21 Jan 2021
*A corporate client of Hybridan LLP
Dish of the day
No joiners today
Off the menu
Tiziana Life Sciences has moved from AIM to the Main Market
Octagonal has cancelled its AIM listing
What’s cooking in the IPO kitchen?
NQ Minerals, the base and precious metals producer from its 100% owned flagship Hellyer Mine and the 100% owner of the Beaconsfield Gold Mine, both in northern Tasmania, Australia, has submitted a draft prospectus to the UK Financial Conduct Authority for approval. The Company is considering applying for admission of its ordinary shares to the Official List of the FCA by way of a Standard Listing and to trading on the Main Market of the London Stock Exchange . Details TBA
Foresight Group , the award-winning infrastructure and private equity investment manager to IPO on the Main Market (Premium). The Offer will primarily comprise a sale of shares by existing shareholders (c.80% of the Offer) with a smaller offering of new shares (c.20% of the Offer) to be issued by the Company. Details TBA.
Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada.
VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments announced it intends to launch an IPO of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
Tertiary Minerals 0.4p £3.33m (LON:TYM)
Tertiary has entered into an agreement to sell data rights and intellectual property over the Kalkkinen Platinum Group Metal Prospect in Finland to unlisted explorer Element-46 Ltd (E46). Tertiary carried out reconnaissance exploration at Kalkkinen in 2004-5 which resulted in the discovery of a zone of outcropping massive sulphide mineralisation where chip sampling returned results which include 2.3% copper with 3.4 g/t palladium-platinum-gold over 0.75m and 0.3% copper with 3.2 g/t palladium-platinum-gold over 1m.
Mineralisation at Kalkkinen occurs as massive sulphides and interstitial sulphides in pyroxenite. Chalcopyrite and several small grains of gold were found associated with michenerite (a palladium-bismuth telluride) and other bismuth and lead tellurides were also identified.
E46 has now applied for a licence reservation over the Kalkkinen prospect and as a result of its agreement with E46 Tertiary now holds a 2% Net Smelter Return (NSR) Royalty over the area of the licence reservation. E46 may purchase the NSR Royalty interest and all other rights granted to the Company in exchange for US$1,000,000 at any time before commencing construction of a mine on the area of the licence reservation. In consideration of the transfer of data to E46, Tertiary will be issued with 200,000 ordinary shares in E46 at a deemed issue price of 12 pence per share upon the grant of the licence reservation.
Serica Energy 127.2p £341m (LON:SQZ)
Serica has received a renewed License and secondary sanctions assurance from the US Office of Foreign Assets Control ("OFAC") relating to the North Sea Rhum field, in which the company has a 50% interest. The License and assurance will allow certain U.S. and U.S.-owned or controlled entities and also non-U.S. entities to continue providing goods, services and support to Rhum beyond 28 February 2021; when the current License was due to expire. This will enable operations and production from the Rhum field to continue unaffected.
The previous OFAC License was valid for a period of 16 months. In this case OFAC has issued the License for a period up to 31 January 2023. The License may be renewed on application by Serica assuming the conditions continue to be met. The RNS also includes a wider operations update.
Intuitive Investments 23.75p £9.6m (LON:IIG)
The closed-end investment company focussed on the life sciences sector, announced its investment of US$1 million by way of unsecured convertible loan notes in BioQ Pharma Incorporated .
BioQ is a well-established, commercial-stage, medical device and pharmaceutical company, addressing the infusible drugs market. BioQ's proprietary InveniousTM platform comprises a "connect-and-go" drug-device system combination, which can be utilised to improve the delivery of infusible medicines. BioQ's platform includes a bespoke unit-dose delivery solution for infusible drugs, whereby a diluent delivery system and administration line are combined in one self-contained, ready-to-use presentation. The key benefits of the platform include reduced cost and complexity compared to current infusion techniques. Further information on BioQ can be found at the company's website. The terms of the CLN include a coupon of 10% that is accrued and paid on conversion or repayment, warrant coverage, and provisions for conversion into new equity at the time of a qualifying future fundraise (at a 35 per cent. discount to the price of such fundraise) or at maturity.
Evgen Pharma 11.125p £15.3m (LON:EVG)
The collaboration with a prominent European university has generated highly positive data for SFX-01 in pre-clinical models of glioma and glioblastoma.
Glioma is the most common form of brain tumour affecting around 5 per 100,000 people. The more severe, grade IV classification, glioblastoma, is a very serious form of brain tumour representing 45% of all cases and has a poor prognosis with median survival of around 14 months. The five-year survival of the severe grades is 5%.
