Hybridan Small Cap Feast - 06 Apr 23

6 April 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 14/12/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Celsius Resources 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. Smarttech247 Group intends to join AIM. The c

Hybridan Small Cap Feast 13/05/22

Dish of the day Joiners: GS Chain (GSC) has joined the Main Market (Standard). GS Chain intends to identify opportunities within the technology sector, to conduct the necessary due diligence and subsequently complete an Acquisition. The Company is direct listing 399,985,888 Ordinary Shares on the Official List. Market capitalisation at 1p is £3,999,858.88. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? According to CITY A.M online marketplace Beauty Bay has recruited bankers to lo

Small Cap Feast: 24/05/21

Dish of the day Dianomi (DNM.L), the provider of native digital advertising services to premium clients in the Financial Services and Business sectors, has joined AIM with an issue price 273p. Primary capital to be raised on admission £5m, Secondary Placing £32m and an anticipated Market Cap £82m. In FY 2020, revenue was £28.43m, representing growth of 58.8% compared to FY19. The majority of the Group's revenue is generated in the Americas (FY20: 76.6 %) followed by EMEA (FY20: 17.0%.), and APA

Small Cap Feast: 17/06/21

What’s cooking in the IPO kitchen? Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s

Terry Dugdale appointed CEO

Fulcrum has announced that Daren Harris, CEO, is stepping down from the Board with immediate effect due to personal reasons. Terry Dugdale, who was appointed to the Board as COO in March 2019, will become CEO with immediate effect. Whilst Daren’s departure is unexpected, we have met Terry Dugdale on several occasions and rate him highly. Investor feedback has also been positive. Terry has been pivotal to driving operational efficiencies through the Group, improving utilisation and navigating the

Trading back to pre-COVID levels; CFO appointment announced

Today’s AGM Statement highlights further progress during H1. As anticipated at the final results on 6th August, trading has now returned to pre-COVID levels, with a particularly strong recovery in housing market activity. As at 31st August, the order book has increased by 5% to £69.4m from £66.2m at 31st, with contracts secured across the Group’s end markets. The Company has invested in its sales team and back office functions in order to support the recovery, though management continues to moni

Strong medium term recovery prospects

The FY20 results report that after a challenging H1, the Group’s performance had started to improve, with a substantial increase in order inflow. This was disrupted by the impact of COVID-19, which impeded operations towards the end of FY20. Despite this, EBITDA (postIFRS 16) of £4.6m was broadly in line with pre-COVID-19 guidance (c.£5m). Given continued economic uncertainty, guidance is still withdrawn. Whilst valuation is challenging in the absence of forecasts, if management can deliver a re

Board transition plan announced; Harwood tender offer withdrawn

Fulcrum has reached an agreement with Harwood Capital and Bayford regarding the composition of the Board. Harwood has agreed to withdraw the proposed Tender Offer announced on 9th April 2020. The Company intends to appoint Jeremy Brade (Partner, Harwood) and Jonathan Turner (CEO, Bayford) to the Board as NEDs in short order following final due diligence. As a condition of their appointment to the Board on behalf of Harwood and Bayford respectively, the Company has entered into a relationship agr

Board response to proposed tender offer

Fulcrum has issued a detailed further response to Harwood’s proposed tender offer. The Board continues to regard this as an opportunistic manoeuvre against the backdrop of market uncertainty and share price volatility resulting from COVID-19. It has received letters of intent to support the Board and management from shareholders representing 39.87% of the share register, accounting for the majority of institutional shareholders, as well as management. The Board reiterates its recommendation that

Net cash position supports near term outlook

Today’s year end update highlights that FY20 trading was broadly in line with expectations. The Group has experienced a reduction in demand over the last week as a result of the implementation of more stringent lock down measures. In response, management has postponed all non-essential work, furloughed staff, and deferred 20% of the pay of employees who have not been furloughed, including management. These actions have materially reduced the monthly overhead. The update also confirms receipt of

