Small Cap Feast

22th May 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 
Dish Of The Day:

Joiners: 
No joiners today.

Leavers: 
OKYO Pharma Limited has left the Standard Segment of the Main Market on the London Stock Exchange.

The British Honey Company has withdrawn from the Aquis Stock Exchange 



What’s Cooking In The IPO Kitchen?

The Kitchen is empty.


Breakfast Buffet

Andrada Mining 5.9p £90.7m (ATM.L)
An African technology metals mining company with a portfolio of mining and exploration assets in Namibia announces that it has produced lithium concentrate in the form of a high purity petalite concentrate consisting of 0.5 tonnes of petalite at 85% purity assayed at 4.16% Li2O. Potential offtakers have indicated that this concentrate composition represents a desirable lithium product. Construction of an on-site lithium pilot plant is on schedule with completion due during June 2023, and commissioning expected in July 2023.

Coro Energy 0.18p £5.0m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio announces its final results for the year ended 31 December 2022. Coro resumed and increased gas production from its Italian onshore operations to benefit from the rise in gas prices in Italy resulting in a profit of US$ 2.6m for the year and a cash benefit to the Group. The Group continued its progress toward commercialising the Mako gas field and is progressing its planning and permits for both renewable solar and wind projects in the Philippines.

Cora Gold 3.8p £14.1m (CORA.L)
The West African focused gold company announces its final audited results for the year ended 31 December 2022. Ahead of construction, Cora's Sanankoro Gold Project highlighted several milestones including: updated Mineral Resource Estimate (MRE) provided a 14% increase in total MRE ounces for 24.9 Mt at 1.15 g/t Au for 920 koz, optimised project economics, which included: 52.3% internal rate of return, 1.2-year payback period, US$71.8m first full year free cash flow (FCF) and US$234m FCF over the life of the mine. The mine is set to start in 2023.

Ilika 43p £68.1m (IKA.L)
A developer in solid-state battery technology provides an update on trading, Stereax® manufacturing, and Goliath product development. The Company expects to announce revenues of approximately £0.8m (2022: £0.5m), and an EBITDA loss of £7.0m (2022: EBITDA loss of £6.4m). Ilika has been improving process yield and qualifying initial product batches of their Stereax M50 cells and has released its first customer shipment in April 2023. Product development of Goliath, Ilika's large format battery for electric vehicles and consumer appliances, has continued to progress to schedule. The Group is trading in line with management expectations.

Kinovo 50p £31.1m (KINO.L)
The property services Group that delivers compliance and sustainability solutions announces the following contract wins. As announced on 22 February 2023, the Company was awarded a new contract worth £12m over five years by The Hyde Group (Hyde). This contract now offers the potential to deliver £40m over the next eight years. Kinovo has also been awarded two further contracts with existing clients; one with the London Borough of Barnet undertaking mechanical work with a value of £1m over seven months and the other for the Royal Borough of Greenwich, with a value of £1m over a year.

Norman Broadbent 5.88p £3.6m (NBB.L)
A quoted Executive Search and Interim Management firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services announces its Quarter 1 2023 trading update. Revenue up 67% to £2.92m (Q1 2022: £1.75m), net fee income up 66% to £2.43m (Q1 2022: £1.46m), and 4 additional fee earners hired in Q1 2023 covering Digital and Technology, Investor Practice, Industrial Automotive and Change and Transformation. The Company aims to grow over the coming years in a sustainable fashion.

Oncimmune Holdings 39.1p £29.0m (ONC.L)
The global immunodiagnostics group announces that it has sold its wholly-owned subsidiaries, Oncimmune Limited (including the CE-marked IVD EarlyCDT® Lung blood test, antibody platform and research and development pipeline) and Oncimmune Europe GmbH to Freenome Holdings, Inc. for a total of £13m in cash. The Board has been considering several options for the realisation of value from non-core assets and is focusing its corporate strategy on the development and growth of its pharma services offering through the acquisition of the ImmunoInsights Business.

Quadrise 1.25p £17.6m (QED.L)
The supplier of innovative energy solutions for a cleaner planet, provides an update on its fuel trial in Morocco. Quadrise personnel at the client site confirmed the MSAR and bioMSAR fuel quality and fully commissioned the Company's pumping and heating unit at load. The cold start-up of the combustion unit was carried out, but unfortunately, whilst running at 100%, a mechanical component in the PHU failed progressively, reducing the available unit load achievable from the Quadrise burner. The parties agreed to pause the trial such that the part could be replaced. The Company looks forward to returning and completing the test fully during the next production run with its team.

Yourgene Health 0.22p £7.0m (YGEN.L)
The international molecular diagnostic group announces the reappointment of Dr. Joanne Mason, Chief Scientific Officer, as a Director of the Company with immediate effect. Dr. Mason has been leading the development of Yourgene's next generation molecular diagnostics, in particular in the area of reproductive health, helping the Company deliver on its new product roadmap and commercial success.

Zinc Media Group 112.5p £24.5m (ZIN.L)
The television, brand and audio production group announces that it is partnering with Idris Elba's Green Door Pictures and Sabrina Elba's Pink Towel to make PAID IN FULL: The Battle for Payback (working title) for public broadcasters CBC (Canadian Broadcasting Corporation) and the BBC. This multi-million-pound international co-production series is commissioned by CBC and the BBC, and funded and co-produced by a partnership between Abacus Media Rights and Media Musketeers Studios. The Board are proud to be working with Idris Elba and Sabrina as Executive Producers to showcase this documentary.

22 May 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

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”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram