Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience.
Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.
CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) It is rumoured to be valued at between £800m and £1bn with Admission currently expected to occur in July 2023.
Beowulf Mining 1.78p £20.5m (BEM.L)
The mining company with main activities in exploration and development in Sweden, Finland and Kosovo announces the appointment of Ed Bowie as the Company's new CEO. He will also be appointed to the Board. Ed Bowie holds an MA Honours Degree in Geology from Oxford University and an MSc from Imperial College in London. He has worked for nearly 30 years in the international mining industry, primarily focused on strategic evaluations of mining and mineral projects, business development, raising capital, M&A and fund management.
Bluejay Mining 1.8p £19.1m (JAY.L)
The exploration and development company with projects in Greenland and Finland, announces that it has raised gross proceeds of £1.3m through Shares at a price of 1.75p per share. The Placing price illustrates a discount of 17% to the closing price of 2.105p on 27 June 2023. The funds raised will be focussed on the Company's 100% owned Hammaslahti copper-zinc-silver-gold project in eastern Finland where the Company completed Phase 1 of a diamond drilling programme last week. The Company aim to prospect a further 1,000 metres of drilling to be carried out in August 2023.
DX Group 30.5p £184.5m (DX..L)
The provider of delivery solutions, including parcel freight, secure courier, and logistics services, announces a further £3m investment in new electric vehicles, to be used exclusively for the Group's delivery and logistics partnership with IKEA. This new investment will be used to add 53 new electric vans to the fleet. It follows the launch of an initial tranche of electric vans for IKEA in August 2022, and adds to the existing £750k of investment in the IKEA-dedicated electric fleet. DX is in the process of increasing the overall number of electric vehicles within its fleet, particularly for deliveries in Central London.
Global Connectivity* 1.1p £4.89m (AQSE:GCON)
A provider of broadband services to rural areas of the UK through its investment in Rural Broadband Holdings Solutions Limited, announces its Final Results for the year ended 31 December 2022. Since completion of its transaction with Tiger Infrastructure Partners, Global Connectivity has been in a period of transition as its subsidiaries are now owned by Rural Broadband Solutions Holdings Ltd (RBSHL) in which the Company owns a 15% stake. Net assets for the Company were up by £0.4m to £5.03m as a result of the reversal of the impairment of the intercompany loan with Secure Web Services Limited (SWS) and a significant reduction in running costs. Current cash for the Company is c.£75k, although running costs have reduced significantly and the directors expect £0.55m to be received from SWS in repayment of the intercompany loan over the next 18 months.
hVIVO 14.75p £100.1m (HVO.L)
A growing specialist contract research organisation and world leader in testing infectious and respiratory disease products using human challenge clinical trials, is developing a human metapneumovirus (hMPV) challenge model. The Company has signed an agreement with a North American biopharmaceutical company to manufacture a hMPV virus and conduct a characterisation study, with the intent to conduct a subsequent hMPV challenge trial in 2024 to test the efficacy of its vaccine candidate. hVIVO will commence Good Manufacturing Practice compliant virus manufacturing activities immediately and this is expected to complete in H1 2024. The Company will then conduct a characterisation study to identify a safe and infectious dose of wild-type hMPV in up to 36 healthy adult volunteers. The majority of the revenue from this end-to-end human challenge service will be recognised in 2024.
Invinity Energy Systems 42.5p £81.2m (IES.L)
A manufacturer of utility-grade energy storage, announces its full year results for the year ended 31 December 2022. Total income increased 13% to £3.6m (2021: £3.2m) as a result loss from operations reduced by 12% to £19.0m (2021: £21.3m). The Company holds cash of £5.1m. Post Period the Company completed a £23m fundraise (March 2023) including securing a £2.5m strategic investment from Taiwanese technology group Everbrite. Further discussions with a number of potential strategic partners are ongoing.
One Media iP Group 5.1p £11.3m (OMIP.L)
The digital media content owner and manager which specialises in the active monetisation of music and video intellectual property rights, announces its unaudited interim results for the six months ended 30 April 2023. 15% increase in revenue to £2.7m (H1 2022: £2.4m), of which £2.5m was generated from intellectual property royalties driven largely by organic growth. EBITDA of £0.8m (H1 2022: £1.0m) reduced due to allocation of resources to TCAT in line with Group strategy yet net margin maintained at 67% (H1 2022: 67%). The Company holds cash balance of £2.2m. The Company is seeing continued growth and expansion of TCAT client base, with internationally recognised songwriters, two majors and several independents.
OptiBiotix Health 6.25p £5.7m (OPTI.L)
A life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care announces its audited results for the 12 months ended 31 December 2022. The Company announced admission of ProBiotix Health plc to the AQSE Growth Market on 31 March 2022 raising £2.5m and launch of LeanBiome® in The Hut Groups (THG) impact lean product range. The Company has received regulatory approval by the Saudi Food & Drug Authority (SFDA) for the sale by our exclusive distributor Nahdi Medical Co (Nahdi) of GoFigure® shakes and bars containing SlimBiome® and subsequent launch in January 2023. The Group is seeing new orders from both THG and Holland & Barrett in the UK and anticipates further international listings on Amazon throughout 2023.
Prospex Energy 7.75p £22.1m (PXEN.L)
The investment company focused on European gas and power projects, announces that the final safety checks conducted by UNMIG and the local Fire Department on the gas facility at the Selva field in the Po Valley region of northern Italy have been successfully completed. Additionally, the Italian Energy Ministry, The Ministry of Environment and Energy Security has issued formal documentation, enabling the commencement of production from the Podere Maiar-1 (PM-1) gas facility at the Selva field. A slickline unit has been mobilised to the well site and has commenced the necessary activities to allow gas production to commence.
UK Oil & Gas Investments 0.056p £11.7m (UKOG.L)
A UK-based oil and gas exploration and production company announces that it has secured a £3m committed funding facility with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. The funds will fully fund working capital necessary to progress the Company's key planned activities over the next 12 months, which include: further testing of Pinarova-1 and further drilling preparations/studies in Turkey, discharge of planning conditions and preparations for site construction at Loxley gas discovery, plus a potential farmout to cover the planned appraisal and development programme, Horse Hill field: water reinjection work-over, preparations for 3D seismic acquisition and drilling Horse Hill-3 under the previously announced farmout to Pennpetro and Planning application work and conceptual engineering studies in Portland hydrogen Storage.
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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).
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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.
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MIFID II status of Hybridan LLP research
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