Hybridan Small Cap Feast

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Hybridan Small Cap Feast

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Banquet Buffet

Beowulf Mining 2.1p £24.3m (BEM.L)

An exploration and development company with assets in Sweden, Finland and Kosovo announces that the Company’s wholly owned Finnish subsidiary Grafintec Oy (Grafintec) has signed a Memorandum of Understanding with Thermal & Material Engineering Center (TMEC) from Ukraine. TMEC has developed proprietary purification technology, a continuous thermal process which consumes less energy than conventional commercially available thermal solutions and eliminates the need of hazardous chemicals for purifying graphite. Grafintec and TMEC are seeking to apply the technology to both natural flake and secondary sources of graphite. Grafintec will own 51% and TMEC will own 49%.

Fiinu 11.5p £30.9m (BANK.L)

A fintech company including the fully owned Fiinu Bank Limited, creator of the Plugin Overdraft®, announces that it has conditionally raised £0.75m before costs in new equity funding, following the conversion of loan capital. The Company has exercised its right to convert £0.75m of drawn down loans with Dewscope Limited into New Ordinary Shares at a price of 13 pence per New Ordinary Share, together with 303,644 new warrants to subscribe for further new ordinary shares at a price of 20 pence per new ordinary share.

Impellam Group 665p £298.8m (IPEL.L)

A connected group providing global workforce and specialist recruitment solutions announces its audited final results for the 52 weeks ended 30 December 2022. Revenue increased by 11.8% £2.53bn (2021: £2.26bn), gross profit increased 17.9% to £314.8m (2021: £267.0m), adjusted operating profit was up 41.6% to £41.5m (2021: £29.3m), and the Group held net cash of £20.4m. The Group completed sales of Corestaff in February 2022, followed by Regional Specialist Staffing (RSS) and Healthcare brands in March 2023. Trading in 2023 has begun above the Group’s expectations.

i-nexus Global 4.1p £1.2m (INX.L)

A provider of cloud-based Strategy software solutions designed for the Global 5000, provides its unaudited results for the 6 months ended 31 March 2023. Revenue increased by 9% to £1,673k (H1 2022: £1,540k), monthly recurring revenue (MRR) increased 25% year-on-year to £281k and 12% since the start of the period. Loss after tax for the period of £491k (H1 2022: £283k), and the Company held cash of £147k. The Company completed three material account expansions, two of which were logos signed in 2022, and are on track to deliver double-digit net MRR growth in FY23.

Semper Fortis Esports* 0.15p £0.623m (AQSE: SEMP)

The esports company focused on establishing esports teams and forming brand and technology partnerships announces that it has raised £100k before expenses through a subscription at a price of 0.1 pence per share. Company costs have been brought down to a minimum and following the receipt of the Subscription, the Company will have just over £500k of cash and minimal liabilities. The Board believes that the Company is an attractive acquisition vehicle and is therefore exploring a number of options to acquire another business. Such an acquisition would very likely constitute a Reverse Takeover transaction. 

SDX Energy 5.65p £11.6m (SDX.L)

A MENA-focused, international oil and gas exploration, production, and development company headquartered in London reports its audited financial and operating results for the twelve months ended 31 December 2022. Net Production, 3,723 boe/d (507 bbls/d and 19.3mmscf/d), marginally ahead of mid-point full year guidance of 3,480 – 3,795 boe/ d, EBITDAX of US$24.6m and operating cash flow (before capex) of US$16.9m. Out of 14 wells completed across SDX’s portfolio in the year to date, 12 were put on production during 2022 and the Company held  net cash of US$4.9m. The Company aim to expand its drilling programme later in 2023 to meet existing demand.

Team17 Group 357.5p £521.6m (TM17.L)

A global games label, creative partner, and developer of independent premium video games and developer of educational entertainment apps, and a working simulation games developer and publisher, announces that its wholly owned subsidiary, astragon Entertainment GmbH has completed the acquisition of the German development studio, Independent Arts Software GmbH. The consideration will be funded from existing cash reserves and is a strategic investment in development capability and therefore is not expected to have any impact on either revenue or adjusted EBITDA in the current financial year.

TPXimpact Holdings 52p £47.8m (TPX.L)

A technology-enabled services company focused on digital transformation, announces two contract wins with two UK central government departments. The contracts will deliver a cumulative value of up to £77m over a 4 year period. The first is a 2 year contract with the Department for Education (DfE) worth up to £27.4m, commencing in May 2023. The second with His Majesty’s Land Registry and is TPX’s largest to date, worth up to £49m over a 4 year period, commencing in May 2023. The Company continue to target larger and longer-term contracts across both the public and private sectors.

Wynnstay Properties 630p £17.0m (WSP.L)

The property investment and development company which owns and manages, office, retail, warehouse and industrial properties, focusing mainly on locations within Southern England provides a trading update. The valuers report from BNP Paribas Real Estate showed the total aggregate Fair Value of Wynnstay’s portfolio was £39.3m (FY 2022: £38.9m), which represents an increase of £345k, or 0.9%. Rental income increased by 10.4%. to £2.3m (2022 adjusted: £2.08m) and the Company has net debt of £6.68m (2022: £6.4m).

Zoo Digital Group 164.5p £147.8m (ZOO.L)

A provider of end-to-end cloud-based localisation and media services to the global entertainment industry, announces that further to the Company’s announcement on 27 April 2023, the Company has successfully completed its oversubscribed Placing of £12.5m through the issue of new ordinary shares at a price of 160p. The Issue Price represents a discount of approximately 13.5%. The proceeds will be allocated for working capital purposes.

What’s cooking in the IPO kitchen?

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. £1.98m total capital to be raised. Anticipated market capitalisation on admission £7.16m. Expected Admission 10 May 2023.

Ashoka WhiteOak Emerging Markets Trust Plc intends to join the Premium Segment of the London Stock Exchange. The Company is a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global Emerging Markets and intends to raise £100m at 100p per ordinary share. Expected Admission 3 May 2023.

*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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