Small Cap Feast

1st March 2024

Dish of the day
No Joiners today
Off the menu
No leavers today


Dish Of The Day:


Admissions: 


Delistings:



Whats baking in the oven?

Potential Initial Public Offerings:

Media speculation—Shein, the fashion retailer from China, is considering the possibility of switching its IPO from New York to London because of the hurdles to listing in the U.S. Chancellor Jeremy Hunt has met with the company. The company was reportedly valued at $66bn as part of share sale in 2023.


Reverse Takeovers:


Change of Market:


Banquet Buffet

Creo Medical Group 30p £108.4m (CREO.L)
The medical device Company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients announces progress with its MicroBlate Flex device. Professor Pallav Shah and Dr Christopher Orton, of the Royal Brompton Hospital, have become the first specialists in the world to perform a robotic guided microwave ablation of lung tissue in the same sitting as a diagnostic procedure. Creo's MicroBlate Flex device was used to perform the procedure. The procedure took place at the Royal Brompton Hospital in London and is reported to have taken three minutes providing significant benefits to the patients.

eEnergy Group 8.35p £32.3m (EAAS.L)
The path to net zero as a digital energy services provider for B2B and public sector organisations announces it has entered into an agreement with National Westminster Bank to provide up to £40m of project funding (Facility) to finance energy efficiency and onsite generation technologies for the Group's public sector customers. The Facility is available for a period of twelve years with investment planned over the first 24 months. The Board expects to report Group Revenues for 18-months ended 31 December 2023 of £46m with Adjusted EBITDA of £5.1m - £5.3m.

Ethernity Networks 0.875p £1.3m (ENET.L)
A supplier of data processing semiconductor technology for networking appliances announces the proposed appointment of Aviva Banczewski and Julie Kunstler as independent non-executive directors of the Company. Julie Kunstler has over 30 years' experience in the communications components, equipment, and software industry, having served as an executive, venture-fund investor, analyst, and board member. Aviva Banczewski has over 30 years of varied finance experience including audit, consulting, regulatory and compliance, business and strategic planning and acquisition due diligence assignments.

FD Technologies 879p £246.9m (FDP.L)
A Group of data-driven businesses that unlock the value of insight, hindsight and foresight announces an update on trading for the year to 29 February 2024. Group revenue will be slightly below consensus at £247m, and adjusted EBITDA will be in line with consensus at not less than £22.5m. KX Technology is expected to report annual contract value (ACV) added of approximately £7m in the second half of the financial year, making total ACV for the year of approximately £14m. This is expected to result in ARR growth at a constant currency of 12%.

Molecular Energies 21p £2.6m (MEN.L)
The international energy Company provides an update on corporate and trading matters. The Paraguay exploration well Tapir x-1 has been suspended due to tough drilling conditions without reaching the target zone. The participants are reviewing the next steps. And as previously announced, studies commenced with Aecom, the worldwide engineering consultancy continues to investigate the feasibility of Molecular Energies moving into the business of Sustainable Aviation Fuel (SAF). These studies continue to progress before any final decisions are made. These studies continue to progress before any final decisions are made.

NWF Group 180p £89m (NWF.L)
The specialist distributor announces that Richard Whiting, Chief Executive, has retired from the Board and the Company with effect from 1 March 2024. In line with the announcement made on 1 August 2023, Chris Belsham, currently the Chief Executive Designate, assumes the position of Chief Executive today.

Orchard Funding Group 18.5p £4.0m (ORCH.L)
The finance group which specialises in insurance premium finance and the professions funding market provides notification that it has suffered an instance of fraud, arising from dealings with a fraudulent introducer and fraudulent credit agreements funded by the Company. As a result, the Board has made a provision of approximately £500k in respect of these fraudulent credit agreements which will have a knock-on impact on the Group's year-end financials. The Provision represents the Group's total exposure to these fraudulent credit agreements.

SEEEN 4.87p £4.5m (SEEN.L)
The media and technology AI platform that creates and delivers Key Video Moments to drive increased views and revenues across video content announces a partnership with the American 7s Football League (A7FL) for an Interactive Video Commerce and On-Demand Video Platform. A7FL is a trail-blazing no helmets, no pads, tackle American football league. SEEEN will provide A7FL's video on-demand throughout the A7FL's 10th season in 2024.

Sondrel Holdings 10.5p £9.2m (SND.L)
A UK-based fabless semiconductor Company focusing on Application Specific Integrated Circuits (ASICs) and System on Chips (SOCs) announces further to the announcement on 27 February 2024, discussions with a potential provider of capital to meet the Group's immediate working capital requirements are now at a very advanced stage in respect of a proposed £0.9m secured 15% convertible loan note. The Fundraise is expected to provide the Company with the necessary working capital resources to support it through to a positive trading cash flow position in the year ending 31 December 2024.

4basebio 855p £109.5m (4BB.L)
A biotechnology Company enabling and accelerating the development of advanced therapy medicinal products (ATMPs) announces that it has been successful in a tender process to supply research and GMP-grade synthetic DNA for the development of RNA therapeutics and vaccines in CPI's (CPI is the innovation partner) RNA Centre of Excellence. The tender process was focussed on the manufacture of plasmid and synthetic DNA templates of novel RNA therapeutics. 4basebio's synthetic opDNA templates provide several advantages for the production of mRNA, not limited to superior transcriptional yields and no need for enzymatic linearisation, alongside reduced turnaround time, safety, and cost benefits.

1 March 2024
*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