Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. The offer will initially comprise new ordinary shares and the proceeds will be used to repay existing shareholder debt, including a capital note in favour of DKL Energy Limited, the Company’s immediate shareholder. Immediately following Admission, the Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.
BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). 10 November 2022.
World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.
OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.
Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement. Expected 2 November 2022.
TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.
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. Due in October.
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 October.
Allergy Therapeutics 17p £115.4m (AGY.L)
The fully integrated biotechnology company specialising in allergen immunotherapy, announces that it will resume production at the Freeman facility on 14th November. As a consequence of the production pause, it is currently estimated that revenue will be between approximately 13% and 18% lower than market expectations of circa £80m at current exchange rates for the year ended 30 June 2023. Business expenses for the same period are currently expected to reduce by around £3m.
Aurrigo International 76p £31.7m (AURR.L)
The international provider of technology solutions, announces that, as anticipated in the Company’s Admission Document, it has now signed the agreement with Changi Airport Group (Singapore) for the next phase of development of the Auto-Dolly, the Company’s innovative baggage transportation solution for airports. This phase will entail technology trials of the Auto-Dolly on an aircraft stand at Singapore Changi Airport and will last for approximately 6 months.
European Metals Holdings 44p £81.9m (EMH.L)
The mineral exploration and development company announce the appointment of Luthardt Investment GmbH, a Berlin-based consultancy specialising in energy production and government relations support. The Company believes that the European Critical Raw Materials Act will benefit the Cinovec Project, which has the potential to be a significant European source of lithium. In consideration for the engagement, the Company will issue Luthardt Investment a total of 2m unlisted options to acquire fully paid ordinary shares, exercisable at AU$0.8 on or before 30 December 2023, which shall vest in two equal tranches, subject to milestones achievements.
Future Metals NL 6.6p £25.1m (FME.L)
The 100% owner of the Panton PGM-Nickel (Ni) Project in the eastern Kimberley region of Western Australia, provides its financials for the quarter ended 30 September 2022. Multiple new exploration targets identified for sulphide-rich (Ni, Cu, Au, Co & PGM) zones outside of the already significant 6.9Moz PdEq Mineral Resource Estimate. Approved Programme of Works and drilling contractor secured for an initial ~3,000m drill programme, which commenced in October 2022. Cash balance was approx. A$7.6m on 30 September, with a further A$0.9m raised subsequently through the UK placement.
Likewise Group 15p £36.6m (LIKE.L)
The UK floor coverings distributor, provides a trading update for the financial year ending 31 December 2022. The Board is expecting profit before tax margins to be below current expectations at c.2%. Consumer spending is likely to remain volatile and inflationary cost pressures to continue into 2023, and therefore the Board expects adjusted profit before tax for the year ending 31 December 2023 to remain broadly in line with FY22. With £40m of net asset value, the Board intends to announce a maintained dividend in line with that paid in July 2022.
Iofina 22p £42.2m (IOF.L)
The explorer and producer of iodine and the manufacturer of specialty chemicals, announces that it has executed all agreements with a new brine supply partner to construct its latest IOsorb® iodine plant, IO#9, in Western Oklahoma. The construction is expected to take 6 months. Full payback is anticipated in less than 2 years with production of crystalline iodine targeted between 100 to 150 metric tonnes (MT) p.a. In Q3 of this year, Iofina produced 143.0 MT of crystalline iodine. Iofina is on track to produce 255-275 MT of crystalline iodine in the second half of this year.
Plant Health Care 9.7p £29.8m (PHC.L)
The provider of novel patent-protected biological products to global agriculture markets, has signed an agreement for EDAF Unipessoal LDA (EDAF) as the exclusive distributor in Portugal for its proprietary PREtec-containing fertilizer, PREzym™, for use in fruit, vegetable and cereals crop production. The commercial sales of PREzym is expected to start in H1 of 2023. The Company is on track to achieve revenue of $30m by 2025 through the launch of new products and continued organic business growth.
Scancell Holdings 15.88p £129.4m (SCLP.L)
The developer of novel immunotherapies for cancer and infectious disease, announces its audited results for the year ended 30 April 2022. The loss for the year was £2.1m (2021: loss £15.5m), due to £7m of non-cash gain on substantial modification of convertible loan notes as a result of a later maturity data. Cash at bank was £28.7m (2021: £41.1m). Convertible loan note outstanding was £7m and derivative liability was £10m at the end of the period. Scancell has initiated Cohort 2 of the Modi-1 clinical trial, the first candidate from its Moditope® platform, and anticipate reporting early safety and efficacy data from the ModiFY study in the next 12 months. In addition, it continues to progress SCOPE for SCIB1 and has completed recruitment in COVIDITY Phase 1 trial in South Africa.
Tern 7.2p £26.9m (TERN.L)
The company focused on value creation from Internet of Things (IoT) technology businesses, announces that Device Authority Limited, 53.8% owned by Tern, has completed a US$440k working capital funding in the form of unsecured convertible loan notes from Tern and other existing shareholders. Tern has subscribed for approximately US$303,401 of the convertible notes, representing approximately 69% of the total funding. Device Authority focuses on Identity and Access Management in automotive, medical device and industrial sectors.
United Oil & Gas 1.73p £11.3m (UOG.L)
The oil and gas company announces an update on the drilling of the ASH-4 development well in the Abu Sennan licence, onshore Egypt. United holds a 22% non-operating interest in the Abu Sennan licence, which is operated by Kuwait Energy Egypt. A net pay of 20 metres was interpreted in the targeted Alam El Bueib (AEB) reservoir. The well is expected to reach TD in the coming days, after which it will be tested and completed. It is then expected to be immediately brought onstream through the existing ASH facilities. On completion, the ST-1 rig is planned to move to the ASW-1X location to commence the drilling of this high-impact exploration well, targeting c. 8 mmbbls gross recoverable resources.
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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.
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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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