Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.
CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) It is rumoured to be valued at between £800m and £1bn with Admission currently expected to occur in July 2023.
Avacta Group 115.0p £316.7m (AVCT.L)
A life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, announces that the dose escalation Phase 1 clinical trial to evaluate the safety and tolerability of AVA6000 has been completed successfully. The data continue to show a very favourable safety profile for the tumour targeted chemotherapy and several patients in cohort 5 and earlier cohorts remain on treatment as their disease has not progressed. AVA6000 is a form of doxorubicin that has been chemically modified with Avacta's pre|CISIONTM platform designed to reduce systemic side effects by targeting the release of active chemotherapy in tumour tissue. The Company are keen to progress onto the Phase 1b efficacy study as soon as possible following completion of the dose finding Phase 1a study.
Bushveld Minerals 3.03p £38.9m (BMN.L)
The integrated primary vanadium producer and energy storage solutions provider, announces its full year results for the year ended 31 December 2022. Revenue increased by 39% to US$148.4m (2021: US$106.9m), as a result adjusted EBITDA loss reduced by 83% to US$1.7m (2021: adjusted EBITDA loss of US$9.9m). Net loss for the Company of US$35.4m (2021: US$34.2m) and holds cash of US$10.9m. The Company is on track to meet 2023 production guidance of between 4,200 mtV and 4,500 mtV, and weighted average production cash cost (C1) guidance of between US$26.1kgV and US$27.0/kgV, (ZAR447/kgV and 438/kgV).
Cerillion £14.70 £433.8m (CER.L)
The billing, charging and customer relationship management software solutions provider, announces that it has signed a major new six-year contract worth a total of £15.1m. The contract has been signed with an existing telecommunications customer, which operates in Europe, and has been a customer for the past four years. It encompasses managed services, support and subscription to Cerillion's Evergreen Software Programme. All of the revenue is subscription income that will be recognised over the term of the contract, and will support current consensus market forecasts.
Chariot Oil & Gas 15.45p £148.9m (CHAR.L)
The Africa focused transitional energy company, announces its audited final results for the year ended 31 December 2022. Significant gas discovery and drilling operations successfully completed on the Anchois Gas Development project, located in the Lixus licence, offshore Morocco. Post-well analysis confirmed excellent, consistent gas, delivered a material increase in resources totalling 1.4Tcf in total remaining recoverable resources (2C and 2U) and de-risked a number of high potential future targets. The Company further announced a partnership agreed with Vivo Energy to develop a gas-to-industry market in Morocco which further commercialises future production. The Company completed a placing which successfully raised $29.5m in June 2022 and holds cash of $12.1m with no debt.
Polarean Imaging 26.75p £57.0m (POLX.L)
The medical imaging company, announces that the Company's Board of Directors has appointed Christopher von Jako, Ph.D. as Chief Executive Officer and director of the Company, effective immediately. Dr. von Jako succeeds Richard Hullihen, who will be retiring and will be stepping down as a Director of the Company. With 30 years of global healthcare leadership experience, Dr. von Jako has led both private and publicly listed businesses, and was previously CEO of Brainsway and Dynatronics prior to that.
Power Metal Resources 0.83p £17.0m (POW.L)
The exploration company with a global project portfolio, announces key developments to its uranium (U) business, which covers a combined 1,005km2 across 17 properties in and around the prolific Athabasca Basin in Saskatchewan, Canada. Tait Hill is located 30km north of the Athabasca Basin and is considered by the Company to be highly prospective for intrusive- and pegmatite-hosted uranium mineralisation and exploration over Tait Hill conducted by Saskatchewan Mining Development Corporation (SMDC) in 1977 returned exceedingly high soil results (up to 13,200 ppm or 1.3% U) and lake sediment results (99.8th percentile) from the centre of the project. The Company completed its acquisition of the Perch River Uranium project, which covers an area of 9.41km2 and is entirely within the prolific Athabasca Basin.
SkinBioTherapeutics 12.75p £22.1m (SBTX.L)
A life science business focused on skin health, has announced that it has received approval from regulators to issue AxisBiotix-Ps™, a food supplement to alleviate the symptoms associated with Psoriasis, into the Italian market. The announcement follows the launch of AxisBiotix-Ps™ in Spain, after prior authorisation was received in March. The next target country for launch is France and talks with French regulators are currently underway and commercialisation is anticipated in H2 2023.
Strategic Minerals 0.175p £3.5m (SML.L)
A operating minerals company actively developing projects tailored to materials expected to benefit in the future announces its final results for the year ended 31 December 2022. Profit before tax for the Group was $0.372m (2021: $0.257m) an increase of 44% and net cash generated from operating activities was $0.774m (2021: $0.610m). The Group holds cash position of $0.34m (2021: 0.61m). The Group’s Project Cobre showed a dip in sales revenue by 6.5%, despite this, a total of 36,282 short wet tons of magnate was sold resulting in sales of $2.45m. Since the Group’s acquisition into Leigh Creek Copper Mine Pty, the Company has invested in a temporary restart of operations to test existing operating capacity and in preparing and submitting a Programme for Environmental Protection and Rehabilitation in relation to its Paltridge North deposit.
Tekmar Group 10.38p £14.1m (TGP.L)
A provider of technology and services for the global offshore energy markets, announces its half year results for the 6-month period ending 31 March 2023. Revenue of £17.7m (HY22: £13.0m) with strong growth across both Offshore Energy (37%) and Marine Civils (35%) divisions, compared with prior year. Gross profit margin for the Period increased to 28% (HY22: 22%), and Adjusted EBITDA loss of £0.6m (HY22: loss of £1.8m). The Company announced it was awarded US$10m of contract in January 2023 for pipeline support and protection for a major subsea customer in the Middle East and a £5m contract awarded in May 2023 to design, manufacture and supply Cable Protection System Solution for delivery in 2024.
Water Intelligence 425p £91.5m (WATR.L)
A multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, announces its full, audited results for the year ended 31 December 2022. Revenues increased 31% to $71.3m (2021: $54.5m) as a result adjusted EBITDA increased by 20% to $12.4m (2021: $10.3m) and an increase to adjusted profit before tax by 12% to $7.8m (2021: $6.9m). The Company holds cash of $19.4m and cash net of debt and deferred acquisition payments of $(8.4)m. The Company has completed franchise acquisitions in Forth Worth and Midland Texas during the year and has acquired another franchise in Nashville Tennessee post period end.
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”.
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@chrish351.sg-host.com with “unsubscribe me”.
