Small Cap Feast

20th July 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
No joiners today.
Off The Menu:
The Russian gold miner Petropavlovsk Plc Ord has left the London Stock Exchange.

What’s Cooking In The IPO Kitchen?

Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 countries and is a key supplier to almost every leading fibre optic cable manufacturer worldwide and is the industry’s only organisation with multiple manufacturing facilities spread across 3 continents. The Company acts as the holding company for its wholly-owned operating subsidiary, Unitape Limited and its 60% owned operating subsidiary, Unigel (UK) Limited. Expected 1 August.

Equipmake Holdings intends to join the Aquis Growth Market. Equipmake is a UK-based technology company, which has developed a range of electrification products for the provision of electric vehicle drivetrains to meet the needs of the automotive, aerospace and other sectors in support of the transition from fossil-fuelled to zero emission powertrains. The Company now has a significant pipeline of opportunities of in excess of £400m at various stages of negotiation, as demand for electric vehicles increases as part of the global decarbonisation movement. Expected 29 July.

Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late July.

Macaulay Capital is due to join the Aquis Growth Market on 29 July. The Group was formed to originate and manage corporate transactions, raise funds from third parties, invest the Group’s own funds alongside those of external investors and to manage the Group’s investment portfolio with the aim of maximising its value.

Breakfast Buffet

Agronomics 16.5p £161.4m (ANIC.L)

The company focused on cellular agriculture announced that its existing portfolio company, the Dutch cultivated meat company Meatable B.V. (Meatable) has revealed the first images of its cultivated pork sausage product, created using real meat, produced differently. This marks a major milestone for the Dutch company as they approach wide-scale commercialisation, which they expect to occur in 2025, if not sooner. Agronomics holds 4,859 shares in Meatable, representing an equity ownership of 5.84% on a fully diluted basis.

Artisanal Spirits 60.5p £42.2m (ART.L)

The curator and provider of premium single cask Scotch malt whisky and other spirits for sale primarily online to a discerning global membership, announced a trading update for the six months ended 30 June 2022. Sales increased by c.25% to almost £10m (H1 2021: £7.9m), including a stand-out performance in China with revenue up by over 50%. Masterton Bond facility is progressing on time and on budget ahead of operations beginning in H2-2022. The company indicated that it is on track to deliver full-year performance in line with market expectations and is confident of doubling revenue between 2020 and 2024.

Jade Road Investments* 6.9p £7.9m (JADE.L)

The pan-Asian diversified investment vehicle announced that it has received the Second Tranche Price of US$400k Meize Energy Industries Holdings Limited, a privately-owned wind turbine blade manufacturing companies in China and currently the second-largest holding in Jade Road’s portfolio (12.1% of NAV as at announcement). The Third Tranche Price is expected in late August 2022. The total consideration of USD1.2m for 112,500 shares of the Series B Preferred Equity in Meize implies a valuation of US$10.0m for Jade Road’s investment in Meize, which indicates a 22.0% premium to the carrying value as at the 31st of December 2021 (US$8.2m).

Kazera Global 0.95p £8.9m (KZG.L)

The AIM quoted investment company announced that it has signed an agreement to secure a non-dilutive investment of US$7.5m in cash, machinery and services from Hebei Xinjian Construction, in return for a 49% stake in its marketing, sales and export subsidiary (SPV) for all lithium production from its wholly owned mine at Tantalite Valley, Namibia. The transaction values the company’s lithium assets alone at in excess of US$15m. Lithium production is scheduled to commence in Q1 2023.

Metals Exploration 0.9p £18.3m (MTL.L)

The gold producer in the Philippines announced its results for Q2 2022. A total of 14,992 ounces of gold was sold at an average realised price of US$1,858 per ounce during the quarter (Q1 2022: 15,685 ounces at an average realised price of US$1,898 per ounce). Gold sales was US$27.8m in Q2 2022 (Q1 2022: 29.8m). Positive free cash flow of US$5.4m was generated in Q2 2022 (Q1 2022: 8.2m). Net debt as at 30 June 2022 was US$92.9m (31 March 2022: 94.2m). CEO indicated that the company remains on track to meet the 2022 production guidance and to repay the senior debt during Q4 2022 as forecast.

Netcall 88.5p £132.8m (NET.L)

The intelligent automation and customer engagement software company, provided a trading update for the year ended 30 June 2022 and expects full year results to be ahead of market expectations. Revenue is expected to grow by 12% to £30.5m (FY21: 8% and £27.2m) and adjusted EBITDA by 20% to £6.4m (FY21: 21% and £5.3m). The growth was driven by cloud revenue up 30% to £10.7m (FY21:26% and £8.3m). It also includes a £0.3m contribution from the $19m financial services contract win announced on 10 June 2022. The vast majority of the revenue from this contract to be recognised in future periods.

Poolbeg Pharma 5.1p £25.5m (POLB.L)

The clinical stage infectious disease pharmaceutical company with a capital light clinical model, has received ethics and competent authority approval to commence its Lipopolysaccharide (LPS) human challenge clinical trial for POLB 001, a strain agnostic, small molecule immunomodulator which aims to address the unmet medical need for a treatment for severe influenza. Clinical trial activities will formally commence on 22 July 2022. Initial results are expected in Q4 2022 at which point the company intends to rapidly monetise by out-licensing / partnering with pharma and biotech companies for further development of POLB 001.

Roquefort Therapeutics* 8.7p £6.2m (ROQ.L)

The biotech company focused on early-stage opportunities announced the appointment of Hybridan LLP as its Joint Broker with immediate effect. Stephen West, Roquefort Therapeutics Executive Chairman, commented: “We are delighted to be working with Hybridan going forward. Hybridan has a deep understanding of the life sciences sector particularly within small caps, and their experience will be invaluable to Roquefort Therapeutics as we target further institutional investors and family offices.”

Semper Fortis Esports* 0.6p £2.5m (AQSE:SEMP)

The esports and gaming company focused on establishing esports teams, Web3 communities and forming brand and technology partnerships, announced that Nolan Bushnell has stepped down from the board in order to concentrate on his other business interests. Chairman of the Company, Keith Harris, said: “We thank Nolan for his invaluable assistance as a non-executive director both in starting the Semper Fortis Esports business and with the move on to the Aquis market in early 2021. We wish him well for the future.”

Shepherd Neame 812.5p £119.6m (AQSE:SHEP)

The independent brewer and pub operator has expanded its estate with the acquisition of the Bournemouth seaside bar and restaurant Urban Reef. It is Shepherd Neame’s first site in Bournemouth, and the transaction takes its total of pubs and hotels to 300, across Kent, London and the South East. The company is actively looking for opportunities to grow and develop estate and its coastal pubs and hotels have seen particularly encouraging sales during the past year.

20 July 2022
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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