Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.
AT85 Global Mid-Market Infrastructure Income plc, a UK investment trust targeting an innovative, adjacent-space strategy in some of the most sought-after sectors in infrastructure, is proposing to undertake an IPO on the Premium Segment of the Main Market. The Company has access to an initial portfolio of assets of £98.5m and a total pipeline (including the Initial Assets) of £539.8m. Targeting to raise c.£300m.
Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the London Stock Exchange. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset portfolio. LTA aspires to be a “best-in-class” private assets vehicle, targeting 0.55% per annum management fee and typically a 7 to 8% p.a. hurdle rate of return. Date and amount to be raised TBD.
One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022.
Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.
World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.
Arecor Therapeutics 250p £76.5m (AREC.L)
The biopharmaceutical group advancing today’s therapies to enable healthier lives, announces that the Japan Patent Office has granted a patent ( JP7145849) protecting novel formulations of the Group’s proprietary insulin products, AT247 and AT278. The same patent has also been granted in South Korea. These granted patents further strengthen the Group’s extensive patent portfolio protecting its proprietary Arestat™ technology and diabetes product portfolio.
Calnex Solutions 157.5p £137.9m (CLX.L)
The provider of test and measurement solutions for the global telecommunications sector, announce its unaudited results for the 6 months ended 30 September 2022 (H1 FY23). Revenue increased 38% year-on-year to £12.7m. Profit before tax was £3.1m, up 34%. Relationship development with hyperscale customers has been progressing well. Sentry, the new Network Synchronisation product for cloud computing, is due to be launched in H2. With a strong order book into H2 FY23, the Board is confident that the Group’s performance for FY23 will be in line with market expectations.
CentralNic Group 126p £363.7m (CNIC.L)
The global internet software company that derives recurring revenue from online marketplaces, announces its unaudited financial results for the 9 months ended 30 September 2022. Revenue increased by 88% to US$526.7m and adjusted EBITDA doubled to US$62.0m, driven both by organic growth and acquisitions. Leverage reduced from 2.2x pro forma EBITDA as of 31 December 2021 to 1.2x due to improved profitability. The Board remains confident in the Company’s outlook, with the business trading comfortably inline with the recently upgraded market expectations.
Cordel Group 7.5p £12.8m (CRDL.L)
The artificial intelligence platform for transport corridor analytics, announces the launch of Automated Intelligent Clearance (AIC), a SaaS-delivered automated gauging and clearance solution. AIC enables global rail operators to optimise the use of networks for revenue-earning trains. Building upon its multi-year engagement with Network Rail in the UK, Cordel launches AIC as an enterprise framework solution that solves clearance and gauging challenges for all types of railway networks. Cordel is partnering with D/Gauge Ltd, a recognised leader in gauging services. AIC combines D/Gauge’s specialised expertise with Cordel’s rail corridor asset detection AI technology and extensive automated clearance datasets.
Crossword Cybersecurity* 21.5p £19.9m (CCS.L)
The cybersecurity solutions company focused on cyber strategy and risk, announces that the UK arm of international defence and security company, Leonardo, has selected Rizikon, Crossword’s supplier assurance and third party risk management platform, to assist in assessment of cyber risk in their supply chain. Leonardo will utilise Crossword’s Rizikon platform to enhance visibility, automation and efficiency in their assessment of cyber risks throughout their supply chain of 2,100 companies in the UK, 2/3 of which are SMEs. The platform will be used as part of the company’s new supplier on-boarding process and can also be utilised to assess existing suppliers over time.
Deepverge 2.05p £15.6m (DVRG.L)
The vertically integrated business that integrates technology platforms, announces an organisational restructure of its environmental and life science divisions. Modern Water will focus primarily on markets in China, South Asia and EMEA. Labskin and Skin Trust Club will primarily target the North American market. These restructuring initiatives are expected to save costs of up to £2.0m on an annualised basis. The incremental cash costs of implementing the reorganisation are not expected to exceed £0.2m. The Company will seek to minimise the impact of these measures on the workforce, however potential redundancies may need to be considered in some areas of the business.
SigmaRoc 49.5p £315.9m (SRC.L)
The specialist quarrying group that invests, improves, integrates and innovates companies in Europe, announces that it will install its first carbon capture facility in Q1 2023 with the aim to capture all kiln process emissions by 2030, well ahead of its 2040 Net-Zero targets. The Group has entered into an agreement with Aqualung Carbon Capture AS (Aqualung) a leading membrane carbon capture and separation technology provider. SigmaRoc and Aqualung will construct Europe’s first industrial scale facility of its type at Nordkalk in Q1 2023.
Solid State 1,275p £144.3m (SOLI.L)
The specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces that it has been awarded a further £9.8m contract by the NATO Support and Procurement Agency to supply communications equipment to a defence customer through its Systems division. The revenues from this contract are expected to contribute towards market expectations for the financial year 2023/2024. Gary Marsh, Chief Executive of Solid State indicates that this is a follow-on order from NATO, after securing the £7.3m contract announced on 14 November 2022.
Southern Energy Corp. 62.5p £84.2m (SOUC.L)
The producer with natural gas and light oil assets in Mississippi, announces its third quarter results ended September 30, 2022. Petroleum and natural gas sales were US$19.2m in Q3 2022, up 268% year-on-year. Net earnings were US$6.6m during the quarter, an increase of 53% compared to Q3 2021. Based on the success of the initial three well appraisal program at Gwinville, the Board has approved a capital budget of $78.1m for H1 2023. Natural gas pricing has remained strong in the Southeastern U.S. spot and forward basis markets highlighted by the August 2022 settlement price where a portion of Southern’s natural gas sold for approximately $5.00 per MMBtu premium to NYMEX. The futures markets continue to indicate premiums to NYMEX extending out to 2026. At current pricing the Company’s average horizontal well at Gwinville is expected to pay-out in less than 12 months.
Tissue Regenix Group 0.605p £42.6m (TRX.L)
The regenerative medical devices company announces that it has signed an exclusive distribution agreement with 2med GmbH (2med), a Hamburg-based service provider for surgical and orthobiological treatments of the musculoskeletal system, for the distribution of OrthoPure® XT in Germany. The OrthoPure® XT decellularised xenograft ligament utilises Tissue Regenix’s patented dCell® technology and is the only available non-human biologic graft indicated for certain ligament reconstruction procedures.
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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).
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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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MIFID II status of Hybridan LLP research
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