Small Cap Feast

14th February 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 
Dish Of The Day:

Joiners: 
Fulcrum Metals (FMET.L), a multi-commodity minerals exploration company, joins AIM. The company raised £3m at 17.5p. Anticipated Market Cap on admission £8.725m.

Leavers:
No leavers today.




What’s Cooking In The IPO Kitchen?

According to media reports, World Chess plc, a leading chess organisation seeking to promote the mass market appeal of chess globally through the commercial offering of chess related activities, intends to join the Main Market in mid February..


Breakfast Buffet

Altitude Group 42p £29.8m (ALT.L)
The operator of a marketplace for the global promotional products industry, provides a trading update for the current financial year ending 31 March 2023. The Board anticipates that FY23 trading will be materially ahead of current market expectations (£16.5m revenue and £1.5m adjusted EBITDA). Having invested throughout this financial year in the development and growth of the Group's Merchanting programmes, both AIM Capital Solutions and adjacent market programmes, the Board anticipates that the Group will continue to experience revenue and EBITDA growth throughout the remainder of calendar 2023 and 2024. The Group has also secured an increase its working capital credit facility with TD Bank N.A. to $1.5m, previously $700k.The Facility is currently undrawn.

Aura Energy 19.25p £144m (AURA.L)
The Australian based minerals company announces that the Resource Upgrade program undertaken in 2022 has increased the Measured and Indicated (M&I) Resources at the Tiris Project from 19.5 Mlbs to 29.6 Mlbs, 62.2Mt at 216ppm U3O8 at a 100ppm cut-off. The significance of the Resource upgrade is that it enables Aura to update the 2019 Tiris Definitive Feasibility Study project work, assessing the potential to increase the production rate based on the increased M&I resource. This work is expected to be released before the end of Q1 2023. The increase in its M&I resources confirms the board’s confidence that the Tiris province has great expansion potential.

Aurrigo International 117.5p £49m (AURR.L)
The provider of transport technology solutions, provides a trading update for the year ended 31 December 2022. Following its IPO on AIM in September 2022, the Company delivered an operational and financial performance in line with market expectations. Aurrigo has invested in the further development of its Autonomous and Aviation division. Aurrigo has grown its team from 51 to 70 and aims to reach 100 staff by the end of 2023. Post period-end, in February 2023, Aurrigo won a £0.7m Innovate UK grant as part of the Sunderland Advanced Mobility Shuttle project with Sunderland City Council. It has also signed an Industry Innovation Collaboration Agreement with the University of Ottawa in Canada.

Celsius Resources 0.9p £16m (CLA.L)
The Celsius Resources announces that it has appointed Mr David James Way as the new Chief Operating Officer in the Philippines, to boost the operations of its Philippine subsidiaries, particularly the development of the Company's flagship Maalinao-Caigutan-Biyog Copper-Gold Project. Mr Way, a New Zealand educated mining engineer, has more than 30 years' experience in the operation and management of both underground and open-pit mines across several commodities and jurisdictions.

Challenger Energy Group 0.12p £11.1m (CEG.L)
The Caribbean and Americas focused oil and gas company, with oil production, appraisal, development and exploration assets across the region, announces that it has entered into and simultaneously completed a transaction for the sale of its St Lucia domiciled subsidiary company, Caribbean Rex Limited. The agreed consideration is US$1.5m, consisting of US$1.2m payable in cash (of which US$1m has been received and US$0.2m is payable by 15 March 2023), and approximately US$0.3m in third-party liabilities that have been assumed by the buyer. As part of the transaction, the Company has retained a back-in option, granting the Company the right to repurchase a 49% non-operating interest in the South Erin field. This back-in option may be exercised at the Company's election, at any time in the next 18 months. Consideration payable is a fixed cash amount of US$1m, and 49% of all amounts spent by the buyer on South Erin field activities and new well drilling.

Coro Energy 0.26p £6.7m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces legal proceedings by the Company against an Italian contractor in relation to damages following the historical cessation of production at the Bezzecca field in Italy. Coro re-established production at Bezzecca in November 2022. Coro claims that the original construction at Bezzecca lacked an effective cathodic protection system which was required to avoid corrosion, which led to the shut-in of gas production at the Bezzecca field in March 2020 for safety and environmental reasons. The Company is claiming damages of approximately EUR300k for the capital and related costs of the replacement equipment and necessary cathodic protection and a further EUR7m for consequential losses, including both lost revenue and incurred fixed costs, during the shut in period.

Glantus Holdings 6.75p £2.6m (GLAN.L)
The provider of Accounts Payable automation and analytics solutions announces a trading update for the year ended 31 December 2022. The Company expects to report, revenue for FY 2022 of c.EUR 10.8m and an adjusted EBITDA loss of EUR 2.1m before exceptional restructuring costs and any impairment of goodwill from acquisitions. In response the Company has restricted the business by reducing the workforce and operational infrastructure costs. Alongside these cost savings, the Company has been able to generate average monthly billing in Q4 2022 of c.EUR1.22m and in excess of EUR1.1m for January 2023. This billing performance combined with the lower cost base means the Board believes the business is poised to deliver strong margins and positive cash flow from operations in 2023.

Good Energy Group p £m (GOOD.L)
The UK's largest voluntary Feed-in Tariff (FiT) administrator has launched a new smart export product for its FiT customers, which means they could earn more from the electricity they generate. Good Energy's move into smart export marks an evolution for the business as it scales its ambition to help 1m homes and businesses cut carbon from their energy and transport use by 2025. Customers moving to smart export will receive payment for the actual amount of electricity they export, rather than 50% of what they generate, which is the FiT scheme's standard estimate of the proportion of power customers' export. Good Energy plans to roll the service out to 80k customers by the end of 2023. Following this launch, Good Energy plans to introduce a new market leading domestic export tariff for households in the first few months of 2023.

Prospex Energy 18p £50.7m (PXEN.L)
The investment company focused on European gas and power projects, announces that the Operator of the Selva Malvezzi production concession in which Prospex has a 37% working interest, has signed a gas sales agreement (GSA) with BP Gas Marketing Limited (BPGM), an indirect, wholly owned subsidiary of BP International Limited under which BPGM will purchase the forecast gas production from the soon to be completed Podere Maiar-1 production facility in the Selva Malvezzi production concession located in the Po Valley Region of Italy. GSA contract is expected to commence on 1 April 2023 and has the potential to extend. The Joint Venture is fully funded to complete the Podere Maiar-1 production facility development and first gas is on track for early Q2 2023. An estimated 37m standard cubic metres of natural gas is expected to be supplied to BPGM under the contract.

The Mission Group 53.5p £48.7m (TMG.L)
The creator of Work That Counts TM , comprising a group of digital marketing and communications Agencies announces the acquisition of Mezzo Labs, a global data science and digital analytics consultancy. Mezzo Labs is a leading provider of innovative data services with over 16-years' experience in data strategy and architecture, web analytics, CX analytics, marketing automation, insights generation, data science, Conversion Rate Optimisation and personalisation. MISSION is scaling its ability to target global businesses across a range of sectors. This acquisition signifies a further step towards achieving MISSION's strategic and operational goals.

14 February 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

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