Admissions:
None
Delistings:
None
Potential **** Initial Public Offerings:
ITF announced:
GenIP aims to list on the AIM market on 2 October 2024. It is targeting to raise £1.5m and anticipating a £6.5m market cap. GenIP is a portfolio company of London-based intellectual property investor Tekcapital PLC (TEK.L). GenIP is using Generative Artificial Intelligence (GenAI), whose mission is to empower organisations to better evaluate and commercialise technology discoveries through two distinct, yet complementary, services namely; providing bespoke enhanced research reports assessing the market potential for new technological innovations by using the Company's GenAI driven proprietary software, InventionEvaluator; and providing executive recruitment services to match technology organisations with experienced executives and business leaders using the Company's GenAI-driven proprietary software, Vortechs.
Following its spin-off from Marlowe PLC, Optima Health plans to IPO onto AIM which is expected on Thursday 26 September. Optima is a provider of technology enabled corporate health and wellbeing solutions in the occupational health sector. In the 12 months ended 31 March 2024, the Group reported revenue of £110.9 million (FY23: £115.3 million) and adjusted EBITDA of £18.0 million (FY23: £21.0 million). Anticipated market capitalisation on Admission will be approximately £190 million.
Coro Energy 0.045p £1.3m (CORO.L) *
A Southeast Asian energy company with a natural gas project and a clean energy portfolio has seen positive developments at its C&I rooftop solar business in Vietnam. There are currently ten existing producing sites (cc.0.4MW) and a further 30 sites (c.1MW) currently under construction with Mobile World Group in Vietnam. Today it announces a further binding 14 year Power Purchase Agreement to deliver power at the next 50 new sites with an aggregate capacity of c.1.9MW bringing the contracted capacity to 3.3MW across 90 sites in Vietnam. The EPC provider will in effect provide deferred payment terms for 85% of the EPC costs subject to a cap on deferral of New Site expenses of $1m. Construction work at the 50 New Sites is expected to begin imminently and to conclude approximately 28 days after construction at the relevant site has commenced. Discussions are underway regarding an extensive restructuring of the $31m Eurobond debt which is currently subject to a standstill agreement.
Everyman Media Group 56.5p £51.2m (EMAN.L)
The independent, premium cinema group, reports Interims to June 2024, which are inline and expects a significant H2 improvement. H1 cinema admissions increased 19% to 1.9m, with Revenue up by 22% to £39.6m and food and beverages sales per head increasing 2% to £10.47. The adjusted EBITDA increased to £6.2m from £5.8m with the operational loss at £1.77m compared to £1.62m. There is a strong pipeline of film releases, including Joker: Folie à Deux, Paddington in Peru, Gladiator II, Wicked, Moana 2 and Mufasa: The Lion King. Everyman operates 45 cinemas, having opened a three-screen venue in Bury St Edmunds in February 2024. The Group expects to open a five-screen venue in Cambridge in November 2024 and a three-screen venue in Stratford (London) in December 2024. The interim net debt was £25.8m and the management are forecasting this to be lower for the year ended January 2025 with revenues of £108.0m and Adjusted EBITDA of £19.3m.
GENinCode 6.75p £11.95 (GENI.L)
A specialist in predictive genetics used in patient risk assessment focusing on cardiovascular disease, CARDIO inCode, and Ovarian Cancer, report Interims to end June 2024. The revenue increased 46% to £1.39m, helped by the first US commercial sales for LIPID inCode test for the diagnosis of familial hypercholesterolemia and CARDIO inCode test for the genetic risk of coronary artery disease. The lower Adjusted EBITDA loss of £2.16m compares to loss of £3.37m. A significant increase in year-on-year revenue growth and reduced losses are anticipated. This will be driven by Commercial expansion of LIPID inCode and CARDIO inCode across the US market, as well as Expansion of the NHS programme for LIPID inCode, introduction of CARDIO inCode and collaborative developments with pharmaceutical 'precision medicine' partners. The cash reserves of £2.92m at 30 June 2024 compared to £2.48m.
Jade Road Investments 0.3p £1.12m (JADE.L)*
This investment company announces a transaction to clean up the balance sheet which will improve the tight working capital position. To that end it’s been agreed with current directors (Stuart Crocker and Hugh Trenchard) and Dr Lee George Lam to waive outstanding director fees which will be paid by the issue of the CLN. Jade has therefore issued a further £86,920 in aggregate principal value of CLN to those directors. As of today, £166,920 in aggregate principal value of CLN has been issued by the Company.
