Small Cap Feast

17th November 2022

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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.

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

Agronomics Limited 14.5p £141.8m (ANIC.L)

The listed company in cellular agriculture, announces that its portfolio company, UPSIDE Foods, Inc. has received a ‘No Questions’ letter from the US regulatory body the US Food and Drug Administration (FDA), accepting their conclusion that their cultivated chicken is safe to eat. This represents the first company to achieve a greenlight from the FDA in the US, and a validation of the sector shifting from research and development, towards commercialisation. Agronomics expects this to be the first of many FDA approvals for the sale of cultivated meat in the US.

Crimson Tide 2.45p £16.1m (TIDE.L)

The provider of the mpro5 smart app solution, announces a significant new and highly improved 3-year contract with an existing retail client for over £1m of high-margin revenue per annum, more than double the annual recurring revenue under the previous contract. mpro5 guides and records store-wide procedures and provides evidence for policies that support a wide range of compliance requirements. It is a full-service solution that also contributes to the client’s staff and working practice efficiency and is used daily across its national estate.

ECR Minerals 1.2p £12.8m (ECR.L)

The exploration and development company in Australia, announce gold results from the first drillhole for 2022 (BBMDD004) completed at Blue Moon. Results from the first diamond drillhole for 2022 are encouraging with 0.5m @ 7.29 g/t Au from 96.9m. Drilling continues with 3 out of a planned 4-hole program completed to date with samples awaiting results pending. ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated and drilled by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (MGA).

Harland & Wolff Group 25.25p £43.5m (HARL.L)

The company focused on strategic infrastructure projects and physical asset lifecycle management, releases further details following yesterday’s announcement by the Secretary of State, The Rt Hon Ben Wallace MP, at the Appledore Shipyard of Team Resolute’s appointment as Preferred Bidder on the Fleet Solid Support contract. The Ministry of Defence has selected Team Resolute, comprising Harland & Wolff, Navantia UK and BMT, as Preferred Bidder to build support ships for the Royal Navy with a £1.6bn contract (before inflation). Build work will also take place at Navantia’s shipyard in Cadiz, Spain. This will provide Harland & Wolff with the ability and knowledge to facilitate a substantial up-skilling amongst its current and future workforce.

Mosman Oil & Gas 0.065p £4.1m (MSMN.L)

The oil exploration, development and production company, provides an update on the Cinnabar-1 well in Tyler County, Texas. The Cinnabar well was drilled in October 2022 and is now in the process of being completed and placed on production. All the required production equipment, including tubing, has been procured and is now on site. The preferred service rig has been contracted and will be mobilised to Cinnabar once other work has been completed. As a result, the revised schedule for the next phase of site operations is now early in December, with initial production flow rates anticipated to be announce in mid-December.

Neometals 61.5p £343.3m (NMT.L)

The emerging sustainable battery materials producer announces the completion of an Association for the Advancement of Cost Engineering Class 4 +/- 25% PFS for the production of ilmenite and an iron-vanadium concentrate from its 100% owned Barrambie Titanium Project. Following recent successful smelting trial results, the PFS has delivered compelling financial metrics and these recent confirmatory milestones will support final offtake dialogues which are underway.

PetroTal Corp 45p £410.2m (PTAL.L)

The oil and gas development and production company announces its financial and operating results for the three months ended September 30, 2022. Crude oil revenues were US$84m ($75.07/bbl) compared to Q2 2022 of $118.4m ($89.04/bbl). Net operating income and EBITDA were $62.3m ($55.60/bbl) and $57.6m ($51.42/bbl), respectively, compared to $98.6m ($74.12/bbl) and $93.4m ($70.26/bbl), respectively, in Q2 2022. The Company is on track to deliver average production growth of approximately 40% and almost $200m in free cash flow in 2022.

Poolbeg Pharma* 9.35p £46.8m (POLB.L)

The clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, announces that it will be holding a Capital Markets Day on Wednesday 30 November from 10am. The event, to be chaired by Jeremy Skillington, Chief Executive Officer, will provide insights into the Company’s growing pipeline of infectious disease vaccines and treatments and one of its innovative artificial intelligence programmes which is unlocking the power of human challenge trial data. In addition, attendees will gain a greater understanding of how Poolbeg’s unique model and business development strategy can drive growth from the infectious disease market.

Water Intelligence 690p £148.5m (WATR.L)

The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, provides a trading update for the nine months ended 30 September 2022. Sales during the first nine months in 2022 reached $54.9m, versus $54.5m for the full year in 2021. EBITDA increased by 13% year-on-year to $9.7m. The Group is on track to be at the upper end of analyst expectations for revenue and to be in line with expectations with respect to profits for full year 2022.

Wynnstay Group 615p £137.4m (WYN.L)

The agricultural supplies group announces that it has acquired the entire share capital of Tamar Milling Limited, a manufacturer of blended feed products, for an initial consideration of £1.4m, with a deferred earn-out consideration of up to £0.1m. The acquisition is expected to be immediately earnings enhancing. In the year ended 30 September 2021, Tamar generated revenues of £6.40m, and a profit before tax of £0.42m. Net assets at 30 September 2021 were £0.92m.

17 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).

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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