Small Cap Feast

14th June 2023

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

Joiners: 
No joiners today.

Leavers: 
ABRDN Latin American Income Fund Ltd (ALAI.L) has left the Main Market of the London Stock Exchange. 




What’s Cooking In The IPO Kitchen?

CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.)

WE Soda, the world’s largest producer of natural soda ash, more commonly known in the UK as sodium carbonate or washing soda, announces that it is considering listing on the Premium Segment of the Main Market. WE Soda, an extractor of soda ash in Turkey and the US, is a subsidiary of Ciner Group, an industrial and media conglomerate. It is a high-margin business and last year it reported adjusted operating profits of $892m on revenues of $1.77 bn. The Offer would be wholly comprised of ordinary shares to be sold by the existing shareholder. Separately from and in addition to the Offer, the Company is also considering making an exempt public offer of Shares to retail investors in the UK through the PrimaryBid platform. The value of Shares sold will not exceed EUR8m equivalent (approximately £6.95m).


Breakfast Buffet

Aptamer Group 22.5p £15.5m (APTA.L)
The developer of Optimer® binders to enable innovation in the life sciences industry, and Neuro-Bio, with a therapeutic focus on neurodegenerative disease, announces success in the development of Optimer binders to enable a lateral flow test for the early diagnosis of Alzheimer's disease. The Optimer binders have been patented by partners at Neuro-Bio, following the demonstration of performance in specifically binding to the target biomarker and functionality in a nasal mucous matrix. It has the potential to diagnose the disease as early as 10-20 years before symptoms emerge.

Challenger Energy Group 0.105p £10.2m (CEG.L)
The Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration assets, advises that CEG Goudron Trinidad Limited (CGTL), a wholly owned Trinidadian subsidiary, has been notified by the Trinidad and Tobago Ministry of Energy and Energy Industries (MEEI) that the Government of Trinidad and Tobago has authorised MEEI to enter into negotiations with CGTL for the grant of an Exploration and Production (Public Petroleum Rights) Licence for the Guayaguayare block, following a successful bid for that Licence by CGTL. The Company considers the Guayaguayare block to be highly prospective, being amongst the largest remaining underexplored / undrained contiguous onshore areas in Trinidad. The block contains approximately 65 historic wells, mostly inactive, which the Company believes can be reactivated and serviced from existing operations, offering the opportunity for near-term production uplift at minimal incremental cost.

DX Group 31.25p £189.0m (DX..L)
A provider of delivery solutions announces the proposed development of a major new Regional Hub in the East Midlands. The proposed new hub, which includes a new depot serving the local area, is expected to cost c.£12m, including site acquisition, and will be funded from DX's existing cash resources. It will have a 25,000 sq ft footprint and will be developed to service the Group's parcel freight activities. The new hub and depot will provide additional regional capacity and improve efficiency by reducing stem mileage. The Company have a cash position of EUR20.9m, and are accelerating multiple workstreams to focus on completing a bankable feasibility study at their integrated LiOH project in Germany, early in 2024.

DXS International* 3.25p £2.08m (AQSE:DXSP)
DXS’ ExpertCare medicines optimisation tool has been awarded a £20k Invention for Innovation (i4i) FAST (Funding At the Speed of Translation) grant from the National Institute for Health and Care Research. The project study will encompass the review of 480 diagnosed hypertensive patients across several participating GP practices to answer the core question of ‘Does the use of ExpertCare in hypertension medication reviews lead to an increase in the proportion of hypertensive patients whose medication treatment is compliant with NICE guidelines?’. The project research plan and outcomes are intended to verify the impact ExpertCare achieved at the DXS pilot sites in 2021 and 2022 and could prove pivotal in advancing the management of hypertensive patients. Commenced on the 1st of May, the project is on target for completion by the 31st of August 2023. DXS are collaborating with the Eastern Academic Health Science Network who will validate the trial data and publish the results.

Eckoh 40p £116.3m (ECK.L)
The global provider of Customer Engagement Data Security Solutions, announces the audited results for the year ended 31 March 2023 (FY23). Revenue increased by 22% to £38.3m (FY22: £31.8m) driven by organic growth and the full year impact from the acquisition of Syntec in December 2021. Adjusted operating profit was up 48% to £7.7m. Net cash was £5.7m (FY22: £2.8m). Trading in the first two months of the current financial year has been positive, with order value exceeding £7m.

IXICO 19p £9.2m (IXI.L)
The medical imaging advanced analytics company delivering intelligent insights in neuroscience, announces that an existing client has contracted IXICO to provide imaging services for the extension study of their Huntington's disease (HD) Ph2b trial. This is a new study protocol and results in a new work order worth just under £2m which IXICO expects to deliver over the next 4 years.

Marks Electrical Group 93.5p £98.1m (MRK.L)
The fast-growing online electrical retailer announces its unaudited results for the year ended 31 March 2023 (FY23). Revenue was £97.8m up 21.5% (FY22 £80.5m), driven by increased market share. Statutory profit before tax was £6.4m, up 68% (FY22 £3.8m). The first two months of FY24 saw a strong trading momentum, with revenue growth exceeding 30% year-on-year. The disciplined approach to margin management, capital allocation and cash conversion demonstrated in FY23 provides a solid foundation in the year ahead.

TOMCO Energy 0.0852p £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, in aggregate, gross proceeds of £500k, by way of a £400k placing and a £100k subscription, at a price of 0.08p per share. The Fundraise price represents a discount of approximately 18.8% to the closing price on 13 June 2023. The Fundraise will materially replace the cancellation of a convertible loan note facility and provide additional funds to cover the Company's anticipated expenditure as it progresses its plans for Greenfield in relation to the Tar Sands Holdings II LLC site located in the Uinta Basin, Utah, United States.

ValiRx 9.25p £9.5m (VAL.L)
A life science company focusing on early-stage cancer therapeutics and women's health, announces it has acquired the scientific assets of Imagen Therapeutics Limited (Imagen). Imagen was a pharma services company offering a patient-derived screening platform suitable for large global clients. Total consideration paid was a single cash payment of £170k and was completed using the Company’s existing resources. The equipment, acquired at a significant discount of market prices, will support both the new cancer drug screening services and Inaphaea BioLabs Limited’s wider business interests.

Zinnwald Lithium 11.13p £52.7m (ZNWD.L)
The European focused lithium company developing the Zinnwald Lithium Project in Germany, provides an operational and corporate update on its activities. The Company completed a fundraise at the end of March 2023 of £18.75m supported by existing shareholders. The funds have allowed the Company to accelerate its work across multiple areas, particularly its extensive infill drilling campaign at the Zinnwald Lithium Project. The Company completed in total of 16.9km and drilled over 56 drill holes at the Zinnwald license with drill results supporting the Company's understanding of the ore body.

14 June 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