Hybridan Small Cap Feast - 31 Oct 23

31st 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 obje

A year of technical progress

Fronter IP’s FY23 results reflect a period of significant industrial and technical progress but has not benefited from an exit among its private holdings. The 8% decline in NAV per share reflects the wider market environment, while negative other operating income is the result of cautiousness on private company valuations as FIPP’s management has lowered the implied valuation of a number of holdings (e.g. The Vaccine Group). For FIPP, several companies are now generating revenues and fast approa

Hybridan Small Cap Feast - 09 May 23

9th 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 objective

Frontier IP Group plc: 1H23 Interim Results

Frontier IP Group (FIPP) recently reported Interim results to December 31st 2022 (1H23). FIPP earns equity stakes in early-stage, IP-rich, technology companies by providing technical expertise, access to external funding, and commercialisation services. In 1H22, the Group produced a pre-tax profit of £10.3m, after operating costs, supported by an unrealised profit on investments of £11.9m as Exscientia (NASDAQ EXAI) underwent IPO. In 1H23, in the absence of such an event, FIPP produced a pre-tax

A maturing portfolio

Frontier IP has reported interim results (H123) that reflect a period of strong technical progress but without the large revaluations of previous periods. Net assets per share decreased to 88.2p (FY22: 88.5p) while Net Cash increased to £5.8m providing the Group with a multi-year cash runway. H123 saw a number of important commercial and technical developments with FIPPs management highlighting Pulsiv and Alusid as moving beyond inflection points. A £0.5m pre-tax loss reflects no major net reval

VSA Morning Technology Comment 30/01/23 (Frontier IP)

Frontier IP Group (FIPP), which provides development and commercial services in return for equity stakes in technology companies, has today announced that portfolio company Alusid (38% stake held by FIPP) has successfully collaborated with Imerys, a global materials company with €4.4bn annual revenue. UK-based Alusid has developed patented technology to produce premium-quality tiles, table tops and other surfaces from recycled industrial materials including ceramics and glass. Imerys has a worl

Hybridan Small Cap Feast 08/11/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company's initial public offering on AIM, the board has determined to apply for the Company's existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company's a

Frontier IP Group plc: Full Year Results

Frontier IP Group (FIPP) recently reported Full Year results to June 30th, 2022 (FY 2022). FIPP earns equity stakes in early-stage, IP-rich, technology companies, mainly university spinouts, by providing technical expertise, access to external funding, and commercialisation services, including bringing in industry partners. Given that FIPP does not invest money directly for its initial equity stakes, which are instead earned by providing services, the equity upside can be significant. During the

FY'22: A year of significant progress

FY’22 was a transformational year for Frontier IP with the IPO and part-disposal of Exscientia, and continued development of the wider portfolio. NAV per share increased 27% to 88.5p and the fair value of FIPP’s equity portfolio increased 24% to £39.7m after disposals of £3.7m. The Group has a strong balance sheet with £4.4m net cash and a further £3.4m disposal post period-end, puts the Group in a strong position to take advantage of new opportunities. The c.£10m sale of Exscientia (and remaini

Hybridan Small Cap Feast 14/10/22

Dish of the day Joiners: VAALCO Energy, Inc. (EGY) has been readmitted to the Main Market following a RTO. VAALCO Energy, Inc. announced the closing of the strategic combination of VAALCO and TransGlobe Energy Corporation. The combined Company will now trade on the NYSE and LSE under the ticker symbol EGY. Leavers: TransGlobe Energy Corporation has left AIM following the above RTO. What’s cooking in the IPO kitchen?** World Chess plc, a leading chess organisation, intends to join the Main Market

Further Exscientia share sale

Frontier IP has sold a further 391.2k American Depositary Shares (“ADSs”) of portfolio company Exscientia plc for net proceeds of c.£3.88m at an average price of $11.97. This share sale took place between 17 June 2022 and 16 August 2022. In total, the Group has sold 782.4k ADSs since 10 January 2022 for net proceeds of c.£9.96m, generating an estimated realised gain for FIPP of £2.79m in FY’Jun22 and £0.31m in FY’Jun23. FIPP’s first exit (selling 50% of the Exscientia stake during this calendar

Hybridan Small Cap Feast 05/08/22

Dish of the day Joiners: Inteliqo Limited has joined the Access Segment of AQSE Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners. Leavers: Menzies (John) plc and Sanne Group have left the Premium Segment of the Main Market. 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 sup

