Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Banquet Buffet

 Brickability 89p  £265.7m (BRCK.L)

The leading construction materials distributor, announces the acquisition of Modular Clay Products Limited (MCP) for a consideration of £4.75m. MCP is a leading supplier of UK and Imported clay facing bricks to the specification sector. Working closely with architects, MCP provides design advice and consultation to ensure the perfect product is chosen for a variety of schemes covering housing, education, healthcare, leisure and recreation. MCP’s established track record features contemporary and prestigious projects in the UK and Ireland, including The Shard. For the 12 months to 31 December 2021, MCP reported unaudited revenue of £10.5m  and normalised EBITDA of approximately £1.3m. The consideration is being satisfied by an initial cash payment of c.£3.33m and deferred consideration of c.£1.43m payable in cash over the next three years subject to adjustments to deferred consideration payments for performance against target performance criteria during the Performance Period. The acquisition will be funded from the Group’s existing resources and is expected to be immediately earnings accretive post completion.

 Diurnal Group 12.3p  £20.8m (DNL.L)

The specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces that the first patient has been dosed in its Phase 3 pivotal clinical trial of hydrocortisone modified-release hard capsules (DNL-0200 -approved in Europe and the UK under the commercial name Efmody® ) for adults with congenital adrenal hyperplasia (CAH). The pivotal Phase 3 randomised, double-blind, active-controlled, clinical trial, known as CONnECT, is evaluating the efficacy, safety and tolerability of modified-release hydrocortisone compared with immediate-release hydrocortisone replacement therapy in participants aged 16-years and over with CAH. The study will recruit up to 150 subjects with CAH who will be treated for a period of 52 weeks in centres across Japan, the US, France, and Turkey. The study is anticipated to take up to one year to recruit all patients, with subsequent data readout anticipated in 2024. The study is being conducted under a Special Protocol Assessment (SPA) that has been agreed with the US FDA. The SPA provides agreement that the Phase 3 trial design adequately addresses objectives that would support the regulatory submission for drug approval.

GreenRoc Mining 6.1p  £6.7m (GROC.L)

The company focused on the development of critical mineral projects in Greenland, announces the appointment of Dr. Stefan Bernstein as Chief Executive Officer and Director, with effect from 1 July 2022. As a Danish geologist with over 30 years’ experience in Greenland’s mining sector, Stefan Bernstein brings a very strong knowledge and understanding of the country and its mineral wealth, with his experience spanning both corporate and governmental advisory roles. Mr Bernstein joins GreenRoc from GEUS, the Danish and Greenlandic Geological Survey responsible for supporting the sustainable exploitation of raw materials in Greenland, where since 2016 he was the Head of the Mapping and Mineral Resources Department. Before that, among other roles, he was Exploration Director, and latterly CEO, of Avannaa Resources Ltd, a Greenland-focused mineral exploration company which he co-founded in 2007. Following this appointment, Mr. Lars Brünner, who has assumed the role of Interim CEO, will return to his role as a Non-Executive Director of the Company.

Feedback 0.7p  £19.3m (FDBK.L)

The specialist clinical communication company announces that it has continued its strong momentum into the second half of 2022 and now expects to report revenue for the financial year ended 31 May 2022 materially ahead of market expectations. This follows the previously announced progress with the Company’s flagship product Bleepa ®and additional technology license fees arising from the Company’s partnership with Imaging Engineering LLC (partnership as announced 13 January 2020) booked at the year-end. The Board expects to provide a full 2022 year-end operational and trading update in mid-June 2022. Annemijn Eschauzier has been appointed to the Board of directors as a Non-Executive Director with immediate effect adding strong healthcare and digital skill sets, as Tim Irish steps down.

Location Sciences 0.24p  £6.3m (LSAI.L)

Location Sciences announces that, further to the Company’s announcement on 21 June 2021, both Mark Slade and David Rae will leave their positions as employees and directors of the Company on 22 June 2022. Simon Wilkinson and Nigel Burton will continue in their capacities of Non-Executive Chairman and Non-Executive Director respectively. The Company will retain access, on a consultancy basis via a third-party contractor, to the necessary skills and resources to enable the ongoing operation of both Location Sciences generally, and the Verify business as the board continues to assess the strategic options for it. In parallel with this process and in line with the Company’s strategy to increase shareholder value, the board continues to explore various options for acquisition candidates.

Jadestone Energy 108p  £502.8m (JSE.L)

An independent oil and gas production company focused on the Asia-Pacific region announces that it is committing to Net Zero Scope 1 and 2 greenhouse gas (GHG) emissions from its operated assets by 2040. This commitment covers Scope 1 direct emissions from the Company’s existing operated assets as well as Scope 2 emissions from electricity purchased for its facilities. The commitment also covers Scope 1 and 2 GHG emissions from future acquisitions, where Jadestone becomes operator.

