Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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ATOME Energy  115p  £37.4m (ATOM.L)

The international green hydrogen, ammonia and fertiliser production company with current large scale projects in Europe and South America as well as its own green Mobility Division for transport, provides a progress report on its recently announced, near term, world scale 60MW project in Villeta, Paraguay. Following a competitive bidding process, ATOME has appointed AECOM as its Owner’s Engineer for the Villeta Project. Against the background of the growing global energy and food crisis, ATOME moves swiftly to the next stage on its Villeta Project. The Villeta Project already benefits from a signed binding power purchase agreement with 24/7 baseload available power now. AECOM is a US based multi-national Fortune 500 infrastructure consultancy firm with nearly 50k employees worldwide and the necessary multi-discipline resource pool for the Villeta Project. AECOM will act as ATOME’s representative intended to oversee and deliver the Villeta Project to completion. ATOME expects to be in large scale production of green hydrogen and ammonia for the fertiliser market by 2025. ATOME’s other large-scale projects in Paraguay and Iceland, in aggregate being in excess of 350MW, are progressing in line with expectations. In parallel, ATOME’s Mobility Division is progressing its project to generate hydrogen for heavy road transport, with first revenue generation set for the first part of 2023 onwards.

Beeks Financial Cloud Group 160p  £104.7m (BKS.L)

The cloud computing and connectivity provider for financial markets, announced the launch of Exchange Cloud, an evolution of Proximity Cloud that has been explicitly designed for global financial exchanges and electronic communication networks (ECNs). Following the successful completion of the significantly oversubscribed fundraise in April 2022 to accelerate development of Beeks’ offering, Exchange Cloud is now formally launched, with a major equities exchange already under contract to deploy later this year. Additional proof of concept implementations and discussions are underway with potential customers. ” Our product development has always been driven by customer demand and we created Exchange Cloud specifically to meet the needs of top exchanges around the world. During early-stage Proximity Cloud discussions with some of the top ten financial exchanges in the world, we identified a demand for a secure, multi-client cloud environment which they could offer to their customers. We believe the end-user compute market within exchange data centres to be considerable, and there to be no comparable offering currently in the market”.

Burford Capital 722.5p  £1,565.2m (BUR.L)

The leading global finance and asset management firm focused on law, today announces the closing of the $350m Burford Alternative Income Fund II LP, a new private fund focused on post-settlement investments. BAIF II will invest in settled litigation matters, monetising a claimant’s settlement and other associated legal receivables. The solution serves to meet the needs of law firms awaiting payment of their fees and clients eager to release cash from a settlement, who find it attractive to secure financing against those expected receipts. Together with a recent new $360m bond issue and the closing of a new $360m pre-settlement investment fund, Burford has in total raised more than $1bn within the past 3 months to fund the further growth of its business. BAIF II’s investment period runs until 11 September 2025, with a multi-year harvest period thereafter. BAIF II will generally pay management fees of 1.5% of invested capital, with performance fees of 12.5% after a 5% preferred return with a full catch-up. BAIF II is the successor to Burford’s prior post-settlement funds, Burford Alternative Income Fund (BAIF) founded in 2019 and BCIM Credit Opportunities LP (COLP) founded in 2014. BAIF’s investment period ended 4 April 2022, while COLP’s investment period ended 30 September 2019. There is no investment in BAIF II from Burford’s balance sheet.

Ethernity Networks  18.5p  £13.9m (ENET.L)

The supplier of networking processing semiconductor technology ported on FPGA (field programmable gate array) for virtualised networking appliances, announces an update on the delivery of its contract with an international wireless connectivity vendor for the supply of the Company’s UEP module, details of which were announced on 30 July 2021. The Company has now delivered the Universal Edge Platform (UEP) module adapted for use in conjunction with a leading OEM wireless backhaul transmission product to the customer, in line with the Contract, following the successful conclusion of the development and prototype testing stages. The Company is now progressing to the production of the remaining UEP modules under the initial committed Contract. The completed UEP module is a similar design to the Company’s forthcoming UEP2025, which is planned to generate additional revenue over and above the initial contracted revenue associated with the Contract. The Company has also completed the development of the UEP2025 and is now moving it to the initial production stage, wherein it will undergo prescheduled testing with potential customers, followed by targeted volume availability in Q4 2022. The UEP2025 is equipped with the Company’s patented wireless link bonding and is targeted to serve as an ideal disaggregated, all-in-one, wireless backhaul Indoor Unit, facilitating 5G infrastructure deployment by offering higher bandwidth transport, faster time to market, and lower cost to deploy.

Kibo Energy* 0.15p  £4.6m (KIBO.L)

The renewable energy-focused development company, announces that an updated version of the Company’s corporate presentation is now available on its website, www.kibo.energy .

