Small Cap Feast

21st February 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Strip Tinning Holdings (STG), an established supplier of specialist connectors to the automotive sector, has joined AIM raising £11.5m including £8m of new money at a market cap of £28m. 

 Clean Power Hydrogen (CPH2) the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser joined AIM raising £30.5m mainly of new money at a market cap of £119.4m.
Off The Menu:
Zoltav Resources has left AIM.

What’s Cooking In The IPO Kitchen?

URA Holdings, a London based mining exploration and development company, intends to list on the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator including to prove-up early-stage exploration projects to spin out/farm out or sell. The strategy is initially focussed on Southern and Central Africa, and good opportunities will occur in countries with relatively stable and reliable political system such as Zambia. The Company has raised £1.05m before costs. The net proceeds of the Placing will be primarily applied for the development of the Group’s Njoka project and working capital. Admission is expected week commencing 21st February 2022.

Neometals Ltd to join AIM. Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. The Company has four key battery materials projects that support the global transition to more circular supply chains and cleaner energy. Three with downstream focus on sustainable materials processing and recycling and one upstream mineral extraction opportunity. Mkt Cap is expected to be approximately AU$759m. Expected late Feb 2022.

Cleantech Lithium reported in the press to be planning an AIM float. The Company is developing two projects in Chile. Cleantech is planning to extract lithium from brines utilising environmentally friendly technologies and renewable energy.

GCP Co-Living REIT plc, intends to float on the Main Market. The Company is a newly established, externally managed investment company, which it is intended will carry on business as a Real Estate Investment Trust, subject to meeting the necessary qualifying conditions. The Company will invest, predominantly, in independent Co-Living Asset, both operational and under development, let to a diversified mix of residents, located in urban centres in the UK and Ireland where there is a shortage of high quality, affordable residential accommodation. Due March 2022.

Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire 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 conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and direct subscriptions by new and existing investor. If the Proposed Transaction proceeds to completion, 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. Should the Proposed Transaction not proceed, then the Company would need to apply for the suspension of its listing of ordinary shares to be lifted and for trading to be restored. £5m capital to be raised. Due early 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 Feb.

Spiritus Mundi due to join the Main Market (Standard), a special purpose acquisition vehicle which will seek acquisition targets in Europe and Asia in the clinical diagnostics sector. The Company has already raised approximately £1.2m in a pre-IPO fundraising round. Delayed until second half of Q1 2022.

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. Targeting a £40m raise. Due early March 2022.

Nu-Oil and Gas to acquire Guardian Maritime Ltd and Guardian Barriers IP Ltd and become Guardian Global Security plc and join the Main Market (Standard). Guardian is a technology group that supplies products to prevent unauthorised entry into areas that are deemed to have value, with maritime security being the main focus initially. Due early Feb.

Superdielectrics to join AIM, a Company which is focused on developing technology to build supercapacitors with high energy density, low cost, and environmentally benign electrical energy storage devices that will help create a clean and sustainable global energy and transportation system. Admission is expected to take place in. Delayed until Mid-Feb.


Breakfast Buffet

Immotion 5.05p £21m (IMMO.L)

Immotion, the UK-based immersive entertainment group, announced an expansion of capacity and a contract extension at Shark Reef Aquarium, inside Mandalay Bay Resort & Casino, Las Vegas, currently the Group’s largest installation. This will see the theatre capacity increase to 48 seats from its current 36 seats, allowing greater customer throughput, especially at peak times. The current contract, which will also include the expanded capacity, will also be extended by a further 12 month period through to 31 January 2024. In addition to the expansion at Shark Reef Aquarium, capacity at another two of the strongest performing sites has been significantly expanded. The installation at Sea Life London has been increased from 8 to 14 seats and the installation at Odysea Aquarium capacity has doubled (Scottsdale, Arizona) from 6 to 12 seats. Further to the trading update on 16 December 2021, the Company confirmed that unaudited H2 revenue was circa £6.6m, a 135% increase compared to unaudited revenue of £2.8m in H1 (H2 2020: £2.0m). H2 operating cash inflow was strong, with year-end cash on hand of £1.1m, almost double the £0.6m at the half year.

