Small Cap Feast

30th March 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 
Dish Of The Day:

Joiners: 
Onward Opportunities Limited (ONWD.L) joins AIM. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the LSE. The Company has conditionally raised Gross Proceeds of c.£12.8m of initial capital pursuant to the Placing at a price of 100 pence per Placing Share..

Leavers:
No leavers today.



What’s Cooking In The IPO Kitchen?

Beacon Energy plc, intends to join the AIM market. In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m and will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected admission date is 11 April 2023.

Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission was on 29th March 2023 (appears delayed).

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.

Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Admission Delayed. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed.

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.


Breakfast Buffet

Aquis Exchange 400p £110.1m (AQX.L)
The creator and facilitator of next-generation financial markets, announces its audited results for the year ended 31 December 2022. Net revenue increased 24% to £20.1m (FY21: £16.2m), while profit before tax increased 27% to £4.5m (FY21: £3.6m). Cash and cash equivalents at 31 December £14.2m (31 December 2021: £14.0m), with no debt held. During the period, Aquis launched Aquis Matching Pool (AMP). Membership grew to 41 (FY21: 38) and 22 new IPOs were delivered in 2022. Post perdio, the Company completed a rebrand in Q1 23, to reflect the diversification across three business units and four revenue streams. The Company is currently trading in line with expectations.

Caracal Gold 0.38p £7.0m (GCAT.L)
The expanding East African gold producer with over 1,300,000oz of JORC compliant gold resources, confirms ongoing delivery of high-grade ore from the high-grade zone in the Kilimapesa Hill deposit to the Milling plant. Ongoing 360tpd of high-grade material with average grades from 3.39g/t to 4.92g/t are being processed. The initial mining plan has been extended to over 180 days of delivery of high-grade material to the milling plant and exploration to define the full potential of the high-grade zone is ongoing. At the Milling plant the focus Is to increase the tonnage from 360tpd to 500tpd over the next few weeks.

Ebiquity 52.5p £63.2m (EBQ.L)
The media investment analysis Company, announces its results for the year ended 31 December 2022. Revenue increased 20% to £76m, in which 9% was organic growth. Acquisitions in the period contributed revenue of £6.8m. Adjusted operating profit increased by 98% to £9.3m. Statutory operating loss increased to £5.9m (2021: £5.1m). Net debt of £9.1m: cash balances of £12.4m and bank borrowings of £21.5m as at 31 December 2022 with undrawn bank facilities of £8.5m. Ebiquity won major new assignments including Shell, HSBC, Philips and Pepsico. The Company also announces the retirement of Chief Financial Officer and Chief Operating Officer, Alan Newman. Trading in the current year has started in line with the Board's expectations.

Genedrive 34p £31.5m (GDR.L)
The point of care molecular diagnostics company, announces that, the UK's National Institute for Health and Care Excellence (NICE) has ratified and finalised its recommendation that the Genedrive® MT-RNR1 ID Kit can be used by the NHS. The review was conducted through NICE's Early Value Assessment (EVA) programme, which was designed to select and recommend new technologies that will make a real difference to patients and provide the most value for the NHS. The Genedrive® MT-RNR1 ID Kit can quickly and accurately identify babies with the MT-RNR1 genetic variant who may be at risk of hearing loss if given aminoglycoside antibiotics, and that no other test is available to provide results quickly enough to inform decisions on antibiotic prescribing in emergency care.

GETECH Group 14.63p £9.8m (GTC.L)
The geoenergy company and owner of hydrogen developer, H2 Green, announces that H2 Green's Inverness Green Hydrogen Project has been selected for a £0.5m UK Government grant from its Net Zero Hydrogen Fund - Strand 1 Development Expenditure. H2 Green is developing a major green hydrogen hub in central Inverness, comprising green hydrogen production, storage and dispensing, and new onsite renewable energy generation. The grant will be used by H2 Green for development expenditure support for front-end engineering design (FEED) and post-FEED studies for the green hydrogen production facilities. H2 Green expects to immediately commence the project and draw down the grant in 2023.

