Hybridan Small Cap Feast 15/08/2023

Andrada Mining 7p £107.7m (ATM.L) The African technology metals mining company with a portfolio of mining and exploration assets in Namibia, provides an update on the previously proposed Funding Package with funds managed by Orion Resource Partners announced on 15 September 2022. On 11 August 2023, Andrada signed binding documentation for an updated, conditional US$25m funding package with Orion. The financing agreement is as follows: US$2.5m (c£2.0m) equity at 6.39p and US$10m (c£7.9m) Converti

Hybridan Research: 15/08/2023: TMT Investments PLC: Continuing with a disciplined approach in early/mid-stage tech investment

TMT Investments today announces its interim results for the half year ended 30 June 2023. Total NAV was US$198.7m (down 1.4% from US$201.7m as of 31 December 2021). This translates to NAV per share of US$6.32 (compared to US$6.41 as at 31 December 2021). During the period, the positive revaluations of four investees (1Fit, Collectly, SonicJobs and Mobilo) largely offset the negative revaluation of Backblaze based on its share price on NASDAQ. As of 14 August 2023, TMT had US$7.8m in cash and cas

Cenkos: TMT Investments Plc -- 55% discount to conservative NAV

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has released H1/23 interim results, with period-end NAV at $198.7m ($6.32/share), 1.4% lower than the FY22A $201.7m ($6.41/share). Though continued market volatility has characterised the VC arena, with valuations increasingly focussed on profitable businesses, TMT's NAV has remained stable over H1/23, helped by strong trading performances from core holdings. Fresh capita

Hybridan Small Cap Feast - 28 Mar 23

28 March 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 objectiv

Hybridan Research: 28/03/2023: TMT Investments plc: Cautious optimism and a disciplined approach in early/mid-stage tech investment

TMT Investments today announces its final results for the year ended 31 December 2022. Total NAV was US$201.7m (down 28.7% from US$283.1m as of 31 December 2021). This translates to NAV per share of US$6.41 (compared to US$9.00 as of 31 December 2021), mainly due to downward revaluations of Backblaze by 64% and Bolt by 33% as a result of stock markets sell-off leading to reduced valuations for some start-ups. Administrative expenses were US$1.4m, down 25% and reflecting a reduced level of invest

Cenkos: TMT Investments Plc -- Final Results Update

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has released FY22A final results, with period-end NAV at $201.7m, or $6.41/share. The top three investments, Backblaze, Bolt and PandaDoc represented 51.4% of FY22A NAV and 124.8% of the current share price of $2.64 cents, now at a 58.8% discount to the $6.41 FY22A NAV. TMT has a highly experienced investment team with a strong track record focussed on companies already d

Hybridan Small Cap Feast 13/12/2022

Dish of the day Joiners: Savannah Energy’s (SAVE.L) shares have been re-introduced following a reverse take over in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. 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-clas

Hybridan Research: 12/12/2022: TMT Investments plc: Sustainability through digital transformation

We have published research on TMT Investments plc, which is attached and a snapshot of the research is below. TMT unveiled its ESG policy in its 2021 annual report and its intention to invest in technology that results in tangible benefits in terms of productivity, user experience, efficiency, positive impact in specific sectors, profitability or other desired objectives. As such, the Company has made a number of investments in ESG-focused companies that also meet TMT’s investment criteria. A

Hybridan Small Cap Feast 19/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Hybridan Small Cap Feast 16/08/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 count

Hybridan Research: 16/08/22: TMT Investments plc: Cautious optimism amid macro uncertainties

TMT Investments announced its interim results for the six months ended 30 June 2022. Portfolio NAV declined 25.8% to US$210.1m from US$283.1m as of 31 December 2021. This translates to NAV per share of US$6.68 (compared to US$9.00 as of 31 December 2021), mainly due to downward revaluations of Backblaze by 69% and Bolt by 28%. Administrative expenses decreased by 4% year-on-year to £772k, reflecting a lower level of investment and business development activities during the period. No bonus was

Cenkos: TMT Investments Plc -- Interim Results

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has released interim results, showing an anticipated decline in NAV per share to US$6.68 following the recent technology sector sell off, a good performance during a volatile period economically and in the market. Several portfolio companies raised further equity capital at increased valuations during the period, despite the market volatility, validating these business mo

Hybridan Small Cap Feast 25/03/22

Joiners: Beacon Rise Holdings (BRS.L) joins the Main Market. The Company was formed to undertake acquisitions of UK or EU businesses or assets with operations in the primary and secondary segment of the education technology sector. The Company does not have any specific acquisitions under consideration at present and does not expect to engage in substantive negotiations with any target business or asset until after Admission. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Asimilar

Cenkos: TMT Investments Plc -- FY21 Finals – Deep discount to NAV

TMT Investments, the specialist investment company focussed on private companies in core technology sectors around the world, has released FY21 final results showing a further strong increase in NAV to US$9.00 (FY20 US$6.10), up 47.5% and over double the current price. This increase has been driven by numerous capital raising events with portfolio companies at higher valuations. TMT has built a diversified investment portfolio of over 50 companies, with emphasis on big data/cloud, e-commerce, Sa

Hybridan Research: 25/03/22: TMT Investments PLC: 47.5% NAV/Share growth & strong outlook reflects portfolio diversity & robust investment process

TMT Investments plc today announced final results for the year ended 31 December 2021.We have published research on this which is attached and a snapshot of the research is below. The venture capital Company investing in high-growth technology companies has reported final results for FY December 2021. In another outstanding performance, the Company’s NAV per share increased by 47.5% in 2021 to US$9.00 (from US$6.10 as of 31 December 2020), mainly as a result of the significant upward revaluatio

Strong H1'23 results; forecasts upgraded

Inflection point - fleet growth coming

H1 23: focusing on capital generation

Promising results for M&G in H1 23. The new CEO, Andrea Rossi, continues to execute the company’s new strategy, and we have confidence that he is positioning M&G to surpass its financial targets for the 2022-24 plan. The H1 23 operating capital generation results significantly outperformed expectations, exceeding the consensus by more than 50%. This substantial capital accumulation is poised to deliver strong returns to shareholders, rewarding them for their patience during this transitional per

LIBERUM: Alpha Group International: Underlying strength

Gore Street Energy Storage + (GSF, House Stock, 84p) - Steady NAV growth

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Morning Note – 26 September 2023

Hybridan Small Cap Feast - 29 Sep 23

29th 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

Avation - Full year results – substantial progress in repositioning the fleet in the year

Avation, a lessor of 36 commercial aircraft, has today released full year results for the year to 30 June 2023, reflecting a period in which substantial progress was made in transitioning its last remaining off-lease aircraft and paying down existing borrowings. Importantly, the Group is now positioned strategically for growth as a green low CO2 lessor of modern aircraft, where it also owns one of the world's largest order books comprising 28 purchase rights for new low CO2 ATR 72-600s. With a n

Morning Note – 3 October 2023

LIBERUM: Forward Partners: Resilient H1, focus on cash

Hybridan Small Cap Feast - 02 Oct 23

2nd October 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 objec

LifeSafe Holdings - Good momentum, industrial distribution deal breaks new ground

LIFS' H1 results this morning reflect further strong revenue growth, with sales up 123% YoY, while the company has also inked its first major distribution deal for its industrial fluid product, a significant milestone. LIFS is the developer of innovative and patented fire solutions which are top sellers on Amazon both in the UK and in the very sizeable US market, where they were successfully launched early last year. While growing strongly, the company has also succeeded in lifting its gross mar

Morning Note – 18 September 2023

Hybridan Small Cap Feast 15-09-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co