N4 Pharma 2.8p  £5.1m (N4P.L)

The specialist pharmaceutical company developing Nuvec®, a novel delivery system for cancer treatments and vaccines,  announced an update on its current work programmes. Highlights: Medicines Discovery Catapult study shows demonstrable suppression of tumour growth using a reduced load of TNFalpha with Nuvec®, enhancing data set from previous successful studies. Further results on the mechanism of action to follow. Successful loading of Nuvec® with SiRNA and transfection in vitro showing clear gene suppression. Positive preliminary results from ongoing oral studies undertaken at the University of Queensland (UQ) showing Nuvec® delivered orally has transfected cells in the small intestine. Material Transfer Agreement (MTA) remains ongoing.

Pelatro 27.75p  £12.6m (PTRO.L)

The Customer Engagement Hub software specialist announced its first customer in the fintech space. Pelatro’s mViva has been selected by Orea Money and Banque Nationale d’investissement in Africa to provide its Contextual Campaign Management in a SaaS model to analyse user behaviour, generate predictions using AI/ML based models and increase revenue. The SaaS contract between Orea Money and Pelatro is valued at around US$ 1.5m for an initial period of 3 years i.e. about $40k per month with an option to extend at the end of the initial period. As previously reported, Pelatro has been actively working on entering the non-telco space, engaging with various businesses with a number now having expressed interest in our product. This contract in this new customer area for us builds on our extensive existing product suite and is an important strategic step for Pelatro as well as providing a further visibility on longer term income streams.

Silver Bullet Data 100p  £13.4m (SBDS.L)

The provider of digital transformation services and products, announced new contract wins and renewals worth over £1.2m in Q2 2022. These wins demonstrate the strength of Silverbullet’s first-party data enablement capabilities and its global Salesforce partnership. The Group has had a record-breaking quarter, and the Board expects this growth to continue into the second half of the year. Silverbullet has been retained by Heineken in new markets including the US and Spain as its data services partner. Mars Global has chosen to work with Silverbullet once again, as their first party data services provider; this retainer is for June and July 2022, with more expected for the rest of year. Sony Europe has an ongoing retainer for support of their Customer Data Platform. Silverbullet has been chosen by the largest broadcaster in Australia, operating radio and TV stations, to be its chosen data and technology specialists. Silverbullet has won a new contract with an international sports betting and gambling company, to implement its Salesforce Marketing Personalisation. Silverbullet has won a new contract with a manufacturer and supplier of differentiated consumable and capital products to the mining, transport, general industrial and contract manufacturing markets with global operations.

Somero Enterprises 375p  £210m (SOM.L)

AGM Statement from the manufacturer of technologically advanced concrete placing equipment and associated machinery.  In the 5 months ended 31 May 2022, the non-residential construction market remained healthy and therefore trading has been tracking well. Consequently, the Board expects revenue, profitability, and cash generation to be in-line with the full year ending 31 December 2022 guidance provided in the 09 March 2022 final FY 2021 results statement. The Board looks forward to providing a more detailed trading update covering the first six months of FY 2022 in July.

Spectral MD Holdings 35.5p  £47.9m (SMD.L)

The predictive analytics company that develops proprietary AI algorithms and optical technology for faster and more accurate treatment decisions in wound care, announces the start of its clinical validation study to support the development of its Diabetic Foot Ulcer (DFU) application for the DeepView ® Wound Imaging System. The proprietary technology combines multi-spectral imaging and Artificial Intelligence (AI) to provide clinicians with an immediate healing assessment for DFU, which enables clinicians to provide a more accurate and timely diagnosis for therapeutic intervention. The study will collect data from up to 200 adult subjects across 7 potential clinical sites to further develop DeepView®’s AI algorithm. Patient enrollment for the validation study began this month and is expected to complete in November 2022. Building upon promising results from the clinical training study, where the current diagnostic accuracy is 81%, the data collected from the validation study will be used to bolster the Company’s existing clinical database of DFU images and physiologic information to train and improve the DeepView® AI algorithm. Additionally, the validation study will collect data from a broader population set of up to 200 subjects to increase geographic and ethnic variability. Importantly, data collected will support the Company as it prepares FDA and CE mark submissions for DeepView®’s DFU indication, planned in 2023.

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.

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.

Silverwood Brands (AQSE:SLWD), has  signed a conditional share purchase agreement  for the acquisition by the Company of Balmonds Skincare Ltd, a UK based skincare company that manufactures cosmetic skincare products primarily for consumers who suffer from skin conditions such as eczema, psoriasis and dermatitis. Balmonds’ product line is made from natural ingredients that work to protect and hydrate sore and inflamed skin. The proposed acquisition of Balmonds constitutes a reverse takeover under the AQSE Growth Market Rules. AGM to be held on 15 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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