Small Cap Feast

23rd September 2022

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What’s Cooking In The IPO Kitchen?

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.


Breakfast Buffet

7digital Group 0.19p £5.3m (7DIG.L)

The provider of B2B end-to-end digital music solutions, announces that it has raised £500k in the form of an unsecured loan from Magic Investments S.A., a significant shareholder. The interest rate is 5% per annum, with interest repayments on a quarterly basis. The principal will be repaid in one lump sum, on or before 1 October 2023. The funds will be used to fund working capital and to fully repay the £50k previously drawn on the loan from Tamir Koch, announced on 30 June 2022. The company also announces the appointment of Mark Foster, who has been a non-executive director since April 2015, as Interim Chairman following the resignation of Tamir Koch.

B90 Holdings 4.63p £13m (B90.L)

he online marketing and operating company for the gaming industry, announces its unaudited interim results for the six months ended 30 June 2022. Revenues increased 150% to EUR1m (H1 2021: EUR0.4m). The net loss was EUR1.3m (H1 2021: EUR1.4m). During the period, B90 acquired Tippen4you, an established forum focused on the German market, and appointed Karim Peer as Executive Chairman. Revenues in both July and August 2022 were in line with monthly revenues in the second quarter of 2022.

Crossword Cybersecurity* 24p £18.2m (CCS.L)

The cybersecurity solutions company focused on cyber strategy and risk, announces that it has completed an oversubscribed fundraise of £3.6m at a price of 21.7p per ordinary share. The proceeds will be used for sales and marketing, product development, geographical expansion to support the 24/7 monitoring services and for general working capital purposes. The placing price represents a 10% discount to the closing bid-price on 22 September 2022.

In The Style Group 26.5p £13.9m (ITS.L)

The disruptive and inclusive digital womenswear fashion brand, announces a trading update ahead of its AGM today. As at 21 September 2022, net cash was at £4.3m, following investment and exceptional items of £0.6m as part of the warehouse move, in line with the Board’s expectations (31 March 2022: £5.8m). The invoice discounting facility remained undrawn, with £0.8m of liquidity available. The Group refined its long-term growth strategy at its FY22 results in July and management remains confident with the progression to date.

KCR Residential REIT 15p £6.3m (KCR.L)

The real estate investment trust announce its results for the year ended 30 June 2022. Revenue increased by 23.6% to £1.28m (2021:£1.04m), largely underpinned by the letting up of Coleherne Road following completion of refurbishment works to 8 of the 10 flats. Loss before tax reduced to £342k (2021: £924k). Portfolio level occupancy has remained close to 100% of all available flats; rental increases continue with renewals and re-lettings. Whilst cost of living pressures and supply chain disruption are likely to present ongoing challenges for the group, rentals for the most part continue to be increased on re-letting albeit with a marginal increase in void periods.

Kibo Energy* 0.17p £5.3m (KIBO.L)

The renewable-energy-focused development company, announce its unaudited results for the six months ended 30 June 2022. Reported revenue was £305k and gross profit was f £45k. Kibo reported an operating loss £1.76m, down by 7% (H1 21 £1.902m). In this period Kibo has continued to focus on the revised renewable energy strategy, weth the signing of a 10-year take-or-pay conditional Power Purchase Agreement for a 2,7 MW plastic-to-syngas base-load power plant; signing of a rolling 5-year Framework Agreement with Enerox GmbH to develop and deploy Long Duration Energy Storage solutions (LDES); and acquisition of 51% of National Broadband Solutions (NBS) to jointly assess and develop a portfolio of LDES projects held by NBS in South Africa.

Ondine Biomedical 33.5p £65.2m (OBI.L)

The life sciences company announce that The Ottawa Hospital (TOH) has selected its nasal photodisinfection technology for a 3-month pilot evaluation of a universal, non-antibiotic protocol to prevent surgical site infections (SSIs) in spine surgery patients. During the pilot, spine surgery patients at TOH will be using Ondine’s nasal photodisinfection therapy to decolonize the nose of pathogens – viruses, bacteria, and fungi. The hospital will then evaluate how effectively nasal photodisinfection reduces the number of SSIs, patients’ length of stay in hospital, and readmissions rates. Ondine’s Steriwave™ technology for pre-surgical nasal decolonization has already been deployed in a number of Canadian hospitals.

Rockhopper Exploration 14.2p £82.6m (RKH.L)

The oil and gas exploration and production company with key interests in the North Falkland Basin, announces that, further to the signing of definitive documentation as announced on 19 April 2022, the transaction enabling Harbour Energy plc to exit and Navitas Petroleum LP through its UK subsidiary to enter the North Falkland Basin with a 65% stake in and operatorship of all of Rockhopper’s North Falkland Basin licences has completed. Navitas will be the Operator of the Sea Lion development. Sea Lion alone is capable of producing at over 120,000 barrels of oil per day with significant upside.

Roquefort Therapeutics* 7.38p £9.5m (ROQ.L)

The biotech company focused on developing first in class drugs in the high value and high growth oncology segment, announces its interim results for the six-month period ended 30 June 2022. The Company reported a net loss of £0.76m and a cash balance of £3.3m, which includes the recent raise of £1m. In this period Roquefort announced a conditional share sale and purchase agreement with the shareholders of Oncogeni Limited (post period end Oncogeni acquisition completed for £5.5m). Positive pre-clinical trials results demonstrated that the Company’s lead oligonucleotide drug candidates significantly reduce Midkine levels seen in human cancer cells. Management is targeting clinical readiness for one of its development programs during H2 2023.

Tekcapital 21.5p £32.2m (TEK.L)

The UK intellectual property investment group focused on university technologies that can improve people’s lives, announces that its portfolio company MicroSalt® is slated to launch its salt-shakers, the first, full-flavour, lower sodium table salt, to major retail chains on 1st October 2022. They will be debuted at the Expo East Food convention in Philadelphia the week of 28 September 2022, with sales beginning to major retail chains and food distribution channels starting October 2022. MicroSalt® shakers will also be available on Amazon in the later part of October 2022. It is also exploring product line extensions with sea salt and Himalayan salt as well as territorial expansion into the U.K., Western Europe and Canada beginning in 2023.

23 September 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.

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.

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