Small Cap Feast

3rd February 2023

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

No joiners today.

Doric Nimrod Air One LTD has left the Specialist Segment of the Main Market.

What’s Cooking In The IPO Kitchen?

Fulcrum Metals, a holding company of a mineral exploration group with base, precious and energy metal projects in Canada, intends to join AIM. On Admission, the Group's projects will comprise six gold and base metal projects in Ontario, Canada. The Group's projects are pre-discovery with large, diversified land packages that have either substantial historical samples or prospective geology and are located nearby mineral rich deposits or producing mines. Expected mid-February 2023

Constance Iron Limited, whose principle activities will be the development and production of magnetite iron ore projects in Australia announces a consideration of an IPO and admission of shares onto the Standard Segment of the Main Market of the London Stock Exchange. The Company is targeting to raise gross proceeds of c. £60m which will be ustilised to fund the exploration and development to production of the Norseman Iron Ore Project where the Company has a 65% net profit interest in the Project.

Breakfast Buffet

Brave Bison Group 2.6p £28.1m (BBSN.L)
The social and digital media company, announces that it has entered into a conditional agreement to acquire the entire issued share capital of Social Chain Limited. The initial consideration for the acquisition consists of a payment of £7.7m. Part consideration will be funded by an vendor placing to raise £4.75m at a discount of 3.4%. The Acquisition is expected to increase Brave Bison's revenues from social media advertising to £15m, and the consolidated businesses to generate revenues of £40m for the financial year ending 31 December 2023. The Board anticipates that the Company will meet current market expectations.

CMO Group 28p £20.2m (CMO.L)
The UK's largest online-only retailer of building materials, announces an update on trading for the full year to 31 December 2022. The Group reports total sales for the year up 9% to £83.1m (2020: £76.3m), with a year-on-year improvement of 2%. Adjusted EBITDA is anticipated to be approximately £2.1m. The Group closed the year with cash balances at £6.2m. The net cash position at the year-end of c.£1.4m, higher than previously guided. The Management is confident that they can deliver further progress in the new year.

Itaconix 5.2p £23.4m (ITX.L)
A innovator in sustainable plant-based polymers used to decarbonise everyday consumer products, announces that it has conditionally raised £10.3m of new ordinary shares at an issue price of 5.1p. The fundraising is scheduled to be used for: general working capital, development of new products and applications, and capital spending to support continuous process improvements. The Company expects to report revenues for the full year to 31 December 2022 ahead of market expectations at $5.6m, representing 115% growth (2021: $2.6m).

Live Company Group 1.8p £4.4m (LVCG.L)
The live events, entertainment and sports events company announces an additional licence agreement with Mr Jason Lee Byoung Goo whereby Mr Lee has licenced the StART Art name worldwide for use in an art based blockchain product. Mr Lee has an existing licence agreement with LVCG for StART Art Korea. An annual licence fee of £500k is payable by the Licensee to the Licensor on 1 August in each year of the term. The fee is split between a £300k cash element (payable on 1st August 2023) with the option, at the Company's discretion to receive the remaining fee of £200k on or before 1st September 2023, in cash or Coins.

LPA Group 76.5p £10.3m (LPA.L)
The high reliability LED lighting, electronic and electro-mechanical system designer and manufacture, announces its preliminary results for the year to 30th September 2022. The Group announced revenues 5.4% higher than previous year at £19.3m (2021: £18.3m) and a reduced underlying operating loss of £0.23m (2021: loss of 0.27m). The Company has realised cash of £1.7m. The Group anticipates a return to profitability in FY2023 and is confident for the future.

Molecular Energies 110p £11.4m (MEN.L)
The international energy company provides an update on the drilling rig for its Paraguay operations. Further to the announcement of 9 January 2023 the relevant drilling rig has been successfully procured and the drilling contract with President Energy Paraguay S.A now signed. Due to the significant delays outside of MEN's control the estimated time for commencement of drilling is in May. The drilling time projected to reach target depth is estimated to be 40 days from the time of commencement.

Petro Matad 2.87p £25.8m (MATD.L)
The Mongolian oil company announces the Company has conditionally raised $6.0m through issuing new ordinary shares at 2.5p. The Company also announced on 2 February 2023 that it was launching a separate retail offer to raise up to a further £500k ($615k) to provide existing retail shareholders in the United Kingdom with an opportunity to participate in the Capital Raise.

Resolute Mining 15.75p £337.4m (RSG.L)
The mining company focused on gold in Africa, announces the appointment of Chris Eger as its new Chief Financial Officer (CFO). Chris has held a number of senior financial, commercial and leadership roles, in the resources and investment banking sectors. Most recently he was the CFO of Chaarat Gold Plc and was previously CFO of Nyrstar NV and the M&A Director at Trafigura AG.

Science Group 400p £181.7m (SAG.L)
An international science, engineering and technology business providing services to the medical, defence, industrial, food & beverage and consumer sectors provides an update. Further to the announcement made by TP Group Plc on 29 December 2022, Science Group announces the completion yesterday of the sale of the entire issued share capital of Westek Technology Ltd to Roda Computer GmbH for a cash consideration of £0.8m. Completion of disposal is subject to regulatory clearance.

Tertiary Minerals 0.135p £2.1m (TYM.L)
The explorer focussed on energy transition and precious metals in Zambia and Nevada, USA, announces it has raised £300k before expenses through a placing of new ordinary shares of 0.01p each and warrants in the Company at 0.12p. The proceeds of the Placing will allow the Company to continue the evaluation of its portfolio of copper exploration projects in Zambia and Nevada, with field programmes scheduled to commence in Spring in Zambia as soon as the wet season ends.

3 February 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