Small Cap Wrap – ADM Energy, Getech, Physiomics and more…


30 September 2021


*A corporate client of Hybridan LLP


Made Tech Group (LON:MTEC) has joined AIM, a provider of digital, data and technology services to the UK public sector. Founded in 2008 and now with a headcount of over 240 across four UK locations (London, Manchester, Bristol and Swansea), Made Tech provides services that enable central government, healthcare and local government organisations to digitally transform. The Company works directly with public sector clients to drive the digital transformation of citizen services, creating efficiencies for clients and saving taxpayers money. Size of offer GBP85.4m. Market Cap of approximately GBP180.7m

Oxford Nanopore Technologies (LON:ONT) has joined Main Market on the LSE. Oxford Nanopore Technologies is a United Kingdom-based company, which is a provider of nanopore-based electronic molecular analysis systems for analysis of single molecules, including deoxyribonucleic acid (DNA), ribonucleic acid (RNA) and proteins. Market Capitalisation will be approximately GBP3.4bln.

Bay Capital (BAY.L), has joined the Main Market on the LSE. The company is focused on investment and acquisition opportunities in the industrial, construction and business services sectors, and software and technology companies which service those industries.


No leavers today.

What’s cooking in the IPO kitchen?

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 GBP170m. Sir Peter Wood, British entrepreneur and innovator, has committed to make a cornerstone investment of GBP25m in the Initial Placing. Due 18 Oct.

Tortilla Mexican Grill, the largest and most successful fast-casual Mexican restaurant group in the UK to join AIM. Offer TBA. Due 8 Oct

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 makes life simpler for commercial drivers and operators across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital eco-system and high-quality customer service. Due October.

Light Science Tech Holdings, the holding company of the Group’s contract electronics manufacturing division, UK Circuits and Electronics Solutions Limited, and its controlled environment agriculture division, Light Science Technologies Ltd to join AIM. Due early Oct. Offer TBA.

Responsible Housing REIT to join the Main Market (Premium) raising up to GBP250m. 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. Due end Sep.

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 GBP52.1m to GBP76m with underlying EBITDA more than doubling to GBP21.8m Timing and offer TBA. 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.

Optima Health is the UK’s leading provider by size of technology enabled corporate health and wellbeing solutions. To join AIM late Sep. Offer TBA.

Blackfinch Renewable European Income Trust plc, a closed-end investment trust established to invest in a diversified portfolio of mixed renewable energy infrastructure assets, is considering proceeding with an initial public offering and has published a registration document. Raising up to GBP300m. Due on the Main Market (Premium) in October.

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. Offer TBA. Due Late September.

Euro Sun Mining Inc (TSX:ESM, OTC:CPNFF, FRA:OL11) (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.

Banquet Buffet

ADM Energy* 2.35p GBP3.6m (LON:ADME)

A natural resources investing company, announces its audited full year results for the 12 months ended 31 December 2020. Key points include: Revenue GBP0.8m (GBP2.5m 2019); Loss before and after tax GBP6.9m (GBP1.7m 2019); Signed an MOU with Trafigura Pte Ltd, the multi-billion-dollar global trading house, for a strategic alliance to develop investment opportunities in the African energy sector; Delivered strategic agreement with EER (Colobos) Nigeria Limited to increase ADM’s interest in the field revenue interest nearly doubled from 5% to 9.2% and ADM’s share of net 2P reserves increased from 8.9 MMboe to 16.4 MMboe; During a period of depressed oil prices, the company took the opportunity to acquire attractive assets at substantially depressed valuations, such as their increased interest in OML 113. Osamede Okhomina, CEO of ADM Energy, said “We remain in the market for new opportunities to accelerate our growth. Our management and technical teams are actively assessing investment propositions on a regular basis and progressing those that are most compelling. It remains a buyer’s market and ADM is in a strong position to de-risk projects through our technical expertise and access to capital. We continue to pursue high-quality assets in West Africa with substantial upside and the potential to further accelerate our future growth.”

