Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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AMTE Power 58.5p £21.2m (AMTE.L)

The UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, announces the delivery of its first Ultra Prime cells to its customer for testing. AMTE Power’s Ultra Prime cell is a non-rechargeable cell designed for use in challenging environments on earth, with very high energy density and high-temperature performance. The cells were manufactured at AMTE Power’s purpose-built cell manufacturing facility in Thurso, Scotland. Going forward, Thurso will continue to scale-up production and focus on cell research and development.

Arrow Exploration 19.75p £44.3m (AXL.L)

The Canada-based junior oil and gas company provides an update on the Rio Cravo Este-3 well (RCE-3) on the Tapir Block in the Llanos Basin of Colombia. RCE-3 well was spud on February 8, 2023 and reached target depth on February 16, 2023. RCE-3 targeted a three-way fault bounded structure with multiple high-quality reservoir objectives on the Tapir Block in the Llanos Basin of Colombia. The well was completed in the C7-A and C7 Stringer zones and is currently producing from those zones. The well flowed naturally at rates equivalent to 2,000 BOPD gross for four hours after unloading kill fluid. In the last 24 hours, it has produced at a rate of 968 BOPD gross (484 BOPD net) of oil at 28.5 API and with a 0% water cut.  The Company will provide a further update on production rates in due course.   

Bens Creek Group 20.25p £76.5m (BEN.L)

The owner of a metallurgical coal mine in North America supplying the steel industry, announces that MBU Capital Group (MBU) has exercised its right to convert the full outstanding loan of £4.3m (including accrued interest) to Bens Creek into new ordinary shares. MBU provided the loan facility prior to Bens Creek’s IPO on AIM in 2021. In June 2022 the exercise price was revised to 15p up to £2.6m and 60p up to £1.7m. The exercise price of 60p for up to £1.7m was revised to 30p on 2 March 2022. Following the conversion MBU will receive 23,283,728 new ordinary shares and MBU will hold a beneficial interest in 213,863,207 Ordinary Shares or 53.67% of the voting rights in the Company.

Conroy Gold and Natural Resources 20.25p £9.1m (CGNR.L)

The gold exploration and development company announces the discovery of a new gold target in County Monaghan. This discovery, together with the recent discovery of a gold target in County Armagh (announced on 22 February 2023), has led to the identification of a second gold trend in the Longford-Down Massif. Assay results from gold-in-soil sampling by the Company, on Prospecting Licence 4554 in County Monaghan, have yielded values greater than 10ppb Au over an area of 1.5km by 1.1km. Anomalies greater than 10ppb gold-in-soil in the Longford-Down Massif tend to be associated with gold-in-bedrock. This licence area also previously yielded sediment samples, which returned gold values of up to 170ppb Au, as part of the nationwide TELLUS survey.

Faron Pharmaceuticals Oy 327.5p £208.0m (FARN.L)

The clinical stage biopharmaceutical group focused on immunotherapy announced its audited full-year financial results for January 1 to December 31, 2022 (FY22). Other operating income was EUR0.8m, compared to EUR 6.1m in FY21. Loss for the period was EUR 28.7m (FY21: EUR 21.2m in losses). On December 31, 2022, Faron held cash balances of EUR 7m. The Company plans to initiate the Phase II BEXCOMBO study investigating bexmarilimab in metastatic or unresectable, recurrent HNSCC (head and neck squamous cell carcinoma), locally advanced or metastatic UCC (urothelial carcinoma) and metastatic NSCLC (non-small cell lung cancer) where first-line PD-1 blockade is approved SoC (standard-of-care). 

Fonix Mobile 237.5p £237.5m (FNX.L)

The UK mobile payments and messaging company announced that ITV, the leading UK TV broadcaster, has agreed to gradually extend its commercial partnership with Fonix to include SMS billing payments, alongside the existing relationship for carrier billing and charity services. This agreement will underpin Fonix’s existing growth expectations for the years ahead. Fonix continue to support all mobile carrier billing across the ITV competition portal and gradually extend to supporting all competition interactivity for its on-air formats.

Globalworth Real Estate Investments EUR 2.72  EUR 602.1m (GWI.L)

The office investor in Central and Eastern Europe, announces a summary of its unaudited results for the year ended 31 December 2022. Total combined portfolio value remained unchanged at EUR 3.2bn. Average standing occupancy was 85.6% (85.9% including tenant options), 2.9% lower from 2021. Net Operating Income was EUR 139,7m, down 3.2% compared to 2021. Net loss was EUR 16.1m (2021: net profit of EUR 47.5m) due to revaluation losses of EUR 89.5m in 2022 compared to EUR 5.7m revaluation losses in 2021.

Longboat Energy 11.25p £6.4m (LBE.L)

The emerging full-cycle E&P company provides an update on the status of the PL 939 licence which contains the Egyptian Vulture oil discovery. In October 2021, Longboat announced the Egyptian Vulture light oil discovery (Longboat 15%) close to infrastructure on the Halten Terrace in the Norwegian Sea. The JV participants have been unable to form an aligned view regarding an appraisal well and will not be committing to a licence extension as required on 2 March 2023. Therefore the licence is being relinquished. Longboat is looking to form a new group to take the asset forward and will seek to re-apply for the acreage in the forthcoming licence round with awards due in January 2024.

Mercantile Ports & Logistics 6.25p £2.6m (MPL.L)

The developer and operator of a port and logistics facility in Navi Mumbai, Maharashtra, India, announces that its subsidiary, Karanja Terminal & Logistics Private Limited, has signed a three-year agreement with Rudra Marine Services for handling of various liquid commodities at the Company’s facility at Karanja. Commercial operations are expected to begin in Q2 2023, with initial volumes of approx. 14,000 MT per month, which is expected to ramp up to approx. 36,000 MT per month. This contract is expected to generate revenues of approximately £0.5m per annum and marks a new cargo type and revenue stream for the Company.

Ondine Biomedical 18.0p £35.0m (OBI.L)

The Canadian life sciences company announces that The Ottawa Hospital has presented results from its 2022 quality improvement study into patient outcomes after spinal surgery when using the Company’s SteriwaveTM nasal photodisinfection for the prevention of surgical site infections (SSIs). The patients treated with Steriwave™ nasal photodisinfection had a 48% shorter mean length of stay in hospital compared with those not treated and significantly fewer treated patients required antibiotics at 72hrs – 30 days post-surgery compared those not treated.  Additionally, there was 51% reduction in the rate of readmissions and 33% reduction in the rate of return to the emergency department in the intervention period compared to the pre-intervention period.

What’s cooking in the IPO kitchen?**

Onward Opportunities Limited intends to join the AIM market. The Company’s investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected Admission date is mid-March 2023.

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market,  intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected Admission date  17th March 2023.

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected Admission date  13th March 2023.

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6%  of the total issued shares will be floated. Admission is delayed.

*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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