Tap Global Group intends to join the Aquis Growth Market. Tap Global, previously known Quetzal Capital, is an innovative and fully integrated provider of crypto settlement and fiat banking, based on its proprietary artificial intelligence middleware. Customers can access several major crypto exchanges through Tap Global’s app, to purchase up to 15 crypto assets and store them directly in the customer’s wallet. Expected 10 January 2023.
Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late January 2023.
Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.
Anpario 405p £97.3m (ANP.L)
The independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, provides a trading update. The company expects sales to be at least £33m and adjusted EBITDA to be no less than £5m for the year ended 31 December 2022. Adjusted EBITDA excludes legal and professional costs in relation to acquisition opportunities that did not proceed. The Group experienced a weaker than expected final quarter, and in particular December's performance was adversely affected by several factors such as the spread of Covid in China.
B.P. Marsh & Partners 309p £115.8m (BPM.L)
The specialist investor in early-stage financial services businesses, announces updates on its investees. (1) Kentro Capital, the 100% owner of Nexus Underwriting and Xenia: Kentro is guiding Gross Written Premium of c. £440m in 2022, up by 20% from £376m in 2021. (2) XPT Group, a U.S. based specialty lines insurance distributor, is on track to produce Gross Written Premium of over US$500m in the year ended in December 2022, up by 25% from 2021. (3) ATC Insurance Solutions: The acquisition of MB Prestige in 2021 has resulted in ATC becoming one of the largest independently owned underwriting agencies in Australia. (4) Lilley Plummer: The marine market has seen flat pricing over the last 6 months. However, increases in reinsurance costs are expected and many predict this will lead to pricing increases in 2023.
Equals Group 89p £160.8m (EQLS.L)
The fintech payments group focused on the SME marketplace, announces the completion of the acquisition of Roqqett. The initial £1.0m cash payment has been fully satisfied from Equals' existing cash resources and this will be followed by three deferred payments, one of up to £0.25m in cash (when Roqqett receives R&D tax credits) and two of £0.5m, one in cash and the other satisfied by the issue of ordinary shares in Equals. The second and third deferred payments become due when certain capabilities are added to the platform and are expected to be paid in under one year. The acquisition of Roqqett is expected to be earnings accretive in the medium term.
Frontier Developments 601p £235.9m (FDEV.L)
The developer and publisher of videogames based in Cambridge, UK, provides a trading update. Frontier expects to report revenue of approximately £57m for H1 FY23 to 30 November 2022, up 16% year-on-year. The growth was achieved from revenue contributions from two new game releases, F1® Manager 2022 and Stranded: Alien Dawn, alongside the ongoing material revenue contributions from Frontier's portfolio of existing games, which accounted for around two-thirds of total revenue in the period. Frontier had £42.6m in cash as at 30 November 2022 (31 May 2022: £38.7m) after payment of the upfront consideration for the acquisition of Complex Games in November 2022.
Gresham House 760p £290.9m (GHE.L)
The specialist alternative asset manager has launched "Irish Strategic Forestry Fund" to provide up to EUR200m to create new forests in Ireland. It has already attracted EUR35m from Irish investors, including a EUR25m cornerstone investment from the Ireland Strategic Investment Fund (ISIF), Ireland's sovereign development fund. ISIF's capital will complement other Irish and international capital sourced by Gresham House. The new fund will also acquire existing forest assets and when fully deployed will represent a portfolio of approximately 12,000 hectares of new and existing forests.
Kefi Gold and Copper 0.69p £27.0m (KEFI.L)
The exploration and development company with projects in Ethiopia and Saudi Arabia, announce an upgrade to the Mineral Resource Estimate (MRE) at the Hawiah Copper-Gold Project, part of its Saudi Arabian joint-venture Gold and Minerals Company Limited (GMCO). Hawiah Mineral Resource Estimate has increased by 4.1m tonnes (Mt) to 29.0 Mt at 0.89% copper, 0.94% zinc, 0.67 g/t gold and 10.1 g/t silver, representing a tonnage increase of 16%. GMCO appointed The MSA Group (Pty) Ltd as the Independent Consultants and Competent Person to prepare an updated MRE for Hawiah.
Kromek Group 10.25p £44.3m (KMK.L)
The developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that it has secured a repeat order, worth $0.8m, from a US government customer for its D3S ID wearable nuclear radiation detector. Delivery and revenue recognition is expected to occur in the current financial year. The D3S ID gamma neutron detector is a wearable Radiation Isotope Identifier designed for first responders, armed forces, border security and other CBRN experts.
Physiomics* 5.1p £5.0m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens, announces the successful completion of its PARTNER study. The data is used to support development of a personalised dosing tool for docetaxel in prostate cancer. Analysis confirms the ability of Physiomics’ tool to predict levels and timing of episodes of low white blood cell count (neutropaenia) associated with use of docetaxel. PARTNER trial data also suggests the potential to use Physiomics’ tool to predict the effect of GCSF (granulocyte-colony stimulating factor), a drug commonly used to increase white blood cell count during chemotherapy. As GCSF is an expensive biological product, the commercial value of precision medicine could be higher.
Roquefort Therapeutics* 6.75p £8.7m (ROQ.L)
The biotech company focused on developing first in class oncology medicines, provides a business update. Roquefort has initiated out-licensing discussions with multiple large biopharmaceutical companies for (1) its core cancer therapeutic programs: Midkine antibodies, Midkine RNA therapeutics, STAT-6 siRNA therapeutics and MK cell therapy; and (2) non-core applications such as diagnostics, biomarker detection and therapy areas outside of cancer. Dr Emma Morris has been appointed as Head of Pre-clinical Research. Dr Morris was previously Operational Scientific Director at the UK Health Security Rosalind Franklin Laboratory. She is currently heading the MK cell therapy. Meanwhile, Roquefort has signed partnership agreements for its other three development programs with various cancer research centres in Australia.
Trident Royalties 48.5p £141.2m (TRR.L)
The diversified mining royalty company, notes the recent announcement regarding the Thacker Pass lithium project in Nevada, by the project operator, Lithium Americas Corp. Trident holds a 60% interest in a gross revenue royalty over the entire Project. Following a hearing held by the US District Court, District of Nevada, on 5 January 2023, the Federal Court reaffirmed no additional hearings or briefings are required and it expects to issue a decision in the next couple of months. CEO Adam Davidson commented that Thacker Pass is a critical project for the USA to establish a robust battery metal supply chain. It is also a cornerstone asset within Trident’s portfolio.
Disclaimer
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 enquiries@hybridan.com with “unsubscribe me”.
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 enquiries@chrish351.sg-host.com with “unsubscribe me”.
