Small Cap Feast

17th October 2022

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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. Raising a total of £3.6m, £2m raised.

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

ADM Energy* 0.675p £1.7m (ADME.L)

The natural resources investing company announces that it has raised a total of £725k through a subscription and a loan from Tennessee Black Gold LLC. ADM raised £500k net at a price of 1.2p per share. Of the subscription proceeds, £100k has been remitted with the balance of £400k due by 28 October 2022. ADM also entered into an agreement with the subscriber to borrow, in aggregate US$250k at 6% per annum, advanced in 5 instalments of US$50k each, with the first instalment due on 28 October 2022 and the last one on 28 February 2023. The loan will mature on 28 October 2024 and on that date the full principal amount along with accrued and unpaid interest will be due in cash. The Company also announces that Osa Okhomina will step down from the Board and his position as Chief Executive Officer upon receipt of the total Subscription amount expected to be by 28 October 2022.

Audioboom 475p £77.4m (BOOM.L)

The global podcast company provides a trading update for the quarter ended 30 September 2022. Total revenue for the 9 months to 30 September of US$57.1m, up 44% on the same period last year ($39.7m). Quarterly revenue was $16.2m (Q3 21:$16.9m) as economic headwinds impacted demand – however, August and September have recovered, both up on the July low-point and further improvements forecast throughout Q4. Total adjusted EBITDA profit for the 9 months to 30 September was $2.7m, up 125% year-on-year. Quarterly adjusted EBITDA profit was $0.6m (Q3 21: $1m). Audioboom has contracted revenue in excess of $73m for 2022 through advance advertising booking.

DX (Group) SUSPENDED (DX.L)

The provider of delivery solutions, including parcel freight, secure courier, and logistics services, announces that its DX Express division has launched a strategic initiative with Silva Brothers Limited (SBL) that will initiate the use of electric vehicles for its London parcel deliveries. The London initiative is the latest step in the Group’s plans to increase the use of electric vehicles within its overall fleet. It follows DX’s recent announcement that it is acquiring a fleet of electric vehicles for its DX Freight division to use in its delivery and logistics partnership with IKEA.

Insig AI 27.5p £29.1m (INSG.L)

The data science and machine learning group announces that it has signed a partnership agreement with BRAIN, a research company specialising in Natural Language Processing applications and algorithms for investment strategies. Insig AI will provide its European corporate filings dataset to BRAIN, to allow them to build a unique derived group of data points to bring investable actions to hedge fund clients, focused on the European equities market.

IQE 38.8p £312.8m (IQE.L)

The supplier of compound semiconductor wafer products and advanced material solutions, announces the signing of a multi-year strategic agreement with a global consumer electronics leader based in Asia. The agreement is focused on the high-volume production of VCSELs for advanced 3D sensing applications. The parties are also engaged in joint research and development for next generation sensing technologies and use cases.

LungLife AI 105p £26.8m (LLAI.L)

The developer of clinical diagnostic solutions for lung cancer, announces that based on the strength of its technology it will be one of two industry partners to participate in the Boston University (BU) – University of California Los Angeles (UCLA) Lung Cancer Biomarker Development Laboratory of the US National Cancer Institute’s Early Detection Research Network (EDRN). LungLife’s clinical laboratory will operate as a Biomarker Reference Laboratory, processing blood samples from the participating academic centres at UCLA and BU where the LungLB® test will be combined with imaging to assist in early detection research and to validate combined test performance in patients with indeterminate lung nodules.

Mosman Oil & Gas 0.075p £3.9m (MSMN.L)

The oil exploration, development and production company, announces its production summary for the 3 months ended 30 September 2022 (Q1). Gross Production showed steady increases across the projects, with the exception of the Falcon well which is currently shut-in pending a review. Net Production attributable to Mosman for Q1 was 6,958 boe (3 months to 30 June 2022 of 8,815 boe). The results reflect continued strong production at Stanley and Winters. Notably, the loss of gas production at Falcon has been mitigated by higher value oil production at Stanley. The average sale prices during the period was US$91.35 per barrel for oil and US$6.99 (July and August only) per MMBtu for gas.

MTI Wireless 45p £39.8m (MWE.L)

The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces that its Antenna division has received orders worth approximately US$0.65m for its 5G backhaul antenna solution, to be supplied this quarter. The orders are from an existing customer in India. MTI has been waiting for the 5G backhaul market to accelerate its deployment and are now see more opportunities in the market. These orders represent its first significant orders for immediate deployment.

Trellus Health 14p £22.6m (TRLS.L)

The resilience based digital health company focused on the intersection of chronic illness and mental health, announces that it has signed 2 contracts with the Mount Sinai Health System to provide access to the Trellus Resilience Training and Self-Management Program for Inflammatory Bowel Disease (the Trellus IBD program). The first contract will see Mount Sinai make the Trellus IBD program available and paid for as a wellness benefit to all Mount Sinai Health System employees. The second contract is to make the Trellus IBD program available as a wellness benefit to eligible patients who are members of a large NY state labour union, which provides health services and benefits to its members through Mount Sinai.

Wildcat Petroleum 1.5p £36m (WCAT.L)

The company targeting investment opportunities in business and assets within the upstream sector of the petroleum industry, announces that it has signed an MOU to work in collaboration with the Sudanese Oil Ministry to advance the development and commercial exploitation of hydrocarbon assets in Sudan. The MOU is for an initial period to 31 December 2022 and can be extended upon both parties’ approval. The aim is to increase overall oil production by 100k barrels per day by the development of Blocks 1, 3, 4 & 5. All four Blocks are currently producing and together contain over 1bln barrels of oil. Both the Sudanese Petroleum Corporation and Wildcat recognise this will require significant investment in Sudan. The Company will update the market in due course as and when any specific funding arrangements are reached.

17 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).

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.

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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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