Small Cap Feast

14th December 2022

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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 December 2022. 

Smarttech247 Group intends to join AIM.  The company is a provider of AI enhanced cybersecurity services providing automated managed detection and response and has raised £3.67m to support its continued expansion into new products and geographies, development of its proprietary technology and for general working capital purposes. Admission is expected to take place on 15  December 2022 under the TIDM S247.

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. Date 16 December.

Kistos Holdings intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.


Breakfast Buffet

Afentra  25.2p £55.5m (AET.L)

The independent oil and gas company provides an update on the Angolan acquisitions. On 28 April 2022, its wholly-owned subsidiary, Afentra (Angola) Ltd, had signed a sale and purchase agreement with Sonangol Pesquisa e Producao S.A. (Sonangol) to purchase non-operating interests in Block 3/05 (20%) and Block 23 (40%), offshore Angola, subject to a number of conditions precedent (CPs) including the receipt of governmental approvals and the extension of the Block 3/05 Production Sharing Agreement (PSA) until at least 31 December 2040. However, PSA extension is now unlikely to be finalised before 31 December 2022 and the Company, together with Sonangol, are working on extending the long stop date in order to facilitate satisfaction of the remaining CPs to enable completion in Q1 2023.

CyanConnode Holdings 13.375p £32.2m (CYAN.L)

The company that engages in the design, development and sale of narrowband radio frequency (RF) mesh networks, announces its interim results for the six months ended 30 September 2022 (H1 FY 2023). Revenue is £1.3m (H1 FY 2022: £4.1m), in line with the Board's expectations (management forecast that circa 90% of full year revenue will be delivered in H2). Operating loss was £2.4m (H1 FY 2022: loss of £1.2m). Cash and cash equivalents was £1.0m (H1 FY 2022: £1.7m). The company expects to meet market revenue forecasts for the full financial year ended 31 March 2023.

Fulcrum Utility Services  1.5p £6.0m (FCRM.L)

The independent provider of essential utility services including multi-utility connections and renewable energy infrastructure, announces its interim results for the six-month period ended 30 September 2022. Revenues decreased by 16% to £23.9m (H122: £28.6m). Adjusted EBITDA was £(3.3)m (H122: £1m). Net cash position as at 30 September 2022 was £4.8m (30 September 2021: net debt of £3.3m). The series of multi-utility contracts signed during the period have been under the revised contractual terms, in order to protect the company’s profitability.

GetBusy 62p £30.6m (GETB.L)

The provider of productivity software for professional and financial services, provides a trading update on the financial year ended 31 December 2022. Total revenue is expected to grow by 24% to at least £19.1m, around 4% ahead of the previously upgraded market expectations, with recurring revenue expected to grow c.27%. As a result, the Board's ambition to at least double Annual Recurring Revenue (ARR) within five years, as announced in 2021, is firmly on track. Adjusted loss before tax is expected to have narrowed by 20-25% compared to market expectations. Net cash at 30 November 2022 was £2.2m and the Group's £2m debt facility remains entirely undrawn. 

Helium One Global 5.7p £35.5m (HE1.L) 

The primary helium explorer in Tanzania announces that it has raised gross proceeds of approximately £9.9m at a price of 5.0 pence per share, a discount of c. 26% to the closing price of 6.75 pence per share on 12 December. The fundraise comprised of a Placing to raise approximately £8.8m and a Subscription to raise approximately £1.11m. As announced this morning, the fundraise was upsized from the previous target of £7m minimum due to investor demand. The net proceeds will be used for a targeted single well exploration drilling programme of the Tai prospect in the Rukwa Basin.

LoopUp Group 4.25p £7.9m (LOOP.L)

The cloud platform for premium hybrid communications provides a trading update. In September 2022, the Group announced a revenue sharing and customer transfer agreement with PGi Connect, giving LoopUp the rights to onboard materially all of PGi Connect's conferencing services customers. Following the successful transition of PGi Connect Meetings business and the commercial progress achieved in Cloud Telephony, the Group expects FY22 revenue to be marginally above market expectations at no less than £15.5m (H1 2022: £6.6m). FY22 EBITDA is expected to be marginally below market expectations due to higher PGi Connect transition costs, but not expected to impact FY23 profitability.

Metal Tiger 11.9p $£20.2m (MTR.L)

The investor in natural resource opportunities, notes that Cobre Limited (Cobre) has announced that it has entered into a binding Heads of Agreement with Tshukudu Exploration (Pty) Ltd, a subsidiary of ASX-listed Sandfire Resources Limited (Sandfire), to procure Airborne Gravity Gradient data over its Ngami, Kitlanya West and Kitlanya East Copper Projects in Botswana. Metal Tiger currently holds 20.58% of Cobre's issued share capital. Metal Tiger is also interested in 5,706,953 Sandfire shares representing approximately 1.29% of Sandfire’s current issued share capital. Post completion of Sandfire’s Entitlement Offer, Metal Tiger will be interested in 6,180,168 Sandfire Shares representing approximately 1.39% of Sandfire’s enlarged issue share capital.

Mosman Oil & Gas 0.0675p £4.3m (MSMN.L)

The oil exploration, development, and production company, provides an update in respect to the Cinnabar-1 well in Tyler County, Texas. The Cinnabar well was drilled in October 2022 and is now in the process of being completed and placed on production. Mosman confirms that the service rig is now on site and has started work on completing the well. Initial production flow rates are anticipated to be announced in 7-10 days.

Northcoders Group 310p £23.8m (CODE.L)

The independent provider of training programmes for software coding, announces that its Business Solutions division has been awarded a new contract for £0.45m with R² Factory, part of Rolls Royce Group to run a developer incubator programme. This new contract follows on from a similar programme that Northcoders ran successfully for R² Factory last year which has just finished. During the last twelve months, Northcoders has secured multiple contracts such as with KPMG and EMaC Ltd.

Poolbeg Pharma* 6.65p £33.3m (POLB.L)

The infectious disease focused biopharmaceutical company, announces that it has acquired an exclusive licence from InsuCaps Limited (InsuCaps), a sister company of AnaBio Technologies (AnaBio), to use InsuCaps' patented microencapsulation and nanoencapsulation oral delivery technologies in metabolic syndrome. Poolbeg will commence a proof-of-technology clinical trial in H1 2023 to determine that a Glucagon-like Peptide 1 receptor (GLP-1) agonist can be safely delivered orally in humans. GLP-1 agonists, which are used to treat diabetes and obesity, represent an extremely large, fast-growing opportunity estimated to grow to c.USD22bn p.a. by 2025. This exclusive licence is in addition to Poolbeg's exclusive license to AnaBio's microencapsulation and nanoencapsulation technologies which underpins Poolbeg's Oral Vaccine Platform. As previously announced, a Poolbeg-led consortium was been awarded Euro 2.3m in non-dilutive funding by the Irish Government's Disruptive Technologies Innovation Fund to progress the Oral Vaccine Platform.

14 December 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.

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