31 July 2020
*A corporate client of Hybridan LLP
Dish of the day
AEX Gold (LON:AEXG) has joined AIM alongside a £42.5m placing at 45p. Mkt Cap £79.7m. The Company, led by CEO Eldur Ólafsson, has established the largest land package of gold assets in Greenland with a current portfolio of licences covering 3,356 square kilometres, in the two known gold belts in Southern Greenland, the Nanortalik and Tartoq gold belts. Nalunaq is a high-grade gold asset with an updated Inferred Mineral Resource covering 422,770 tonnes at 18.5 grams per tonne of gold, or 250,970 ounces of gold, which covers the area in and around the historical mine. AEX has an existing listing on the TSX Venture Exchange
Off the menu
No Leavers Today
What’s cooking in the IPO kitchen?
Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC ('MED'), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times.
Physiomics* 7.8p £7.5m (LON:PYC)
The oncology consultancy using mathematical models and its Virtual Tumour™ technology to support the development of cancer treatment regimens and personalised medicine solutions, announced that, further to its announcements of 27 May, 30 June and 22 July 2020, it has been awarded a contract by a new client, Astellas Pharma Inc. (TSE: 4503) ("Astellas"), a Japanese global pharmaceutical company.
The contract is for a modelling project involving Physiomics' Virtual Tumour™ immuno-oncology model and relates to an undisclosed Astellas asset. The work is expected to be completed this calendar year. The precise value of the contract cannot be disclosed for reasons of commercial confidentiality however it is around 20% of the Company's last full year's total income to the 30 June 2019.
Thor Mining 0.435p £5.6m (LON:THR)
Visible gold from sample panning of the second phase of gold, nickel, and chromium geochemical sampling at the 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.
· 17 of the 32 stream sediment samples had visible gold in panning · Two of the 2019 sample sites (19PST22 and 19PST32) had visible gold in multiple follow up stream sediment samples (tables 1 & 2)
· Samples 20PST04 and 20PST24 returned 13 and 11 grains respectively from panning · Gossan with prior nickel in rock chips was mapped and sampled over 800 strike metres.
Providence Resources 5.15p £43.3m (LON:PVR)
The Irish based Oil and Gas Energy Company is progressing Farm out discussions with SpotOn Energy on Exploration Licence SEL1/11, which includes the Barryroe oil and gas field.
SpotOn Energy has confirmed that the necessary documentation is now in place to permit details of the consortium members to be shared publicly.
On finalisation of the Farmout agreement, SpotOn Energy will manage the Barryroe development programme, working with its consortium, to provide innovative project management and deliver value for all partners.
The “Blue Chip” consortium comprises industry service and supply companies with excellent technical and operational credentials, and extensive experience undertaking projects similar in nature to the Barryroe field, which is a shallow water conventional development.
Goldplat 7.7p £13.1m (LON:GDP)
The gold producer, with international gold recovery operations located in South Africa and Ghana and an underground mining operation in Kenya, announced the signing of a binding term sheet between its subsidiary Gold Mineral Resources Pty Limited ("GMR") and Mayflower Capital Investments Pty Limited for the sale of 100% of the share capital of Kilimapesa Gold Pty Limited. Kilimapesa owns the assets and licences of the Kenyan underground mining operation.
Under the binding term sheet GMR has conditionally agreed to sell Kilimapesa to Mayflower for an initial consideration of USD1,500,000 to be satisfied by the issue of shares to that value in Mayflower. In addition, GMR is entitled to receive a 1% net smelter royalty on future production from Kilimapesa capped at USD1,500,000. Mayflower has separately entered into an agreement under which it will assign its rights and obligations under the term sheet to a company listed on the London Stock Exchange , which will, subject to the appropriate regulatory and shareholder approvals seek to complete the acquisition and raise a minimum USD4,000,000 of funding for the development of Kilimapesa's operations.
YouGov 790p £851m (LON:YOU)
HY Jul 20 update. “The Group is pleased to report that trading continues to be in line with the Board's expectations for the full year. Despite economic uncertainty over the past few months, it has performed well through this period, delivering growth in both revenue and profit for the full year.
While the Group has been very resilient and is yet to see any material impact of COVID-19 on its business, it continues to actively monitor this fluid situation, maintaining tight cost controls and closely managing cash. YouGov has not taken any furlough funding and has maintained full continuity of service during this period. We retain a focus on employee well-being and safety while the majority of our workforce continues to work from home.”
