Small Cap Feast

15th November 2022

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Rosneft Oil Company GDR has left the Standard 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

Breakfast Buffet

AdEPT Technology Group 112.5p £28.2m (ADT.L)

The independent providers of managed services for IT, unified communications, connectivity, voice and cloud services, announces its unaudited results for the six months ended 30 September 2022 (H1 FY23). Revenue was flat at £34.2m, impacted by global supply chain issues. Underlying EBITDA was £5.4m, down 5% year-on-year. The Group’s £7.3m convertible loan note is at a fixed interest and senior net debt is anticipated to reduce significantly over the coming 12 months. Short-term outlook remains challenging but the Board considers the long-term prospects to be as strong as ever.

Crossword Cybersecurity* 21p £19.4m (CCS.L)

The cybersecurity solutions company focused on cyber strategy and risk, announces the completion of a project to expand the scope of its services with CCN-CERT, the Information Security Incident Response Team (CERT) of the National Cryptologic Centre in Spain (CCN), which is accountable to the Spanish National Intelligence Centre. CCN-CERT has expanded its use of Crossword’s cloud-based breached account mining platform, Trillion , to protect its entire public administration, including its education sector. Trillion is Crossword’s breached account mining platform, which continuously tracks, correlates and analyses billions of stolen usernames and passwords.

Destiny Pharma 35.5p £26m (DEST.L)

The clinical stage biotechnology company focused on the development of novel medicines that can prevent life-threatening infections, announces the commencement of an Investigational New Drug enabling safety study with its novel XF-73 Dermal formulation. This study is the 2nd of 2 planned preclinical safety studies of the XF-73 Dermal formulation and will utilise a suite of preclinical services for interventional agent assessment held by the National Institute of Allergy and Infectious Diseases, part of the US National Institutes of Health. The study is planned to complete in Q2 2023 and should then be ready to move into clinical trials.

DX Group 27p £154.9m (DX..L)

The British mail, courier and logistics company announces the audited results for the year ended 2 July 2022. Revenue was £428m, up 12%, driven by strong performance at DX Freight and improvement at DX Express. Operating margin was 5.8% (2021: 4.3%) and the target remains to be 7.5% -10.0%. Net cash was up 61% to £27m. Q1 2023 trading was in line with management expectations. The 3-year £20-25m investment programme is now in its 2nd year. The Group believes it is well positioned to achieve its growth objectives and targets dividends of 1.5p per share for FY 2023.

James Cropper 875p £83.6m (CRPR.L)

The advanced materials and paper products group announces its half year results to 24 September 2022. Revenues were £61.6m, up 23% year-on-year, driven by customer wins and existing client growth. Adjusted profit before tax was at £nil (excluding one-off impacts of -£0.8), due to energy and raw material price increases. Chairman Mark Cropper commented: “While short term profitability has been impacted, the decisive actions taken combined with the ongoing investments across the Group has strengthened our long term growth prospects and we fully expect to return to profitability in the next six months.”

Kibo Energy* 0.18p £5.5m (KIBO.L)

The renewable energy focused development company, announces that Andreas Lianos has informed the Company that he will be retiring as a Director of the Company with immediate effect, due to personal circumstances. The Company thanks Andreas for his service to the Company over several years and wish him well.

Made Tech Group 28.25p £42.2m (MTEC.L)

The provider of digital, data and technology services to the UK public sector, announces that it has been awarded a new contract with the Home Office, worth c.£10m over a 24-month period with a 6-month extension option worth a further c.£2m. Made Tech won its first 1-year contract with the Home Office in May 2021, worth c.£4m and secured an additional c.£2m for the fulfilment of a 6-month extension option. The contract award announced today represents a renewal and expansion of the initial contract.

Poolbeg Pharma* 9.75p £48.8m (POLB.L)

The clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, announces that ‘EncOVac’, a consortium led by Poolbeg Pharma, has been awarded EUR2.3m in non-dilutive grant funding to progress its Oral Vaccine Platform under the Irish Government’s Disruptive Technologies Innovation Fund. Taking place over 3 years, the collaboration between Poolbeg Pharma, University College Dublin, Trinity College Dublin and AnaBio Technologies will result in the development of an oral vaccine candidate to a Phase I ready state. The resulting technology will serve as a platform for additional oral vaccine candidates for a wide range of pathogens, initially targeting bacterial infections.

Redcentric 117.25p £183.1m (RCN.L)

The IT managed services provider offering cloud and data connectivity solutions to mid-market and enterprise customers, announces a trading update for the six months ended 30 September 2022 (HY23). Revenues was £61.5m, up 39% (HY22: £44.3m) and adjusted EBITDA was £11.7m, down 2% (HY22: £11.9m). Adjusted net debt (excluding supplier loans and lease liabilities) was £39.3m (31 March 2022: £1.5m), mainly due to the initial cash consideration of £23.2m for the acquisitions of 4D Data Centres Limited and certain business and assets from Sungard Availability Services. The Board remains confident in delivering revenue and adjusted EBITDA for FY23 in line with its expectations.

TruFin 60p £56.5m (TRU.L)

The provider of niche lending, technological and service solutions, announces that its subsidiary Oxygen Finance (Oxygen), the early payments programme provider headquartered in Birmingham, has processed more than £1bn in free early payments to small and micro businesses via its FreePay scheme. More than £415m of the £1bn was processed in the first 10 months of 2022. Since launching in 2017 FreePay has enabled Oxygen’s public sector clients to pay more than 400,000 invoices early and for free, improving cashflow and reducing financing costs to over 10,000 suppliers in their local economies.

15 November 2022
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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