Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m.
Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company’s investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150m. Expected 4 October 2022.
The Sustainable Farmland Trust PLC, intends to float on the Premium Segment of the Main Market. The Company invests in a diversified portfolio of farmland and related agriculture-focused assets predominantly located in the US. Raising £200m. Timing TBC.
Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m.
Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late September.
Altona Rare Earths, the AQSE-listed mining exploration company focused on rare earth elements projects in Africa, intends to join the Main Market. The trading of its ordinary shares on the AQSE Growth Market will be cancelled simultaneously and its EPIC will be changed from AQSE:ANR to REE. Conditionally raised £1.1m. Expected late September.
Aquis Exchange 375p £103.2m (AQX.L)
The exchange services group announces its unaudited results for the six months ended 30 June 2022. Net Revenue increased 21% to £8.3m (1H21: £6.9m). The growth has largely been driven by increased contributions from the principal business divisions: pan-European secondary trading, technology sales, primary issuers and data revenues. EBITDA decreased 13% to £1.4m (1H21: £1.6m) following an investment in technology and development headcount. Pre-tax profit was £0.7m (1H21: £1.m). Membership of Aquis Exchange (AQX) grew to 42 (1H21: 39), despite a small decline in average monthly usage due to more volatile market conditions.
Brave Bison Group 2.05p £22.2m (BBSN.L)
The social and digital media company, announces its unaudited interim results for the six months ended 30 June 2022. Revenue increased 102% to £14.7m (H1 2021: £7.3m) and adjusted operating profit grew 221% to £1.3m (H1 2021: £0.4m). BBSN reported its highest half year profit before tax of £1.0m (1H21: £0.2m). In this period BBSN launched the new Brave Bison trade brand and acquired ‘Best Response Media’. The Board is comfortable that it will meet or exceed its expectations for the current financial year. Furthermore, the Board expects further growth in the next financial year as brand advertisers continue to migrate towards a differentiated customer proposition.
Good Energy Group 252.5p £42.6m (GOOD.L)
The renewable electricity company’s investee Zap-Map (a UK chargepoint mapping service) and the automotive manufacturer Nissan announce a partnership in which purchasers of Nissan’s electric vehicles (EV) will be provided with a Zap-Map Premium subscription that includes in-car support via Apple CarPlay or Android Auto. The subscription partnership offer applies to private and business orders for new Nissan EV passenger cars. Since 2014, Zap-Map has established a comprehensive map and dataset of electric vehicle charging points in the UK, including live status information for over 70% of charge points.
Jade Road Investments* 3.75p £4.3m (JADE.L)
The pan-Asian diversified investment vehicle reports its 1H22 results ended 30 June 2022. Total income increased 25% to $1.56m ((H1 21: $1.24m). Net profit was US$1.0m during the period (1H21: US$271k in net loss). As of 30 June 2022, the cash position was US$0.44m and loan and borrowings totalled US$3.8m. Net asset value (NAV) increased by 1.5% from 31 Dec 2021 to US$69m, translating to NAV of US$0.59 or £0.49 per share on 30 June 2022. Jade Road is continuing to pivot away from China and pursue opportunities in IT, fintech, healthcare and online commerce sectors in Southeast Asia.
Learning Technologies Group 127.1p £1,002.4m (LTG.L)
The digital learning and talent management group, announce its results for the six months ended 30 June 2022. Revenue grew 241% to £281.8m (H1 2021: £82.6m), largely supported by the acquisition of GP Strategies which contributed £184.9m and the FX tailwinds of a stronger US dollar. SaaS and long-term contract revenues decreased to 71% (H1 2021: 77%), reflecting a change in the portfolio mix since the acquisition of GP Strategies. Adjusted EBIT doubled over the prior year to £44.1m (H1 2021: £22.m). The company expects to deliver ahead of analysts’ consensus for FY22.
PCI-Pal 57.5p £37.6m (PCIP.L)
The global cloud provider of secure payment solutions for business communications, announces the launch of its Pay By Bank open banking solution for contact centres. It is the first in a series of new agent-assisted, digital payment products that enable merchants to minimise the cost of transactions and provide instant refunds – all while reducing fraud risk and chargeback costs. The first iteration of the service gives consumers the option to pay from any bank in the UK, with further global regions to be launched shortly. Pay by Bank uses bank-grade security from its technology partner TrueLayer, which is integrated into PCI Pal’s existing agent-assisted contact centre solutions.
Pelatro 23p £10.4m (PTRO.L)
The precision marketing software specialist announces its results for the six months ended 30 June 2022. Revenue increased 21% to $4.19m (H1 2021: $3.46m), including $2.41m in recurring revenue (H1 2021: $2.43m). However, Pelatro generated an operating loss of £74k due to 45% higher administrative expenses (H1 2021: £125k profit). Throughout the period the Company won 3 new customers, and with further contract wins and change requests, visibility is at least c. $8.5m for the full year of 2022 and $6m building into FY23.
Polarean Imaging 49.5p £105.5m (POLX.L)
The medical-imaging technology company, with an investigational drug-device combination product using hyperpolarised xenon-129 gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces that the U.S. Food and Drug Administration (FDA) has requested additional information from Polarean’s xenon-129 gas blend drug manufacturing partner, relating to the cGMP (Current Good Manufacturing Practice) pre-approval inspection at the partner’s production facility. The FDA has suggested that the required information would constitute a major amendment to the New Drug Application (NDA) that, if timely submitted, would allow for the FDA to grant a 90-day extension to the review timeline.
Rural Broadband Solutions* 2.31p £8.4m (AQSE:RBBS)
The provider of broadband services to rural areas of the UK, announces that it has received its first payment under the BDUK’s Gigabit Broadband Voucher Scheme, Project Gigabit. This follows the start of its rollout of gigabit-capable fibre broadband services to villages and towns in rural areas of Shropshire in order to provide high speed connectivity within the rural communities. This initial payment totalled just over £135k.
Tortilla Mexican Grill 168p £65m (MEX.L)
The fast-casual Mexican restaurant group in the UK, announces two Board changes to support its next chapter of growth. Francesca Tiritiello has been appointed as an independent Non-Executive Director with effect from 20 September. Francesca will take over as Chair of the Remuneration Committee from Laurence Keen. Laurence Keen has been appointed as Senior Independent Director (SID).
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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
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.
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