Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Arecor Therapeutics 250p  £76.5m (AREC.L)

The biopharmaceutical group advancing today’s therapies to enable healthier lives, announces that the Japan Patent Office has granted a patent ( JP7145849) protecting novel formulations of the Group’s proprietary insulin products, AT247 and AT278. The same patent has also been granted in South Korea. These granted patents further strengthen the Group’s extensive patent portfolio protecting its proprietary Arestat™ technology and diabetes product portfolio.

Calnex Solutions 157.5p  £137.9m (CLX.L)

The provider of test and measurement solutions for the global telecommunications sector, announce its unaudited results for the 6 months ended 30 September 2022 (H1 FY23). Revenue increased 38% year-on-year to £12.7m. Profit before tax was £3.1m, up 34%. Relationship development with hyperscale customers has been progressing well. Sentry, the new Network Synchronisation product for cloud computing, is due to be launched in H2. With a strong order book into H2 FY23, the Board is confident that the Group’s performance for FY23 will be in line with market expectations.

CentralNic Group 126p  £363.7m (CNIC.L)

The global internet software company that derives recurring revenue from online marketplaces, announces its unaudited financial results for the 9 months ended 30 September 2022. Revenue increased by 88% to US$526.7m and adjusted EBITDA doubled to US$62.0m, driven both by organic growth and acquisitions. Leverage reduced from 2.2x pro forma EBITDA as of 31 December 2021 to 1.2x due to improved profitability. The Board remains confident in the Company’s outlook, with the business trading comfortably inline with the recently upgraded market expectations.

Cordel Group 7.5p  £12.8m (CRDL.L)

The artificial intelligence platform for transport corridor analytics, announces the launch of Automated Intelligent Clearance (AIC), a SaaS-delivered automated gauging and clearance solution. AIC enables global rail operators to optimise the use of networks for revenue-earning trains. Building upon its multi-year engagement with Network Rail in the UK, Cordel launches AIC as an enterprise framework solution that solves clearance and gauging challenges for all types of railway networks. Cordel is partnering with D/Gauge Ltd, a recognised leader in gauging services. AIC combines D/Gauge’s specialised expertise with Cordel’s rail corridor asset detection AI technology and extensive automated clearance datasets.

Crossword Cybersecurity* 21.5p  £19.9m (CCS.L)

The cybersecurity solutions company focused on cyber strategy and risk, announces that the UK arm of international defence and security company, Leonardo, has selected Rizikon, Crossword’s supplier assurance and third party risk management platform, to assist in assessment of cyber risk in their supply chain. Leonardo will utilise Crossword’s Rizikon platform to enhance visibility, automation and efficiency in their assessment of cyber risks throughout their supply chain of 2,100 companies in the UK, 2/3 of which are SMEs. The platform will be used as part of the company’s new supplier on-boarding process and can also be utilised to assess existing suppliers over time.

Deepverge 2.05p  £15.6m (DVRG.L)

The vertically integrated business that integrates technology platforms, announces an organisational restructure of its environmental and life science divisions. Modern Water will focus primarily on markets in China, South Asia and EMEA.  Labskin and Skin Trust Club will primarily target the North American market. These restructuring initiatives are expected to save costs of up to £2.0m on an annualised basis. The incremental cash costs of implementing the reorganisation are not expected to exceed £0.2m. The Company will seek to minimise the impact of these measures on the workforce, however potential redundancies may need to be considered in some areas of the business. 

SigmaRoc  49.5p  £315.9m (SRC.L)

The specialist quarrying group that invests, improves, integrates and innovates companies in Europe, announces that it will install its first carbon capture facility in Q1 2023 with the aim to capture all kiln process emissions by 2030, well ahead of its 2040 Net-Zero targets. The Group has entered into an agreement with Aqualung Carbon Capture AS (Aqualung) a leading membrane carbon capture and separation technology provider. SigmaRoc and Aqualung will construct Europe’s first industrial scale facility of its type at Nordkalk in Q1 2023.

Solid State 1,275p  £144.3m (SOLI.L)

The specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces that it has been awarded a further £9.8m contract by the NATO Support and Procurement Agency to supply communications equipment to a defence customer through its Systems division. The revenues from this contract are expected to contribute towards market expectations for the financial year 2023/2024. Gary Marsh, Chief Executive of Solid State indicates that this is a follow-on order from NATO, after securing the £7.3m contract announced on 14 November 2022. 

Southern Energy Corp.  62.5p  £84.2m (SOUC.L)

The producer with natural gas and light oil assets in Mississippi, announces its third quarter results ended September 30, 2022. Petroleum and natural gas sales were US$19.2m in Q3 2022, up 268% year-on-year. Net earnings were US$6.6m during the quarter, an increase of 53% compared to Q3 2021. Based on the success of the initial three well appraisal program at Gwinville, the Board has approved a capital budget of $78.1m for H1 2023. Natural gas pricing has remained strong in the Southeastern U.S. spot and forward basis markets highlighted by the August 2022 settlement price where a portion of Southern’s natural gas sold for approximately $5.00 per MMBtu premium to NYMEX. The futures markets continue to indicate premiums to NYMEX extending out to 2026. At current pricing the Company’s average horizontal well at Gwinville is expected to pay-out in less than 12 months.  

Tissue Regenix Group 0.605p  £42.6m (TRX.L)

The regenerative medical devices company announces that it has signed an exclusive distribution agreement with 2med GmbH (2med), a Hamburg-based service provider for surgical and orthobiological treatments of the musculoskeletal system, for the distribution of OrthoPure® XT in Germany. The OrthoPure® XT decellularised xenograft ligament utilises Tissue Regenix’s patented dCell® technology and is the only available non-human biologic graft indicated for certain ligament reconstruction procedures.

What’s cooking in the IPO kitchen?

Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.

AT85 Global Mid-Market Infrastructure Income plc, a UK investment trust targeting an innovative, adjacent-space strategy in some of the most sought-after sectors in infrastructure, is proposing to undertake an IPO on the Premium Segment of the Main Market. The Company has access to an initial portfolio of assets of £98.5m and a total pipeline (including the Initial Assets) of £539.8m. Targeting to raise c.£300m.

Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the London Stock Exchange. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset portfolio. LTA aspires to be a “best-in-class” private assets vehicle, targeting 0.55% per annum management fee and typically a 7 to 8% p.a. hurdle rate of return. Date and amount to be raised TBD.  

One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022.

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market.  The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

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.

*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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