* 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
What’s baking in the oven? **
Potential**** Initial Public Offerings:
None
Reverse Takeovers:
None
Change of Market:
None
Banquet Buffet***
Aquis Exchange 360p £99.1m (AQX.L)
The pan-European equities trading division of Aquis Exchange PLC, has today launched conditional order functionality on the Aquis UK and Aquis EU platforms. Conditional orders allow members to post the same liquidity on multiple venues simultaneously without the risk of over-trading. The addition of conditional orders to our UK and EU platforms is an important extension to AMP (the Aquis dark pool). The exchange now offers a full suite of key trading mechanisms – allowing our customers access to liquidity in a broad range of trading scenarios.
Aura Energy 12.75p £83.0m (AURA.L)
The company engaged in exploration and evaluation of uranium projects in Europe and Africa, provides an update in relation to the Häggån Project. The Swedish Government have announced on Friday the 23rd of February 2024 the launch of an inquiry to overturn the existing ban on mining uranium, which has been in place since 2018. The conclusions of the inquiry will be presented on the 15th of May 2024. The Häggån asset, located in the municipality of Berg in the county of Jämtland, contains Mineral Resources of approximately 800 million lbs of U3O8. Aura intends to file for processing concession for Häggån K1 during 2024 with the Swedish Mining Inspectorate. A Swedish processing concession (exploitation permit) is valid for 25 years.
Directa Plus 19.35p £12.7m (DCTA.L)
The producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, has signed a conditional share sale purchase agreement with GVC Investment Company Ltd to acquire a further 48.96% stake in Setcar S.A. (Setcar), the Group's environmental services subsidiary. Completion of the acquisition is conditional on, inter alia, the payment of total consideration of EUR1.5m and the passing of certain resolutions by the shareholders of Setcar at a shareholder meeting expected to be held in April 2024. For the year ended 31 December 2023, Setcar reported IFRS non audited revenues of EUR7.66m, EBITDA of EUR0.35m and net assets of EUR2.7m.
EnSilica 60.5p £49.6m (ENSI.L)
The chip maker of mixed-signal ASICs (Application Specific Integrated Circuits), announces its unaudited results for the six months ended 30 November 2023 (H1 FY24). Revenue was up 11.5% to £9.6m (H1 FY23: £8.6m). Adjusted operating profit was £0.06m (H1 FY23: £0.15m). Cash and cash equivalents at 30 November 2023 was £2.1m (31 May 2023: £3.1m). New supply contract work resulted in further investment in IP of £3.02m (H1 FY23: £1.7m). Encouraged by the improving broader trading environment, management is looking ahead to the remainder of H2 FY24 and beyond with confidence.
i3 Energy 9.185p £110.4m (I3E.L)
The independent oil and gas company with assets and operations in the UK and Canada, announces the following operational and financial update. The 2023 annual average production was 20,711 barrels of oil equivalent per day (boepd), at the high end of the guidance range of 20,000 - 21,000 boepd. The full-year 2023 net operating income (NOI) (unaudited) is approximated US$93m, in line with guidance, with year-end 2023 net debt expected to be approximately US$23m. Given the continued weakness in commodity price forecasts in 2024, in particular for North American gas, i3 Energy’s business strategy remains flexible between high rate of return organic drilling and inorganic growth opportunities.
Invinity Energy 29p £55.4m (IES.L)
The global manufacturer of utility-grade energy storage, announces that it has entered into an agreement with its Taiwanese strategic partner, Everdura, to undertake domestic manufacturing of its next-generation vanadium flow battery (VFB) product, code-named "Mistral", to serve the Taiwanese and other markets. The agreement targets more than 255 MWh of product sales over a three-year period. Everdura will pay Invinity a royalty fee based on a material percentage of the sale price of any Mistral products sold. Everdura will also purchase cell stacks directly from Invinity’s manufacturing facilities in the UK and Canada.
Jersey Oil and Gas 177.5p £58.0m (JOG.L)
The independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, announces that, further to the press release issued on 23 November 2023, the Company has completed its farm-out of a 30% interest in the Greater Buchan Area (GBA) licences to Serica Energy (UK) Limited (Serica Energy) and received the associated milestone cash payment of $6.8m. In aggregate the GBA farm-out transactions provide JOG with up to $38m in cash payments ($18m of which has now been received) and a full carry on both pre-sanction costs and capital expenditure in the approved Buchan Field Development Plan.
Lexington Gold 4.15p £15.5m (LEX.L)
The gold exploration and development company with projects in South Africa and the USA, provides a further update on its 2023/24 drilling programme at the Bothaville Project located in the Witwatersrand Gold Basin, South Africa, which commenced in early December 2023. Both drill holes and their deflections successfully intersected the targeted Kimberley Formation, including the A-Reef. The ongoing programme is seeking to investigate both the downdip-channel and cross-channel gold mineralisation potential at an estimated depth of approximately 250m to 450m below the surface.
Made Tech Group 8.65p £12.9m (MTEC.L)
The provider of digital, data, and technology services to the UK public sector, announces its unaudited results for the six months ended 30 November 2023 (H1 FY24). Revenue was £19.1m, down 7% year-on-year. Adjusted EBITDA increased 180% to £1.4m (H1 FY23: £0.5m) driven by a higher EBITDA margin of 7.3% (H1 FY23: 2.5%). Net cash was £7.9m (H1 FY23:£9.0m). The Group remains on track to meet FY24 profit expectations. Healthy Contracted Backlog underpins revenue expectations for FY24 and into FY25. The Board anticipates further profit improvement in FY25 as a result of ongoing productivity and cost control initiatives.
Wynnstay Group 380p £87.2m (WYN.L)
The agricultural supplies and specialist merchanting group, announces that Gareth Davies, CEO, has requested a leave of absence from the Company to focus on a serious family matter. This request has been granted and his period of leave starts with immediate effect. At the same time, Steve Ellwood, Chairman, will step up to the role of Executive Chairman, effective today, and Rob Thomas, Group Finance Director, will be taking on additional responsibilities, supported by the senior management team.
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.