Small Cap Feast

21 March 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Spinnaker Acquisitions (ONDO.L), has rejoined Main Market (Standard). The Company has acquired the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover. It is proposed to change the name of the Company to Ondo InsurTech Plc and the name of Labs, which will become a subsidiary of the Company, to LeakBot Ltd. The Company has a patented water security system (The LeakBot system) that prevents small leaks from turning into insurance claims. £3.4m raised.
Off The Menu:
No Leavers Today.

What’s Cooking In The IPO Kitchen?

Asimilar Group plc, currently listed on AIM, intends to the join Aquis Stock Exchange Growth Market. The Group invests in the technology and software sectors and aims to focus primarily on opportunities in the Big Data, Machine Learning, Telematics and Internet of Things areas. Whilst the Directors are principally focused on making investments in private businesses, they do not rule out investments in listed businesses if this presents, in their judgment, the best opportunity for Shareholders. Expected 4 April 2022.

Probiotix Health plc intends to join the Aquis Stock Exchange Growth Market. ProBiotix develops probiotics (live microbes that, when ingested, can alter the composition of the microbiome, and improve human health) to tackle cardiovascular disease and other lifestyle conditions which are affecting growing numbers of people across the world. Mkt Cap and Capital to be raised TBC. Expected 31 March 2022.

Aquis Exchange (AQX.L) the exchange services group, announced its intention to apply for admission of the Group to trading on the Apex Segment of the Aquis Stock Exchange Growth Market. Aquis’ shares will continue to trade on the AIM market of the London Stock Exchange plc to satisfy certain regulatory requirements. The Group is targeting admission to the AQSE Growth Market on 29 March 2022.

Anglesey Mining, a UK mining company currently listed on the Main Market (Premium) intends to move to AIM. Anglesey’s principal asset is a 100% interest in the Parys Mountain copper-zinc-lead-gold-silver project on the island of Anglesey in North Wales. Anglesey is currently exploring and developing the property, which has a high potential for the discovery of additional mineral resources through the development of a new, modern mine in an environmentally sustainable manner. Anticipated Mkt Cap TBC, current capitalisation c£8m. Expected 8 April 2022.

Summerway Capital plc, (AIM:SWC) to be renamed Celadon Pharmaceuticals plc following completion of the acquisition of Vertigrow Technology Ltd, is to relist on AIM. Vertigrow is a UK based pharmaceutical Company specialising in the researching, growing and supply of medicinal cannabis, for a total consideration of £80m. Summerway is an investing company focused on investment and acquisition opportunities across the healthcare and pharmaceutical sectors, particularly within new and emerging therapeutic areas. Capital to be raised on admission £8.5m. Anticipated Mkt Cap approximately £101.8m. Due 28 March 2022.

Cordiant Global Agricultural Income plc intends to float on the Main Market (Premium). The Company’s investment objective will be to seek to provide an attractive yield, with potential capital growth, by providing secured medium-term finance to the global agricultural sector. The Company will seek to promote more sustainable crop production and help address a capital solutions gap which exists in the agricultural sector in select regions. The Company will provide finance for crop inputs and for capital investment in new technologies and infrastructure which help increase crop yields and have a sustainable benefit. Mkt Cap and Capital to be raised TBC.

Shellraise plc, to join AQSE Growth Market. The Company will focus on identifying investment opportunities in companies operating in the viticulture sector which require funding to increase output. Mkt Cap and Capital to be raised TBC. Expected 1st April 2022.

Carbon Air, a nano-technology company which leverages the adsorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company’s proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems, acoustic insulation for domestic appliances and micro-speakers for smartphones. Mkt Cap and Capital to be raised TBC. Due Late March.

Recycling Tech Group to join AIM, a UK-based engineering, research and manufacturing company that has developed a modular and mass producible machine, the RT7000, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics. Mkt Cap and Capital to be raised TBC. Due early April 2022.


Breakfast Buffet

Alba Mineral Resources 0.21p £13.45m (ALBA.L)

Update regarding the Clogau-St David’s Gold Mine, where assay results from a Phase 2 sampling programme undertaken at the historic Waste Tip have returned gold grades of up to 11.35 g/t. Gold grades of up to 11.35 g/t from samples of the five pits dug in January 2022. Whole-sample analysis averages up to 3.50 g/t, similar to Phase 1 results. Average gold grades returned for the fine fractions (<1mm) are up to 2.13 g/t. Further size fraction analysis has highlighted how gold is concentrated in the finest material (<1 mm) extracted from the dump. 107 kg of concentrate produced in the Company’s pilot processing plant from 8.76 tonnes of sub 20mm fines material collected in January 2022. The panning of one sample of the <20mm fraction reveals a material amount of visible gold. Next steps: Upgrade the 107 kg of concentrate, assess the economic potential of processing this section of the Waste Tip and develop an outline Mining Plan. Evaluate taking a further bulk sample from lower down within the Waste Tip to access potentially higher-grade material.

