Vox Markets Logo

Hybridan Small Cap Feast: 12/02/2024

12:55, 12th February 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






Safestyle UK plc (SFE.L) has left AIM. 


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:




Banquet Buffet***


Arix Bioscience 142p  £183.7m (ARIX.L)

On 1 November 2023, the boards of RTW Bio and Arix announced that they had agreed to the terms of a recommended all-share acquisition of Arix's assets by RTW Bio, to be effected through a scheme of reconstruction and the voluntary winding-up of Arix (the Scheme). Further details are set out in the circular published by Arix on 5 January 2024. In connection with the Scheme, Arix confirms that trading in the Shares on the London Stock Exchange will be suspended by no later than 7:30 a.m today, 12 February 2024, in anticipation of the Second General Meeting.


Directa Plus 18p £11.9m (DCTA.L)

The producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets announces a trading update for the year ended 31 December 2023. The Group expects to report revenues of approximately EUR11m, with an improvement in adjusted EBITDA loss of at least 20% from 2022, slightly ahead of consensus. The current order book for delivery in 2024 stands at approximately EUR7.8m, mostly made of recurring clients, further reinforcing the Board’s confidence for increased traction in the year ahead.


Eckoh  42.5p  £123.4m (ECK.L)

The provider of Customer Engagement Data Security Solutions announces the resignation of David Coghlan, a non-executive Director of the Group, with immediate effect due to personal reasons. A search will be initiated, and the Board will look to replace the position at the earliest convenience, however, until a replacement has been appointed Christopher Humphrey, Chairman will replace David as Chair of the Remuneration Committee.


ECR Minerals  0.28p £4.5m (ECR.L)

The exploration and development Company focused on gold in Australia provides additional results from its drilling programme at the Davey Road site in its Creswick tenement. Significant increase in gold grades overall with the best result now 41.03 g/t Au over 1 metre. Furthermore, the Company announced several other results including 10.26 g/t Au, 8.46 g/t Au and 6.22 g/t Au. Importantly, the bulk sample results show contiguous gold over multiple metres - of particular note, approximately 4.4 g/t Au average over 3 metres in hole 1 (between 36 - 39 metres depth). This phase of drilling has been completed on time and on budget and second phase of drilling at Kuboid Hill, Creswick is now underway.


Good Energy Group  256p £43.2m (GOOD.L)

The 100%. renewable electricity and energy services provider has announced that it has entered into a conditional binding agreement to acquire the entire issued share capital of JPS Renewable Energy Ltd. The Acquisition is on a debt-free, cash-free, basis for an initial consideration of £7.0m with further deferred consideration of up to £6.75m, payable in cash over a two-year period. The Company further announce a Vendor Placing to raise approximately £2.1m for the Vendors at the Placing Price of 250 pence. The Placing Price represents a discount of 9.4 per cent. to the mid-market closing price of 276 pence on 9 February 2024. The Acquisition is expected to be earnings accretive in the current year ending 31 December 2024.


Journeo  259p £42.7m (JNEO.L)

A provider of information systems and technical services to transport operators and local authorities provides an update on trading for the year to 31 December 2023. Group revenues increased by 118% to £46m (2022: £21m). Adjusted profit before tax is anticipated to be in-line with market expectations and cash balances at the year-end were £8.1m, including payments in advance of £1.6m (2022: £0.5m). The acquired businesses, Infotec and MultiQ, have performed well since joining the Group and contributed £21m in revenues during the year.


Poolbeg Pharma*  9.35p £46.8m (POLB.L)

A biopharmaceutical Company focused on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need announces that independent research conducted on behalf of Poolbeg confirms a >$10bn market opportunity for POLB 001 in Cancer Immunotherapy-Induced CRS as an orally delivered preventative therapy. Cancer immunotherapies have been approved in rare and orphan blood cancers and so the Company can see potential for POLB 001 in one or more of these cancer types. The Company also announced further detail on the significant market opportunity for POLB 001 CRS induced by CAR-T and bispecific antibody treatments, where CRS can affect the majority of patients and can lead to extended hospital stays, discontinuation of treatment and mortality risk. Poolbeg recently announced promising in vivo results for POLB 001 in addressing cancer immunotherapy-induced CRS, where CRS clinical symptoms were significantly improved by administration of POLB 001. 


Tertiary Minerals  0.085p £1.8m (TYM.L)

The explorer focussed on copper and precious metals in Zambia and Nevada, USA, announces that it has raised £375k, through a placing of new ordinary shares in the Company at a price of 0.08 pence per share (Placing Price). The Placing Price represents a 15.8% discount to the closing market bid price on Friday 9 February 2024. The net funds raised will be applied to exploration activities at the Company's projects in Zambia and Nevada and  for general working capital.


TPXimpact Holdings  40.5p £36.9m (TPX.L)

The technology-enabled services Company focused on people-powered digital transformation provides an update on trading for the three months ended 31 December 2023 (Q3). Like-for-like basis, third quarter revenues were up 32% to £20.2m and year-to-date up 25% to £61.8m. New business won in the financial year so far amounted to £130m, including £25m of wins in Q3, and the pipeline for new projects remains encouraging. Net debt at 31 December 2023 decreased to £10.7m. As previously announced, management are targeting FY24 revenue in the range of £80-85m (like-for-like revenue growth of 15-20%) and adjusted EBITDA in the range of £4-5m. The Board confirms trading is in line with achieving the Company’s targets.


ValiRx  4.85p £6.4m (VAL.L)

A life sciences Company focusing on early-stage cancer therapeutics and women's health announces an agreement with the University of Dundee and their Drug Discovery Unit (DDU) to access research relating to novel therapeutic candidates. The first evaluation agreement under this agreement has also been signed (Evaluation Agreement). The Evaluation Agreement focuses on investigating a lead series of therapeutic candidates in the research area of pro-senescence. The agreement is scheduled to be active for a period of five years, during which time, the Company will have the opportunity to review research projects from the DDU with a view to initiating additional evaluation projects on pre-defined terms.


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.


Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.