Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Leavers: U.K. SPAC Plc (formerly Mountfield Group Plc) has left AIM not having completed an acquisition in the time allocated. The Company advises that the transaction continues to progress towards its completion and believes that the application to the FCA for admission of UK SPAC’s enlarged share capital to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange’s Main Market for listed securities is progressing satisfactorily. In the intervening period and whilst the Company works to complete the Acquisition and Readmission, the Company is proposing to admit its ordinary shares on JP Jenkins, a matched bargain facility.

Banquet Buffet

4Global 91p  £24m (4GBL.L)

UK-based data, services and software company focused on major sporting events and the promotion and measurement of physical activity, has entered into a partnership agreement with the Fitness Industry Council of Canada. Under the agreement FIC will work with 4GLOBAL to develop ‘DataHub Canada’ utilising its extensive network of 6,000 facilities with over 6m members across the country.  4GLOBAL will contribute its technical expertise and digital infrastructure and will develop a Social Value Calculator in partnership with Sheffield Hallam University tailored for the Canadian health and leisure markets (see notification on 17 January 2022). The DataHub Canada will be used to generate reports and analysis specified by FIC and provide a market entry platform for 4GLOBAL. These reports will in turn be used to develop a shared communications programme and for FIC to promote the partnership and its associated tools and learnings amongst its extensive Canadian user base as well as its Federal and Provincial lobbying efforts. This partnership will significantly increase the global capacity of the Company’s DataHub which is currently in excess of 1.2 bn of data points of how sport is consumed in UK, Europe and other international markets in South America and Middle East. It will also allow the Company to market its existing products to central government, cities and private operators following the same business model that it has successfully implemented in the UK and Europe.


Afentra  confirms that negotiations with Sonangol E.P to purchase interests in Block 3/05 and Block 23 in Angola have continued into the new year. This follows the announcement on 8 October 2021 that the Company had submitted a non-binding Expression of Interest for the two blocks and the subsequent suspension of its shares. If Afentra ultimately proceeds with the Acquisition, it would be classified as a reverse takeover transaction in accordance with Rule 14 of the AIM Rules for Companies. Trading in Afentra shares will remain suspended until either the publication of an AIM admission document, or until confirmation is given that Afentra’s participation in the bid process has ceased. Whilst the timeline of the Sonangol sales process has been extended beyond the previously expected timetable, this has not diverted Afentra from the pursuit of other production assets in West Africa. The Company continues to appraise multiple acquisition opportunities that support its growth strategy in terms of acquiring assets across West Africa with solid low-cost production, proven reserves and significant upside. The Company remains disciplined in its screening process to ensure all targets meet the operational, commercial and environmental factors that comprise its focussed acquisition criteria.

Applied Graphene Materials 24.5p  £15.8m (AGM.L)

Stanvac-Superon Group, the India-based manufacturer of industrial repair and maintenance solutions, has introduced a speciality conductive coating incorporating AGM’s Genable dispersed graphene materials, for use on industrial power transmission equipment. Following successful development and testing, the new protective, conductive coating incorporating AGM’s high-quality A-GNP35 graphene dispersions will reduce contact resistance in coated copper and aluminium electrical cable joints to reduce the power lost over the connection. Using the graphene-based 8079 (A) Power-Plus coating, a 30-50% reduction in contact power loss is achieved, offering significant energy savings over time. The first customer application is well-underway and is expected to reach approval shortly. Stanvac-Superon Group expects the product to be used for power transmission, electrical distribution, and railways, as well as other high energy consumers such as steel mills, smelters, and refineries.

