3 August 2020


*A corporate client of Hybridan LLP


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What’s cooking in the IPO kitchen?

Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC (‘MED’), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times. 


Banquet Buffet

Crossword Cybersecurity*  305p  £15.65m (LON:CCS)

The technology commercialisation company focused solely on cyber security and risk, updated on trading update ahead of the Group’s interim results for the six months ended 30 June 2020, which are expected to be released in September 2020.

Within revenues, as anticipated, income from Consulting and product sales were 43% higher than the comparative period in 2019, with planned reduction in revenues from software development. The Company expects to report total revenues of £674k, 18% ahead of the comparative period in 2019.  Although there is a high degree of uncertainty due to the current economic climate, the Company is cautiously optimistic of reporting full year results in line with market expectations, subject to the outcome of a few major product led bids over the coming months, and continued conversion of its pipeline of opportunities.


Petards Group* 7.75p  £4.5m (LON:PEG)

The developer of advanced security and surveillance systems announced today that, further to the Final Results announcement on 18 June 2020, in partnership with the British Army’s Armoured Trials and Development Unit at Bovington, its ‘eyeCraft 360’  spherical video system has completed successful trials.

Developed by Petards, the eyeCraft360 is the world’s first military grade 360 spherical view camera system. It dramatically improves local situational awareness for armoured vehicles and provides a welcome boost to crew safety by reducing blind spot distances. 

Serving soldiers in heavy armour, light armour and mounted infantry roles put the eyeCraft360 through its paces across a wide range of challenging terrains, light conditions and tactical exercises.

The eyeCraft 360 was developed as a simple to install, rapid and cost effective capability boost for all in-service armoured vehicles in response to the growing need for improved close-range awareness.

Raschid Abdullah, Chairman of Petards Group PLC said; “We were delighted by the enthusiastic response the trials team gave to the system and look forward to it becoming an essential component in pursuit of the best available protection for the UK’s military personnel and for other approved markets”


Empire Metals 1.8p  £3.5m (LON:EEE)

Update on the drilling programme recently completed by Artemis Resources Limited  at the Munni Munni Palladium Project in the West Pilbara, Western Australia .

 Highlights include

· 6.5m @ 1.68g/t 2PGE + 0.14g/t Au, (1.13g/t Pd, 0.55g/t Pt) from 41m, 18MMAD001;

· 4m @ 2.44g/t 2PGE + 0.27g/t Au, (1.48g/t Pd, 0.96g/t Pt) from 34.5m, 18MMAD003;

· 5m @ 2.35g/t 2PGE + 0.17g/t Au, (1.49g/t Pd 0.86g/t Pt) from 34.5m, 18MMAD005;

· 6m @ 1.65g/t 2PGE + 0.17g/t Au, (0.97g/t Pd, 0.68g/t Pt) from 82m, 18MMAC008;

· 7m @ 1.43g/t 2PGE + 0.11g/t Au, (0.91g/t Pd, 0.52g/t Pt) from 122m, 20MMRC007

Mike Struthers, CEO, said: “These drill results at Munni Munni add confidence to the positioning of the main PGE reef from historical work, confirm practical mining widths are present, and generally support previous drilling results. They provide a good platform for further work on the project in future.  The proposed transaction with Artemis is still in progress and we will provide further updates in due course.”


Journeo 52.5p  £4.6m (LON:JNEO)

The information systems and transport technical services Group, is pleased to announce a 3-year renewal of a framework contract with Abellio bus London. 

Abellio has been operating successfully in the UK since 2002 and are one of the largest rail companies in the UK, operating five rail franchises in addition to a major bus company serving London.  Under the contract, Journeo will continue to provide CCTV and associated equipment on all new Abellio buses along with those transferred in to their fleet via competitive tendering in London.

The anticipated value of the contract over three years, is c.£2 million and the framework includes a further £1.2m of on-vehicle technology solutions as customer options.


Yourgene Health  18.5p  £115.5m (LON:YGEN)

The international molecular diagnostics group, announces that it has achieved CE-IVD marking for its Clarigene™ SARS-CoV-2 in vitro diagnostic kit, for diagnostic use. The CE-IVD version of the Clarigene™ SARS-CoV-2 test will be used in Yourgene’s high throughput COVID-19 service lab in Manchester and will allow Yourgene to provide corporate partners and healthcare settings, such as care homes and private GP practices, with a fast and reliable COVID-19 lab testing service.


