Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Republic of Congo. Conditionally raised £1.8m. Expected 12th September.
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 AQSE:ANR to REE. Conditionally raised £1.1m. Expected late September.
Destiny Pharma 36.5p £26.8m (DEST.L)
The clinical stage biotech company focused on the development of novel products to prevent life threatening infections, announces its unaudited interim results for the half-year ended 30 June 2022. Operating loss was £3.81m (June 2021: £2.99m). Cash and short term deposits was £8.4m (30 June 2021: £7.1m). The company is finalising preparations for Phase 3 clinical trial of NTCD-M3 after positive feedback from the European Medicines Agency (EMA). XF-73 Nasal is also progressing towards Phase 3 following positive advice from the EMA and the US Food and Drug Administration (FDA). New XF research projects initiated in cystic fibrosis and oral mucositis provides a strong pre-clinical pipeline.
Getech Group 19.5p £13.1m (GTC.L)
The geoenergy and green hydrogen company announces the appointment of Kathrin Schulz as the Group’s European Hydrogen Business Development Director. Ms Schulz will be supporting Getech’s ambition to establish over 500MW of new geoenergy and green hydrogen assets by 2030 and progress the growth in new areas across Europe.
Mpac Group 232.5p £47.4m (MPAC.L)
The packaging and automation solutions company announces its unaudited results for the six months to 30 June 2022. Group revenue was £50.6m, up 14% (2021: £44.2m). Order intake decreased to £32.8m, down 36% (2021: £51.7m), due to customers placing orders earlier than anticipated. The order book sits at £62.6m going into H2 2022. Mpac made a loss after tax for the period of £0.7m (2021: £2.1m profit). The macro-economic uncertainty and volatility in the global supply chain has impacted both the timing of customers’ order placement and the company’s operations. Mpac expects the supply chain and operational challenges to continue for the remainder of 2022 before easing in 2023.
Open Orphan 10.8p £72.1m (ORPH.L)
The contract research organisation (CRO) specialized in testing infectious and respiratory disease products with human challenge clinical trials, announces its unaudited interim results for the six months ended 30 June 2022. Revenue decreased to £18.9m (H1 2021: £23.2m). As of the 1st September the signed contracts has increased further to c. £80m, which is expected to be recognised across 2022, 2023 and 2024. EBITDA grew to £2.3m (H1 2021: £2.1m). The company also announces its intention to change its name to hVIVO plc on 26 October 2022, and the new ticker will be HVO. The board remains confident of achieving its target of c. £50m revenue for FY 2022.
Phoenix Copper 23p £28.1m (PXC.L)
The USA-focused base and precious metals producer and exploration company, provides an update on operations at its Idaho, USA projects and on the corporate copper bond issue. Drilling at the Empire open pit copper mine commenced in June 2022. Trade-off, optimisation, and engineering studies are progressing. A second drill rig in the North Pit/Red Star area is to commence on 15 September 2022. Navarre Creek drilling plan has been approved by US Forest Service. The initial tranche of the corporate copper bond issue is expected to complete in the next few weeks.
Robinson 80p £13.4m (RBN.L)
The custom manufacturer of plastic and paperboard packaging based in Chesterfield, announces its interim results for the six months ended 30 June 2022. Revenue was up 19.8% to £25.4m (2021: £21.2m) and profit before tax increased to £2.8m (2021: loss of £0.6m). An interim dividend of 2.5p per share has been announced. Sales volumes will be under pressure in H2 due to inflation, de-listing of some products by customers and certain customers prioritising existing business over innovation projects during the pandemic. However, management expect profits in FY22 to be in line with market expectations and ahead of 2021.
Strip Tinning 75p £11.4m (STG.L)
The supplier of specialist connectors to the automotive sector, announces that it has secured a share of government funding through the Advanced Propulsion Centre Scale-up Readiness Validation competition. The grant is up to £1.4m, received via six quarterly drawdowns covering the period to end of January 2024. It must be drawn down by 31 January 2024 and in turn scale up the company’s production capabilities. The grant will be used for the development and validation of a pilot production system for the manufacturing of the Cell Contacting and Management System (CCMS) product.
Totally 38.3p £71.7m (TLY.L)
The provider of frontline healthcare services, corporate fitness and wellbeing services across the UK and Ireland, announces several contract extensions for the continued provision of urgent care services across England. This includes: five contract extensions across the North East of England and Yorkshire for the continued delivery of GP out of hours and clinical assessment services, until 31 March 2023 with a total value of c.£7.3m; and a contract extension for the continued delivery of an urgent treatment centre in South East London until 31 March 2023, valued at c.£6.4m.
Warpaint 130p £99.8m (W7L.L)
The supplier of colour cosmetics and owner of the W7 and Technic brands, provides a trading update. Results for the year ending 31 December 2022 are now expected to be ahead of market expectations. Sales for the year are expected to be at least £61m and adjusted profit before tax to be in excess of £9m, with pre-Christmas sales period still to come.
Zegona Communications 82p £4.4m (ZEG.L)
The investment businesses into European Telecommunications, Media and Technology sector announces its interim results for the six months ended 30 June 2022. The company made a loss for the period of EUR1.9m, compared to a loss of EUR23.8m in the same period of 2021. The reduction in loss was largely due to the disposal of the investment in Euskaltel. Zegona is seeking a business within the European TMT industry where it can apply it’s Buy-Fix-Sell strategy and it currently in discussions with a number of opportunities.
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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).
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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.
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
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.
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