Small Cap Feast

22nd July

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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

FRP Advisory Group 139.5p £347.3m (FRP.L)

The national specialist business advisory firm announces its results for the year ended 30 April 2022. Revenue was £95.2m, up 21% from the previous year. Adjusted underlying EBITDA rose by 12% to £25.7m (2021: £23m). The growth was underpinned by its corporate finance business in the UK M&A mid-market and the company has seen more enquiries for restructuring services in recent months. Trading since 1 May 2022 is in line with expectations.

Manx Financial Group 8.5p £9.8m (MFX.L)

The financial service company announces that Jim Mellon and Burnbrae Limited have agreed to extend outstanding unsecured convertible loans of £1.7m, due to expire on 31 July 2022, for a further five years to 31 July 2027. A loan of £1.2m is from Burnbrae and the remaining loan of £0.5m is from Jim Mellon himself. The new annual interest rate will be 7.5% (previously 5.0%) and the new conversion price will be 8.0p per share (previously 7.5p). Jim Mellon is a director of the Group and indirectly wholly owns and is Chairman of Burnbrae and Denham Eke, also a director of the company.

Mirriad Advertising 9.5p £26.5m (MIRI.L)

The in-content advertising company announces a trading update for the six months ended 30 June 2022. H1 2022 revenues declined 49% to £577k (H1 2021 £1,137k), due to China revenues down 85% from £820k in H1 2021 to £123k. The company has decided to wind down its Chinese operations by the end of the Tencent contract in March 2023. Meanwhile, US revenues grew by 57% to £418k (30 June 2021 £266k), now accounting for 72% of total revenue. Management guides that annual revenue for 2022 is expected to be flat year-on-year at approximately £2m.

Stanley Gibbons 1.6p £6.8m (SGI.L)

The long-established rare stamp dealer proposes cancelation of trading on AIM and is convening an extraordinary general meeting on 30 August 2020 for shareholder resolution. Phoenix Asset Management Partners (on behalf of Phoenix S.G. who owns 58% of Stanley Gibbons) believes there are clear advantages in delisting. Independent directors of Stanley Gibbons conclude that the access to capital on AIM is unlikely to be significantly more cost-effective than the funding options provided by the majority shareholder in the near to mid-term.

Supply@ME Capital 0.09p £37.1m (SYME.L)

The inventory monetisation platform for manufacturing and trading companies announces a capital raise of up to £320,855 through an open offer of new ordinary shares, as part of its Capital Enhancement Plan announced on 27 April 2022. Qualifying Shareholders will have the opportunity to subscribe for up to 641,710,082 shares in aggregate at the offer price of 0.05p per share, i.e., the same price available to Venus Capital. On 18th July 2022, the company issues third tranche of shares under equity funding facility with Venus Capital, with £675k raised in issue of 1.4m shares at 0.05 pence.

Titon Holdings 70p £7.8m (TON.L)

The international manufacturer of ventilation systems, window and door hardware, provides a trading update on the current year to 30 September 2022 (FY21/22). The company indicates continued shortage and price increases of raw materials and components. Trading has also been affected by the implementation of the new ERP system for the UK/EU operations. Hence, FY21/22 financial results will be lower than prior expectations. At 30 June 2022, the company had a cash balance of approximately £3.0m and no indebtedness.

Trident Royalties 41p £119.4m (TRR.L)

The diversified mining royalty company provides a update on the Thacker Pass lithium project in Nevada. Trident holds a 60% interest in a gross revenue royalty over the entirety of this lithium carbonate project. Early works construction remains on track to commence in 2022. An appeal of the Federal Record of Decision is ongoing with briefings scheduled to end on 11 August 2022. The feasibility study is expected to be delivered in the second half of 2022, targeting a production capacity of 40,000 tonnes per annum in Phase 1 and 80,000 tonnes per annum in Phase 2.

Vela Technologies 0.028p £4.5m (VELA.L)

The investing company focused on early-stage and pre-IPO disruptive technology investments, provides an update for the quarter ended 30 June 2022. The fair value of the investment portfolio was £5,972k, up 6% (31 March 2022 – £5,616k) and reflecting the investments of £300k and a net increase in fair value by £56k during the quarter. Vela had a cash balance of £631k (31 March 2022 – £949k). Notwithstanding the uncertain economic outlook, Vela remains positive about the prospects for its investees.

Victoria Oil & Gas SUSPENDED (VOG.L)

The onshore gas producer and distributor with operations in Cameroon, provides an operations update for the second quarter of 2022. Average daily gross gas sales rate for the quarter was 5.6 MMscf/d (up 2% on Q1 22: 5.5 MMscf/d), and a gross volume of 4,243 bbls (Q1 22: 4,691 bbls) condensate was shipped to customers. Meanwhile, as announced on 4 April 2022, the Tribunal directed Gaz du Cameroun (GDC) and RSM to confer regarding the proposed procedure for resolution of costs and attorney’s fees with a target date for resolution by 30 June 2022. GDC is 100% owned by Victoria Oil & Gas. Previously, the International Chamber of Commerce made a partial final award for $12.1m plus interest against GDC. The question around costs and fees for lawyers remains open.

Yellow Cake 351.8p £644.2m (YCA.L)

The company offering direct exposure to the spot uranium price announces its results for the year ended 31 March 2022. The value of its holding of U3O8 during the financial year increased by 203% to US$916.7m as at 31 March 2022, as a result of the appreciation in the uranium price and a net increase in the volume of uranium held. Profit after tax of USD417.3m for the year ended 31 March 2022 (2021: USD29.9m). Management expects a sustained increase in uranium demand in years to come given the global demand for nuclear energy.

22 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).

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.

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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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