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20th March 2024 @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 objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document. This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook). This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook. Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world. Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Dispensa Group (DISP.L) has left the Standard Segment of the London Stock Exchange What’s baking in the oven? ** Potential**** Initial Public Offerings: European Green Transition is developing a portfolio of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition and announces its intention to conduct a fundraise and to list its ordinary shares on AIM. The Company intends to implement a disciplined M&A focused model and has already acquired a portfolio of assets, notably their principal Olserum Rare Earth Element (REE) project. Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Abingdon Health 10.5p £12.8m (ABDX.L) A international lateral flow Contract Development and Manufacturing Organisation (CDMO), announces the launch of Boots' own-brand, rapid self-tests across the UK and online in partnership with Crest Medical. The Company is launching the first two products - Iron and Vitamin D deficiency self-tests, with the self-tests being made available in stores and online at Boots.com from Spring 2024. These products will sit within the Boots family of branded products which will increase consumer confidence in the continued adoption of at-home testing. Anpario 235p £47.7m (ANP.L) The manufacturer of natural sustainable feed additives for animal health, nutrition and biosecurity announce its full year results for the twelve months to 31 December 2023. The Company announces a 6% decrease in revenue to £31.0m (2022: £33.1m), albeit an improvement in gross margins to 45.0% (2022: 42.7%). Adjusted EBITDA decreases by 14% to £4.5m (2022: £5.2m) and a 25% decrease in profit before tax to £2.8m (2022: £3.7m). The Company has cash and bank deposit balances of £10.6m at the year end. The Board is confident in the long term profitability of the Company. CleanTech Lithium 15.25p £22.1m (CTL.L) An exploration and development company advancing lithium projects in Chile, announces that the operation of the Company´s pilot plant has commenced and is producing lithium chloride eluate from the Direct Lithium Extraction (DLE) process. The pilot plant has a design capacity of 1 tonne per month lithium carbonate equivalent (LCE) as concentrated eluate. Samples of the product will be made available to potential strategic partners such as major auto and battery manufacturers, in preparation for off-take agreements EKF Diagnostics Holdings 26.65p £120.9m (EKF.L) The diagnostics business, announces its unaudited results for the year ended 31 December 2023. Revenues of £52.6m (2022: £66.6m), and gross profit before exceptionals of £24.4m (2022: £30.8m). Adjusted EBITDA of £10.4m (2022: £14.9m) and the Company announced a return to profit before tax of £2.1m (2022: loss of £8.9m). The Company holds cash, net of borrowings at year end of £4.7m. The Company opened its upgraded Life Sciences facility in South Bend in October 2023 and is trading in line with market expectations. Equals Group 112.5p £211.1m (EQLS.L) A developer and seller of scalable payment platforms provide an update on the Company's current trading. Revenues of £22.2m, up from £17.4m in the same period in FY-2023, representing an increase of 28%. Current trading has been robust across the business and overall trading continues to be in line with the Board’s expectations. IQGeo Group 405p £249.9m (IQG.L) A developer of geospatial productivity and collaboration software announces its final audited results for the year ended 31 December 2023. Order intake of £57.2m representing 40% growth (2022: £41.0m), and total revenue growth of 67% to £44.5m (2022: £26.6m), with organic growth of 64%. Adjusted EBITDA of £6.6m (2022: £1.9m) and the Company is breakeven for the year (2022: loss of £0.9m). The Company announced that the new Malaysian office opened at the end of 2023 to support expansion in APAC in 2024 and are confident to deliver on their targets for 2024 and beyond. Poolbeg Pharma* 9.6p £48.0m (POLB.L) A biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need, announces that it has received a Notice of Allowance from the US Patent Office in relation to its Immunomodulator II patent application. A Notice of Allowance is a precursor to the expected formal grant of a patent in due course. The claims which the US Patent Office have deemed acceptable to grant covers a class of drugs (including POLB 001) for the treatment and prevention of cytokine storm (hypercytokinaemia) after an immune response has been triggered - in any disease indication. This marks a significant step for POLB 001 which has strong potential across multiple disease areas. Further patent applications have been filed and have complementary coverage, particularly in respect of cancer immunotherapies, thereby enhancing the value and attractiveness of POLB 001 to potential Pharma partners. Roadside Real Estate 8.85p £12.7m (ROAD.L) The roadside real estate business announce that it has exchanged an unconditional share purchase agreement to sell 952 shares in its subsidiary, Cambridge Sleep Sciences, (CSS) for £6,302.53 per share to CGV Ventures 1 Ltd., valuing the total consideration of £6.0m. The consideration would be wholly paid in cash by not later than 25 April 2024. Roadside intends to use the proceeds from the Transaction to reduce the Company's debt. Roadside's shareholding in CSS would reduce from 75.0% to 65.0%. Strategic Minerals 0.25p £5.0m (SML.L) A mineral company, announces that its 100% owned subsidiary Cornwall Resources Limited (CRL) has finalised an Exclusivity and Prospecting Agreement with The Duchy of Cornwall that will increase CRL's footprint in the East Cornwall/Tamar Valley region and aimed to advancing commercialising the mineral rights. CRL's regional exclusive mineral rights footprint increased almost 4 times to 87.95 km², up from 23.68 km². The Initial exclusive exploration period is for 3 years, effective from 1st April 2024, with an option to extend further. The terms of the Agreement require CRL to pay an annual rent to The Duchy of Cornwall. Versarien 0.148p £1.5m (VRS.L) The materials engineering group, announces it has raised £615k by way of a placing new ordinary shares in the capital of the Company at a price of 0.125 pence per share. The Placing Price represents a discount of 30% to the closing price of 0.179 pence in the Company on 19 March 2024, being the last practical trading date. The net proceeds will be used for corporate and working capital purposes as the Company continues to progress its turnaround strategy following the recent sale of its South Korean assets and licencing agreement with Montana Química LTDA.
