Small Cap Feast

27th March 2023

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

No joiners today.

No leavers today.

What’s Cooking In The IPO Kitchen?

Beacon Energy plc, intends to join the AIM market. In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m and will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected admission date is 11 April 2023.

Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.

Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Admission Delayed. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed.

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Anticipated market capitalization on admission is £12.75m. Expected admission 30 March 2023..

Breakfast Buffet

Allergy Therapeutics 6.25p £42.4m (AGY.L)
The integrated commercial biotechnology company specialising in allergy vaccines announces that the first application of VLP Peanut in peanut allergic patients has commenced with the Group's innovative, short-course peanut allergy vaccine candidate in the Phase I PROTECT trial. The first-in-human study is evaluating the safety and tolerability of VLP Peanut in healthy and peanut allergic adult subjects and exploring preliminary proof of efficacy. The Group’s novel virus-like particle (VLP) technology enhances the body's immune response by making the peanut allergen resemble an inactive virus.

Belvoir Group 168p £62.7m (BLV.L)
A UK multi-brand property franchise and financial services group announces its audited final results for the year ended 31 December 2022. Group revenue increased 14% to £33.7m (2021: 29.6m) with 12% attributable to acquired businesses, profit before tax was 2% lower at £9.1m (2021: £9.3m), but profit after tax was marginally ahead, and the Group’s year-end cash position of £3.2m (2021: £7.4m). The Group acquired Mr and Mrs Clarke a personal estate agency and the TIME Group for £0.05m and £4.5m respectively. The Group look to perform well against the market during 2023 and beyond.

Coro Energy 0.23p £5.9m (CORO.L)
The Southeast Asian energy company with a natural gas and clean energy portfolio announces that the Company has now signed the Sale and Purchase Agreement (SPA) for the disposal of its Italian natural gas assets to Zodiac Energy plc for a total consideration of up to EUR7.5m, including contingent payments of up to an aggregate of EUR1.5m through a 10% net profit interest in the Italian Portfolio over the three years. The disposal is fully in line with the Company's strategic objectives. Mark Hood has agreed to step down as a Non Executive Director of the Company.

Equals Group 89p £161.5m (EQLS.L)
The fast-growing payments group focused on the SME marketplace announces its final results for the year-ended 31 December 2022. Revenue increased by 58% to £69.7m (FY-2021: £44.1m), adjusted EBITDA increased 81% to £12.1m (FY-2021: £6.7m), and year-end cash increased 15% to £15.0m (FY-2021: £13.1m). Revenue in Q1-2023 up to 24 March 2023 reached £20.2m, up from £13.2m in the same period in 2022 and the Management expects trading to FY-2023 to be ahead of current expectations.

IQGEO Group 197.0p £121.2m (IQG.L)
A leading provider of geospatial productivity and collaboration software for the telecoms and utility industries announces its final audited results for the twelve months ended 31 December 2022. Revenue growth of 92% to £26.6m (2021: £13.8m), adjusted EBITDA profit of £1.9m (2021: £0.8m loss) and reduced loss for the year of £0.9m (2021: £1.9m). The Company further announced the acquisition of Comsof NV a provider of market leading automated fibre planning software to enable it to bring a European hub and around 80 customers in Europe, for a consideration of up to EUR13.0m. The Company remain confident to deliver on the targets for 2023 and beyond.

Jade Road Investments* 1.25p £4.0m (JADE.L)
The London quoted company focused on seeking the best risk-adjusted returns globally provides the following update regarding amendments to the services agreement between the Company and Harmony Capital Investors Limited (HCIL), its Investment Manager. According to the amended service agreement, HCIL will receive a fixed fee of US$350k, in place of the original fee arrangements whereby HCIL received an annual management fee of 1.75% of Net Asset Value and an annual incentive fee of 20% of any year-on-year increase in audited Net Asset Value subject to a high water mark and performance hurdle. HCIL’s appointment under these revised terms is for a fixed term of one year, capable of extension by mutual agreement between HCIL and the Company.

Oriole Resources 0.12p £3.3m (ORR.L)
The exploration company focussed on West Africa, provides an exploration update on the five Eastern CLP licences in Cameroon, which form part of its 90%-owned, district-scale Central Licence Package (CLP) project. The Company today reports that it has completed a ground-based geophysics programme over the main target at Mbe and is awaiting multi-element analysis. Mineralised veins within this corridor returned grades of up to 134.10 g/t Au, and grades of up to 10 g/t Au were returned from the altered host rocks and ground-based geophysics programme has been completed over the entire gold-anomalous zone. The Company is confident of success in the next stage of exploration.

RTC Group 16.5p £2.4m (RTC.L)
The recruitment business that focuses on white and blue-collar recruitment, providing temporary and permanent labour to a broad range of industries announces its audited results for the year ended 31 December 2022. Revenue decreased 7.46% to £71.9m (2021: £77.7m), EBITDA decreased 45% to £0.6m (2021: £1.1m), and net assets £6.2m (2021: £6.6m). RTC Group has a strong balance sheet and management and is cautiously optimistic for their financial performance.

Technology Minerals 0.97p £13.1m (TM1.L)
The UK company focused on creating a sustainable circular economy for battery metals announces that it has raised £2.5m from a new high net worth investor (Fundraising). The Fundraising consists of ordinary shares issued at 1p for a total consideration of £800k, and the issue of convertible loan notes to a value of £1.7m. The funds strengthen the Company’s position, supporting further work to enhance the value of its battery metals mining assets, capital requirements and operating costs to create a circular economy for battery metals.

Tortilla Mexican Grill 120p £46.4m (MEX.L)
The largest fast-casual Mexican restaurant group in the UK announces its annual results for the 52 weeks ended 1 January 2023. Revenue increased by 20.0% to £57.7m (FY21: £48.1m), driven by a 18 new site openings, and the adjusted EBITDA was £4.0m (FY21: £8.7m). Notably, FY21 included £3.9m of VAT benefit and net debt was £0.6m (FY21: net cash of £6.7m). The Group announced the strategic acquisition of Chilango in May 2022 which strengthened the Group's market position in London. The Group is trading in line with expectations.

27 March 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