Small Cap Feast

Small Cap Feast – 08 October 2020

Dish of the Day:

No Joiners Today

 

Off the Menu:

No Leavers Today

 

What’s Cooking in the IPO Kitchen?

YAMANA GOLD INC. (TSX:YRI; NYSE:AUY, LSE:AUY) to join the Main Market (standard). It is already listed on the TSX and NYSE. Yamana  offers “investors exposure to a pure-play senior gold producer with a high-quality asset portfolio in mining-friendly jurisdictions in the Americas “ Due 13 October. Mkt cap US$5.27bn.

Mailbox REIT PLC , a newly formed single asset company which owns the Mailbox , a large prime office-led mixed use property in Birmingham which has been independently valued at £179m, announced its intention to raise up to £62.5m  MailBox REIT  will apply for the Ordinary Shares be admitted to trading  on the IPSX Prime segment of International Property Securities Exchange (IPSX ).   IPSX is a new Regulated Investment Exchange regulated by the FCA and is the world’s first such exchange dedicated to the initial public offering and secondary market trading of companies owning single institutional grade real estate assets and multiple assets with commonality. Due 21 October.

AIM Schedule One from Fonix, a mobile payments and messaging Company, enabling businesses to charge users’ mobile bills and send users SMSs via their Carrier.  Due October. Offer TBC

Kaspi.kz, which operates the Kaspi.kz Super App, Kazakhstan’s most popular mobile app and the gateway to its market leading Payments, Marketplace and Fintech platforms  intends to conduct a secondary GDR offer on the LSE. Timing tbc

Tirupati Graphite, the fully-integrated, cash generative, specialist graphite and graphene producer with operations in Madagascar and India, announced its potential intention to undertake an initial public offering on the LSE (standard listing). Timing tbc

Buffettology Smaller Companies Investment Trust— Buffettology is seeking to raise a minimum of £100m via an initial placing, an offer for subscription and an intermediaries offer on the Main Market. will be the Investment Manager to the Company, led by Keith Ashworth-Lord (CIO of Sanford Deland Asset Management Limited). Sanford DeLand manages approximately £1.4bn across two open ended funds, the CFP SDL UK Buffettology Fund and the Free Spirit® Fund.  Due 29 October.

Wheaton precious Metals (TSE:WPM) – Proposed secondary listing on bringing one of the world’s largest precious metal streaming companies to the London Stock Exchange. Due Q4 2020.

HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK which will be dedicated to providing accommodation to the homeless.  Due Mid October.

Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List.  Timing tbc

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

 

Breakfast Buffet

PetroNeft 0.7p £5.9m (PTR.L)

The oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 announced the successful testing of the mini oil refinery on Licence 61 ahead of schedule.

  • Successful testing of mini refinery processing unit on Licence 61.
  • Regulatory approval in process, expected to be in place by Q1 2021.
  • Project set to significantly reduce operating expenditure

 

Thor Mining 1.05p £15.1m (THR.L)

Thor announced the correlation of anomalous historic stream sediment results to those results  recently collected by Thor over the 100% owned Pilbara Goldfield tenements (E46/1262 and E46/1190) in Western Australia.

 The historic stream sediment Bulk Leach Extractable Gold (BLEG) samples collected in the mid-1990’s by Great South Mines1 validates gold results from the two recent  geochemistry programs undertaken by Thor, which  delineated a 13km gold target zone along the faulted greenstone belt (announcement 2 September 2020).

Mick Billing, Executive Chairman of Thor Mining, commented:

“It is very pleasing to find further evidence of anomalous gold along the 13 kilometre target zone previously identified from this historical work. Evidence of anomalous gold within the new licence application area also adds potential value to the total Ragged Range suite of tenements. We look forward to the results of the airborne magnetic survey in progress, and the next phase of sampling, scheduled to begin shortly.”

 

W Resources 0.1225p £8.3m (WRES.L)

The tungsten, tin and gold mining company with assets in Spain and Portugal, announces that funds managed by the Global Credit Opportunities platform at BlackRock Financial Management Inc. have agreed to increase W’s existing loan facility by an additional US$7 million.

The additional funding will in part be utilised to implement a comprehensive production programme to boost production at the La Parrilla tungsten and tin project in Spain and provide a significantly increased working capital buffer.

The additional facility will, once fully drawn down, increase the total outstanding Blackrock facility to a principal of US$47 million plus accrued interest.

 

MySale 7.9p £67m (MYSL.L)

 Proposed direct subscription to raise approximately £ 5.1 million (approximately A $9.3 million), at a subscription price of 6.0 pence per ordinary share by entities associated with Gabby Leibovich, Hezi Leibovich and Nati Harpaz . 

Gabby Leibovich and Hezi Leibovich, founders of Catch.com.au and Nati Harpaz, the former-CEO of Catch.com.au successfully built Catch.com.au into one of Australia’s most successful online retailers, which included an inventory business as well as a successful marketplace which had more than two million products available for Australian consumers.

The Company intends to use a proportion of the proceeds as capital investment in technology to expand and develop its marketplace platform. The Company has been taking advantage of inventory available around the world and the proceeds will enable further selective investment in inventory to continue to improve brand and inventory mix. The Company has been cash positive for the last six months and this additional investment of A$9.3m gives total net cash in excess of A$12m to grow the business.

 

CAP-XX 4.25p £18.8m (CPX.L)

The specialist  in the design and manufacture of thin, prismatic supercapacitors and energy management systems, is pleased announce that it has received the London Stock Exchange’s Green Economy Mark.

The Green Economy Mark recognises London-listed equity issuers that generate over 50% of their total revenue from environmentally positive goods, products and services. Underpinning the Green Economy Mark is the comprehensive Green Revenues taxonomy developed and managed by FTSE Russell for its global investor clients. According to the London Stock Exchange, the Green Economy Mark issuers, comprising 86 companies, have a total market capitalisation of over £67bn.

 

ProPhotonix 5.625p £5.23m (PPIX.L)

The designer and manufacturer of LED illumination systems and laser diode modules with operations in Ireland and the United Kingdom, announced the addition of two new standard configurations to its COBRATM MultiSpec LED line light; RGB-IR (855nm) and RGB-White multispectral lights. A new Graphical User-Interface (GUI) is also released with these two new standard configurations. 

Simon Stanley, Director of Technology at ProPhotonix (IRL), said “As multispectral technologies have advanced and hardware costs have reduced, we are seeing rapid growth in the number and range of applications that can be addressed by this innovative imaging technology. With the new COBRA MultiSpec options, ProPhotonix is providing a high-performance, reliable and accessible solution for a wide range of multispectral and hyperspectral imaging applications.”

 

Watchstone Group 63.5p £29.2m (WTG.L)

Watchstone Group Plc announces the proposed disposal of the Ingenie Business to A-Plan Group Limited  acting through its related companies Endsleigh Insurance Services Limited and Trafalgar Bidco Limited for cash consideration of up to £5.5 million including an aggregate of £3 million in cash payable on completion. In addition to the Initial Consideration, the Group will be entitled to up to an aggregate of £2.5 million in cash payable conditional on the financial performance of the Ingenie Business during 2021. The Company will also retain its subsidiary ISL which is seeking repayment of overpaid VAT in the sum of over £2 million from HMRC.

 

SRT Marine Services 39.25p £64.5m (SRT.L)

SRT, the global provider of maritime surveillance, monitoring and management systems, provided a trading update for the six months trading period ended 30th September 2020.

“As expected, during the first half of this financial year, all revenues were derived entirely from the transceivers business due to there being no system business project milestones completed during the period. As a result, revenues during the first half were £3.8m, resulting in an expected loss before tax for the period of £2.7m and SRT ended the period as at 30th September 2020 with £5.0m of cash.

 Unexpectedly given the Covid-19 pandemic, revenues for the transceivers business were 6% ahead of the same period last year, with the second half looking positive. The systems business was not expected to complete any milestones on either existing or expected new contracts during the period and therefore, whilst £8.5m of cash payments were received from system customers during the period, no revenues were recognised. We expect to deliver milestones during the second half.

 The Company continues to be in active negotiations with respect to the three new systems contracts referred to in previous announcements.”

 

ALBA Mineral Resources 0.45p £25.3m (ALBA.L)

Update on the Company’s work activities at its 100% owned Thule Black Sands (“TBS”) Project in northern Greenland.

Key Points

Mineral sands specialists IHC Robbins appointed to carry out comprehensive metallurgical process development and test work programme on TBS bulk sample

The programme is designed to confirm the ilmenite products to be produced from TBS ilmenite and to provide product samples to enable potential customers and offtake partners to carry out their own confirmatory analyses.

 

Osirium Technologies 25.5p £4.97m (OSI.L)

The vendor of cloud-based cybersecurity software, announced a contract win with a major UK high street retailer. The contract win was secured in a competitive bid against four other Privileged Access Management (“PAM”) vendors and displaces an incumbent supplier, highlighting the strength of Osirium’s functionality and integrated PAM platform.

The new client has purchased a 60-month term license for the Osirium PAM platform including the Privileged Access Management, Privileged Task Management and Privileged Session Management modules. Consultancy and training from Osirium Professional Services are included in the contract.

The Osirium PAM platform has been selected after a three-month sales cycle, including a competitive Proof of Concept. Key selection criteria included ease of deployment and use, ability to connect seamlessly to a mixed Windows and Linux environment, highly flexible and resilient architecture, and ability to manage privileged account rotation on a large scale.

 

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

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