Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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1 Spatial 49p  £51.9m (SPA.L)

1Spatial,  a global leader in Location Master Data Management (LMDM) software and solutions, announced a significant 5-year contract with a major European aerospace company following a competitive tender. The contract is for software licenses, implementation and subsequent annual recurring software and managed services. The total value of the contract over the 5 years is approximately EUR3m including around EUR0.7m implementation services and around EUR0.6m per annum (for 4 years commencing in FY 2024) of software licence and managed services revenue, commencing after implementation.

Cohort 534p  £220.0m (CHRT.L)

The independent technology group, announces that it has completed a renewal of its banking facility. The new and increased facility is for a total of £50m and runs for 3 years to July 2025, with options to extend it for a further 2 years to July 2027.  The terms are broadly similar to those of the previous £40m facility, which was due to expire in November 2022.  The new facility provides for an initial £35m to be drawn with an option (accordion) for a further £15m. The syndicate of banks providing the facility has also been extended with the addition of Commerzbank to NatWest and Lloyds.

Crimson Tide  2.2p  £14.5m (TIDE.L)

The provider of the mpro5 solution, announced a significant new long term contract win with a major UK wholesaler. The new client will be using Crimson Tide’s mpro5 solution to digitalise processes across its entire estate of over 190 stores in the UK. The initial term of the agreement is for 3 years, with a total value in excess of £550k. Logbooks form the backbone of evidencing compliance in the wholesale and retail sector. To date, the wholesaler has relied on traditional logbooks, making it very difficult to verify and learn from key data across its business operations. Transferring from paper to digital will give the client improved visibility and real time insight into its business data, giving management teams the ability to respond to data highlighting non-compliance quickly and effectively. This is a typical example of how the mpro5 platform can help drive efficiencies and revolutionise operating procedures.

Fintel 190.5p  £196.7m (FNTL.L)

The  provider of Fintech and support services to the UK retail financial services sector, announces that is has expanded key product lines in its research and fintech division, operating under the Defaqto brand, in response to ongoing market demand driven by new regulation. Defaqto, the leading financial information, ratings and fintech business, has seen consistent growth in usage over the last 3 years for both its Risk Ratings and Investment Reviews. Risk Ratings provide an independent risk mapping of a financial product and enables wealth managers and financial advisers to select suitable investment portfolios for their clients. Due to the growth in regulation and focus on investment suitability, this service has grown to cover over 1,500 financial products. The business has also seen greater demand for both its Matrix software solution, which enables product providers to assess the competitiveness of a proposition through benchmarking the market, as well as the Star Ratings service, an expert assessment of a product’s quality, features and benefits, which is recognised by 75% of consumers.

Harland and Wolff 12.8p  £20.8m (HARL.L)

The company focused on strategic infrastructure projects and physical asset lifecycle management has been awarded a second contract worth approximately £9.6m by Riverside Energy Park Limited, part of the Cory Group of companies for the fabrication of 12 barges. This additional contract follows on from the original Cory contract announced on 1st June. Revenues from this additional contract are expected to be delivered in FY 2023, further underpinning the Group’s contracted revenues for that year, which now sit at c£40m. The Company continues to trade in line with market expectations for FY 2022.

Horizonte Minerals  104.5p  £199.0m (HZM.L)

Horizonte Minerals Plc is developing two Tier 1 nickel projects in Brazil, and today announced the signing of a milestone agreement between the Araguaia Nickel Project and Brazil’s leading national industrial training provider Serviço Nacional de Aprendizagem Industrial for host community skills training. Under this agreement, a key component of Araguaia’s Local Content Initiative, the partners will train and develop local community members in core skills required during Araguaia’s construction and operational phases.

