Small Cap Feast

8 April 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Aura Renewable Acquisitions (ARA.L) has joined the Standard Segment of the Official List. The Company will pursue opportunities to acquire businesses in the renewable energy sector. The Company intends to consider opportunities within the renewable energy sector focusing on businesses operating in the global renewable energy sector supply chain, particularly participants in the wind, solar, biomass, hydropower and green hydrogen supply chain ranging from raw materials resourcing to power generation, energy storage and recycling. Raised gross proceeds of £1m. 

 First Tin (1SN) a tin development company with advanced, low capex projects in Germany and Australia, has listed on the Standard Segment of the Official List. First Tin is led by an experienced team of tin specialists, committed to the environmentally sensitive and low carbon development of advanced hard rock tin projects in conflict free, low political risk jurisdictions. The Company has raised £20m to execute its plan to bring its two 100% owned tin mines into production before the end of 2025 so that it can provide provenance of supply to support the current global clean energy and technological revolutions. Raised £20m. Mkt Cap £80m. 

 Anglesey Mining (AYM.L), a UK mining company has moved from the Main Market (Premium) to AIM. Anglesey’s principal asset is a 100% interest in the Parys Mountain copper-zinc-lead-gold-silver project on the island of Anglesey in North Wales. Anglesey is currently exploring and developing the property, which has a high potential for the discovery of additional mineral resources through the development of a new, modern mine in an environmentally sustainable manner. Anticipated Mkt Cap TBC, current capitalisation c£10m. 

 Financials Acquisition Corp (FINS.L), a special purpose acquisition company (SPAC) has floated on the Main Market (Standard), formed for the purpose of completing an initial merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with a technology-enabled company or business operating principally in the insurance or broader financial services industry. The Company has a global geographic focus, but specific attention will be paid to those companies and businesses operating in the UK and across Europe. Capital raised £150m. Due 8 April 2022. 

 DG Innovate plc (DGI.L), formerly Path investments, announced its admission to the standard segment of the Official List. It has completed the acquisition of Deregallera Holdings Ltd (formerly DG Innovate Limited) for an initial consideration of £32.4m satisfied by the issue to the DG Innovate Shareholders of Initial Consideration Shares at a deemed issue price of 0.6 pence per Ordinary Share. Mkt cap £44.2m. DG Innovate is an advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, using abundant materials and the best engineering and scientific practices. DG Innovate is currently developing its products alongside a number of major manufacturers across the transportation and energy sectors, research institutions and the UK Government, and has filed 18 patents worldwide.
Off The Menu:
No leavers today

What’s Cooking In The IPO Kitchen?

Cordiant Global Agricultural Income plc intends to float on the Main Market (Premium). The Company’s investment objective will be to seek to provide an attractive yield, with potential capital growth, by providing secured medium-term finance to the global agricultural sector. The Company will seek to promote more sustainable crop production and help address a capital solutions gap which exists in the agricultural sector in select regions. The Company will provide finance for crop inputs and for capital investment in new technologies and infrastructure which help increase crop yields and have a sustainable benefit. Targeting gross proceeds of US$300m. Expected 12 April 2022.

Shellraise plc, to join AQSE Growth Market. The Company will focus on identifying investment opportunities in companies operating in the viticulture sector which require funding to increase output. Mkt Cap and Capital to be raised TBC, expected later in April

Breakfast Buffet

Avacta 94p £239m (AVCT.L)

The clinical stage oncology drug company and developer of powerful diagnostics based on its innovative Affimer® and preCISION™ platforms, announced that AffyXell Therapeutics, a joint venture between Avacta and Daewoong Pharmaceutical, has entered into a collaboration agreement with Biocytogen, a Chinese company specialising in developing new biological drugs, and the Korea Non-Clinical Technology Solution Center (KNTSC). The collaboration is aimed at developing new immune disease in vivo models and carrying out proof-of-concept and toxicity testing of AffyXell’s drug candidates using the developed disease models. The collaboration is designed to improve the translation of AffyXell’s programmes into human trials and accelerate drug development. The KNTSC’s role in the collaboration is to provide the infrastructure and overall management for pre-clinical trials. AffyXell was established in January 2020 by Avacta and Daewoong as a joint venture to develop novel mesenchymal stem cell (MSC) therapies. AffyXell is combining Avacta’s Affimer® platform with Daewoong’s MSC platform such that the stem cells are genetically modified to produce and secrete therapeutic Affimer® proteins in situ in the patient. The Affimer® proteins are designed to enhance the therapeutic effects of the MSC creating a novel, next generation cell therapy platform.

Falcon Oil 10.7p £111.6m (FOG.L)

Following the approval of the TSX Venture Exchange, it has issued Common Shares at a price of CAD$0.20 per share to Sheffield Holdings LP for gross proceeds of US$10m pursuant to the private placement announced on 31 March 2022. The Company has applied for admission of the Placing Shares to trading on AIM with Admission expected to occur on 13 April 2022. Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Invinity Energy 91p £105.6m (IES.L)

The global manufacturer of utility-grade energy storage announced the conclusion of a successful test and validation program by Hyosung Heavy Industries, the Power & Industrial Systems Group of Hyosung Corporation, one of Korea’s largest industrial conglomerates, and subsequent signing of a non-binding Memorandum of Understanding for a global partnership with an exclusive relationship in Korea. Hyosung Heavy Industries is one of Korea’s foremost suppliers of heavy electrical equipment and one of the region’s largest energy storage and renewable energy project developers with approximately 2 GWh of operational projects globally. Hyosung today announced that it has comprehensively tested a 200 kWh Invinity energy storage system which was purchased in 2020, the sale of which was disclosed within Invinity’s 15 June 2020 Trading Update. The Invinity energy storage system, which has been operational since late 2020, has now been validated as suitable for addition to Hyosung’s growing portfolio of projects across the world.