Anglo Asian Mining 96.5p £110.4m (AAZ.L)

The copper and silver producer focused on Azerbaijan, provided a JORC Mineral Resource for its Zafar polymetallic deposit. The Zafar deposit is situated in the central region of the Company’s Gedabek contract area in western Azerbaijan and is approximately 1.5 kilometres from the existing Gedabek processing facilities. 6.8m tonnes of mineralisation with average grades of 0.5 per cent. copper, 0.6 per cent. zinc and 0.4 grammes of gold per tonne. In-situ Mineral Resource of 28,000 tonnes of copper, 73,000 ounces of gold and 36,000 tonnes of zinc. Angled drill holes completed since the maiden Mineral Resource was published on 16 August 2021 identified voids which has resulted in a smaller resource. Upper part of the resource is now defined as more massive and continuous which will result in more efficient mining. Over 302 metres of continuous mineralisation in the thickest intersection. Total drilling to date is 40,538 metres.

Atlantic Lithium 38.90p £218.6m (ALL.L)

The fully funded, African-focussed lithium exploration and development company on track to become West Africa’s first lithium producing mine, announces that it is intended that Chief Operating Officer, Mr Len Kolff, will be appointed to the Board of Directors and also as the Company’s Chief Executive Officer, on an interim basis, subject to the completion of normal regulatory due diligence. Len, who has been with Atlantic Lithium for seven years, serving as Chief Operating Officer since September 2018, has been instrumental in the discovery and evaluation of the Company’s industry-leading Ewoyaa lithium project in Ghana. The Board reaffirms its view that it considers Ewoyaa to be among one of the world’s most promising spodumene projects. Len’s technical and in-country experience has, and will be, integral to both the Company’s journey, and the late Vincent Mascolo’s vision, to help accelerate West Africa’s transition to a sustainable future. Len has over 25 years’ mining industry experience in design, implementation and execution of exploration, resource evaluation, project studies and appraisals for the major and junior resource sector, across a wide variety of jurisdictions, with a particular focus on Africa. Prior to joining the Company, he was part of the discovery and evaluation of the Mofe Creek iron ore project in Liberia with Tawana Resources. Len also worked at Rio Tinto for 16 years, where he was involved in several high-profile projects including the Simandou iron ore project in Guinea, and the Northparkes Copper-Gold mine in Australia.

Chariot Limited 10.90p £80.9m (CHAR.L)

The Africa focused transitional energy company, announced that Chariot Transitional Power, a division of Chariot Limited, along with Total Eren, a leading France-based renewable energy Independent Power Producer (IPP), has entered into a newly established partnership with First Quantum Minerals (FQM), a global mining and metals company, to advance the development of a 430 MW solar and wind power project for its mining operations in Zambia. This flagship project would complement and expand Zambia’s existing renewable energy capacity and would provide FQM with competitive and sustainable power for its Zambian mining operations, delivering on FQM’s commitment to decarbonisation as it seeks to reduce its carbon footprint by 30% by 2025, and underline its responsible mining credentials.

Conroy Gold And Natural Resources 39p £15.3m (CGNR.L)

The gold exploration and development company focused on Ireland and Finland announced that two Mines Royal Options have been granted by the Crown Estate to the Joint Venture company, Conroy Gold (Armagh) Limited. The grant of these options meets the final outstanding condition precedent to completion of the Joint Venture Agreement with Demir Export. Demir Export to expend EUR4.5m in work commitments (except Demir Export in-house costs, Operator fees and Minimum Regulatory Work Commitments) to earn-in a 25% option in the project in the first phase of the earn-in period. Demir Export to expend an additional EUR4.5m in work commitments (except Demir Export in-house costs, Operator fees and Minimum Regulatory Work Commitments) to earn an additional 15% option in the second phase of the earn-in period, again in the project. Expenditure by Demir Export of the additional funds required to reach construction-ready status to earn-in an additional 17.5% option in the third phase of the earn-in period of a given development thus increasing Demir Export’s holding to a total of 57.5% in that development. At construction-ready status at Clontibret and / or other developments, Conroy Gold to retain a 42.5% interest with various options including a “Carry Loan” on capital expenditure to commercial production whilst still retaining a 25% interest. Under the terms of the Agreement, on closure, Demir Export is to make a cash payment of EUR1m to Conroy Gold.

Galantas Gold 30p £24.7m (GAL.L)

Results for three holes from its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland. All three holes were drilled from the underground development at the Kearney Vein. Hole FR-DD-22-UG-181 intersected 31.7 grams per tonne (g/t) gold (Au) and 58.5 g/t silver (Ag) over 7 metres at the main Kearney Vein including 106.3 g/t Au and 111 g/t Ag over 1 metre. A deeper intersect of 7.3 g/t Au and 5.7 g/t Ag over 2.3 metres was recorded at a 278-metre vertical depth, approximately 55 metres east of the main Kearney Vein. Hole FR-DD-21-UG-174 intersected 73.6 g/t Au and 93.4 g/t Ag over 2.2 metres on a parallel-running vein known as the ‘B-lens’, approximately 28 metres east of the Kearney Vein. Hole FR-DD-21-UG-176 intersected 23.8 g/t Au and 16.8 g/t Ag over 2.9 metres on a further parallel zone of mineralization referred to in Figure 4 as the ‘C-lens’, approximately 40 metres east of the Kearney Vein.