VRS SML POLB IQG EQLS EKF CTL ANP
19th January 2024 @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 objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document. This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook). This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook. Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world. Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 12 January: The London Tunnels PLC announces its intention to seek admission to the Standard Segment of the Official List and to trading on the Main Market of the LSE. The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940’s, and designed to shelter people during the London Blitz. The Company has successfully raised approximately £10m from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market. The Company is expected to have a market capitalisation of approximately £123m on Admission. Expected Admission before the end of January 2024. Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Anglesey Mining 1.8p £7.6m (AYM.L) A Company developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au deposit in North Wales, announces that the assay results have been received from the completed drill hole NCZ001. Garth Daniel Zone – Hole NCZ001 produced results of 22.0m @ 2.3% Cu, 2.8% Zn, 1.3% Pb, 5.0g/t Ag and 0.03g/t Au (3.7% CuEq / 9.2% ZnEq) from a depth of 559m. Northern Copper Zone – Hole NCZ001 had results of 11.0m @ 0.6% Cu, 1.4% Zn, 0.5% Pb, 9.0g/t Ag and 0.4g/t Au (1.3% CuEq / 3.6% ZnEq) from a depth of 503m. The Company believes these results demonstrate the prospectivity of the Parys Mountain mineralised system. AudioBoom 252.5p £41.4m (BOOM.L) The global podcast company announces a record number of Top 100 podcasts in the latest Triton Digital industry ranker. The company published 14 of the Top 100 shows in the US in December 2023. Audioboom remains the fifth largest publisher on the ranker and has made significant strides over the past 12 months. Audioboom's weekly audience reach of 5.1 million listeners currently sits 1.8 million behind second-placed Wondery - in December 2022 that gap to second place was 3.1 million listeners. Avacta Group 104p £295m (AVCT.L) A life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, announces that Christina Coughlin, M.D., Ph.D. will take up the position of Head of Research and Development, overseeing all clinical development and pre-clinical research activities of the Therapeutics Division. Dr. Coughlin has served as a Non-executive Director of Avacta Group plc since March 2022 and has recently acted as Consultant Medical Adviser to the Therapeutics Division. Avacta also announces that Dr. Fiona McLaughlin will step down as Chief Scientific Officer of the Therapeutics Division after three years in the role. Deltic Energy 23.5p £21.9m (DELT.L) The natural resources investing company with an exploration and appraisal portfolio focused on the Southern North Sea, presents the results of a Competent Person's Report (CPR) in relation to the Pensacola Discovery on Licence P2252 in which Deltic holds a 30% interest. RPS Energy Ltd (RPS) estimates gross P50 Hydrocarbons initially in Place of 326 MMboe, in-line with Deltic's previous estimate of 342 MMboe. RPS estimates 2C Contingent Resources, net to Deltic of 21.8 MMboe in the combined case and 15 MMboe in the gas only case. Subsequent to the CPR work, appraisal well data from the analogous Crosgan Zechstein discovery has been released that supports the potential for thicker, higher quality reservoir across the crest of Pensacola. Global Connectivity* 0.8p £2.9m (AQSE: GCON) A company focused on communication services and technologies that enhance connectivity and a shareholder in leading UK broadband provider Voneus Limited (Voneus) through its investment in Rural Broadband Holdings Solutions Limited (RBSHL), announces that on 4 January, a further combined capital investment of £25m was made into Voneus by its shareholders and lenders. This investment in Voneus increases RBSHL's stake to 36% from 32%. Global Connectivity plc owns a 15% stake in RBSHL's common equity. M.P. Evans Group 741p £394.5m (MPE.L) A producer of sustainable Indonesian palm oil, announces its crop and production information for the year ended 31 December 2023. Own crops increased by 2% to 922,900 tonnes compared to 2022, Scheme-smallholder crops increased 5% to 278,500 tonnes and Independent crops purchased increased 24% to 421,500 tonnes. The Group received an average mill-gate price for its crude palm oil of US$729 per tonne in 2023, approximately 15% lower than the US$854 in the previous year and The Group continues to receive mill-gate prices in excess of US$700 per tonne. N4 Pharma 0.93p £2.5m (N4P.L) The pharmaceutical company developing Nuvec®, a novel delivery system for cancer treatments, gene therapy and vaccines, announces that the University of Queensland has informed the Company that it has been notified by its Indian patent attorney of the granting of its patent for Nuvec® in India. The granted patent in India is for a composition of matter patent for the particle itself as well as the manufacturing process relating to how the particle is made and matches the patents granted in the USA, Canada, Europe, Japan, Australia and China. Prospex Energy 5.75p £19.1m (PXEN.L) The investment company focused on European gas and power projects, provides an operational update from the Podere Maiar-1 (PM-1) well site of the Selva field, which is operated by Po Valley Operations Pty Limited (PVO), a wholly owned subsidiary of Po Valley Energy Limited. The commissioning and testing period undertaken by PVO has defined optimal well performance and PVO has confirmed that the testing was successfully undertaken at various production levels. Slick line work programmes have been completed to monitor well behaviour and any accumulation of debris and production volumes testing will continue over the next four weeks. Rockfire Resources 0.32p £8.0m (ROCK.L) The base metal, gold, and critical mineral exploration company, announces that Sunshine Metals Limited (Sunshine) has received first pass drilling results from Lighthouse. Sunshine is farming into Rockfire's Lighthouse tenement and has the option to earn a maximum 75% interest in the tenement by expenditure of AUD$2.2m over a 3-year period. Drilling at Lighthouse Farm-In comprised 11 RC holes (1,167m) testing three separate prospects. Drilling at Cardigan Dam (5 holes, 565m) identified multiple anomalous gold zones including requiring follow-up of: 3m @ 1.56 g/t Au from 31m (23CDRC002). Plateau drilling (5 holes, 505m) was intersected in 3 holes and returned: 1m @ 2.29 g/t Au from 41m (23PLRC004). Likely meteorite was identified in outcrop at Horse Creek. Versarien 0.088p £0.4m (VRS.L) The materials engineering group, announces it has raised £400k by way of a placing new ordinary shares at a price of 0.08 pence per share. The placing price represents a discount of 47% to the closing price of 0.15p as of 18 January 2024. The net proceeds will be used for corporate and working capital purposes as the Company seeks to capitalise on the growing number of opportunities in its pipeline and continues to progress its asset sales.
