Small Cap Feast

25th November 2022

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What’s Cooking In The IPO Kitchen?

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Date 16 December.

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

Alpha Real Trust 132.5p £75.9m (ARTL.L)

The investment company focusing on asset-backed lending, debt investments and high return property investments in Western Europe, announces its results for the half year ended 30 September 2022. NAV per ordinary share was 219.6p as at 30 September 2022 (31 March 2022: 216p). Basic earnings per share was 0.4p (30 September 2021: 2.5p per ordinary share). The portfolio mix at 30 September 2022, excluding sundry assets/liabilities, was: 38.5% in high-return debts, 27.5% in high return equity in property investments, 4.4% in other investments and 29.6% in cash. The Company is currently focussed on its loan portfolio and extending its wider investment strategy to target investments offering inflation protection.

Aptamer Group 71p £49.0m (APTA.L)

The developer of novel Optimer ® binders to enable innovation in the life sciences industry, announces that it will today officially open its new facilities in York Science Park, UK, to meet the increasing demand for Optimer technology. The new facilities have tripled the Group's footprint and include new containment level 1 and 2 laboratories. This site expands the capacity of Aptamer's proprietary Optimer platform to deliver novel binders for scientists across the bioprocessing, diagnostic, and drug development sectors. In addition to Optimer discovery and development, a portion of the new lab space will be dedicated to validation and assay development to provide turnkey solutions.

Baron Oil 0.16p £23.2m (BOIL.L)

The oil and gas exploration and appraisal company, announces that the changes to the provision of the funds for the Deposit for the Chuditch Bank Guarantee, as announced on 15 November 2022, have been successfully completed. Accordingly, Baron is now the provider of 100% of the collateral for the Guarantee. Baron raised £5m earlier this month and 15% of the net proceeds are applied towards the Chuditch Bank Guarantee. The assumption of 100% of the collateral is to reflect Baron’s full ownership of SundaGas Banda Unipessoal Lda which operates the Chuditch PSC in offshore Timor-Leste since 2021.

Coro Energy 0.315p £7.4m (CORO.L)

The South East Asian energy company with a natural gas and clean energy portfolio, announces that it has entered into a period of exclusivity for 3 months with KIMY Trading and Service JSC (KIMY) in respect of the potential acquisition of a 100% interest in KIMY’s leased rooftop solar portfolio in Vietnam across 4 locations close to Saigon with an aggregate generating capacity of 3.25 MW. The portfolio has been operational for 2 years and benefits from an existing power purchase agreement with a remaining 18 year term, with the power off-taker being state owned Electricity Vietnam. The consideration payable by Core Energy will be a total of c.US$1.7m (US$548/MW).

Duke Royalty 34.25p £143.0m (DUKE.L)

The provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, announces that it has entered into a £5m royalty financing agreement with New Path Fire and Security Limited (New Path), further diversifying Duke's revenue base. New Path has to date executed a buy and build strategy of synergistic companies within the fire and security services sector in the UK. Duke's initial £5m royalty financing will be used to acquire two complementary businesses under exclusivity and refinance the existing senior debt. Duke has agreed a total funding commitment of up to £20m to support New Path's buy-and-build strategy.

LPA Group 73p £9.6m (LPA.L)

The high reliability LED lighting, electronic and electro-mechanical system designer and manufacturer, provides a trading update for the year ended 30 September 2022. H1 was loss making, but the trading performance improved in H2. The Group will make a small trading loss for the year, however, with the exceptional gain achieved through the disposal of unused land, the Group will report a profit before tax. The company is in the transition from dependency on projects to a focus on routine product sales. Orderbook remains high at £28m. The cash from the land sale supports the balance sheet.

Northern Bear 47p £8.8m (NTBR.L)

The provider of specialist building and support services in Northern England announces the unaudited results for the 6 months to 30 September 2022. Revenue was £34m, up 13% year-on-year. Operating profit was £1.5m, flat from the same period last year. Net bank debt was £1.9m at 30 September 2022. Net cash flow from operating activities was negative £3.3m, primarily due to negative movement in receivables and payables. The company’s results in October were in line with management expectations, without seeing any drop-off in trading to date.

Plexus Holdings 2.45p £2.6m (POS.L)

The oil and gas engineering services business and owner of the proprietary POS-GRIP® method of wellhead engineering, announces its preliminary results for the year ending 30 June 2022. Continuing operations revenue was £2,306k, up 14%(2021: £2,017k). Adjusted EBITDA loss on continuing activities was £2.78m (2021: £2.69m loss). Cash and cash equivalents was £5.84m (2021: £5.18m). Bank borrowing increased to £3.96m (2021: £2.04m). To help ensure sufficient working capital to expedite growth plans, Plexus raised £1.55m through the issue of convertible loan notes in October 2022.

Plexus aims to make a meaningful contribution to the industry’s emission reduction demands by supplying HG® metal-to-metal wellhead seals.

Tertiary Minerals 0.205p £3.1m (TYM.L)

The exploration and development company whose strategic focus is on energy transition metals, announces that its local partner and licence holder Mwashia Resources Ltd has received approval of Environmental Project Briefs from the Zambian Environmental Management Agency for the Konkola West and Lubuila Copper Projects where the Company is earning up to a 90% interest. Meanwhile, the approval process for the Mukai & Mushima North Project EPBs is at an advanced stage.

Vianet Group 56.75p £16.3m (VNET.L)

The payment solutions provider has recently partnered with the forecourt retail specialist Suresite Group Ltd, strengthening presence in the fast growing unattended contactless payments industry. The partnership sees Vianet's innovative contactless payment solution hardware join forces with Suresite's acquiring services. The result is a competitive, user-friendly, and highly secure payments solution able to futureproof any unattended or automated retail business, from charging points and unmanned car washes to air and vac stations.

25 November 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.

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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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