Announced ITF 26 September: Mydecine Innovations Group, a biotech and life sciences company that is building an R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 October.
MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of Shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). The Company is looking to raise £10m - £15m on IPO and announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission to trading on AIM is expected to be 18 October.
Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance
provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends
to join the Access Segment of the AQSE Growth Market. Admission expected on 16 October.
Artemis Resources 1.3op £19.1m (ARV.L)
The Perth-based exploration and development company provides an update on its lithium pegmatite exploration program on its 100% held West Pilbara tenure and Osborne JV project (GRE 51%: ARV 49%), located within the Karratha region of Western Australia. The recently completed reconnaissance exploration using high-definition aerial photos, Geological Survey (GSWA) mapping and in-house 400 m by 100 m geochemical soils data has resulted in the identification of over 90 pegmatite outcrops and the collection of 230 rock chip samples. It is anticipated that processing and interpreting of the company's Worldview Satellite hyperspectral data will be completed in October, which will further enhance its targeting abilities.
Coro Energy* 0.2475p £7.1m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces the appointment of Hybridan as joint broker. The appointment is part of a series of actions the Company is initiating to increase research coverage in anticipation of the outcome of the Duyung PSC Operator's farm out/sale process. Coro has a 15% participating interest in the Duyung PSC. As announced on 12 September 2023, the operator of the Duyung PSC has signed the non-binding Term Sheet with Sembcorp Gas Pte. Ltd. for a long-term gas sales agreement for the Mako gas field. In addition, Coro has a pipeline of 50MW solar rooftop projects in Vietnam and solar and wind development stage projects in the Philippines.
ECR Minerals 0.275p £3.2m (ECR.L)
The exploration and development company focused on gold in Australia, announces the final rock chip results and latest exploration developments at the Hurricane Project located approximately 200km west of Cairns in North Queensland, Australia. Best results include grab samples up to 45.7 g/t Au (Hurricane North) and 43.2 % Antimony (Holmes South) or 83.38 g/t gold equivalent grade. A full review of the size and extent of mapped visible outcrops is presented below. Quartz stockwork zones up to 20m wide have been confirmed at the Holmes prospect. The Board is continuing to evaluate the Hurricane Project and in particular, the mineralised vein systems currently established at Hurricane are known as the Holmes, Tornado, Cyclone, Pedersons, Bouncer, Typhoon and the Hurricane North and South.
Eden Research 4.9p £19.8m (EDEN.L)
The company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, provides an update on the proposed completion of its Conditional Placing, as originally announced on 28 July 2023. A total of 129,230,769 Ordinary Shares will be issued via the Conditional Placing, raising £8.4m (before expenses). This includes subscriptions for 7,692,307 Ordinary Shares more than the minimum announced at the time of the initial announcement, raising a further £0.5m. Consequently, a total of £9.9m (before expenses) has been raised pursuant to the Firm Capital Raising, the Retail Offer and the Conditional Placing.
Helium One Global 4.3p £40.7m (HE1.L)
The primary helium explorer in Tanzania provides an update on the drilling of the Tai-3 well. At 22:15 hrs EAT (20:15 hrs BST) on 4th October, the Predator 220 drilling rig suffered a component failure within the main rig carrier. In order to undertake the necessary repairs, mechanical parts will need to be brought in from outside of Tanzania and, as a result, will require temporary suspension of operations. The Company expects this to take in the region of two weeks to source the required parts and repair the drilling rig and is confident that it will then be able to successfully recommence drilling in accordance with the original programme. Further updates will be made in due course.
Kibo Energy* 0.0525p £2.0m (KIBO.L)
The renewable energy-focused development company announces that it has received 31,646,424 new MED Shares at a deemed issue price of £0.01482 per share (Settlement Share Price") from its subsidiary, Mast Energy Developments PLC (MED), asthe partial settlement of £469,000 (the Partial Settlement) of the total outstanding amount owing to Kibo's wholly owned subsidiary, Kibo Mining (Cyprus). Following the partial settlement, the remaining outstanding shareholder loan amount owed by MED is £762,535 and Kibo will hold 147,811,746 Ordinary Shares representing a 56.02% interest in MED.
Light Science Technologies 2.6p £8.7m (LST.L)
The controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, announces that it has appointed Richard Mills as an external consultant via his agency Arkif Limited (Arkif), to scope and implement global partnerships to sell the Group’s NurturGROW lights, SensorGROW sensors and Tomtech control systems. Arkif has a range of clients covering solar, greenhouses, sustainable waste management as well as investors and it is targeting opportunities that could include participation in a broader turnkey project for sustainable farming.
Ramsdens Holdings 200p £63.4m (RFX.L)
The diversified financial services provider and retailer, announces a pre-close trading update for the year ended 30 September 2023 (FY23). The active pawnbroking loan book increased by approximately 20% to a record £10.3m as at 30 September 2023 (FY22: £8.6m), with August being a record month for new lending. The Group continued to trade well during the second half of FY23, benefiting from the strength of its diversified business model. As a result, the Board anticipates the profit before tax for FY23 to be a record result of more than £10m (FY22 £8.4m).
SDX Energy 4.35p £8.9m (SDX.L)
The independent oil and gas with producing assets in Egypt and Morocco, announce that, further to its announcement on 13 September 2023 where the Company announced a Gas Prepayment Heads of Terms, the prepayment amount of c. $1.9m has now been received from DIKA MOROCCO AFRICA, a 100%-owned subsidiary of CITIC Dicastal, which is a subsidiary of Citic Group. This prepayment shows evidence of a deepening partnership between SDX and CITIC Dicastal, which is the Company's largest offtaker and has an increasing and immediate demand for SDX's gas. The funds will be used primarily to pay the costs of drilling the KSR-21 well in Morocco.
TruFin 61.5p £67.2m (TRU.L)
The holding company of an operating group comprising four growth-focused technology businesses (early payment provision, invoice finance, IFA finance and mobile games publishing), announces that it has completed the disposal of its 53.8% equity holding in Vertus Capital Ltd (Vertus), a specialist lender to independent financial advisers, for cash consideration of £3.2m following the acquisition of Vertus by Enable Partners Holdings Limited (Enable). Watrium AS, a 22.8% shareholder in the Company, has co-invested in Enable, alongside Explore Equity II SCSp ("Explore") as part of the transaction, taking a 48.89% stake in Enable.
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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.
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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.
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