Hybridan Small Cap Feast - 22 Sep 23

22th 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

Hybridan Small Cap Feast - 09 Jun 23

9th June 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 Small Cap Feast 16-09-2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing

Hybridan Small Cap Feast 07/03/22

Altus Strategies 54p £63.4m (ALS.L) Altus Strategies announces the appointment of Mr Gérard De Hert as a non-executive director of the Company, effective immediately. Mr De Hert is Managing Director (Technical Services) at La Mancha Holding S.àr.l. His appointment is in accordance with the terms of the Strategic Investment Agreement between La Mancha and the Company (SIA) approved by shareholders on 18 February 2020 (see Company announcement of 19 February 2020). Under the terms of the SIA, La M

Small Cap Feast 26/01/2022

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circui

Hybridan Small Cap Feast 11-01-2022

Joiners: Electric Guitar (ELEG.L) was established in 2021 through the issue of shares to the founders as a special purpose acquisition vehicle which will seek an acquisition target in the digital media sector. The Company intends to act as a consolidator and operator in the digital advertising market. The Company has today joined the Main Market. £1.2m raise. Mkt cap £1.74m. Leavers: Amryt Pharma has left AIM. Its American Depositary Shares remain trading on NASDAQ. What’s cooking in the IPO kit

SP Angel Morning View:

Beowulf Mining* (BEM LN) – Beowulf's Grafintec jv to site battery anode graphite production in GigaVaasa area Bluejay Mining* (JAY LN) – Mineralised zones intersected in drilling at Enonkoski Central Asia Metals (CAML LN) – Q4/21 production and CY22 guidance Katoro Gold (KAT LN) – Drill mobilisation underway at Haneti Power Metal Resources* (POW LN) Phoenix Copper* (PXC LN) – Acquisition of royalty Pure Gold (PUR LN) – Introduction of further Covid19 containment measures Talon Metals C

Hybridan Small Cap Feast 08/112021

Joiners Silverwood Brands (AQSE:SLWD) an investing company established to identify investment opportunities including, but not limited to, in the foods, organic food, wellness, lifestyle and leisure sectors, targeting admission has joined the AQSE Growth (Access) raising £1.03m. Leavers French Connection has left the Main Market (Premium) following a takeover. What’s cooking in the IPO kitchen? Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to

Hybridan Small Cap Feast 10-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Petershill Partners, Expected Intention to Float on the London Stock Exchange. Petershill Partners, a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset M

Small Cap Feast: 04/05/21

Dish of the day East Star Resources plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset has joined the Main Market (standard). The Company intends to focus on opportunities in the natural resources sector. In connection with Admission, the Company is expected to raise gross proceeds of £1.98m. Off the menu No Leavers Today. What’s cooking in the IPO kitchen? Voyager Life, the health and wellness company e

SP Angel Morning View: Base metals rise as gold pulls back ahead of the US payrolls

Altus Strategies* (ALS LN) – BUY, Target 118p – Diba gold project Community Development Programme implementation progress Castillo Copper (CCZ LN) – Plan to spin-off Broken Hill assets in ASX IPO Centamin (CEY LN) – H1 delivers almost US$60 after-tax profit Glencore (GLEN) – Glencore looks forward to positive future on post-Covid stimulus and growing decarbonisation initiatives Jubilee Metals Group (JLP LN) – Jubilee Reports 178% earnings increase for FY 2021 Katoro Gold (KAT LN) – Some pot

Small Cap Feast

Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one lo

SP Angel Morning View:

Berkeley Energia Ltd (BKY LN) – Permitting and licensing payments to Spanish government entities Bluejay Mining* (JAY LN) - BUY, Valuation 29.4p – Research & Development Tax Credit Bushveld Minerals* (BMN LN) - BUY, Valuation 37.7p – Vanadium price rise in China suggests tightening of supply chain Katoro Gold (KAT LN) – Haneti RAB drilling underway Power Metal Resources* (POW LN) Keras Resources* (KRS LN) – Manganese ore prices hit 10-week high Pure Gold Mining (PUR LN) – Gold pour at R

SP Angel . Morning View

Adriatic Metals* (ADT1) – Two permits received at Vares | AEX Gold Inc (AEXG LN) – Quarterly results and development progress | Atalaya Mining (ATYM LN) 191.5p, Mkt Cap £263m – Robust quarterly performance on the back of record quarterly production at Proyecto Riotinto | Bluejay Mining* (JAY LN) – Bluejay wins ability to reclaim VAT paid to HMRC | Condor Gold* (CNR LN) – CEO presents at Canadian Mining Symposium | Cornish Metals* (CUSN CN) – United Downs drill results show high-grade copper and

Oil & Gas - Cavendish sector note

88 Energy, Falcon Oil & Gas, Trinity Exploration & Production, Plexus Holdings, Baron Oil, Harbour Energy, EnQuest, Capricorn Energy, Arrow Exploration, Southern Energy, Serinus Energy, SDX Energy, Panoro Energy, Eco (Atlantic) Oil & Gas, OKEA ASA, Equinor Source: FactSet, weekly change 27/11/23-1/12/23 Oil extended declines, closing out a sixth straight weekly drop, as the OPEC+ output cuts announced Thursday failed to dispel the market’s gloom over swelling global supplies. West Texas Intermed

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

Morning Note – 4 December 2023

Hartshead Resources - Fully Funded Solution

Hartshead has secured a funding solution with partner Rockrose Energy to fund 100% of the Phase I development costs. Under the agreement, Hartshead has the option to exchange an additional 20% licence interest for an uncapped free carry, thereby covering the total cost of the Phase I development project (financing backstop). Importantly, Hartshead maintains at its election the option not to proceed with the RockRose financing solution, and introduce other financing solutions (eg project debt, pr

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Southern Energy - 3Q Results and Comprehensive Update Note

Southern Energy delivered solid 3Q results with the focus of attention now turned towards the completion of 4 drilled uncompleted wells (“DUCs”). We see our investment thesis for Southern Energy – premised on the scale, location, quality, deliverability, low-cost nature of the company's Gwinville gas field in Mississippi, USA – very much strengthening based on our structural commodity price outlook and our growing confidence in the highly prolific Gwinville gas field, sharpening our interest in

SP Angel Morning View: Gold powers through $2,100/oz on outlook for Fed rate cuts

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Thor Energy - High-Grade Uranium Intercepts at Groundhog Prospect

Thor today announces the final downhole gamma results for the reverse circulation drill programme undertaken at the Wedding Bell and Radium Mountain projects in the USA. Downhole gamma readings are a commonly used proxy for physical uranium assays.

LIBERUM: Shanta Gold: Another excellent quarter

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v