Bigblu Broadband 97.5p £56.15m (LON:BBB)
The provider of alternative super-fast broadband services, announces that it has conditionally agreed to sell the Company's UK and European satellite broadband operations to Eutelsat S.A. for a maximum aggregate consideration of up to £39.3 million on a cash free/debt free basis. Eutelsat will also be assuming certain existing net working capital creditors within the Sale Companies amounting to approximately £13.9 million.
For the year ended 30 November 2019, the Sale Companies generated unaudited pro-forma revenue of approximately £34.6 million and unaudited adjusted pro forma EBITDA of approximately £5.6 million. Combined, the Sale Companies account for over 49,000 customers, with approximately 2,200 using fixed wireless services in Italy.
Marlowe 511p £278m (LON:MRL)
The specialist services group focused on developing companies which assure safety and regulatory compliance, announces that it has acquired Rainbow Water Services Limited and Caritas Group Limited .
Based in Kent, Rainbow Water provides water treatment and hygiene services to a broad range of customers within London and the surrounding counties. The business, which will be immediately integrated in to WCS Group, generated revenues of £1.0m and EBITDA of £0.1m in the year to 31 August 2019.
Based in Lincolnshire, Caritas provides occupational health services and was established in 1997. The business will be integrated in to Managed Occupational Health, the Group's occupational health operation. In the year to March 2020, Caritas generated revenues of £0.4m and EBITDA of £0.1m.
The total consideration for the acquisitions of Rainbow Water and Caritas, of £0.45m and £0.13m respectively, will be funded from the Group's existing cash resources.
European Respiratory Journal publishes results from the Early detection of Cancer of the Lung Scotland ("ECLS") study
Publication in peer reviewed journal validates clinical utility of EarlyCDT Lung, furthering the impact of the ECLS data in commercial discussions with substantial health systems.
The study is believed to be the largest randomised controlled trial for the detection of lung cancer using blood-based biomarkers and demonstrates a 36% reduction in later stage diagnoses of lung cancer.
“ This publication will unlock discussions with a number of health systems on implementation, many of whom have been looking forward to the validation that this much anticipated peer review brings. We and our partners will now work at speed with health authorities in the UK and further afield to roll out EarlyCDT Lung more widely, ahead of a fuller analysis of the survival benefit of EarlyCDT Lung.”
ReNeuron 125p £39.8m (LON:RENE)
The specialist in the development of cell-based therapeutics, today announces that the US Patent and Trademark office (USPTO) has completed its examination of the Company's patent application (14/379,239), entitled: "Phenotype profile of human retinal progenitor cells" and has issued a notification of allowance for the issuance of a patent. The allowed patent protects the composition of the Company's hRPC cell-based therapeutic candidate for retinal diseases, cultured under specific conditions to enhance function and identifiable by the presence and absence of specific cell surface markers. This notification of allowance in the US adds further intellectual property protection to the hRPC technology, which already has patent protection in a number of other major territories including Europe, Japan and Australia.
The hRPC therapeutic candidate is currently undergoing Phase 2a clinical evaluation for the treatment of the inherited blindness-causing disorder retinitis pigmentosa (RP). This programme has been granted Orphan Drug Designation in both Europe and the US, as well as Fast Track designation from the FDA in the US.
Pensana Rare Earths 24p £45m (LON:PRE)
Quarterly activities report for the period ended 30 June 2020.
· Mining Title received for the Longonjo Project in Angola · Further equity investment of A$7.25m by the Angolan Sovereign Wealth Fund
· Grant of 7,456km2 Coola exploration licence adjacent to Longonjo with confirmed rare earth mineralisation and several additional targets · High grade drill results received from the weathered zone from surface at Longonjo support strategy to extend mine life beyond the current PFS 9 year pit design
· High grade drill intersections in the fresh rock immediately beneath the weathered zone add a new dimension to the project. · Metallurgical programmes progressing well with operation of the beneficiation pilot plant set to commence in August 2020.
· Optimisation of process parameters to produce an NdPr - rich rare earth carbonate is advancing positively, and results will feed into the BFS. · Bankable Feasibility technical studies on track for completion mid October 2020
If you would like to unsubscribe, please email [email protected] with “unsubscribe me”.
0203 764 2344
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 section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in 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.