Greencoat Renewables 114.5c EUR1,063m (GRP.L)

The renewable infrastructure company, invested in euro-denominated assets, announced a proposed placing by way of a non-pre-emptive issue at a Placing Price of EUR1.12, under its existing 400m Share Issuance Programme launched on 4 October 2021. The Placing Price represents a discount of 6.7 % to the closing price per Ordinary Share of EUR 1.20 on Euronext Dublin on 18 March 2022 and represents a premium of 6.6 % to the last reported NAV of 105.1 cent per Ordinary Share as at 31 December 2021. The Company has multiple attractive near-term investment opportunities under consideration in Ireland and continental European markets, with c.380 MW currently under exclusivity across a mix of operating and forward sale opportunities located in Sweden, France, Spain, and a new Northern Europe market. Proceeds from the Placing will provide the Company with the flexibility to execute on assets under exclusivity and meet obligations under committed forward sale investments, all while maintaining gearing (currently 43%) within the Company’s target range of 40-60%.

Kibo Energy* 0.16p £4.7m (KIBO.L)

Kibo has signed a Share Purchase Agreement to acquire the Victoria Falls Solar Park project in Zimbabwe from Broomfield International Limited. The Transaction will be for a consideration of £10m, payable in new ordinary shares of Kibo at an issue price of 5p per share, following an intended 1 for 10 share consolidation as part of the Transaction. The Project being acquired comprises a 100 MW solar power generation project located in Victoria Falls, Zimbabwe, which is expected to deliver an equity IRR of c.17.6% and total unlevered free cashflow (EBIT) of c. US$107m. The first 25 MW of the Project is fully funded and currently under construction, with the first 5 MW of the 25 MW, expected to be in production by end of April 2022. The Transaction constitutes a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly, the Company has requested that its ordinary shares be suspended from trading on AIM and the AltX of the JSE with immediate effect.

One Heritage Group* 46.5p £15.1m (OHG.L)

The UK-based residential developer focused on the North of England has appointed Jeremy Waring Earnshaw as Non-Executive Director of the Board with effect from 1 April 2022. Jeremy Earnshaw, who is a Fellow of The Institute of Chartered Accountants in England & Wales, has over 30 years’ senior treasury, finance and governance expertise, in both public and private sector organisations. He has worked across multiple sectors including Housing, Healthcare, Pharmaceuticals, Printing, Retail Marketing and Online E-Commerce. Jeremy is highly experienced in all Main Board and CFO matters, with specialisms in funding, M&A, stakeholder communication and value creation. With international experience in Europe, North America and Asia, Jeremy’s roles have always encompassed a wide range of responsibilities, including legal, governance, risk, financial PR and procurement. As a Non-Executive Director, Jeremy currently serves as Chair of Audit & Risk on the Board of Optoma, a EUR245m revenue global leader in the production and distribution of Visual Display products. Additionally, he is a Non-Executive Director at Leeds & Yorkshire Housing Association who manage nearly 1,600 homes located across Leeds, Barnsley, Whitby, Scarborough and Settle, plus two early-stage technology-led businesses and various commitments in the coaching and mentoring space. The Board will also appoint Jeremy as Chair of the Audit Committee following Jeffrey Pym’s decision to step down from the Board at the end of March 2022, as announced on 23 December 2021. Jeremy will also be appointed as a member of the Nomination and Remuneration Committee.

Semper Fortis Esports* 1.1p £4.6m (SEMP.AQSE)

Semper Fortis announces two of its FIFA players will be participating in the upcoming Grand Final of the ePremier League’s (ePL) fourth season on 26 and 27 March 2022, which will be featured LIVE on Sky Sports across the UK. The Company will be represented by FIFA Players Jaskarn Singh (Jas) playing for Everton FC and Mitch Hayward (MHaywxrd) playing for Leeds United FC in the in-person LAN event taking place in London’s Olympic Park. The competition will be played on next-generation consoles, PlayStation®5 and Xbox Series X|S, with the winning players taking home a share of the £100k prize pool. The event will be live streamed on Twitch directly through the company’s SMPResports Twitch channel: https://www.twitch.tv/smpresports. The company’s esports Rocket League team is also on track to reach the world championships at the end of the season.

21 March 2022
*A corporate client of Hybridan LLP

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 2023 - Hybridan | Website by Boxed Up Media
First Visit
Legal 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”.

bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram