reports
- Robin Byde
Surface Transforms (SCE LN) - Fundraising to support volume production
Surface Transforms has announced a Placing and Subscription seeking £6.5m at 1p, combined with an Open Offer for up to £2m (before expenses). Proceeds will be used for working capital for existing operations and to support the manufacturing scale-up. We introduce summary estimates pending the outcome of the entire fundraising event (including the Open Offer) and the full outturn statement for 2023a due in late May. Our base case assumption is for revenue of £17.5m in 2024e (2023a: £8.3m); this c...
Hybridan Small Cap Feast - 17 April 24
17th April 2024 * 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: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi...
- Robin Byde
- Robin Byde
Hybridan Small Cap Feast - 08 Jan 24
8th January 2024 Happy New Year to all our Readers! @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 regar...
- Robin Byde
Hybridan Small Cap Feast - 11 Dec 23
11th December 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 obj...
- Robin Byde
Surface Transforms (SCE LN) - Finance secured for accelerated growth
Surface Transforms has now secured all the funds it needs to significantly ramp up factory capacity and rapidly improve revenue and profit over the next few years. The financing package has secured over £24m (gross) of new capital and comprises a £13.2m loan and equity of £8.3m via a Placing and Subscription and £2.7m from an Open Offer. Demand for the Group’s market leading carbon ceramic brake discs is strong with a £390m OEM order book secured, and a further potential £300m in the prospective...
Hardman & Co Video | Surface Transforms (SCE) Open Offer and Q&A
Hardman & Co Research Hardman & Co Video | Surface Transforms (SCE) Open Offer and Q&A 29-Nov-2023 / 11:06 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Surface Transforms Surface Transforms Open Offer and Q&A Following the recent announcement of a placing and public offer by Surface Transforms, the management team of David Bundred, chairman, Kevin Johnson, CEO, and Isabelle Maddock, CFO, appeared on Hardman Talks to explain the need for further funding. This will support the expansion in manufacturing capacity, itself dri...
- Mike Foster
Hardman & Co Research: Surface Transforms (SCE) - Funding for growth: ...
In the past two years, Surface Transforms (SCE) has quadrupled its order book, raised monthly sales run rates from £0.2m to £1.0m and expanded its capacity four-fold to a £20m pa sales rate. A 3 November update pointed to production teething troubles. October sales of £1.0m were below prior estimates, so we significantly reduced our 2023 and 2024 estimates. We estimate PAT breakeven for 2H24. Initially from debt, SCE has the resources to finance capital expenditure from internal cash flow to rai...
Hardman & Co Research on Surface Transforms (SCE): Funding for growth:...
Hardman & Co Research Hardman & Co Research on Surface Transforms (SCE): Funding for growth: Open Offer 22-Nov-2023 / 07:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Surface Transforms (SCE): Funding for growth: Open Offer In the past two years, Surface Transforms (SCE) has quadrupled its order book, raised monthly sales run rates from £0.2m to £1.0m and expanded its capacity four-fold to a £20m pa sales rate. A 3 November update pointed to production teething troubles. October sales of £1.0m were below prior esti...
- Robin Byde
- Emily Liu
Hybridan Small Cap Feast 14/11/2023
Dish of the day Joiners: No joiners today. Leavers: Ergomed has left AIM. What’s cooking in the IPO kitchen?** 9 November: Chapel Down Group ITF: England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing...
- Robin Byde
Hybridan Small Cap Feast - 03 Nov 23
3rd November 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 obje...
- Robin Byde
Audio Note: Surface Transforms: £100m of new activity secured
In this audio note, Zeus’ Robin Byde summarises the investment case for Surface Transforms. Surface Transforms has announced that it has been selected as a Tier 1 supplier of its market leading ceramic automotive disc brakes to the global automaker described as OEM 10. Listen to the audio note below, and read the full research here.
Hybridan Small Cap Feast - 16 Oct 23
16th October 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 obje...
- Robin Byde
- Keith Hiscock
- Mark Thomas
- Mike Foster
- Yingheng Chen
The Hardman & Co Monthly: October 2023
Feature article: Liquidity – shrinking when it’s most needed A review of liquidity in London since 2016 Summary ► Liquidity is the lifeblood of equity markets. ► Following the events at the Woodford Equity Income Fund (WEIF) in 2019, professional investors, increasingly, focus on liquidity when making investment decisions. ► However, this paper shows that liquidity declined significantly between 2016 and 2022. Our work demonstrates that, in 2016, the total value traded of trading companies lis...
Hardman & Co Research on Surface Transforms (SCE): Interim results
Hardman & Co Research Hardman & Co Research on Surface Transforms (SCE): Interim results 28-Sep-2023 / 13:55 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Surface Transforms (SCE): Interim results SCE interims, yesterday, reported a loss, so the chairman’s statement of “considerable strategic progress” is notable. We concur. The automotive brake market is strong, all the more so in SCE’s market of carbon ceramic discs. SCE’s order book since end-2020 is up nearly six-fold and it makes an explicit statement as to suppor...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.