Small Cap Feast

13th October 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?

Announced ITF 11 October: Cykel AI, the company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October.

Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October.

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). The Company is looking to raise £10m - £15m on IPO. 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. Admission to trading on AIM 18 October.


Breakfast Buffet

Canadian Overseas Petroleum 1.92p £14.3m (COPL.L)
An international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, USA, COPL confirms the receipt of US$4m at 2.6p per share to conclude the financing announced on October 6, 2023. As part of the Company's liquidity management and in conjunction with the terms of the financing COPL will be settling amounts owed to various creditors in shares over the coming weeks.

Celadon Pharmaceuticals 125p £66.7m (CEL.L)
A UK-based pharmaceutical company focused on the development, production and sale of cannabis-based medicines, announces it has raised £1m through a placing and subscription of new ordinary shares, to be issued at 125 pence which represents a discount of approximately 2 per cent to the previous day closing share price of 128 pence per share on 12 October 2023. The net proceeds will provide the Company with additional working capital for at least 12 months.

Christie Group 14.75p £25.9m (CTG.L)
The company that offers a portfolio of professional business services for the leisure, healthcare, education, retail and care sectors, reports a return of more normalised levels of exchange and invoicing activity in its agency and advisory business. The improved invoicing level is anticipated to continue for the remainder of the year. However, there continues to be unpredictability in the precise dates of transactions. As a result, the Board believes some transactions scheduled to complete during 2023 are likely to be delayed into 2024. The Board now prudently anticipates that the second half performance is likely to result in a full year operating profit before exceptional items of between £0 and £1.0m.

Digitalbox 3.25p £3.8m (DBOX.L)
The mobile-first digital media business announces that, further to its announcement on 30 May 2022, it has completed the acquisition of the web and mobile platform assets of TVGuide.co.uk Limited (TVguide.co.uk) alongside the Amazon Alexa TV Guide skill (Acquisition) for a total cash consideration of £470k. The Consideration is 15% less than previously announced. Following the £20k consideration paid at exchange, the remaining consideration will be via a payment of £270k on completion and a deferred payment of £180k after four months. The Consideration is being funded through Digitalbox's cash reserves which stood at c.£2.3m at 30 June 2023.

Loungers 187.5p £194.4m (LGRS.L)
An operator of all-day café/bar/restaurants across the UK under the Lounge, Cosy Club and Brightside brands, announces a trading update for the 24 weeks ended 1 October 2023 (H1 FY24). The Group has delivered one year like-for-like sales growth of 7.7%. Total revenue for H1 FY24 was £149.6m, up 22.3% (H1 FY23: £122.3m). The Group’s balance sheet stands with non-property net debt at 1 October 2023 of £14.3m (2 October 2022: £9.5m). The Group has opened 16 new sites during H1 FY24 (H1 FY23: 11 new sites), taking the portfolio to 238 sites as at 1 October 2023

Mirriad Advertising 1.95p £9.5m (MIRI.L)
The in-content advertising company announces it has appointed Nicholos (Nic) Hellyer as Chief Financial Officer designate. Nic will join the Company's board of directors in November 2023. Nic joins the Company with over 30 years of financial and listed company experience, having held various senior banking director and CFO roles. David Dorans, current Chief Financial Officer, remains with the Company to undertake an orderly handover and ensure a smooth transition to the new structure.

Ondine Biomedical 8p £15.6m (OBI.L)
A Canadian life sciences company announces that its product Steriwave® nasal photodisinfection for the prevention of healthcare-associated infections (HAIs) is now available in hospitals across Canada. The latest hospital to implement Steriwave for its orthopedic surgery patients is the Queen Elizabeth II Health Sciences Centre in Halifax, affiliated with Dalhousie University and the largest hospital in Nova Scotia, located on Canada's East Coast.

Rockfire Resources SHARES SUSPENDED (ROCK.L)
The base metal, gold, and critical mineral exploration company, announces that the Company has commenced drilling at its 100%-owned Molaoi zinc deposit in Greece. The drilling programme, consists of 5 holes, designed to replicate several historical drill holes to establish a confidence in the positioning of the historical drill holes. This is expected to enable its Inferred Resources to convert to Indicated Resources, which can then be used in the Feasibility Studies.

TomCo Energy 0.065p £2.0m (TOM.L)
The US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, announces that the Company has raised gross proceeds of £100k by way of a subscription for new ordinary shares at 0.08 pence per share (Subscription). The Subscription price represents a premium of approximately 45.5 per cent. to the mid-market closing price on 12 October 2023, The Subscription has been undertaken to provide additional funds to cover the Company's anticipated expenditure as it seeks to progress its plans for its wholly owned subsidiary, Greenfield Energy LLC.

UK Oil & Gas Investments 0.0295p £6.5m (UKOG.L)
The UK-based oil and gas exploration and production company announces that Aladdin Middle East, the Pinarova-1 operator, has advised the resumption of testing operations within the Germik/Hoya sequence, utilising a larger and more powerful 7-inch perforating guns. It is expected in around 4 weeks once the guns are on site. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the undeveloped Basur-1 light oil discovery.

13 October 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