Small Cap Feast

18th January 2024

Dish of the day
No Joiners today
Off the menu
No leavers today


Dish Of The Day:


Admissions: 



Delistings:
Quarto Group Incorporated (QRT.L) has left AIM. 
Rotala Plc (ROL.L) has left AIM 
Unbound Group Plc (UBG.L) has left AIM 
Velocys Plc (VLS.L) has left AIM.



Whats baking in the oven?

Potential Initial Public Offerings:

12 Jan—The London Tunnels PLC announces its intention to seek admission to the standard segment of the Official List and to trading on the Main Market of London Stock Exchange plc (Admission). The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940s, and designed to shelter people during the London Blitz. The Company has successfully raised approximately £10m from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market of the London Stock Exchange. The Company is expected to have a market capitalisation of approximately £123 million on Admission Expected Admission to take place in January 2024.


Reverse Takeovers:


Change of Market:


Banquet Buffet

Accrol Group Holdings 35.2p £112.2m (ACRL.L)
The UK's independent tissue converter, announces that the Group has completed the acquisition of Severn Delta Limited (Severn Delta). The acquisition was funded from the Group’s existing cash reserves and valued on an EBITDA multiple of less than 3X. Severn Delta is wet wipe and tumble dryer sheet manufacturer with £5m in revenue and the acquisition demonstrates the Group's ambition to broaden into other household products through strategic and complementary acquisitions.

Arecor Therapeutics 168.5p £51.6m (AREC.L)
The biopharmaceutical group advancing today's therapies to enable healthier lives, announces that the European Patent Office has granted a patent (EP3618840) protecting novel formulations of the Group's proprietary insulin products, AT278 and AT247. The European patent adds to a comprehensive global intellectual property (IP) portfolio protecting the Group's novel insulin products and follows additional patents of similar scope recently granted in Australia, India and Mexico.

Avingtrans 370p £121.7m (AVG.L)
A Company which designs, manufactures and supplies components, modules, systems and associated services to the energy, medical and industrial sectors, announces a trading update. The Board officially introduces the newly formed Advanced Engineering Systems (AES) division as an amalgamation of the Engineered Pumps and Motors (EPM) Division and the Process Solutions and Rotating Equipment (PSRE) division. Order intake in the newly formed division continues to be robust. The consolidation presents a clearer distinction of the engineering business and their contribution to the Group’s results. Trading is in line with Board expectations.

Bango 130.5p £100.2m (BGO.L)
The Company which has a platform for data-driven commerce provides an update on trading for the twelve months ended 31 December 2023. FY23 Revenue grew 62% to $46.1m, as a result adjusted EBITDA grew from -$0.2m in 1H23 to between $5.2m and $6.2m in 2H23. The Company holds Cash of $3.75m at 31 December 2023 ahead of analyst expectations due to working capital timing and the Group has drawn US$8M on its loan facility from NHN. The Company further announced it had added 33 new content providers to the DVM in 2023, bringing the catalog to 93 subscriptions providers. The Board is confident that the Company is well positioned to take advantage of the market opportunity in 2024.

Coro Energy* 0.205p £5.9m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces the receipt of an in principle offer from a Vietnamese Bank for project debt finance and also updates on the exclusivity and indicative funding proposal from Capton Energy. HDBank of Vietnam has provided the Company with an in principle commitment letter to provide debt finance for its previously announced 50MW MOU with Mobile World Investment Corporation. The non-binding commitment letter focuses on funding for the ten locations and would cover 50% of the total capital required. In addition, the Company now updates that, whilst exclusivity with Capton Energy has expired, detailed negotiations on transaction documents continue in respect of the potential sale by the Company of a stake in the Company's revenue producing 3MW pilot project in Vietnam.

Kromek 5.75p £34.5m (KMK.L)
A developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that it has secured four orders totalling $1.63m in the advanced imaging segment. The orders, which are all from existing OEM customers, are for the provision of the Group's detector components, based on its core CZT platform, for computed tomography and gamma imaging applications and gamma probes. Two of the orders are for delivery in the current financial year and two are for delivery over the next 12 to 24 months.

Northern Bear* 62.5p £11.7m (NTBR.L)
The holding company of the group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK, announces the following changes to the Board of Directors of the Company: Keith Soulsby, Group Operations Director, has notified the Board of his decision to retire and accordingly will be ceasing his role with the Company and retiring as a Director with effect from 31 March 2024. The Board announces the appointment of John Davies as an Executive Director of the Company with immediate effect. John was appointed as Managing Director of Arcas Building Solutions Limited in June 2023, and has since made significant operational and commercial improvements to that business. The Board further announces the reappointment, with immediate effect, of Steve Roberts as an Executive Director of the Company. Upon standing down as Executive Chairman in August 2021, Steve remained part of the Group's operational management team and a director of all subsidiary companies

SEEEN 5.38p £5.0m (SEEN.L)
The media and technology AI platform that creates and delivers Key Video Moments to drive increased views and revenues across video content, announces a three-year partnership with the London Broncos to provide SEEEN's video commerce and engagement platform to rugby league, on the newly designed London Broncos website. The partnership between SEEEN and the London Broncos brings SEEEN's AI interactive video commerce and engagement platform to rugby league for the first time. SEEEN already has clients in the sports, publishing and e-commerce industries and this marks its first step into rugby league.

ValiRx 5.55p £7.3m (VAL.L)
A life sciences company focusing on early-stage cancer therapeutics and women's health, announces the resignation of Stella Panu as a Non-Executive Director of the Company, effective from 15 April 2024 Stella has agreed to a 3-month handover period to allow sufficient time for the Board to identify an appropriate replacement and ensure a smooth transition of responsibilities. The Board will be seeking candidates with a background in early-stage pharmaceutical development, aligning with our strategic focus.

Zenova Group 3.25p £3.5m (ZED.L)
The innovative fire suppression and interdiction solutions Company, following its recent announcement on 11th of December 2023, announces that it has made its first shipment of FX 6L and 9L extinguishers for a large strategic client in the German market. This order demonstrates Zenova's ability to ship goods to a key strategic market at short notice. Whilst the total value of this order is only worth approximately £9k the board is hopeful that significant further orders will forthcoming.

18 January 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

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.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram