Small Cap Feast

5th May 2023

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

Joiners: 
No joiners today.

Leavers: 
No leavers today.



What’s Cooking In The IPO Kitchen?

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. £1.98m total capital to be raised. Anticipated market capitalisation on admission £7.16m. Expected Admission 10 May 2023.


Breakfast Buffet

Anpario 242.5p £58.2m (ANP.L)
The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, advises that Kate Allum will step down as Non-Executive Chairman and Chair of the Nomination Committee, leaving the Board at Anpario's AGM on 29 June 2023. Matthew Robinson will take over as Non-Executive Chairman from that date.

Aptamer Group 13p £9.0m (APTA.L)
The developer of Optimer® binders to enable innovation in the life sciences industry, announces a trading update for the year ending 30 June 2023. The Group expects full year revenues to be materially below FY2022. Revenue for the ten months ended 30 April 2023 was approximately £1.4m, as the existing pipeline of new business has taken longer than expected to convert, especially their licensing and royalty-based contracts. The Group cash balance was £0.7m and is making cost savings in order to extend the cash runway.

CleanTech Lithium 40p £42.6m (CTL.L)
An exploration and development company advancing sustainable lithium projects in Chile for the EV transition, announces its audited final results for the twelve months to 31 December 2022. The Company has raised £17.9m comprised of 1) IPO on London Stock Exchange's AIM market after raising £5.6m and 2) raised an additional £12.3m in October 2022 to fund work programme for 2023. The Company holds cash of £12.4m at year end. The Company demonstrated robust economics at Laguna Verde for a multi-decade commercial (20,000tpa) lithium operation with low operating cost of US$3,875 per tonne of lithium carbonate. Results included an NPV8 of US$1.83bn, IRR of 45.1% and a payback period of 1 year and 8 months.

Corcel 0.38p £3.4m (CRCL.L)
The industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements, announces that it has agreed the sale of a 20% interest in its Mt. Weld Rare Earth Element project to Extraction Srl, for a cash consideration of AUD$1.0m payable by 31 May 2023. Following this transaction CRCL will have an 80% interest in the project pending the results of the first earn in period. The Company will now focus on its first transaction following its recent pivot to oil and gas.

Eden Research 4.25p £16.2m (EDEN.L)
The company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products, announces its preliminary results for the year ended 31 December 2022. Revenue for the year increased 50% to £1.8m (2021: £1.2m ), with a loss before tax of £2.6m (2021: £3.4m). Adjusted EBITDA was £1.7m loss, a reduction of 15% (2021: £2.0m loss) and the Company held cash position of £2.0m (2021: £3.9m). The Company also received regulatory approval granted by the United States Environmental Protection Agency in September 2022 for all six petitions submitted. The team are focused on delivering strong sales growth in the future.

EQTEC 0.185p £21.4m (EQT.L)
A technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels and energy generation announces its audited results for the year ended 31 December 2022. Revenue decreased 13% to EUR8.0m (2021: EUR9.2m). EBITDA loss increased by 29% to EUR4.9m (2021: EUR3.8m), net loss including significant and non-recurring items was EUR10.5m (2021: EUR4.7m). This includes an investment impairment of EUR4.7m in relation to the North Fork project in California. The Company added contaminated plastics to their feedstock library after testing success, followed by a collaboration agreement with a French waste management company towards future plants. EQTEC continue to focus on core capabilities and development to support its design, engineering and technology integration.

Goldplat 9p £15.1m (GDP.L)
The mining services group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, announces an operational update for the 3rd quarter ended 31 March 2023 (Q3). The two recovery operations achieved a combined operating profit for the quarter of £1.47m, a 36% decrease (Q3 2022 - £2.286m). The combined operating profit for the operating entities for 9 months decreased 20% to £4.84m (Q3 2022 - £6.045m). Despite the reduced operating performance in Q3, the Company still expects to meet current market expectations for the current financial year.

Proton Motor Power Systems 11p £170.9m (PPS.L)
The developer and producer of fuel cells and fuel cell electric hybrid systems with a zero-carbon footprint, announces that it has received an order from Shell Deutschland Oil GmbH, a subsidiary of the international energy group (Shell), for two HyShelter® 240 containerised hydrogen fuel cell hybrid systems. Proton Motor's technology is reflected in the HyShelter and the rest of the Hy-brand portfolio of solutions for infrastructural applications. They ensure a safe and clean energy supply where there is no or insufficient infrastructure.

Sareum Holdings* 140p £95.3m (SAR.L)
A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that its application to conduct Phase 1 clinical studies on SDC-1801 in Australia has been granted approval by the Human Research Ethics Committee (HREC). SDC-1801 is a TYK2/JAK1 inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases with an initial focus on psoriasis, an autoimmune condition affecting the skin. With the approval, Sareum, working alongside specialist clinical units in Melbourne, Australia, expects to initiate a Phase 1a trial in the coming weeks. Provided satisfactory safety data are obtained from this initial study, a Phase 1b clinical study is expected to commence in psoriasis patients in 2024.

TPXimpact Holdings 42.5p £49m (TPX.L)
The technology-enabled services company focused on digital transformation, provides an update on its Q4 trading for the year ended 31 March 2023. The Board expects to report revenue of c.£83m with an adjusted EBITDA margin of approximately 3% and its net debt position below £18m. New business generation totalled £36m, and the momentum has continued into the new financial year with business wins exceeding £80m. The Board is raising its guidance on organic revenue growth to 15-20% for FY24 (from 10-15% previously) and is targeting an adjusted EBITDA margin of 5-6%. Trading for the fourth quarter of the year was at the higher end of previous guidance.

5 May 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

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 enquiries@hybridan.com 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