Small Cap Feast

24th November 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
One Health Group plc (AQSE: OHGR), joins the Apex segment of 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. Market Cap on admission £15.05m.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

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.

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.


Breakfast Buffet

Cambridge Cognition 126.5p £39.4m (COG.L)

The developer and marketer of digital solutions to assess brain health, announces an expansion in the Chinese market through a strategic partnership with Luca Healthcare Limited, a category leader in digital screening, treatment and management tools in China. COG has signed an exclusive licencing agreement with Luca Healthcare to commercialise the Company’s suite of cognitive assessment tools in China for both the pharmaceutical and healthcare markets. COG will be paid through a mix of milestone payments and royalties. This partnership includes the opportunity to collaborate on co-developments to improve both companies’ solutions.

Cohort 430.5p £178.1m (CHRT.L)

The holding company engaged in providing services to customers in defence, security, and related markets, announces the operating segment MASS, a specialist data technology company focused on electronic warfare, digital services and training support, has been awarded a £5m contract for Electronic Warfare operational support services to an export customer. This is a 4-year extension to a contract that MASS has been undertaking for the past 15 years.

DeepMatter Group 0.06p £2.4m (DMTR.L)

The digital chemistry data and software company, announces that it has been in discussions with its major shareholders and potential institutional investors in relation to securing capital to fund the future working capital requirements. Following these discussions, the board have concluded that the cancellation of trading in the Company’s ordinary shares on AIM and subsequent re-registration as a private limited company will provide greater opportunities to raise additional capital. The Company anticipates it will seek to raise c.£1m from its major shareholders ahead of the Delisting, following which a more substantial capital raise would be pursued as a private limited company in 2023.

Global Invacom Group 7p £9.1m (GINV.L)

The global provider of satellite communications equipment and electronics, announces a trading update for the 9 months ended 30 September 2022 (Q3 FY2022). As a result of the decline in demand for satellite television products and the delay in the completion of the XRJ product, the Group expects the financial performance to be impacted in the current financial year. During this period, Global Invacom delivered revenues of approximately US$56.5m (Q3 FY2021: US$62.6m) and an EBITDA loss of approximately US$2.4m (Q3 FY2021: US$1.4m profit). The Board is conducting an operational review, with the aim of creating a more robust operational platform.

Helios Underwriting 156.5p £106.1m (HUW.L)

The investment vehicle which acquires and consolidates underwriting capacity at Lloyd’s, announces that, following the announcement released on 23 November 2022, it has raised gross proceeds of approximately £12.5m through a placing of, and a subscription for, an aggregate of 8,043,927 New Ordinary Shares at a price of £1.56 per share. The Company proposes to raise up to a further approximately £1.5m by way of a conditional open offer. The Issue Price represents a discount of approximately 0.3% to the closing price of £1.565 per share on 22 November 2022.

Hornby 28.5p £48.4m (HRN.L)

The international hobby products Group, announces its unaudited results for the six months ended 30 September 2022. Group revenue was £22.4m, a 3% increase on the prior year (2021: £21.8m). The gross margin for the period was 48% (2021: 46%), a slight increase reflecting the product/channel mix compared to prior year. Statutory loss before taxation for the period was £2.9m (2021: loss of £0.7m). Net debt was £4.9m (2021: Net cash £0.2m). Olly Raeburn had been appointed as the new CEO of Hornby, joining on 23 January 2023.

Mothercare 6.98p £39.4m (MTC.L)

The retailer announces the proposed appointment of Daniel Le Vesconte as the group’s Chief Executive Officer. Daniel will join the Board in the new calendar year. Dan brings a wealth of international brand experience in direct to consumer, franchise, wholesale and licensing, having held senior leadership roles for several globally recognised brands including Abercrombie and Fitch, Hollister and Gilly Hicks, Dr Martens, the Wolverine Worldwide group of brands and Vans and Reef.

Omega Diagnostics Group 3.65p £8.7m (ODX.L)

The specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, announces its unaudited results for the six months ended 30 September 2022. During the period the Company realigned its focus solely and strategically on the Health and Nutrition diagnostics business and disposed of loss-making CD4 business for £6.3min July 2022. Revenue decreased by 18% to £3.4m (H1 2021: £4.2m). Loss before tax was £0.7m (H1 2021: £0.0m). Cash balance was £2.7m (H1 2021: £4.7m). ODX expect a stronger H2, although full year sales will be marginally lower than previously anticipated die to the delayed US investment plans. The performance expectations of the remainder of the business remain unchanged and the Group continues to target EBITDA break even this year.

Sareum Holdings* 87.5p £59.6m (SAR.L)

The biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that the Company’s Annual General Meeting will be held at 10.00 a.m. on 16 December 2022 at 100 Liverpool St, London EC2M 2AT. The AGM will also be webcast via the Investor Meet Company platform. Shareholders who wish to follow the meeting via the IMC platform should register with IMC at www.investormeetcompany.com/sareum-holdings-plc/register-investor . A copy of the notice of AGM and the Company’s annual reports and accounts for the year ended 30 June 2022 will be available on the Company’s website www.sareum.com.

Surface Transforms 42.5p £102.2m (SCE.L)

The manufacturer of carbon fibre reinforced ceramic automotive brake discs, announces that it has been awarded a contract with a lifetime value in excess of £100m, over 6 years. As a tier one supplier of a carbon ceramic brake disc to an automotive company, it is the largest contract awarded to date. Production is expected in 2024. The Company further announces that sales for FY 22 will be lower than previously forecast at approximately £6.5m, primarily caused by technical issues at OEM 8 unrelated to its discs. The total OEM 8 contract value remains unchanged at £100m. The Company has also had its own production challenges, now materially rectified. The Company remain confident it will be profitable in 2023.

24 November 2022
*A corporate client of Hybridan LLP

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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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