VRS ROCK AYM DELT BOOM AVCT
15 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 objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document. This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook). This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook. Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world. Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. *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?** Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023. M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023. Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Expected Admission 20th March 2023. Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected Admission mid-March 2023. Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market, intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected Admission 17th March 2023. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet*** Advanced Medical Solutions Group 2456p £533.6m (AMS.L) A specialist in tissue-healing technologies, announces its unaudited preliminary results for the year ended 31 December 2022. Group revenue increased 14% to £124.3m (2021: £108.6m) and adjusted profit before tax increased by 11% to £28.5m (2021: £25.6m). The Group held cash of £82.3m (2021: £73.0m). During the Group completed the acquisition of AFS Medical GmbH an Austria-based distributor of minimally invasive surgical devices for an initial cash purchase price of EUR4.5m. The Group is trading in line with expectations. Ariana Resources 2.9p £33.2m (AAU.L) The listed mineral exploration and development company with gold mining interests in Europe, announces the production guidance for 2023 for its interests in the Kiziltepe Mine. Kiziltepe is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. Gold production guidance for 2023 from Kiziltepe is expected to be c. 18,000 ounces of gold, the average monthly production is expected at approximately 29,000 tonnes of ore. The average grade of is expected to be c. 1.7 g/t Au and gold recovery is expected to exceed 90%. The Kiziltepe operation is currently targeting a minimum 10-year mine life, which will require the addition of a further 25,000 oz gold in Reserves outside of the five main pits (Arzu South, Arzu North, Banu, Derya and Kepez) that are currently scheduled to be mined. Centaur Media 53p £77.8m (CAU.L) An international provider of business intelligence, learning and specialist consultancy, announces its preliminary results for the year ended 31 December 2022. Revenue grew by 6% to £41.6m (2021: £39.1m), adjusted EBITDA increased by 33% to £8.5m (2021: £6.4m). Group profit after tax increased by 100% to £2.8m (£1.4m). Centaur has undergone transformations over recent years and this is set to continue in 2023. Centaur remains on track to meet its MAP23 objectives; £45m revenue and 23% EBIDTA margin by 2023. The Group's trading has started the year in line with the Board's expectations. Crossword Cybersecurity* 10.5p £9.7m (CCS.L) The cybersecurity solutions company focused on cyber strategy and risk, announces that the Company is issuing 1,052,135 new ordinary shares of 0.5 pence each, in respect of the first anniversary deferred acquisition of c.£172k for the acquisition of Threat Status Limited (announced 14 March 2022). The consideration shares have been issued at the preceding three-month average price of 16.35 pence per share. In addition, £281,758 consideration is payable in cash. Total consideration payable on the first anniversary following completion is £453,790. On the second anniversary of completion, a further cash payment of £125k and £450k in Ordinary Shares become payable. Keywords Studios £26.28 £2054.9m (KWS.L) The international technical and creative services provider to the global video games and entertainment industries, announces its full year results for the year to 31 December 2022. Group revenue increased 34.8% to EUR690.7m (2021: EUR512.2m), adjusted EBITDA increased 33.4% to EUR146.9m (2021: EUR110.1m). Adjusted profit before tax increased 30.2% to EUR112.0m (2021: EUR86.0m). The Company holds net cash of EUR81.8m. During the period he Company delivered 3 acquisitions for a total consideration of EUR140m.Trading is in line with the Company’s outlook. Kingwood Holdings 25.5p £55.3m (KWG.L) The international, fully integrated wealth and investment management group, provides a trading update for the year ended 31 December 2022 (FY2022). The Group expects total revenue of c.£143.6m for FY2022, a decrease of 3.9% year on year. Of the total revenue, UK revenues are expected to increase 54% while the US revenues are expected to be 14% lower. Operating profit is expected to be £8.5m, an increase of 34%, although below Board's expectations. Current Group FY2023 run rate operating profit is approximately £14.7m. Sound Energy 1.7p £31.4m (SOU.L) The transition energy company, provides a project financing update in relation to the Company's Tendrara Production Concession, onshore Morocco. The Company announced on 23 June 2022 that it had entered into an Arrangement and Mandate letter with Attijariwafa bank, in relation to project debt financing for the Phase 2 development of Sound Energy's Tendrara Production Concession. Since then, progress has been made with Attijariwafa bank, who has recently completed legal and technical due diligence in respect of the proposed financing. Whilst additional pre-financing aspects such as Phase 2 Engineering contracts remain subject to award, finalisation and review, the parties have now moved on to more detailed financial structuring of the proposed financing, and consequently the parties have entered into a further amendment to the Mandate in order to extend the date by which the parties will seek to negotiate binding terms for the proposed Financing to 28 April 2023. Sareum Holdings* 97.5p £66.4m (SAR.L) A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that it has initiated an application to perform Phase 1 clinical studies on SDC-1801 in Australia under the Clinical Trial Notification scheme. The documents required to initiate the trial under the CTN scheme have been submitted to a Human Research Ethics Committee (HREC) in Australia. A decision on approval by the HREC and acceptance of the CTN by Australia's medicines regulator, the Therapeutic Goods Administration (TGA), is expected in Q2 2023. Sareum will be presenting its unaudited results for six months ended 31 December 2022, on Wednesday 22 March 2023 at 12.30 pm via the Investor Meet Company platform. Link via https://www.investormeetcompany.com/sareum-holdings-plc/register-investor TruFin 69p £65m (TRU.L) The operating company that focuses on growing Fintech and banking businesses announces its final results for the 12 months ended 31 December 2022. Gross revenues grew 23% to £16.1m (2021: £13.1m). Recurring software and licensing fees represented 84% of revenue (2021: 87%). Loss before tax marginally decreased to £8.0m (2021: £8.4m). The Group held cash and cash equivalents totalling £10.3m (£3.9 unrestricted). Post period January 2023 unaudited revenues were not less than £0.98m, representing 26% growth compared to January 2022. Versarien 4.16p £8.8m (VRS.L) The advanced materials engineering group announces it has raised £318k by way of a placing new ordinary shares, at 3 pence per share. The net proceeds of the placing will be used to continue commercialisation work for the Company's products, primarily focusing on the construction and leisure sectors and for general operational and working capital purposes. If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Chef: Emily Liu 0203 764 2344 emily.liu@hybridan.com Chef: Sacha Morris 0203 764 2345 sacha.morris@hybridan.com