Atalaya Mining 425p  £594m (ATYM.L)

The results of five additional drill holes from its ongoing resource definition drilling programme at Proyecto Masa Valverde. PMV is located in southern Spain approximately 28 km to the south of Atalaya’s 15Mtpa mill at Proyecto Riotinto. New drill results include best continuous copper intercept at PMV to date: 125 metres at 1.19% Cu, including high grade intervals of 12m at 2.29% Cu, 19m at 2.56% Cu and 15m at 2.27% Cu. Results are expected to increase the copper grade in the upcoming NI 43-101 resource estimate for PMV, which is planned for release by the end of March 2022. Higher grade material from PMV has the potential to displace ore from the Cerro Colorado pit, allowing the Company to increase its copper production while maintaining current processing rates. Intersected mineralisation is mostly stockwork-type with minor massive sulphides, which is expected to have positive metallurgical implications. Three rigs continue to drill at PMV, as part of the Company’s EUR10m exploration programme for 2022.

Dillistone Group 23p  £4.5m (DSG.L)

The AIM quoted supplier of software for recruiters, provides a trading update for the 12 months ended 31 December 2021. In the Interim Results announced in September, the Group noted that the impact of Covid 19 would continue to unwind through the remainder of 2021 and that the business was seeing improved new business sales, improved orders from existing clients, and better operating cash flow. The Board reports the fourth quarter delivered further improvements, with incoming orders in that period at levels not seen for a number of years. Dillistone expects to release final results for FY2021 in line with market expectations before acquisition related items and other one-off adjustments. The strong end to 2021 has been followed by encouraging signs in the first weeks of the new year across a number of Group products, including both our established and next generation applications. As at 31 January 2022, the Group had £1m in cash.

Proteome Sciences 4.74p  £14m (PRM.L)

Proteome Sciences today provides an unaudited trading update for the financial year ended 31 December 2021. The Company has continued to show strong growth in its services business with TMT® revenues holding firm, despite the continued impact of the Covid-19 pandemic on international business. The Company expects to report a c7% increase in Group revenues to c£5.1m (2020: £4.75m) for the full year, with services expected to increase c32% to c£1.9m (2020: £1.44m) and sales and royalties attributable to TMT® and TMTpro™ reagents to be c£3.2m (2020: £3.27m). The Company anticipates an estimated trading profit of between £0.6m and £0.8m (2020: £0.50m) (excluding interest, currency and share based payments effects) which shows a positive development of the operational business. Investment in staff and facilities in line with our renewed strategy will give rise to a marginal increase in operational costs versus the prior year. Overall, the Company expects an estimated result before tax close to break-even (2020: £0.24m profit) and a similar result after tax (2020: £0.29m profit after tax) for the year. Cash reserves at the year-end increased to £2.4m (2020: £2.21m). 

Solid State 1,190p  £101.7m (SOLI.L)

The specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces that following a pre-qualification stage and a competitive tender process, BAE Systems has awarded Steatite Ltd, the manufacturing arm of Solid State Plc, a multi-million pound contract to design, develop and qualify computer consoles for maritime platforms. The multi-function use of the console will need to comply with many industry and MOD specific standards. This challenging set of requirements required an approach that offered innovation, value and agility. 

Tintra  235p  £31.4m (TNT.L)

Tintra announced the appointment of Dr Vanessa Neumann as an Independent Non-Executive Director for the next stage of the Group’s progress. Dr Neumann brings a wealth of relevant experience to Tintra, with particular expertise on matters concerning Latin America, which has been identified as a key area to the future development of the Group’s Artificial Intelligence led banking infrastructure business. Dr Neumann is a native Venezuelan, with a varied career as a diplomat, author, and entrepreneur, as well as a globally sought expert on transnational threats, Latin American business, and financial business integrity.

Verditek 2.35p  £8m (VDTK.L)

