16 December 2022
*A corporate client of Hybridan LLP
** Arranged by most recent first
*** Alphabetically arranged
Dish of the day
Joiners:
No joiners today
Leavers:
Victoria Oil & Gas PLC (AIM:VOG) ord 0.5p, epic VOG has left AIM
What’s cooking in the IPO kitchen?**
Celsius Resources Ltd (ASX:CLA) intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late December 2022.
Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Delayed to 3rd February 2023.
Kistos Holdings intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos PLC (AIM:KIST) (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022.
Banquet Buffet***
Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF) 4.75p £61.1m
The integrated primary vanadium producer announces that Ms Jacqueline Musiitwa will stand down from the Company's Board effective immediately, having accepted a role with the U.S. Agency for International Development. Ms Musiitwa served as Chair of Bushveld Minerals' ESG Committee and as a member of the Remuneration Committee. David Noko has been appointed as Chair of the ESG Committee, no changes have been made to the Remuneration Committee. The Company will commence the search for a replacement Independent Non-Executive Director in due course.
Nostra Terra Oil and Gas Company PLC (AIM:NTOG) 0.265p £2.0m
The international oil & gas exploration and production company with a portfolio of production and development assets in Texas, USA, announces a significant expansion in its Senior Lending Facility, along with an increase in the Company's asset value. WAFD, the provider of the Facility, estimate of Future Net Income has increased by 6% whilst Net Present Value (at a 10% discount rate) has increased by 18% since the prior redetermination in March 2022. The Borrowing Base of the $10m Senior Facility has been increased to US$4,350,000 based on improved production during the first half of 2022, hence an additional US$1,000,000 is available for utilisation compared with 28 March 2022 . As at 30 June 2022, the Company had drawn down $3,235,000 under the Senior Facility. The current interest rate on the facility is 6.5%.
Oxford BioDynamics PLC (AIM:OBD) 17.48p £25.6m
A biotechnology company developing precision medicine tests for immune health based on the EpiSwitch® 3D genomics platform announces the initial results from an interim analysis conducted for the REFINE-ALS prospective trial. The results from a subset of data, highlight the blood-based EpiSwitch prognostic stratification of patients with fast progressing Amyotrophic Lateral Sclerosis. The Phase 4 REFINE-ALS trial (NCT04259255) is a prospective, multicentre study sponsored by Mitsubishi Tanabe Pharma America designed to identify biomarkers that could serve as quantifiable, biological and non-clinical measures of Edaravone's pharmacodynamic effect in ALS.
Real Good Food PLC (LSE:RGD) 1.5p £1.5m
The diversified food business announces its half year results for the six months ended 30 September 2022. Revenue decreased by 20.1% to £15.9m (2021: £19.9m) due to macroeconomic headwinds. EBTIDA loss of £2m (2021: EBITDA of £0.7m). Loss before tax for was £3.8m (2021: loss of £1.2m (continuing operations)). Reduced volumes and the lag effect of passing cost increases through to customers reduced gross margins to 34% (2021: 43%). A radical reform programme has been launched to return the business to profitability. The reform programme is well underway and is expected to deliver sustainable EBITDA of between £2m and £4m for the year to 31 March 2024. Further details will be announced in early 2023.
Redx Pharma PLC (AIM:REDX) 60p £200.9m
The clinical-stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, announces that the Company has entered into a clinical trial collaboration and supply agreement with MSD (Merck & Co., Inc., Rahway, NJ, USA ), for the supply of KEYTRUDA® (pembrolizumab), MSD's anti-PD-1 therapy, to be used in the combination arm of Redx's ongoing PORCUPINE2 Phase 2 clinical study evaluating RXC004 as a potential treatment for patients with biliary cancer. RXC004, Redx's lead oncology asset, is being developed as a targeted treatment for Wnt-ligand dependent tumours and is being investigated both as a monotherapy treatment and in combination, where RXC004 will be combined with immune checkpoint inhibitors.
