Today’s Market View – Bigblu Broadband, Yourgene Health, Elixirr Intl and more…

0 17

8 Feb 2021


@HybridanLLP




*A corporate client of Hybridan LLP




Dish of the day


No joiners today


Off the menu


No leavers today


What’s cooking in the IPO kitchen?


Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation GBP20m raising c. GBP8m “to finalise the development and launch of a range of the Company’s premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.”


Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising GBP6m, enlarged mkt cap GBP23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb.


NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a GBP300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company’s target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March


Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of GBP52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of GBP22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent.


Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue GBP400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021.


Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a GBP300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb


4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: GBP14.53m. Due 17 Feb


Baskerville Capital plc (to be renamed Oberon Investments Group Plc) is a boutique financial institution providing a personalised wealth management service for retail and professional clients, as well as a corporate broking arm for small and mid-cap companies. Oberon’s strategy is to progress through the organic growth of assets under administration in its wealth management division and by the acquisition of complementary businesses in the financial services sector and by creating a trusted brand for the provision of advisory and fundraising services for companies in the small and mid-cap sectors. Expected admission date on the Aquis Stock Exchange (AQSE) 9 February 2021.


Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise GBP5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company’s Common Shares will continue to be listed and trade on the TSX-V in Canada.




Banquet Buffet


Bigblu Broadband 108.5p GBP62.77m (LON:BBB)


The provider of alternative super-fast and ultra-fast broadband services, announces that it has signed an exclusive Preferred Partner Agreement with leading next-generation Asia Pacific broadband satellite operator Kacific Broadband to provide a high-speed broadband internet service initially across New Zealand.


Kacific will provide internet bandwidth via its Kacific-1 satellite, which was launched in December 2019, and will provide financial support including the investment in customer terminals and marketing. In return, BBB will provide all sales, marketing and end user support functions including billing and installation of equipment.


It is anticipated that the Company will invest up to GBP1.0m in the first year of the Agreement as the new business scales up through the provision of in-country field operations and reseller activities as the business attracts new customers and sales. The investment will be partially offset by revenue share earned from new customers, and BBB anticipates that given the scale of the expected roll out, the project will breakeven within c.20 months of launch and will be earnings accretive thereafter.




Yourgene Health 12.122p GBP87.36m (LON:YGEN)


The international molecular diagnostics group, provides an update on current trading for the second half of the financial year to 31 March 2021 . Whilst the stronger trading patterns being observed in H2 compared to the first 6 months of the financial year mean that double-digit revenue growth is expected for the full year, the ongoing impact of COVID-19 on ordering patterns in UK and international commerce is expected to result in full year revenue being below consensus market estimates.


A number of factors associated with the pandemic have continued to impact customer activity levels and created considerable variability in the timing of revenues, such that full year revenues are now expected to be in the range of GBP18-20m, lower than previous guidance but representing solid year-on-year growth of the order of 10-20%.


This growth has been driven by the Group’s European-focused product lines in testing for Cystic Fibrosis, prenatal aneuploidies and DPD deficiency which are performing strongly, along with European sales of NIPT. However, this has not been enough to offset the ongoing impact of significant pandemic-related headwinds on international markets for non-invasive prenatal testing (NIPT) outside Europe, as reported in half-year results on 17 December 2020.




Elixirr Intl 325p GBP148m (LON:ELIX)


The challenger consultancy, updated on trading for the year ended 31 December 2020.


Trading since the last update in October 2020 has continued to be strong. The Group has continued to support its clients to address their key challenges, with Elixirr’s services in relation to digital transformation and innovation in high demand.


Subject to the completion of the audit for the year ended 31 December 2020, the Group expects to record revenue of approximately GBP30m, ahead of the market expectation of GBP29.4m. On an IAS 17 basis, Adjusted EBITDA is expected to be approximately GBP9m, slightly ahead of the market expectation of GBP8.9m. On an IFRS 16 basis, Adjusted EBITDA is expected to be approximately GBP9.6m.




1Spatial 30p GBP33.15m (LON:SPA)


The specialist in Location Master Data Management (LMDM) software and solutions in collaboration with Esri UK, has signed a multi-year contract with Gas Distributor, Northern Gas Networks (NGN), to deliver the UK’s first enterprise migration to Esri’s new ArcGIS Utility Network model.


The total contract value, which will predominantly fall into the Company’s financial year ending 31 January 2022 (FY22), is in excess of GBP1m, of which the recurring revenue element is expected to be over GBP0.2m.




