Small Cap Feast

2nd November 2022

Dish of the day
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Off the menu
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Dish Of The Day:
Cooks Coffee Company Limited (NZX:CCC) has joined the Access Segment of has dual listed joining the Access Segment of the AQSE Growth Market under the ticker COOK. Cooks Coffee has a total of 111 outlets in the UK, Ireland and across its international markets. It is the 4th largest coffee chain in the UK (behind Starbucks, Costa and Caffè Nero). The company currently owns the Esquires Coffee and Triple Two Coffee Brands. Esquires was founded nearly 30 years ago and Cooks Coffee acquired the global rights (excluding Australia and New Zealand), focusing on operations in the UK and Ireland in 2013. Triple Two Coffee was acquired in June 2020 and is currently one of the fastest growing coffee brands in the UK.
Off The Menu:
Diurnal Group has left AIM.

What’s Cooking In The IPO Kitchen?

Looking Glass Labs, a Company engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams, intends to join the AQSE Growth Market. Looking Glass Labs is currently listed on the NEO Exchange (Canada). 14 November 2022.

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. 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. Investors are focused on Ithaca’s dividend yield, with the price range corresponding to a dividend yield of 11.3%-14% for 2023, a bookrunner involved said. Expected 9 November 2022.

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.

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.


Breakfast Buffet

Accsys Technologies 65.2p £134.9m (AXS.L)

The company that combines chemistry and technology to create high performance, sustainable wood building products, announces its intention to acquire 100% ownership of the Tricoya group entities, i.e., Tricoya Technologies Limited (TTL) and Tricoya UK Limited (TUK), along with the refinancing and reduction of debt associated with TUK. This is the results of the discussion announced in September 2022 with the consortium partners regarding the Tricoya Hull Project and funding options given rising construction costs and energy pries. The consortium partners will transfer their Tricoya Entity shares to Accsys in return for 11.9m new Accsys shares, which represents 5.74% of Accsys’ current issued share capital.

Anglo Asian Mining 78p £89.1m (AAZ.L)

The gold, copper and silver producer in Azerbaijan, provides an update on its development of new mines and geological progress. Zafar mine design advanced and geotechnical assessment underway: 13 geotechnical diamond drill holes for a total length of 1,664 metres completed over the planned ramp, providing information for tunnelling, which is scheduled to commence in December 2022. Gilar underground exploration to commence: The development of an exploration tunnel to access the mineralisation, which can also be used for production, is planned to commence in November 2022. Vejnaly excellent gold and copper grades returned: Underground vein sampling collected 230 samples with a total length of 117 metres, including 6 channel samples with assays ranging from 51 to 104 g/t of gold.

Atlantic Lithium 43.6p £264.1m (ALL.L)

The lithium exploration and development company targeting to deliver Ghana’s first lithium mine, announces assay results from the resource and exploration drilling programme at the Ewoyaa Lithium Project in Ghana. Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li2O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate, providing further confidence in the resource conversion at the Ewoyaa Main deposit, and extending mineralisation downdip at the Grasscutter East, Grasscutter West and Anokyi deposits.

Bonhill Group 3.25p £3.9m (BONH.L)

The leading B2B media business specialising in financial services providing media, events and data & analytics, revises its annual guidance. On 10 October 2022, the Board announced its expectation for revenues of approx. £15.0m and an EBITDA loss of approx. £0.35m from continuing operations for the year ending 31 December 2022. Due to recent political and economic uncertainty, the Board now expects revenues of approx. £14.5m and an EBITDA loss of approx. £0.6m. Further to the announcement 10 October 2022 regarding the launch of a formal sale process, the Board has received interest from potential buyers for either the entire Group or distinct parts of it. A further announcement will be made in due course.

Firering Strategic Minerals 11.75p £10.3m (FRG.L)

The exploration company focusing on critical minerals, announces that it has entered into an agreement with Ricca Resources Limited, formerly part of Atlantic Lithium Limited, to fund the Atex Lithium-Tantalum Project and adjacent Alliance exploration licence (once granted) in Côte d’Ivoir for up to US$18.6m. The total amount of US$18.6m to be paid to Firering consists of US$1m in cash; US$0.6m of Ricca shares, which Firering plans to retain; Ricca to complete a 4 stage earn-in of up to 50% through the funding of up to US$17m (current budget $US14.7m), with the aim of achieving a Definitive Feasibility Study. Beyond the US$17m expenditure to be spent, Ricca has agreed to fund a further US$2m if the JORC inferred Mineral Resource Estimate surpasses 20Mt @ 1.0% Li2O.

I3 Energy 23.75p £283.3m (I3E.L)

The oil and gas company with assets and operations in the UK and Canada, provides an operational update. Production in Q3 2022 averaged 20,571 boepd, approximately 55% and 6% over Q3 2021 and Q2 2022, respectively. The Company remains on track to reach 24,000 boepd by year-end. i3 Energy provided its annual guidance in May 2020 “the Enlarged Capital Budget”. However, full year 2022 WTI oil pricing (to which the majority of i3’s oil production is referenced) is down 2.3%, NGL pricing down 7.4% and AECO gas pricing down 8.8% from the basis for Q2 guidance.

Malvern International 0.1p £2.2m (MLVN.L)

The global learning and skills development partner, provides a trading update ahead of the General Meeting today. (1) University Pathways: The Company expects this coming January’s student intake to be significantly ahead of the previous January’s level. This is the product of the strategic investment over the last two years. (2) English Learning Training (ELT) and Juniors: The final result puts the Company in the top quartile in the industry. For ELT, Q4 is a period where the sales cycle begins for 2023. The Board believes Malvern to grow its market share in 2023 and beyond.

Rockfire Resources 0.16p £2.3m (ROCK.L)

The base metal and critical mineral exploration company, announces that good progress is being made on multiple fronts at its 100%-owned Molaoi zinc deposit in Greece. Mapping has located numerous old workings along the strike of the zinc mineralisation and substantial shafts greater than 30m deep have been located. Rock sampling remains in progress, with the first 28 samples submitted to the laboratory for analysis. A lease over a 10Ha parcel of land on top of the Molaoi resource has been transferred to the Company from the Greek State. This 30-year lease will allow for unrestricted access to the portal site and may also prove suitable for hosting future infrastructure.

Spectral MD Holdings 32p £43.6m (SMD.L)

The predictive analytics company with proprietary AI algorithms and optical technology for faster and more accurate treatment decisions in wound care, announces a trading update. The Company expects to its revenues, gross margin and EBITDA to exceed current market expectations for the year ended 31 December 2022. The 2022 grant revenue is to be materially ahead of market expectations and nearly 60% ahead of grant revenues received in 2021. Grant revenue, mainly from the BARDA contract for the Burn indication, has been driven higher by strong execution of clinical studies in 2H 2022. The Company also received additional funding commitments from BARDA for US$8.2m in August 2022.

Zenova Group 15.5p £14.5m (ZED.L)

The provider of fire safety and heat management technology solutions, announces that it has been specified by BDP Architects, one of the UK’s largest architecture firms and Laing O’Rourke, the UK’s largest privately owned construction company, to supply Zenova FP Paint within the main entrance facade as part of the NHS’s 3Ts redevelopment project at the Royal Sussex County site, Brighton. There are encouraging signs for further NHS Projects. In addition, Zenova has completed the first phase of a pilot project at the NHS Epsom and St Helier University Hospitals Trust.

2 November 2022
*A corporate client of Hybridan LLP

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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.

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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