Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Atlantic Lithium  34.3p  £207.8m (ALL.L)

The African-focussed lithium exploration and development company targeting to deliver Ghana’s first lithium mine, announces the submission of the Mining Licence application in respect to the extraction of minerals from the proposed Ewoyaa Lithium Mine (the Ewoyaa mine) to the Minerals Commission of Ghana, in West Africa. The application includes the submission of the recent Pre-Feasibility Study (announced on 22 September 2022).

Boku Inc.  127p  £378.6m (BOKU.L)

The global provider of mobile payment solutions, announces that it has added PayPay and LINE Pay mobile wallets in Japan for leading global sports streaming platform DAZN. With this launch, 50M+ users of PayPay and 40M+ users of LINE Pay will now be able to use their mobile wallet to subscribe to DAZN. Boku is uniquely equipped to provide global merchants like DAZN with access to PayPay and LINE Pay, as the only international payments service provider connected to both.

Distil 0.85p  £5.8m (DIS.L)

The owner of premium drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, TRØVE Botanical Vodka and Blavod Black Vodka, announces its unaudited results for the six months ended 30 September 2022. Turnover decreased by 68% to £0.46m (2021: £1.44m). Loss before tax was £555k (2021: £45k loss). The key change year-on-year is the company’s decision to take direct control of relationships with major UK retail customers, and to move away from the previous distributor, Hi-Spirits. While the remodel has seen a one-off hit to the interim results, the company is confident that this transition will put Distil in a stronger position for future growth. 

Fintel  170.8p  £176.6m (FNTL.L)

The provider of fintech and support services to the UK retail financial services sector, announces a key expansion to its strategic distribution partnership with Schroders. The expanded partnership will see Schroders join Fintel’s Risk Controlled investment solution, ensuring that its multi-asset funds, the Schroder Blended Portfolios, become central to the investment range developed by Fintel for the thousands of advisers who use its Fintech.

Firering Strategic Minerals 7.4p  £6.5m (FRG.L)

The exploration company focusing on critical minerals, announces the results and completion of its Phase 1 diamond drill (DD) programme on its flagship Atex Lithium-Tantalum Project (Atex) in Côte d’Ivoire. Phase 1 DD programme involved a total of 19 holes drilled and 3,039m of drilling. Pegmatite were intersected in all 19 drill holes. Prepared half-core samples for assaying with the first results are expected during Q4 2022.

Immotion Group  2.45p  £10.2m (IMMO.L)

The immersive entertainment group, is pleased to announce that it has signed 2 new zoo partners. Firstly Dallas Zoo, where we will install our first 12-seat outdoor solution, and secondly Oklahoma City Zoo which will be an 8-seat ‘Gorilla trek’ installation. Both zoos have over 1m visitors p.a. the installations are planned for Q4 this year. Immotion Group indicates that its partners are ready to enter in to contract negotiations pending installation in Q4 2022 and Q1 2023 prior to Spring Break and Easter period. The Group has 136  motion platform seats in stock.

Kooth  112.5p  £37.2m (KOO.L)

The digital mental health platform announces that, following its announcement of 27 September 2022 relating to a significant US contract, this contract has now been formalised and signed with State of Pennsylvania, USA. The contract will run for an initial pilot phase over the course of an academic year and is valued at $3m to Kooth. During the pilot phase the Group will provide its platform to 30 school districts within Pennsylvania, encompassing a school population of 150k students. If the pilot is successful, it could be extended to include more of the State’s 500 school districts.

OnTheMarket  74.5p  £56.0m (OTMP.L)

The majority agent-owned company which operates the OnTheMarket.com property portal, announces the renewal of contracts with existing customers and the signing of an agreement with Lomond Group. On the Group’s admission to AIM in February 2018, many agency customers at that time committed to listing agreements with a five-year minimum term, running initially to February 2023. Several of the highest profile agency brands have signed new agreements.  

Quixant  175p  £116.3m (QXT.L)

The provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, provides a trading update for the financial year ended 31 December 2022. Since the release of the interim results on 6 September 2022, both Gaming and Densitron divisions have continued to perform strongly. Quixant now expects to report full year results ahead of market expectations with revenues in excess of $115m and adjusted profit before tax of no less than $10m.

Scirocco Energy  0.24p  £2.1m (SCIR.L)

The investing company targeting assets within the European sustainable energy and circular economy markets, provides a trading update on its investment in Energy Acquisitions Group Ltd (EAG). On 25 August 2021, Scirocco announced its £1.2m investment for 50% interest in EAG, a specialist acquisition and operating vehicle in the sustainable energy sector. EAG subsequently used the funds to acquire 100% of Greenan Generation Limited (GGL) and its 0.5MWe Anaerobic Digestion (AD) plant in Northern Ireland, completing that deal on 1 October 2021. In the 12 months since completing that investment, GGL delivered an EBIDTA of £602k (unaudited).

What’s cooking in the IPO kitchen?**

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market.. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raised £2m with a further £3.6m to be raised.

Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement. Expected 2 November 2022.

Guanajuato Silver Company ltd, a fast growing silver producer in Mexico currently listed on the TSX Venture Exchange, intends to join the AQSE Growth Market. The Company currently owns five precious metals mines and three production facilities. GSilver is primarily focused on reactivating past producing silver and gold mines in the state of Guanajuato. Expected 25 October 2022.

Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end ‘application specific integrated circuits’ (ASICs) and ‘system on chips’ (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 31 October 2022.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. Due 31 October 2022.

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. Delayed but due in October.

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. Due 3 November 2022.

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 October.

*A corporate client of Hybridan LLP

** Content not provided by 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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