The Clarigene™ SARS-CoV-2 CE-IVD test is a RT-qPCR (real-time quantitative polymerase chain reaction) assay which detects the presence of SARS CoV-2 viral RNA. The assay uses two viral RNA targets, nucleocapsid gene (‘N’) and envelope gene (‘E’), which are SARS-CoV-2 specific and this prevents any cross reactivity with other Coronaviruses. The use of dual viral targets and assay controls provides a more reliable result, whilst also making it more desirable across several European regions which require the dual viral targets for reimbursement.


The Barkby Group 22p  £29.75m (LON:BARK)

The Barkby Group PLC, the diversified business group, is pleased to announce that as part of VivoPlex Group Ltd’s  recent fundraising round, the Group has invested a further £500,000 into VivoPlex via a Convertible Loan Agreement.

VivoPlex is a digital health company focusing on fertility and women’s health. Its first product is a wireless, battery free medical device that is being developed to measure pH, temperature and dissolved oxygen level in the uterus continuously for up to seven days. The data from VivoPlex’s device will be used by clinicians seeking to optimise and personalise current fertility treatments and improve IVF success rates.


Renalytix 122.5p  £39m (LON:RENE)

Mount Sinai Health System and Renalytix AI plc announce the initiation of a multi-center study to conduct in-depth investigations into kidney-related complications and long-term outcomes linked to COVID-19. KidneyIntelX, the artificial intelligence-enabled in vitro diagnostic platform, will be used to assess the risk of kidney disease progression and kidney failure, among other kidney complications, in patients surviving COVID-19 from multiple centers in the United States. As of July 30, 2020, over 300,000 Americans had been hospitalized for COVID-19.

“With the pandemic spread of COVID-19 and the increased morbidity and mortality from COVID-19 in patients with diabetes, CKD and acute kidney injury, it is imperative to define the underlying mechanisms of COVID-associated kidney disease and develop solutions to guide patient care,” said F. Perry Wilson, M.D., MSCE, MASKeD-COVID Principal Investigator, Yale School of Medicine.   “This can be best achieved through collaboration in all aspects including data sharing, biomarker analysis, data analytics and clinical translation. RenalytixAI and Mount Sinai have assembled an outstanding team to address critical issues regarding COVID-19 and kidney disease.”


Byotrol 6.3p  £27.9m (LON:BYOT)

Update on current trading from the specialist infection prevention and control technology company .

Trading for the current financial year to 31 March 2021 remains strong across the whole Group and multiple opportunities continue to be available, across both product sales and IP licensing. 

Product sales for the first quarter to 30 June exceeded £3.4m and orders for July and August continue to look encouraging. Our order book at the end of June stood at approximately £2m. Our current net cash position is healthy at £1.8m. 

Whilst it is early in the year, assuming continued easing in supply chains and a relatively orderly Brexit, the Board would expect revenue and EBITDA for the current financial year to be significantly ahead of current market expectations.


San Leon Energy 24.1p  £108m (LON:SLE)

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces that it is investing US$15 million in Energy Link Infrastructure  Limited (“ELI”), the company which owns the Alternative Crude Oil Evacuation System) project. As previously announced, the ACOES is being constructed to provide a dedicated oil export route from the OML 18 asset, comprising a new pipeline from OML 18 and a floating storage and offloading vessel (“FSO”). Once commissioned, the system is expected by Eroton to reduce the downtime and allocated pipeline losses currently associated with the Nembe Creek Trunk Line (“NCTL”), to below 10%. In addition, it is anticipated that the FSO project will improve overall well uptime.


The investment comprises a 10% equity interest in ELI together with a US$15 million shareholder loan at a coupon of 14% per annum over 4 years, and repayable quarterly following a one-year moratorium from the date of investment.


M Winkworth 146p  £18.5m (LON:WINK)

Since 8 July 2020, when the Chancellor announced an easing of the stamp duty threshold from £125,000 to £500,000 until 31 March 2021, the Winkworth network has seen a significant recovery in sales interest, with sales applicants registering on the day after the announcement up 64 per cent. on the previous week. Website traffic hit the highest ever level on the day of the announcement.  There has also been a material rise in the number of instructions and viewings since 8 July 2020, up 17 per cent. and 14 per cent., respectively, on the same period last year and by 13 per cent. and 22 per cent. compared to early June 2020.



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