Small Cap Feast

9th August

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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

Fusion Antibodies 95p £24.7m (FAB.L)

The specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces that it has submitted a patent application for its bispecific designs for antigen display. Fusion uses antigens to generate and screen for specific antibodies during the Antibody Discovery process. Its new designs for antigens consist of two parts: the antigen part and a “reporter” part, referred to as a “bispecific”. The company believes that the use of a reporter part, which can be any number of useful tags for various antibody screening assays, will increase the success rate in identifying highly potent antibodies from its range of Antibody Discovery technologies.

H&T Group 435p £174m (HAT.L)

The UK’s largest pawnbroker and retailer of high quality new and pre-owned jewellery and watches, announces its interim results for the six months ended 30 June 2022. Revenue increased by 50% to £78m and profit before tax went up by 44% to £6.7m. The company sees a positive trading environment in the near term and is prioritising store estate, digital strategy and business scope broadening.

Horizonte Minerals 104p £198.1m (HZM.L)

The nickel development company with assets in Brazil, announces that it has awarded the industrial civil works contract for the construction of its 100%-owned Araguaia Nickel Project to Companhia Paranaense de Construço S.A. (Copa). The contract scope has been designed to leverage Copa’s reduced mobilisation requirements and familiarity with the project. This will assist to accelerate the installation of the foundations for the furnace allowing commencement of furnace shell installation during Q4 2022.

Marechale Capital 2.1p £2.4m (MAC.L)

The London based corporate finance house announces that it has completed the first round of equity raise of equity for the lithium exploration and development company, Weardale Lithium Ltd, at a significantly higher valuation to the successful fund raising last year. Post close, Marechale owns an 8.5% interest in Weardale. Weardale is a lithium exploration and development business based in the Weardale Valley, County Durham in the north of England.

Merit Group 40.5p £9.1m (MRIT.L)

The data and intelligence business today publishes its audited results for the year ended 31 March 2022. Revenue increased by 11% to £27.4m and adjusted EBITDA was £2.8m, up 39%. Loss before tax was narrowed to £1.9m from £3.1m in the prior year. Despite a recovery from Covid, the macro environment remains challenging. That said, the company is pleased with trading in the first quarter of FY23 and anticipating another year of progress.

Northcoders Group 270p £18.8m (CODE.L)

The independent provider of training programmes for software coding, announce that it has been successful in securing further funding from the Department for Education Skills Bootcamps Wave 3 bid. This new round of funding provides Northcoders with £4m worth of scholarships for training and revenue visibility into FY23, which is expected to be another year of significant growth. The funding can also be used to support students in its Data Engineering business unit, to be launched in Q4 2022.

Symphony Environmental Technologies* 18.75p £34.7m (SYM.L)

The global specialist in biodegradable and anti-microbial technologies which make plastics and rubber smarter, safer and sustainable, reports that the Mexican Ministry for the Economy has published a new Mexican Technical Standard in the Federal Gazette with positive commercial implications for Symphony’s d2w biodegradable technology in Mexico and the Latin America region. Mexico now joins other countries with a similar standard in Latin America (including Peru, Costa Rica, Ecuador and the Dominican Republic), as well as the UK, France and Sweden in Europe.

T42 IoT Tracking Solutions 12.5p £6.6m (TRAC.L)

The provides real-time tracking, security, and monitoring solutions for the global supply chain, announces the launch of the Lokies 2.0, a significantly enhanced version of its best-selling smart tracking product. With the new cellular module, Lokies 2.0 will support LTE and 3G networks. It will come with a new universal charging port, an enhanced central processing unit for better performance, and new BLE 5.2 for improved energy consumption.

Union Jack Oil 26.8p £30.2m (UJO.L)

The UK focused onshore hydrocarbon production, development and exploration company, announces a further update on the capital reduction currently ongoing following the passing of a special resolution of the Annual General Meeting on 23 June 2022. An application to the High Court of Justice has been made and an initial hearing has been scheduled for 12 August 2022. A final hearing for the Court to consider the capital reduction has been scheduled for 30 August 2022. The timing and approval of the capital reduction remains at the discretion of the Court.

Webis Holdings 2.35p £9.2m (WEB.L)

The specialist in pool wagering and the operator of WatchandWager Cal Expo (the Californian harness track), announces that it has been approved for renewal of its Isle of Man gaming license by the Isle of Man Gambling Supervision Commission (GSC). It is a full license issued by the GSC under the Online Gambling Regulation Act. The license is for five years, due to expire in August 2027. The renewal is strategically beneficial for the provision of services to non-US domiciled players.

9 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).

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.

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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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