Karelian Diamond Resources 1.5p £1.93m (KDR.L)
Karelian Diamond Resources reports the completion of a follow-up excavation programme in the Kuhmo region of Finland, and up-ice of the two anomalous basal till sample locations recorded in the 2023 pitting programme. The programme in Kuhmo completed a total of twenty-one glacial till samples collected which are to be dispatched for kimberlite indicator mineral analysis. Each glacial till sample consisted of three c. 30kg bags and these sieved samples are to be dispatched to Overburden Drilling Management Ltd (ODM) in Canada for kimberlite indicator mineral analysis. After receiving the results from ODM, the Company intends to follow up with a drilling programme in winter when the ground freezes and a drill rig can get on site. In July 2024, £328k was raised at 2.45p a share with a one 3p warrant for every 2 shares.
Pensana 19p £53.7m (PRE.l)
The U.S. International Development Finance Corporation (DFC), America’s development finance institution has granted $3.4m of Technical Assistance to support feasibility studies for doubling the capacity of the existing Longonjo mine design. Also the feasibility of downstream refining in Angola as well as test work for the development of the Coola project orebodies. Pensana, owns one of the world's largest undeveloped rare earth mines and one of only three with a JORC Reserve >100,000 tonnes of Neodymium and Praseodymium (NdPr) which is a strategic mineral. Once in full production the Longonjo will produce ~5% of world production of NdPr in the form of an exported mixed rare earth carbonate used by EV automotive and offshore wind OEMs. The Company is also restructuring the size of the Company’s Board so as to align it more appropriately with its current market capitalisation.
Petards Group 8.75p £5.3m (PEG.L)*
The developer of advanced security, communication and surveillance systems yesterday announced a new contract. Its subsidiary, QRO Solutions won a £0.6m contract to supply and install its ANPR (Automatic Number Plate Recognition systems, with an £0.2m extension option. The new NASBox roadside systems is an upgrade one of its existing Police force current technologies and will replace systems previously installed by a competitor. Deliveries are expected to commence during the current financial year to December 2024. Additionally, today, Petards has announced another new contract in its recently acquired subsidiary, Affini Technology. Affini has been awarded an order worth over £0.4m for a critical communications system. The order is for the supply and installation of a new wireless communications system to support the customer’s ongoing activities at a major UK site. Deliveries are expected to start in October and the order is to be fully delivered within the current year . We would assume that the interims to June are due shortly.
Rainbow Rare Earths 9.25p £59.4m (RBW.L)
Rainbow has entered a royalty financing and share subscription agreement with Ecora Resources PLC. All conditions are met for the payment of the $8.5m royalty consideration and the funds, less 2.7% transaction costs, have been received. These funds are in addition to a share subscription which completed in July for a total gross funding of $10m. As previously announced, the funds will be used to complete the Definitive Feasibility Study on the Phalaborwa project and cover working capital requirements up to June 2025.
Shield Therapeutics 3.8p £28.15m (STX.L)
The commercial stage pharmaceutical company specialising in iron deficiency announces results from the Phase 3 paediatric clinical trial (FORTIS/ST10-01-305). It confirms the efficacy, safety, and tolerability of the new oral liquid paediatric suspension in children with iron deficiency anaemia (IDA). The full data set, including pharmacokinetic (PK) sub-study parameters, will be submitted for peer-review and subsequent presentation/publication. The data will be used to support a filing with the US FDA and European EMA for a paediatric indication in children older than one month in H1 2025. Additionally, Shield is due a total of EUR1m as development milestones from its European partner, Norgine BV. At the Interims in June net cash of $8.1m was billed as sufficient funding H2 and beyond.
Technology Minerals 0.15p £1.96m (TMI.L)
Focused on creating a sustainable circular economy for battery metals, Technology Minerals announces the successful industrial scale recycling facility for lithium-ion batteries. A ten-week programme was completed with a leading engineering services and technology company, successfully recycling 4,000 end-of-life lithium-ion battery modules, sourced from electric vehicles, which were stored and transported using LiBox containers. Its subsidiary, Recyclus, offers a cradle-to-cradle solution, addressing the challenges posed by the increasing volumes of end-of-life Li-ion batteries resulting from the global shift towards electrification. The Wolverhampton industrial scale recycling facility is the first of its kind in the UK, while the proprietary Li-ion battery storage boxes, LiBox, ensure the safe transportation and storage of Li-ion batteries. This is a step forward in becoming the go-to provider to store, transport and recycle Li-ion batteries on an industrial scale.
.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor 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 such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document 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.
This document is not intended to be an invitation or inducement to engage in investment activity. 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 categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (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 avoidance of doubt, 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.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed 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. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on 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.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
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 or any other jurisdiction in any part of the world.
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.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. 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.
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.
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 enquiries@hybridan.com with “unsubscribe me”.