The international green technology company that develops, manufactures and sells lightweight solar panels, announced the completion of the sale of Industrial Climate Solutions Inc (ICSI) on 1 February 2022, in which the Company held a 10.56% stake, to Baker Hughes Energy Services Canada, Inc. An initial payment of approximately £308k was received by the Company in line with the size of its holding. The initial consideration was received in cash on 2 February 2022 and further contingent proceeds to the Company of up to approximately CAD 3m (c. £1.75m) may arise dependent upon certain milestones being met. The Directors are taking a prudent view on the likelihood of further receipts, subject to the requirements of relevant accounting standards. The Company will therefore recognise fair value of its investment of approximately £0.9m in its statement of financial position at 31 December 2021. This valuation is subject to auditor review. This equity investment was recognised in the Company’s audited annual report for the year ended 31 December 2020 at £23,405 and subsequently at £23,091 in the Company’s unaudited interim results for the six months ended 30 June 2021. The Company’s investment in ICSI was impaired in 2018, on the basis that ICSI was loss making and had net liabilities. The sale will enable the Company to realise value from its investment for use in its core operations. Cash received will be used to provide working capital for Verditek’s solar power business.

Virgin Wines 155p  £86.5m (VINO.L)

One of the UK’s largest direct-to-consumer online wine retailers, today announces a trading update for the six months ended 31 December 2021. Total revenue of £40.5m, in line with the previous year’s performance and up 55% vs H1 2020 (H1 2020: £26.2m). Repeat sales from core channels of £29.6m, up 6.2% on H1 2021 and up 59% vs H1 2020. Customer base: WineBank membership up 11% on H1 2021 and up 41% vs H1 2020;  Active 1-12 month customer base up 9.5% on H1 2021 and up 46% vs H1 2020. Average customer rating maintained at 4.5 out of 5, from over 20k reviews. Net cash position of £13.6m.

What’s cooking in the IPO kitchen?

GCP Co-Living REIT plc, intends to float on the Main Market. The Company is a  newly established, externally managed investment company, which it is intended will carry on business as a Real Estate Investment Trust, subject to meeting the necessary qualifying conditions. The Company will invest, predominantly, in independent Co-Living Asset, both operational and under development, let to a diversified mix of residents, located in urban centres in the UK and Ireland where there is a shortage of high quality, affordable residential accommodation. Due March.

Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circuit technology that also has growing application elsewhere within vehicles. Mkt Cap and Capital to be raised TBC. Due mid Feb.

Artemis Resources ltd, an ASX listed mining exploration and development company intends to join AIM. The Company owns projects based in the Pilbara region of Western Australia, the Greater Carlow Gold-Copper-Cobalt Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara. The Company also owns the Radio Hill processing plant that is currently on care and maintenance. This plant is strategically located only 35km from the Greater Carlow Project. Mkt Cap approximately £52m, Capital to be raised £5m. Due 7th Feb.

Hercules Site Services a technology enabled labour supply company for the UK infrastructure sector,  intends to float on AIM.  Hercules is seeking to raise approximately £5.5m to rapidly deliver on the significant demand it is experiencing for its diverse range of services across the UK infrastructure sector, including to scale up its operations to supply labour to the northern section of the HS2 rail project from London to Birmingham. In addition, up to £4.5m will be raised for the existing shareholder from the sale of part of its interest in the Company. Hercules has a sustained track record of revenue growth from £9.7m in FY 2015 to £30.7m in FY 2019 and has experienced a strong rebound following Covid-19 growing to £14.0m in H1 FY 2021. Expected 4 Feb. Anticipated Mkt Cap £29.6m. To be raised £4m primary and £4m secondary.

Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and direct subscriptions by new and existing investor. If the Proposed Transaction proceeds to completion, it is proposed to change the name of the Company to Ondo InsurTech Plc and the name of Labs, which will become a subsidiary of the Company, to LeakBot Ltd. Should the Proposed Transaction not proceed, then the Company would need to apply for the suspension of its listing of ordinary shares to be lifted and for trading to be restored. £5m capital to be raised. Due early 2022.

Clean Power Hydrogen, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser is seeking to join AIM. The Group designs and manufactures hydrogen production units and is focused on the commercial production of green hydrogen in a simple, safe, and sustainable manner. The Group intends to raise approximately £50m. Due Early Feb.

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 Feb.

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 Feb.

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. Delayed until second half of Q1 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 early Feb.

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. Delayed until Mid-Feb. Mkt Cap and Capital to be raised TBC.

*A corporate client of Hybridan LLP

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