Small Cap Feast

5th December 2022

Dish of the day
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Off the menu
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Dish Of The Day:

Hellenic Dynamics (HELD.L) (formerly U.K. SPAC Plc) announces their First Day of Dealings on the Main Market (Standard segment). The Company has raised gross proceeds of £1.125m through a fundraising. Hellenic Dynamics plans to cultivate and export THC dominant medical cannabis products to the 25 countries in Europe that now allow medicinal cannabis for patients via prescription. 

Whilst we were away…. 
Life Sciences REIT (LABS.L), moved from AIM to Main Market Premium on 1st December. 
 Dial Square Investments (DSI) joined the Main Market Standard on 30th November. The Company is a SPAC in the sports management sector. It is the Company’s intention to target Acquisitions of majority interests which enable it to capitalise on the potential to develop a vertically integrated sports management operation.

Off The Menu:
ThinkSmart (TSL) has left AIM. 
Whilst we were away…. 
MySale Group (MYSL) left AIM on 1st December. 
 Allied Minds (ALM) left AIM on 30th November. 

What’s Cooking In The IPO Kitchen?

Smarttech247 Group, intends to join AIM. The company is a provider of AI enhanced cybersecurity services providing automated managed detection and response and has raised £3.67m to support its continued expansion into new products and geographies, development of its proprietary technology and for general working capital purposes. Admission is expected to take place on 15 December 2022 under the TIDM S247.


Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Date 16 December.


Kistos Holdings intends to join AIM. The Company was incorporated to act as a new holding company for the group companies of Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.


AT85 Global Mid-Market Infrastructure Income, a UK investment trust targeting an innovative, adjacent-space strategy in some of the most sought-after sectors in infrastructure, is proposing to undertake an IPO on the Premium Segment of the Main Market. The Company has access to an initial portfolio of assets of £98.5m and a total pipeline (including the Initial Assets) of £539.8m. Targeting to raise c.£300m.

Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the LSE. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset portfolio. LTA aspires to be a “best-in-class” private assets vehicle, targeting 0.55% per annum management fee and typically a 7 to 8% p.a. hurdle rate of return. Date and amount to be raised TBD.


Breakfast Buffet

AfriTin Mining 4.4p £66.8m (ATM.L)

AfriTin announces further results from the lithium and tantalum drilling programme at the Company's flagship operation, the Uis Mine.  The 50-hole drilling programme, comprising 29 diamond and 21 reverse circulation drill holes, aims to increase the confidence of the existing lithium and tantalum mineral resource estimates over the deposit. All 50 drill holes have been completed and are being processed.

Angus Energy 1.9p £55.8m (ANGS.L)

The company announces a drilling progress update. Despite relatively slow progress in casing and cementing, it expects to resume drilling into the open hole section of the reservoir in the early part of next week with well clean up operations set to commence on or around 16th December shortly followed by well testing.  Drilling itself is expected to end on or around 14 December with the setting of the completion string (i.e. the production tubing).  On this timetable, if there are no issues, the well can be declared a technical success by the middle of the month, although testing will be required before flow rates can be announced and a commercial success declared.

Bidstack 3.1p £40.3m (BIDS.L)

Bidstack announce the expansion of its exclusive native in-game advertising partnership with global AAA game publisher with the addition of two mobile titles.  The two titles join Bidstack's existing title from one of the world's largest sporting franchises, in a multi-year deal that will see the Company exclusively place native in-game advertising across these three mobile titles.  The update to this multi-year deal strengthens Bidstack's position in the sports simulation and racing genres and offers significant advertiser reach in key markets such as the US.  It will also enable Bidstack to source additional sponsorship media activations within these titles. 

