* A corporate client of Hybridan LLP
** Arranged by type of listing and date of announcement
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced
Dish of the day
Admissions:
None
Delistings:
None
Potential**** Initial Public Offerings:
12 February media report: The private equity owners of Shawbrook are seeking to revive plans for a float of the bank in a potential boost to the London stock market. In 2017, Shawbrook was bought by BC Partners and Pollen Street Capital for £868m.
29 January media report: Raspberry Pi, the developer of small single-board computers, is preparing for an IPO when the market is ready. CEO Eben Upton indicated that London is the natural listing location for a company like Raspberry Pi, and it wouldn't be an impediment to attracting US (or other international) investment.
12 January: The London Tunnels PLC announces its intention to seek Admission to the Standard Segment of the Official List and to trading on the Main Market of the LSE. The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940’s, and designed to shelter people during the London Blitz. The Company has successfully raised approximately £10m from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market. The Company is expected to have a market capitalisation of approximately £123m on Admission. Delayed: Expected Admission was before the end of January 2024.
Reverse Takeovers:
30 January: Location Sciences Group Plc is proposing to acquire the entire issued share capital of Sorted Holdings Limited (Sorted) for a nominal consideration of £1.00 (Acquisition). Sorted operates a software-as-a-service (SaaS) business model providing delivery experience software which serves ecommerce retailers - from large, global enterprises to smaller, independent start-ups. Pursuant to Rule 14 of the AIM Rules for Companies, the Acquisition constitutes a reverse takeover. Capital to be raised on Admission is approximately £2.0m. Anticipated market capitalisation on Admission is approximately £6.68m. Expected AIM Admission date is 19 February 2024.
Change of Market:
None
Banquet Buffet***
Agronomics 9.65p £95.8m (ANIC.L)
The company focused on the field of cellular agriculture announces its unaudited interim results for the six-month period ending 31 December 2023. Investment income, including loan interest and net unrealised gains, was £696,120 during the period (31 December 2022: £19,870,529). Net loss of £437,924 was recognised (31 December 2022: profit of £18,582,602). Net Asset Value per Share at 31 December 2023 was 16.90 pence (30 June 2023: 16.94 pence), down 0.2%. Cash and cash equivalents and cash deposits stood at £22,007,344 (30 June 2023: £28,093,984).
ATOME 57p £23.0m (ATOM.L)
The international green fertiliser project development Company on the London Stock Exchange announces material progress made by its Central America company, National Ammonia Corporation S.A. (NAC), relating to a green fertiliser project in Costa Rica. NAC has entered into a Framework Collaboration Agreement with Instituto Costarricense de Electricidad, the Costa Rican state power company to evaluate feasibility for the power supply to a green ammonia and fertiliser project. The Agreement is the necessary and significant first step in securing 100% renewable baseload electricity for the country's first industrial scale green ammonia and fertiliser project.
Conroy Gold and Natural Resources 12.5p £6.1m (CGNR.L)
The exploration and development of mineral properties in Ireland and Finland announce assay results from a further two drill holes on the Derryhennet section of its Clay Lake gold target in the Longford-Down Massif in Ireland. The results included 31.0 metres gold zone intersection at 1.0 g/t gold (including grades up to 3.2 g/t gold) and a 29.0 metres gold zone at 0.9 g/t gold (including 16.0 metres 1.2 g/t gold). Following these excellent results further step-out drilling is being considered.
Cordel Group 4.4p £8.8m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announces the commencement of Data-as-a-Service (DaaS) monitoring for Network Rail (High Speed) Limited, which maintains the railway infrastructure for High Speed One (HS1). HS1 is the high-speed rail line between St Pancras International in London and the Channel Tunnel. The first stage of the DaaS Contract was successfully completed utilising Cordel's established Wave 32 LiDAR and imaging hardware (previously certified by Network Rail).
Europa Oil & Gas 1.125p £10.3m (EOG.L)
The UK, Ireland and West Africa focused oil and gas exploration, development and production Company announces an extension to licence PEDL 343 located in the East Midlands of the UK, which contains the Cloughton gas discovery. Europa is operator of the licence with a 40% interest. The North Sea Transition Authority has agreed to a two-year extension of the Initial Term to 20 July 2026 and a two-year extension of the Second Term to 20 July 2028 for PEDL 343. The discovery well at PEDL 343 (Cloughton) flowed good quality sweet gas at rates of up to 40,000 scf/day on natural flow, and the Company believes that a well could flow at 6 mmscf/day using the correct completion techniques.
Fusion Antibodies 4.15p £2.5m (FAB.L)
The specialist in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications announces that it has conditionally raised £1,375,000 (before expenses) by way of a placing at a price of 4 pence per new ordinary share (the Issue Price). The Issue Price represents a discount of approximately 5.88% to the closing mid-market price on 13 February 2024. The net proceeds will provide additional resources to target additional industry conferences and customers, generate supporting data for the Company’s key platforms and extend its working capital runway.
Futura Medical 39.8p £120m (FUM.L)
The consumer healthcare company behind Eroxon, that specialises in the development and global commercialisation of innovative and clinically proven sexual health products, confirms that its lead product, Eroxon, will be available on prescription in England and Wales for the treatment of Erectile Dysfunction with effect from 1st March 2024. Eroxon is also available without a doctor's prescription having launched in the UK in March 2023.
Petards Group* 5.35p £3.0m (PEG.L)
The AIM quoted developer of advanced security and surveillance systems announces that a key customer has extended an existing contract for the provision of software licences, maintenance and support services. This contract extension, secured by Petards' subsidiary RTS Solutions (RTS), is effective from June 2024 and runs until June 2025 and is valued over £0.3m. Under the terms of the contract, RTS will continue to provide software licences, maintenance and third line support in respect of its real time failure and incident management system that supports the UK's rail infrastructure.
Windar Photonics 33.5p £23.0m (WPHO.L)
The technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines announces that after having been a member of the Board of Directors of the company since 2014, Johan Blach Petersen will step down from the board of directors at this year's AGM. In addition, Gavin Manson (aged 57) has been appointed to the Board of Directors of the Company with immediate effect and his particular focus will be on advising and contributing to the finance function. Gavin is currently CFO of agriculture and engineering Group Carr's Group plc and is a Non-Executive Director of healthcare group Meallmore Ltd.
Zephyr Energy 2.4p £40.5m (ZPHR.L)
The Rocky Mountain oil and gas Company focused on responsible resource development from carbon-neutral operations announces that it has received state and federal Sundry Notice approvals for the amendment of the drilling permit related to the forthcoming "twinned" redrill of the State 36-2 well (State 36-2R well). These are the final regulatory approvals required to spud the State 36-2R well on its project in the Paradox Basin, Utah, U.S. Zephyr will now move to execute a rig contract and will update the market on the expected timeline for the spud of the State 36-2R well.
Status of this Note and Disclaimer
This document has been issued to you 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).
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.