Hybridan Small Cap Feast

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Banquet Buffet

Agronomics  16.5p  £161.4m (ANIC.L)

The company focused on cellular agriculture announced that its existing portfolio company, the Dutch cultivated meat company Meatable B.V. (Meatable) has revealed the first images of its cultivated pork sausage product, created using real meat, produced differently. This marks a major milestone for the Dutch company as they approach wide-scale commercialisation, which they expect to occur in 2025, if not sooner. Agronomics holds 4,859 shares in Meatable, representing an equity ownership of 5.84% on a fully diluted basis.

Artisanal Spirits 60.5p  £42.2m (ART.L)

The curator and provider of premium single cask Scotch malt whisky and other spirits for sale primarily online to a discerning global membership, announced a trading update for the six months ended 30 June 2022. Sales increased by c.25% to almost £10m (H1 2021: £7.9m), including a stand-out performance in China with revenue up by over 50%. Masterton Bond facility is progressing on time and on budget ahead of operations beginning in H2-2022. The company indicated that it is on track to deliver full-year performance in line with market expectations and is confident of doubling revenue between 2020 and 2024. 

Jade Road Investments* 6.9p  £7.9m (JADE.L)

The pan-Asian diversified investment vehicle announced that it has received the Second Tranche Price of US$400k Meize Energy Industries Holdings Limited, a privately-owned wind turbine blade manufacturing companies in China and currently the second-largest holding in Jade Road’s portfolio (12.1% of NAV as at announcement). The Third Tranche Price is expected in late August 2022. The total consideration of USD1.2m for 112,500 shares of the Series B Preferred Equity in Meize implies a valuation of US$10.0m for Jade Road’s investment in Meize, which indicates a 22.0% premium to the carrying value as at the 31st of December 2021 (US$8.2m).

Kazera Global 0.95p  £8.9m (KZG.L)

The AIM quoted investment company announced that it has signed an agreement to secure a non-dilutive investment of US$7.5m in cash, machinery and services from Hebei Xinjian Construction, in return for a 49% stake in its marketing, sales and export subsidiary (SPV) for all lithium production from its wholly owned mine at Tantalite Valley, Namibia. The transaction values the company’s lithium assets alone at in excess of US$15m. Lithium production is scheduled to commence in Q1 2023. 

Metals Exploration 0.9p  £18.3m (MTL.L)

The gold producer in the Philippines announced its results for Q2 2022. A total of 14,992 ounces of gold was sold at an average realised price of US$1,858 per ounce during the quarter (Q1 2022: 15,685 ounces at an average realised price of US$1,898 per ounce). Gold sales was US$27.8m in Q2 2022 (Q1 2022: 29.8m). Positive free cash flow of US$5.4m was generated in Q2 2022 (Q1 2022: 8.2m).  Net debt as at 30 June 2022 was US$92.9m (31 March 2022: 94.2m). CEO indicated that the company remains on track to meet the 2022 production guidance and to repay the senior debt during Q4 2022 as forecast. 

Netcall 88.5p  £132.8m (NET.L)

The intelligent automation and customer engagement software company, provided a trading update for the year ended 30 June 2022 and expects full year results to be ahead of market expectations. Revenue is expected to grow by 12% to £30.5m (FY21: 8% and £27.2m) and adjusted EBITDA by 20% to £6.4m (FY21: 21% and £5.3m). The growth was driven by cloud revenue up 30% to £10.7m (FY21:26% and £8.3m). It also includes a £0.3m contribution from the $19m financial services contract win announced on 10 June 2022. The vast majority of the revenue from this contract to be recognised in future periods. 

Poolbeg Pharma 5.1p  £25.5m (POLB.L)

The clinical stage infectious disease pharmaceutical company with a capital light clinical model, has received ethics and competent authority approval to commence its Lipopolysaccharide (LPS) human challenge clinical trial for POLB 001, a strain agnostic, small molecule immunomodulator which aims to address the unmet medical need for a treatment for severe influenza. Clinical trial activities will formally commence on 22 July 2022. Initial results are expected in Q4 2022 at which point the company intends to rapidly monetise by out-licensing / partnering with pharma and biotech companies for further development of POLB 001.

Roquefort Therapeutics* 8.7p  £6.2m (ROQ.L)

The biotech company focused on early-stage opportunities announced the appointment of  Hybridan LLP as its Joint Broker with immediate effect. Stephen West, Roquefort Therapeutics Executive Chairman, commented: “We are delighted to be working with Hybridan going forward. Hybridan has a deep understanding of the life sciences sector particularly within small caps, and their experience will be invaluable to Roquefort Therapeutics as we target further institutional investors and family offices.”

Semper Fortis Esports* 0.6p  £2.5m (AQSE:SEMP)

The esports and gaming company focused on establishing esports teams, Web3 communities and forming brand and technology partnerships, announced that Nolan Bushnell has stepped down from the board in order to concentrate on his other business interests. Chairman of the Company, Keith Harris, said: “We thank Nolan for his invaluable assistance as a non-executive director both in starting the Semper Fortis Esports business and with the move on to the Aquis market in early 2021. We wish him well for the future.”

Shepherd Neame 812.5p  £119.6m (AQSE:SHEP)

The independent brewer and pub operator has expanded its estate with the acquisition of the Bournemouth seaside bar and restaurant Urban Reef. It is Shepherd Neame’s first site in Bournemouth, and the transaction takes its total of pubs and hotels to 300, across Kent, London and the South East. The company is actively looking for opportunities to grow and develop estate and its coastal pubs and hotels have seen particularly encouraging sales during the past year.

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 products for 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 29 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

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