Small Cap Feast

7th July 2022

Dish of the day
No Joiners today
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Dish Of The Day:
LXI REIT (LXI.L) has rejoined the Main Market following a merger with Secure Income REIT (SIR.L)
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

Ming Yang Smart Energy Group Limited, a leading wind turbine manufacturer in China, intends to admit global depositary receipts to and trade on the Shanghai-London Stock Connect segment of the Main Market of the LSE. Each GDR represents 5 A shares of the Company, each with a fully paid nominal value of RMB1.00 each. The Group’s mission is to provide accessible green and smart energy, and it aims to become a full lifecycle renewable solutions provider. Through technological and business innovations, the Group has developed into a leading smart energy enterprise in China with global influence, gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions. The Offering is expected to raise approximately USD550m. Due 13 July.

Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their existing bank. Fiinu’s technology arm manages and develops the platform, using open banking, and once the platform is fully operational will also look to develop secondary revenue streams by licensing Fiinu’s intellectual property rights. Capital to be raised £8.01m. Target Mkt Cap c.£53m. Due 8 July.

MicrosSalt, a portfolio company of Tekcapital Plc (AIM: TEK), is eyeing a listing on the London market in 2023. MicroSalt is the U.S. operating subsidiary of Salarius, Ltd. With MicroSalt®, companies can make full flavour snacks with the same saltiness as traditional snacks yet with half of the sodium. MicroSalt has recently executed its first bulk B2B MicroSalt order in the US. This progress follows on the heels of the expansion of MicroSalt’s SaltMe brand of low-sodium potato chips into over 3,000 retail stores nationwide in the U.S., up from 2,400 stores last quarter.


Breakfast Buffet

Artemis Resources 1.63p £20.0m (ARV.L)

Update on its 100%-owned Paterson Central Gold and Copper Project in the Paterson Province in the West Pilbara regions of Western Australia. Artemis Resources begins 7,500m to 10,000m drill programme across the Apollo and Atlas targets and then moves to the completely untested targets at Juno, Voyager, Enterprise East, Enterprise West and Vidiian. This 2022 programme is expected to continue through the remainder of the year with regular updates on progress, assays and key findings. The Paterson Central 2022 programme is budgeted to cost ~A$2.5m to A$3.0m depending on the final metres drilled. The Company currently has ~A$12m in cash and listed investments. Artemis retains 100% ownership of the Paterson Central Project which is proximal to, and surrounds on three sides, the outstanding Havieron gold-copper discovery and mine development in Western Australia.

Avingtrans 445p £143.0m (AVG.L)

Avingtrans which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, announces a trading update in respect of the financial year ended 31 May 2022. The Board reported that the results for the year ended 31 May 2022 are expected to be in line with market expectations. The Group’s year end net cash position was strong, standing at in excess of £16m (excluding IFRS 16), following investments in the period in Magnetica, Adaptix and Transkem, compared to £23m as at 31 May 2021. The Group’s order and prospect pipeline also remains strong. Avingtrans also received an award for ‘Transaction of the Year’, in relation to the disposal of Peter Brotherhood in 2021, at the annual Small Cap Awards ceremony 2022.

Crossword Cybersecurity* 28p £21.1m (CCS.L)

The cybersecurity solutions company focused on cyber strategy and risk, announced that its Identiproof verifiable credentials product has successfully achieved its first milestone at the recently held Jobs for the Future Plugfest. The plugfest focused on making verified digital Learning and Employment Records more widely and safely accessible to a larger number of employers via digital wallets. 20 companies from the USA, Europe and Australasia participated in the first JFF Plugfest. Crossword is participating in the project through its involvement with the World Wide Web Consortium (W3C) Verifiable Credentials for Education Task Force initiative. Crossword participated in the technical discussions, and created a demo, using Identiproof’s iPhone wallet connected to its Issuer. As a result, Identiproof has successfully passed the first milestone requirement of displaying certificates in a user-friendly format as a verifiable credential as defined by the Open Badges V3 standard.