Greatland Gold 25.75p GBP1bn (LON:GGP)


The new Chief Executive Officer, Shaun Day, has today commenced his role at the Company.


As announced on 15 December 2020, Shaun Day succeeds Gervaise Heddle, who will remain on the Board and part of the Executive team until 12 March 2021 to ensure a smooth transition. Shaun Day is a seasoned industry executive with over 20 years of experience in leadership positions across established mining and infrastructure, investment banking and international accounting firms. He has extensive experience in capital markets with a track record of leading successful transactions including M&A of publicly listed companies, farm-in agreements and raising capital.




Beowulf Mining 4.6p GBP38.1m (LON:BEM)


The mineral exploration and development company, has invested GBP200,000 in Vardar Minerals Ltd.


The funds will be used for preparatory works, building access roads and drilling platforms, across the Mitrovica licence in northern Kosovo, lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak.


The investment increases the Company’s ownership in Vardar from 46.1 per cent to 48.4 per cent approximately.




Providence Resources 6.85p GBP60.1m (LON:PVR)


The Irish based resource development company notes the speculation in the Irish media over the weekend.


“While Providence, like any plc, considers all opportunities to maximise shareholder value, we are not currently involved in any merger discussions with any party. We will continue to work closely with SpotOn Energy Limited to deliver the necessary funding to develop the world class Barryroe asset.”




Arricano Real Estate 0.3p GBP31m (LON:ARO)


The developer and operator of shopping malls in Ukraine, confirmed that during 2020 despite the significant restrictions caused by the Covid-19 pandemic, its shopping malls continued to perform well, largely retaining their tenant base, attracting millions of visitors and adding international brands as new tenants.


As a consequence, total tenant turnover was only 10% below 2019 in local currency. Throughout much of 2020, the government in Ukraine put in place restrictions to reduce human interaction to combat the COVID-19 pandemic. These measures resulted in the partial closure of the Arricano shopping malls for between 52-81 days (depending on region), restricting visitor access to essential stores. Despite the temporary closure of retail stores and reduced access, the occupancy rate across the Arricano portfolio remained at 99%, the same level it has been since 2018.


Similarly, the number of visitors to the malls in 2020, including the periods of government restrictions, amounted to 33.1 million visitors, which is only 19% less than in 2019. When the shopping malls were operating normally, visitor numbers only decreased by 5% compared to the same period in 2019. During 2020, Arricano Group signed 89 new lease agreements covering a total area of 8884 sq.m., representing 6 per cent of the operating estate. New tenants include New Yorker, Flo and Decathlon.




MelodyVR 3.8p GBP95m (LON:MVR)


The music company and operator of the MelodyVR and Napster platforms, announced that, following its announcement of 23 December 2020, on 5 February 2021 the Company’s exclusive 5 G music partnership successfully launched in Singapore with The Singtel Group.


MelodyVR is now offered as the exclusive 5G music partner to new and upgrading 5G Singtel customers who will now have access to a richer mobile experience with access to MelodyVR’s immersive music library. Singtel has 4.3 million mobile customers in Singapore representing more than a 50% market share and is Asia’s leading communications technology company boasting more than 700 million mobile customers in 21 countries.




Learning Technology Group 177.8p GBP1.3m (LON:LTG)


The provider of services and software for digital learning and talent management, has acquired UK-based PDT Global (‘The People Development Team’), a leading provider of online Diversity and Inclusion (D&I) training solutions, for an initial cash consideration of GBP13.2 million.


PDT Global’s founders and majority shareholders, Heather Butler and Angela Peacock, will join the leadership team of Affirmity, LTG’s existing D&I business, headquartered in Irving, Texas. The integration of PDT Global dramatically expands Affirmity’s global reach and capabilities within the high-growth D&I training and consulting sector.


PDT Global delivered unaudited revenue of c.GBP4.8 million in FY20 and EBIT of c.GBP2.0 million. The combination with LTG’s Affirmity business is compelling and LTG expects PDT Global to continue its fast growth within LTG. The acquisition, which completed on 5th February 2021, was funded from LTG’s cash resources and is expected to be immediately earnings accretive. Further performance payments capped at GBP7.0 million are payable in cash, based on ambitious incremental revenue growth targets in each of the years ending 31st December 2021, 2022 and 2023.




Head Chef


Derren Nathan


0203 764 2344


[email protected]


If you would like to unsubscribe, please email [email protected] with “unsubscribe




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 section B of annex I to Directive 2014/65/EU (“MIFID II Directive”); or (ii) investment research as defined in 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.

Leave A Reply

Your email address will not be published.