Hybridan Small Cap Feast

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7digital Group 0.19p  £5.3m (7DIG.L)

The provider of B2B end-to-end digital music solutions, announces that it has raised £500k in the form of an unsecured loan from Magic Investments S.A., a significant shareholder. The interest rate is 5% per annum, with interest repayments on a quarterly basis. The principal will be repaid in one lump sum, on or before 1 October 2023. The funds will be used to fund working capital and to fully repay the £50k previously drawn on the loan from Tamir Koch, announced on 30 June 2022. The company also announces the appointment of Mark Foster, who has been a non-executive director since April 2015, as Interim Chairman following the resignation of Tamir Koch.

B90 Holdings  4.63p  £13m (B90.L)

The online marketing and operating company for the gaming industry, announces its unaudited interim results for the six months ended 30 June 2022. Revenues increased 150% to EUR1m (H1 2021: EUR0.4m). The net loss was EUR1.3m (H1 2021: EUR1.4m). During the period, B90 acquired Tippen4you, an established forum focused on the German market, and appointed Karim Peer as Executive Chairman. Revenues in both July and August 2022 were in line with monthly revenues in the second quarter of 2022.

Crossword Cybersecurity* 24p  £18.2m (CCS.L)

The cybersecurity solutions company focused on cyber strategy and risk, announces that it has completed an oversubscribed fundraise of £3.6m at a price of 21.7p per ordinary  share. The proceeds will be used for sales and marketing, product development, geographical expansion to support the 24/7 monitoring services and for general working capital purposes. The placing price represents a 10% discount to the closing bid-price on 22 September 2022.

In The Style Group 26.5p  £13.9m (ITS.L)

The disruptive and inclusive digital womenswear fashion brand, announces a trading update ahead of its AGM today. As at 21 September 2022, net cash was at £4.3m, following investment and exceptional items of £0.6m as part of the warehouse move, in line with the Board’s expectations (31 March 2022: £5.8m). The invoice discounting facility remained undrawn, with £0.8m of liquidity available. The Group refined its long-term growth strategy at its FY22 results in July and management remains confident with the progression to date.

KCR Residential REIT 15p  £6.3m (KCR.L)

The real estate investment trust announce its results for the year ended 30 June 2022. Revenue increased by 23.6% to £1.28m (2021:£1.04m), largely underpinned by the letting up of Coleherne Road following completion of refurbishment works to 8 of the 10 flats. Loss before tax reduced to £342k (2021: £924k). Portfolio level occupancy has remained close to 100% of all available flats; rental increases continue with renewals and re-lettings. Whilst cost of living pressures and supply chain disruption are likely to present ongoing challenges for the group, rentals for the most part continue to be increased on re-letting albeit with a marginal increase in void periods.

Kibo Energy* 0.17p  £5.3m (KIBO.L)

The renewable-energy-focused development company, announce its unaudited results for the six months ended 30 June 2022. Reported revenue was £305k and gross profit was f £45k. Kibo reported an operating loss £1.76m, down by 7% (H1 21 £1.902m). In this period Kibo has continued to focus on the revised renewable energy strategy, weth the signing of a 10-year take-or-pay conditional Power Purchase Agreement for a 2,7 MW plastic-to-syngas base-load power plant; signing of a rolling 5-year Framework Agreement with Enerox GmbH to develop and deploy Long Duration Energy Storage solutions (LDES); and acquisition of 51% of National Broadband Solutions (NBS) to jointly assess and develop a portfolio of LDES projects held by NBS in South Africa.

Ondine Biomedical 33.5p  £65.2m (OBI.L)

The life sciences company announce that The Ottawa Hospital (TOH) has selected its nasal photodisinfection technology for a 3-month pilot evaluation of a universal, non-antibiotic protocol to prevent surgical site infections (SSIs) in spine surgery patients. During the pilot, spine surgery patients at TOH will be using Ondine’s nasal photodisinfection therapy to decolonize the nose of pathogens – viruses, bacteria, and fungi. The hospital will then evaluate how effectively nasal photodisinfection reduces the number of SSIs, patients’ length of stay in hospital, and readmissions rates. Ondine’s Steriwave™ technology for pre-surgical nasal decolonization has already been deployed in a number of Canadian hospitals.

Rockhopper Exploration 14.2p  £82.6m (RKH.L)

The oil and gas exploration and production company with key interests in the North Falkland Basin, announces that, further to the signing of definitive documentation as announced on 19 April 2022, the transaction enabling Harbour Energy plc to exit and Navitas Petroleum LP through its UK subsidiary to enter the North Falkland Basin with a 65% stake in and operatorship of all of Rockhopper’s North Falkland Basin licences has completed. Navitas will be the Operator of the Sea Lion development. Sea Lion alone is capable of producing at over 120,000 barrels of oil per day with significant upside.

Roquefort Therapeutics* 7.38p  £9.5m (ROQ.L)

The biotech company focused on developing first in class drugs in the high value and high growth oncology segment, announces its interim results for the six-month period ended 30 June 2022. The Company reported a net loss of £0.76m and a cash balance of £3.3m, which includes the recent raise of £1m. In this period Roquefort announced a conditional share sale and purchase agreement with the shareholders of Oncogeni Limited (post period end Oncogeni acquisition completed for £5.5m). Positive pre-clinical trials results demonstrated that the Company’s lead oligonucleotide drug candidates significantly reduce Midkine levels seen in human cancer cells. Management is targeting clinical readiness for one of its development programs during H2 2023.

Tekcapital  21.5p  £32.2m (TEK.L)

The UK intellectual property investment group focused on university technologies that can improve people’s lives, announces that its portfolio company MicroSalt® is slated to launch its salt-shakers, the first, full-flavour, lower sodium table salt, to major retail chains on 1st October 2022. They will be debuted at the Expo East Food convention in Philadelphia the week of 28 September 2022, with sales beginning to major retail chains and food distribution channels starting October 2022. MicroSalt® shakers will also be available on Amazon in the later part of October 2022. It is also exploring product line extensions with sea salt and Himalayan salt as well as territorial expansion into the U.K., Western Europe and Canada beginning in 2023.

What’s cooking in the IPO kitchen?

Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m.

Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company’s investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150m. Expected 4 October 2022.

The Sustainable Farmland Trust PLC, intends to float on the Premium Segment of the Main Market. The Company invests in a diversified portfolio of farmland and related agriculture-focused assets predominantly located in the US. Raising £200m. Timing TBC.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m.

Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late September.

Altona Rare Earths, the AQSE-listed mining exploration company focused on rare earth elements projects in Africa, intends to join the Main Market. The trading of its ordinary shares on the AQSE Growth Market will be cancelled simultaneously and its EPIC will be changed from AQSE:ANR to REE. Conditionally raised £1.1m. Expected late September.

*A corporate client of Hybridan LLP

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