Hybridan Small Cap Feast

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Hybridan Small Cap Feast

Joiners: Electric Guitar (ELEG.L) was established in 2021 through the issue of shares to the founders as a special purpose acquisition vehicle which will seek an acquisition target in the digital media sector. The Company intends to act as a consolidator and operator in the digital advertising market. The Company has today joined the Main Market. £1.2m raise. Mkt cap £1.74m.

Leavers: Amryt Pharma has left AIM. Its American Depositary Shares remain trading on NASDAQ.

Banquet Buffet

Alba Mineral Resources 0.14p  £9.12m (ALBA.L)

A pitting and sampling programme is scheduled to commence shortly at the historic waste rock dump at the Clogau-St David’s Gold Mine, where an initial sampling exercise in 2021 returned gold grades of up to 9.89 gt. Clearance for pitting and sampling exercise received from the competent Mineral Planning Authority and Natural Resources Wales (NRW). Five pits are to be dug within an area of 400m ² with 60 kg samples of fines material from each pit submitted for independent assaying. Assuming assay values in line with first sampling phase, Alba intends to process a larger volume of the excavated fines through its existing gravity plant to extract the gold content and, thereafter, to submit a plan to mine and process the higher-grade section of the dump. Entire waste dump estimated to hold up to 5,000 tonnes of fines material which has the potential to be mined at low cost.

Bluejay Mining 8.8p  £85.6m (JAY.L)

Further to the announcement dated 27 September 2021 the exploration programme for 2021 at the Enonkoski nickel-copper-cobalt (‘Ni-Cu-Co’) project in eastern Finland has now been successfully completed with the Company’s joint venture partner Rio Tinto Exploration Finland Oy. 12 diamond drill holes and 1 drill hole extension for a total of 4149.45 metres were drilled in October-December 2021, southeast and west of the closed Enonkoski (Laukunkangas) Ni-Cu-Co mine. Ni-Cu sulphide droplet zones logged in mafic intrusions were intersected in the drilling. These types are analogous features in the former mine close to the Orebody. A top of bedrock (‘ToB’) sampling programme was conducted in August-November 2021 with a total of 99 drill holes drilled on 14 sampling lines in the north-western and central parts of the Enonkoski Belt. Mafic intrusive bedrock samples, occasionally sulphidic, were received from multiple sampling lines. Downhole electromagnetic (‘DHEM’) surveys were completed on a total of 22 drillholes for a total of 13,120 metres including measurements of both historic and new drill holes, interpretations and modelling of the survey results are ongoing. All diamond drill core and ToB core samples have been submitted for analysis at ALS, assay results are pending.

Calnex Solutions 115.5p  £101m (CLX.L)

The provider of test and measurement solutions for the global telecommunications sector, announced the appointments of Margaret Rice-Jones and Stephen Davidson as Non-Executive Directors of the Company, with immediate effect. Margaret Rice-Jones has over 20 years’ experience at Board level in public and private software and technology companies. Margaret’s current roles include acting as Senior Independent Director at main market-listed De La Rue plc, Chair at Origami Energy Limited, a VC-backed energy-focused technology business, and Non-executive Director at Holiday Extras Investments Limited. Stephen Davidson is an accomplished director of both public and private companies, with more than 20 years’ PLC-board experience. He is currently a Non-executive Director at main market-listed Informa plc and Non-executive Chair at AIM-traded analytics company Actual Experience plc, JSE-listed Datatec plc and MCB Group Limited. Stephen was previously Chair at AIM companies Rosenblatt Group plc, Restore plc and Jaywing plc, and main market companies Inmarsat plc and MECOM plc.

