, comprising a network of 16 Agencies delivering real, sustainable growth for its Clients, today provided a trading update for the six months ended 30 June 2022. MISSION has traded well during the first half of 2022 and performance has been in line with the Board’s expectations. Despite the ongoing turbulent global economic backdrop, the Group has maintained its growth trajectory, continued to deliver against its strategy and successfully managed previously flagged cost headwinds including wage inflation. As a result, the Group expects to report revenues for the period of £37.5m (30 June 2021: £34.1m) with Headline operating profit of £2.2m (30 June 2021: £2.0m). MISSION has a historic second half year weighting in profitability and remains on track to meet full year guidance.

One Heritage Group* 24p £9.3m (OHG.L)

The UK-based residential developer focused on the North of England, yesterday announced that it has completed the acquisition of development land on Victoria Road, Eccleshill, West Yorkshire for £1m. The land on Victoria Road was previously used for industrial purposes and all buildings have been fully demolished. It has planning consent for the construction of 24 houses. Upon completion the development will have a Gross Development Value of £6.5m. Construction is expected to start Q4 2022, with completion in Q3 2024. The acquisition is being funded from the proceeds of the successful £1.25m subscription of shares, announced on 6 July 2022.

Powerhouse Energy Group 2.2p £2.38m (PHE.L)

The company pioneering integrated technology which converts non-recyclable waste into low carbon energy, has agreed heads of terms with Hydrogen Utopia International Plc (AQSE: HUI) for the proposed joint development of a site at Lanespark in Co. Tipperary in the Republic of Ireland. It is anticipated that this would if developed lead to PHE’s first operational full scale waste plastic to hydrogen facility outside of the UK. PHE and HUI have agreed, in principle, to establish a joint venture vehicle owned equally by each company (JVCo) to which PHE and HUI would contribute development costs for the Lanespark Project on a 50:50 basis.

T42 IOT Tracking Solutions 14.3p £8.1m (TRAC.L)

The provider of shipping container tracking solutions, announced that, following a successful and intensive pilot programme, it has signed an agreement with a second LATAM distributor to provide t42 solutions to local port authorities over four years from 2023, with an estimated total value of over US$16m.

Serica Energy 341p £927.2m (SQZ.L)

Following the announcement by Kistos plc on 12 July 2022, the Board of Serica Energy plc confirms that on 24 May 2022, it received a non-binding proposal from Kistos regarding a possible cash and share offer for the entire issued and to be issued share capital of Serica. Following careful consideration, the Board of Serica, together with its financial advisers, unanimously rejected the Kistos Possible Offer on 1 June 2022, on the basis that the Board strongly believed it significantly undervalued the Company and its prospects and was not in the best interests of shareholders or other stakeholders. In response to this initial approach from Kistos and recognising the industrial logic of a combination implemented through an appropriate structure, Serica made a non-binding indicative cash and share offer for the entire issued and to be issued share capital of Kistos on 1 July 2022. On 8 July 2022 the Serica Possible Offer was rejected by the Board of Kistos. The announcement explains the rationale and concludes that Serica shareholders are strongly advised not to take any action.

13 July 2022
*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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