Small Cap Feast

9th November 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. 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. 

OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQSE Growth Market from the Standard Segment of the Official List. OTAQ has three divisions, i.e., Aquaculture, Geotracking Devices and Offshore and the gross proceeds of £3.6m will provide the Company with sufficient working capital for at least the next 12 months, strengthen the balance sheet and support the next stage of growth organically and through acquisitions.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022.

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.

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.

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

Accesso Technology Group 646p £267.2m (ACSO.L)

The premier technology solutions provider for attractions and venues worldwide, announces a 5-year extension to its partnership with Cedar Fair Entertainment Company, one of the largest regional amusement-resort operators in the world. Cedar Fair will continue leveraging the fully hosted accesso Passport eCommerce ticketing suite which has powered online sales for all the operator’s venues since 2011. This agreement with Cedar Fair is the latest example of a long-term extension for accesso with leading industry operators. In September 2022, accesso announced a 5-year contract extension with Australia’s largest theme park operator, Village Roadshow.

Atalaya Mining 280p £391.7m (ATYM.L)

The producer of copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in Spain, announce its third quarter results ended 30 September 2022. Revenue in Q3 2022 was down 23% to EUR 82.3m due to lower copper prices. EBIDTA was negative EUR 4.3m due to high electricity prices and other input cost inflation. CEO Alberto Lavandeira indicated that electricity prices have decreased by around 40% in Spain since the end of Q3 and expects that costs will moderate in Q4 2022. In 2023, the company will benefit from its new long-term power purchase agreement and the start-up of a 50MW solar plant, which will together provide around 50% of its requirements at competitive rates.

Berkeley Energia 15.75p £66.6m (BKY.L)

The mining exploration company announce that it has established an Advisory Committee to the Board of the its 100% owned Spanish subsidiary, Berkeley Minera España S.L.U. (BME), which holds the Salamanca Project. The Advisory Committee is comprised of Miguel Riaño, Rafael Miranda and Jaime García-Legaz, all prominent and well-regarded Spanish businessmen with extensive networks. The Advisory Committee will substantially strengthen Berkeley’s position in Spain as the Company continues to resolve resolving the current permitting situation with the Salamanca Project.

Gelion 59p £63.8m (GELN.L)

The Anglo-Australian energy storage innovator announce its audited results for the year ended 30 June 2022. Total income was £1.7m, up 7%, primarily from R&D incentives from the Australian Taxation Office. Operating losses increased to £9.1m (2021: (£1.8m)) as a result of non-recurring items £4.7m (2021: nil) and increase in operating costs. The total of cash and cash equivalents and term deposits was £17m as at 30 June 2022. Gelion is bringing its brinzinc-bromide batteries from the laboratory to first industrial production, with the commissioning of the manufacturing plant in September 2022 at Battery Energy Power Solutions in Western Sydney, Australia.

PCF Group 0.35p £1.2m (PCF.L)

The motor vehicle and equipment financing company announces the outcome of its strategic review. The Directors have now concluded that it is in the best interest of all stakeholders to commence a process of withdrawing from the UK banking market. As a result, PCF Bank will not be recommencing lending and will therefore manage its loan and savings portfolio positions down over time in line and at some stage look to sell all or parts of its loan portfolio. The Board is also proposing to cancel the admission to trading on AIM.

PPHE Hotel Group £12.75 £542.8m (PPH.L)

The international hospitality real estate group announces that art’otel London Battersea Power Station, the Group’s first UK managed art’otel, will open its doors to guests on 12 December 2022, with the highly anticipated full launch in February 2023. This is the first of several new art’otels scheduled to open in London, Rome and Zagreb. art’otel London Battersea Power Station will be joined by art’otel London Hoxton in early 2024.

Physiomics* 2.35p £2.3m (PYC.L)

The provider of technology-based solutions to predict the effects of cancer treatment regimens for the biopharma industry, announces that it is participating in the 37th Annual Meeting of the Society for Immunotherapy of Cancer (SITC), on 8-12 November 2022 in Boston, USA. Physiomics will be presenting an original poster entitled: Establishing the preclinical PKPD relationship for NM32-2668 a ROR1 targeting T cell engager. PYC is co-authoring the poster with client Numab Therapeutics, whose investigational drug NM32 is currently in IND-enabling studies. The pharmacokinetic and pharcodynamic models developed by Physiomics provides quantitative confirmation of the mechanism of action of NM32-2668. The model will support the establishment of a first-in-human starting dose and a strategy to enable clinical effective dose selection.

Sareum Holdings* 107.5p £73.2m (SAR.L)

The biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that the UK Medicines and Healthcare Products Regulatory Agency (MHRA) has given notice that it has not been able to approve the Clinical Trial Authorisation (CTA) to evaluate the safety and tolerability of its lead programme SDC-1801. Sareum and its advisors are seeking additional clarification from the MHRA and will provide an update on next steps for resubmission as soon as possible.

Vela Technologies 0.029p £4.6m (VELA.L)

The investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcement by Conduit Pharmaceuticals Limited that it intends to become a publicly traded company on NASDAQ via a merger with Murphy Cannon Acquisition Corp., a NASDAQ-listed special purpose acquisition company. Vela holds an economic interest in the commercialisation of a particular application of AZD1656, one of the assets of Conduit.

Windar Photonics SUSPENDED (WPHO.L)

The technology group that has developed a cost efficient and innovative LiDAR wind sensor for electricity generating wind turbines, announces that it has entered into a distribution agreement with a partner in China for the Windar 4-beam WindVISION LiDAR system. Management estimates that the agreement will, over its term, generate revenue in excess of EUR1.4m, with 85% payable ahead of delivery. Windar Photonics is also publishing a circular today for a proposed placing to raise approximately £2m.

9 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.

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MIFID II status of Hybridan LLP research
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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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