Small Cap Feast

30th October 2023

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

Joiners: 
Adsure Services has joined the Access Segment of the AQSE Growth Market today.

Leavers: 
EMIS Group has left AIM today.





What’s Cooking In The IPO Kitchen?

Tekcapital announced intention to spin off and IPO on 2 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). Microsalt 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. AIM Admission delayed, expected mid-November.


Breakfast Buffet

88 Energy 0.35p £69.3m (88E.L)
The oil and gas exploration and production company with a North American focus announces that it has recently engaged the independent resource certifier, Netherland, Sewell & Associates, Inc (NSAI) following Pantheon Resources Plc declaring a significant contingent resource for the Lower Basin Floor Fan (BFF). The BFF reservoir was the deepest of the multiple hydrocarbon-bearing pay zones intersected during the drilling and logging of the Hickory-1 exploration well. NSAI will assess the BFF reservoir at Project Phoenix for a maiden contingent resource estimate based on Hickory-1 results and nearby offset well results, which may lead to the Hickory-1 being confirmed as a discovery.

Aura Energy 15.25p £103.0m (AURA.L)
The minerals company with a portfolio of uranium and polymetallic projects provides an overview of activities for the quarter ended 30 September 2023. Tiris Uranium Project continued to advance across all development workstreams, with Front-End Engineering Design (FEED) on track for completion in Q4 2023. The Häggån Project Scoping Study was released, indicating significant scale and optionality with a post-tax net present value range of US$380m-US$1,231m. The Company's cash position as of 30 September 2023 was A$8.55m.

Asiamet Resources 0.9p £20.0m (ARS.L)
The copper-gold exploration and development company announces an update in relation to its wholly owned, feasibility stage, BKM copper project located in Central Kalimantan, Indonesia. The final version of the Independent Technical Expert report from SRK Consulting has been issued and delivered to the prospective Lead Bank. Several prospective prepayment (offtake) finance providers remain actively engaged with another two groups recently commencing diligence.

D4t4 Solutions 160p £63.8m (D4T4,L)
The data solutions provider provides a trading update for the six months to 30 September 2023 (H1 FY24). Results are expected to be in line with management expectations, with revenues of approximately £13.0mn, up 60% (H1 FY23: £8.1m) and adjusted profit before tax of approx. £0.2m (H1 FY23: loss of £1.3m). Annual recurring revenue increased during the period to £17.4mn (31 March 2023: £16.7m). The cash balance at the half year end was £14.7m, and the Group remains debt free.

Insig AI 20.5p £21.3m (INSG.L)
The data science and machine learning company announces the launch of The Transparency and Disclosure Index (TDI). The TDI has been developed following discussions with FTSE 100 and FTSE 250 companies at CEO, CFO and Head of Investor Relations level. It also reflects feedback from data collaboration with the FCA's Techsprint. Using evidence based analysis of more than 200 million machine readable sentences from corporate disclosure documents, the TDI demonstrates what stakeholders and market participants require: how well a company is disclosing non-financial information.

Inspecs Group 76p £77.3m (SPEC.L)
The global eyewear and lens design house and manufacturer announces a trading update for the nine months ended 30 September 2023. Trading was in line with the Company’s expectations and revenue increased by 4.6% to £159.1m (nine months ended 30 September 2022: £152.1m). The Group has delivered strong cash generation in the Period and, as a result, net debt (excluding leases) decreased by £6.4m to £21.2m. Based on the current order book, the Board remains confident of delivering full year results in line with market expectations.

Northern Bear* 57p £10.7m (NTBR.L)
The group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK, provides a trading update for the six months ended 30 September 2023 (H1 FY24). The operating profit, prior to amortisation and one-off costs (in the format used in the last full year results) is expected to be in the range of £1.7m to £1.8m for the period, compared to £1.5m in H1 FY23. As at 30 September 2023, the Group had a net cash position of £0.4m (30 September 2022: net bank debt of £1.9m; 31 March 2023: net cash of £3.2m).

Powerhouse Energy Group 0.305p £7.9m (PHE.L)
The company pioneering integrated technology which converts non-recyclable waste into low carbon energy, makes reference to its announcement of 21 March 2023. The announcement advised that the Company had agreed Heads of Terms with Hydrogen Utopia International Plc (LON: HUI) for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at County Longford, Ireland. The Company has decided to defer further progress towards committing to the Longford Project while it takes stock of the final position in its negotiations with HUI.

Sanderson Design 107.5p £76.8m (SDG.L)
The luxury interior design and furnishings group announces a newly signed licensing agreement, in which J Sainsbury's Habitat brand will create a range of tableware and kitchen products based on Sanderson's National Trust collection of fabrics. The agreement covers the UK and Northern Ireland, and the first tableware and kitchen products will be launched in the spring of 2025. Sanderson Design Group will receive a royalty on Habitat's sales, which will be shared with the National Trust to further support their work in line with the Company's Live Beautiful strategy.

Solid State 1,165p £132.0m (SOLI.L)
The specialist value added component supplier and design-in manufacturer of computing, power, and communications products announces a trading update for the six months ended 30 September 2023 (1H FY23). Revenues were approximately £88.0m (1H FY22: £59.4m). Adjusted profit before tax was at least £7.0m (1H FY22: £4.2m). The open order book at the end of September remained robust at £99.7m (30 September 2022: £112.5m) with circa 60% expected to be delivered in the current financial year. The shorter lead times will enable more efficient conversion of the order book into billings.

30 October 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