Small Cap Feast

27th September 2022

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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. Due 3 Nov 2022.

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

Boku 100.5p £302.7m (BOKU.L)

The provider of global mobile payment solutions, announces its unaudited results for the six months ended 30 June 2022. Revenue of continuing operations was $30.3m (1H21: $30.7m). Operating profit was $4m, down 11% (1H21: $4.6m). Following the disposal of the Identity division on 28 February 2022, the results of this division are shown as discontinued in the 2022 interim results. Boku recorded a gain on disposal of $25.2m net of disposal costs and hence reported a profit after tax of $28.0m for the period.

Diaceutics 91p £75.7m (DXRX.L)

The diagnostic commercialisation company which provides data, analytics and technology enabled services via its proprietary DXRX platform to the precision medicine market, announces its unaudited results for the six months ended 30 June 2022. Revenue increased 25% to £7.5m (1H21: £6m). Order book at 30 June 2022 grew to £10.2m, up 6x from £1.7m at December 2021, with £3.8m expected to be realised in H2 2022. The Board expects to report full year results in line with expectations.

EEnergy Group 7.6p £25.8m (EAAS.L)

The net zero energy services provider announces the launch of eSolar, eEnergy’s in-house Solar Photovoltaic System offering, helping organisations to rapidly deploy on-site energy generation, on a capital-free basis. The onsite solar solutions are either funded via eEnergy’s capital free Solar as a Service, within the existing SUSI funding facility, or as a capital free power purchase agreement through funding partners. In either case the funding profile is targeted to deliver cash neutrality for eEnergy during the installation, with the financial partner taking on the credit risk and eEnergy receiving its cash profits at completion. The Board considers that solar funding is a well established asset class with a number of competitive providers active in the UK market.

Ergomed Plc £11.62 £580.4m (ERGO.L)

The provider of specialised services to the global pharmaceutical industry, announces its results for the six months ended 30 June 2022. Revenue was £69.9m, up 25% (1H21: £56m) and adjusted EBITDA was £13.8m, up 14% (1H21: £12.1m), driven by both organic growth, value creation from the recent acquisitions including ADAMAS and expansion to new geographies. During the period, the company strengthened its Board and the management. Current trading is in line with current market expectations and the company is confident in the rest of this year and beyond.

Gresham Technologies 145.5p £121.4m (GHT.L)

The software and services company specialised in data integrity and control, banking integration, payments and cash management, today publishes a disclosure statement aligned with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) for the year ending 31 December 2021. The company recently completed a review of ESG considerations and developed a three-pillar ESG strategic direction under the umbrella proposition of ‘Scaling Up Responsibly’. Consideration of TCFD recommendations, and other environmental considerations, fall under the ‘Our World’ pillar of this ESG strategy.

K3 Capital Group 240p £176.4m (K3C.L)

The multi-disciplinary group providing specialist advisory services to SMEs, announces its final results for the year ended 31 May 2022. Revenue increased by 50% to £70.7m (FY 2021: £47.2m) and adjusted EBITDA grew by 30% to £20.4m (FY 2021: £15.7m), with all divisions recording growth in revenues and profits and performing ahead of forecasts. FY23 Q1 has seen continued momentum, delivering turnover in excess of £20m and adjusted EBITDA of c.£6.5m in the 3 months to 31 August 2022. The Group maintains confidence in its outlook for FY23.

MyCelx Technologies 33p £7.4m (MYX.L)

The clean water and clean air technology company announces its unaudited results for the six months ended 30 June 2022. Revenue was $3.7m, down 12% (1H21: $4.2m). Net loss was $2.9m, compared to the net profit of $450k in 1H21. Net cash position (excluding accounts receivable) was $1.6m at 30 June 2022. MyCelx is in negotiations with a major oil producer in the Middle East for the second EOR (Enhanced Oil Recovery) installation. However, it is unlikely to recognise the anticipated revenue for this project in 2022. The company now expects 10% year-on-year revenue growth for FY2022 with profitability adversely affected.

Personal Group 190p £59.1m (PGH.L)

The workforce benefits and services provider announces its interim results for the six months ended 30 June 2022. Revenue increased 5.8% to £34.7m (1H21: £32.8m). Adjusted EBITDA dropped 63% was £1.5m (1H21: £4.1m), reflecting the anticipated reduction in contribution from insurance, investment in policyholder acquisition and increased claims costs. Net cash position was £21.8m (Dec 21: £22.9m). The company indicates that trading remains in line to meet market’s full year expectations.

Tintra 190p £28.2m (TNT.L)

The PPS Asset Realisation Co Limited, the special purpose vehicle that owns Prize Provision Services Ltd (PPS), and in which Tintra holds one-third of the voting rights, has provided an update regarding the disposal of certain of the assets of PPS’ external lottery administration business. PPS and Sterling Management Centre Ltd have exchanged what they anticipate is the final contract for the transaction (announced on 21 October 2021, when PPS was a subsidiary of Tintra). It is currently expected that the transaction will complete in October 2022.

TinyBuild 112p £231m (TBLD.L)

The premium video games publisher and developer with global operations, announces its unaudited results for the six months ended 30 June 2022, slightly ahead of expectations. Revenue was $28.8m up 54% (1H21: $18.6m) reflecting a strong catalogue performance. Adjusted EBITDA increased 25% to $9.9m (1H21: $7.9m). The net cash position was $42.6m (Dec 2021: $48.8m). Early indicators of traction across the pipeline of over 30 titles, including Key Performance Indicators for Hello Neighbor 2, are very encouraging. The Board remains confident the Company is on track to deliver results at least in line with expectations, plus accretive acquisitions.

27 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).

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.

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