Beacon Energy plc, intends to join the AIM market. In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m and will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected admission date is 11 April 2023.
Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023.
M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.
Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Admission Delayed. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed.
Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.
Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Anticipated market capitalization on admission is £12.75m. Expected admission 30 March 2023..
Caledonia Mining Corporation £11.45 £203.2m (CMCL.L)
The cash generative gold producer with primary asset in the Blanket Mine in Zimbabwe, announces that it proposes to raise a total of £10.5m. This consists of (1) approximately £8.1m by issuing common shares at £11.15 per placing share; (2) IH Securities (Private) Limited is undertaking on behalf of the Company a placing in Zimbabwe of Zimbabwe depositary receipts to raise approximately £2.4m. The net proceeds will strengthen the Company's balance sheet and provide working capital flexibility to accelerate planned work at the three new gold projects currently ongoing in Zimbabwe.
Ceres Power 336.1p £646.3m (CWR.L)
The global leader in fuel cell and electrochemical technology, announces its results for the year ended 31 December 2022. Revenue of £22.1m (2021: £30.8m) was in line with guidance. Gross profit was £13.1m (2021: £19.0m) at 59% gross margin (2021: 62%). Cash and short-term investments totalled £182.3m (2021: £249.6m). Investment increased by 67% to £58.4m (2021: £34.9m ), in line with strategy to expand into electrolysis for green hydrogen. The Company continues to work towards a move up to the Premium Listing on the Main Market of the London Stock Exchange.
Destiny Pharma 31.25p £29.5m (DEST.L)
The clinical stage biotech company focused on the development of novel medicines to prevent life threatening infections, announces the publication of landmark XF-73 clinical data in the US peer reviewed journal Infection Control & Hospital Epidemiology. XF-73 showed a 99.5% reduction in S. aureus bacterial nasal carriage, which is a clinically relevant reduction in nasal carriage. These positive results were achieved with just 3 doses of XF-73 nasal gel in the 24 hours before the surgical incision. XF-73 nasal gel is a potential game changer in the fight to reduce the risk of post-surgical infections from hospital superbugs.
Gemfields Group 17.25p £203.2m (GEM.L)
The responsible miner and marketer of coloured gemstones, operator and 75% owner of both the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique, announces its unaudited results for the year ended 31 December 2022. Revenues were USD341m, up 32% (2021: USD257.7m), EBITDA increased 25% to USD165.7m (2021: USD133.1m) and net profit increased 14% to USD74.2m (2021: USD64.9m). The Company continues to pursue global leadership in African emeralds, rubies and sapphires despite the inflationary environment and economic headwinds.
GreenRoc Mining 3.45p £4.6m (GROC.L)
The developer of critical mineral projects in Greenland, announces its audited results for the year ended 30 November 2022. Maiden Mineral Resource Estimate (MRE) of 8.28Mt at 19.75% graphitic carbon (C(g)) was declared for the Amitsoq Project in March 2022, Second phase drilling programme at Amitsoq Project completed in September 2022, with 19 holes drilled for a total of 2,844m, every hole intersecting significant graphite layers and drilling more than doubling the deposit footprint and returning high grades. MRE increased 3x post period end to 23.05 Mt at a grade of 20.41% C(g) for 4.71 Mt contained graphite. The Group is currently focusing on development work.
Holders Technology 76p £3.2m (HDT.L)
The supplier of specialty laminates and materials for printed circuit board manufacture (PCB) and operates as a Lighting and Wireless Control Solutions (LCS) provider, announces its audited results for the year ended 30 November 2022. Revenue decreased by c.33% to £8.3m (2021: £12.38m), operating profit reduced to a loss of £238k (2021: profit £323k), and profit after tax was a loss of £259k (2021: profit £695k). The PCB revenue dropped 66% in 2022. In 2023, the Company expects its PCB business to have continuing demand.
Jade Road Investments* 1.25p £4.0m (JADE.L)
The London quoted pan-Asian diversified investment vehicle focused on providing shareholders with attractive uncorrelated, risk-adjusted long-term returns announces that John Batchelor, Non-Executive Director, has resigned from the Board of Jade Road Investments with immediate effect. John Croft, Executive Chairman commented: "John Batchelor has played an important role in a critical time for the business and wishes the best of luck for future endeavours”.
Touchstone Exploration 61.5p £140.9m (TXP.L)
The Calgary, Alberta based company engaged in the acquisition of interests in petroleum and natural gas rights and the exploration, development and production of petroleum and natural gas, announces its results for the year ended December 31, 2022. Total revenue was US$28.3m, up 40%. However, the net loss was US$3.2m (compared to US$5.8m in net income in 2021), due to 40% increase in opex in 2022 and the boost from reversal of impairment by US$13.7m in 2021. The Company achieved initial natural gas production from Coho-1 well, which produced average net volumes of 5,729 Mcf/d (955 boe/d) in 4Q22 and contributed $1.14m of net natural gas sales.
Tribal Group 35.4p £75.1m (TRB.L)
The provider of software and services to the international education market, announces its preliminary results for the year ended 31 December 2022. Revenue increasing 2% to £83.6m (2021: £82.2m), annual recurring revenue remained flat at £51.2m (2021: £51.2m), as a result of a 10% growth in the Group's strategic products offset by declining revenues as anticipated, from non-core historic and schools' systems contracts. Adjusted EBITDA was £7.4m (2021: £16.8m). The Group has expanded into new geographies with the signing of a five-year SITS:Vision contract with the British University of Vietnam. Despite the setback in FY22, the Group remain confident in our ability to meet customer demand going forward.
Warpaint London 201.5p £154.7m (W7L.L)
The specialist supplier of colour cosmetics and owner of the W7 and Technic brands, provides trading update. The sales to 23 March 2023 were in excess of £16m (Q1 2022: £13.2m), with margins continuing to be robust. Accordingly, the outlook for FY 2023 is now expected to be ahead of the board's previous expectations. The Company continues to have a strong balance sheet with cash balances as at 23 March 2023 totalling £7.6m (31 December 2022: £5.8m) and no debt.
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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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