Sareum Holdings PLC (AIM:SAR)* 75p £51.1m
A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer publishes an update on operational activities and pipeline progress ahead of its AGM today. Following the announcement on 8 November 2022 that the Medicines and Healthcare Products Regulatory Agency (MHRA) will not be approving the Clinical Trail Authorisation, the MHRA has indicated it requires an additional review by the UK Good Laboratory Practice (GLP) Monitoring Authority of part of the pre-clinical data included in the application to approve the clinical study. Sareum is also assessing regulatory opportunities in other countries. Sareum continues to work on the translational studies for SDC-1802. Following the announcement Sierra Oncology (NASDAQ:SRRA) intends to return the rights for SRA737, Sareum is evaluating the potential development opportunities for this asset with its co-development partner, CRT Pioneer Fund LP, and will provide further updates as appropriate.
SkinBio Therapeutics (LON: SBTX) 16p £25.1m
A life sciences company focused on skin health announces the results of the conditional placing announced on 15 December 2022. The Placing has raised gross proceeds of £2.5m, at a price of 16 pence per Placing Share. The Placing Price of 16 pence per Placing Share represents a 7.2 discount to the closing middle market price of 17.25 pence per Ordinary Share on 14 December 2022. An additional £1m is planned to be raised from a Retail Offer closing 20 December 2022. The primary purpose of the fundraising is to fund the continued roll-out of Axis-PS into Europe and Rest of World, accelerate development and commercialisation of acne treatment, build out in-house formulation and scientific capabilities, as well as general working capital.
Time Finance plc (AIM:TIME) 20.7p £19.2m
The independent specialist finance provider provides a trading statement in respect of the Group's performance for the six-month period ended 30 November 2022 (H1 2022/23) and ahead of the scheduled release of the Group's H1 2022/23 unaudited interim results on 26 January 2023. Revenues increased 12% to £13.2m (H1 2021/22 £11.8m). Gross lending-book at 30 November 2022 of £152.7m, an increase of 27% over the H1 2022/23 comparative (30 November 2021: £120.5m) and a 12% increase over FY 2021/22 (31 May 2022: £136.8m). Own-Book lending origination of £36.6m, an increase of 27% over the previous year (£28.9m). Profit before tax increased 67% to £2m (H1 2021/22 £1.2m).
Uniphar PLC (AIM:UPR) 260p £674.4m
Uniphar announces that the Irish Competition and Consumer Protection Commission (CCPC) has not cleared the proposed acquisition of Irish-headquartered pharmacy services group Navi Group. Following the proposal to acquire Navi, which was announced on 23 December 2021, both Uniphar and Navi have engaged extensively with the CCPC and supported them in their review of the proposed transaction. However, the transaction will now no longer proceed to completion. Navi has been a longstanding partner of Uniphar and both parties will continue to work closely together to support its shared customer base of independent community pharmacies.
Vast Resources PLC (AIM:VAST) 0.18p £4.1m
The AIM-listed mining company announces an interim production update regarding its Baita Plai Polymetallic Mine in Romania. Production to date for Q4 2022 is 15% more than production for Q3 2022 and the Board is expecting a total increase of 30% or more over Q3 2022 by the end of this month. The average copper grade of 24%, being achieved this quarter represents an increase of 40% against Q3 2022. The Company expects production figures to continue to increase in Q1 2023 and beyond. Concentrate sales in Q4 2022 potential increase of more than 350% versus Q3 2022 on the basis of 335 WMT shipped to date and a further 180 WMT booked to be shipped before the end of this month. The Company has engaged a third-party technical contractor to review and reprofile the mine resources in order to report an updated Resource report for Baita Plai to be incorporated into a new independent competent persons report in H1 2023.
Chef:
Emily Liu, CFA, CAIA
0203 764 2344
emily.liu@hybridan.com
Chef:
Sacha Morris
sacha.morris@hybridan.com
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.