Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market.
Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.
AMTE Power 9.5p £3.5m (AMTE.L)
A UK developer and manufacturer of battery cells for specialist markets, announces that Kevin Brundish, Executive Director, will be transitioning to the role of Non-Executive Director of AMTE Power with immediate effect. In his new role Kevin will continue to provide the Board with advice and guidance.
Blancco Technology Group 219p £165.8m (BLTG.L)
The industry standard in data erasure and mobile lifecycle solutions announces that the boards of Bidco and Blancco have reached agreement on the terms of a recommended all cash offer made by Bidco for the entire issue and to be issued share capital of Blancco. Under the terms of the Offer, each Blancco Shareholder will receive 223 pence in cash for each Blancco Share held, representing a premium of 24.6% to the closing price of 179 pence on the 1 August 2023. The Cash Consideration will be financed by a combination of equity and committed debt funding. Bidco believes that the Acquisition represents an attractive opportunity in sustainability and e-waste reductions due to Blancco's: (i) reputation in the market (ii) opportunity to accelerate organic growth as well as pursue strategic investments; and (iii) ability to execute its longer-term strategy without the demands of a public listing.
CAP-XX 1.5p £10.7m (CPX.L)
A Company focusing on the design and manufacture of thin, prismatic supercapacitors and energy management systems, announces a pre-close trading update in respect of the financial year ended 30 June 2023. Revenue is expected to be A$4m and adjusted EBITDA is expected to be (A$1.2m) after excluding A$2.2m in exceptional items relating to legal expenses and provisions for patent protection. Year-end cash reserves of A$2.6m including the proceeds of the capital raise which took place in May 2023. The Board looks forward to the 2023/24 financial year with confidence.
Chariot Oil & Gas 14.97p £144.3m (CHAR.L)
The Africa-focused transitional energy group, Mohammed VI Polytechnic University (UM6P) and Oort Energy Limited (Oort), have signed further Partnership Agreements to extend their collaboration, as previously announced in November 2022, to test the production of green hydrogen in Morocco. The pilot 'proof of concept' project will utilise a 1MW polymer electrolyte membrane electrolyser system, patented by Oort and it is intended that this project will be hosted at UM6P's Research and Development facility in OCP Jorf Lasfar, Morocco. The partnership will concurrently develop education and capacity building at UM6P to support the growth of a green hydrogen economy.
CyanConnode Holdings 15.25p £41.5m (CYAN.L)
A company focusing on Narrowband Radio Frequency (RF) Smart Mesh Networks, announces the receipt of an order for 300k Omnimesh Modules from Dakshin Gujarat Smart Metering Private Limited, a subsidiary of IntelliSmart Infrastructure Private Limited (IntelliSmart). This is the second order received under a strategic framework agreement for 3m modules and to date, 900k modules have been ordered. The supply of Omnimesh Modules for this project is expected to commence during Q3 FY 2024, and the deployment will be completed within 27 months. A support and maintenance contract will be in effect for a period of seven and a half years after the go-live stage.
Gamma Communications £10.93 £1061.9m (GAMA.L)
A provider of Unified Communications as a Service (UCaaS) to the business markets in the UK and Europe, announces a trading update for the six months ended 30 June 2023. The Group performed well with all business segments contributing to healthy year-on-year adjusted EBITDA growth and high group operating cash conversion. Europe delivered healthy adjusted EBITDA growth and results were further bolstered by foreign exchange movements. Growth was primarily driven by their UCaaS portfolio, which includes Horizon Cloud PBX solution as well as those SIP trunks supporting Microsoft Teams implementations and other non-Gamma Cloud PBX solutions. Closing net cash at the half year was approximately £121.5m and management expects EBITDA and adjusted EPA for the year will be within the range of market forecasts.
GreenRoc Mining 3.8p £5.1m (GROC.L)
The company focused on the development of critical mineral projects in Greenland, announces that it has raised gross proceeds of £470k by way of a placing of 12,368,422 new ordinary shares at a price of 3.8 pence. The Placing price represents a marginal 1.3% premium to the closing price on 1 August 2023 of 3.75 pence. The net proceeds will be put towards finalisation of the preliminary economic assessment (PEA) of the Amitsoq project, laboratory preparation of different graphite product samples as requested by a potential offtaking company, ongoing work including field sampling and to support further commercial negotiations with potential offtake and financial partners.
Oxford BioDynamics 11.45p £16.8m (OBD.L)
A biotechnology company developing precision medicine tests based on the EpiSwitch® 3D genomics platform, announces that it has successfully raised gross proceeds of £5.6m through a placing of new ordinary shares at an issue price of 11p per new Ordinary Share. The issue price represents a marginal premium of 3.77% to the closing price of 10.6 pence on 1 August 2023. In addition, retail investors were able to participate via the PrimaryBid platform. The results of the fundraise will support the Company for its working capital purposes.
React Group 1.6p £16.9m (REAT.L)
The specialist cleaning, hygiene, and decontamination company announces it has been awarded a contract with a new customer to provide cleaning services to five shopping centres in the West Midlands. The agreement is for an initial three years, worth approximately £1.8m, with an option to extend for an additional two years. The contract will commence immediately and the value of work in the current financial year, ending 30 September 2023, is estimated to be approximately £100k.
Vast Resources 0.33p £11.3m (VAST.L)
The mining company with assets in Romania announces its Q2 production report at its Baita Plai Polymetallic Mine. The Company achieved operational breakeven at Baita Plai in June 2023. The increase in production in June was due to the opening of sub level 5 which allows mining on multiple fronts. 14 WMT of concentrate was produced with a content of 21% copper. 55% of this production took place in June as a result of preparations made in April & May. As announced on 17 July 2023 the Company has received initial positive results from Phase 1 of an extensive exploration programme which has confirmed the potential to extend the mining area and establish a revised JORC compliant Mineral Resource.
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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).
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.
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