Discontinuing coverage

Coverage of the equity securities of the following companies has been discontinued. Investors should no longer rely upon our previously published reports, valuation theses or estimates.

Small Cap Breakfast

Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. | Opera Investments –Reverse Takeover of Kibo Mining’s subsidiary Kibo Gold. Raising £1.5m. Expected mkt Cap £6.5m. 23 May. |Eve Sleep— Schedule 1 from the e-commerce focused, direct to consumer European sleep brand. Raising £35m at £1.01. Expected mkt cap £140m. Expected 18 May 2017 | Velocity Composites—Schedule 1. Manufactures advanced carbon fibre and ancillary material kit

Digitalising the high street

OneView Group is a pioneer of in-store retail technology, with an early to market platform that ensures stores are seamlessly connected to any strand of the omnichannel retail experience allowing these retailers to better engage with their customers. Although OneView has barely scratched the surface of this market opportunity, it already counts blue chip companies such as 02 Telefonica, Travis Perkins and Discount Tire amongst its clients, and has sales partnerships with the tech giants IBM and

Small Cap Breakfast

Big Sofa Technologies— Schedule 1 from the b2b technology company providing video analytics at an enterprise level. Seeking to complete RTO of unlisted HubCo investments. Raising £6.1m. Target date 19 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Creo Medical Group

AIM Breakfast

Venn Life Sciences* (VENN.L) | One View Group (ONEV.L) | Futura Medica (FUM.L) | Symphony Environmental Technologies (SYM.L) | Ten Alps (TAL.L) | CareTech Holdings (CTH.L) | Magnolia Petrolium (MAGP.L) | Versarien (VRS.L) | Stobart Group (STOB.L) | EG Solutions (EGS.L)

AIM Breakfast

Eco Animal Health (EAH.L) | Tern (TERN.L) | A r i a n a R e s o u r c e s (AAU.L) | Taptica International (TAP.L) | Hotel Chocolat (HOTC.L) | P l u t u s P o w e r G e n (PPG.L) | Feedback (FDBK.L) | GW Pharmaceuticals (GWP.L) | Advanced Oncotherapy (AVO.L) | O n e V i e w G r o u p (ONEV.L)

Initial Equity Trading Comments - 15 May 2023

Morning Note – 11 May 2023

FY22 full year results – and looking beyond

ENGAGE XR (formerly known as VR Education Holdings) has published its full year results for FY22, which were delayed following the successful and oversubscribed net equity raise of €9.9m in February 2023. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

Morning Note – 1 June 2023

SP Angel Spec Sits: 2022 Financial Results (TEK LN)

TEK reported 2022 Financial Results with a revised net asset value of US$57.8m at 30 Nov 2022, down from US$68.1m in 2021, down 15% y/y. This downward valuation reflects the market backdrop, where share prices of Innovative Eyewear (LUCY.NQ) and Belluscura (BELL.LN) declined significantly y/y. Notably, the valuation of MicroSalt Inc. nearly doubled over the year.

Engage XR Holdings - FY22 results as expected, momentum building in 2023

Following the +40% yoy Q1 23 revenue growth at April’s trading update, ENGAGE XR has reported in line FY22 results, growth to over 200 customers, and we reiterate our FY23 and FY24 forecasts. Today’s announcement confirms that FY22 saw new customer wins and renewals from blue-chip customers including Pfizer, MTN, HSBC, KIA, Pearson, Lenovo, Kuehne & Nagel, 3M, KPMG, Meta, HTC, BHP, Adtalem Global Education, University of Miami, and Stanford University; and the momentum has continued into Q1 with

Hybridan Small Cap Feast - 19 May 23

19th May 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

Morning Note – 31 May 2023

On track

LSE AIM - Market Screener (30 May 2023)

 The market capitalization of AIM stocks was £95.9bn as of 26 May 2023, down 3.7% since 14 April 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 216.6%), Vast Resources (+325% YTD), B90 Holdings (+212.4%), Verditek (209.1%, MktCap £7.5mn), Star Phoenix Group (+175%), Inspecs Group (+166.3%). Among the bottom movers, were companies canceling admission to AIM: Applied Graphene Materials (-88%,), Circle Property (-93%, MktCap £1.2mn), Purplebricks Group (-93.1% on a possi

Morning Note – 9 May 2023

Cordel Group (CRDL LN) - Building the platform

Cordel’s AI data analytics solutions for the global rail maintenance industry is an exciting opportunity. The Group is now well funded for the next phase of expansion.

Initial Equity Trading Comments - 10 May 2023

Hybridan Small Cap Feast - 22 Feb 23

22 February 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

FireAngel Safety Technology Group + (FA, House Stock, 11p) - Trading update