Small Cap Feast

31st July 2023

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

Metals One (MET1.L) joins AIM. The Company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper has raised £2.2m at 5p per Ordinary Share.

Bonhill Group (BONH.L) has left AIM.

What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market.

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Breakfast Buffet

Byotrol 1.9p £8.6m (BYOT.L)
The specialist infection prevention and control company announces its audited results for the year ended 31 March 2023. Revenue decreased to £4.6m (2022: £6.3m), comprising £4.3m in product sales (2022: £5.2m) and £0.3m (2022: £1.1m) in IP sales. Gross margin on products improved from 37% to 43%, although gross pre-exceptional charges fell to £2.1m (2022: £3.0m) and the adjusted EBITDA loss was £0.7m (2022: profit £0.04m), in line with market expectations. The cash at the year end was £0.7m. The Board remains very engaged and highly confident in the Company's positioning and in its financial prospects, and looks forward to a year of significant progress and a return to profitability.

EQTEC 1.158p £18.2m (EQT.L)
The technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation, announces the successful completion of steam-oxygen gasification tests carried out in partnership with the Energy from Biomass and Wastes (ERBE) team, as part of feasibility work on the Biogaz Gardanne project awarded to the Company in March 2023 by the Préfet de la Région Provence-Alpes-Côte-d'Azur in France. The Tests confirmed that similar results to those achieved with EQTEC steam-oxygen gasification technology at the LERMAB facility can be directly applied at commercial scale, for the Project and other plants seeking to produce advanced biofuels. Additionally, the tests validated the responsiveness of EQTEC's proprietary control systems over the process, testing changes to process parameters and quick response of the gasifier reactions to create stable processing through management of temperature, pressure and other factors to optimise gas composition.

Ingenta 119p £17.3m (ING.L)
The provider of software and services to the global publishing industry, confirms that trading in the six month period to 30 June 2023 has shown continued growth in revenue and profits compared to the prior period. The Group expects to report revenue of approximately £5.7m (2022: £5.3m) and adjusted EBITDA of approximately £1.6m (2022: £1.3m). Closing cash balances as at 30 June 2023 were £2.6m (2022: £4.4m). The comparative cash reduction is due to the £2.2m tender offer completed in November 2022 to repurchase 1,796,484 Ordinary shares. Reflecting on the Group's normal trading seasonality, the Board remains confident in the outlook for the year, and year end results will be in line with market expectations.

National World 19p £50.9m (NWOR.L)
The Company involved in news publishing, the digital media sector, and associated complementary technologies, announces its half year results for the 26 weeks ended 1 July 2023. (Adjusted results reported below are before non-recurring items, amortisation of intangible assets and impact of IFRS 16.) Total Revenue was down 4% to £41.6m, with a flat year-on-year performance in Q2, following an 8% decline in Q1. Digital revenue remains robust, with a 9% increase year-on-year to £8.9m and average monthly page views have increased 21%. Adjusted EBITDA of £3.1m, down 47% (H1 2022: £5.9m) and adjusted operating profit is £2.9m (H1 2022: £5.7m), contributing factors being the downturn in advertising and investment in new brands. Throughout the period, the Group completed five acquisitions for a total consideration of £3m. Closing cash balance of £22.1m at 1 July 2023, with outstanding debt of £1.0m.

Panthera Resources 7.63p £11.8m (PAT.L)
The gold exploration and development company with assets in West Africa and India, provides an update on Indo Gold Pty Ltd's conditional Arbitration Funding Agreement for up to US$10.5m in litigation financing with LCM Funding SG Pty Ltd (LCM), as originally announced by the Company on 28 February 2023. The Company announces that it has agreed to a further extension to the LCM Due Diligence period to 11 August 2023. It was previously announced, that the Company had agreed to an extension to 28 July 2023. The Company and LCM are now in the final stages. Following the successful completion of the LCM Due Diligence, the parties can then move to complete a Funding Confirmation Notice.

Polarean Imaging 21p £46m (POLX.L)
The commercial-stage medical device leader in advanced MRI scanning of the lungs, announces it has upgraded the University of Missouri Health Care (MU Health Care) Department of Radiology's polariser system to a clinical configuration, and has delivered a gas blend cylinder for the production of XENOVIEW. MU Health Care’s Department of Radiology expects to begin scanning of hospital clinic patients imminently. XENOVIEW expands the opportunity to visualise lung ventilation without exposing patients to ionising radiation and its associated risks. The dose of XENOVIEW, created through the Polarean HPX hyperpolarisation system, is administered in a single 10 to 15 second breath-hold MRI procedure. XENOVIEW can provide pulmonologists, surgeons, and other respiratory specialists with regional maps of ventilation in their patients’ lungs to assist them in managing their disease.

RBG Holdings 18.25p £17.4m (RBGP.L)
The legal and professional services group, announces that Ian Rosenblatt OBE has agreed to join the Board as an Executive Director. He will be Vice Chair of the Board with a focus on strategy. Ian founded the law firm Rosenblatt in 1989 and was its Senior Partner until 2016. He is both the Group's largest shareholder and individual revenue generator. Further to his appointment, Ian has agreed to an extension to his restrictive covenants which expired in May of the current financial year. In consideration of this arrangement, Mr Rosenblatt will be paid a total of £2.5m in monthly instalments over the five-year period of the restrictive covenants. There are no other changes to his compensation arrangements.

Tekcapital 9.98p £17.8m (TEK.L)
The UK intellectual property investment group provides a commercial update from Microsalt Ltd. which has continued its sales expansion of its SaltMe! brand of crisps with two new business partners in the Philippines, the Heathy Options Chain and S&R Membership Shopping stores. Both partners approached MicroSalt about its low sodium products and have placed sizeable first orders and have expressed a strong expectation of future orders. Healthy Options has 33 brick and mortar stores and a successful online business. S&R Membership Shopping is a membership-based store chain with 22 warehouse branches and 51 quick-serve restaurants, and presents the opportunity for substantial penetration into the Philippines through their diverse business.

Tertiary Minerals 0.11p £2.2m (TYM.L)
The Company involved in the identification, acquisition, exploration and development of mineral deposits in Nevada, the USA, and Northern Europe, advises that the necessary permissions have now been received from the Forest Department in Zambia to carry out the Company's proposed soil sampling programmes in the forest areas within the Mukai and Mushima North project licences. Mukai & Mushima North are two of five projects in Zambia where Tertiary is exploring for copper. Both projects benefit from the technical cooperation and data sharing agreement with leading Zambian and global copper producer First Quantum Minerals.

Venture Life Group 33.75p £42.7m (VLG.L)
The Company developing, manufacturing and commercialising products for the international self-care market, announces a trading update for the six months ended 30 June 2023, ahead of the Group's interim results on 25 September 2023. Group revenues were £23.5m, a increase of 24.4%, comprising growth from both the VLG Brands and Customer Brands, including the recent acquisition of HL Healthcare Limited. On a proforma basis, revenue performance was 10.4% ahead of H1 2022. Cash generated from operating activities of £4.6m (H1 2022: £1.8m), an increase of 158% and improved operating cashflow conversion of c.99% (H1 2022: 53%). The order book has an increase of c.30%, providing strong visibility over second half revenue and is in line with management expectations.

31 July 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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


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 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