Jet2 1,205p £2,586m (JET2.L)

An update on trading for the year ended 31 March 2022 (FY22) has been released today. Passenger sectors flown and average load factors in October and November 2021 increased markedly following the dropping of the UK Government traffic light system in early October 2021. However, the improving conditions were adversely affected in December 2021 and January 2022 as a result of the new Omicron Covid variant and the reimposition of international travel restrictions, both of which served to dampen customer confidence. Pleasingly, progressive relaxation of UK travel restrictions in early 2022 – firstly, with the removal of pre-departure tests for vaccinated people travelling to the UK; and subsequently no longer having to take a post-arrival lateral flow test – resulted in bookings increasing materially with average load factors for February and March 2022 approaching seasonal norms as customer confidence in travelling internationally rallied. As a result, the Board expects to report a Group loss before foreign exchange revaluation and taxation for the year of between £378m and £383m. Total cash at 31 March 2022 was £2.23bn with an ‘Own Cash’ balance (excluding customer advance deposits) of £1.08bn. Year ending 31 March 2023 (FY23) on sale seat capacity for Summer 2022 is approximately 14% higher than Summer 2019 and bookings are encouraging. Booking momentum is accelerating, customer confidence is continuing to grow and pricing robust, as customers treat themselves to their long anticipated and well-deserved holidays.

Marwyn Acquisition 1.7p £11.4m (MACP.L)

Further to the announcement of its interim results on 31 March 2022, the Company confirms that it is continuing to assess potential platform acquisition opportunities. Alongside this, discussions with potential management teams are also being progressed, and the Company will update the market on any such board appointments in due course. Separately, discussions with independent non-executive director candidates are ongoing, and an appointment to the board is expected in the short term.

Physiomics* 4.55p £4.4m (PYC.L)

The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solutions, has been awarded a contract by new client, the Servier Group, an international pharmaceutical company headquartered in France. Cancer is one of Servier’s priority therapy areas and it has a particular focus on immunotherapies and monoclonal antibodies for difficult to treat diseases with high unmet medical needs. Physiomics will be providing specialist mathematical modelling services using its Virtual Tumour software platform to model and simulate the effect of a number of immuno-oncology combinations involving Servier drugs in development in pre-clinical and clinical settings. It is anticipated that the project will be completed over the course of the next 7-8 months.

Premier Miton 147.5p £233m (PMI.L)

PMI gave an update on its unaudited statement of Assets under Management for the second quarter of its current financial year. It reported £12.8bn closing AuM at 31 March 2022 (31 December 2021: £13.9bn), £216m of net outflows from open ended funds for the Quarter (£303m net outflows for the financial year to date) and positive net flows in fixed income funds and diversified multi-asset funds. PMI has 491 products managed by 17 investment teams at the Period end, and reports strong relative investment performance with 87% of AuM and 77% of funds in the first or second quartile of their respective sectors since manager inception. New institutional distribution capability was announced in the Period.

Smoove 71.7p £46.5m (SMV.L)

ULS Technology plc (AIM: ULS) announces that further to its announcement on 7th April 2022, the Company’s change of name to Smoove plc (AIM: SMV) has now been completed and is expected to take effect on AIM from 8.00 a.m. today. The Company’s ticker will be SMV and the website address (including the investor relations content and the information required by AIM Rule 26) is available at Smoove’s ( ) mission is to revolutionise the home moving and owning process for everyone involved. The Company’s cornerstone cloud-based platforms provide significant leverage for growth with strong, established client bases and routes to market – including mortgage brokers, conveyancers, estate agents and lenders. eConveyancer ( ) is one of the leading distribution channels for conveyancing in the UK, bringing consumers and legal professionals together via comparison services, which provide solutions for home movers and the re-mortgage market. The Company’s growing digital focus including the DigitalMove platform, which has been absorbed into the eConveyancer offering and Smoove brand, is focused on supporting the whole home moving and ownership experience.

Webis Holdings 3.45p £13.6m (WEB.L)

Webis, the Group specialising in pool wagering and the operators of WatchandWager Cal Expo, the Californian harness track, announced that its principal USA based subsidiary, LLC, has this week signed a contract with the owners of Arizona Downs racetrack in Prescott Valley, Arizona for a commercial lease to operate live Harness Racing, pari-mutuel wagering and food and beverage operations at the venue, subject only to regulatory approval. This is a significant new contract for WatchandWager, augmenting last week’s announcement of the extension of its contract to run live Harness Racing at Cal Expo, in Sacramento, California, until 2030. The contract is for five years to 15 November 2027, with an option to renew for a further five years. WatchandWager understand that the Arizona Department of Gaming will consider the provision of regulatory approval, currently expected to be in the summer of 2022.

Sound Energy 2.1p £34.2m (SOU.L)

Further to its announcement on 18 January 2022 in relation to a possible all-share offer for the entire issued and to be issued share capital of Angus Energy Plc, Sound Energy confirms it does not intend to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers to acquire Angus. Sound thanked the Angus management team for their time and consideration of this potential transaction. The Company will maintain a disciplined framework while continuing to evaluate a range of compelling strategic opportunities. Sound remains firmly focused on delivering the phased development of its Tendrara Concession in Morocco, having issued the Notice to Proceed for the Phase 1 micro LNG project per its announcement on 16 February 2022 and continues to progress the Phase 2 pipeline project per its announcement on 14 March 2022.

8 April 2022
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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


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 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