Small Cap Feast

8th November 2022

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What’s Cooking In The IPO Kitchen?

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

Looking Glass Labs, a Company engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams, intends to join the AQSE Growth Market. Looking Glass Labs is currently listed on the NEO Exchange (Canada). 14 November 2022.

Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. Immediately following Admission, the Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. Investors are focused on Ithaca’s dividend yield, with the price range corresponding to a dividend yield of 11.3%-14% for 2023, a bookrunner involved said. Expected 9 November 2022.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). 10 November 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.


Breakfast Buffet

Applied Graphene Materials 6.4p £4.1m (AGM.L)

The company engaged in the development and application of graphene nanoplatelet dispersions for the coatings, composites and functional materials sectors, notes an article published on the ShareProphets website on the evening of 7 November 2022 regarding a possible equity raise. The Company has spent recent weeks investigating the feasibility of an equity raise and this process is now complete. Given the unfavourable conditions in small-cap equity markets, the Board has concluded that it will not be possible at the current time to complete an equity raise. The Company requires additional funding to extend its cash runway beyond 31 January 2023, as previously disclosed.

Argentex Group 118p £133.6m (AGFX.L)

The international provider of foreign exchange services to institutions, corporates and high net worth private individuals, announces its interim results for the six-months ended 30 September 2022. Revenue grew 75% to £27.4m year-on-year. Adjusted operating profit was up 55% to £7.3m (HY22: £4.7m). The risks associated with emerging market currencies are mitigated with 80% of volumes in sterling, euro and US dollar. As highlighted in the 3 October trading update, the Board expects that the financial performance for the full year will exceed current market expectations.

Aterian 0.95p £9.2m (ATN.L)

The critical and strategic metal-focused exploration and development company, announces the appointment of Mr. Luke Rogers to the position of Chief Operating Officer as of 1 November 2022. Most recently, Luke was COO of Trinity Metals, the largest tin and tungsten producer in East Africa. Luke has over 14 years of international mining experience, primarily focused on base metal projects in developing economies. Luke holds a bachelor’s degree in Mining Engineering and a master’s degree in Minerals Engineering from the Camborne School of Mines.

Frontier IP Group 75.5p £41.5m (FIPP.L)

The specialist in commercialising intellectual property, welcomes the announcement that the portfolio company Pulsiv Limited has completed a £1.5m equity raise to develop and scale up its energy-efficient power conversion technology. This fundraising values Pulsiv at £50m pre money. Frontier IP invested £273k and holds an 18.3% equity stake in Pulsiv following this. The increase in the fair value of Frontier IP Group’s holding in Pulsiv as a result of the fundraising was reflected in Frontier IP’s audited final results released on 27 October 2022.

Gfinity 1.13p £14.8m (GFIN.L)

The esports and gaming solutions provider announces that it has extended its long running partnership with Red Bull and entered into a commercial agreement as the production partner for the third edition of Red Bull Home Ground. The Valorant Invitational event will be held at Victoria Warehouse in Manchester, on December 9-11, 2022. Gfinity is providing end to end production services for the live event. In addition, Gfinity & Red Bull partnered up for the ideation and delivery of a pre-event content plan to drive interest in the live event. This includes content to be distributed on Red Bull Instagram, Twitter, Tik Tok and YouTube.

Hercules Site Services 52p £30.5m (HERC.L)

The enabled labour supply company for the UK infrastructure sector, announces that it has launched its skills portal, the Skills, Employment and Education (SEE) Everything Portal, which has been developed in conjunction with the Balfour Beatty Vinci Systra (BBVS) joint venture on the HS2 rail project. The launch follows the completion of successful trials, triggering an initial payment of £44k to Hercules. The Company and BBVS have now entered into a licence agreement regarding the SEE Everything Portal’s full implementation and use at the Old Oak Common regeneration project in west London. This represents a milestone in Hercules’ strategy to monetise and white label its digital tools for major projects. The Company is now well positioned to progress a pipeline of licensing opportunities across the public and private sectors to secure additional recurring revenue.

I(X) Net Zero 18.5p £14.6m (IX..L)

The investing company which focuses on Energy Transition and Sustainability in the Built Environment, announces that its portfolio company, WasteFuel, has embarked upon a partnership with the waste management company Averda Holdings International Ltd to develop the first commercial scale municipal waste-to-renewable methanol plant in the Middle East. The location of the plant is expected to be in Jebel Ali, United Arab Emirates. Averda will provide waste feedstock which cannot be otherwise re-used and recycled. Utilising WasteFuel technology, the plant will produce renewable methanol to help shipping companies reduce CO2 and other greenhouse gas emissions by up to 90% compared with conventional fuels.

Light Science Technologies 6.15p £10.7m (LST.L)

The controlled environment agriculture technology and contract electronics manufacturing group, announces that it has signed two further trial contracts for its recently launched sensorGROW product. One of the trial contracts is with a leading UK manufacturer of preserves, marmalades and associated products. If successful, the trial contracts could roll into subscriptions and be worth up to £167k in recurring revenues over a 3 year period. The trials are in addition to the ones announced on 22 September 2022, which are potential worth up to £940k.

Poolbeg Pharma* 7.05p £35.5m (POLB.L)

The clinical stage infectious disease pharmaceutical company announces the significant breakthrough in its AI Programme with partner OneThree Biotech through the discovery of novel drug targets for the treatment of Respiratory Syncytial Virus (RSV). The final stage of the research plan will utilise OneThree’s proprietary ATLANTIS AI platform to identify the drugs most likely to be efficacious against the identified disease targets with clean safety profiles in RSV patients. Selection of drugs is traditionally a long process; however, it can be completed in weeks with an AI model. Results are expected before year end 2022.

Predator Oil & Gas Holdings 7.75p £27.6m (PRD.L)

The Jersey-based oil and gas company with near-term gas operations in Morocco, provides an operational update. MOU-2 well is expected to commence drilling within the first 2 weeks of December. Well costs will be prudently managed and as for MOU-1, despite cost inflation. Gas sales and CNG financing agreements will be triggered by release of test results. Corporate transactions to monetise shareholder value will be considered after MOU-2 and MOU1 rigless testing.

8 November 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).

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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