Small Cap Feast

28th September 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
No joiners today.
Off The Menu:
Brewin Dolphin Holdings has left the Main Market. Caretech Holdings has left AIM.

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

Bango 187.5p £143m (BGO.L)

The global platform for data-driven commerce, announces that Movistar Mexico, a mobile operator and subsidiary of Telefonica, has signed a partnership with Bango to streamline mobile payments through direct carrier billing, aiming to promote the adoption of digital content and services among its subscribers in Mexico. Through the Direct Carrier Billing via the Bango platform, all users will be able to conduct faster and frictionless transactions in major app stores and consume digital services and enjoy greater transparency and control over purchases.

Boohoo Group 30.9p £392.4m (BOO.L)

The clothing brand announces its interim results for 6 months ended August 2022. Group revenue declined by 10% year-on-year to £882.4m (2021: £975.9m). Adjusted EBITDA was £35.5m (2021: £85.1m) a decrease of 58%, as a result of softer consumer demand, elevated returns rates, freight and logistics issues, inflationary costs, as well as strategic investments across the multi-brand platform. Loss before tax was £15.2m (2021: profit £24.6m). The balance sheet remains robust, with £315m of gross cash and a net debt of £10m. The Board believes that by focusing near term on optimising its operations, the Group will be well-positioned to improve future profitability.

Botswana Diamonds 0.9p £8.3m (BOD.L)

The diamond exploration and development company previously announced that it had exercised its pre-emptive right to acquire the outstanding third-party interests in Vutomi Mining (Proprietary) Limited and Razorbill Properties 12 (Proprietary) Limited (together Vutomi). Vutomi holds the mineral rights to the Thorny River Project as well as other exploration assets. The acquisition of Vutomi was conditional on, inter alia, customary regulatory and competition authority approvals in South Africa. The Board is pleased to announce that the Company has now received regulatory approval and all conditions have been satisfied. The acquisition has therefore completed.

Everyman Media 98p £89.4m (EMAN.L)

The independent, premium cinema group, reports its unaudited interim results for the 26 weeks ended 30 June 2022. Revenue increased significantly to £40.7m (H1 2021: £7.7m). The Company has grown to profitability with adjusted EBITDA of £7.5m (H1 2021: 1.4m loss) and operating profit of £0.8m (H1 2021: £7.7m loss). Everyman increased its market share by 1.5% to 4.5% since H1 2019. The pipeline for 2023 is well-developed, with 4 further venues confirmed and another 2 nearing exchange. The Board is constantly evaluating new opportunities to grow the Everyman estate. H2 is inline with expectations.

Libertine Holdings 21p £29.2m (LIB.L)

The developer of clean, highly efficient, and fuel-flexible Linear Generator technology, announces that following the closing of the acquisition of a new hydrogen and fuel agnostic capable generator technology, KARNOTM, by Hyliion Holdings Corp. (NYSE: HYLN) from the General Electric Company (NYSE: GE), it has agreed to the novation of its Master Consultancy Services Agreement with GE to Hyliion. HYLN has engaged Libertine to support the development of the electrical linear generator for the KARNO generator. The KARNO generator will be deployed in Hyliion’s Hypertruck powertrain platform to offer a next-generation, fuel-agnostic semi-truck solution.

Reabold Resources 0.28p £25m (RBD.L)

The investing company with a portfolio of upstream oil and gas projects, announces the execution of a Sale and Purchase Agreement (SPA) for the conditional acquisition of Simwell Resources Limited. Reabold is to acquire Simwell for a total initial consideration, plus the repayment of all outstanding creditors/liabilities, of £1m. The consideration will be satisfied through a mixture of shares and cash. The transaction substantially increases Reabold’s footprint in the emerging Zechstein trend, complementing its onshore position in PEDL183, including the West Newton project.

Roebuck Food Group 13p £3.9m (RFG.L)

The diversified nutrition business announces its interim results for the 6 months ended 30 June 2022. Sales increased by 14%, from £11m to £12.5m. Operating profit from continued operations was £0.2m (2021 loss of £0.2m). Net debt of £1m (Dec 21 Net cash £1.4m). This has mainly arisen after settling £1.5m of liabilities in respect of the sale of the cold stores back in Oct21. Total comprehensive income for the year loss of £900k. The Board is conducting a strategic review of the group’s businesses, with a view to maximising shareholder value and / or liquidity in the company’s shares.

Roquefort Therapeutics* 8.3p £10.7m (ROQ.L)

The listed biotech company focused on developing first in class drugs in the high value and high growth oncology segment, yesterday advised that both Stephen West, Executive Chairman and Dr Simon Sinclair, a Non-Executive Director purchased ordinary shares in the Company in the market, increasing their interest within the Company to 4.11% and 0.05% respectively. Earlier this week, Dr Darrin M Disley OBE, a Non-Executive Director also purchased ordinary shares in the Company in the market. Mr. Disley now holds 0.95% of issued share capital. The support from the Board, reinforces management are aligned with shareholders.

Skillcast Group 21.5p £19.2m (SKL.L)

The provider of content and technology for digital compliance transformation, announces its unaudited results for the six months ended 30 June 2022. Revenue growth increased 20% to £4.5m (H121: £3.7m) driven by 33% increase in subscription revenues predominantly from new customers. Operating loss was £276k and adjusted EBITDA loss was £0.2m as IPO proceeds start to be invested. Cash burn was £0.3m due to average headcount increasing 32% for future growth. In response to rising inflation, Skillcast implemented a 10% price increase from 1 June for new business and for subscription renewals from 1 January 2023. The Company remain confident in achieving full year expectations.

Zinc Media 93.5p £20.4m (ZIN.L)

The television, brand, content and audio production group, announces its unaudited interim results for the six months to 30 June 2022. Revenue was £10.8m (H1 2021: £7.0m), up 54% year-on-year. Adjusted EBITDA loss was £0.65m (H1 2021: loss of £1.1m), an improvement of £0.45m over the prior year period. As at 26 September 2022 the group has booked £27m of revenue which has or is expected to be delivered in 2022, an improvement of £10m compared to the first half of 2021. Zinc Media continues to trade in line with market expectations for the current financial year.

28 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).

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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.

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