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Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Smarttech247 Group, intends to join AIM. The company is a provider of AI enhanced cybersecurity services providing automated managed detection and response and has raised £3.67m to support its continued expansion into new products and geographies, development of its proprietary technology and for general working capital purposes. Admission is expected to take place on 15 December 2022 under the TIDM S247. Conviction Life Sciences, a newly established closed-ended investment company managed by Plain English Finance Limited, is seeking to list on Premium Segment of the Main Market of the London Stock Exchange, to invest in a conviction portfolio of life sciences and medical technology businesses, primarily in the UK, Europe and Australasia. The Company will invest in both Publicly Traded and Private companies - c. 70% and c. 20% of the total portfolio value respectively. The Company will target an annualised Total NAV Return of 20% over the long-term. Targeting to raise c.£100m. Date 16 December. Kistos Holdings intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. Banquet Buffet AfriTin Mining 4.4p £66.8m (ATM.L) The African technology metals mining company with a portfolio of mining and exploration assets in Namibia is seeking to change its name to Andrada Mining Limited, reflecting the Company's expanding lithium and tantalum resources alongside its existing tin production. The proposed rebrand will be voted on in the Company’s EGM on the 5th January 2023. Aura Energy 15p £79.8m (AURA.L) The Australian based minerals company announces the successful production of yellowcake product from beneficiation pilot plant concentrate samples from the Tiris Uranium Project in Mauritania. The samples used in this program were announced on 23 June 2022. The production of yellowcake in the form of uranium oxide concentrate (UOC) from the samples is a key milestone as the Company moves towards near-term Phase 1 uranium production. The result successfully completes the uranium recovery test work program at the ANSTO laboratory and indicates that Tiris production could be sold in the international market as a high-standard product without penalties. Clean Power Hydrogen 29.75p £79.9m (CPH2.L) The UK-based green hydrogen technology and manufacturing company announces that Arash Selahi has been appointed as Chief Operating Officer. Mr Selahi has been the Company's Head of Operations since May 2022 and has an extensive background in managing industrial manufacturing facilities in a range of sectors. Further to previous announcements, the Company also confirms that James Hobson has taken up his role of Chief Financial Officer and executive director, following the retirement of Clive Brook. Hargreaves Services 352.5p £114.7m (HSP.L) A diversified group delivering services to the industrial and property sectors provides the following update on trading ahead of reporting its interim results for the six months ended 30 November 2022. The Board anticipates both revenue and profit before tax to be higher than in the comparative period. Improvement has occurred in each of the three business segments, Services, Hargreaves Land and HRMS (German Joint Venture). On 30 November 2022, the Group had cash and cash equivalents of £18.1m compared to £13.8m at 31 May 2022. The Group also had leasing debt totaling £30.6m (£18.4m on 31 May 2022). The Board remains confident of delivering full year results in line with market expectations. Inland Homes 19.25p £43.5m (INL.L) The housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, announces that Donagh (Don) O'Sullivan will join the Board as Chief Executive Officer of the Group, effective immediately. Don was formerly CEO of the privately owned, Galliard Homes from July 2017 until March 2022, having joined the company in 2001 originally as a contract manager. Lifesafe Holdings 49.5p £10.9m (LIFS.L) The fire safety technology business with innovative fire extinguishing fluid and fire safety products, provides a trading update for the 11 month period ended 30 November 2022. Sales growth through the Group's consumer channels has exceeded its expectations for the period. Revenue in that period is now above current market guidance of £3m for the full year ending 31 December 2022 (FY22). The Board has therefore upwardly revised its expectation of FY22 revenue to between £3.5m and £3.8m. EBITDA for the full year remains in line with current market expectations, due to increased short term logistics costs and increased marketing costs. OKYO Pharma 2.75p £37.8m (OKYO.L) The ophthalmology-focused bio-pharmaceutical company which is developing OK-101 to treat dry eye disease, announces that it has filed a registration statement on Form F-1 with the U.S. SEC relating to a secondary public offering of its American Depositary Shares (ADSs), each of which will represent 65 of the Company's ordinary shares of no par value each in the United States. The number of ADS’s to be offered and the price range for the Offering have not yet been determined. The Offering is subject to market conditions. Time Out Group 41p £137.7m (TMO.L) The global media and hospitality business announces its audited full year results for the 12 months ended 30 June 2022 (Comparative information relates to the 18 months ended 30 June 2021). Gross revenue increased by 62% to £72.9m (2021 18m: £44.9m) and net revenue by 47% to £55.4m (2021 18m: £37.8m). Gross profit increased 48% to £44.6m (2021 18m: £30.2m). Group operating loss reduced to £14.1m (2021 18m: £60.5m loss). Group Adjusted EBITDA improved to positive territory of £1.2m (2021 18m: £17.6m loss). While recognising the head winds the Group may face in FY2023, the Board remain cautiously optimistic given the increasing engagement of global brands seeking its multi-channel advertising solutions and the recent record trading days within the Time Out Market portfolio. Versarien 10.76p £20.9m (VRS.L) The advanced materials engineering group announces it has raised £1.85m, before expenses, by way of a placing at a price of 10 pence per share. The net proceeds of the Placing will be used to continue Versarien's commercialisation work, primarily in the construction and leisure sectors and for general working capital purposes. Vianet Group 63.5p £18.3m (VNET.L) The cloud base provider of business intelligence to the hospitality, unattended retail vending and remote asset management sectors announces its unaudited results for the 6 months ended 30 September 2022. Group revenue was at £7.18m (H1 2022: £6.34m), being 85.4% of pre-pandemic performance levels. Recurring revenue, on contracts varying from 3 to 5 years, grew to £6.17m being 86% of the turnover during H1 2023 (H1 2022: £5.25m). Operating profit post exceptional items was £1.17m (H1 2022: £0.78m). The pre-tax loss was £0.11m (H1 2022: £0.36m loss). Management is confident in meeting the market's expectations for the full year, and believes it is well placed to achieve pre-pandemic run rates.
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Dish of the day Joiners: Invinity Energy Systems plc (AIM:IES), a leading global manufacturer of utility-grade energy storage has dual listed on the Aquis Stock Exchange. Leavers: No leavers today. What’s cooking in the IPO kitchen? New Energy One Acquisition Corporation Plc, intends to float on Main Market. NEOA is a special purpose acquisition company incorporated in the United Kingdom that has been established to focus on pursuing a Business Combination with targets that are positioned to participate in or benefit from the global transition towards a low carbon economy. Capital to be raised £175m. Timing TBC. Anglesey Mining, a UK mining company currently listed on the Main Market (Premium) intends to move to AIM. Anglesey’s principal asset is a 100% interest in the Parys Mountain copper-zinc-lead-gold-silver project on the island of Anglesey in North Wales. Anglesey is currently exploring and developing the property, which has a high potential for the discovery of additional mineral resources through the development of a new, modern mine in an environmentally sustainable manner. Anticipated Mkt Cap, current capitalisation c£8m. No funds to be raised. Expected 8 April 2022. Summerway Capital plc, (AIM:SWC) to be renamed Celadon Pharmaceuticals plc following completion of the acquisition of Vertigrow Technology Ltd, is to relist on AIM. Vertigrow is a UK based pharmaceutical Company specialising in the researching, growing and supply of medicinal cannabis, for a total consideration of £80m. Summerway is an investing company focused on investment and acquisition opportunities across the healthcare and pharmaceutical sectors, particularly within new and emerging therapeutic areas. Capital to be raised on admission £8.5m. Anticipated Mkt Cap approximately £101.8m. Due 28 March 2022. Cordiant Global Agricultural Income plc intends to float on the Main Market (Premium). The Company's investment objective will be to seek to provide an attractive yield, with potential capital growth, by providing secured medium-term finance to the global agricultural sector. The Company will seek to promote more sustainable crop production and help address a capital solutions gap which exists in the agricultural sector in select regions. The Company will provide finance for crop inputs and for capital investment in new technologies and infrastructure which help increase crop yields and