Small Cap Feast

18th October 2023

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

No joiners today.

No Leaves today  

What’s Cooking In The IPO Kitchen?

Announced ITF 11 October: Cykel AI, the company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October.

Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October.

MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of Shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). The Company is looking to raise £10m - £15m on IPO. Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission delayed, expected mid-November.

Breakfast Buffet

Access Intelligence 58p  £74.1m (ACC.L)

The technology Company delivering Software-as-a-Service (SaaS) solutions for the marketing and communications industries, announces multiple contract win backs. The Company announced since the start of June 2023, it has won back a number of contracts previously lost by Isentia, that amount to, in aggregate, in excess of AUD$3m of ARR across multi-year contracts, ranging between 3 and 5 years. The customer win backs have come from a range of customers including larger government agencies in Australia. The Company continue to progress in the APAC Region.

Comptoir Group 6.5p  £8.0m (COM.L)

The owner and/or operator of Lebanese and Middle Eastern restaurants, announces that Michael Toon has informed the Board of his intention to step down as Financial Director. He will remain in his role until 12th January 2024 to ensure an orderly handover. The Company has commenced a search for Mr Toon's replacement and a further announcement will be made once a successor has been identified.

Gama Aviation 87.5p  £56.0m (GMAA.L)

The business aviation services company, announces that it has conditionally agreed to sell the Group's US MRO Business, Gama Aviation (Eng) Inc., trading as Jet East (Jet East), to West Star Aviation Enterprises, LLC for a value of approximately US$131m on a cash free/debt free basis with normalised working capital. The net proceeds of the Disposal to be received by the Company are expected to be approximately US$100m. The Company was approached by a US private equity group which owns West Star Aviation with the possibility of acquiring Jet East in order to combine it with West Star Aviation.

Hardide 13.5p  £8.0m (HDD.L)

The provider of advanced surface coating technology, provides an update on trading for the financial year ended 30 September 2023 (FY23). The Group expects to report revenues for FY23 of £5.5m and EBITDA close to break even, representing revenue growth of 10% and a improvement on the EBITDA loss of £0.9m in the prior financial year. The Group's cash balance as at 30 September 2023 was £0.7m. The Group also continues to anticipate repeat orders for coating gas turbine compressor blades in FY24, originally anticipated in FY23. The Group is trading in line with expectations.

Jadestone Energy 32p £173.0m (JSE.L)

An oil and gas production company focused on the Asia-Pacific region, announces the appointment of Gunter Waldner as a non-executive director of the Company with immediate effect. Gunter Waldner, has over 25 years of corporate finance and investment management experience. Mr Waldner is currently Head of Private Equity and Co-Chief Investment Officer of Tyrus Capital S.A.M., the Company’s largest shareholder.

LBG Media 89.6p  £185.1m (LBG.L)

The owner of the youth publishing LADbible Group, announces the acquisition of Betches Media, LLC (Betches) a US-based media brand focussed on digital media content production. The Acquisition is for an initial cash consideration of $24m, funded from existing cash resources, with up to a further $30m cash consideration payable in instalments, subject to Betches achieving certain revenue and profitability targets to 2026. The Acquisition is in line with the Company’s M&A ambitions, and expanding its reach and footprint in the US.

Ondine Biomedical 14.5p  £28.3m (OBI.L)

The Canadian life sciences company presents its new research illustrating the benefits of using Steriwave® photodisinfection. The results of the study showed that treatment with photodisinfection resulted in >99.9% reduction of viable bacteria compared to the control, regardless of the antibiotic susceptibility of the bacteria. The authors concluded that photodisinfection is likely an important adjunct to AMR strategies in the future and that further clinical studies are warranted. The Company will be commencing its US Phase 3 trial in partnership with HCA Healthcare in due course.

PipeHawk 11.75p £4.3m (PIP.L)

A Company focusing on advanced engineering solutions to challenging technical requirements across many industries, announces that QM Systems Limited (QM), one of the Group's principal subsidiaries, has been awarded a contract by JVM Castings Limited (JVM) to design, manufacture and supply a suite of automated assembly systems. The Contract will generate approximately £800k of revenue for QM and is due to be delivered within this current financial year.

Physiomics* 1.55p  £2.1m (PYC.L)

The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, provides notice of the Company's Annual General Meeting (AGM). The AGM will be held at 10.30 a.m. on 21 November 2023 at the Company's new registered office, Bee House, 140 Eastern Avenue, Milton Park, Oxfordshire, OX14 4SB.

Sosander 12.75p  £31.6m (SOS.L)

A growing fashion brand in the UK creating quality, trend-led products for women of all ages, provides a trading update covering the six-month period ended 30 September 2023. The Company expects revenue to grow by 10% year on year for FY24 to £46.8m and to remain in profit. Net Cash as at September 2023 is £7.0m. The Company currently offers its products in M&S and Next and was followed by the recent launch with Sainsbury's both online and in-store. The Company is expanding its presence internationally, and announces that it has signed agreements with The Iconic in Australia and The Bay in Canada to begin selling online in Q4 FY24.

18 October 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