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.
4basebio £13.90 £178.1m (4BB.L)
An innovation driven biotechnology company enabling and accelerating development of advanced therapy medicinal products (ATMPs) through its high performant synthetic DNA products and non-viral, thermostable nucleic acid delivery platform announces its unaudited half-year results for the six months ended 30 June 2024. Revenues increased to £328k (H1 2023: £238k), loss for the period increased to £5.73m (H1 2023: £3.56m) and cash at the end of the period was £2.72m (H1 2023: £3.56m). Over the second half of the financial year, the Group expects to continue to secure new clients and increase revenues from the sale of DNA and Hermes.
AdvancedAdvT Limited 131p £174.5m (ADVT.L)
The international software solutions provider for business, compliance and resource management, has published a trading update for the six months to 31 August 2024. Group revenue is expected to be in the order of £19.5m, with Adjusted EBITDA expected to be in the order of £4m, trading in line with the Board's expectations. Net cash and investments on 31 August 2024 totalled £108.3m, comprising net cash of £83.3m and £25m held as an investment in M&C Saatchi plc. AdvT expects to publish its half year results in mid-November 2024.
Cadence Minerals 2.5p £5.5m (KDNC.L)
An early stage investment and development company within the mineral resource sector announces its interim results for the six months ended 30 June 2024. The completion of optimisation studies resulting in a 20% increase of Post-tax Net Present Value to US$1.14bn, with profit after tax of US$3.14bn over the Life of Mine. A 10% increase in average production after ramp-up to 5.82m dry metric tonnes per annum (Mtpa) of Fe concentrate, consisting of 4.81 Mtpa at 65.4% Fe and 1.01 Mtpa at 62% Fe concentrate. Cash at the end of the period £133k (H1 2023: £577k).
Emmerson 1.45p £16.5m (EML.L)
The Company which is developing the Khemisset Potash Project (KMP) in Morocco announces its Interim Results for the six-month period ended 30 June 2024. Loss before tax decreased to US$1.6m (H1 2023: US$1.63m) and cash at the end of the period was US$2.40m (H1 2023: US$4.18m). Re-evaluation of JORC Resource taking account of the impact of the KMP is underway, targeted to be complete during Q4 2024. For the balance of the year, the Company's focus will remain on obtaining the environmental approval for the Project, as well as advancing the various technical studies, including a Resource update, targeted for announcement during Q4 2024.
Mindflair 0.8p £2.9m (MFAI.L)
The company focused on investing in AI related technology announces its unaudited interim results for the six-month period ended 30 June 2024. Increase in net asset value to £7.49m as at the period end (31 December 2023: £5.84). NAV per share as at the period end of 2.70p (31 December 2023: 2.13p) compared to a current share price of 0.775p with Mindflair trading at a 71% discount to its NAV as at 26 September 2024. Profit of £1.64m during the period (six months ended 30 June 2023 loss before taxation of £512k).
Panthera Resources 5.75p £10.8m (PAT.L)
The gold exploration and development company with assets in India and West Africa provided a summary of the Company's audited financial results for the year ended March 31, 2024. Loss before tax decreased to US$2.12m (2023: US$3.16m) and cash and cash equivalents increased to US$281k (2023: US$126k). On 28 February 2023, Indo Gold Pty Ltd, a subsidiary of the Company, executed a conditional arbitration funding agreement for up to US$10.5m in arbitration financing with Litigation Capital Management Limited.
Physiomics * 0.625p £1.3m (PYC.L)
The mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions announces its audited results for its financial year ended 30 June 2024. Revenue decreased to £543k (2023: £597k), loss before tax increased to £668k (2023: £572k) and cash at the end of the year decreased to £191k (2023: £416k). The Company started the financial year ending 30 June 2025 with more than £500k of contracted revenue and momentum across its key initiatives, such as its personalised dosing software and biostatistics service line.
Roebuck Food Group 15.8p £7.8m (RFG.L)
An investment group within the food and agribusiness sectors announces its interim results for the six months to end June 2024. Revenue increased to £5.97m (H1 2023: £1.60m), loss before tax was £325k (H1 2023: £337k) and cash at the end of the period was £51k (H1 2023: £1.05m).
Totally 9.25p £18.2m (TLY.L)
The provider of frontline healthcare services, corporate fitness and wellbeing services has announced it has been awarded two contracts from the NHS worth a combined £6.5m. The new ‘outsourcing’ contract, valued at c. £5m will enable the treatment of patients across multiple medical specialties, including outpatients and day cases. It starts immediately and the work to be delivered before the financial year-end March 2025. There is also contract extension for the delivery of NHS 111 online services, for a Trust in the Northeast of England. The contract runs from April 2024 to end September 2025 and is valued at £1.1m. Totally services help patients access essential treatment with minimum delay.
Trinity Exploration 62.7p £24.3m (TRIN.L)
The independent E&P company focused on Trinidad and Tobago (T&T) announces its unaudited interim results for the six-month period ended 30 June 2024. Revenues of USD 33.8m were generated in the Period (H1 2023: USD 33.8m), cash balance of USD 8.0m as at 30 June 2024 (YE 2023: USD 9.8m). Average oil price realisation of USD 71.5/bbl for H1 2024 (H1 2023: USD 65.2/bbl). During the Period, the realised price that the Company received for Onshore and West Coast oil sales was at an average discount of 13.9% to Brent. The sales guidance range for 2024 has been reduced to 2,450-2,550 bopd.
.
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”.