Nanonsynth 0.4p  £7.8m (NNN.L)

The AIM quoted company specialising in the synthesis and application of nanoparticles to create new and improve existing products announces that the Company has taken the decision to evolve its mask strategy to focus on licensing its novel technology into multiple verticals rather than manufacturing masks directly. In conjunction with its partner Volz Holdings v.o.s, the Company is currently testing the spraying of its technology used within the masks directly on to the material media strands. Once this testing is concluded this is intended to allow the Company to sell the solution direct to media providers globally for the use on masks and other applications. It is no longer considered to be financially viable for the Company to continue manufacturing masks and existing stock will be written off in nanosynth’s accounts due to the incremental cost of readying existing stock for commercial sale. The remaining stock of masks held by the Company will be made available to good causes, including local hospitals and care homes.

Open Orphan 16.3p  £109.0m (ORPH.L)

A rapidly growing specialist contract research organisation and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that hVIVO, a subsidiary of Open Orphan plc, has signed a £14.7m contract for an influenza characterisation study and a follow on influenza human challenge study with an existing top five global pharmaceutical client. Revenue from the contract will be recognised across 2022 and 2023. This follows a challenge virus manufacturing contract signed with the same client, announced on 4 May 2022. Following completion of the challenge agent manufacturing, the characterisation study will identify a dose of the flu challenge agent that causes a safe and reliable infection in healthy volunteers. The study, which is sponsored by hVIVO, is expected to start in Q3 2022, subject to the relevant regulatory approvals, and will enrol volunteers recruited from the Company’s clinical trial volunteer recruitment arm, FluCamp. Following completion of the characterisation study, hVIVO will conduct a human challenge study, expected to commence in Q1 2023.

Silverbullet 102.5p  £13.8m (SBDS.L)

A provider of digital transformation services and products announces its unaudited preliminary results for the year ended 31 December 2021. Financial highlights: Revenue £3.81m (2020: £2.79m). Gross profit £2.79m (2020: £1.97m). Reported loss before tax £8.75m (2020: £5.73m). Operational highlights: Successful admission to trading on AIM on 28 June 2021, raising gross proceeds of £9.5m. 26 new services client wins in the period, including ITV, Venture Crowd and Edyn. Further strengthening of strategic and technical teams with valuable new hires. The senior management team was bolstered by the addition of Kristen Kelly as Chief Operating Officer. Significant technical development and enhancements of 4D, Silverbullet’s contextual outcomes engine, including the delivery of a YouTube video solution. Expansion of 4D-focused US office and offering. The Company has conditionally raised £4.5m immediately following the publication of these results in order to bolster its balance sheet and support the growth of Silverbullet’s 4D product sales during 2022.

Sovereign Metals 32.5p  £152.0m (SVML.L)

Sovereign Metals Limited announces the commencement of its Pre-feasibility Study (PFS) drilling program across the Kasiya Rutile Project (Kasiya). 12,000m drilling program commenced at Kasiya to upgrade higher-grade Mineral Resource areas to underpin conversion to reserves as part of the planned PFS. Deeper drilling to target extensions to indicated zones at depth to base of saprolite (~25m). Expansion of the overall mineralised footprint through extensional and regional hand-auger drilling will continue with multiple drill teams. This is the first significant work program for the PFS to commence as the Company completes the updated Scoping Study due in the coming weeks.

What’s cooking in the IPO kitchen?

AssetCo plc, intends to join re-join AIM. The Company’s strategy is to develop an agile asset and wealth management company that meets the needs of investors in the 21st century by acquiring, managing and operating asset and wealth management activities and interests, together with other related services.  The Company is in the process of acquiring the entire issued share capital of River and Mercantile Group plc (RMG), via a reverse takeover and therefore a Readmission Document is required for the enlarged group. Due 15 June 2022.

Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe. Psych is developing the Blossom Database pursuant to a third-party licensing arrangement, and Psych  will work to develop an artificial intelligence platform that will provide biotech companies advanced clinical data that will be able to fast-track drug development and loop back the real-world data, in a centralised database, to provide feedback on molecules and associated therapy programmes. Due Date TBC

Altona Rare Earths, the AQSE listed mining exploration Company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, intends to join the Main Market. Admission to trading of the Company’s Ordinary Shares on the AQSE Growth Market will be cancelled simultaneously with Admission. It is also proposed that on Admission, the Company will change its EPIC from AQSE:ANR to REE.  The Company also seeks to raise funds to finance its current and future rare earths mining projects in Southern and Eastern Africa. Due June 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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