Gresham House 715p £273.7m (GHE.L)
The specialist alternative asset manager, announces its annual results for the year ended 31 December 2022. Assets under management (AUM) increased by 20% to £7.8bn, with organic growth of £1.1bn (17% growth). As a result, net core income gre 25% and operating profit increased 34%. At the end of the year, cash position of £32m and an undrawn committed Revolving Credit Facility of £20m available. A 19.3% Return on Capital Employed was generated, in line with the 20.0% medium-term target, and has led to adjusted diluted Earnings Per Share increasing by 12% to 55.2p. As a result, the Board is recommending a 60% increase in the dividend to 16.0 pence. Throughout the period, funds were raised across all asset classes and international expansion continued with the acquisition of Burlington RE Property Management in Ireland.

Poolbeg Pharma* 7.95p £39.8m (POLB.L)
A biopharmaceutical company focusing on infectious and prevalent diseases with a high unmet medical need, announces its audited results for the year ended 31 December 2022. During the period POLB 001 successfully completed the bacterial lipopolysaccharide human challenge trial in 2022. Results demonstrated POLB 001 to be safe and well tolerated and had a potent effect on systemic and localised inflammatory response in a dose dependent manner. In January 2023, the Company strategically expanded POLB 001 as a potential treatment option for Cytokine Release Syndrome, a side-effect associated with CAR T cell therapy. Clinical trial enabling activities are underway with trial initiation in CAR T cell patients expected in H1 2024. In its Artificial Intelligence (AI) Programmes (Respiratory Syncytial Virus AI programme and Influenza AI programme) unique disease progression data has been derived from human challenge trial samples. Poolbeg had £16.2m cash at year end.

Tasty 2.25p £3.3m (TAST.L)
The owner and operator of restaurants in the casual dining sector, announces its annual results for the 52 week period ended 25 December 2022. Revenue increased 26% to £44.0m (2021: £34.9m), however Adjusted EBITDA (post IFRS 16) decreased to £2.6m (2021: £8.0m). Loss after tax for the period of £6.4m (post IFRS 16) (2021: £1.2m profit). As at 25 December 2022, the Group had an outstanding bank loan of £nil (2021: £1.25m) after repaying the Barclays Bank facility in full in June 2022. Cash at bank at the end of the period was £7.0m (2021: £11.0m). Capital investment increased to £1.6m (2021: £0.5m). Performance to date is ahead of management expectations although, at this stage, it is difficult to predict the full extent of the cost of living crisis and input cost inflation and shortages.

Technology Minerals 0.98p £13.2m (TM1.L)
The UK company focused on creating a sustainable circular economy for battery metals, announces that its 48.25% owned battery recycling business, Recyclus Group Ltd (Recyclus), in collaboration with the University of Birmingham (UoB), has been awarded funding of £1.96m from the UK Government's Innovate UK, to create a mobile battery recycling system capable of safely handling any type of lithium-ion (Li-ion) battery. Recyclus will lead the project and design and build a compact prototype Universal Battery Recycling System, a mobile recycling truck that handles a complete range of Li-ion battery modules from all areas of industry. The aim is to develop a consistent battery recycling channel which creates safe and environmentally friendly recycling of Li-ion batteries across the UK.

XLMedia 13.75p £35.7m (XLM.L)
A global digital media company, announces audited results for the year ended 31 December 2022. Following the decision to exit personal finance announced in December 2022, the Group's FY 2022 results will be presented on a continuing operations basis. Revenue from continuing operations, including the benefit of 4 new US state launches, increased 24% to $71.8m, while Adjusted EBITDA from continuing operations was $17.8m up 18%, at a margin of 25%. Profit for the year from continuing operations decreased 14% to $2.4m. The core sport and gaming business delivered revenues of $69.6m, an increase of 27% and Adjusted EBITDA of $18.2m. Throughout the period, the Group continued to expand its presence in the US operating across all 19 regulated online sports states and restructured the Group's European Gaming and Sports division.

30 March 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

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.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram