Conviction Life Sciences, a newly established closed-ended investment company seeking to list on the Premium Segment of the Main Market to invest in a portfolio of life sciences and medical technology businesses, was targeting to raise c.£100m but has now decided not to proceed with its IPO due to current market uncertainty.
Fulcrum Metals, a holding company of a mineral exploration group with base, precious and energy metal projects in Canada, intends to join AIM. On Admission, the Group's projects will comprise six gold and base metal projects in Ontario, Canada. The Group's projects are pre-discovery with large, diversified land packages that have either substantial historical samples or prospective geology and are located nearby mineral rich deposits or producing mines. Expected mid-February 2023.
Constance Iron Limited, whose principle activities will be the development and production of magnetite iron ore projects in Australia announces a consideration of an IPO and admission of shares onto the Standard Segment of the Main Market of the London Stock Exchange. The Company is targeting to raise gross proceeds of c. £60m which will be ustilised to fund the exploration and development to production of the Norseman Iron Ore Project where the Company has a 65% net profit interest in the Project.
ADM Energy* 0.625p £1.9m (ADME.L)
The natural-resources investing company provides an update on its interest in the Barracuda oil field. As announced on 13 December 2021, the Company and K.O.N.H. (UK) Ltd (KONH) obtained an interim injunction at the Federal High Court of Nigeria, Lagos restraining Noble Hill-Network Limited (NHNL), its officers, agents, privies, or person howsoever connected from selling, disposing, divesting, or tampering with the 70% shareholding interest of KONH in NHNL to third-party investors. Further to the announcement on 16 November 2022, ADM Energy has been advised that the court has adjourned this matter until 28 March 2023. The interim injunction continues to stand in the meantime and a further update will be made in due course.
Bigblu Broadband 42.5p £24.9m (BBB.L)
The provider of alternative broadband solutions throughout Australasia and the Nordics, announces that its fully owned Australian business, SkyMesh, has completed the acquisition of the Satellite operations of Harbour ISP PTY LTD, a subsidiary of Uniti Group in Australia. The total cash consideration on completion was AUD$4.72m (£2.7m) with a retention of AUD$0.2m (£0.1m), to be paid in March 2023 post reconciliation of customer numbers. The satellite operations acquired currently consist of c.5.9k customers. As announced on 5 December 2022, the acquired operations are expected to generate annualised revenues of c.£2.5m and EBITDA of c.£0.7m with positive cash generation.
Echo Energy 0.0825p £4.6m (ECHO.L)
The Latin American focused energy company provides a business update. The company has secured two new gas sales contracts with materially improved terms compared with the contracts announced on 3 May 2022. These contracts have an initial term of 12 months, with gas sales beginning in May 2023. The Contracts provide gross 6.8 MMscf/d of committed production (4.8 MMscf/d net to Echo) at an increased average price of US$4.48 per Mmbtu for 2023-2024(compared with US$4.33 per Mmbtu for the previous period). In addition, an upfront gross cash payment of US$1m (US$0.7m, net to Echo) will immediately be paid and applied towards the working capital of the Santa Cruz joint venture.
Ingenta 113.5p £16.5m (ING.L)
The software and services provider to the publishing and media industries, provides a trading update for the year ended 31 December 2022: revenue of approx. £10.45m (2021: £10.15m) and adjusted EBITDA of approximately £1.95m (2021: £1.45m), in line with market expectations. Closing year end cash balances were £2.4m (2021: £3.0m) after completion of the previously announced £2.07m tender offer in November 2022. Ingenta has no debt. In line with the previously stated intention to implement a progressive dividend policy, the Board intends to pay a final dividend of 2.25 pence (2021: 2 pence) per ordinary share for the 2022 financial year.
James Halstead 195p £843m (JHD.L)
The commercial flooring manufacturer and distributor, provides a trading update. The revenues for the six months to 31 December 2022 are expected to be 8-9% up year-on-year. Trading of UK manufactured goods has been adversely affected by the lack of availability of international shipping to several territories most notably Australia, North and South America. That said, the Company saw signs of reduced international freight costs and raw material costs. Energy costs remain at historically high levels but have not escalated. Profit before tax for the half year will be short of the comparative period but not significantly so. However, the Board's expectations for the full year remain positive and unchanged.
Oriole Resources 0.135p £3.7m (ORR.L)
The exploration company focussed on West Africa provides a update on its 90%-owned Central Licence Package (CLP) project in Cameroon. The district-scale CLP project comprises nine contiguous licences covering 4,091 square kilometres of previously unexplored Paleo-Proterozoic to Pan-African age rocks highly prospective for a range of commodities, including orogenic-style gold mineralisation and lithium. Since Q4-2022, the team has been undertaking early-stage exploration at two of these licences, Ndom and Gamboukou, to assess their potential to host lithium-bearing pegmatites. A number of pegmatite units have now been identified that help underpin the source of the c.9 kilometre lithium-in-soil anomalies reported in Q4-2022 (announcement on 29 November 2022). Mapping and sampling programmes are continuing at Gamboukou.
Safestyle UK 24p £33.3m (SFE.L)
The UK focused retailer and manufacturer of PVCu replacement windows and doors for the homeowner market, issues a trading update for the year ended 1 January 2023 (FY22). Revenue is expected to be c.£154.3m, c.7.7% higher than the prior year, and an underlying loss before tax in line with market expectations. The cash position has reduced in line with the trading performance by c.£4.1m to £8.0m at 2 Jan 2022. Meanwhile, the replacement of the Group's existing facility with a new £7.5m revolving credit facility to the end of 2026 has been completed. CEO Rob Neale indicates that management is confident that the business will return to profitability in 2023.
Smarttech247 32p £39.7m (S247.L)
The AI-enhanced cybersecurity company offering services on Managed Detection and Response Platform, VisionX, provides an update on contract wins during the last quarter. These include a three-year agreement with a large US tech company headquartered in Massachusetts and a two-year agreement with a university in Ireland worth c.$400k and c.$450k respectively over the lives of the contracts. The contract wins build on the three-year $800k contract in October 2022 with a Fortune 150 automotive retailer in the USA with annual revenues of over $20bn.
Xpediator 40.5p £57.4m (XPD.L)
The provider of freight management services across the UK and Central and Eastern Europe, provides trading update for the year to 31 December 2022. Annual revenue will be just below £400m, up 35% (2021: £297m). As a result, adjusted profit before tax is expected to be significantly ahead of previous guidance of £9m. Net debt is expected to be reduced to £3.6m from £8.0m as at 30 June 2022. The trading of the freight forwarding operations was strong in Lithuania, Bulgaria and Romania in the closing months of 2022. In the UK, the financial performance of Delamode Anglia also improved in the latter months of the year.
88 Energy 0.625p £112.2m (88E.L)
The Alaska-focused oil exploration company announces its plan to raise up to A$12.0m (£6.8m), with the ability to accept over-subscriptions to increase the total amount raised to up to A$15.0m (£8.1m) at a placing price of A$0.0095 (equivalent to £0.0055). The proceeds will strengthen its balance sheet and will provide sufficient capital to fund the planned Hickory-1 well at Project Phoenix, payment for the new Project Leonis acreage, finance potential portfolio expansion / new ventures. Following completion of the proposed Placing, the Company will have sufficient cash to fund its ongoing working capital and administrative overheads for at least 12 months.
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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.
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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.
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