Hybridan Small Cap Feast

Joiners: No joiners today.

Leavers: No leavers today.

Banquet Buffet

Coinsilium Group 1.35p  £2.59m (AQSE: COIN)

The Web3 investor, advisor and venture builder reports that the acquisition of the Tokenomi Web3 advisory service business has now completed and Tokenomi’s owner and managing director, Alexis Nicosia, has joined Coinsilium’s Advisory Team. Tokenomi’s advisory client book currently consists of seven retained Web3 blockchain project clients, including three additional deals closed since the announcement of signed Heads of Terms on 14 March 2023. With the addition of these three new agreements, projected revenues from all signed Tokenomi advisory service agreements to date is expected to reach up to US$1.26m over the next 12 to 24 months, subject to those clients successfully completing their TGEs (Token Generating Events) within this period.

Europa Metals 3.1p  £2.9m (EUZ.L)

The European focused lead, zinc and silver developer, announces the first assay results from its ongoing infill diamond drilling programme being conducted by Explomin Perforaciones UE S.L. (Explomin), at the Company’s 100% owned Toral Pb, Zn & Ag project. Significant intersection from drillhole TOD-043 of 8.70m@11.03% ZnEq(PbAg) includes 3.10m@20.35% ZnEq(PbAg). Hole TOD-043 has been successful in intersecting high grade mineralisation adjacent to an existing, previously reported, high grade intersection within the project’s Indicated Resource block outlined to date.

Fusion Antibodies 8.25p  £2.1m (FAB.L)

A Belfast based contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications announces a placing to raise £1.42m and a subscription by certain directors and their families to raise an additional £137k at the issue price of 5p per share for both placing and subscription raises. A retail offer of ordinary shares at 4p each to raise a maximum of £0.5m is also being conducted.  The price of 4p is an 84% discount to the prevailing share price on 18 May.

genedrive 24.25p  £24.0m (GDR.L)

The point of care molecular diagnostics company, announces that the UK’s National Institute for Health and Care Excellence (NICE) has recommended in draft guidance that CYP2C19 genotyping should be used before clopidogrel administration in the management of ischemic stroke patients. The specialist NICE diagnostics assessment committee concluded that CYP2C19 genetic testing strategies are likely to save costs and increase life expectancy compared with no testing. The Genedrive® CYP2C19 ID test is in development. The Company is anticipating UKCA marking of the Genedrive CYP2C19 test prior to NICE’s final report, currently scheduled for October. At that time, NICE will have the option to update the recommendation on the Genedrive CYP2C19-ID Kit.

iEnergizer 62.5p £118.8m (IBPO.L)

An international and full service Business Process Outsourcing (BPO) company has said that further to its announcement of 16 May 2023, that the last day of dealings in iEnergizer’s Ordinary Shares on AIM will be 24 May 2023. In order to facilitate shareholder transactions in the Company’s ordinary shares following the Cancellation, JP Jenkins has been appointed to provide a matched bargain facility, which will be made available on 25 May 2023. 

IQE 24.35p £196.1m (IQE.L)

The UK-based manufacturer of advanced epitaxial wafers announce the issuance of shares at 20p per share to raise gross proceeds of approximately £31.1m. This consists of 150,000,000 new shares to be issued with the Placing and 5,492,730 new shares to be issued via a Retail Offer. This equity raise is to ensure the Company can continue to invest, meet its near-term liquidity requirements and deliver a sustainable balance sheet position going forward. On 17 May 2023, IQE announced that it has agreed an extension to its $35m revolving credit facility to May 2026, conditional on completion of the Placing, ensuring sufficient headroom in the event that the macroeconomic headwinds persist through H2 2023. The price of 20p is an 15% discount to the prevailing share price on 18 May.

Karelian Diamond Resources 2.6p  £2.2m (KDR.L)

The diamond and base metals exploration and development company focused on Finland and Ireland, announces a fundraising of £100k to accelerate exploration on its exploration programmes for diamonds in the Kuhmo region of Finland, where interpretation of geophysical data has revealed a series of kimberlite targets (announced on 7 June 2022) and exploration for nickel, copper and platinum group metals in Northern Ireland. The Company has also entered into an agreement with Conroy Gold and Natural Resources PLC in relation to a debt capitalisation of £125k and a further debt exchange into a convertible loan of £112k.

OTAQ 5.5p  £7.04m (AQSE: OTAQ)

The innovative technology company targeting the aquaculture, geotracking and offshore markets, announces its audited results for the 9 month period to 31 December 2022. Revenue was £2.6m (not comparable to the prior financial year ended in March 2022). The revenue breakdown was £1.6m from Offshore division, £0.06m from Geotracking division and  £0.88m from Aquaculture division. Adjusted EBITDA was negative £0.3m. Net cash was £0.8m. Commercialisation and near-commercialisation of key projects in Aquaculture and Geotracking are poised to deliver growth in 2023.

Titon Holdings 76.5p  £8.6m (TON.L)

The international manufacturer and supplier of ventilation systems and window and door hardware, announces its unaudited interim results for the six months ended 31 March 2023 (H1 2023). Revenue was £12.08m, up 5.2% year-on-year. Loss before tax was £0.45m (compared to £0.25m loss in H1 2022), due to cost inflation. Cash balance was £1.61m (vs. £3.73m as at 31 March 2022).  Interim dividend of 0.5p per share is approved by the Board to be paid on 7 July 2023. The Group anticipates that H2 revenues from the UK and Europe will be slightly lower than H1 as the slowdown in the housing market activity occurs. On a full year basis, the Company expects trading of the UK and European businesses to be in line with its  prior expectations, supported by the H1 performance.

Unbound Group 2.5p £1.6m (UBG.L)

The  UK-based company engaged in selling a range of brands focused on the 55+ age demographics,  provides an update on the operating review. The key outputs are: (1) simplification of the business structure by focusing on the UK market; (2) overall reduction in SKUs (stock-keeping units); (3) continuing to investigate opportunities to grow the U.S. market; (4) focus on the core Hotter business. The Board also announces the initiation of a formal sale process. The ongoing debt service requirements include £1m capital repayments due on 31 July 2023 and 31 January 2024. The Board anticipates that the Group will be able to make the scheduled bank repayment on 31 July 2023 but a temporary working capital shortfall could arise in September and October 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).