Small Cap Feast

8th August 2022

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What’s Cooking In The IPO Kitchen?

Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 countries and is a key supplier to almost every leading fibre optic cable manufacturer worldwide and is the industry’s only organisation with multiple manufacturing facilities spread across 3 continents. The Company acts as the holding company for its wholly-owned operating subsidiary, Unitape Limited and its 60% owned operating subsidiary, Unigel (UK) Limited. Delayed, timing TBC.

Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late September.


Breakfast Buffet

ADVFN 51p £13.4m (AFN.L)

After 22 years of service with the Company, Michael Hodges is stepping down as a director and Chairman with immediate effect. Michael Hodges will also resign from his group directorships other than in respect of the Company’s wholly-owned subsidiary, All IPO Plc, until a suitable replacement has been identified. Thomas Spiller has also stepped down from his position as non-executive director. Lord Gold, a non-executive director of the Company, will become the non-executive Chairman of the Company.

Bradda Head Lithium 7.9p £30.7m (BHL.L)

The North America-focused lithium development group, releases initial results from its recent 3D remote mapping exercise, at the San Domingo lithium pegmatite project in Arizona. SRK’s 3D remote mapping programme has identified a 190% increase in the area of likely pegmatite outcrops. Numerous new pegmatites have been identified in all San Domingo claim blocks with 1,490 inferred outcrops occurring within BHL’s existing claim areas. Following the exercise Bradda Head have increased their landholding by adding approximately 75% of claims and leases around San Domingo.

Invinity Energy Systems 35p £40.6m (IES.L)

The AIM and AQSE listed manufacturer of utility-grade energy storage, announces the commencement of U.S. trading in Invinity’s shares on the OTCQX Best Market under the ticker “IESVF”. This development advances the Company’s objective to increase U.S. investor activity by simplifying trading and enhancing liquidity for investors in North America.

Joules Group 51.4p £57.5m (JOUL.L)

In response to media speculation, the premium British lifestyle group confirms the discussions with Next Plc about adopting Next’s Total Platform services to support its long term growth. In addition, it is in discussions with Next, subject to approval by Joules’ shareholders, about a potential equity investment raising c.£15m at no less than Joules’ current market price, which would result in Next becoming a strategic minority shareholder in the group.

Mincon Group 95p £188.1m (MCON.L)

The Irish engineering group specialising in rock drilling tools and associated products, announces its results for the six months ended 30 June 2022. Revenue grew 27% to EUR 85.1m, of which EUR 70.9m was Mincon manufactured product. Operating profit increased 18% to EUR 8.8m and EBITDA was up 15% to EUR 12.7m. Pressure on margins were consistent with the trends noted in 2021 due to cost increases, particularly in raw materials and energy and partly arising from the use of air freight to reduce order backlog. Sea freight conditions remain challenging.

Seed Innovations 4.2p £8.9m (SEED.L)

The investment company with a focus on the medical cannabis, health and wellness, announces that it has invested a further £50k in South West Brands Limited (SWB). This investment is by way of a three year, 8% Convertible Loan Note (CLN) as part of a wider funding round. SEED have agreed to convert £50k of the 12 month, 8% CLN subscribed in July 2021 into this three year, 8% CLN. The additional investment and the CLN conversion takes the total amount invested by SEED in SWB to £500k to date.

Serabi Gold 38.5p £29.2m (SRB.L)

The Brazilian-focused gold mining and development company, announces the appointment of Mr Michael Lynch-Bell as a Non-executive Director and Chairman with immediate effect. Mr Lynch-Bell spent a 38-year career with Ernst & Young. He is a non-executive director of London-listed Gem Diamonds Limited, independent non-executive chairman of ASX-listed Little Green Pharma and independent non-executive director of JSE-listed Barloworld Limited. The Company also announces that Mr Bañados, who has acted as Non-executive Chairman since June 2020, will continue in office as a Non-executive director. Mr Eduardo Rosselot, who has served as a Director is standing down from the Board.

Solid State 1125p £127.3m (SOLI.L)

The supplier and design-in manufacturer of computing, power and communications products announces that it has completed the acquisition of Custom Power LLC., the battery systems and energy solutions provider based near Los Angeles, for a maximum consideration of US$45m on a debt free, cash free and normalised working capital basis. Initial cash consideration is $30m, followed with a deferred consideration of $10m and an earn-out of up $5m.

Symphony Environmental Technologies* 17.8p £31.4m (SYM.L)

The global specialists in technologies that make plastic and rubber products smarter, safer and sustainable, announces the completion of a manufacturing agreement with Ecobatch Plastic Factory in the UAE. This agreement is for production of biodegradable d2w masterbatch, primarily for supply into the Middle East, but has the ability to supply to other markets. Production is expected to commence in Q3 2022 after ESMA (UAE) and SASO (Saudi Arabia) certification. It is anticipated to improve stock availability and supply chain management, reduce cost, improve efficiencies and increase sales.

Tertiary Minerals 0.13p £1.9m (TYM.L)

The Company announces that it has accepted a binding offer from Aurion Resources Ltd for the purchase of Tertiary’s royalty interests in the Kaaresselkä and Kiekerömaa Gold Projects in Finland. The consideration consists of CAD$200k in cash and the issue to Tertiary of 83,333 common shares in Aurion Resources Ltd. The consideration shares will be subject to a statutory four month and one day hold period from closing. The agreement is also subject to acceptance by the TSX Venture Exchange.

8 August 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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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.

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