Dish of the day

Joiners: 

No joiners today. 

Leavers: 

No leavers today. 

 

What’s cooking in the IPO kitchen?** 

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

 

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

 

Banquet Buffet*** 

Alien Metals Limited 0.16p  £10.1m (UFO.L) 

The global minerals exploration and development company, provides an update on its exploration activities at the Elizabeth Hill project, historically Australia's highest-grade silver deposit. Alien believes that the recent results further showcase and develop the potential of the Pinderi Hills precinct for base metals, platinum, palladium and silver. The key base metals results of this review, include: o 1 metre @ 3.98% Cu, 12 troy ounces (ozt) Ag, 0.95% Ni from 35m in EC002; 1m @ 3.5% Cu, 125ozt Ag, 0.58% Ni from 2m in UGD063; o 5.2m @ 2.18% Ni, 166ozt Ag, 0.76% Cu from 3m in UGD069; 1.05m @ 1.90% Ni, 114ozt Ag, 1.25% Cu, from 5.05m in UGD072. The Company intends to undertake focused exploration activities on additional base metal targets and has commissioned detailed aerial reconnaissance over the Pinderi Hills area.  

 

Andrada Mining 7.2p  £110.8m (ATM.L) 

The technology metals mining company with mining and exploration assets in Namibia, provides assay results for the first batch of Reverse Circulation (RC) exploration drilling results of an initial scouting programme undertaken within the ML133 mining license area (Lithium Ridge). The initial results highlight the mineral potential of the Company’s mining licenses. Significant pegmatite intersections include: Drill hole ATNN 08:14m at 1.80% Li2O, 0.08% Sn and 70 ppm Ta from a depth of 8m to 22m (a notable lithium intersection of 11 m at 2.13% Li2O from 9m to 20n); Drill hole ATNN 14:17m at 1.29% Li2O, 0.09% Sn and 77 ppm Ta from a depth of 23m to 40m (a notable lithium intersection of 11 m at 1.78% Li2O from 23m to 34m; Drill hole ATNN 01:63m at 0.80% Li2O, 0.12% Sn and 66 ppm Ta from a depth of 17m to 80m (a notable lithium intersection of 35 m at 1.05% Li2O from 44m to 79m) and Drill hole ATNN 02:27m at 1.24% Li2O, 0.14% Sn and 116 ppm Ta from a depth of 31m to 58m (a notable lithium intersection of 19 m at 1.50% Li2O from 33m to 52m). 

 

Comptoir Group 7.0p  £8.6m (COM.L) 

The owner and/or operator of Lebanese and Middle Eastern restaurants, announces that it has secured a location for the opening of a new Comptoir Libanais restaurant in Ealing, West London. The 3,325 sqft restaurant is positioned in a busy location on the High Street, close to neighbouring occupiers such as Wagamama, Castano Lounge and Turtle Bay. It is expected to open in early October 2023. The Ealing restaurant will be Comptoir's first UK restaurant opening in four years. 

 

Concurrent Technologies 71.5p  £52.5m (CNC.L) 

The specialist in the design and manufacture of high-end embedded computer solutions for critical applications, announces that it has completed the acquisition of Phillips Aerospace, a designer and manufacturer of rugged systems solutions predominantly serving the defence sector. Concurrent Technologies has acquired Phillips Aerospace for cash consideration of approximately US$1.875m and the issue of 1,807,686 new Ordinary Shares in the Company to satisfy a total consideration of US$3.375m. The Acquisition supports the Company's strategic goals of adding US based manufacturing to its existing capabilities whilst continuing to a greater focus on the systems market in response to customer demand. 

 

Light Science Technologies Holdings 2.7p  £9.0m (LST.L) 

The controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, announces its earnings enhancing acquisition of Tomtech (UK) Limited (Tomtech), a UK leader in the design, manufacture and installation of monitoring and control systems for commercial greenhouses and polytunnels, for a total cash staged consideration of £500k. As at 31 December 2022, Tomtech's balance sheet included cash in excess of £140k and is currently c.£284k. By utilising the Group's digital platforms, the enlarged business will be able to take advantage of growing demand for AI in control systems.  

 

Powerhouse Energy Group 0.565p  £22.4m (PHE.L) 

The UK technology company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announces its unaudited results for the six months ended 30 June 2023. Revenues for H1 2023 was £nil (H1 2022: £353k) due to changing strategy and acquiring Engsolve Ltd (Engineering Services Supplier) and Protos Waste to Hydrogen No.1 Ltd (Waste to Energy Project). These acquisitions changed the transactions between these companies from third party supplies and third party sales to intragroup transactions which were therefore eliminated from the consolidation. Cash at bank was £4.90m cash at bank at 30 June 2023 (30 June 2022: £7.54m). The Company raised £1m before expenses on in August 2023. 

 

React Group 1.55p  £16.4m (REAT.L) 

The leading specialist cleaning, hygiene, and decontamination company, announces it has been awarded an initial two-year contract to provide regular window and signage cleaning services to an established fast growing variety store chain throughout the United Kingdom. The contract begins in October and has a total life value of approximately £500k, with potential for growth from additional services and new store openings. 

 

Surgical Innovations Group 1.65p £15.4m (SUN.L) 

The designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery, provides a trading update. The forward-looking orderbook remains positive and the revenues for the year to 31 December 2023 (FY23) will meet the Board’s expectations. Manufacturing productivity and supply chain disruptions referred to in the June update have persisted, and are now considered likely to continue to impact profitability in H2 2023. The Board now expects a modest profit at the adjusted EBITDA level for FY23, with better momentum in FY24. As at 31 August 2023, the Group had £2.3min available headroom including a £1.0m undrawn invoice discounting facility (30 June 2023: £2.41m, including the undrawn facility). 

 

Tekcapital 11.5p  £20.5m (TEK.L) 

The UK intellectual property investment group focused on transforming university technologies into valuable products, announces that Guident ltd  has established a new subsidiary to facilitate the commercialisation of their regenerative shock absorbers (RSA). Guident's technology enables regenerative shock absorbers with high energy densities that can recover a vehicle's vibration energy, otherwise lost as heat, due to road irregularities, vehicle accelerations, and braking. Tekcapital owns 100% of the share capital of Guident Ltd. Guident Ltd. owns approximately 91% of Guident Corp., its US subsidiary and 100% of ReVive Energy Solutions, ltd. 

 

Zenova Group 5.75p  £6.1m (ZED.L) 

The provider of paints for the fire protection market and the insulation of homes and commercial buildings, announces that Dulux Decorator Centre, UK and Europe's largest paint and decorating manufacturer have been officially appointed distributor and stockist of the paint ranges of Zenova Group. Dulux is a principal subsidiary of AkzoNobel Group, the world's 4th largest consumer and industrial coatings business. Dulux has entered into a framework agreement for 3 years for all Zenova coatings solutions: Zenova FP, Zenova IP, and Zenova IR. 

 

* A corporate client of Hybridan LLP

** Arranged by most recent first

*** Alphabetically arranged

 

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.