Small Cap Feast

21st July 2022

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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

AfriTin Mining 4.9p £54.4m (ATM.L)

The African metals mining company with a portfolio of mining and exploration assets in Namibia, announces the appointment of Mr. Hiten Ooka, as the new Chief Financial Officer. This is a non-board appointment. Mr. Robert Sewell has stepped down as CFO of the Company to pursue other opportunities. He will, however, remain as a consultant to the Company in the short-term to ensure a smooth transition process.

Base Resources 16p £195.7m (BSE.L)

The African mineral sands producer provides an operational, development and corporate update for the quarter ended 30 June 2022. FY22 production guidance was achieved. Prices increased for rutile and zircon while ilmenite prices remained steady. Record sales revenue of US$91.3m was reported. The Bumamani Project investment has been approved, extending Kwale Operations mine life to December 2024. The Tanzanian exploration samples assayed, with a follow-up aircore drilling program planned for the September quarter. The Toliara Project monazite and rare earth products concept study is underway and due for completion in the December quarter.

Bradda Head Lithium 7.6p £29.5m (BHL.L)

The North America-focused lithium development company, announces its intention to pursue a dual-listing of its ordinary shares on the TSX Venture Exchange. The directors believe the dual listing will be beneficial to the Company as it will expand the shareholder base and bring the Company’s lithium project portfolio to the attention of a robust resources market where lithium exploration companies have recently attracted significant investor interest.

BrandShield Systems 9.3p £13.1m (BRSD.L)

The provider of cybersecurity solutions for brand oriented digital risk protection, announces the results of a strategic partnership with The Sandbox, which was formed to ensure the safety and security of crypto wallets and NFT assets traded over the marketplace. From March to April of 2022, BrandShield successfully neutralised 120 phishing sites and 58 fake social media accounts impersonating the metaverse platform. The takedowns reported are the first data to emerge from the partnership. The Sandbox continues to employ BrandShield’s cybersecurity technology as a client in its fight against scams, phishing attacks, and other online threats.

Intelligent Ultrasound Group 14.3p £38.6m (IUG.L)

The ‘classroom to clinic’ ultrasound company, specialising in artificial intelligence (AI) software and simulation, announces that its revenue for the period to 30 June 2022 is expected to be £5.9m (H1 2021: £3.6m). Simulation related revenues from the direct sales team covering the UK and USA are expected to have grown by over 80% to £5.1m (H1 2021: £2.8m). However, sales from the reseller network and the rest of the world revenue are expected to decline by 37% to £0.5m (H1 2021: £0.8m). The clinical AI products remain in the early stages of commercialisation and expects to recognise revenue of £0.3m (H1 2021: £0.1m). Cash at bank at 30 June 2022 is expected to be £3.5m (31 December 2021: £5m).

IXICO 35p £16.9m (IXI.L)

The precision analytics company delivering intelligent insights in neuroscience, announces that it has again been selected by a global pharma company to support their drug development programme in Huntington’s disease. IXICO will provide a range of services to support the phase II dose finding study to explore safety, biomarkers and efficacy of the investigative drug in over 300 participants with early manifest and prodromal Huntington’s disease. As part of this study, IXICO will leverage its Trial Tracker platform to enable over 70 imaging centres across 16 countries to upload anonymised patient MRI scans to IXICO.

Osirium Technologies 6.3p £2.9m (OSI.L)

The vendor of cloud-based cybersecurity and IT automation software, announces a new contract worth c. £140k for a 3-year subscription for its Privileged Access Management (PAM) solution with a UK university. The university has selected the Group’s PAM solution to address requirements for improved security for IT system access, especially by third parties. This contract represents 8.9% of the total bookings achieved by the company in 2021.

Purplebricks Group 14.5p £44.5m (PURP.L)

The UK’s tech-led estate agency announces that Ait Voncke is to join the Purplebricks Board as a Non-Executive Director with immediate effect. Ait is the Axel Springer board representative and replaces Dr Stephanie Caspar, who steps down from the Board with immediate effect. Axel Springer holds 26.53% of Purplebricks.

The Fulham Shore 12.5p £79.4m (FUL.L)

Fulham Shore announces its audited results for the year ended 27 March 2022. Revenue increased 105% to £82.7m (2021: £40.3m). Reported operating profit was £6.7m (2021: loss of £4.8m), profit before tax £3.9m (2021: loss of £7.5m) and EBITDA of £19.5m (2021: £8.7m). The total number of restaurants increased both in the UK to 82 (2021:72) and globally, 84 (2021:72). The company remained cash flow positive during the financial year and continues to trade in line with management expectations in Q1 of FY2023.

SDI Group 156.5p £159.9m (SDI.L)

The company focused on the design and manufacture of scientific and technology products in digital imaging, sensing and control applications, announces its final audited results for the year ended 30 April 2022, with profits ahead of market expectations. Revenue increased by 41.6% to £49.7m (2021: £35.1m) including 21.6% organic growth. Adjusted operating profit increased by 57.1% to £12.1m (2021: £7.7m). Adjusted profit before tax increased by 59.5% to £11.8m (2021: £7.4m) and adjusted diluted EPS increased by 45.9% to 8.71p (2021: 5.97p). The company pursues both organic growth and growth through acquisition. During the period, two new acquisitions were completed.

21 July 2022
*A corporate client of Hybridan LLP

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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).

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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.

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