Evgen Pharma 5.15p  £14.16m (EVG.L)

The clinical stage drug development company developing sulforaphane based medicines for the treatment of cancers and inflammation, announces that it has progressed discussions with the UK Medicines and Healthcare products Regulatory Agency (MHRA) and the US Food and Drug Administration (FDA) in relation to two clinical trials set to commence in 2022. The first trial is a Phase I human volunteer study to investigate the safety, tolerability, pharmacokinetic and pharmacodynamic properties of Evgen’s new SFX-01 tablet formulation. In addition, the study, which will recruit volunteers randomised to active and placebo arms, will generate data on dose escalation and target pathway engagement. Evgen held a scientific advice meeting with the MHRA in December 2021 at which the draft trial protocol was discussed and the MHRA’s written advice, which will reflect the discussions on the data to be submitted in support of approval of the trial, is expected in late January. Separately, and also in accordance with time lines set out in Q1 2021, Evgen submitted an application for a pre-IND (Investigational New Drug application) meeting to the FDA in December 2021. This request has now been granted, to be effected by written responses to a meeting package that will be submitted to FDA in January. The IND will relate to a Phase Ib/II trial of SFX-01 in glioblastoma that is planned to commence in 2022 and Evgen is liaising with potential trial sites in the UK and Europe. The trial design will be adaptive to enable extension towards a registration if the data are supportive of this. In these circumstances trial sites in the US are likely to be involved. Part of the proceeds from the 2021 placing and open offer have been applied to improve the synthesis and formulation of SFX-01 for commercial scale. This new tablet formulation will be used in all clinical trials; the production process has started and Evgen anticipates drug product will be available for commencement of the Phase I human volunteer study in Q2 this year.

Katoro Gold 0.55p  £2.5m (KAT.L)

The gold and nickel exploration and development company, announced that mobilisation for the Haneti diamond drill programme has commenced. On the 8th November 2021, the Company announced that it will be conducting a diamond drill programme on its Haneti Nickel project, in which the Company holds 65% ownership interest with 35% held by Power Metal Resources plc (LON: POW). Following the results received from the RAB drill programme that was completed in early 2021, it is expected that mobilization will be completed on or around the 17th January 2022. Drilling on the 1,000-meter programme to commence on or around the 20th January 2022. Additional information as well as a map highlighting the planned locations for the 2022 diamond drilling programme can be found on slide 11 on the following link: https:// katorogold.com/wp-content/uploads/2021/05/HANETI-Pres-21_v2.0_040521-1.pdf .

Midwich Group 621p  £551m (MIDW.L)

The global specialist audio visual distributor to the trade market has acquired a controlling stake in Cooper Projects Limited, the parent company of DVS Limited DVS, a UK based distributor of video security products. Midwich has acquired 65% of the Company’s share capital for an initial cash consideration of £8.6m, followed by an additional fixed and performance linked amount of up to a maximum of £6.4m twelve months later. The remaining 35% of the Company’s share capital will be held by Tim Goodson (Managing Director), Gavin Dunleavy (Commercial Director) and David Davies (Chief Technology Officer) who will continue to run the Company. In its latest audited financial statements, which were in respect of the year ended 31 October 2020, the Company generated revenues of £37.4m and profit before tax of £2.1m. Net assets at 31 October 2020 were £7.6m.  Net debt at completion was around £3m.

One Heritage Group* 51.5p  £16.7m (OHG.L)

The UK-based residential developer focused on the North of England, has signed an agreement to acquire Seaton House, Wellington Street, Stockport for £675k, with an initial deposit of £67.5k paid on signing and the remaining balance paid on completion within the next 12 months. Seaton House is located in the centre of Stockport and only a 7 minute walk to Stockport train station, which has a direct line to both Manchester and London. Seaton House is an existing office building with permitted development rights which would allow conversion into 12 apartments. One Heritage plans to submit a planning application for up to 30 apartments which will have a Gross Development Value of £5.6m. Construction is expected to start upon successful planning and take 12 months, with completion expected in calendar Q4 2023.

Shearwater Group 116.5p  £27.7m (SWG.L)

The organisational resilience group that provides cybersecurity advisory and managed security services, announces that its group company, Pentest Limited, has secured a significant new contract with a global technology business worth £300k. The majority of the contract’s value is expected to be realised in the current full year and the contract contributes to the Group’s current full year expectations. Under the terms of this contract, Pentest will deliver a range of vulnerability assessment and penetration testing services to the business, in relation to a major new project. Pentest will perform an in-depth investigation into the organisation’s resilience, with the continued aim of uncovering any IT security vulnerabilities by simulating the actions of a threat actor.

