Small Cap Feast

Small Cap Feast – 19 November 2020

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What’s Cooking in the IPO Kitchen?

PensionBee the  online pension provider , reported to be considering an IPO on the LSE in the Times at a valuation that could exceed £300m.

DrMartens, the iconic shoe brand is preparing for a £1bn initial IPO next year according to Sky News.

Conduit Holdings is a newly established reinsurance underwriting business focusing on producing strong risk adjusted returns from a diversified and focused business plan. The business has been formed to capitalise on what the Company’s founders, Neil Eckert and Trevor Carvey  believe to be an exceptional market opportunity. Raising $1.1bn. Due December

Helium One Global to join AIM. The Company, through its Tanzanian subsidiaries, holds a 100% interest in 18 licences (the Priority Licences) covering an area of 4,512km2 with an Unrisked Prospective Helium Resource (2U) of 138Bcf (SRK 2019). The Company has spent US$8.25m on exploration, assessment and related activity to date and is now drill ready. Capital to be raised on Admission: £6million. Anticipated market capitalisation on Admission £14.1 million (at the issue price of 2.84p). Due 4 Dec

Downing Renewables & Infrastructure Trust intends to raise up to £200 million to target the acquisition of a diversified portfolio of renewable energy and other infrastructure assets and list on the Official List of the Financial Conduct Authority and Main Market of the London Stock Exchange . Due by mid December

Ecofin U.S. Renewables Infrastructure Trust. Initial public offering of up to us$250 million to invest in a diversified portfolio of mixed US renewable energy assets with an attractive long-term income stream. Main market premium. Due 14 Dec

VH Global Sustainable Energy Opportunities plc, a closed-ended investment company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering  of shares on the Official List (Premium) of the Financial Conduct Authority and Main Market of the London Stock Exchange.  Due by Early Feb 2021

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). Due December

Schroders British Opportunities Trust is seeking to raise up to £250 million on the premium segment of the Official List . The Company believes that there is a once in a generation opportunity to invest equity capital into high quality, high growth UK Companies in the c. £50 million to £2 billion equity value range with sustainable business models at attractive valuations. Due  1 December.

Bytes Technology Group one of the UK’s leading software, security and cloud services specialists, announces that the Company intends to publish a Registration Document and is considering proceeding with an initial public offering (Main Mkt Prem).  FY20 gross profit of £79.2m (+24.5% against FY19) and adjusted operating profit of £31.7m (+53.9% against FY19). Highly cash generative with FY20 cash conversion of 125.9% (FY19 cash conversion 139.7%). Bytes due on or around 17 December 2020.

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 ).    Due  November.

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. 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.   Targeted for Q4 2020.

 

Breakfast Buffet

BION 2.7p £11.6m (BION.L)

The environmental engineering, wastewater treatment and renewable energy solutions company, announces that it has today signed a number of non-binding Memorandums of Understanding with three parties, with complementary expertise and resources in the biogas industry in Malaysia, to work together to advance their joint interests. The parties will now seek to enter formal partnerships, which would enable a significant strengthening and expansion of the Company’s biogas and broader waste-to-energy activities. The parties are:

  • Green Lagoon Technology Sdn Bhd, a developer of biogas power plants for customers and those that are wholly-owned, with a specialisation in in-ground bioreactor systems. GLT currently has four grid-connected biogas power plants generating a total of 6MW.
  • LIPP Engineering Sdn Bhd, an engineering, procurement and construction company focused on generating renewable energy from various biomass or waste sources utilising its German-developed technology. In addition, through a subsidiary company, LIPP has strong manufacturing capabilities enabling it to produce advanced equipment and machinery.
  • SIRIM Tech Venture Sdn Bhd, a government organisation established to promote technological advancement and adoption to drive industrial efficiency and development in Malaysia.

 

Mirada 85p £7.6m (MIRA.L)

The  provider of integrated software solutions for digital TV operators and broadcasters, announces the integration of Disney+ into its Iris multiscreen product, and its successful deployment across Televisa’s izzi pay TV platform. 

This integration is the result of a collaboration between izzi, Disney and Mirada, enabling the arrival of Disney+ in Mexico as part of the integrated services offered by izzi to their subscribers. Customers of izzi’s recently launched izzitv smart service can now access Disney+ directly through izzi’s TV platform and without the need for a separate subscription, and enjoy the diverse Disney+ catalogue which includes all Disney, Pixar, Marvel, Star Wars, National Geographic and original Disney+ content. Direct access to Disney+ is available through izzi’s home screen on Android TV-based set-top boxes and other devices such as iOS/Android smartphones and tablets, or laptops.

 

Science in Sport 31p £42m (SIS.L)

The premium performance nutrition company serving elite athletes, sports enthusiasts and the gym lifestyle community, announced its first major launch of an environment-friendly pack. 

The Company has invested in packaging technology and plant to convert the bulk of its protein powder range into recyclable pouch packaging, this being a first for the sports nutrition industry globally.

The PhD Nutrition pouch range will move to recyclable material, commencing with the Diet Whey range at the start of December, with a full range change completed in early 2021. In the last 12 months, PhD Nutrition has filled 700,000 pouches which have ultimately gone to landfill.

 

NetScientific 51p £7.6m (NSCI.L)

The life sciences, technology investment and commercialisation company, announces that its portfolio company ProAxsis Limited, today announced that it has appointed DiaPharma Group Inc. as the exclusive distributor of its portfolio of respiratory research assays for the key North America region.

Based in Ohio, DiaPharma has specialised in the commercialisation of products within the research and diagnostic fields in the United States and Canada since it was founded in 1997. This partnership agreement provides them with exclusive access to ProAxsis’ activity-based immunoassay kits for the quantification of the active forms of neutrophil elastase, proteinase 3 and cathepsin G.

 

B.P Marsh 247p £92.4m (BPM.L)

The specialist investor in early stage financial services businesses, announced that one of its investments, Lilley Plummer Risks Limited, the  nascent specialist Lloyd’s broker, is on course to produce brokerage fees in excess of US $2m in its first year of trading, exceeding its strategic goals more quickly than originally planned.

 

Open Orphan 24.25p £161.98m (ORPH.L)

The specialist CRO pharmaceutical services company which is the world leader in the testing of vaccines and antivirals using human challenge clinical trials announced that its subsidiary hVIVO has been selected to lead a consortium, on behalf of HIC-Vac, an international network of researchers who are developing human infection challenge (HIC) studies to accelerate the development of vaccines against pathogens, and the Wellcome Trust, to generate regulatory style guidelines on the manufacture of human challenge agents for subsequent use in controlled human infection studies (CHIM).

 

URU Metals 235p £3.5m (URU.L)

URU has appointed Mr. Justin Cochrane to the Company’s Advisory Board.

Mr. Cochrane is President and CEO of Conic Metals Corp., a global nickel and cobalt royalty and streaming company. He has 20 years of royalty and stream financing, M&A, and corporate finance experience. Prior to Conic Metals, he served as President & COO of Cobalt 27 Capital Corp. and before that as Executive Vice President and Head of Corporate Development for Sandstorm Gold Ltd.  Mr. Cochrane’s expertise is in the structuring, negotiation, execution and funding of royalty and stream financing contracts around the world, across dozens of projects, totalling over $2 billion.

 

Inspecs Group 218p £154.4m (SPEC.L)

Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear frames, today announces a proposed placing at 210 to raise £64 million to part fund the acquisition of Eschenbach Holding GmbH . Eschenbach is a leading, global, eyewear supplier headquartered in Nuremberg, Germany. It has two divisions, one focused on designing and distributing glasses frames and one on designing, manufacturing and distributing specialist optics products.

For the financial year ended 31 December 2019 Eschenbach generated audited revenues of €143.3 million (approximately $169.2 million having grown revenue at a compound annual growth rate of 5.9% between 2017 and 2019. EBITDA (excluding leasing costs) was €10.3 million (approximately $12.2 million) in 2019 and the business was cash generative.

The Acquisition is expected to be earnings accretive for Inspecs in the financial year ending 31 December 2021.

 

Panthera Resources 9.5p £8.1m (PAT.L)

The diversified gold exploration and development company with assets in West Africa and India, has identified two new gold exploration targets at its Bido Project, located in the prolific Boromo greenstone belt within the Birimian terrain of Burkina Faso. The new targets, Tiekouyou Rush and Beredo have been identified as a result of the recent site visit to coordinate the planned geochemical gold in soil survey, due to commence later this month.

  • A large new target of very recent artisanal mining activity identified at Tiekouyou Rush
  • Artisanal activity already covers an area of approximately 170m x 170m
  • Artisanal mining activity targeting both quartz veins and altered dolerite
  • Tiekouyou Rush is in the area proposed for a gold in soil survey commencing today
  • The survey will assist in defining the extent of this newly identified target

In addition, during the recent site visit, an area of quartz veining was identified in the northeast of the planned survey area (Beredo Target).  The zone appears to extend in a north-northeast direction trending from the area of proposed soil sampling.  A detailed review of historical data in this area towards the Bido Vein is currently underway with an update on the findings to be provided shortly.

 

WANdisco 460p £241.9m (WAND.L)

The LiveData company, has won a contract with a South African-based financial services group and one of the largest banks in Africa to migrate and manage data from on-premise to AWS.

Following the agreement, the Customer will license WANdisco’s LiveData products to   migrate data from its on-premise Hadoop cluster to Amazon Web Services S3. This is the first of a number of planned phases for the Customer to migrate data and maintain an on-going hybrid cloud.

This represents the third contract the Company has secured since launching the LiveData product on AWS in September 2020, highlighting the growing momentum and acknowledgement of its LiveData capabilities.

 

Head Chef:

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

*A corporate client of Hybridan LLP

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