The data generated for SFX-01 in standard pre-clinical models and orthotopic models (where glioma cells are implanted in brain tissue representing a more disease-relevant model) show tumour shrinkage and significantly extended survival times. SFX-01 was also found to potentiate (i.e. substantially increase) the therapeutic effect of radiotherapy in these models. The therapeutic options for glioma are limited to surgery, radiotherapy and the one drug widely available, temozolomide. There is a clear unmet need for more treatments for use in conjunction with the current standard of care.
Eve Sleep 5p £13.63m (LON:EVE)
The direct to consumer sleep wellness brand operating in the UK, Ireland and France announces a trading update for the full year ended 31 December 2020. 18% sales growth in H2, exceeded twice raised expectations for 2020 .
Revenue increased 6% to £25.2m (2019: £23.8m), driven by 18% growth in H2
Record trading over black Friday period and the first week of the Boxing day sales
EBITDA losses cut by 81% to £2.0m (2019: EBITDA loss of £10.7m)
Closing net cash at 31 December 2020 of £8.3m (2019: £8m), bolstered by £0.3m of tax payments deferred until after the year end
Trading in the first few weeks of the year has started well and is following the same positive trends seen in recent months. The availability of raw materials and component supply remains an industry issue and a potential limiting factor on near term growth. At this time the Company has not experienced any material cost/duty increases as a direct result of Brexit, though there has been some slowing of the pace of deliveries to Ireland and Northern Ireland resulting from courier related issues. eve will continue to closely monitor the situation but does not expect any material full year impact at this time.
ECSC Group 82.5p £8.3m (LON:ECSC)
The provider of cyber security services updated for the twelve months ended 31 December 2020.
· Adjusted EBITDA profit in excess of £0.4m (2019: break-even)
· Managed Detection & Response (MDR) division recurring revenue growth of 22% to £2.42m (2019: £1.98m)
· Group revenue of £5.7m (2019: £5.9m)
· 90 new Assurance division clients (2019: 118)
· Cash of £1.12m at period end (31 December 2019: £0.35m), including £0.42m of COVID-19 related medium-term government support relating to VAT and PAYE deferral. The Group's bank facility of £0.5m remains unutilised.
Robinson 165p £27.4m (LON:RBN)
The custom manufacturer of plastic and paperboard packaging issued a trading statement for the year ended 31 December 2020.
Revenues are expected to be £37m for the year, which represents a 6% increase on 2019. The Directors anticipate adjusted and reported profit before tax for 2020 to be ahead of current market expectations, and ahead of 2019.
During the year the Company has invested £4.6m in new additional and replacement production equipment and in the refurbishment of a manufacturing building in its UK business. These investments are consistent with our commitment to maintain a competitive manufacturing infrastructure that supports our intention to compete and win in our markets through sustainable supply, innovation capabilities, excellent product quality and cost-efficient operations. This investment in the business was funded by strong cash generation from operations resulting in net debt at 31 December 2020 of £6.6m (2019: £6.9m).
Avingtrans which designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy and medical sectors announced that its wholly owned subsidiary, Booth Industries (Booth), has secured a contract extension worth £2.9 million with a UK Government agency.
The extension is for the supply of doors designed, developed and tested over several decade's by Booth and demonstrates the businesses unique capability to supply high-integrity assured solutions for specialised applications. Work will begin immediately, with the doors being delivered over the next 18 months.
Image Scan 2.9p £4m (LON:IGE)
The specialists in the field of X-ray imaging for the security and industrial inspection markets, announce the award of a contract to supply three portable X-ray scanning systems to the Royal Air Force.
The systems to be supplied are the ThreatScan®-LSC, a combination package including a large format ThreatScan®-LS1 panel, a compact ThreatScan®-LS3 panel with back-pack, a tablet PC imaging station and the I-Gen generator. This combination system provides great deployment flexibility for different threat scenarios. The award is the Company's first contract with the RAF.
The specialist castings and engineering group, announced on 16 December 2020 BorgWarner's intention to cancel all contracts with effect from 22 January 2021. However the Company advises that it has now received revised orders from BorgWarner through to 22 March 2021.
The Board is implementing further measures to reduce costs and is exploring options to strengthen the balance sheet, including investigating the possibility of new equity capital and alternative measures to ensure the Company's future. A further announcement will be made in due course.
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.