Small Cap Feast

4th October 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Milton Capital plc (MII.L) has joined the Main Market.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

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. Delayed from 4 Oct 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

Allergy Therapeutics 16p £103.1m (AGY.L)

The fully integrated commercial biotechnology company specialising in allergen immunotherapy, announces that it has proactively paused production at the Freeman facility, part of its Worthing, UK manufacturing site, in order to accelerate ongoing site improvements. No areas for improvement are related to the safety of products and all of the Group’s clinical trials remain unaffected. Management believes that the pause in production will be confined to a number of weeks and is working to limit the impact on revenue in that period.

ECR Minerals 0.75p £8.0m (ECR.L)

The exploration and development company focused on gold in Australia, announces an update on the stream sediment sampling campaign currently in progress on its tenements at Lolworth Range, North Queensland, Australia. ECR Minerals plc has 100% ownership of 3 exploration tenements (EPM27901, EPM27902 and EPM27903). The program is close to 75% completion and more than 91 samples have been despatched and awaiting results from the laboratory.

Gateley Holdings 191.5p £238.6m (GTLY.L)

The legal and professional services group announces the acquisition of Symbiosis IP Limited (Symbiosis) for a maximum consideration of circa £2.5m. Symbiosis is a chartered patent attorney firm specialising in IP services for the life sciences industry. It is the second patent attorney business Gateley has acquired onto its Business Services Platform following the acquisition of Adamson Jones in January 2022. For the year ended 31 March 2022, Symbiosis delivered revenue of £1.8m and a profit before tax of £0.3m.

Inspiration Healthcare Group 74.5p £50.8m (IHC.L)

The medical technology company announces its unaudited results for the six months ended 31 July 2022 (1H22). Total revenue was £20.5m, flattish (1H21: £20.9m) and operating profit was £1.1m, down 58% (1H21: £2.6m). Net cash was £3.3m, down 62% year-on-year. However, the company remains confident in profit forecast for the current financial year. This confidence is based on production transferred to the new manufacturing and technology centre, a comprehensive and diverse range of products and a strong order book.

N4 Pharma 2.2p £4.0m (N4P.L)

The specialist pharmaceutical company developing Nuvec®, a novel delivery system for cancer treatments and vaccines, announces successful in vitro testing of Nuvec® loaded with two small interfering RNA (siRNA) probes. CEO Nigel Theobaldany indicated that Nuvec® loaded with two generic siRNA probes still achieves significant silencing of respective genes is validation for the work announced on 14 September with EGFR and BCl-2 in a PC9 lung cancer model. “Achieving the initial successful testing of Nuvec ® with the generic GFP and EHMT-2 siRNA will also allow us to commence commercial outreach discussions.”

Physiomics* 2.2p £2.1m (PYC.L)

The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solutions, announces that it has been awarded a third contract by existing client, Numab Therapeutics. Physiomics will use its PKPD modelling capabilities to support the translation of pre-clinical to clinical data with a focus on dose selection. The project is expected to be completed between now and the end of the calendar year.

Semper Fortis Esports* 0.47p £1.9m (AQSE: SEMP)

The esports company focused on establishing esports teams and forming brand and technology partnerships has reached an agreement with 4 team ‘Oxygen Esports” for the sale of SMPR player ‘Archie’ for a transfer fee of $35k. Jassem Osseiran, COO of Semper Fortis Esports, commented: “We would like to thank Archie for his noteworthy performances under the SMPR brand and wish him all the best in his career moving forward.”

The Character Group 445p £85.9m (CCT.L)

The toy company provides a trading update before the results of the financial year ended 31 August 2022 to be released in December 2022. The Board expects the Group’s underlying profit before tax and highlighted items for the year ended 31 August 2022 to be broadly in line with current market expectations. However, given the current macro-economic headwinds, the Board considers that the trading performance for the current financial year is unlikely to match the expected outcome for the year ended 31 August 2022. That said, the Group continues to trade profitably and has a strong balance sheet. The Board is, accordingly, committed to maintaining its progressive dividend policy.

WANdisco 517.5p £344.7m (WAND.L)

The data activation platform announces that it has signed a follow-on agreement worth $7.1m with a large European automotive components supplier. This client initially entered into a Commit-to-Consume contract with WANdisco valued at a minimum of $5m over 5 years as announced on 4 July 2022. Terms were originally signed to replicate automobile sensor data to the Amazon Web Services cloud. However, initial data to be transferred exceeds the volume of data agreed in the Original Contract. As a result, WANdisco has entered into the follow-on contract providing that 50% of the aggregated $12.1m will be paid in advance.

Watkin Jones 100.3p £257.2m (WJG.L)

The residential property developer, builder and manager, provides a trading update for the year ended 30 September 2022 (FY22). Two forward sales previously expected to close in September have been impacted by the recent market volatility, and these are now planned to transact in FY23. As a result, the Board expects FY-2022 underlying operating profit to be c.10% below current market expectations. The Board also believe it is prudent to assume margin pressure as a result of purchasers’ elevated borrowing costs will continue into FY23.

4 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.

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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