Hybridan Small Cap Feast - 20 May 24

20th May 2024 * 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: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange

Hybridan Small Cap Feast - 11 Jan 24

11th January 2024 @HybridanLLP 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 obje

Hybridan Small Cap Feast - 21 Nov 23

21st November 2023 @HybridanLLP 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 obj

Hybridan Small Cap Feast - 03 May 23

3rd May 2023 @HybridanLLP 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 objective

Hybridan Small Cap Feast - 16 Jan 23

16 January 2023 @HybridanLLP 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 object

Hybridan Small Cap Feast 19/05/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe.

Knights Group Holdings - Challenging Times – Stay Neutral

While we would argue there were some underlying signs of challenges at Knights (H1 growth underwhelmed, management selling shares, channel checks with other industry players), the 50% fall in the share price points to a sharp shock to the market. The reaction suggests a significant confidence hit in the ability to continue to execute the Knights model and how deep-rooted any Knights-specific issues might be. We expect this could take time to reverse.

Hybridan Small Cap Feast 22/03/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? According to Proactive Investors, SpectrumX Holdings Ltd, which is tapping the healthcare and commercial potential of hypochlorous acid, is considering a London listing. It is understood the group has submitted its prospectus to the London Stock Exchange ahead of a float in late spring, targeting a valuation of around £50m. Sources suggest that a £10m pre-IPO round is largely complete, with the group looking

Hybridan Small Cap Feast 31/01/22

Joiners: SuperSeed Capital Limited, has joined the AQSE Growth Market. The Company will invest in technology-led innovation primarily through unquoted funds managed by SuperSeed Ventures, the Company’s Investment Manager, with the objective of maximising the investors’ long term total returns – principally through capital appreciation. Raised £2m. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Rumours in the press suggest that Nvidia’s proposed $40bn acquisition of Arm may not pro

Small Cap Feast

Cornerstone FS to join AIM, an SME focused, cloud-based provider of international payment, currency risk management and electronic account services focused on removing the complexity of international payments for customers. Raising £2.2m. Mkt Cap £12.3m. Due 18 Mar. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equ

Small Cap Feast

Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. ActiveOps, a UK-based leader in M

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

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Braemar - Diversification underpins resilience

Braemar’s FY24 results were in line with expectations with revenues flat, but operating profits down, having been hit by one-off costs and strong comparatives. The underlying operations continue to expand and diversify, which drove an 8% increase in FY24 fixtures, and the company remains well-positioned to drive its future growth strategy. The trading outlook for FY25 is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained o

IP Group - Sale of Garrison Technology to Everfox

On 12 June IP Group announced that Garrison Technology, one of its key deeptech holdings, is being acquired by US-based cybersecurity company Everfox (formerly Forcepoint Federal), which has been Garrison’s partner for several years. IP Group highlighted that it would receive a cash consideration upon deal completion for its 23.6% stake in Garrison and that the valuation of Garrison implied by the deal will not result in any meaningful uplift to last carrying value. Based on this, we understand

Allenby Capital: Franchise Brands - Finals

Adjusted EBITDA for the year ended December 2023 came in at £30.1m, better than our expectations and at the top end of the range of market forecasts with all B2B operating segments delivering record profits. With some minor headwinds still apparent in H1 24, we nevertheless anticipate good organic growth together with a full 12 month contribution from Pirtek and a further reduction in net debt to c.1.8x of adjusted EBITDA.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Allenby Capital TMT Update - 24.06.24 - BIRD.L, CHSS.L, CPX.L, MBT.L

Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.

Mining Monthly: March Edition

What you need to know: • Following a long period of consolidation, gold broke out in March, hitting record highs, and continuing to push higher as we enter April. • Silver and copper also had strong months up 10% and 4%, respectively. • More notably, we are finally seeing the equities outperform their underlying metal price with the GDX, SIL, and COPX up 22.7%, 21.1% and 19.4%, respectively, significantly outperforming broader markets. • With precious metals taking the limelight, the rest of the

Public Policy Holding Company (PPHC LN) - Expansion into Europe

PPHC, the lobbying services and public relations advisory group, has announced its first acquisition outside of North America. The Group has acquired London-based strategic communications and cross-party public affairs advisory firm Pagefield Communications Limited for an initial consideration of £16.2m. Zeus increase earnings forecasts by 1.5% in FY25, the first full year ownership. Our 30 May initiation note described the significant market opportunity in the UK and Europe. Today’s announced d

Hybridan Small Cap Feast - 24 June 2024

24th June 2024 * 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, or it is a rumour Dish of the day Admissions: Delistings: TUI AG (TUI.L) has left the Premium Segment of the Main Market. Bens Creek Group (BEN) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence co

Litigation Capital Management (LIT LN) - Initiation: Transition to fund management

LCM is an alternative fund manager, specialising in litigation finance. It has generated impressive returns on LCM Global Alternatives Fund I and is making good progress investing in Fund II.

Franchise Brands FY23 Results Update

Franchise Brands is set to create a lot of value, in our view. We believe the Group can achieve an organic 12% CAGR in System Sales between 2024-2027 to reach the Group's £600m medium term target.

Morning Note – 26 September 2023

Avacta: Data and clinical progress validate pre|CISION platform

Recent updates on current lead asset AVA6000, a peptide-drug conjugate of doxorubicin, suggest the programme remains on track to move into dose expansion cohorts in H224. Most recently, AACR data confirm that AVA6000 is working as intended, with selective activation at the target tumour site, lower toxicities than standard doxorubicin, and anti-tumour effects in cancers with over-expression of FAP and that are sensitive to doxorubicin monotherapy. In addition, there have been no unexpected safet

Hardman & Co Insight - Asset managers had a poor 2022

Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m