Getech 22.50p GBP15m (LON:GTC)

A provider of geoscience data, knowledge and software to the energy industry, announces its unaudited results and report for the six months to 30 June 2021. Highlights include: Revenue up 16% year-on-year, petroleum operations returning to cash profit. Group Orderbook fully replenished at end July 2021 (GBP2.7m), annualised recurring revenue steady (GBP2.2m). Cash at 30 June GBP6.8m (31 Dec 2020: GBP2.2m), plus GBP2.3m of receivables (31 Dec 2020: GBP1.4m). Significant investment in new skills, technology and staff are reshaping Getech around the Energy Transition. This opens multiple transformational opportunities, funded by March 2021 fundraise (GBP5.7 million, net of costs). First phases of Geothermal and Strategic Minerals investment completed. New cloud-based products to be delivered from October through an innovative new Getech platform, designed to agglomerate energy transition data and knowledge. Customer engagement is positive, spanning licensed product subscriptions and service provision. Management are looking forward to what it believes will be another transformational, busy and rewarding period for the Getech Group.

Physiomics* 6.50p GBP6.3m (LON:PYC)

The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solutions, announces Final Results for the year 30June 2021. Highlights include: Total income (revenue and grant income) GBP730,899 (2020: GBP841,649), the third highest in the Company’s history despite a full year of the impact of Covid-19. The operating loss GBP337,040 (2020: GBP134,385); Cash and cash equivalents at 30 June 2021 of GBP1,043,450 (30 June 2020: GBP1,047,860). Robust operational performance with repeat business from longstanding clients Merck and Bicycle Therapeutics and new client wins Astellas Pharma in July 2020 and Numab Therapeutics in May 2021. After the period end, the Company also expanded both its technical team through the recruitment of new scientist and enhanced its business development capabilities through the recruitment of its first Head of Business Development. Dr Paul Harper, non-executive Chairman commented: “Despite COVID related headwinds, the Company has hit the trading targets announced on 10 May 2021 and careful cash management has meant that the Company finished the year with over GBP1m of cash. In addition to adding new clients Astellas Pharma Inc and Numab Therapeutics over the course of the year, the Company initiated a number of longer-term value-generating activities including an expanded agreement with ValiRx and new personalised medicine partnership with US company TabulaRasa Healthcare’s subsidiary DoseMeRx.”

Savannah Energy 3.95p GBP66.7m (LON:SAVE)

The African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, announces unaudited interim results for the six months ended 30 June 2021 and outlook for the FY 2021. Highlights include: Total Revenues of US$116.5m (up 2% on H1 2020 Total Revenues of US$114.6m), in line with 2021 guidance of over US$205m for the full year; Average realised gas price of US$4.2/Mscf (H1 2020: US$3.9/Mscf) and an average realised liquids price of US$63.5/bbl (H1 2020: US$48.3/ bbl); Adjusted EBITDA of US$91.5m (H1 2020: US$89.2m); Cash at bank US$135.7m as at 30 June 2021 (Year-end 2020: US$106.0m). Average gross daily production, of which 88.6% was gas, increased 6% during H1 2021 to 22.6 Kboepd (H1 2020: 21.3 Kboepd). This includes a 6% increase in production from the Uquo gas field compared to the same period last year, from 113.5 MMscfpd (18.9 Kboepd) to 120.2 MMscfpd (20.0 Kboepd). Andrew Knott, CEO of Savannah Energy, said: ” Our operational performance has been excellent which is important to all our stakeholders as we continue to play a vital role in driving economic growth and living standards in our countries of operation. This growth is set to continue as we progress discussions with ExxonMobil with respect to the proposed acquisition of its entire upstream and midstream assets in Chad and Cameroon and begin an anticipated new investment programme on our Niger assets, over which we are pleased to have agreed terms for an extension of up to 10 years”.