have a sustainable benefit. Mkt Cap and Capital to be raised TBC. Majestic Corporation plc, to join AQSE Growth Market. Majestic is a profitable business recycling precious and non-ferrous metals from obsolete mechanical and industrial material including catalytic convertors, printed circuit boards, legacy electrical and electronic equipment, and industrial metal residues left over from manufacturing. The metals extracted for recycling include gold, platinum, rhodium and palladium. The company uses a network of partners to source, acquire, store, and process material and once the waste precious metal is ready it is supplied to refineries, in countries such as Japan, for reconstitution and resupply in to the global supply chain. Due March 2022. Shellraise plc, to join AQSE Growth Market. The Company will focus on identifying investment opportunities in companies operating in the viticulture sector which require funding to increase output. Mkt Cap and Capital to be raised TBC. Expected 18 March 2022. Cleantech Lithium intends to join AIM. The Group is intending to produce lithium using a sustainable direct lithium extraction method, which returns water to its source instead of depleting vital aquifers. Each of the Projects are based in Chile, one of the world's best regions for solar and other renewable energy. The intention is to utilise renewable energy for process power. The result being that the overall process will have a very low CO2 footprint potentially giving a critical advantage in the European Union market which has set strict CO2 emissions limits. Mkt Cap and Capital to be raised TBC. Due 14 March 2022. Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and direct subscriptions by new and existing investor. If the Proposed Transaction proceeds to completion, it is proposed to change the name of the Company to Ondo InsurTech Plc and the name of Labs, which will become a subsidiary of the Company, to LeakBot Ltd. Should the Proposed Transaction not proceed, then the Company would need to apply for the suspension of its listing of ordinary shares to be lifted and for trading to be restored. £5m capital to be raised. Due early 2022. Carbon Air, a nano-technology company which leverages the adsorption 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 March. Spiritus Mundi due to join the Main Market (Standard), a special purpose acquisition vehicle which will seek acquisition targets in Europe and Asia in the clinical diagnostics sector. The Company has already raised approximately £1.2m in a pre-IPO fundraising round. Delayed until second half of Q1 2022. Recycling Tech Group to join AIM, a UK-based engineering, research and manufacturing company that has developed a modular and mass producible machine, the RT7000, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics. Targeting a £40m raise. Due early March 2022. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet Ergomed 1,175p £574.2m (ERGO.L) The company focused on providing specialised services to the pharmaceutical industry, today announces that John Dawson, CBE has joined the Board as an independent Non-Executive Director and Chair of the Audit Committee. John Dawson is a highly experienced and globally respected figure in the healthcare sector. Most recently, he was Chief Executive Officer of Oxford Biomedica (LSE: OXB) where, during his 13-year tenure, the business grew into a global market leader in viral vector technologies for cell and gene therapy, delivered multiple high value partnerships and successfully manufactured the life-saving Oxford/AstraZeneca COVID-19 vaccine. Under Mr. Dawson's leadership, Oxford Biomedica's success resulted in it entering the FTSE 250 index in 2020. Subsequently, in the New Year Honours List this year, he was awarded a CBE for services to UK life science, in recognition of the unprecedented speed and success at which Oxford Biomedica delivered the COVID-19 vaccine. Prior to Oxford Biomedica, Mr. Dawson held various senior executive roles including at Cephalon Pharmaceuticals where for most of his tenure he was Managing Director for Europe. Prior to this, he served as the Financial Director for Serono before its acquisition by Merck. Mr. Dawson holds a BSc in Mathematics from Swansea University and is a Chartered Accountant. Gaming Realms 26.30p £76.2m (GMR.L) The developer and licensor of mobile focused gaming content announced that its subsidiary, Alchemybet Limited, has been awarded an iGaming Supplier license to supply games within the Canadian province of Ontario ahead of the opening of the province's regulated iGaming market on 4 April 2022. Gaming Realms' entry into the Canadian iGaming market marks a significant milestone for the Group, presenting a long-term growth opportunity as the Company focuses on providing its Slingo Originals game content to Ontario's licensed online casino operators. With a population of 15m, Ontario is larger than any State within the U.S. that is currently licensed for iGaming. It is reasonable to expect that revenues will be higher than New Jersey, Michigan or Pennsylvania, where the Company is currently supplying its Slingo Originals content. The Company will launch its full games portfolio in Ontario and is now preparing for launch as the market opens. With regard to current trading, whilst early in the year, 2022 has started well with revenues in excess of management's expectations, giving management confidence in the outlook. Haydale Graphene 3.8p £19.4m (HAYD.L) The global advanced materials group, has signed a sales representation agreement with Hainan Hongshida Information Technology Co., Ltd.. The Agreement is for an initial period of two years and allows Hongshida to act as a non-exclusive sales representative for Haydale's ceramic and silicon carbide products in China (including Hong Kong) and Taiwan. Under the Agreement, Hongshida has agreed to purchase a minimum of 200 kg of product from Haydale within the first year of the agreement increasing to 5,000kg in the second year. If all volume commitments are met, the minimum value of the contract would be $1.14m but may be considerably higher depending on the product mix. The Company anticipates that the sales would mainly fall into the financial year ending June 2024. Hongshida, located in China's new free trade zone of Hainan Province, provides engineering and technology solutions across equipment manufacturing, electronic components, and machinery to customers in the Chinese civilian aviation and other industrial sectors. Midatech Pharma 13.25p £13m (MTPH.L) The drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines announced an extension of its existing R&D collaboration with Janssen Pharmaceutica NV (Janssen) originally announced on 21 July 2020. On 17 June 2021 the Company announced that, using its Q-Sphera technology, it had successfully encapsulated a proprietary Janssen experimental large molecule medicine and importantly preserved its functional integrity. The Company believes no other commercial or academic organisation has been able to successfully deliver any such experimental medicine over extended periods using methods capable of commercial scaling. Following the initial programme (MTX213), the collaboration has been extended to include another large molecule to the research performed by Midatech for Janssen. As with the MTX213 molecule, the work will concentrate on maximizing drug loading and optimizing in vitro duration of release for this undisclosed Janssen experimental molecule using the Midatech's Q-Sphera technology. Phoenix Global Resources 4p £111.5m (PGR.L) The upstream oil and gas company, announces an update on its funding arrangements. As disclosed in the Company's announcement of 29 December 2021, Mercuria stated its intention to provide financial support to the Company in order that the Company could continue to operate and service the Company's liabilities as they fall due for the 12-month period from 14 September 2021, the date of the release of the interim results, and agreed to meet the Company's cash needs for this period and not demand repayment of the Mercuria loans (principal and interest), whilst discussions between the parties to restructure the loans continue. The parties continue to discuss the restructure of the existing debt and whilst these discussions continue, Mercuria has agreed to further increase the bridging facility, which carries interest at US$ LIBOR plus 4% and is not convertible, by US$30m to US$97.5m. Shanta Gold 9.875p £103m (SHG.L) Transformative drilling results deliver 37% increase in West Kenya Resource and confirm confidence in district scale