Hybridan Small Cap Feast 10/02/2022

The small cap feast team will be taking a break for the week of 14th February 2022 Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Following Nvidia’s decision to walk away from its planned US$40bn takeover of Cambridge-based chip designer Arm from Japan’s Softbank, after regulatory hurdles proved insurmountable, speculation is growing over a potential return to the London Markets. GCP Co-Living REIT plc, intends to float on the Main Market

Hybridan Small Cap Feast 09/12/2021

Air, a nano-technology company which leverages the absorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company's proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems, acoustic insulation for domestic appliances and micro-speakers for smartphones. Mkt Cap and Capital to be raised TBC. Due Late

Hybridan Small Cap Feast 22/10/2021

Joiners No Joiners Today Leavers No Leavers Today What’s cooking in the IPO kitchen? Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m. Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.

Hybridan Small Cap Feast 23/09/2021

Joiners No joiners today. Leavers John Laing Group has left the Official List (premium) What’s cooking in the IPO kitchen? Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a l

Hybridan Small Cap Feast 23-09-2021

Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. It make

Small Cap Feast

Pineapple Power, a special purpose acquisition company to seek and acquire businesses in the clean energy sector, has Joined the Main Market (Standard) raising gross proceeds of £1,316,010 (PNPL.L) Vector Capital (VCAP.L) has joined AIM, a commercial lending Group that offers secured loans primarily to businesses located in the UK. Substantially all of the Group's loans are secured by a first legal charge against real estate. The Group's customers typically borrow for general working capit

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer TBC, expected late April. SDX Energy plc—a North Africa focused oil and gas company, announces its intention t

LIBERUM: Alternatives Daily: RECI | AGR | 3IN | CIC

LIBERUM: Conygar Investment Company - Increasing development activity

Small Cap Breakfast

InnovaDerma* (IDP.L) | onroy Gold & Natural Resources* (CGNR.L) | Bluerock Diamonds (BRD.L) | SDX Energy (SDX.L) | Conygar Investment Co (CIC.L) | Croma Security Solutions Group (CSSG.L) | Starvest (SVE.L) | Vertu Motors (VTU.L) | MySale Group (MYSL.L) | Creo Medical (CREO.L)

LIBERUM: Conygar Investment Company* - Sale of investment portfolio

LIBERUM: Conygar Investment Company* - H2 NAV return impacted by Pembroke Dock

Rising development exposure

CMD - Broadening & deepening client relationships

FLASH: In-line trading update

'Airlines will be shocked when Covid leases run out and rates go up’

Critical Metals Plc - Molulu Operational Update - Target Price £1.14 ps

Event On the 15th May, Critical Metals plc released an operational update relating to their Molulu copper project in the DRC. Key Points 1. 6,500t of copper ore grading 3% copper has been mined 2. The mining focus is moving towards the high grade sulphide copper ore grading above 8.3% copper 3. No cobalt has been identified in the mining so far using hand-held XRF 4. Dewatering of the pits has begun with a trench decanting water from the small pit. Implications As soon as the road rehabilitation

Morning Note – 5 June 2023

Reassuring AGM statement

Cenkos: Duke Royalty Ltd -- Record revenues and more to come

Duke has released a Q1/24E trading update which points to a continuation of steady growth in recurring cash revenues and resilient underlying portfolio companies. Guidance for the quarter is for £6m of recurring cash revenues, and total cash revenues are expected to be c£7.5m once the buyout premium from Instor is accounted for. Duke's valuation looks very compelling at current levels with the FY24E dividend yield over 10% whilst being backed by FCF generation.

LIBERUM: NewRiver* - Higher occupancy driving earnings growth despite macro challenges

LIBERUM: Ramsdens Holdings* - Worth its weight in gold

Acquisition of Silver Royalty

Trident Royalties Plc (AIM: TRR) has, this morning, announced the acquisition of two royalties and a production-linked milestone payment over the La Preciosa Silver Project, owned by Avino Silver & Gold Mines Ltd (TSX: ASM, mkt cap US$87m) in the State of Durango, Mexico. The consideration consists of US$7m cash to Coeur Mining (NYSE: CDE, mkcap US$1.1bn) on closing with a further US$1m in either cash or shares at Trident's election upon receipt of the milestone payment. The acquisition is Tride

NewRiver REIT+ (NRR, House Stock at 86p) - Final results

NewRiver REIT+ (NRR, House Stock at 83p) - Final results preview

Hybridan Small Cap Feast - 07 Jun 23

7th 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

Trading at trough valuation?

We review the investment case in an altered macro context. The stock currently trades at trough valuation of 13% discount to NAV. While some de-rating is justified, in our view the current price ignores positive aspects of the case and already prices in substantial mark-downs. Higher rates and increasing leverage justify a higher discount Some of the de-rating from the past 5Y average premium of 6% is justified given the magnitude of the increase in bond yields. HICL has only raised its discoun

Very strong CY22 - CY23 upgraded 10%