Small Cap Feast

3rd November 2022

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What’s Cooking In The IPO Kitchen?

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

Looking Glass Labs, a Company engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams, intends to join the AQSE Growth Market. Looking Glass Labs is currently listed on the NEO Exchange (Canada). 14 November 2022.

Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. Immediately following Admission, the Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. Investors are focused on Ithaca’s dividend yield, with the price range corresponding to a dividend yield of 11.3%-14% for 2023, a bookrunner involved said. Expected 9 November 2022.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). 10 November 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.


Breakfast Buffet

4GLOBAL 66p £17.4m (4GBL.L)

A UK-based data, services and software company focused on sport and the promotion and measurement of physical activity, announces a contract win to provide operational support for a major sporting event taking place this year. 4GLOBAL has been retained to provide operational assistance to ensure the host nation is prepared for the upcoming major football sporting event scheduled to take place in late-November and conclude in mid-December. The contract value is approximately £200k. This project has enabled 4GLOBAL to further strengthen its strategic partnership in the region with Al Jassra Group, which is a long-term partnership in this marketplace that has generated potential active tendering opportunities.

Brandshield 6.8p £9.5m (BRSD.L)

A provider of cybersecurity solutions for brand oriented digital risk protection, provides a Q3 trading update. By the end of Q3 2022 the Group has increased client numbers to 172, from 153 at the end of H1 2022. Within the period several new contracts have derived from the US; entered into Ireland, a new territory; 8 new mandates came from financial services companies; and agreed contracts with global food and beverage companies.

Cooks Coffee 21.5p £11.5m (AQSE: COOK)

The international coffee focused café chain, announces that Ms Elena Garside has been appointed as a Non-Executive Director of the Company with immediate effect. Elena, who is UK-based, has significant experience in financial and ESG communications with a focus on advising on current and emerging trends within these fields, including responsible investing, and sustainable finance. Her clients have included FTSE 100 and FTSE 250 companies, as well as privately owned businesses and global corporations. Elena is the founder and CEO of Garside & Garside Limited which consults on ESG, media relations and reputational matters.

Eight Capital Partners 0.025p £3.9m (AQSE:ECP)

The financial services operating company that aims to grow revenue through businesses engaged in Fintech operations provide an update on progress with its transformational growth strategy, as set out in its announcement of 27 September 2021, and the launch of its fund raise process. The Fundraise is the next step in the implementation of ECP’s strategy, providing the Company with an initial tranche of acquisition funding as well as headroom in its capital structure to continue the debt to equity conversions committed to by its major shareholder. The Fundraise will seek to raise up to £10m in stages, resulting in an issue of up to 50 bn new ordinary shares, at the same price as the recent debt conversion (0.02p per share) announced on 17 October 2022.

Facilities By ADF 46.8p £35.5m (ADF.L)

A provider of premium serviced production facilities to the UK film and high-end television (HETV) industry, announces the opening of its new office in Glasgow, set in Pioneer Film Studios’ campus, Scotland’s newest and largest film studio. ADF opened the new office in response to the recent growth in the film and HETV market in Scotland which has witnessed extensive studio space expansion and inward investment as global productions increasingly choose the country’s natural landscape and strong creative sector.

Gattaca 71.5p £23.1m (GATC.L)

The specialist engineering and technology staffing solutions business, announces its Preliminary Results for the year ended 31 July 2022. On a continuing basis, revenue decreased 3% to £403.3m (2021: £415.7m) and generated net fee income of £44.1m, a 5% increase (2021: £42.1m). Underlying profit before tax from continuing operations was £0.3m (2021 restated: £1.8m). Statutory loss after tax for the total Group was £4.7m (2021 restated: loss of £0.4m). As a STEM skills focused business, the board do not believe current macro-economic conditions will have a significant impact on its business model as it continue to see robust demand in its key markets. Gattaca remain confident the changes made in the last 6 months combined with the long-term fundamentals in its core STEM markets leave the Company well placed for the future. Expectations for FY23 remain unchanged at underlying profit before tax of £2.5m for the year.

IQE 42p £338m (IQE.L)

The supplier of compound semiconductor wafer products and advanced material solutions to the semiconductor industry, announces it has signed a 3 year agreement with Advanced Wireless Semiconductor Company (AWSC), for the supply of epiwafers for wireless applications. This three-year supply agreement covers epitaxial wafers spanning a range of AWSC’s wireless products, including those which enable 4G and 5G mobile handsets and WiFi products. The agreement provides IQE with diversification opportunities into mass market power amplifier products. IQE and AWSC will also partner in the design and development of solutions for next-generation wireless applications.

Mast Energy 3.8p £8.3m (MAST.L)

The UK-based multi-asset owner and operator in the Reserve Power market announces that it has entered into arrangements in respect of the provision of a new loan facility for up to £2.25m with a commitment period of 3 years led by an institutional investor. An initial advance of £300k is to be paid to the Company on the date of execution of the loan agreement, with the Company being able to request from the Institutional Investor up to £175k in a single tranche. There will be a fixed annual interest coupon to be paid on a quarterly basis calculated as 10% of the value of each principal advance of the Loan Facility. Each principal advance of the Loan Facility will have a maturity date of 18 months from the date of advance with repayments of any outstanding balances repaid in cash on the Maturity Date.

Semper Fortis Esports* 0.48p £2.0m (AQSE:SEMP)

The esports company focused on establishing esports teams and forming brand and technology partnerships announces it has reached an agreement to acquire a new team for the upcoming RLCS Rocket League season. This is part of the Company’s strategy to operate up and coming esports teams on a lower cost base and to work with the players and teams in order to maximise their potential. The new acquisition also enables the Company the opportunity of expanding in the MENA region. It has recently been reported the Kingdom of Saudi Arabia would be making large investments into becoming a world hub for esports and was focused on growing its gaming industry.

Yourgene Health 3.3p £23.6m (YGEN.L)

The international molecular diagnostics group, provides an unaudited trading update for the 6 months ended 30 September 2022. Core revenues for H1 FY23 (excluding COVID-related activities) were £8m (H1 FY22: £7.0m), an increase of 14%. Total revenues on a statutory basis were £9.6m (H1 FY22: £17.5m) reflecting the transition away from COVID services post-pandemic, and in total representing over 40% of consensus market expectations for the full year which is consistent with the historical H1 / H2 pattern. The Company is experiencing some erosion to margins due to inflationary and economic pressures. To mitigate margin pressures, the Board continues to assess its cost base in the context of its pipeline of commercial partnerships and discretionary investment options.

3 November 2022
*A corporate client of Hybridan LLP

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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.

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