Seraphim Space Investment Trust - Spacetech enjoying sustained secular tailwinds

Seraphim Space Investment Trust (SSIT) saw a 12-month share price decline of c 30%, while its NAV fell by only 7.1% in FY23 (to end-June 2023), shielded in part by the downside protection embedded in its investments via preference shares and only one down round out of 11 funding rounds completed by SSIT’s portfolio companies in FY23. Moreover, NAV/share rebounded by 3.9% in Q124, driven by FX gains and fair value uplifts on the back of new funding rounds (D-Orbit’s in particular). This resulted

Morning Note – 28 November 2023

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

Cenkos: Coral Products Plc -- Strong FY23 results, good outlook

Coral Products has reported strong results for the year-end April 2023, with revenues in-line with our forecast and adjusted EBITDA ahead of our forecast. The company has made good progress on the integration of the four businesses acquired during the year and reports a “strong start” to the current financial year. We maintain a BUY rating.

Braemar - H1/24 interim results update

Braemar’s interim results indicate the strong trading of FY23 has continued during H1/24 and in-line with expectations, benefiting from the focus on shipbroking activities and the increased breadth, depth, and scale of shipbroking operations. Braemar’s investments (acquisition of Southport Marine) and new teams have delivered a 7.9% increase in revenue to £74.9m for H1/24. Whilst robust Tanker freight rates have continued despite geopolitical challenges and OPEC cuts, Dry Cargo freight rates fel

Blackwolf Copper and Gold Ltd. (TSXV: BWCG) – Updated MRE Highlights Significant Potential at Niblack; Mining Billionaire Frank Giustra Raises Stake

• Blackwolf Copper and Gold Ltd. (TSX-V: BWCG) (“BWCG”, or “Company owns two properties - a VMS copper project in Southeastern Alaska (Niblack) and a high-grade gold project in the Golden Triangle (Hyder properties). • Updated MRE at Niblack suggests higher grade tonnage: The updated MRE increased indicated resources by 4% but the total tonnage declined by 33% versus the previous 2011 MRE. Despite the decrease in tonnage, we view the updated MRE positively given higher grades of the tonnage a

Marlowe - Interim Results

Despite the challenging economic environment, demand for Marlowe’s compliance software and services remained resilient, with the group achieving 6% organic revenue growth in H1. Adj EPS fell 15% YoY to 18.9p, however, due to slight margin compression in TIC (largely on account of dilutive M&A), higher interest rates on a greater debt balance, and a rise in the UK’s corporation tax rate. Given weak economic conditions persist, we take a more cautious approach to our forecasts, reducing adj dilute

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

SDCL Energy Efficiency Income Trust - Energy and efficiency as a service

SDCL Energy Efficiency Income Trust (SEEIT) is an investment trust focused on delivering energy and energy efficiency as a decentralised service directly to end users rather than supplying into the broader power grid. Its income comes from a range of services and is driven by cutting losses in energy generation, transmission and use. It has delivered a total NAV return of 7.2% pa (3.5p in NAV terms) since IPO in December 2018 and its 6p/share dividend is 1.2x covered, representing an attractive

Braemar - Suspension lifted; interims due 29 November

Following the release of the delayed, but in-line FY23 results covering the period to February 2023, trading in Braemar shares recommenced on 21 November. Now that the internal investigation into the accounting treatment of historical transactions has concluded, Braemar is due to release its H124 results on 29 November. The company remains well-positioned to drive its future growth strategy, as previously outlined. The trading outlook is promising and Braemar should be able to leverage its stron

The Hardman & Co Monthly: September 2023

Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge

Focus on debt reduction as forecasts rebased

Despite an in line H1 performance, with transactions taking longer to complete, RBG now expects FY23 adj. EBITDA to be £10m-£12m. We set our forecast at the bottom of this range, representing a reduction of 33% to EBITDA and 44% to EPS. In response, management is prioritising debt reduction and we cut our dividend forecast to nil. We expect year end net debt of £20m, with leverage at 2.7x. Whilst this presents a risk (above the <2.25x covenant), management is in discussion with its bank and is c

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Robinson - Interim results

The interim results reflect the continuing difficult trading conditions experienced in H2 2022. However, anticipated higher sales volumes in the current H2, due to new business wins and seasonality combined with the benefit of a restructuring programme, should result in an improved result, and the statement confirms that management expects adjusted operating profit to be marginally ahead of 2022 and in line with current market expectations.

IXICO - Short-term challenges

IXICO has published a trading update for the 12-months to September 2023 alongside an update on the company’s outlook for FY24. For FY23, IXICO now expects EBITDA to improve on the previous target of a c£1.0m loss despite a small shortfall in revenues following delays in the initiation of clinical trials. With a tight funding environment affecting the biopharmaceutical industry, the company has effectively managed challenges resulting from a contraction in the number of new clinical trial initia