potential. New potential confirmed at the Ramula target and 6 proximal targets; Results in a 37% increase in total resources at West Kenya to 1.6m ounces; Ramula target has an inferred unconstrained in-situ resource estimate of 433,900 ounces grading 2.08 g/t, using a cut-off grade of 0.7g/t Au; Ramula target maiden resource was completed using the Canadian National Instrument 43-101 guidelines (NI 43-101); Total of 19 mineralised sub-horizontal zones at Ramula modelled to 240 metres depth; Several of the 19 zones include high grade inferred resources currently summing to 107,684 ounces grading 6.43 g/t using a cut-off grade of 3.0 g/t; Preliminary indications of favourable low stripping ratio; Ramula target lies in the West Kenya Project, 35 kilometres from Isulu-Bushiangala (Liranda Region); Management reviewing an accelerated timeline to full economic assessment. Sound Energy 1.525p £24.8m (SOU.L) Sound Energy, the Moroccan focused upstream gas company, announces an extension to the date by which the conditions to its binding gas sale and purchase agreement (the GSA) in respect of the Phase 2 development of the Tendrara Production Concession with Morocco's state owned power Company ONEE (Office National de l'Electricite et de l'Eau potable) for the sale of natural gas from the Tendrara Concession in Eastern Morocco over a 10 year period are required to be satisfied by a further three months. The terms of the GSA were announced by the Company on 30 November 2021. The GSA remains conditional upon, inter alia: (i) all necessary authorisations and permits having been granted for the construction of the Phase 2 gas installations (ii) the final investment decision, when taken, by the Tendrara joint venture partners, being approved by the Moroccan Ministries of Transition Energy and Sustainable Development and Economy and Finance; and (iii) the entry by the Tendrara joint venture partners of an interconnection agreement with the operator of the GME Pipeline, and the commencement of works, for the connection of the Tendrara Production Concession to the GME Pipeline. Progress has been made in the preparation of pipeline entry agreements, term sheets for financing, approvals and FID and consequently all parties have agreed to a 90 day extension period to the GSA. Tissue Regenix 0.36p £25m (TRX.L) The regenerative medical devices company, announces that it has signed an exclusive distribution agreement with Geistlich Biomaterials Italia, a subsidiary company of Geistlich Pharma AG, a global company with a focus on regenerative products for bone, cartilage and tissue, for the distribution of OrthoPure XT in Italy. The OrthoPure XT decellularised xenograft ligament utilises Tissue Regenix's patented dCell® technology and is the only available non-human biologic graft indicated for certain ligament reconstruction procedures. OrthoPure XT was commercially launched in December 2020 after being awarded a CE Mark for revision of anterior cruciate ligament reconstruction procedures and reconstruction of other knee ligaments, including multiligament and primary procedures when the autograft is unacceptable. The biocompatible implant provides a biomechanically appropriate tissue scaffold for cellular repopulation and eventual regeneration. The multiyear distribution agreement covers Italy currently but also has the potential for extension to wider geographies. As part of the agreement, Geistlich has also committed to advance the clinical science surrounding OrthoPure XT which will be conducted at some of the leading institutions by clinicians in Italy. Mothercare 11.02p £62.2m (MTC.L) Mothercare announces that all business in Russia, including shipment of all products has been suspended. Its local partner has confirmed that it will be immediately pausing operations in some 120 stores and online. Russia represents around 20-25% of Mothercare's worldwide retail sales and was previously expected to contribute around £0.5m per month to Group profit. Mothercare is the owner of the global specialist brand that designs, sources and supplies products across clothing, equipment and other products for parents and young children around the world. Versarien 22p £42.7m (VRS.L) The advanced engineering materials group and provider of graphene-enhanced cement admixture, today announces the launch of its "Lunar" lifestyle pods designed with sustainability and innovation at the core. Lunar is Versarien's first 3D printed concrete product made with Cementene™, Versarien's graphene-enhanced cement. The launch will see Neill Ricketts, CEO of Versarien, unveil a building printed with Cementene™, at the Company's production facilities in Longhope, Gloucestershire. Known as Versarien Lunar, this is a milestone project for a 3D-concrete printed product with a graphene additive. The versatile pods can be used as an office, studio, gym, or leisure room. The pod's wall design shows the level of detail, flexibility and precision that can be achieved with 3D-concrete printing. The launch of Lunar comes at a time where sustainability in construction has never been more scrutinised. The industry accounts for around 8% of global CO2 emissions and would be third for emissions in the world if it were a country, behind only the US and China. Since fewer materials are needed to achieve the same structural performance as ordinary concrete, incorporating graphene into concrete can enable faster completion of buildings, reducing costs and the carbon footprint.
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Versarien is a speciality materials company focused on newly emerging applications of graphene as an additive in a range of different materials. The company has reached the point of delivering significant revenues from graphene technologies in the current financial year, and we expect substantial g
Versarien Plc
Joiners No Joiners Today. Leavers Cambria Autos has left the AIM following a takeover. What’s cooking in the IPO kitchen? Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct. Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive and sustainable level of income returns, with the potential for capital growth, by investing in commercial scale energy storage and renewable energy generation projects, with an initial focus on a diversified portfolio of battery energy storage systems located in Great Britain. The Company has contracted with Tesla Motors Limited in respect of its initial portfolio of battery storage projects, to be acquired on IPO, which will benefit from Tesla's 2-hour duration Megapack systems and Autobidder AI revenue optimisation platform. Due Early Nov. Stelrad Radiator Group, the specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, is considering an IPO on the Main Market (Premium). Potential secondary and primary (c.£25m) offer. Timing TBA. Pantheon Infrastructure to join the Main Market (Premium). PINT will target attractive risk-adjusted total returns comprising capital growth and a progressive dividend through making equity and equity-related investments in private infrastructure assets alongside other leading private asset investment managers. Due Mid Nov. Quantum Exponential to join AQSE. The Company intends to identify investment opportunities in the quantum technology sector primarily in the NATO allied countries. The Company has identified over 175 start-ups which potentially meet their investment strategy with a focus on seed funding for start-ups with second stage funding plans in preparation. Offer and timing TBA. Pod Point, one of the United Kingdom's leading providers of Electric Vehicle charging solutions is considering a Main Market (Premium) listing. As at 30 June 2021, Pod Point had installed more than 89,000 home charge points and over 13,000 commercial units, including those located at workplaces and destination locations (such as shops and leisure attractions). Timing and offer TBA. Tungsten West to Join AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon, England. Hemerdon represents the world's third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3. Expected 21 Oct. Offer TBA Softline the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segment of the Official List of the FCA and to trading on the Main Market for listed securities and on Moscow Exchange. The Group had a turnover of US$1.8 bln for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets. Primary proceeds from the Offer are expected to be around US$400m. Due Late Oct. Marks Electrical, a fast growing online electrical retailer, announced its intention to proceed with an initial public offering and to seek admission to trading on AIM. Marks Electrical sells, delivers, installs and recycles a wide range of household electrical products. In the year to 31 March 2021 revenue grew to £56m, up 78% against the previous financial year, while EBITDA increased to £7.45m, at a 13.3% EBITDA margin. The Group has made a strong start to its current financial year to 31 March 2022, with revenue growth of 78% in H1 FY2022, versus 47% growth in H1 FY2021. Offer TBA Admission is expected to take place in late October 2021. Future Metals NL (ASX:FME) (formerly named Red Emperor Resources NL) to join AIM. No funds being raised. Future Metals is a platinum group metals exploration and development company that holds a 100% interest in the Panton PGM Project in Western Australia (the "Panton Project"). The Panton Project comprises 3 granted mining leases (M80/103, M80/104 and M80/105), which cover an area of approximately 23km2 and are located 60km north of Halls Creek and 1km from the Great Northern Highway, in the East Kimberly region of Western Australia. The Panton Project has a JORC (2012) Mineral Resource Estimate of 14.3Mt at 2.19g/t platinum, 2.39g/t palladium, 0.31g/t gold, 0.27 per cent. nickel and 0.08 per cent. copper. Due mid October. Mkt cap c£35.8m. Bens Creek Group to join AIM. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The Mine's operations are located primarily in Mingo County, West Virginia. The Mine includes a wash plant and rail loading facility located on the freehold land. Capital to be raised on Admission: £7m. Anticipated Mkt Cap on admission: £35m. Due 19 Oct. M7 Regional E-Warehouse REIT intends to apply for admission onto The Property Stock Exchange (Wholesale Segment). On admission, the company plans to acquire a portfolio of UK retail warehouses worth £120m from M7 Real Estate Investment Partners VIII. The portfolio currently comprises 18 retail warehouse properties across the UK totalling 978,317 sq ft and fully let to 53 occupiers. Rent collections for Q2 2021 stand at 93% and are expected to revert to 100% in the coming quarters. Castlenau Group to join the Specialist Fund Segment of the LSE’s Main Market. Castelnau was incorporated with limited liability in Guernsey under the Companies Law on 13 March 2020 as a closed-ended company limited by shares. The Company’s investment objective is to compound shareholders’ capital at a higher rate of return than the FTSE All Share Total Return Index over the long term. The Company is targeting an issue in excess of £170m. Sir Peter Wood, British entrepreneur and innovator, has committed to make a cornerstone investment of £25m in the Initial Placing. Due 18 Oct. Responsible Housing REIT to join the Main Market (Premium) raising up to £250m. The Company's investment objective is to generate a consistent and sustainable income-based return from the provision of Supported Housing accommodation assets and aligned sectors. The Company will acquire and create quality, fit-for-purpose accommodation assets to cater for supported residents across a number of care sectors including adults and young people with learning disabilities, mental health issues, physical disabilities, addiction, those with support needs, those in need of temporary accommodation, the elderly and otherwise vulnerable individuals. Arrow Exploration, currently on the TSX Venture exchange to dual list on AIM. Arrow has a portfolio of operated and non-operated interests in producing Colombian oil assets, together with a producing Western Canadian natural gas asset. The Company also has interests in development assets in Colombia. The Company has interests in six onshore blocks in Colombia, held through Arrow's wholly-owned subsidiary in Colombia, Carrao Energy S.A., and in oil and gas leases in seven areas in Alberta, Canada, held through Arrow's wholly-owned Canadian subsidiary Arrow Holdings Ltd. Offer TBA. The company last said Sept 13th that it expected to list end of September which has now passed. Marley Group, a UK leader in the manufacture and supply of pitched roof systems to the construction market , today announces that it is considering an initial public offering on the Main Market (Premium). In HY Jun 2021 revenues grew from £52.1m to £76m with underlying EBITDA more than doubling to £21.8m POSTPONED Fruugo.com which owns and operates a high growth and profitable global cross-border marketplace employing its own proprietary technology and data science, announces its intention to seek admission of its shares to trading on AIM. Due early Oct. Timing and offer TBA. Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the Democratic Republic of the Congo (DRC) and in the Republic of Zambia to join AIM. By 2022, CCR intends to be ready to commence the project financing of its Mbamba Kilenda copper project. It pushed back its AIM float on 30th September from end September to late October. The amount to be raised is still yet to be confirmed. Euro Sun Mining Inc (TSX:ESM) seeking to join the Main Market in Q3 2021. The Company's main asset, the Rovina Valley Project, which contains the Rovina, Colnic and Ciresata deposits, is one of the largest undeveloped copper-gold projects in Europe, holding approximately 400Mt of confirmed resources containing 7.0m ounces of gold and 1.4 bn lbs of copper. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet Avingtrans 440p £141m (AVG.L) Avingtrans which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors announced its £2.5m participation in a £12.9m fund raise by emerging medtech leader, Adaptix Ltd based in Oxford, UK. Adaptix's focus is on transforming radiology, by allowing low-cost, low-dose 3D portable imaging. It has developed a number of novel technologies and imaging approaches in relation to Digital Tomosynthesis (DT). At the core of Adaptix's technology is the 'Flat Panel X-ray Source' (FPS) which consists of a monoblock containing an array of individually controlled X-ray emitters combined with a high-voltage power supply. Avingtrans, through its majority owned-subsidiary Magnetica (MNA), intends to collaborate with Adaptix, to develop a disruptive business offering. This offering will bring together low-cost 3D imaging in the form of MNA's Cryogen-free MRI and Adaptix's DT, to allow fusing of the image data, giving enhanced low-cost diagnostic capability, initially for orthopaedic imaging. The target markets include some 28,000 US sites focused on minor injuries (urgent care) and private orthopaedic practices (private practices and ambulatory surgical centres). Bradda Head 7.63p £22.34m (BHL.L) The North America-focused lithium development group announced that its planned initial and preliminary metallurgical testwork programme has commenced with SGS Canada on samples from its 100% owned Burro Creek East lithium deposit. Burro Creek East already has a JORC-compliant resource identified and further drilling to add to this resource is already underway. The Company's primary aim is to develop a suitable process flowsheet, whereby the target processing cost of Li extraction is less than US$4,000/t LCE (Lithium Carbonate Equivalent). The Company views this level as a suitable goal, noting that current lithium forecasts are pricing the long-term lithium carbonate market at upwards of US$12,000/t, and current spot prices are close to US$25,000/t. Bradda's Wikieup project, where drilling is due to commence this quarter, is adjacent to Arizona Lithium Ltd.'s (previously known as Hawkstone Mining Ltd.) Big Sandy project where metallurgical testing has demonstrated the viability to produce a 99.8%-purity lithium carbonate from its ore. Ebiquity 55p £43m (EBQ.L) The specialist in media investment analysis, announces the opening of a new office in Gurgaon, India, in response to the significant growth in the Indian advertising market. The office builds on the presence of FirmDecisions, Ebiquity's contract compliance specialist business, which has been operating in Mumbai since March 2017. India is among the fastest-growing advertising markets in the world and expected to attain 9th rank in overall ad spending by the end of 2021. Ad spend in India is forecast to grow by 23.2%, and Digital is expected to grow by 28% by the end of this year. India's digital transformation is moving at a rapid pace, and Ebiquity recognises the need to have a strategic local presence to support current and new clients. EQTEC 1.17p £101m (EQT.L) The world-leading gasification solutions company building a cleaner waste-to-energy industry has signed an agreement for the proposed acquisition of a 5MWe project in Drama, North Eastern Greece, through the recently established EQTEC Synergy