Bigblu Broadband 41.5p £24.2m (BBB.L)

Bigblu announces that its fully owned Australian business, SkyMesh PTY LTD has conditionally completed the acquisition of the Satellite operations of Harbour ISP PTY LTD, a subsidiary of Uniti Group LTD in Australia for a total consideration of up to AUD$5.2m (c.£2.9m), to be satisfied from existing cash resources including their revolving credit facilities with Santander.  The acquisition is conditional on the appropriate FIRB regulatory and NBN Co Limited network approvals being obtained in Australia.  The satellite operations being acquired currently consist of c.6k customers.

Faron Pharmaceuticals 310p £185m (FARN.L)

Faron have provided an update on the Company's Phase I/II BEXMAB study, investigating bexmarilimab, Faron's wholly owned precision immunotherapy asset, in combination with standard of care (SoC) in multiple hematological malignancies. The company reports that an azacytidine-refractory acute myeloid leukemia (AML) patient with partial responses as communicated on October 31, 2022, achieved a complete remission, with incomplete blood cell count recovery after four treatment cycles. This was followed by full blood count recovery after five treatment cycles.  The second patient, recently diagnosed with myelodysplastic syndrome (MDS), showed early signs of efficacy, with reduced blast counts. This pattern is similar to the first patient and as such the patient could be considered a partial responder.

Fulcrum Utility Services 2.3p £9.2m (FCRM.L)

The Company confirms that it has entered into an arrangement with Bayford & Co and funds managed by the Harwood Capital Management Limited Group in respect of the provision of funding of up to £6 million by way of a convertible loan. The key terms of the Facility Agreement are up to £6 million as principal (being £4 million from Bayford and £2 million from Harwood on a pro rata basis.  Repayable on or before 1 November 2023 or such later date as may be agreed by the Lenders. Interest will be accrued from the date monies are drawn down under the Facility at a rate of 20 per cent. per annum, repayable at the end of the term or on prepayment of the Facility.  A prepayment fee of 20 per cent. of the amount of the Facility prepaid early and a non-utilisation fee of 6 per cent. per annum.

Fusion Antibodies 37.5p £9.8m (FAB.L)

The Early Discovery Contract Research Organisation specialising in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications announces its unaudited interim results for the six months ended 30 September 2022.  Revenues of £1.9m (H1 FY2022: £2.4m).  Expenditure on R&D increased by 7% to £0.45m (H1 FY2022: £0.42m).  Loss of £1.1m (H1 FY2022: £0.6m loss).  Cash position at 30 September 2022 was £1.2mi (31 March 2022: £2.0m.)

Petro Matad 2p £17.4m (MATD.L)

The AIM quoted Mongolian oil company provided an operational update this morning.  Progress is being made to register the Block XX Exploitation Area as special purpose land.  Mongolia announces 14 blocks available in a new Exploration Tender.  Negotiations with DQE Drilling in their final stages for a multi-well development drilling contract.  More time secured on Block V Exploration PSC and plans for drilling Velociraptor 1 being progressed. 

Roquefort Therapeutics 7.3p £9.5m (ROQ.L)*

Roquefort announces that its Midkine program had a presentation on 3 December 2022 at the European Society of Medical Oncology Asia conference in Singapore. The presentation reported that the lead oligonucleotide program showed >90% efficacy in human cancer cells (at the mRNA level), reduced functional Midkine and is ready for efficacy testing as a novel anticancer medicine.  The poster and abstract were embargoed until the presentation at the conference at the following link https://www.esmo.org/meeting-calendar/esmo-asia-congress-2022

Zamaz 10p £71.2m (ZAMZ.L)

Zamaz, the technology driven e-commerce business  announces the publication of its Final Results and audited Annual Report and Accounts for the year ended 31 August 2022.  The company reported turnover of £1.7m and a net loss before tax of £1.32m.  Zamaz completed their main market listing in September.  The Board sees tremendous opportunities  to grow; to make further acquisitions and to aggregate an expanding portfolio of brands selling across multiple on-line and traditional channels.  The Group is currently ahead of its Business Plan in with an annualised run-rate approaching £6m. 

5 December 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.

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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.

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MIFID II status of Hybridan LLP research
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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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