Small Cap Feast

19th June 2023

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

Joiners: 
No joiners today.

Leavers: 
Mirada Plc (MIRA.L) has left AIM. 



What’s Cooking In The IPO Kitchen?

Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.

CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) It is rumoured to be valued at between £800m and £1bn with Admission currently expected to occur in July 2023.


Breakfast Buffet

1Spatial Holdings 49.5p £54.8m (SPA.L)
A player in Location Master Data Management software and solutions, has secured the first two contracts for its newly launched Traffic Management Plan Automation solution under the 1Streetworks brand in the UK. The first contract is with a major utility network operator and the second is with a large traffic management organisation. Both contracts are for a three-month term, with the intention to move to annual or multi-year contracts upon successful completion of the initial period. 1Streetworks was launched in November 2022 and automates the production of traffic management plans, diversion routing and asset inventory lists in the UK.

Abingdon Health 15p £18.3m (ABDX.L)
An international lateral flow contract development and manufacturing organisation, announces the launch of Salistick™, the first-ever saliva pregnancy test, in the UK and Ireland. Salistick™ offers the ability to test anywhere, anytime, and with high accuracy for early pregnancy detection. Abingdon is the exclusive distributor of Salistick™ in the UK and Ireland on behalf of Salignostics Ltd, an Israeli developer of innovative saliva-based diagnostics tests. Abingdon is launching Salistick™ with Superdrug, initially across into 400 stores and online. In addition, Salistick™ will also launch through Abingdon's direct-to-consumer e-commerce channel Abingdon Simply Test. Salistick™ is co-branded Abingdon Simply Test™, with the Abingdon Simply Test™ range now including over 15 self-tests.

Evgen Pharma 3.35p £9.2m (EVG.L)
The clinical stage drug development company developing sulforaphane-based medicines for the treatment of multiple diseases, announces that the Company's collaborator at The Erasmus University Medical Center, Rotterdam, NL has received a successful notice of a grant for Investigator Sponsored pre-clinical and clinical studies of SFX-01 in glioblastoma. The studies funded by the grant will cover use of SFX-01 in pre-clinical glioblastoma models, followed by a clinical Investigator Sponsored Study (ISS) window-of-opportunity study in glioblastoma patients, to establish presence of the drug in human brain tumours and engagement with relevant molecular targets in excised tumour tissue.

Feedback 115p £15.3m (FDBK.L)
The clinical technology company that designs products which enhance clinician access to patient data and to their colleagues, provides a trading update for the 12 months to 31 May 2023. Revenue is expected to be c.£1.0m (2022: £0.6m), up approximately 70% as a result of increased traction for its Bleepa-CareLocker solutions, offsetting the phasing down of legacy products. As at 31 May 2022, FDBK expects to report cash and cash equivalents of c.£7.3m (31 May 2022: £10.3m). The Company has successfully extended its contract with Queen Victoria Hospital for its Bleepa-CareLocker Community Diagnostics Centre solution and is continuing its development opportunities in India. Trading for the period was in line with the Board’s and market expectations.

ImmuPharma 3.38p £11.3m (IMM.L)
The drug discovery and development company, announces that following the receipt of comprehensive guidance from the Food and Drug Administration (FDA) in 3 separate Type-C meetings, the Phase 2/3 adaptive clinical trial of P140 (Lupuzor™) in patients with systemic lupus erythematosus (SLE/Lupus) will commence in H2 2023. Avion Pharmaceuticals have confirmed that under the previously announced terms of the existing Licence Agreement, that they will continue to support the new clinical trial design and Avion and ImmuPharma have agreed to proceed and will now begin preparatory steps for the Phase 2/3 adaptive clinical trial.

musicMagpie 18.5p £19.9m (MMAG.L)
A circular economy company specialising in refurbished consumer technology, announces an unaudited trading update for the six months ended 31 May 2023 (H1 2023). Total revenue was £62.0m (H1 2022: £71.3m) down 13%, comprised of Consumer Technology accounting for £41.2m (H1 2022: £46.0m) and Disc Media and Book sales accounting for £20.8m (H1 2022: £25.3m). EBITDA of £2.0m, up 42% and active customers to the rental service for Consumer Technology products increased to c.39k (31 May 2022: 24k). The Group is confident it will achieve its full year expectation and is currently trading in line with the Board’s expectations.

OnTheMarket 61.5p £47.7m (OTMP.L)
The majority agent-owned company which operates the onthemarket.com property portal, announces the launch OnTheMarket Money, a new division providing consumers with access to financial services and other essential products associated with the home moving journey. OnTheMarket's first partnership under this new brand is with London & Country Mortgages (L&C), who will provide consumers with access to mortgage products and support via the portal. This launch is another step in their direction to becoming a ‘one stop shop’ technology company.

Roquefort Therapeutics* 7p £9.0m (ROQ.L)
The biotech company focused on developing first-in-class medicines in the high value and high growth oncology market, announces the progress of its anti-cancer antibody programs targeting Midkine expressing cancers. Following the announcement in January 2023, (successful vivo safety results in Midkine antibody programs), ROQ release the first in vivo efficacy results for its anti-Midkine antibodies CAB-101 (ROQA2) and CAB-102 (ROQA1), including a new program for an osteosarcoma orphan drug indication. The in vivo efficacy study tested the anti-cancer killing ability of CAB-101 and CAB-102 in a validated experimental model of osteosarcoma. Treatment with CAB-101 was found to produce a statistically significant reduction in lung metastasis, and CAB-102 was found to reduce proliferation (growth rate) of the primary tumour. Osteosarcoma is the Company’s first orphan drug indication and reflects the strategic decision to target cancer niches in which, there remains a high unmet clinical need, an accelerated development pathway and the potential to offer a best-in-class treatment in a significant market niche.

Surface Transforms 33p £79.8m (SCE.L)
A manufacturer of carbon fibre reinforced ceramic automotive brake discs, announces the appointment of Isabelle Maddock as Chief Financial Officer (CFO) and an Executive Director of the Board. Isabelle will join the Company on 4 September 2023 from James Cropper plc, where she was CFO for the past 9 years. Isabelle has 30 years of experience in finance across a variety of sectors and is a fellow of the Chartered Institute of Management Accountants.

Tower Resources 0.041p £3.5m (TRP.L)
The oil and gas company with its focus on Africa, announces its preliminary results for the 12 months ended 31 December 2022. In Cameroon, the Group's exploration and evaluation expenditure on the Thali Production Sharing Contract amounted to $3.1m (2021: $1.3m). In Namibia, Tower is moving forward with more detailed and focused geological and geophysical analysis aiming to high-grade areas for further seismic data acquisition. Administrative costs of $631k (2021: $762k) include legal fees incurred totalling $133k (2021: $263k). Cash balance at year-end of $231k (2021: $10k). Post period, the Company is continuing its negotiations for a term loan of approximately $7m with BGFI Bank Group and asset-level financing with several other parties.

19 June 2023
*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