Hybridan Small Cap Feast

Joiners: Smarttech247 Group (S247.L) has joined AIM. The provider of AI enhanced cybersecurity services has raised £3.67m. The Company’s market capitalisation is approximately £36.80m on Admission.

Leavers: No leavers today.

Banquet Buffet

1Spatial Holdings 48.5p £53.7m (SPA.L)

The Location Master Data Management (LMDM) software and solutions business announces that, Andrew Fabian, Chief Financial Officer, will be resigning from his position on the Board on 19 December 2022.  Andrew will remain with the Company until the end of February 2023. Stuart William Ritchie, will replace Andrew Fabien with effect from 19 December 2022. Stuart is an experienced finance director, with a background in publicly quoted international technology companies. Mr. Ritchie is currently Group CFO at Fusion Global Limited.  

Actual Experience 1.5p £3.2m (ACT.L)

The analytics-as-a-service company announces an update on trading for the financial year ended 30 September 2022. Actual has been putting in place the people and technology components required to claim a leading position in the emerging market for Human Experience Management. As previously communicated, the financial year ended 30 September 2022 was therefore a period of transition as the Company laid the groundwork for its new market focus. Revenue for the year ended 30 September 2022 was generated entirely from legacy sales engagements and amounted to £1.2m (2021: £1.7m). Net cash at 31 October 2022 £5m following a recent fundraise. Actual intends to announce its full year results in late January 2023.

BlueRock Diamond 4.5p £1.8m (BRD.L)

The  diamond producer, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, announces an update on operational and corporate activity.  The results of the two-month test to determine the realistic capacity of the Kareevlei plant, which commenced in mid-October and was carried out with the assistance of mining and processing specialists, confirmed that production of marginally below 90,000 tons per month is achievable which is in line with previous guidance. Mining focused on the KV2 pit at Kareevlei. Ore mined was the highest in two years, however the strip ratio decreased to 1 from 4.30 YTD. This should increase with further development work to be undertaken on KV1 and KV3. Recent production in October and November yielded an average grade of 4.4 cpht, with the largest stone of 10.2 carats. Diamond prices have reduced during the quarter, although this has been partially offset by higher production, albeit at a lower average grade. Development of KV1 is planned for the new year.

CleanTech Lithium 43.25p £45.6m (CTL.L)

The exploration and development company advancing the next generation of sustainable lithium projects in Chile announces that an application has been filed with the OTC Markets Group for the Company’s Ordinary Shares to be publicly cross traded on the OTCQX Market based in the United States. The Company believes that having its Ordinary Shares traded on the OTCQX will provide enhanced investor benefits, including easier trading access for certain investors located in the U.S., and greater liquidity due to a broader geographic pool of potential investors.

Eden Research 6p £22.9m (EDEN.L)

The company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries announces that it has signed an agreement with Corteva France which allows Corteva to market, distribute and sell Eden’s fungicide product, Mevalone^®, in France on an exclusive basis. Eden also recently received authorisation for the use of Mevalone on fruits, including apples and pears, in France to help treat post-harvest diseases that arise during storage, thereby significantly reducing food waste. France is widely recognised for its agricultural output, which is well-known for its high quality.

Fletcher King 43.5p £4.5m (FLK.L)

The property fund management company announces its interim results for the 6 months ended 31 October 2022. Turnover for the period was £1.34m (2021: £1.43m) with a profit before tax of £32k (2021: £11k). During the new property management instructions were won, which will add recurring fee income to the existing portfolio of asset management and fund management clients. Meanwhile,  transactional activity has stalled in the current market conditions and this is likely to continue for a while. In view of the continued uncertainty and the low level of profit the Board is not declaring an interim dividend.

Horizonte Minerals 144.5p £387.9m (HZM.L)

The mineral exploration company reports that it is continuing to make good progress on the construction of its 100%-owned Araguaia Nickel Project in Brazil which remains on-budget and on-schedule to commence production in Q1-2024. As of 30 November 2022, approximately 28% of the total Project construction programme has been completed. Earthworks are significantly advanced and due to be concluded in January 2023. The detailed engineering works are 87% complete and due to be concluded during Q1 2023. Approximately 75% of capital expenditure has been awarded to date, amounting to over US$415m, and the key long lead items are running to schedule with the furnace shell due on site in late December and the rotary kiln due to be delivered in early Q1 202.

Libertine Holdings 13p £18.1m (LIB.L)

The  developer of clean, highly efficient, and fuel-flexible Linear Generator products announces its half year results for the six months ended 30 September 2022.  £0.6m (H1 FY2021/22: £0.1m) of commercial revenues were reported in the period. In line with the plans set out at IPO (Dec21), investment in core technology development increased during the period to £0.7m (FY2021/2: £0.2m). The Group end of period cash balance for HY2022/23 was £4.8m (HY2021/22: £0.4m) .  

Red Rock Resources 0.325p £4.2m (RRR.L)

The natural resource development company focused on gold, with developing interests in copper, cobalt and other minerals announces it has entered into a funding agreement with Diversified Metals Holdings, LLC a U.S.-based institutional investor. The Company will initially raise US$500k by way of a subscription by the Subscriber for new ordinary shares in the Company to an ascribed value of US$548k. Following this initial subscription, the Subscriber may make an additional advance of US$1m by way of a further subscription for Shares to an ascribed value of US$1,098,000, within the next 18 months.

STV Group 270.5p £126.4m (STVG.L)

STV Group announces that it expects total advertising revenue (TAR) to be down c.2% for the full year 2022, and growth of c.8% compared to the pre Covid year of 2019. Within that STV expects regional advertising to perform broadly in line with national advertising for the year and VOD advertising on STV Player to continue to deliver good growth. 9 -month TAR was -3%, in line with expectations, and Q3 TAR -17% as UK economic uncertainty led to caution in the advertising market. As anticipated, Q4 has seen a stronger performance, boosted by I’m a Celebrity and the FIFA World Cup 2022, and is forecast to be down c.1% against tough comparators from 2021 (Q4 2021 TAR: +16%). Within that October TAR was down 13%, November up 3% and December is expected to be up around 6%.

What’s cooking in the IPO kitchen?

Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late December 2022. 

Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies – c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.

Kistos Holdings 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.

*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).