Destiny Pharma 38.5p £28.2m (DEST.L)

The clinical stage biotechnology company focused on the development of novel products to prevent life-threatening infections, today announces the publication of new data on XF-73 with Cardiff University in Frontiers in Cellular and Infection Microbiology, a peer-reviewed publication. The new findings were: Synergistic effect when XF-73 was combined with polymyxin B, a last resort antibacterial drug used to treat life-threatening lung bacterial infections. The addition of XF-73 was found to enhance polymyxin B potency against Pseudomonas aeruginosa, a top priority WHO bacterial pathogen, by 4-fold. Synergistic effect when XF-73 was combined with ertapenem, used to treat infected diabetic foot ulcers (DFUs). The addition of XF-73 was found to enhance ertapenem potency against methicillin-resistant Staphylococcus aureus (MRSA), another top priority WHO bacterial pathogen, by 8-fold.

ImmuPharma 5.6p £16.0m (IMM.L)

The specialist drug discovery and development company announced that its US partner for Lupuzor™ (P140), Avion Pharmaceuticals, has advised that it has now received Type C Meeting confirmation from the Food and Drug Administration. Commenting on the announcement, Tim McCarthy, Chief Executive Officer, said: “We applaud the quick turnaround from the FDA in respect to Avion’s request for this Type C Meeting and pleased to note the FDA’s confirmation that only a written response is required and no face to face meeting is needed.”

Kibo Energy* 0.09p £2.7m (KIBO.L)

The renewable energy focused development company, has successfully achieved its first major Framework Agreement (FA) target, by placing the first commitment, to purchase the first two proof of concept projects, as announced in the Company’s RNS dated 17 May 2022. These projects relate to its signed strategic five-year FA with CellCube to deploy long-duration energy storage in Southern Africa. The FA envisages the deployment of c.1 Gigawatt of Long Duration Energy Storage in Southern Africa over the next five years. Kibo placed the commitment to purchase via its 51%-owned subsidiary National Broadband Solutions, for two CellCube FB 250 – 1000 Vanadium Redox Flow Batteries as part of its initial stage of the FA.

Michelmersh Brick Holdings 91.5p £87.7m (MBH.L)

The specialist brick manufacturer, today announced a trading update ahead of its half-year results for the six-month period ended 30 June 2022. “The trading performance of the Group has continued to be positive in the second quarter of the year and the Group is pleased to report revenue for the first six months to 30 June 2022 of at least £33m, representing an increase of over 10% compared to our 2021 interim results, and combined with our well-balanced forward order book, we remain on track to meet full year expectations.”

Physiomics* 2.9p £2.8m (PYC.L)

The provider of technology-based solutions to predict the effects of cancer treatment regimens for the biopharma industry, today announces that its total income and profit after tax for the financial year ended 30 June 2022 is likely to be in-line with market expectations. During the year the Company made planned investments in the hiring of three new staff members (two technical and the new Head of Business Development) which contributed to net cash outflows of £356k. Despite this, the Company’s cash position remains strong, with £687k at the bank as at 30 June 2022, representing almost two years of cash runway. The Directors expect that the hiring of these key staff will translate to increased revenues during the financial year ending 30 June 2023.

Sirius Real Estate 90.2p £1,051.9m (SRE.L)

The owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK, advises that, further to the announcement published on RNS and SENS on 16 May 2022, it has completed the disposal of BizSpace Camberwell in London for £16m. The sale price represents a net initial yield of approximately 2.0% and a 94% premium to the value at the time of the Company’s acquisition of BizSpace in November 2021. The purchase of BizSpace enabled Sirius to enter the UK market for the first time through the platform acquisition of this leading provider of regional light industrial, workshop, studio and out-of-town office units. The multi-tenanted Camberwell business park comprised 34,700 sq. ft. of industrial and office space and was 91% occupied following a series of asset management measures delivered through the BizSpace platform.

Symphony Environmental Technologies* 19p £33.6m (SYM.L)

The global specialists in technologies that make plastic and rubber products smarter, safer and more sustainable, announced new orders and a global expansion of their d2p “AI” anti-insect technology sales to Rivulis Irrigation Ltd. Rivulis has placed orders for d2p AI exceeding $340K this month which follows sales in 2021 of $65K which doubled to $130K during H1 2022. Symphony expect Rivulis will place further orders for d2p AI before the end of this year.

7 July 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).

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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.

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MIFID II status of Hybridan LLP research
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