Small Cap Feast

14th October 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
VAALCO Energy, Inc. (EGY) has been readmitted to the Main Market following a RTO. VAALCO Energy, Inc. announced the closing of the strategic combination of VAALCO and TransGlobe Energy Corporation. The combined Company will now trade on the NYSE and LSE under the ticker symbol EGY.
Off The Menu:
TransGlobe Energy Corporation has left AIM following the above RTO.

What’s Cooking In The IPO Kitchen?

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.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market.. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raised £2m. Total to be raised £3.6m.

Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement. Expected 2 November 2022.

Guanajuato Silver Company ltd, a fast growing silver producer in Mexico currently listed on the TSX Venture Exchange, intends to join the AQSE Growth Market. The Company currently owns five precious metals mines and three production facilities. GSilver is primarily focused on reactivating past producing silver and gold mines in the state of Guanajuato. Expected 25 October 2022.

Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end ‘application specific integrated circuits’ (ASICs) and ‘system on chips’ (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 31 October 2022.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. 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. Due 31 October 2022.

Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m. Delayed but due in October.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m. Due 3 November 2022.

Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late October.


Breakfast Buffet

Coro Energy 0.315p £6.2m (CORO.L)

The South East Asian energy company with a natural gas and clean energy portfolio announces record Q3 revenues from its Italian portfolio of over EUR2m. Production in the Q3 of 2022 reflects temporarily reduced levels from Sillaro since 11 September 2022 following the identification of sand clogging in a downhole valve. A coil tubing operation is currently under preparation, which is expected to resolve the issue. Following the successful procurement of long lead items and confirmation of UNMIG inspection dates, the Company is now looking to re-establish production at Bezzecca, at an expected rate of 15,000 scm/day, during November 2022.

Frontier IP Group 58.5p £32.2m (FIPP.L)

A specialist in commercialising intellectual property announces that portfolio company Elute Intelligence Holdings Limited has appointed Steve Cable as Chief Executive Officer. Steve will guide the organisation through the development of existing Elute products with an emphasis on product alignment, market traction and commercial growth. Steve has more than 25 years’ experience in building businesses at start-ups, mid-size firms and large companies.

Inland Homes 19.5p £44.1m (INL.L)

The housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, announces that its asset management division has received, on behalf of the third-party project investor, a resolution to grant planning permission at Cavalry Barracks in West Hounslow for a mixed-use development comprising 1,525 homes and approximately 2,700sqm of commercial space. The Cavalry Barracks was the Group’s 5th transaction with the Ministry of Defence and its largest to date, with an estimated gross development value in the region of £600m. Under the asset management model, in return for its land and planning expertise and the management of the project, the Group has, to date, accrued fees at achieved project milestones of £19.5m.

Loungers 206p £212.8m (LGRS.L)

An operator of all-day café/bar/restaurants across the UK under the Lounge and Cosy Club brands, announces a trading update for the 24 weeks ended 2 October 2022. The Group has continued to outperform the market. During the period, the Group delivered like for like sales growth of 17%, using the period 22 April to 6 October 2019 as the comparator. Since the start of the financial year the Group has opened 11 new sites, comprising 8 Lounges and 3 Cosy Clubs, taking the portfolio to 206 sites as of today. Loungers expect to open a further 19 sites in the current financial year.

Metals Exploration 0.93p £19.3m (MTL.L)

A gold producer in the Philippines announces its quarterly results for Q3 2022. Gold sales decreased slightly to $25.7m (Q2 2022: $27.8m). $3.5m of senior debt was paid in the period, $4.7m remains outstanding which is expected to be fully repaid in Q4 22. Production has been negatively impacted by delayed access to higher grade material in Stage 3, BIOX instability due to numerous transmission line power outages, and a higher sulphur content than forecast in the processed ore. FY2022 is currently expected to be at or slightly below the lower range of the FY2022 guidance, which was 67,000 – 71,000 ounces.

Physiomics* 2.25p £2.2m (PYC.L)

A provider of technology-based solutions to predict the effects of treatment regimens for cancer and other therapeutic drugs for the biopharma industry announces that it is attending the #BIOEurope conference in person in Leipzig, Germany on 24-26 October 2022. BIOEurope is one of the world’s premier biotech partnering conferences and is expected to host over 4,000 executives from over 2,200 companies at this year’s event.

Revolution Beauty SUSPENDED (REVB.L)

The Company announces that Tom Allsworth (Executive Chairman) and Adam Minto (CEO) have voluntarily agreed to step away from the day-to-day management of the business for the time being, in order to allow them to support the independent investigation being carried out by Forensic Risk Alliance and Macfarlanes. This decision to step away is not a result of any matter arising from the independent investigation to date. As a result, the Company has appointed Bob Holt OBE as Interim Chief Operating Officer, subject to completion of due diligence. Bob will not be a director of the Company and will report directly to the Group board.

Sabien Technology Group 9.75p £2.1m (SNT.L)

Sabien Technology announces its annual report and accounts for the year to 30 June 2022. The Group revenue decreased 30% to £0.68m (2021: £0.97m). Loss before tax £0.74m (2021 £0.51m loss). Whilst overall revenue has decreased, the Group carries £0.29m into 2023. The forward revenue comprises deferred revenue unable to be completed in 2022 due to delayed supply chain caused by the worldwide semiconductor shortage, forward orders, and a growing level of recurring revenue from the M2G Cloud rollout. Following the year end, the Group closed a £500k placing and a £100k broker option. Management believe it is well placed in 2023 to take its three main business lines to the next stages in their development.

Semper Fortis Esports* 0.48p £2.0m (AQSE:SEMP)

The esports company focused on establishing esports teams and forming brand and technology partnerships announces that it has now ended all contracts with previous esports talent associated with the company and may look to revamp the SMPR esports strategy in the coming quarter. With the final sale of SMPR Esports Rocket League player ‘Archie’ to Oxygen Esports, SMPR has fully cleared off all previous talent associated with the team, with all existing contracts coming to end and a decision made not to renew them. SMPR Esports and its management will now look to develop a new strategy for its esports vertical in effort to continue competition and content for the brand.

Warpaint London 132.5p £101.7m (W7L.L)

The supplier of colour cosmetics and owner of the W7 and Technic brands, announces that it has renewed its lease at New Moorcroft House, Silsden, West Yorkshire, through to March 2028. New Moorcroft House forms part of the Silsden site used by the Group’s Retra business and comprises offices and warehouse space. A new lease agreement has been entered into between Badgequo Limited (a subsidiary of the Company) and Warpaint Cosmetics Limited (a private company, which is not part of the Group, being the owner and landlord) in relation to New Moorcroft House at an annual rent of £185,107 plus property and rent insurance expenses, with an expiry date of 11 March 2028.

14 October 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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