Fulcrum Metals, a holding company of a mineral exploration group with base, precious and energy metal projects in Canada, intends to join AIM. On Admission, the Group's projects will comprise six gold and base metal projects in Ontario, Canada. The Group's projects are pre-discovery with large, diversified land packages that have either substantial historical samples or prospective geology and are located nearby mineral rich deposits or producing mines. Expected mid-February 2023
Bonhill Group 7.25p £8.6m (BONH.L)
A leading B2B media business specialising in financial services providing media, events and data & analytics, announces an update on the formal sale process announced on 10 October 2022 and a trading statement. The Company announces that it has received a non-binding offer from a US media buyer for the business and assets of InvestmentNews LLC of $6.5m in cash. The Board now expects FY2022 revenue of £13.6m and EBITDA of £1.5m. The Company is expected year end net cash position of £0.7m.
B90 Holdings 2.875p £8.1m (B90.L)
The online marketing and operating company for the gaming industry, announces that it has raised a further £500k through subscriptions for convertible loan notes by existing investors in the Company. The net proceeds will be used to develop the growth initiatives of the Company and for general working capital. The Board expects that revenues for FY 2022 will be marginally in excess of EUR2.1m, in line with market expectations. The Company expects to report a reduced loss for FY2022 compared to FY 2021, with an increase in administrative expenses.
EKF Diagnostics Holdings 32.6p £148.3m (EKF.L)
The global diagnostics business provides an unaudited trading update for the year ended 31 December 2022 (FY2022). Overall performance has shown growth compared to pre-pandemic levels and, as a result, the Company will report revenues for FY 2022 that are in line with market expectations. Group cash, net of borrowings, as at FY2022 was £11.4m (FY2021: £19.6m). The Company will recognise large costs in 2022, but this will lead to stronger and clearer foundations for 2023. The board anticipates the outlook for 2023 remaining positive.
hVIVO 18.65p £125.2m (HVO.L)
A growing organisation in testing infectious and respiratory disease products using human challenge clinical trials, announces that it has signed a £6.8m contract with a pharmaceutical company based in Asia Pacific to test its respiratory syncytial virus (RSV) antiviral drug, using the hVIVO RSV Human Challenge Study Model. The Phase 2a double-blinded placebo-controlled human challenge trial will take place in Whitechapel and will evaluate the efficacy profile of the antiviral against RSV infection in healthy volunteers. The study is expected to commence and generate revenue in H1 2024.
ImmuPharma 2,995p £10m (IMM.L)
The specialist drug discovery and development company, provides an update to the market on its Lupuzor™ programme in patients with systemic lupus erythematosus (SLE). ImmuPharma confirms that with its partner Avion, they have agreed on an adaptive Phase 2/3 study for Lupuzor™ in SLE patients. This new study design incorporates guidance from the Food and Drug Administration which advised exploration of higher dose levels than have been used in the clinical program to date. The Group aims to commence the trials during H2 2023.
Iofina 27.25p £32.3m (IOF.L)
Specialists in the exploration and production of iodine and manufacturers of chemical products, provides a trading update. The Group reports that it now expects its FY 2022 EBITDA to be materially ahead of the previous market forecast and no less than $10.5m and revenues remain in line with current guidance. The Company also confirms that the construction of its newest IOsorb® plant, IO#9, continues to progress within the expected timelines. The Group continues to see demand for its iodine and iodine derivatives going forward.
Oxford BioDynamics 16.575p £24.3m (OBD.L)
A biotechnology company developing precision medicine tests based on the EpiSwitch® 3D genomics platform, announces the publication of results involving OBD's technology in the multi-disciplinary PROSTAGRAM study using blood to detect prostate cancer in an at risk population. The resultant Prostate Screening EpiSwitch® (PSE) blood test which combines the PSA component and the EpiSwitch classifier, demonstrated a 92%:94% positive : negative predictive value and an accuracy of 94%. This rapid and minimally invasive test can minimise referrals to expensive and invasive procedures.
Oracle Power 0.19p £5.8m (ORCP.L)
A leading developer of Green Hydrogen announces that it has successfully raised gross proceeds of £500k by way of a placing. The net proceeds of the placing will be utilised to support the advancement of the Company's Green Hydrogen project (Project) through the joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum. The Project would be Pakistan's first commercial Green Hydrogen production facility, with an initial capacity to produce 55,000 tonnes annually. Oracle Energy intends to supply its production to local industries supporting manufacturing, fertiliser production, gas utilities, transport and power generation, and also to export to European and Asian markets.
Seeen 5.75p £5.4m (SEEN.L)
The company whose proprietary AI-generated Key Video Moments technology helps all video asset owners increase direct revenue and profits from their videos, announces a trading and operational update for the year ended 31 December 2022 (2022). For 2022, the Group generated revenues expected to be approximately $3.3m and an expected adjusted EBITDA loss of $0.8-0.9m, reflecting the increased commercialisation focus of the Group. The Group fundraising of £2.6m is to accelerate sales through an enhanced sales and marketing team and selected technology upgrades. The Group also announces a further strategic customer and is expected to deliver approximately $1m per year in revenues to SEEEN, generated from YouTube advertising.
88 Energy 0.725p £131.4m (88E.L)
An Alaska-focused oil exploration and appraisal company advises that it has successfully completed a bookbuild to domestic and international investors to raise A$17.5m (approx. £10.1m) before costs at a 20.8% discount. The net proceeds together with the Company's existing cash reserves (A$14.1m (c.£8.1m) as at 31 December 2022), will strengthen the Company's balance sheet and will provide the Company with sufficient capital to fund the planned Hickory-1 well at Project Phoenix, payment for the new Project Leonis acreage, and additional working capital. The Group also plan to pursue additional new ventures, targeting opportunities across the asset life cycle that are complementary to our existing portfolio.
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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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