Small Cap Feast

18th May 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:

No joiners today.

No leavers today.

What’s Cooking In The IPO Kitchen?

The Kitchen is empty.

Breakfast Buffet

Great Western Mining Corporation 0.10p £4.7m (GWMO.L)
The exploring and developing company focusing on early-stage gold, silver and copper targets in Nevada, USA, announces its results for the year ended 31 December 2022. Loss for the year increased 48% to EUR792k (2021: loss of EUR535.9k). At the end of the period GWMO had cash of EUR0.15m (2021: EUR2.0m). During the period the Company formed a joint venture for construction of a mill to process precious metals from shallow ore and a large inventory of pre-mined material. Post period end GWMO has raised £800k through a placing of new shares for additional working capital.

IDOX 66.8p £303.0m (IDOX.L)
A supplier of specialist information management software and solutions to the public and asset intensive sectors, issues a trading update for its financial half year ended 30 April 2023 (FY23 H1). The Group delivered a 23% increase in order intake of c.£52m (FY22 H1: £42.27m). The Board expects to report a c.10% increase in adjusted EBITDA to c.£12m, in line with management expectations. Group revenue was up c.8% to c.£36m, within which recurring revenue was up c.7% over the period to c.£21m. The Group has a net cash position of £1.0m (31 October 2022: net debt of £3.8m).

ImmuPharma 3.21p £10.7m (IMM.L)
The drug discovery and development company, announces further progress in its late-stage clinical program in patients with chronic idiopathic demyelinating polyneuropathy (CIDP), which is a further debilitating auto-immune condition within the Company's P140 platform. ImmuPharma has received positive support and guidance from the FDA, following the Pre-Investigational New Drug meeting that confirms the route for a Phase 2/3 adaptive clinical study of P140 in CIDP. The Company also look forward to also commencing the Lupus Phase 2/3 clinical trial in H2 2023.

Kibo Energy* 0.078p £2.4m (KIBO.L)
The renewable-energy-focused development company, provides an update to its Mbeya Power Project, and an update on its subsidiary Mast Energy Developments. Kibo is examining the feasibility of repurposing its site in Tanzania with renewable biofuel sources. Requests for Proposals were issued in August 2022. The studies will investigate whether sufficient biomass can be sustainably produced and supplied as fuel for a 300 MW power plant over a 20 to 25-year Power Purchase Agreement period. Kibo have previously said, that Financial Close of Mbeya Coal can be realistically expected in 2024. Kibo’s subsidiary Mast Energy Developments, has concluded a Heads of Terms with regard to a new Joint Venture agreement between MED and a new institutional investor-led consortium. This latest investor support for MED is a testament to the success of their strategy and long-term development plans to deliver flexible (reserve) power projects that are commercially viable and sustainable.

Mirada 7.5p £0.7m (MIRA.L)
A provider of integrated software solutions for digital TV operators, broadcasters and streaming platforms, announces a trading update for the twelve months ended 31 March 2023 (FY23). Revenue for FY23 is expected to be approximately $10.7m (FY22: $11.0m) and adjusted EBITDA for FY23 is expected to be c$1.5m (FY22: $1.6m). Net debt has increased from $8.59m (FY22) to $9.75m as at 31 March 2023 and $10.27m as at 30 April 2023. The Company also announces the proposed cancellation of admission to trading on AIM on the 16 June 2023.

Nexus Infrastructure 170p £78.5m (NEXS.L)
A provider of civil engineering infrastructure services to the UK housebuilding sector through its operational business, Tamdown, announces its unaudited interim results for the six months ended 31 March 2023. Revenue increased by 9%to £50.8m (H1 2022: £46.7m) and operating profit increased to £1.3m (H1 2022: £1.1m). The sale of TriConnex and eSmart Networks in the period generated £77.7m in proceeds, with £60.5m distributed to shareholders via a tender offer. The Company holds cash equivalents of £15.9m. The Company’s order book of £85.3m, remains at similar levels to the year prior (H1 2022: £88.4m).

One Heritage Group* 16p £6.2m (OHG.L)
The UK-based residential developer focused on the North of England, announces the practical completion of Liberty House, often referred to as Bank Street, Sheffield, a residential development project consisting of 23 high-end apartments. The Group has previously taken the decision to impair the value of its Bank Street, St Petersgate and Oscar House developments by £2.40m, and Bank Street accounts for approximately 65% of this value. Sales are progressing and 17 units have exchanged contracts with a further 2 reservations and 4 remain unsold. The 17 exchanged units should generate £3.27m in revenue by the 26th May 2023. Liberty House, Bank Street, is the company’s second practical completion of 2023 and with two more completions in Manchester and Stockport set to follow soon, the Company look forward to announcing further project news.

Sareum Holdings* 125p £85.1m (SAR.L)
A clinical-stage biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces the initiation of a Phase 1a clinical trial for its lead product SDC-1801. The trial has started with patient recruitment in progress at specialist clinical units located in Victoria, Australia. SDC-1801 is a TYK2/JAK1 inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases with an initial focus on psoriasis, an autoimmune condition affecting the skin. The initial Phase 1a trial is designed to investigate the safety and pharmacokinetics of an oral formulation of SDC-1801 in healthy subjects. Provided satisfactory safety data are obtained from this initial study, a Phase 1b clinical study is expected to commence in psoriasis patients in 2024.

SEEEN 3.1p £2.9m (SEEN.L)
The media and technology platform that delivers Key Video Moments to drive increased views and revenues across video content, announces the appointment of Mark Williams as an Independent Non-Executive Director, with immediate effect, and Carmel Warren as Chief Financial Officer with effect from 1 June 2023.

SRT Marine Systems 53p £96.2m (SRT.L)
A provider of maritime domain awareness systems and technologies for security, safety and environmental protection announces that it has signed a US$180m contract to supply an integrated maritime surveillance and intelligence system to a national Coast Guard. The project has an expected implementation period of approximately 2 years, followed by a support and data services period of 8 years. The implementation of the system accounts for approximately 85% of the value, with the remaining 15% related to support and data services.

18 May 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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


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 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