Scirocco Energy 0.975p GBP7.4m (LON:SCIR)

The AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces its unaudited interim results for the six months ended 30 June 2021. Held group cash at 30 June 2021 of GBP2.3m. The Board announced its proposed investment into Energy Acquisitions Group Ltd (“EAG”), a specialist acquisition and operating vehicle in the sustainable energy sector signaling the Company’s first investment as part of the Company’s revised strategy that targets opportunities within the sustainable energy and circular economy markets in Europe. Investment in EAG allows Scirocco Energy to leverage EAG’s strong network and industry leading expertise to gain access to a series of already identified acquisition opportunities within the Anaerobic Digestion (“AD”) sector totaling c.GBP30m in value. The Company partially exited its shareholding in Helium One realizing c. GBP3.3m in proceeds during the period.

WANdisco 292p GBP173.1m (LON:WAND)

The LiveData company, has won a contract with the analytics division of one of the world’s largest telecommunications companies (‘the Client’) to migrate analytical data to the Microsoft Azure cloud, worth c.$1m over a maximum term of 5 years. The Client is an existing customer of LiveData Plane and has now entered into a ‘Commit to Consume’ contract to deploy WANdisco’s LiveData Migrator for Azure (LDMA) to migrate business critical analytical data from an on- premise Vertica system to the cloud. WANdisco’s unique technology was the only solution capable of moving the live data set to the cloud within Azure’s ecosystem effectively and without disruption. The agreement is an example of a ‘Commit to Consume’ contract and aligns revenue to the consumption of services, as is the standard in the cloud, enhancing the visibility of future revenues. The Client has committed to a minimum of 5PB over a maximum term of five years. This represents only a fraction of the Client’s data estate and there is a significant opportunity for further consumption growth and commercial upside for WANdisco.

Zephyr Energy 6.05p GBP78.1m (LON:ZPHR)

The Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, announce sits unaudited interim results for the six months ended 30 June 2021. The State 16-2LN-CC horizontal well was safely drilled to a total depth of 14,370 feet (“ft”) with 4,555 ft of horizontal landed successfully in the Cane Creek reservoir target. Zephyr completed four acquisitions which provide the Company with working interests in 22 wells across multiple pads and operators 7 wells are currently producing, and 15 wells are drilled and currently awaiting completion. Q2 2021 production averaged 148 barrels of oil equivalent per day (“boe/d”) net to Zephyr, with an average realised sales price of US$52.90 per barrels of oil equivalent (“boe”). Zephyr its ambitious Environmental, Social and Governance target to commence 100% carbon neutral operations by 30 September 2021. Colin Harrington, Zephyr’s Chief Executive said: “I am delighted by the tremendous growth and progress delivered during the period under review. Zephyr is now ideally positioned as a cash generating platform from which to deliver significant future growth for our Shareholders.”

7 digital Group 0.50p GBP12.9m (LON:7DIG)

The global leader in B2B end-to-end digital music solutions, announces its interim results for the six months ended 30 June 2021. Highlights include: Revenues increased by 6% to GBP3.3m (H1 2020: GBP3.1m); Gross margin of 62.6% (H1 2020: 65.9%); Adjusted EBITDA loss reduced to GBP1.0m (H1 2020: loss of GBP1.1m). Operating loss of GBP1.9m (H1 2020: loss of GBP1.0m); Cash and cash equivalents at 30 June 2021 of GBP0.5m (31 December 2020: GBP2.8m; 30 June 2020: GBP0.2m) and GBP0.2m at 29 September 2021; Long-term contracts with seven new licensing customers during the period, and a further two post period, as the Company continued its strategic expansion in its key growth markets of fitness and wellness, social media and artist monetisation. The Board is confident that some of the prospective contracts, which represent significant revenue, will be signed in the near-term and that the others in the pipeline will follow in due course. It expects to regain EBITDA positivity for Q4 2021 and is very confident of delivering EBITDA positivity for full year 2022 with significant revenue growth.

Head Chef:

Derren Nathan

0203 764 2344

[email protected]

Sous Chef:

Sacha Morris

[email protected]

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.


Please enter your comment!
Please enter your name here