Small Cap Feast

3rd October 2022

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What’s Cooking In The IPO Kitchen?

Milton Capital Plc, a new type of special purpose acquisition company, intends to join the Standard Segment of the Main Market. The directors intend to search initially for acquisition opportunities in the technology sector. The focus for the prospective acquisition is megatrends. This includes sectors such as space, artificial intelligence, machine learning and blockchain technology. Ticker upon admission (MII.L) The Company has raised £1m prior to admission. Expected 4 October 2022.

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. Due 31 October 2022.

Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m. Timing TBC.

Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company’s investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150m. Expected 4 October 2022.

The Sustainable Farmland Trust PLC, intends to float on the Premium Segment of the Main Market. The Company invests in a diversified portfolio of farmland and related agriculture-focused assets predominantly located in the US. Raising £200m. Expected 12 October 2022.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m. Due 3 November 2022.

Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late October.


Breakfast Buffet

Brickability Group 74p £221.7m (BRCK.L)

The leading construction materials distributor announces that it has acquired ET Clay Products for a consideration of £11.6m through the acquisition of 100% of the share capital of E.T. Clay Products Limited and Heritage Clay Tiles Limited. The consideration is being satisfied by an initial cash payment of £8.1m and deferred consideration of £3.5m payable in cash over the next 3 years, subject to adjustments to deferred consideration payments for performance against target performance criteria during the performance period. In the year to 30 July 2022, ET Clay Products generated unaudited revenues of £44.3m and adjusted EBITDA of c£3m.

Futura Medical 38.45p £110.6m (FUM.L)

A pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® drug delivery technology, announces that it has completed all of the work that is required for the FDA to grant marketing authorisation for MED3000, its clinically proven treatment for erectile dysfunction. The dossier will be submitted to the FDA and the Company remains confident of being granted authorisation by the end of Q1 2023 in line with previously announced timelines.

Indus Gas 263p £481.2m (INDI.L)

An oil and gas exploration and development company with assets in India announces the appointment of Mr Atiq Anjarwalla as an Independent Non-Executive Director of the Company with immediate effect. Mr Anjarwalla is an experienced Lawyer and is a Solicitor of the Supreme Court of England and Wales, Advocate of the High Court of Kenya and a Legal Consultant in Dubai. Atiq’s legal experience spans Corporate, Private Client, Banking, Project Finance and Capital Markets.

Oxford BioDynamics 12p £12m (OBD.L)

The biotechnology company developing precision medicine blood tests for immune health based on the EpiSwitch 3D genomics platform, confirms the availability of its Proprietary Laboratory Code (PLA Code) 0332U, assigned by the American Medical Association’s CPT Editorial Board, from 1 October, 2022. The code was issued for the EpiSwitch® CiRT to Oxford BioDynamics and its partner lab NEXT Bio-Research Service in July, and is now available for the billing of the test under Medicare, Medicaid and private payors.

Oriole Resources 0.17p £3.7m (ORR.L)

The early stage gold exploration company focussed on West Africa announces that it has received a 2-year licence extension for its 90%-owned Bibemi orogenic gold project in Cameroon. Under Cameroonian law, there is no mandatory ground relinquishment required on renewal and, as such, the Company has maintained the full 177km2 licence area. The non-renewable extension is valid until 26 September 2024, at which point the Company will need to apply for an exploitation licence. Exploration to date at the Project has identified shear-hosted gold mineralisation at 4 main prospects.

Quadrise Fuels International 1.16p £16.4m (QFI.L)

The supplier of MSAR® and bioMSAR™ emulsion technology and fuels, announce its audited final results for the year ended 30 June 2022. Loss after tax has decreased to £2.6m (2021: £4.3m), of which of £1.5m (2021: £1.4m) is attributable to production and development costs and £1.4m (2021: £1.5m) relates to administrative and corporate expenses. At 30 June 2022, the Group had total assets of £8.0m (2021: £10.7m). Throughout FY2022, Quadrise has seen material progress across a range of international projects and expects to deliver commercial revenues in the current financial year.

Real Good Food 1.05p £1m (RGD.L)

The sourcing, manufacturing, and distribution of food to the retail and industrial sectors announces its final results for the year ended 31 March 2022. Revenue from continuing businesses increased by 8.3% to £40.4m (2021: £37.3m). Underlying adjusted EBITDA was £0.7m compared to a loss of £0.8m in the prior year. The Company reported a net debt reduction of £25.5m (2021: £48.8m). Increases in the cost of raw materials and energy in recent months continue to pose significant challenges. As a result, FY23 is expected to be loss-making but the business is being strengthened to be more resilient and ready to benefit from a more favourable trading environment.

Redx Pharma 58.5p £195.9m (REDX.L)

The clinical-stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, announces preclinical efficacy data in immune mediated models for RXC007. The data on RXC007, the Company’s lead fibrosis asset, was presented alongside final Phase 1 safety and pharmacokinetic data at the International Colloquium on Lung and Airway Fibrosis (ICLAF) on 2 October by Dr Nicolas Guisot, Research Fellow at Redx. RXC007, dosed orally and therapeutically, was able to significantly reduce skin thickness, fibrosis and collagen deposition in the skin and lungs as measured by hydroxyproline (a key fibrotic marker), histological staining and scoring (Trichome, H&E and Ashcroft score).

SRT Marine Systems 29.5p £53.3m (SRT.L)

The global provider of maritime surveillance, monitoring and management systems, provides an initial trading update for the six months trading period ended 30th September 2022, prior to the issue of full interim results on Monday 14th November 2022. During the first half revenues increased 300% to £18.8m (H1 21/22: £4.7m), generating an expected profit before tax C.£1.5m. Despite continuing production constraints, the transceivers business revenue grew by 20% to £5.2m (H1 2021/22: £4.2m). Meanwhile, the systems business generated £13.6m of revenue (H1 2021/22: £0.5m).

Verici Dx 13.5p £23m (VRCI.L)

A developer of advanced clinical diagnostics for organ transplant, announces that its post-transplant blood test focused on acute rejection, has been rebranded as Tutivia™. Formerly known as Tuteva, Tutivia™ is a blood-based RNA signature for a risk score for acute rejection, and will be the first test commercialised on the Verici transplant biomarker platform, with a soft commercial launch in the United States expected later in 2022.

3 October 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.

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