Lexington Gold 3.3p £8.6m (LEX.L)

Its Phase 2 reverse circulation (RC) drilling programme on the Loflin side of its Jones-Keystone-Loflin Project (JKL) has now been completed, such that the drill rig is now mobilising to the Jones-Keystone side of project. The RC drilling programme at JKL forms part of the Company’s larger ongoing 5,000m RC drill programme. A total of 18 drill holes for an aggregate of 1,695m were drilled at Loflin. Due to the significant sulphide mineralisation intersected on the southern side and outside of the current known Loflin resource (Loflin South), two additional RC drill holes were drilled in the newly identified area. Detailed logging and sampling of the 18 holes drilled on the combined Loflin South and main Loflin deposit has now been completed, with multiple intersections of sulphide mineralisation and alteration zones of over 25m identified. An additional 278 samples comprising of 4 metre sample composites as well as standards, blanks and duplicates have now been dispatched to American Assay Labs in Nevada for gold assaying as well as whole-rock geochemistry analyses. The Company is expecting all of the remaining outstanding assay and whole-rock results for its Carolina Belle project to be received back from SGS by the end of February 2022.

Morses Club 15.5p £21.2m (MCL.L)

The established provider of non-standard financial services, provided an update to investors. The cost base of the HCC division has been impacted in recent days by a rapid increase in claim volumes submitted via claims management companies. Given the scale of these complaints, it is anticipated that costs will increase and impact adjusted profit before tax for the current financial year, ending 26 February 2022. The Group now expects adjusted profit before tax for FY22 to be between 20% and 30% below current consensus, subject to year-end audit review. In addition, Paul Smith has left his role as Chief Executive Officer and stepped down from the board with immediate effect. Gary Marshall, the Chief Operating Officer, has been appointed as CEO, subject to FCA approval. The Board has confirmed that his current COO role will not be directly replaced. The Group will issue a full-year trading statement following the conclusion of the financial year, with financial results for the 52-week period ending on 26 February anticipated to be announced in May 2022.

Nightcap 17.5p £33.5m (NGHT.L)

The owner of The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, expects to announce its interim results for the 26 weeks ended 26 December 2021, on 14 March 2022. Nightcap also announced the next of a number of additional planned bar openings in 2022. In early April 2022 the Group will open The Cocktail Club in Exeter. This bar opening follows the announcement, in January 2022, of the signing of a new Tonight Josephine bar in Cardiff, which too is planned to open in early April 2022. The latest opening for The Cocktail Club, which is located at 23 Gandy Street, Exeter, EX4 3LS, covers an area of approximately 3,400 square feet with a 2:00 a.m. license Monday to Sunday. The site will have an unrestricted capacity of 200. In addition to these two new openings, and alongside its existing 27 sites, Nightcap has a further 24 premises under offer or in legal negotiations and continues to see favourable market conditions for site acquisitions across the country.

Panther Securities 285p £50.4m (PNS.L)

Further to the announcement dated 8 November 2021 in which the Company advised that the main tenant of Bentalls Complex, Maldon had decided to terminate the lease on 14 November 2021, the Company announced that a new lease has been signed for the majority of the property for £800k pa (the previous lease generated £650k pa) with effect from 1 March 2022. The property is let on a Full Repairing and Insuring lease, subject to a Schedule of Condition, for a period of five years with a mutual rolling break from the third anniversary whereby either party can serve six months’ prior written notice. The Bentalls Complex comprises a 200,000 sq ft high bay industrial building standing on a 9-acre site.

Physiomics* 5.65p £5.5m (PYC.L)

The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, updated on its collaboration with Tabula Rasa Healthcare Inc (TRHC) in the field of oncology (first announced in December 2020) following THRC’s recent press release regarding the intended sale of its DoseMeRx solution. Physiomics’ personalised dosing application for docetaxel in prostate cancer was successfully integrated into the DoseMeRx platform over the course of 2021. Following positive feedback on this proof of concept implementation, Physiomics and DoseMeRx are exploring further development in other cancer indications that may offer more significant commercial potential. During the sale process announced by TRHC, Physiomics continues to work with DoseMeRx and looks forward to further developing the collaboration with DoseMeRx’s new owners as and when the transaction is completed.

Premier African Minerals 0.41p £79.6m (PREM.L)

Update on progress at Premier’s Zulu Lithium and Tantalum Project. Bore hole ZDD035R intersected 21.1 meters from 37.1 meters at an average grade of 1.23% Li2O and 920 Rb ppm. Bore hole ZDD036 intersected 20.72 meters from 21.66 meters at an average grade of 1.44% Li2O and 4,318 Rb ppm. George Roach, CEO commented, “I am pleased to see that drill results are now starting to come in, and particularly that these results announced today are from an area not included in our initial resource estimates. They do support our expectations of further discoveries and a probable increase in the mineral resource at Zulu. At the same time, considerable work is focussed on refinement and upgrade of the resource. Further updates will follow. Our current objective is to secure direct trade investment into Zulu from a potential leading industry partner and while there is no certainty that a final investment agreement will be concluded, negotiations, together with legal, corporate, and technical due diligence, continue .”