Northcoders  240p  £16.7m (CODE.L)

The independent provider of training programmes for software coding, announced a trading update for the six months to 30 June 2022. At 30 June 2022 revenue visibility for the financial year to December 2022 was already at 83% of market expectations. Continued growth in demand with 3,494 applications in the six-month period compared to 3,662 applications in the full year to December 2021. Strong reputation of Northcoders training facilitating successful launch and strong pipeline for the Group’s new Hire, Train, Deploy product, ‘Developer Incubator’. Significant expansion of Corporate Solutions division, with multiple well-known UK companies turning to Northcoders for digital skills training.

Ondine Biomedicak 42.0p  £81.7m (OBI.L)

Ondine Biomedical Inc. announces that Clínica Universidad de Navarra has completed a randomised controlled study of Ondine Biomedical’s nasal photodisinfection technology in vaccinated COVID-19 patients with early symptoms of COVID-19. Photodisinfection rapidly destroys pathogens including viruses, bacteria and fungi including resistant strains.  This broad-spectrum approach targets the primary source of the infection as well as bacterial cofactors that may also contribute to substantial comorbidity. Clínica Universidad de Navarra have informed the Company that top-line results from the trial suggest that nasal photodisinfection treatment rapidly and substantially suppresses SARS-CoV-2 viral replication and infectivity in the nasal cavity of already-vaccinated individuals. The results are being submitted for publication and the Company looks forward to updating the market at that time.

Oxford Metrics 102.5p  £132.9m (OMG.L)

The smart sensing software company, servicing life sciences, entertainment and engineering markets, announced that Vicon, a world leader in motion measurement, has today launched Valkyrie, its new flagship solution, with 4 camera models delivering the world’s highest quality motion capture system. The Valkyrie system will capture motion more accurately to reality than ever before, powering a new wave of innovation and discovery across all of the Group’s vertical markets. Designed to work in harmony with all of Vicon’s powerful software solutions, Valkyrie completes a best-in-class ecosystem for motion capture users. Valkyrie-enabled systems will power motion capture projects with robust data, without the need for further processing, with its enhanced features allowing Vicon’s customers to focus on their work rather than the technology. The new flagship range will allow academics, scientists, and researchers to accurately track even the fastest moving subjects, and for filmmakers and game designers to create ever more realistic and immersive experiences.

Tungsten West 23p  £41.5m (TUN.L)

The mining company focussed on restarting production at the Hemerdon tungsten and tin mine in Devon, England, has concluded a re-evaluation of the options for bringing the Hemerdon Mine back into production and announces its new development plan. The Plan has been developed in response to Global crises in power and diesel prices and the general inflationary environment for construction materials faced by the Company. Accordingly the Company has undertaken a re-optimisation of the March 2021 Feasibility Study in light of these increased cost input factors. The Board of Tungsten West has reviewed the Plan and has also received a preliminary independent assessment. The Board has now given its approval to proceed with detailed engineering design and to commence construction of the Hemerdon Project with immediate effect. The Plan continues to envisage restarting production during H1 2023.

What’s cooking in the IPO kitchen?

Unigel Group, intends to join the Aquis Growth Market.  Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a leading supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 countries and is a key supplier to almost every leading fibre optic cable manufacturer worldwide and is the industry’s only organisation with multiple manufacturing facilities spread across 3 continents. The Company acts as the holding company for its wholly-owned operating subsidiary, Unitape Limited and its 60% owned operating subsidiary, Unigel (UK) Limited. Expected 1 August.

Equipmake Holdings intends to join the Aquis Growth Market.  Equipmake is a UK-based technology company, which has developed a range of electrification productsfor the provision of electric vehicle drivetrains to meet the needs of the automotive, aerospace and other sectors in support of the transition from fossil-fuelled to zero emission powertrains. The Company now has a significant pipeline of opportunities of in excess of £400m at various stages of negotiation, as demand for electric vehicles increases as part of the global decarbonisation movement. Expected 29 July.

Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late July.

Macaulay Capital is due to join the Aquis Growth Market on 22 July. The Group was formed to originate and manage corporate transactions, raise funds from third parties, invest the Group’s own funds alongside those of external investors and to manage the Group’s investment portfolio with the aim of maximising its value.

*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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