Small Cap Feast

20th September 2023

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

No joiners today.

No leavers today. 

What’s Cooking In The IPO Kitchen?

Kitchen is empty currently.

Breakfast Buffet

Alien Metals 0.195p £12.4m (UFO.L)
The minerals exploration and development company announces that all results from the recent resource definition core drilling programme at its 90% owned Hancock Iron Ore Project in the Pilbara Region, Western Australia, have been received. Thirteen diamond core holes were drilled during Q2 2023 for a total of 1049 metres at the Company's Sirius Deposit, with the initial batch of assays reporting high-grade mineralisation (RNS on 20 July 2023). These final assay results confirm exceptional direct ship ore grades, as well as excellent widths and depth continuity of the proposed Sirius Mining Pit. As an outcome of this resource definition drilling, the Company will in the coming months update the Hancock Project Resources and Reserves.

AssetCo 41p £57.8m (ASTO.L)
The company involves in acquiring, managing and operating asset and wealth management activities and interests, announces the disposal of its 70% equity interest in Rize, a thematic ETF specialist, to ARK Invest LLC, a successful player in the ETF market based in the US. The sale agreement delivers consideration to AssetCo of an up-front payment of £2.625m, a deferred payment of £2.625m and an earn out provision, capped at £5.25m over five years and is subject to a minimum. In addition, the parties have agreed to work together to support the launch, on the Rize platform, of a number of ETF products for the River and Mercantile business, AssetCo's active equity asset management subsidiary.

Dianomi 47.5p £14.3m (DNM.L)
The provider of digital advertising services to clients in the Business, Finance and Lifestyle sectors, announces that it has agreed a contract amendment with one of its largest and longest standing publisher partners. At the end of 2022 Dianomi entered into a contract renewal based on publisher minimum guaranteed traffic levels. However, the minimum traffic levels in the six months to 30 June 2023 were not met, resulting in an overpayment of $1m by Dianomi. Both companies have entered into an amendment whereby Dianomi has agreed not to recoup the overpayment and in return, the publisher will provide Dianomi with an enhanced revenue share as from 1 July 2023 and with additional premium ad inventory, including a new in-article unit. Dianomi will recognise the one-off overpayment as an additional cost of sale in H1.

IQGeo Group 290p £178.6m (IQG.L)
The developer of geospatial software that is "Building better networks" for telecom and utility operators, announces a new contract with an existing customer for IQGeo's lifecycle software solutions. This client is a top five global wholesale fibre network provider with operations in the US and Europe and the total contract value over 3 years is $1.9m including annual contract value (ACV) and services. The new project comprises the client’s major strategic decision to replace its incumbent fibre system of record currently provided by GE, with IQGeo's Network Manager Telecom software.

LBG Media 71.9p £148.6m (LBG.L)
The UK-based multi-brand, multi-channel digital youth publisher, reports its results for the half year ended 30 June 2023. During the period, the Group delivered a strong performance, growing its global audience and content views, and is on track to meet full year market expectations. Revenue was £27.2m (HY22: £24.8m) up 10% and in line with the typical seasonal split between H1 and H2. Adjusted EBITDA was £3.0m (HY22: £1.6m), up 84%, reflective of the revenue performance and the cost discipline. Cash and cash equivalents at the period-end amounted to £32.7m (FY22: £29.3m). The Company has started H2 with positive momentum and outlook for the full year remains in line with market expectations.

Poolbeg Pharma* 7.2p £36.0m (POLB.L)
The clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, announces that it has received a notice of allowance from the Japanese Patent Office in relation to its Immunomodulator I patent application. The claims deemed allowable cover a p38 MAPK (mitogen-activated protein kinase) inhibitor for use in the treatment of severe influenza in human patients. Grant of the application as a patent is expected upon completion of formalities. Poolbeg has a worldwide licence for POLB 001 for all uses in humans and is developing a strong IP portfolio with patents in place, including Immunomodulator I and Immunomodulator II, covering the class of p38 MAP kinase inhibitors for the treatment of severe influenza and hypercytokinaemia. Poolbeg has also filed patent applications to expand its IP around POLB 001 and the use of p38 MAP kinase inhibitors in new disease areas, such as oncology. This enhances the value and attractiveness of POLB 001 to potential pharma partners.

Sancus Lending Group 0.525p £3.1m (LEND.L)
The alternative finance provider, offering borrowers fast, bespoke bridging and development finance, announces the its results for the six months ending 30 June 2023. New loan facilities written H1 2023 were £83m (H1 2022: £86m). Group revenue was £5.4m (H1 2022: £4.8m) and operating loss was £3.8m (H1 2022: loss £2.1m). Geographic focus remains unchanged, with three core markets: UK, Ireland and Offshore. Offshore represent 42% of the current loan book, UK 39% and Ireland 19%. Ireland is the fastest growing market with a 52% increase in loans under management in H1 2023.

Tandem Group 170p £9.3m (TND.L)
The designers, developers, distributors and retailers of sports, leisure and mobility equipment, announces its unaudited results for the six months to 30 June 2023. Revenue was £9.8m, down 24% (H1 2022: £12.9m). Gross profit was £2.5m (H1 2022: £4.0m), with a decrease in gross margin to 25.9%, primarily as a result of foreign exchange movements. Net debt as at 30 June 2023 was £3.m (30 June 2022: £1.5m). As a result of high inflation, increases in interest rates, reduced spending across certain categories and unfavourable weather conditions, group revenue to 15 September 2023 was approximately £15.1m, down 21% from £19.1m during the same period last year.

Tavistock Investments 5.25p £29.4m (TAVI.L)
The financial advice and investment management service provider announces its results for the year ended 31 March 2023. Reported gross revenues in line with previous year at £34m, with 96% generated by the Group's advisory business. Advisory business gross profit contribution rose by 6% to £10.6m (31 March 2022: £10.0m). Adjusted EBITDA was £0.14m (2022: £1.37m). In the current year the Board's objectives are to extract further operational benefits from the ongoing data mining project, complete the integration of Precise Protect, reap the rewards from its membership program, and develop through further acquisitions.

Wishbone Gold 2.75p £7.1m (WSBN.L)
The gold, silver and copper exploration company announces that the drill rig and support trucks operated by Strike Drilling have arrived at its Red Setter project and that drilling is underway on the newly cleared heritage areas. The Red Setter Project is situated on Wishbone Gold's 57.4km2 wholly owned exploration licence EL45/5297 and is located 13km south-west of Newcrest Mining's Telfer gold-copper mine and 60km west of Newcrest and Greatland Gold's Havieron gold-copper discovery. The company is continuing on from last year's successful drill program which confirmed a hyperthermal gold/copper system. The analysis done in the meantime has added greatly to its knowledge of the system and provides additional targets on which to focus.

20 September 2023
*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