Rural Broadband Solutions* 3.05p £9.6m (AQSE:RBBS)

The provider of high-speed broadband to rural areas of Great Britain announced approval of more projects which are part of the Gigabit Broadband Voucher Scheme and that it is in the final stages of work to be able to connect their first rural villages and towns to gigabit-capable broadband. Secure Web Services Ltd (SWS), a wholly-owned subsidiary of RBBS, has recently had further projects approved by the Scheme to provide gigabit-capable fibre broadband services to rural areas of Shropshire, including villages and rural towns. The most recent approvals include three rural towns, which are already part of the Dark Fibre loop built by SWS around South Shropshire. Up to 18th February, there have been in total 11 SWS projects approved for Government funding with vouchers available to a value of £2.5m. The number of “properties passed” covered by all approved projects so far is 4,896 , of which 1,628 will be directly eligible for Scheme funding subject to connection requests. The approved amount for these three towns is £1.8m of the total £2.5m. These three towns’ projects will pass approximately 4,500 properties of the 4,896 total, with 1,357 being eligible under the Gigabit Broadband Voucher Scheme. SWS has significantly progressed its work on connecting the first rural villages under the Scheme. As of December 2021, Fibre has now been hung between poles in Stiperstones and Woolston as part of the spine build. The spine build aggregates the connections from each of the premises, and takes them back to the backhaul/100Gbps (100,000Mbps) Dark Fibre network around Shropshire, which SWS completed in mid-2021 as a step towards delivery of fibre broadband services to properties in rural villages and towns.

Sareum Holdings* 4.45p £151m (SAR.L)

HY Dec 21 results from the specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of autoimmune diseases and cancer. Highlights include: Progress made advancing SDC-1801 towards clinical development as a potential treatment for autoimmune diseases and the acute respiratory symptoms of Covid-19. Final toxicology and safety studies required to file for an exploratory Clinical Trial Authorisation (CTA) were successfully completed in Q4 2021, and the final report is expected in Q1 2022. Preliminary findings from these studies continue to support Sareum’s plans to enter SDC-1801 into a first-in-human (Phase 1a) clinical study in healthy volunteers, and allow selection of an initial dose range. The CTA is expected to be filed during mid-2022. On SDC-1802, translational studies are underway to define the optimal cancer application prior to completing toxicology and manufacturing studies. Recently Sierra Oncology, Inc. the licence holder for SRA737, noted it is finalising the design of several potential clinical trials to advance its pipeline candidates, including SRA737, which could start in 2022. Raised £3.9m before expenses in the second half of 2021 largely through three subscriptions by high-net-worth individuals, bringing the total raised before expenses in 2021 to £6.3m. Cash at bank as of 31 December 2021 of £5.6m (£2.7m as of 30 June 2021; £1.3m as of 31 December 2020).

Savannah Energy 26p £340.9m (SAVE.L)

The British independent energy company focused around the delivery of Projects that Matter in Africa, announced that its Accugas subsidiary has entered into a new gas sales agreement (GSA) with the Central Horizon Gas Company (CHGC), a subsidiary of Axxela Limited, and a major gas distribution company situated in the South-South region of Nigeria. CHGC operates a 17km gas pipeline infrastructure network with a throughput capacity of 50 MMscfpd, which provides natural gas to industrial and commercial customers in the Trans Amadi Industrial Area of Port Harcourt as well as the Greater Port Harcourt Area, Nigeria. CHGC is majority owned and controlled by Axxela, which delivers natural gas to over 185 industrial and commercial customers via its gas infrastructure network across cities in Southern Nigeria including Lagos and Port Harcourt. Under the terms of the GSA, CHGC can nominate to be delivered up to a maximum daily quantity of 5 MMscfpd. The GSA is initially for a one-year period but is extendable by mutual agreement. Accugas will deliver gas via its Ikot Abasi Gas Receiving Facility and then via third-party gas infrastructure to CHGC in the Port Harcourt area. First gas deliveries are expected to commence within the next 12 months and are dependent on CHGC completing certain works to connect to the third-party gas delivery infrastructure. Accugas is not expected to incur any additional capital expenditure in this regard.

21 February 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