Fintech Asia, an investment company established to acquire businesses in the Fintech sector, primarily targeting the Asia-Pacific region, intends to join the Standard Segment of the Main Market. The Company has raised £1.455m through the placing of 3,010,000 ordinary shares of no par value, with net proceeds of £841,845. Expected 15 September.
Ikigai Ventures, an investment company established to acquire businesses that have a strong positive social impact and/or ESG strategy as part of their core business in Asia, intends to join the Standard Segment of the Main Market. Expected 15 September.
Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company’s investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. To be raised £150m. Expected 4 October 2022.
The Sustainable Farmland Trust PLC, intends to float on the Premium Segment of the Main Market. The Company invest in a diversified portfolio of farmland and related agriculture-focused assets predominantly located in the US. £200m to be raised. Due TBC.
Aurrigo Group plc, a international provider of transport technology solutions, intends to join AIM. The Group designs, engineers, manufactures and supplies OEM products and autonomous vehicles to the automotive, aviation and transport industries. Capital to be raised £8m. Anticipated Mkt Cap £20m. Expected 15 September.
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.
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 September.
Altona Rare Earths, the AQSE-listed mining exploration company focused on rare earth elements projects in Africa, intends to join the Main Market. The trading of its ordinary shares on the AQSE Growth Market will be cancelled simultaneously and its EPIC will be changed from AQSE:ANR to REE. Conditionally raised £1.1m. Expected late September.
Artisanal Spirits 74p £51.6m (ART.L)
The curators of single-cask and limited-edition whisky and owner of The Scotch Malt Whisky Society (SMWS), announces its results for the six months ended 30 June 2022. Revenue increased 25% to £9.9m (H1-21: £7.9m) with growth in UK venues, Europe and China. EBITDAE loss was £0.3m (H1 21: profit of £0.2m) following planned ongoing investment for growth. With continued growth in global SMWS membership to over 36,000, the company indicates that it remains on track to deliver a doubling of revenue from 2020 to 2024.
Epwin Group 73p £105.8m (EPWN.L)
The manufacturer of energy efficient and low maintenance building products for the Repair, Maintenance and Improvement (RMI), new build and social housing sectors, announces its unaudited results for the six months to 30 June 2022. Revenue was £178m, up 12.3% year-on-year. Underlying operating profit margin was maintained at 6% with pricing actions and surcharges. Covenant net debt reduced to £7.3m, down from £9.4m at the end of 2021. The Board is confident in achieving the 2022 result in line with its expectations.
Gateley (Holdings) 187.5p £233.5m (GTLY.L)
The legal and professional services group announces that it has paid consideration of £100k in cash, pursuant to the terms of the acquisition of Tozer Gallagher announced on 23 July 2021. As previously announced each recipient has applied 50% of the consideration to subscribe for ordinary shares of 10p each in the capital of Gateley and a total of 25,071 ordinary shares have been issued in satisfaction of this subscription. The company now has a total of 124,618,605 ordinary shares in issue with one voting right per share.
ImmuPharma 4.4p £14.8m (IMM.L)
The specialist drug discovery and development company announces that, further to the Company’s notification of 7 July 2022, its US partner for Lupuzor™ (P140), Avion Pharmaceuticals, has received a written response from the Food and Drug Administration (FDA) to the Type C meeting. The FDA response was detailed and included significant guidance on next steps for the clinical programme. This included advice on the dosing regime. The FDA also provided guidance on the study protocol that can be amended to improve the regulatory outcome. ImmuPharma is currently reviewing the written response with Avion and will make a further notification in due course.
Itaconix 5.9p £26.6m (ITX.L)
The innovator in sustainable plant-based polymers to decarbonise everyday consumer products, announces its unaudited interim results for the six months ended 30 June 2022. Revenues increased 124% year-on-year to $3.1m. Adjusted EBITDA was a loss of $0.6m (H1 21: loss of $0.7m). The company remains on course to deliver full year 2022 revenues ahead of current market expectations. Adjusted EBITDA loss for full year 2022 is expected to improve from 2021, but below previous market expectations, reflecting continued investment in growth.
ITM Power 111.3p £683m (ITM.L)
The energy storage and clean fuel group, announces final results for the year ended 30 April 2022. Revenue was £5.6m, up 30% from the previous year. The revenue from the 24MW Leuna project was not recognised in the year. Adjusted EBITDA loss widened to £39.8m (FY21: loss of £21.4m). Cash balance was £365.9m (FY21: £176.1m). The guidance for FY23 is: product revenue of £23-28m (with 48-65 MW delivered) and adjusted EBITDA loss of £45-50m. Contracts backlog as at September 2022 increased by 79% YoY to 755 MW.
Mosman Oil And Gas 0.06p £3.1m (MSMN.L)
The oil exploration, development, and production company with projects in the U.S. and Australia, announces that the Cinnabar-1 well in Tyler County, Texas is expected to commence drilling in approximately 7 days. Mosman owns a c.75% working interest in the well. Mosman Operating LLC, a 100% owned subsidiary of Mosman, is the operator of the lease.
Pharos Energy 24.4p £106.9m (PHAR.L)
The independent oil and gas exploration and production company, announces its interim results for the six months ended 30 June 2022. Revenue was $129.6m prior to hedging losses of $17.3m (H1 21: $72.9m prior to hedging losses of $13.7m). Operating profit (including impairments) was £110.2m, up 260% year-on-year. Net cash was $9.6m compared to a net debt of $4.5m in H121. The company’s working interest production guidance remains unchanged at 6,350 – 7,800 boepd ne for 2022 full year and plans to recommence dividends no later than mid-2023.
TransGlobe Energy 265p £199m (TGL.L)
The oil exploration and production company announces that the leading proxy advisor, Institutional Shareholder Services (ISS) recommends institutional investors to vote for the proposed business combination of TransGlobe and VAALCO Energy at TransGlobe’s special meeting of the shareholders. ISS’s recommendations are in line with the TransGlobe Board of Directors’ unanimous approval of the proposed business combination which creates a world-class African-focused E&P company.
XLMedia 33p £86.6m (XLM.L)
The global digital publisher, connecting advertisers with consumers, announces an expanded partnership with Advance Local to create premium betting content and a new revenue stream for their MassLive.com brand, a leading Massachusetts news and information website attracting an average of 6.5m unique visitors every month. MassLive.com represents the second Advance Local property with which XLMedia has partnered. The first one was cleveland.com and XLMedia has helped fuel cleveland.com’s growth in the sports betting segment since February 2022.
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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.
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