Expectations reiterated; Asset sale unconditional

Fulcrum has confirmed that it has met all of the conditions associated with the ESP asset sale, which is expected to complete in FY20. The deal will significantly strengthen the balance sheet, generating £17m of initial proceeds, with further significant proceeds to follow as the order book is built out. The Board also confirms that it expects FY20 trading to be in line with expectations, implying a significant bounce back in H2 trading (FY20E EBITDA of £1.4m/£3.6m in H1/H2). The outlook is supp

Strengthening the Board

Fulcrum has announced the appointment of Daren Harris as CEO with immediate effect. Terry Dugdale (COO since March 2019) will also join the Board. A process has begun to find a new CFO. Daren has been instrumental in managing the business since he joined as CFO in June 2019, not least in negotiating the utility asset sale and partnership agreement with ESP. We consider Daren to be a strong appointment as the Group seeks to deliver a recovery. After recently challenging trading, the outlook is im

Small Cap Feast

Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.

Strategically important asset sale and partnership with ESP

Fulcrum has entered into a conditional sale and purchase agreement to sell its domestic customer gas connection assets, including the order book and associated meters, to ESP (backed by 3i Infrastructure). The net consideration is £33m in cash, representing more than half of the market cap. £17m will be paid as an initial consideration, with the remainder paid in tranches as assets are built out and exchanged over the next four years. This is a strategically important deal for the Group, realisi

Record next-generation award

Invinity Energy Systems - Mistral Funded For 84 MWh

Invinity has followed the first sale of its Mistral flow battery with the news that the US Department of Energy will make funding available for 84 MWh of these larger units at six sites. This is major potential business in its own right but will also create a portfolio of reference sites, effectively seeding the US market for Invinity. The move gives us confidence in our long-term forecasts. We have factored in a gross margin gain for FY 24 and FY 25 as Mistral gains relative to the older VS3 pr

LIBERUM: Yü Group: Share price fails to reflect the growth

LIBERUM: Yü Group: More upgrades - again

Strix (KETL LN) - Interim results & CMD

Strix has announced interim results for the six months to June showing revenue up 28.6% to £65.2m. The strong top line growth, driven by its 2022 acquisition of Billi, has resulted in gross profits rising 22.6% to £23.9m. Excluding Billi, revenue was down c. 14% yoy. Following updated guidance in today’s announcement, along with its Capital Markets Day, we adjust our forecasts to reflect the slower than anticipated economic recovery along with the impact rising interest rates have had on profita

Focussing on light duty

LIBERUM: Yü Group: More upgrades - again

SP Angel Spec Sits: (YUG) H1 2023: Revised EBITDA Target of £33m+

YUG announced its finacial results for H1 2023 with revised Adj. EBITDA expectations for the year of over £33m, from ~£19m currently.

Interims and earnings update

LIBERUM: ATOME Energy : Poised for a re-rating

Ultimate Products+ (UPGS, House Stock at 117p) - European showroom opens in Paris

ATOME Energy - Progress on Projects

ATOME’s interims reflect the company making rapid progress in developing its green fertilizer projects in Paraguay with Phase I Villeta hoping to reach FID before the year end. The expansion of secured electricity now sees the company with power purchase agreements supporting 445MW of capacity in country.

Hybridan Small Cap Feast - 26 Sep 23

26th September 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 ob

Robust results, forecasts updated for acquisitions

Avingtrans has reported a robust set of FY23 results with EBITDA growth of 10.6%, marginally ahead of expectations. The Group entered the current year with good momentum and a strengthened order book that now provides over 90% visibility for FY24 and over 45% for FY25. Post year-end the Group acquired the assets of Slack & Parr, a specialist pump manufacturer, and also recently completed the acquisition of Adaptix, a manufacturer of compact 3D X-ray machines, as well as investing further in Magn

Strong 1H trading