Small Cap Feast

25th May 2023

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

Oneiro Energy (ONE.L) has joined the Main Market. The special purpose acquisition vehicle incorporated in England and Wales, which will focus on acquisition opportunities within the broad energy industry, in particular on upstream oil and gas exploration or appraisal opportunities. Raised £1.2m..

Dignity plc has left the Main Market. 
MJ Hudson Group plc and iEnergizer ld have left AIM 

What’s Cooking In The IPO Kitchen?

The Kitchen is empty.

Breakfast Buffet

ADM Energy* 0.675p £2.0m (ADME.L)
The natural resources investing company announces that through its wholly owned U.S. subsidiary company, ADM Energy USA, Inc., it has invested in five on-shore US oil leases by way of a Membership Interest Purchase Agreement with OFX Holdings, LLC. The Investment has been made by the acquisition of Blade Oil V, LLC, a Texas limited liability company established as a vehicle for the purpose of facilitating the Investment, for a total maximum consideration of US$1,614,000. Blade V owns a portfolio of interests in oil and gas projects, the primary focus of which is a 70.0% working interest participation in an initial three well drilling programme to target shallow oil production on the Altoona Lease located in the Midway-Sunset Oilfield, Kern County, California. In conjunction with the Transaction, ADM Energy USA, Inc. and OFX have entered into a loan facility providing for loans of up to US$750k to be made available to the Company. The Consideration Loan Notes of US$235,720 will be issued as an advance under the USA Loan Facility. ADM expects that the operator of the Altoona work programme will commence before the end of 2023. ADM will have a non-operated 70% working interest and 52.5% net revenue interest in the Altoona lease.

Guild Esports 0.7p £3.6m (GILD.L)
The teams organisation and lifestyle brand, announces the launch of a campaign in partnership with its Official Premier Partner, Sky UK, to champion inclusive gaming environments by raising awareness of the gender-based verbal harassment facing women gamers playing online. Sky has provided the funding for the promotional activity to support the awareness campaign that will run online across social media channels, including Twitter, Instagram, TikTok and Twitch, in addition to the procurement of influencer talent. This funding is supplemental to Sky's existing contractual commitments as Guild's Official Premier Partner, Official HQ Partner, Official Wi-Fi and Broadband Partner, and Official Network Provider.

LPA Group 82.5p £11.1m (LPA.L)
The LED lighting, electronic and electro-mechanical system designer and manufacturer announces a record orderbook of £36m, following receipt of a £2m order from Siemens to supply lighting on their prestigious Nightjet train destined for delivery to OBB (the Austrian Federal railways). This is LPA's second order for this platform and follows its successful introduction into service over the last year. Production is scheduled to start later this calendar year, following completion of the first order, with deliveries expected throughout the 2024 and early into the 2025 financial year.

Mercantile Ports & Logistics 4.6p £1.9m (MPL.L)
The operating and developing port and logistics facility in Navi Mumbai, Maharashtra, India, announces that its subsidiary, Karanja Terminal & Logistics Private Limited (KTPL), has signed a 5-year agreement with Lucky Marine Shipping & Logistics PVT. Ltd for handling containers at the Company's facility at Karanja. Under the terms of the agreement, Lucky Marine has committed to delivering volumes of at least 1,000 twenty-foot equivalent units (TEUs) per month by the end of 2023, ramping up to at least 2,500 TEUs per month by the end of 2024 and at least 3,500 TEUs by the end of 2025. KTPL will offer the provision of the full range of container services including handling, transportation, storage and warehousing to the customer. The final revenues under this contract will be driven by the level of services utilised by the customer and volumes.

Panthera Resources 4.6p £6.0m (PAT.L)
The gold exploration and development company with assets in West Africa and India, announces the completion of phase two of its approximately 10,000 metre drilling program on the Cascades Project and has since received full analytical results from the joint venture partner, DFR Gold Inc (DFR), as originally announced by the Company on 2 May 2023. Highlights of the recent drilling include: 5,641 m of Reverse Circulation (RC) drilling in 57 drill holes at five target areas (announced 2 May 2022); Two significant new zones confirmed with resource potential from first pass drilling at Sina Yar and Far East target; Intersections at Sina Yar included 34m@ 1.83 g/t Au and 18 metres @ 1.13g/t Au; and extension of the 2022 discovery zone from step-out drilling at the TT13 target. The results confirm the potential scale of the gold mineralised system at the Cascades project through the discovery of new mineralised zones and further delineation of existing zones.

Ocean Harvest Technology Group 20.25p £25.5m (OHT.L)
The producer of animal feed additives from multispecies seaweed blends, announces that Adrian Crockett, CFO, intends to leave the Company on 9 June to pursue other opportunities. OHT has appointed Andy Cox as interim CFO in a non-Board capacity for 9 months, during which it will conduct a search for a permanent replacement. Andy has significant experience in acting as an interim CFO, including for a number of companies in the feed and food sector. The Company continues to trade in line with management's expectations and remains on track to deliver growth in 2023.

RA International Group 13p £22.4m (RAI.L)
The specialist provider of complex and integrated remote site services to organisations announces its audited full year results in respect of the 12 months ended 31 December 2022. Revenue increased 15% to US$62.9m (2021: $54.6m), driven by strong increases in construction and supply chain revenues, more than offsetting the anticipated and temporary short-term decline in IFM revenue. Underlying EBITDA fell to $0.6m (2021: USD 6.7m), but remains in line with market expectations for the financial year. Closing year-end order book of USD 83m has been broadly maintained in 2023, and the company are in the process of finalising the value of a major contract award which would result in a current order book in excess of USD 100m. Management expect the business to remain broadly breakeven at the underlying EBITDA level.

ReNeuron Group 6.75p £3.9m (RENE.L)
A UK based leader in stem cell derived exosome technologies, announces its unaudited preliminary results for the year ended 31 March 2023. Revenue increased to £0.5m (2022: £0.4m), from partner funded development activities and royalty income. Loss for the year decreased to £5.4m (2022: loss of £9.7m), which was driven by lower costs and increased revenue. Cash, cash equivalents and bank deposits at 31 March 2023 of £7.2m (31 March 2022: £14.5m) with cash runway extended to 2024. During the period the Company has undergone a transition including an organisational restructuring; a change in management and a strategic re-alignment, with the emphasis on the development, partnering and potential licensing of CustomEXTM, the proprietary drug delivery platform. Over the next 3-6 months the Company will continue to develop its exosome platform.

Tissue Regenix Group 51p £35.9m (TRX.L)
The regenerative medical device company, announces that it has signed an exclusive distribution agreement with Australian Allografts for the distribution of the Tissue Regenix OrthoPure® XT product in Australia and New Zealand. This is subject to regulatory approval from the Therapeutic Goods Administration (TGA). As part of the agreement, Australian Allografts and Tissue Regenix are mutually committed to achieving the TGA regulatory approval process to enable the import and distribution of the products. The initial distribution agreement is for three years and requires Australian Allografts to purchase a minimum unit volume each year after achieving the TGA approval.

Zinc Media 112.5p £24.5m (ZIN.L)
The television, brand and audio production group provides a trading update ahead of its Annual General Meeting being held today. Since the trading update on 26 April 2023, the Group has continued to perform well winning an additional £3m of new business which is expected to be recognised in the current financial year. As a result, total revenue won and due to be recognised in FY23 is now £29m (26 May 2022: £17m). The Group's pipeline includes a further £5m of revenue for recognition in FY23, which is in highly advanced discussions.

25 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


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


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 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