Small Cap Feast

18th 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

Alba Mineral Resources 0.115p £7.6m (ALBA.L)

An exploration company with a focus on oil and gas, graphite, uranium, and base metals announces that it has engaged Vivien Johnston Glass FRSA as its specialist “mine-to-market” supply chain consultant for refined gold products. This appointment is in line with the Company’s plans to advance its commercialisation strategy in readiness for future gold processing and production at its Clogau-St. David’s Gold Mine in Wales. Vivien Johnston Glass has over 20 years’ experience in the jewellery industry.

Eco (Atlantic) Oil & Gas 19.25p £66.5m (ECO.L)

The oil and gas exploration company focused on the offshore Atlantic Margins, announces that the Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned as planned. The well logging is currently on-going and the JV Partners will undertake a detailed analysis of the results, which will inform future plans.

Everyman Media Group 94p £85.7m (EMAN.L)

The premium cinema business in the UK, announces that Paul Wise, the Executive Chairman of the Company, has decided to step down from the Board to pursue other interests. Paul will remain in his role until 28 February 2023, at which point Philip Jacobson, currently a Non-Executive Director of the Company, will assume the role of Non-Executive Chairman. Philip joined Everyman in 2013 ahead of the Company’s admission to AIM. He is an experienced business leader, becoming Partner at BDO (then Stoy Hayward) in 1975 and remaining with the firm until 2006.

Heath (Samuel) & Sons 450p £11.4m (HSM.L)

The manufacture of hardware and bathroom products announces its unaudited interim results for the 6 months ended 30 September 2022. Sales increased 9.5% to £7.56m (2021: £6.9m) but this was largely due to currency movements rather than volume growth. Profit before tax was £521k compared to £776k in the six months to 30 September 2021. As expected, costs have increased disproportionately since last year for a number of reasons. Cash and cash equivalents of £3.5m (2021: £4.9m which included the £950k cash received from the Business Interruption Loan.)

MyHealthChecked 1.75p £13.7m (MHC.L)

The consumer home-testing healthcare company, announces that it will today post a circular to shareholders detailing the Board’s proposal of a capital reduction to create distributable reserves. The Circular will also contain the Notice of General Meeting to be held on 6 December 2022. Expected date for the Court Hearing to confirm the Capital Reduction on or around 17 January 2023. Expected Effective Date of the Capital Reduction on or around 18 January 2023. A copy of the Circular and Notice of General Meeting will be available on the Company’s website.

N4 Pharma 2p £3.6m (N4P.L)

The specialist pharmaceutical company developing Nuvec®, a novel delivery system for cancer treatments and vaccines, announces that it has raised £1m (before expenses) through a placing of 50m new ordinary shares of 0.4p each at an issue price of 2p per Placing Share. The net proceeds of the Placing will be used to progress the Company’s development work relating to the loading of SiRNA onto Nuvec ®, including to commit to doing in-vivo studies and also to explore acquisition opportunities.

Net Zero Infrastructure SUSPENDED (NZI.L)

The special purpose acquisition company formed with the intention to acquire renewable or clean energy technology companies, confirms that it has reluctantly withdrawn from talks to acquire Taylor Construction Plant Limited and Solar Highways Limited which was announced on 19 May 2022. Due to the current market conditions the Directors of NZI believe that they will not be able to raise the funds required to complete this transaction. The net assets of the Company, after costs for the aborted transaction are £650k.

Northamber 46p £12.5m (NAR.L)

The distributor of electronics and computer-related products announces its final results for the year ended 30 June 2022. Revenue growth of 10.4% from £60.01m to £66.26m whilst maintaining gross margins at 12.8% (13% prior year). The fall in the value of Sterling translated into a swing from a foreign exchange profit of £223k in 2021 to a loss of £164k in 2022, which was the main driver in increased administration costs from £2.84m to £3.36m. The impact of carriage costs and a weaker Sterling, totalling approximately £0.30m, resulted in a reduction of EBITDA loss of £75k and an operating loss for the year of £0.45m versus a profit of £0.38m last year.

OTAQ 5p £5.8m (AQSE:OTAQ)

The innovative technology company targeting the aquaculture, geotracking and offshore markets, announces its unaudited interim results for the 6 months ended 30 September 2022. Revenue increased 11.3% to £2.0m (H1 2021: £1.82m), with the Offshore division achieving £1.2m (H1 2021: £0.9m) and the Aquaculture division achieving £0.8m (H1 2021: £0.9m). The Company reported an improved adjusted EBITDA of £13k (2021: loss £171k). OTAQ listed on Access Segment of the AQSE Growth Market of the Aquis Stock Exchange on 9 November 2022 following a placing and open offer raising £3.6m before expenses.

Synergia Energy 0.095p £9.5m (SYN.L)

The Company (formerly named Oilex) has submitted a formal application for its removal from the Official List of the Australian Securities Exchange (ASX) pursuant to ASX Listing Rule 17.11. This would mean that the Company’s shares would no longer be quoted on the ASX and would instead solely be quoted on London’s AIM market. The Company is seeking removal for several reasons including; Primary Listing is not in Australia, Low liquidity, Limited operations in Australia, Lack of Funding in Australia, the Company’s Strategic Objectives may be better met in the UK and that the Board of Directors are transferring Management to the UK.

18 November 2022
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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).

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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.

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