Announced ITF 26 September: Mydecine Innovations Group, a biotech and life sciences company that is building an R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 October.
MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of Shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). The Company is looking to raise £10m - £15m on IPO and announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission to trading on AIM is expected to be 18 October.
City Pub Group 88.5p £92.6m (CPC.L)
The owner and operator of 52 premium pubs across Southern England and Wales, announces the completion of the acquisition of two additional pubs in London and in Oxford. (1) The Group has acquired a premium freehold investment which is currently operated as Simmons Bateman Street. The pub is in the heart of Soho and currently generates approximately c£260k per annum in rent. (2) The Plough, Oxford is a leasehold pub located on the Cornmarket, Oxford. The annual net turnover of the pub in 2022 was approximately £1.45m with estimated pub EBITDA of £350k. The Group will continue to look at further acquisitions in areas where it already has a presence.
CML Microsystems 435p £76.71m (CML.L)
The company that develops mixed-signal, RF and microwave semiconductors for global communications markets, announces that it has completed the acquisition of Microwave Technology, Inc. (MwT) headquartered in California. MwT is a Company focusing in the design, manufacturing and marketing of GaAs and GaN Based MMICs, Discrete Devices, and Hybrid Amplifier Products. MwT's unaudited US GAAP results for the year to 31 December 2022 recorded revenue of $6.5m and a pre-tax loss of $132k with net assets of circa $2.4m. The total consideration payable for the acquisition is $13.18m, of which $7.65m is payable in cash and $5.53m is payable in shares.
Corero Network Security 7.7p £38.5m (CNS.L)
The provider of distributed denial of service (DDos) protection solutions, announces a number of orders from both new and existing customers signed during Q3 2023 for its SmartWall® DDoS protection solutions for a total of approximately $2m over the course of the contracts. These orders are summarised as below: (i) New customer: a US-based provider of communication technologies and services; (ii) Contract expansion: a North America regional provider of internet and phone services; (iii) Contract expansion: a service provider delivering data and communication services across the Caribbean, Central America, and Asia Pacific; (iv) New customer: a communication service provider within the Southern Asian region.
ECR Minerals 0.29p £3.4m (ECR.L)
The exploration and development company focused on gold in Australia, announces an extension to its option to acquire Placer Gold Pty Limited, the owner of the Hurricane Project, as well as the latest exploration developments at the project. The Hurricane Project is located approximately 200km west of Cairns in North Queensland, Australia. The 4-week extension of deadline to exercise the option to 26 October 2023 allows ECR further time to analyse and review the project. Best results include a gold equivalent of 31.3 g/t Au and 30.13 g/t Au (Holmes). 28 of the results have gold values greater than 2 g/t Au. All samples from outcrop.
One Heritage Group* 20.5p £7.9m (OHG.L)
The UK-based residential developer, development manager and property manager focused on the North of England, confirmed on 29 September 2023 that the completion of the remaining fifteen units of Lincoln House, Bolton, has now taken place ahead of the updated deadline of 09 October 2023. The funds have been received in full, including an interest payment that the buyer had to pay. This follows the RNS on 24 August 2023 regarding the delays with the completion of the sale of fifteen units. On the 15 September 2023 a further announcement was made that notices to complete expired on 14 September 2023 and the company expected to enter into an agreement with the buyer to allow an extension of time of 21 days. The Company looks forward to updating all shareholders on the Full Year Results in Q4 2023.
Proteome Sciences 6.7p £19.6m (PRM.L)
The provider of CRO outsourced services to quantitate proteins and peptides in complex solid and fluid biological samples, announce the launch of SysQuant® SCP, the commercial service for single cell proteomics using the power of its TMTpro™ isobaric labelling reagents. Where more traditional approaches can measure a few 10s of proteins on each cell using antibody labelling, SysQuant® SCP can identify more than 1,000 proteins in each study of 576 single cells and provides novel insights into individual cell biology and heterogeneity. The launch of SysQuant® SCP is part of the Company’s growth strategy along with the opening of a US facility in San Diego.
Quadrise 0.78p £12.1m (QED.L)
The supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, announces its audited final results for the year ended 30 June 2023. Loss after tax was £3.1m (1H22: £2.6m), of which of £1.7m (1H22: £1.5m) is attributable to production and development costs and £1.3m (1H22: £1.4m) relates to administrative and corporate expenses. Cash balances as at 30 June 2023 was £1.3m. An additional £1.94m (gross) was raised in July 2023. Agreements covering our commercial vessel trial with MSC and other stakeholders are expected to be signed in Q4 2023, with the trial itself planned to commence in Q1 2024.
Scirocco Energy 0.5p £4.5m (SCIR.L)
An investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces an update on the Ruvuma transaction. The divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks. According to the RNS on 3 August, 2023, the total consideration of up to US$16m.
Southern Energy 20p £28.3m (SOUC.L)
The natural gas exploration and production company, announce the execution of the fifth amendment (Fifth Amendment) to the existing senior secured term loan (Credit Facility). The Fifth Amendment includes the extension of the Tranche B availability to August 31, 2025, and a US$2.0m increase to the Tranche B commitment for a total Tranche B commitment of US$31.5m. Southern will have approximately US$11.5m of capacity remaining on the Credit Facility upon execution of the Fifth Amendment with a current outstanding balance of approximately US$17.6m. The amendment also extends the principal amortisation period by an additional twelve months while maintaining the existing 12% per annum coupon.
Thruvision Group 24.5p £36.1m (THRU.L)
The provider of walk-through security technology, publishes a trading update for the six months to 30 September 2023 (H1 FY24). Revenue grew by an estimated 27% to approximately £3.5m (H1 FY23: £2.8m) with an order backlog at 30 September of £1.0m expected to be delivered early in the third quarter. Cash at 30 September 2023 was £2.3m (30 September 2022: £1.1m) and trade receivables were £2.7m (30 September 2022: £3.3m). The Company expects that the second half will demonstrate good revenue growth over the first and will be based on a more diversified range of customers.
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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.
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