Projects Limited, a joint venture between EQTEC and its Greek strategic partners, German EPC company, ewerGy GmbH. Once acquired, the JV will lead the development of a new biomass-to-energy plant, generating 5MW green electricity from locally and sustainably sourced forestry waste. Due diligence, including financial and technical feasibility, has been completed. Completion of the acquisition of the Project is subject to entering into of a Project Purchase Agreement, customary for this type of transaction. European Metals 70p £123m (EMH.L) The Company has recently completed a drilling campaign at Cinovec South, comprising 22 diamond drill core holes for 6,622 metres, with the goal of increasing resource certainty in the existing resource model in and around the initial planned mining areas and upgrading part of the resource from the Indicated category to the higher confidence Measured category. Re-classification of 53.3m tonnes (MT) into Measured resource category grading 0.47% Li2O and 0.08% Sn. 28.5 MT of Inferred resource upgraded to Indicated resource category. The Measured and Indicated resource has increased from 372.4 to 413.4 MT @ 0.47% Li2O and 0.05%Sn. The total Measured, Indicated and Inferred resources have increased by 12.3MT to 708.2MT @ 0.43% Li2O and 0.05% Sn (0.1% Li (0.2153% Li2O) Cut-off). Increase in overall resource to 7.39 MT LCE. As reported previously, because zinnwaldite is paramagnetic, wet magnetic separation, the first stage of the ore processing has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%. The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene. This not only improves the economics, it will also have the effect of considerably reducing greenhouse gas emissions of the Project when compared to spodumene projects." Harland & Wolff 3.25p £25.55m (HARL.L) The shipyard and energy infrastructure group with over 160 years of maritime and offshore engineering pedigree announced that its subsidiary, Islandmagee Energy Limited, has been notified by the Department of Agriculture, Environment & Rural Affairs (DAERA) that it will issue the Environmental Consent Decision, Marine Licence, reviewed Abstraction Licence and Discharge Consent for the Islandmagee Gas Storage project. The Company has reviewed the conditions attached to the draft Marine Licence and believes that they are fair and reasonable, and therefore, acceptable, which will lead to the issuance, by DAERA, of the full Marine Licence within the next 28 days. The issuance of this licence will facilitate the abstraction and discharge of seawater and brine respectively during the cavern formation. Given the ongoing gas supply crisis within Europe and the critically low levels of gas storage currently available in the UK compared with the rest of Europe, the Company believes that it is vital that this storage project is constructed and commercialised to help ensure security of supply in the UK, as well as support the transition to a Net-Zero economy. Marlowe 905p £698m (MRL.L) The leader in business-critical services and software which assure safety and regulatory compliance announced the appointment of Rachel Addison as a Non-Executive Director of the Group from 1 November. Rachel will also take up the role of Chair of the Audit committee. Rachel is an experienced Finance Director and most recently has been Chief Financial Officer of Future plc, the global platform business for specialist media. Prior to Future she was CFO at TI Media Limited and held a number of senior financial, operational and board level roles at Trinity Mirror (now Reach) Regionals, Local World Limited, Northcliffe Media Limited and a variety of other businesses. Rachel is a chartered accountant having started her career at Arthur Andersen. Synairgen 145.65p £293m (SNG.L) The respiratory company developing inhaled interferon beta for the treatment of severe viral lung infections, today announces the appointment of Gareth Walters, Ph.D. to the newly-created role of Chief Regulatory Officer in preparation for SNG001 regulatory submissions. Dr. Walters brings more than 30 years' expertise of global regulatory strategy to Synairgen: from preclinical, to marketing authorisation, through to post-approval and commercialisation. Open Orphan 20.5p £137.5m (ORPH.L) The specialist in vaccine and antiviral testing using human challenge clinical trials, announces the appointment of Yamin 'Mo' Khan as an Independent Non-Executive Director to the Board of Open Orphan with immediate effect. Mo will also Chair both the Audit and Risk and Nomination Committees. Mo is a business leader and customer focused CRO executive with over 25 years of global clinical research experience across clinical operations, project management, business development and executive management functions. He previously worked at Pharm-Olam International, a global CRO, from 2000-2019 across a variety of senior positions including Executive Vice President of Clinical Development and Global Director of Clinical Operations. Mo was a key leader in driving the expansion and growth of the company from a small niche European CRO to a global player with offices across all continents. Latterly, he led global business development at Pharm-Olam resulting in significant growth and a successful sale in 2017, delivering substantial returns to its shareholders. Prior to this he worked at Innovex and Quintiles CRO (IQVIA). Versarien 62p £87.9m (VRS.L) James Stewart CBE will retire as Non-executive Chairman of the advanced engineering materials group on 31 December 2021 and Diane Savory OBE DL will be appointed as the Company's new Non-executive Chairman on 1 January 2022. As part of the transition process, Ms Savory will attend monthly Board meetings until formally taking office. Diane Savory has, until recently, served as Chair at GFirst LEP (Gloucestershire). She is a member of the Retail Sector Council at the Department of Business, Enterprise, Innovation and Skills and worked at Superdry Plc for a total of 22 years, including as a main board director, during which time it grew from an SME to a London Stock Exchange Main Market listed company. Diane's experience is allied to particular elements of the Company's GSCALE project.
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Versarien is a UK-based graphene producer. The value of Versarien is not just in its ability to produce graphene but in its innovation on how to apply and enhance to a range of commercial products with graphene infusions, coatings and inks.
Graphite is an allotrope (a chemically similar, structural modification of carbon), exhibiting both metallic and non-metallic properties which favour a vast number of end-use markets. Further to traditional steel manufacturing, the unique qualities of graphite, including very high thermal and electrical conductivity, lend itself to innovative battery and emerging technologies.
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Versarien is a fledging advanced materials group, which floated on AIM in 2013. It comprises three divisions: Thermal Products, producing patented porous copper foam with applications in consumer electronics; Hard Wear Products, a manufacturer of tungsten carbide for hard wearing applications in the oil & gas industry; and Graphene Products, via the acquisition of 2-DTech from the University of Manchester in 2014. The Group is IP rich and focused on the commercialisation of its technologies. It is on the look out for acquisitions, funding of which is expected to be largely supported by existing cash resources and bank debt.
Versarien has exceeded our revenue expectations by 6% for FY2015, delivering revenue growth of 69% to £4.98m. Headline pre-tax loss is in line with our expectations of £0.5m; the losses reflect continued investment in next-generation Graphene and Thermal Products. The Hard Wear Products (tungsten carbide) business produced a near doubling of operating margins from 11% to 21%. Inevitably, the sharp fall in oil price has impacted our FY2016 forecasts, in particular for Hard Wear products. However, we still expect revenue growth of 56% in FY2016. The pace of strategic activity should not be interrupted given the strength of balance sheet (net cash of £3.5m at end-Mar 2015). Looking beyond FY2016, our forecasts imply a three-fold increase in sales by FY2018 to £15m even before the full potential of graphene is realised. The addressable graphene market is expected to be in excess of $200m by 2019 rising to $1.3bn by 2023. We retain a target price of 30p, but move the recommendation from Hold to Buy.
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