Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. The offer will initially comprise new ordinary shares and the proceeds will be used to repay existing shareholder debt, including a capital note in favour of DKL Energy Limited, the Company’s immediate shareholder. Immediately following Admission, the Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.
BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). Expected 27 October 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.
OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.
Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement. Expected 2 November 2022.
TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. Due 31 October 2022.
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. Delayed but due in October.
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 October.
Welkin China Private Equity, a newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, has decided to pause its IPO, it says “due to macroeconomic uncertainty.” The Board will reassess an IPO it said “at a later date once macroeconomic conditions have improved”.
Altitude Group 22.5p £15.9m (ALT.L)
The operator of a leading marketplace for personalised products, issues a trading update for the six months ended 30 September 2022 (H1 23). Unaudited revenue is expected to be no less than £7.6m, up 30% year-on-year. As a result of the strong business performance, an advantageous exchange rate, and having not experienced any negative impact of the macro-economic turbulence, the Group continues to trade well and expects to be at least in line with market expectations for the financial year to 31 March 2023.
Deepverge 2.75p £6m (DVRG.L)
The environmental and life science group of companies that develops and applies AI and IoT technology for the analysis and identification of bacteria, virus and toxins, advises that the fundraising process continues to progress. Meanwhile, the following Board changes are expected to take effect immediately upon the announcement of the Proposed Financing: Gerard Brandon will step down as Chief Executive remaining on the board as Executive Director with responsibility for the Modern Water Division. Dr Nigel Burton will become interim Chief Executive while the Company commences the search for a new Chief Executive. Fionan Murray will remain as Executive Director with responsibility for the Skin Trust Club and Labskin Division. Camillus Glover will leave the board but will remain as CFO while the Company commences the search for a new Group Finance Director. A further independent non-executive director will be appointed as soon as practicable. Deepverge also provides details of two historical related party transactions dating back to 2018 and 2019 respectively.
Jubilee Metals Group 11.45p £306.2m (JLP.L)
The diversified leader in metals processing with operations in Africa, announces its audited results for the year ended 30 June 2022 (FY22). Revenue increased by 5.4% to £140m, attributable to the increased production of PGM, chrome production and copper. EBITDA was £37m, down 29% from £52m in FY21, primarily due to a lower gross margin. The Company confirms its guidance of 44000 PGM ounces for FY23, with potential for growth in earnings as it benefits from the full exposure of the enlarged South African operations. Whilst the cooper has softened into the new financial year, the Company remains positive on the fundamentals of this metal key to the electrification story going forward.
KEFI Gold And Copper 0.588p £23.2m (KEFI.L)
The gold exploration and development company provides an operational update on the period from 1 July 2022 to 30 September 2022. The Tulu Kapi Gold Project in Ethiopia is under TKGM (planned to be c.70% owned by KEFI). The Hawiah Copper-Gold Project, the Jibal Qutman Gold Project and other Saudi projects are under G&M (planned to be c.30% owned by KEFI). Both TKGM and G&M are technically guided and supported by KEFI. The Tulu Kapi Gold Project and the Jibal Qutman Gold Project are heading for commissioning in 2024 and steady-state production from 2025, with 95% of development financing to be met at the subsidiary levels. The Preliminary Feasibility Study on copper-gold VMS discovery at Hawiah in Saudi Arabia is expected to be completed in Q4 2022.
One Heritage Group* 11.5p £4.4m (OHG.L)
The residential developer focused on the North of England, announces its audited results for the year ended 30 June 2022. Revenue increased 276% to £1.7m from a combination of the disposal of a co-living property in Burnley, and revenues from development management, co-living, and property services. Operating loss was £2.1m (FY21: £0.8m loss), impacted by an impairment of £1.3m on two development projects due to higher construction price. Net debt increased from £5.38m to £14.95m. Posted period, the completion of its first development, Lincoln House, Bolton in August 2023 has made a positive change to its balance sheet. The Group is expecting to complete a further 3 of its developments in the financial year ended on 30 June 2023.
Renalytix 50p £37.4m (RENX.L)
The artificial intelligence-enabled in vitro diagnostics company announces that, building on recently established private payer and Medicaid insurance coverage contracts for KidneyIntelX, Federal Medicare Administrative Contractor (MAC) National Government Services (NGS) has initiated payment of claims for KidneyIntelX testing for eligible patients. KidneyIntelX has a CPT code (0105U) that was priced at $950 and became effective as of January 1, 2020.
Roquefort Therapeutics* 7.125p £9.2m (ROQ.L)
The biotech company focused on developing first in class medicines in the high value and high growth oncology market, announces that its Midkine antibody program update will be presented on 3 November 2022 at the Festival of Biologics conference in Basel, Switzerland. The ROQA1 (CAB 102) and ROQA2 (CAB101) programs have demonstrated efficacy in validated in vivo models of breast cancer and osteosarcoma resulting in a significantly reduced metastatic index (P<0.05), safety in rodent and non-human primates toxicology studies, and scalable production of CAB102.
System1 Group 215p £27.3m (SYS1.L)
The global marketing research and effectiveness company issues a trading update for the half year ended 30 September 2022 (H1). Total H1 revenue declined 15% year-on-year to £10.5m, in line with management’s expectations. The 38% growth in data revenue was more than offset by the 46% decline in consultancy. At the statutory pre-tax profit is expected to break even in H1, down £1.3m on H1 last year. H1 period-end net cash was £6.6m, compared to £8.7m at end-March 2022. The Board has decided to postpone the previously planned tender offer and share buyback programme and will update the market on its strategic review alongside the interim results announcement on 30 November.
Tristel 302.5p £142.9m (TSTL.L)
The manufacturer of infection prevention products for hospitals, announces its audited results for the year ended 30 June 2022. Turnover was steady at £31.1m (2021: £31.0m). Reported pre-tax profit was £1.5m, down 60%, due to £2.4m of complete write-down of license rights, IP, and intangibles associated with the discontinued products. Net cash was £8.9m (2021: £8.1m). The company has re-set the financial targets for the coming 3 years to FY25: (i) sales growth in the range of 10% to 15% per annum; (ii) annual EBITDA margin (excluding share-based payment charge) of at least 25%.
Various Eateries 38p £33.8m (VARE.L)
The owner, developer and operator of all day club, restaurant and hotel sites in the U.K., announces a trading update for the year ended 2 October 2022. Sales are expected to be slightly ahead of market expectations of over £40m. However, the resistance on passing on cost increases to customers in full has reduced profitability compared to market expectations. Even if the inflationary pressures do not subside soon, the company believes that it can restore margins via a combination of menu engineering and modest price rises. Cash at bank was £9.3m as at 2 October 2022.
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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.
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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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