TMT Investments*  717.5p  £165.7m (TMT.L)

Portfolio update from the venture capital company investing in high-growth technology companies includes news that portfolio company Bolt, a leading international ride-hailing and food delivery company (www.bolt.eu), announced today that it has successfully raised EUR628m (approx. US$711m) in a new equity finance round led by Fidelity, Sequoia Capital and a number of other leading institutional investors. The Bolt Fundraise takes Bolt’s valuation to EUR7.4 bln and represents a substantial valuation uplift of approximately US$37.2m (or 56%) in the value of TMT’s investment. The announced revaluations are expected to result in a combined increase in the Company’s NAV equivalent to approximately US$1.29 per share (before adjustments for the Company’s ongoing operating expenses, accrued bonus, potential future revaluations/impairments, and similar items). “We have been busy investing the proceeds of TMT’s October 2021 US$19.3m fund raise and are pleased to announce six new and two additional investments today. We continue to make additional investments into some of our best performing companies when suitable opportunities arise, in this case an additional US$2m in Muncher Inc., a cloud kitchen and virtual food brand operator in Latin America ( www.muncher.com.co ), and an additional £2m in 3S Money Club Limited, a UK-based online banking service focusing on international trade ( www.3s.money ).”

Union Jack Oil 14.5p  £15.2m (UJO.L)

Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company,  announced that material landmark net revenues have been achieved from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin. Union Jack holds a 40% economic interest in this development. US$2m revenues generated to Union Jack at Wressle since re-commencement of production on 19 August 2021. Well is producing under natural flow. Production remains constrained on a restricted choke. Zero water cut. Staged site upgrades ongoing. For the first time Union Jack is now cash flow positive covering all corporate, administrative and project operating costs . As at 11 January 2022, cash balances of £6,270,045 and receivables of £1,568,521. Debt free.

What’s cooking in the IPO kitchen?

SuperSeed Capital Limited, to join the AQSE Growth Market. The Company will invest in technology-led innovation primarily through unquoted funds managed by SuperSeed Ventures, the Company’s Investment Manager, with the objective of maximising the investors’ long term total returns – principally through capital appreciation. Mkt Cap and Capital to be raised TBC.

Carbon Air, a nano-technology company which leverages the adsorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company’s proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems, acoustic insulation for domestic appliances and micro-speakers for smartphones. Mkt Cap and Capital to be raised TBC. Due Late Jan.

i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM and raise money to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide working capital for the Group. Capital to be raised £20m. Expected admission date circa 19/20 Jan 2022.

Superdielectrics to join AIM, a Company which is focused on developing technology to build supercapacitors with high energy density, low cost, and environmentally benign electrical energy storage devices that will help create a clean and sustainable global energy and transportation system. Admission is expected to take place in mid Jan 2022.

Spiritus Mundi due to join the Main Market (Standard), a special purpose acquisition vehicle which will seek acquisition targets in Europe and Asia in the clinical diagnostics sector. The Company has already raised approximately £1.2m in a pre-IPO fundraising round. Due late Jan 2022.

Recycling Tech Group to join AIM, a UK-based engineering, research and manufacturing company that has developed a modular and mass producible machine, the RT7000, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics. Targeting a £40m raise. Due early Q1 2022. 

Nu-Oil and Gas  to acquire Guardian Maritime Ltd and Guardian Barriers IP Ltd and become Guardian Global Security plc and join the Main Market (Standard). Guardian is a technology group that supplies products to prevent unauthorised entry into areas that are deemed to have value, with maritime security being the main focus initially. Due 24th Jan 2022.

*A corporate client of Hybridan LLP

This document has been prepared 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 such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own 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, they have not been independently verified and are not guaranteed 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, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on 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, directors, 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 is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU (“MIFID II Directive”); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook).


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