Small Cap Feast

13th October 2022

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What’s Cooking In The IPO Kitchen?

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market.. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raised £2m with a further £3.6m to be raised.

Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement. Expected 2 November 2022.

Guanajuato Silver Company ltd, a fast growing silver producer in Mexico currently listed on the TSX Venture Exchange, intends to join the AQSE Growth Market. The Company currently owns five precious metals mines and three production facilities. GSilver is primarily focused on reactivating past producing silver and gold mines in the state of Guanajuato. Expected 25 October 2022.

Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end ‘application specific integrated circuits’ (ASICs) and ‘system on chips’ (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 31 October 2022.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. Due 31 October 2022.

Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m. Delayed but due in October.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m. Due 3 November 2022.

Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late October.


Breakfast Buffet

Atlantic Lithium 34.3p £207.8m (ALL.L)

The African-focussed lithium exploration and development company targeting to deliver Ghana’s first lithium mine, announces the submission of the Mining Licence application in respect to the extraction of minerals from the proposed Ewoyaa Lithium Mine (the Ewoyaa mine) to the Minerals Commission of Ghana, in West Africa. The application includes the submission of the recent Pre-Feasibility Study (announced on 22 September 2022).

Boku Inc. 127p £378.6m (BOKU.L)

The global provider of mobile payment solutions, announces that it has added PayPay and LINE Pay mobile wallets in Japan for leading global sports streaming platform DAZN. With this launch, 50M+ users of PayPay and 40M+ users of LINE Pay will now be able to use their mobile wallet to subscribe to DAZN. Boku is uniquely equipped to provide global merchants like DAZN with access to PayPay and LINE Pay, as the only international payments service provider connected to both.

Distil 0.85p £5.8m (DIS.L)

The owner of premium drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, TRØVE Botanical Vodka and Blavod Black Vodka, announces its unaudited results for the six months ended 30 September 2022. Turnover decreased by 68% to £0.46m (2021: £1.44m). Loss before tax was £555k (2021: £45k loss). The key change year-on-year is the company’s decision to take direct control of relationships with major UK retail customers, and to move away from the previous distributor, Hi-Spirits. While the remodel has seen a one-off hit to the interim results, the company is confident that this transition will put Distil in a stronger position for future growth.

Fintel 170.8p £176.6m (FNTL.L)

The provider of fintech and support services to the UK retail financial services sector, announces a key expansion to its strategic distribution partnership with Schroders. The expanded partnership will see Schroders join Fintel’s Risk Controlled investment solution, ensuring that its multi-asset funds, the Schroder Blended Portfolios, become central to the investment range developed by Fintel for the thousands of advisers who use its Fintech.

Firering Strategic Minerals 7.4p £6.5m (FRG.L)

The exploration company focusing on critical minerals, announces the results and completion of its Phase 1 diamond drill (DD) programme on its flagship Atex Lithium-Tantalum Project (Atex) in Côte d’Ivoire. Phase 1 DD programme involved a total of 19 holes drilled and 3,039m of drilling. Pegmatite were intersected in all 19 drill holes. Prepared half-core samples for assaying with the first results are expected during Q4 2022.

Immotion Group 2.45p £10.2m (IMMO.L)

The immersive entertainment group, is pleased to announce that it has signed 2 new zoo partners. Firstly Dallas Zoo, where we will install our first 12-seat outdoor solution, and secondly Oklahoma City Zoo which will be an 8-seat ‘Gorilla trek’ installation. Both zoos have over 1m visitors p.a. the installations are planned for Q4 this year. Immotion Group indicates that its partners are ready to enter in to contract negotiations pending installation in Q4 2022 and Q1 2023 prior to Spring Break and Easter period. The Group has 136 motion platform seats in stock.

Kooth 112.5p £37.2m (KOO.L)

The digital mental health platform announces that, following its announcement of 27 September 2022 relating to a significant US contract, this contract has now been formalised and signed with State of Pennsylvania, USA. The contract will run for an initial pilot phase over the course of an academic year and is valued at $3m to Kooth. During the pilot phase the Group will provide its platform to 30 school districts within Pennsylvania, encompassing a school population of 150k students. If the pilot is successful, it could be extended to include more of the State’s 500 school districts.

OnTheMarket 74.5p £56.0m (OTMP.L)

The majority agent-owned company which operates the OnTheMarket.com property portal, announces the renewal of contracts with existing customers and the signing of an agreement with Lomond Group. On the Group’s admission to AIM in February 2018, many agency customers at that time committed to listing agreements with a five-year minimum term, running initially to February 2023. Several of the highest profile agency brands have signed new agreements.

Quixant 175p £116.3m (QXT.L)

The provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, provides a trading update for the financial year ended 31 December 2022. Since the release of the interim results on 6 September 2022, both Gaming and Densitron divisions have continued to perform strongly. Quixant now expects to report full year results ahead of market expectations with revenues in excess of $115m and adjusted profit before tax of no less than $10m.

Scirocco Energy 0.24p £2.1m (SCIR.L)

The investing company targeting assets within the European sustainable energy and circular economy markets, provides a trading update on its investment in Energy Acquisitions Group Ltd (EAG). On 25 August 2021, Scirocco announced its £1.2m investment for 50% interest in EAG, a specialist acquisition and operating vehicle in the sustainable energy sector. EAG subsequently used the funds to acquire 100% of Greenan Generation Limited (GGL) and its 0.5MWe Anaerobic Digestion (AD) plant in Northern Ireland, completing that deal on 1 October 2021. In the 12 months since completing that investment, GGL delivered an EBIDTA of £602k (unaudited).

13 October 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).

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.

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