Small Cap Feast

26th September 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Sivota plc has re-joined the Main Market following a RTO
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

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.

Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company’s investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150m. Expected 4 October 2022.

The Sustainable Farmland Trust PLC, intends to float on the Premium Segment of the Main Market. The Company invests in a diversified portfolio of farmland and related agriculture-focused assets predominantly located in the US.

Raising £200m. Timing TBC.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m.

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 September.

Altona Rare Earths, the AQSE-listed mining exploration company focused on rare earth elements projects in Africa, intends to join the Main Market. The trading of its ordinary shares on the AQSE Growth Market will be cancelled simultaneously and its EPIC will be changed from AQSE:ANR to REE. Conditionally raised £1.1m. Expected late September.


Breakfast Buffet

Brighton Pier Group 57p £21.3m (PIER.L)

The operator of premium bars announce its unaudited results for the 52 weeks ended 26 June 2022. The Group reported record revenues at £40.1m, up 197% (2021: £13.5m), driven by strong trading across all divisions. A consistent gross margin performance, combined with temporary reductions in VAT and business rates, has enabled the Group to maximise earnings and repay debt— net debt down by 62% to £5m. Whilst the trading this year has continued to be strong, the Board looks towards the second half of 2022 with caution amid economic uncertainties.

Christie Group 120p £31.8m (CTG.L)

The provider of Professional & Financial Services and Stock & Inventory Systems & Services to the hospitality, leisure, healthcare, medical, childcare & education and retail sectors, announces its interim results for the six months ended 30 June 2022. Revenues grew by 18% to £33.7m (H1 2021: £28.6m), and operating profit increased by 26% to £2.3m (H1 2021: £1.8m). During the period Christie repaid a further £1.0m of CLBILS loan. The Group has received extensive interest in the Four Seasons Healthcare Group and the first round bid process will conclude in early Autumn. Despite the economic clouds gathering, Christie anticipates a successful full year.

CPP Group 155p £13.7m (CPP.L)

The provider of assistance and insurance products, announces its interim results for the six months ended 30 June 2022. Group revenue from continuing operations increased by 18% to £77.8m (H1 2021 restated: £65.7m) and core revenues increased by 26% to £69.5m (H1 2021: £55m). Profit before tax from continuing operations increased to £1.3m (H1 2021 restated: £0.5m loss). The Board remains confident in the outlook for its core operations. However, the structural issues pertaining to its Legacy Business and associated IT costs will have some impact on overall performance. CPP will provide further guidance in due course.

Eden Research 4.7p £17.7m (EDEN.L)

The company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces that it has received regulatory approval from the United States Environmental Protection Agency (EPA), for all 5 petitions submitted, covering the Company’s 3 active ingredients (eugenol, geraniol and thymol) and 2 formulated products (Mevalone ® and Cedroz™). The approval will open revenue opportunities for Eden. The Board expects the registration of Eden’s developmental insecticide will follow a shortened timeline as it is based upon the now-approved active ingredients. Eden will pursue registration of this new product in due course based upon the outcome of field trials.

Genedrive 12.3p £11.3m (GDR.L)

The near patient molecular diagnostics company, announces that the UK’s National Institute for Health and Clinical Excellence (NICE) has transferred the evaluation of the Genedrive® MT-RNR1 test to a new Early Value Assessment Programme (EVA). EVA is a new review process, created to drive innovation by actively drawing in digital products, medical devices and diagnostics that address national unmet needs. The EVA allows the NICE diagnostics advisory committee to consider the technology much faster, which will result in a published report in a six-month timeframe instead of the initial 63 weeks. A provisional schedule has been published by NICE which indicates the consultation process will occur in February 2023.

Kingswood Holdings 23p £49.9m (KWG.L)

The international, fully integrated wealth and investment management group, announces the proposed strategic acquisition of Moloney Investments Ltd. (MMPI), a leading financial advice firm based in Dublin, Ireland. On a pro forma basis, for the 12 months to 30 April 2022, MMPI had EBITDA of EUR 4m and in excess of EUR 700m assets under advice. Following receipt of regulatory approval, Kingswood will acquire 70% of MMPI for a total cash consideration of EUR 25.8m, with the existing shareholders retaining the remaining 30%. Both management teams will work together to grow MMPI and the wider Kingswood group organically and through further acquisitions.

One Media IP Group 7.3p £16.1m (OMIP.L)

The digital media content owner and provider announces that it has refinanced its £1.9m of outstanding unsecured loan notes held by British Growth Fund, which carried a fixed interest rate of 7%. The refinancing is by way of a secured facility from Coutts & Co. priced at base rate plus 3.5%, amortising on a straight-line basis over 5 years. The Coutts facility is on more traditional bank lending terms and contains fewer restrictions on the operations of the business.

Pittards 54.5p £6.5m (PTD.L)

The producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, announces its interim results for the six month ended 30 June 2022. Group revenues increased 7% to £10.37m (H12021: £9.66m) and profit before taxation grew 31% to £0.34m (H1 2021: £0.26m). EBITDA was £0.83m, an 11% improvement (H1 2021: £0.75m). Net debt was £11.18m (H1 2021: £10:04m). Pittards continues to see more opportunities than risk in the current climate and are cautiously optimistic looking forward.

SolGold 16.4p £376.6m (SOLG.L)

The exploration company focussed on the discovery, definition and development of world-class copper-gold deposits will host a site visit for analysts and institutional investors at its Cascabel project in northern Ecuador on 26 September 2022. The site visit presentation is available on the Company’s website at: https://www.solgold.com.au/ investors-center/

Steppe Cement 32.5p £71.2m (STCM.L)

The investment holding with its primary business in the production of cement, located in the Karaganda region of the Republic of Kazakhstan, reports its interim results. The Company increased its prices during the first half of 2022, with the average ex-factory price up from 16,571 KZT /tonne (USD39 per tonne) to 20,485 KZT/tonne (USD 45 per tonne). Consolidated profit after tax increased 65% to US$10.2m. Selling expenses per tonne decreased in USD terms by 20% due to increased sales to markets closer to the factory. Steppe Cement maintained its local market share at 14.5% in 1H 2022 and expects to maintain or increase this share for the full year.

26 September 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).

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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.

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