Small Cap Feast

14th November 2022

Dish of the day
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Off the menu
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Dish Of The Day:
Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m. 

 EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) 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. £1.2m raised. Market Cap £11.9m.
Off The Menu:
Countryside Partnership has left the Premium Segment of the Main Market. 

 Fundsmith Emerging Equities Trust has left the Premium Segment of the Main Market.

What’s Cooking In The IPO Kitchen?

Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the London Stock Exchange. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset portfolio. LTA aspires to be a “best-in-class” private assets vehicle, targeting 0.55% per annum management fee and typically a 7 to 8% p.a. hurdle rate of return. Date and amount to be raised TBD.

One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022.

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (IPSX). Due 16 November 2022.

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.


Breakfast Buffet

Aeorema Communications 81p £7.5m (AEO.L)

The strategic communications group announces its audited results for the year ended 30 June 2022. Record revenues were reported, up 140% to £12.2m (2021:£5.09m). Profit before tax was £843,564 (2021: loss of £159,698). Cash balance was £1.7m. Dividend policy has been reinstated with proposed final dividend payment of 2p per share. During the period, an office in Amsterdam was opened to support global growth. The Company reported a number of significant award wins during and post period, including Global Agency of the Year at the C&IT Awards.

Arkle Resources 0.53p £1.8m (ARK.L)

The Irish gold and zinc resources discovery company, announces that it has raised £200k (before expenses) through a placing of 50m new ordinary shares at a price of 0.4p per share. Each placing share has one warrant attached with the right to subscribe for one new ordinary share at 0.5p for a period of two years. The net proceeds will be used for the anticipated drilling programme for zinc in Limerick at the Stonepark Joint Venture as well as for general corporate activities.

Midatech Pharma 6.25p £6.2m (MTPH.L)

The R&D biotech company focused on improving the bio-delivery and biodistribution of medicines, announces the enrolment of the first patient into its Phase 1 study of MTX110 in recurrent glioblastoma (rGB) (NCT 05324501) at the Preston Robert Tisch Brain Tumor Center at Duke University, USA. The Phase I study is an open-label, dose escalation study designed to assess the feasibility and safety of intermittent infusions of MTX110 administered by convection enhanced delivery (CED) via implanted refillable pump and catheter. Midatech has previously reported encouraging results from a Phase I study of MTX110 in diffuse intrinsic pontine glioma (DIPG) conducted by University of California, San Francisco with an additional Phase I study of MTX110 in DIPG conducted by Columbia University expected to report shortly. In addition, a Phase I study of MTX110 in medulloblastoma is being undertaken at the University of Texas.

Mobile Streams 0.153p £6.5m (MOS.L)

The mobile content and data intelligence company, announces it has signed a 5-year contract as the exclusive provider of all NFTs for LPGA golfer Gaby Lopez. MOS will produce a large range of NFTs for Gaby Lopez. Both parties have agreed a target revenue figure over the 5 years of the contract of which MOS’s share is estimated to be approximately US$3.6m. The Agreement also requires MOS to make an initial cash payment to Gaby Lopez, and if certain revenue targets in a year are met then a minimum revenue guarantee would exist for the next year. Furthermore, MOS will issue Gaby Lopez with US$10k of ordinary shares at the 3 month VWAP prior to the share issue with an intended 1 year lock in.

Molecular Energies 124p £12.8m (MEN.L)

The international energy company announces results for the 9 months of the year to 30 September 2022 in Argentina and an update on its Louisiana assets. For the 9 months, the Argentina subsidiary, President Petroleum S.A (PPSA) reported turnover in excess of US$26m and profit before tax of $16.9m. In Q3 2022, the average oil reference price in Rio Negro for domestic sales was US$60.94 per barrel compared to $58.89 for H1 2022. Louisiana wells are now fully back online and producing with the new gas lift system which is being tuned to define optimum stabilized production capability.

RUA Life Sciences 35.5p £7.9m (RUA.L)

The holding company of a group of medical device businesses focused on the exploitation of long-term implantable biostable polymer (Elast-Eon™), provides an unaudited trading update for the six-month period ended 30 September 2022 (H1 2023). Sales (including royalties) for the period increased to £1,104k, representing year on year growth of 56% (H1 2022: £708k), ahead of Board expectations. Group losses for the period reduced by 15% to £1.1m (H1 2022: £1.3m). Cash and cash equivalents as at 30 September 2022 was £2.5m (as at 31 March 2022: £3m).

Tekcapital 18.75p £28m (TEK.L)

The UK intellectual property investment group focused on transforming university technologies into valuable products, announces that portfolio company Guident Ltd. has been selected by Boca Raton Innovation Campus (BRiC) to provide an autonomous shuttle service for a 2.1-mile fixed route connecting to the Boca Raton Tri Rail station, the most frequented station in South Florida. The service will utilise Polaris GEM e6 vehicles equipped with autonomous vehicle capabilities integrated with GUIDENT’s Remote Monitor and Control Center located at BRiC. Guident’s patented software solution provides an added layer of safety for autonomous shuttle services by delivering human in the loop supervision to autonomous vehicle fleets.

Totally 31.25p £58.6m (TLY.L)

The provider of a range of healthcare services across the UK and Ireland, announce its unaudited results for the six months ended 30 September 2022. Group turnover grew 14.1% to £70.3m (H1 2022: £61.6m). EBITDA profit increased slightly to £3.4m (H1 2022: £3.3m) and profit before tax was £1m (H1 2022: £0.9m). During the period Totally delivered services to approximately 1.25m patients. 15 existing urgent care contracts were extended amounting to c.£37m in value, underpinning recurring income and its relationships with NHS partners. The Board remains confident that results for the full year will be in-line with consensus market expectations.

Vast Resources 0.25p £4.1m (VAST.L)

The mining company announces an interim production update regarding its Baita Plai Polymetallic Mine in Romania. Further to the announcement on 31 October 2022 regarding production at Baita Plai continuing to increase, the Company confirms that it has today commenced loading for the planned mid-November concentrate sale which will be the largest tonnage delivery made to its offtake partner for a single month. The Company is planning its next concentrate sale in the first half of December 2022. An update on the Q4 2022 Baita Plai production figures will be provided in early January 2023 following the close of the reporting period.

Wynnstay Group 640p £142.8m (WYN.L)

The agricultural supplies group provides a trading update for the financial year ended 31 October 2022. It is expected results will be ahead of market expectations issued on 6 September 2022. This position reflects a positive trading performance in the final months, a higher than expected contribution from joint venture activities and an additional, non-cash profit of approximately £0.5m from grain trading operations within the Agriculture Division.

14 November 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).

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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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MIFID II status of Hybridan LLP research
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