The Kitchen is empty.
Coinsilium Group 1.35p £2.59m (AQSE: COIN)
The Web3 investor, advisor and venture builder reports that the acquisition of the Tokenomi Web3 advisory service business has now completed and Tokenomi’s owner and managing director, Alexis Nicosia, has joined Coinsilium’s Advisory Team. Tokenomi’s advisory client book currently consists of seven retained Web3 blockchain project clients, including three additional deals closed since the announcement of signed Heads of Terms on 14 March 2023. With the addition of these three new agreements, projected revenues from all signed Tokenomi advisory service agreements to date is expected to reach up to US$1.26m over the next 12 to 24 months, subject to those clients successfully completing their TGEs (Token Generating Events) within this period.
Europa Metals 3.1p £2.9m (EUZ.L)
The European focused lead, zinc and silver developer, announces the first assay results from its ongoing infill diamond drilling programme being conducted by Explomin Perforaciones UE S.L. (Explomin), at the Company's 100% owned Toral Pb, Zn & Ag project. Significant intersection from drillhole TOD-043 of 8.70m@11.03% ZnEq(PbAg) includes 3.10m@20.35% ZnEq(PbAg). Hole TOD-043 has been successful in intersecting high grade mineralisation adjacent to an existing, previously reported, high grade intersection within the project's Indicated Resource block outlined to date.
Fusion Antibodies 8.25p £2.1m (FAB.L)
A Belfast based contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications announces a placing to raise £1.42m and a subscription by certain directors and their families to raise an additional £137k at the issue price of 5p per share for both placing and subscription raises. A retail offer of ordinary shares at 4p each to raise a maximum of £0.5m is also being conducted. The price of 4p is an 84% discount to the prevailing share price on 18 May.
genedrive 24.25p £24.0m (GDR.L)
The point of care molecular diagnostics company, announces that the UK’s National Institute for Health and Care Excellence (NICE) has recommended in draft guidance that CYP2C19 genotyping should be used before clopidogrel administration in the management of ischemic stroke patients. The specialist NICE diagnostics assessment committee concluded that CYP2C19 genetic testing strategies are likely to save costs and increase life expectancy compared with no testing. The Genedrive® CYP2C19 ID test is in development. The Company is anticipating UKCA marking of the Genedrive CYP2C19 test prior to NICE’s final report, currently scheduled for October. At that time, NICE will have the option to update the recommendation on the Genedrive CYP2C19-ID Kit.
iEnergizer 62.5p £118.8m (IBPO.L)
An international and full service Business Process Outsourcing (BPO) company has said that further to its announcement of 16 May 2023, that the last day of dealings in iEnergizer's Ordinary Shares on AIM will be 24 May 2023. In order to facilitate shareholder transactions in the Company's ordinary shares following the Cancellation, JP Jenkins has been appointed to provide a matched bargain facility, which will be made available on 25 May 2023.
IQE 24.35p £196.1m (IQE.L)
The UK-based manufacturer of advanced epitaxial wafers announce the issuance of shares at 20p per share to raise gross proceeds of approximately £31.1m. This consists of 150,000,000 new shares to be issued with the Placing and 5,492,730 new shares to be issued via a Retail Offer. This equity raise is to ensure the Company can continue to invest, meet its near-term liquidity requirements and deliver a sustainable balance sheet position going forward. On 17 May 2023, IQE announced that it has agreed an extension to its $35m revolving credit facility to May 2026, conditional on completion of the Placing, ensuring sufficient headroom in the event that the macroeconomic headwinds persist through H2 2023. The price of 20p is an 15% discount to the prevailing share price on 18 May.
Karelian Diamond Resources 2.6p £2.2m (KDR.L)
The diamond and base metals exploration and development company focused on Finland and Ireland, announces a fundraising of £100k to accelerate exploration on its exploration programmes for diamonds in the Kuhmo region of Finland, where interpretation of geophysical data has revealed a series of kimberlite targets (announced on 7 June 2022) and exploration for nickel, copper and platinum group metals in Northern Ireland. The Company has also entered into an agreement with Conroy Gold and Natural Resources PLC in relation to a debt capitalisation of £125k and a further debt exchange into a convertible loan of £112k.
OTAQ 5.5p £7.04m (AQSE: OTAQ)
The innovative technology company targeting the aquaculture, geotracking and offshore markets, announces its audited results for the 9 month period to 31 December 2022. Revenue was £2.6m (not comparable to the prior financial year ended in March 2022). The revenue breakdown was £1.6m from Offshore division, £0.06m from Geotracking division and £0.88m from Aquaculture division. Adjusted EBITDA was negative £0.3m. Net cash was £0.8m. Commercialisation and near-commercialisation of key projects in Aquaculture and Geotracking are poised to deliver growth in 2023.
Titon Holdings 76.5p £8.6m (TON.L)
The international manufacturer and supplier of ventilation systems and window and door hardware, announces its unaudited interim results for the six months ended 31 March 2023 (H1 2023). Revenue was £12.08m, up 5.2% year-on-year. Loss before tax was £0.45m (compared to £0.25m loss in H1 2022), due to cost inflation. Cash balance was £1.61m (vs. £3.73m as at 31 March 2022). Interim dividend of 0.5p per share is approved by the Board to be paid on 7 July 2023. The Group anticipates that H2 revenues from the UK and Europe will be slightly lower than H1 as the slowdown in the housing market activity occurs. On a full year basis, the Company expects trading of the UK and European businesses to be in line with its prior expectations, supported by the H1 performance.
Unbound Group 2.5p £1.6m (UBG.L)
The UK-based company engaged in selling a range of brands focused on the 55+ age demographics, provides an update on the operating review. The key outputs are: (1) simplification of the business structure by focusing on the UK market; (2) overall reduction in SKUs (stock-keeping units); (3) continuing to investigate opportunities to grow the U.S. market; (4) focus on the core Hotter business. The Board also announces the initiation of a formal sale process. The ongoing debt service requirements include £1m capital repayments due on 31 July 2023 and 31 January 2024. The Board anticipates that the Group will be able to make the scheduled bank repayment on 31 July 2023 but a temporary working capital shortfall could arise in September and October 2023.
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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.
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