Small Cap Feast

6th September 2022

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

What’s Cooking In The IPO Kitchen?

Aurrigo Group plc, a international provider of transport technology solutions, intends to join AIM. The Group designs, engineers, manufactures and supplies OEM products and autonomous vehicles to the automotive, aviation and transport industries. Capital to be raised and Mkt Cap TBC. Expected Mid-September.

Scythian Mining, a clean gold explorer and developer with operations in Kazakhstan, intends to IPO on the London Stock Exchange in mid-2023, due to successful drilling at Kokkus. Scythian is negotiating an additional funding agreement with a US investor for a further 15,000m of drilling to increase the Kokkus resource with a target of 2-3m oz Au plus a PFS before the IPO.

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.

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 September.

Altona Rare Earths, the AQSE-listed mining exploration company focused on rare earth elements projects in Africa, intends to join the Main Market. The trading of its ordinary shares on the AQSE Growth Market will be cancelled simultaneously and its EPIC will be changed from from AQSE:ANR to REE. Conditionally raised £1.1m. Expected late September.


Breakfast Buffet

Alumasc 165p £59.6m (ALU.L)

The premium sustainable building products, systems and solutions group, announces results for the year ended 30 June 2022. Revenues from continuing operations went up 14.9% to £89.4m (2021: £77.8m) and the underlying operating profit increased 26.9% to £13.3m (2021: £10.5m). With the disposal of Levolux on 26 August, the group now has a simplified business model and can focus on core businesses. Chief Executive Paul Hooper indicated that FY23 trading to date has remained robust and order books are strong.

Chariot 18.5p £177.2m (CHAR.L)

The Africa focused transitional energy company announces that it will partner with Total Eren, a renewable energy Independent Power Producer (IPP) based in Paris, to launch feasibility studies in order to co-develop the Nour Project, a large-scale green hydrogen project in Mauritania. With a potential reaching up to 10 GW of electrolysis to be installed, it could become, once fully implemented, one of the most significant green hydrogen projects in Africa. The partnership will be 50% owned by Chariot and 50% by Total Eren.

D4T4 Solutions 231p £92.7m (D4T4.L)

The data solutions provider announces the release of paten-pending Celebrus CX Vault, the world’s first no-party, no-cookie technology. No-party data is defined as information gathering that does not use tracking, sharing, or cookies of any kind, allowing users to remain anonymous throughout an entire session, and no information is ever shared or sent to a server. CX Vault works by recognising the context of a browsing session in real time and then applies machine learning to further determine and interpret user interest. It is an ethical innovation that meets privacy regulations and respects consumers who opt-out of cookie usage.

Feedback 0.6p £16.0m (FDBK.L)

The specialist clinical infrastructure company announces that it has been awarded a 12-month contract to provide its CDC solution to facilitate an extension of the current CDC pilot in Sussex to further GP practices and to enable the adoption of further clinical pathways. The discounted contract is valued at £450k and covers the period from 31st March 2022 when the pilot MOU formally ended. The contract will run until 31st March 2023 by which point QVH expects to have concluded a formal procurement for the next phase of the CDC programme rollout, as is required by NHS procurement policies. Feedback intends to submit a bid in this subsequent procurement phase.

Echo Energy 0.25p £5.0m (ECHO.L)

The Latin American focussed full cycle energy company, announces its audited results for the year ended 31 December 2021. Revenue was US$11.1m, flat from 2020, and operating loss widened to US$7.2m from US$5.8m in 202o. The net debt was US$28m on 31 December 2021. The business outlook depends on the successful completion of its debt restructuring announced in August 2022: (1) conditional conversion of EUR15m in principal and the accrued interest into new ordinary shares – the significant majority of which is proposed to be converted at a price of 0.45p; (2) proposal for a conditional reduction of the coupon on the remaining EUR10m of Euro Note debt from 8% to 2% with suspension of further cash interest payments for two years and an extension of maturity to 2032.

Inspired 11.55p £112.6m (INSE.L)

The service provider supporting businesses in response to climate change, announces its consolidated, unaudited half year results for the period ended 30 June 2022. Revenue was £40.45m, up 24% year-on-year and profit before tax was £2.43m, up 159% year-on-year. Order book of £67.5m at 30 June 2022 remained consistent with levels seen at the end of 2021. The Board remains confident in achieving its full year expectations, despite higher volatility expected for the Energy Assurance market in the short term.

STV Group 285.5p £136.8m (STVG.L)

The production company headquartered in Scotland reported its half-year results to 30 June 2022. Revenue was £62.1m, up 3% and operating profit was £11.9m, up 22% year-on-year, driven by continued diversification. The company believes it is on track to hit or exceed 3-year growth targets by the end of 2023 to double Digital viewing, users and revenue (to £20m), quadruple Studios revenue (to £40m) and achieve at least 50% of operating profit from outside traditional broadcasting.

The Pebble Group 103.5p £173.3m (PEBB.L)

The provider of digital commerce, products and related services to the global promotional products industry, announces its unaudited results for the six months ended 30 June 2022 (1H22). Revenue was £60.3m, up 29% from 1H21, and operating profit was £3.1m, 41% up from 1H21. Net debt at 30 June was £0.1m. Management continues to deliver on the stated strategies for Facilis group and Brand Addition. Working capital cycle follows its normal pattern, with the net cash position at the full year expected to be in line with current market expectation.

ValiRx 13.8p £12.4m (VAL.L)

The life science company focusing on early-stage cancer therapeutics and women’s health announces that, subject to standard regulatory due diligence, it intends to appoint Stella Panu as a Non-Executive Director. Stella has extensive experience as an investment management specialist with a particular interest in life sciences. CEO Dr Suzy Dilly commented “I’m delighted to start working with Stella, drawing on her vast commercial experience in deal making, to support both our licencing and M&A activities. As the first in our intended series of appointments, I’m excited by the prospect of expanding the breadth and depth of commercial expertise within the Company”.

Wynnstay Group 605p £134.9m (WYN.L)

The agricultural supplies group provides a trading update for the financial year ending 31 October 2022. Thanks to the good weather conditions, the 2022 UK harvest started early and gives much greater visibility than usual on the likely outturn of the seasonally important fourth quarter. In addition, the continuing elevated fertiliser prices, particularly for ammonium nitrate, have increased trading results across all the Group’s fertiliser activities. Therefore, management expects the trading results for the current financial year to be significantly ahead of current market forecasts.

6 September 2022
*A corporate client of Hybridan LLP

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 2023 - Hybridan | Website by Boxed Up Media
First Visit
Legal 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”.

bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram