Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023.
M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.
Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Admission Delayed. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed.
Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.
Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Admission delayed to late March from mid-March 2023.
Brand Architekts Group 28p £7.8m (BAR.L)
The development and supply of beauty and personal care brands, announces its interim results for the 6-month period ended 31 December 2022. Revenues for the period increased 45% to £10.6m, as a result of the acquisition of Innovaderma Plc at the end of May 2022. Gross Profit Margin improved to 38.9% (H1 22: 32.5%) and underlying operating loss of £0.8m remained flat with the year prior (H1 22: £08m). Loss before tax increased to £1.8m (H1 2022: £1.1m) owing to Innovaderma related exceptional costs and intangibles amortisation. The Group remain focused on delivering its strategy and returning the Group to profitability.
Caracal Gold 0.4p £7.5m (GCAT.L)
The expanding East African gold producer announces the discovery of a new high-grade zone above the current underground workings and above the areas drilled as part of the Mineral Resource Estimate (MRE) on the Kilimapesa Hill deposit. The area is being accessed from the current open pit, and with exploration drilling on hold at present, a decision was made to bulk sample the area and process the material through the milling plant. 360tpd is being processed through the milling plant, with average grades rom 3.31g/t to 4.74g/t being processed. The exploration team is extending the work on the high-grade zone to define the full extent of the strike, this will be followed by trenching, sampling and drilling, with the goal of defining high grade ore for long-term processing through the milling plant and to include the ounces into the Kilimapesa Hill MRE.
Fintel 198.5p £205.4m (FNTL.L)
The provider of Fintech and support services to the UK retail financial services sector, announces its audited consolidated results for the year ended 31 December 2022. Core revenue increased 8% to £56.4m ahead of its medium-term target, underpinned by growth in the Fintech and Research division. Adjusted EBITDA increased 6% to £19.4m, while statutory EBITDA decreased 33% from £25m to £16.7m. Net cash at the end of the period of £12.8m with a revolving credit facility fully repaid and undrawn since June 2022. Revenue and adjusted profit before tax performed inline with the Board's expectations. Current trading in 2023 has continued to perform in line with expectations.
Fusion Antibodies 35p £9.1m (FAB.L)
A contract research organisation providing discovery, design, and optimisation services for therapeutic antibodies to the global healthcare market, announces that it has filed a patent application for a panel of antibodies that bind to an important target for cancer therapeutics. These antibodies have the potential to inhibit the pro-tumourigenic activity of their target in cancer, which is supported by pre-clinical data. The Company is exploring options to out-licence these antibodies to a clinical development company to progress them into Phase I clinical trials.
Powerhouse Energy Group 1p £39.6m (PHE.L)
The company pioneering integrated technology which converts non-recyclable waste into low carbon energy, announces that it has agreed Heads of Terms (HoTs) with Hydrogen Utopia International Plc (LON: HUI) for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at Longford, County Longford in the Republic of Ireland (the Longford Project). Under the HoTs, PHE and HUI have agreed to use a joint venture vehicle with equal shareholding and development costs being contributed to on a 50:50 basis. PHE has agreed to pay HUI a non-returnable payment of up to £400k in cash in recognition of HUI's contribution to identifying the Longford Project, securing the option to lease and progressing the project. This cash payment comprises an initial payment of £100k on signing the HoTs, a further £100k upon finalisation of the project documentation, and £200k to HUI once planning permission has been granted for the Longford Project on the Longford Site.
Pressure Technologies 38.5p £14.9m (PRES.L)
The specialist engineering group, provides a trading update. The Board is reviewing its accounting policy and past accounting treatment in respect of a small number of long-term defence contracts within its Chesterfield Special Cylinders division. As a result of a correct application of IFRS 15, the Group's results for FY22 are now expected to reflect a £1.2m increase in operating losses over the £1.4m previously announced. The correct application of IFRS 15 has also been applied to prior periods FY19, FY20 and FY2. However, there will be a corresponding increase in operating profits of £2.3m over the remaining lives of these contracts, the majority of which is expected to be in FY23 and FY24. The accounting adjustments only impact the timing of profit recognition under these specific contracts. The Board remains confident in underlying market opportunities and continues to foresee a return to profitability and positive cash generation in FY23.
Renalytix 77.5p £72.7m (RENX.L)
Renalytix plc announces that the review process with the Food and Drug Administration (FDA) for the KidneyIntelX De Novo marketing authorisation application has been delayed, but continues at an advanced stage. Previously the FDA indicated to the Company that completion of the process would be before the end of Q1 2023. The FDA is now working towards a decision date by the end of Q2 2023. Based on recent interactions with the FDA, while there can be no guarantees, management remains optimistic and is working diligently with the FDA towards a successful outcome.
SpaceandPeople 75p £1.5m (SAL.L)
The retail, promotional and brand experience specialist, issues a pre-close trading update for the year ended 31 December 2022 (FY22). Total unaudited revenue for FY22 is approximately £5.5m; in line with market expectations. As at 31 December 2022, the Group had cash of £1.9m (31 December 2021: £1.4m) with £1.5m of term loans (2021: £1.8m) and undrawn bank facilities of £0.7m. Cash headroom at 31 December 2022 was £2.6m (2021: £2.2m). Trading momentum has continued in early 2023.
Symphony Environmental Technologies* 9.5p £17.6m (SYM.L)
The global specialists in technologies that make plastic and rubber products smarter, safer and sustainable, provides an update on the EU court hearing. The company’s case against the Commission, Parliament, and Council of the European Union was heard on 20 March 2023 in the General Court of the EU in Luxembourg. Symphony's case is that Art. 5 of the Single-use plastics Directive 2019/904 is unlawful and is claiming for losses and reputational damage. Symphony does not accept that Article 5 applies to its technology, but the confusion caused worldwide by the wording of the legislation is obstructing the adoption of the technology. A written judgment will be delivered in due course, which the Company’s legal advisers estimate could be 12 to 15 months after the hearing, and without prior notice.
Tissue Regenix Group 0.615p £43.3m (TRX.L)
The regenerative medical device group, announces its audited results for the year ended 31 December 2022. Group revenues increased by 24% to USD24,476k (2021: USD19,746k), the Group experienced growth across all three key business segments (BioRinse, dCELL and The Group’s joint venture, GBM-V). Gross profit for the year was USD11,258k (2021: USD8,476k). Gross margin increased to 46% (2021: 43%). The Group reported a positive Adjusted EBITDA for the first time in the fourth quarter of 2022. The loss for the year was USD2,596k (2021 loss: USD4,985k); the reduction in the loss was driven by the increases in sales revenue and gross margin percentage. In 2023, TRX aims to pursue the commercialisation of products which utilise its core technology platforms, provide product line extensions that are fast to market, and address a specific clinical or commercial need.
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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.
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MIFID II status of Hybridan LLP research
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