Small Cap Feast

Small Cap Feast – 24 September 2021

Dish of the Day:

Off the Menu:

Danakali has left the main market (Standard).

What’s Cooking in the IPO Kitchen?

Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE).

Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag’s growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. It makes life simpler for commercial drivers and operators across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital eco-system and highquality customer service. Due October.

Light Science Tech Holdings, the holding company of the Group’s contract electronics manufacturing division, UK Circuits and Electronics Solutions Limited, and its controlled environment agriculture division, Light Science Technologies Ltd to join AIM. Due early Oct. Offer TBA.

Responsible Housing REIT to join the Main Market (Premium) raising up to £250m. The Company’s investment objective is to generate a consistent and sustainable income-based return from the provision of Supported Housing accommodation assets and aligned sectors. The Company will acquire and create quality, fit-for-purpose accommodation assets to cater for supported residents across a number of care sectors including adults and young people with learning disabilities, mental health issues, physical disabilities, addiction, those with support needs, those in need of temporary accommodation, the elderly and otherwise vulnerable individuals.

Made Tech, a provider of digital, data and technology services to the UK public sector to join AIM. Founded in 2008 and now with a headcount of over 240 across four UK locations (London, Manchester, Bristol and Swansea), Made Tech provides services that enable central government, healthcare and local government organisations to digitally transform. Offer TBA. Due 30 Sep.

Arrow Exploration, currently on the TSX Venture exchange to dual list on AIM. Arrow has a portfolio of operated and non-operated interests in producing Colombian oil assets, together with a producing Western Canadian natural gas asset. The Company also has interests in development assets in Colombia. The Company has interests in six onshore blocks in Colombia, held through Arrow’s wholly-owned subsidiary in Colombia, Carrao Energy S.A., and in oil and gas leases in seven areas in Alberta, Canada, held through Arrow’s wholly-owned Canadian subsidiary Arrow Holdings Ltd. Offer TBA. Due end Sep.

Marley Group, a UK leader in the manufacture and supply of pitched roof systems to the construction market , today announces that it is considering an initial public offering on the Main Market (Premium). In HY Jun 2021 revenues grew from £52.1m to £76m with underlying EBITDA more than doubling to £21.8m Timing and offer TBA.

Peel Hunt (to be renamed PH Capital), a UK mid and small-cap specialist investment bank, announces its intention to seek admission of its ordinary shares to trading on AIM. Admission is expected to take place on or around 29 September. In conjunction with a placing of Ordinary Shares the Company will be conducting an intermediaries offer.

Oxford Nanopore Tech—to float on the LSE (Standard). The company behind a new generation of nanopore-based sensing technology, whose first products enable the real-time, high-performance, scalable analysis of DNA and RNA. The Company has recently entered into a memorandum of understanding with Oracle Corporation whereby the two companies will explore collaboratively a number of potential new solutions to address opportunities in the applied and clinical markets, and related go-to-market strategies. Separately, the Company and a vehicle controlled by Oracle have entered into a cornerstone investment agreement, pursuant to which such entity has irrevocably agreed, subject to certain customary conditions, to subscribe for £150m of a total raise of circa £300m. Due early Oct.

Fruugo.com which owns and operates a high growth and profitable global cross-border marketplace employing its own proprietary technology and data science, announces its intention to seek admission of its shares to trading on AIM. Due early Oct. Timing and offer TBA.

Optima Health is the UK’s leading provider by size of technology enabled corporate health and wellbeing solutions. To join AIM late Sep. Offer TBA. Petershill Partners, Intention to Float on the London Stock Exchange.

Petershill Partners, a leading investment group providing bespoke capital and strategic solutions to some of the world’s best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset Management (GSAM). The Partner-firms have US$187 bn of aggregated assets under management. The Ordinary Shares would be admitted to the Premium Segment of the Main Market of the LSE. The Offer would comprise (i) the issue of new Ordinary Shares, raising Gross Primary Offer Proceeds of approximately US$750m to fund ongoing expenses and acquire further Alternative Asset Manager Stakes and (ii) the sale of existing Ordinary Shares in order to achieve a free float of 25%.Timing TBA

GreenRoc Mining to join AIM. Established in March 2021 as a UK public limited company for the purpose of acquiring all of the Greenlandic mining assets of Alba Mineral Resources plc and progressing the exploration and development of those assets. The assets in question are the Thule Black Sands Ilmenite Project, the Amitsoq Graphite Project, the Melville Bay Iron Project and the Inglefield Multi-Element Project. Greenland will be the main country of operation. Gross funds raised on admission: £5.12m. Anticipated Mkt Cap on Admission: £11.120m. Due late September

Responsible Housing REIT to join the Main Market (Premium) 5 October, raising up to £250m. The Company’s investment objective is to generate a consistent and sustainable income-based return from the provision of Supported Housing accommodation assets and aligned sectors.

Blackfinch Renewable European Income Trust plc, a closed-end investment trust established to invest in a diversified portfolio of mixed renewable energy infrastructure assets, is considering proceeding with an initial public offering and has published a registration document. Raising up to £300m. Due on the Main Market (Premium) in October.

Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the Democratic Republic of the Congo (DRC) and in the Republic of Zambia to join AIM. By 2022, CCR intends to be ready to commence the project financing of its Mbamba Kilenda copper project. Offer TBA. Due Late September.

Euro Sun Mining Inc (TSX:ESM) seeking to join the Main Market in Q3 2021. The Company’s main asset, the Rovina Valley Project, which contains the Rovina, Colnic and Ciresata deposits, is one of the largest undeveloped coppergold projects in Europe, holding approximately 400Mt of confirmed resources containing 7.0m ounces of gold and 1.4 bn lbs of copper.

Breakfast Buffet

Angus Energy 0.85p £8.22m (ANGS.L)

Update on recent work done by the Company on reprocessing and reinterpreting the Lidsey seismic data. As previously mentioned on the 22nd of February one of the conclusions of the work is that previous seismic mapping failed to define the reservoir accurately. The Company therefore acquired a new line of seismic data to link existing seismic lines across the structure in the vicinity of the two existing wells. This work went very smoothly and was accomplished using a very simple low cost but high-quality method. When the data from the new line became available all of the existing seismic lines were reprocessed to a uniform standard. Subject to some further work on the processing particularly processing to depth, Angus are now in a position to reinterpret the seismic, using the new data, with the aim of remapping the structure. The preliminary work suggests that the historical mapping should be discarded and the structure mapped afresh using the new data and with further work to tie in two historical wells nearby at Middleton and Pagham (outside of the Lidsey Field) to provide depth and structural control. This additional data should provide a more complete picture.

Chaarat Gold 22.25p £153.4m (CGH.L)

Appointment of Mike Fraser to the Chaarat board as Chief Executive Officer with effect from 17 January 2022. Mike brings over 20 years of extensive experience in the global mining and metals industry. In April 2018 he was appointed Chief Operating Officer of ASX-listed South32 Limited and prior to that he was President and Chief Operating Officer of its Africa region. During his time at South32 he has been directly responsible for the operations of underground mines, smelters, and project development. Throughout his career he has held a number of senior roles, including Human Resources President of dual LSE- and ASX-listed BHP Limited and Asset President of Mozal Aluminium in Mozambique.

EQTEC 1.2p £102.76m (EQT.L)

EQTEC plc (AIM: EQT), a world-leading gasification solutions company building a cleaner waste-to-energy industry , is pleased to announce that it has established EQTEC Synergy Projects Limited, a joint venture between EQTEC and its Greek strategic partners, German EPC company, ewerGy GmbH (operating in Greece via its local partner, ECO Hellas M IKE). The JV has also signed an agreement for the proposed acquisition of a 1MWe waste-to-energy gasification project in Livadia, Greece and exclusivity for a second 1MWe project nearby.

Microsaic Systems 0.24p £14.9m (MSYS.L)

The the developer of point of need mass spectrometry (MZ) instruments and solutions, has signed an agreement with Jiangsu Henzhihe Technologies Co. Ltd. (HZH), to support the Company’s relationship with the Chinese distributor (the “Distributor”), with whom the Company announced a signed Heads of Terms for its micro -engineered MS technology (per the RNS dated 4 May 2021). Under the agreement, HZH will provide integration and service support for Microsaic’s operations in China. HZH will act as the manufacturer, integrator, and service centre in support of distribution and prospective OEM partnerships in China. HZH is a recently incorporated entity whose directors have a long history of working with MS in China and manufacturing other analytical devices, and in active pharmaceutical ingredients (“API”). Their relationships include large analytical instrumentation and pharmaceutical companies. HZH and Microsaic will collaborate with distribution partners to access and service other substantial growth opportunities in the Chinese market.

Fusion Antibodies 132.5p £34.3m (FAB.L)

AGM Statement from the specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications. “During the current financial period, revenue growth has been consistent compared to the previous financial period and in line with our expectations. Customer enquiries for all of the Company’s services remain robust, and the OptiMASTM platform (incorporating RAMP TM, the affinity maturation platform) has been a key element in securing new business. So far in the current financial year, Fusion has received a £150,000 milestone payment as a result of a humanised antibody project which was successfully commercialised by a key client. This was the first such payment received by the Company and is in line with our strategic objectives of unlocking the intrinsic value that our service offerings represent to our clients. As at 31 March 2021, the Company had an interest in fifteen client projects, six with fixed success payments and nine royalty agreements and we will seek to add more such arrangements in the future when warranted by the Company’s contribution to a client project. In August, we announced that we have entered into a commercial collaboration agreement with Eurofins Discovery, a leading provider of products and services to the drug discovery industry. Pursuant to the Collaboration, Fusion will provide comprehensive pre-clinical antibody development services from discovery, engineering, and critical reagent supply to Eurofins and onwards to their customers. The Company’s commitment to new R&D projects was maintained for this period and OptiMALTM (the Mammalian Antibody Library Discovery Platform) remains on track to deliver initial revenues in 2022.”

In The Style Group 162p £85.1m (ITS.L)

The fast-growing digital womenswear fashion brand with an innovative influencer collaboration model, announces a trading update for the period from April to August 2021 ahead of the Company’s Annual General Meeting (“AGM”) to be held at 11.30am today. In The Style has continued to deliver strong sales growth with Group revenue during the Period up 45% year on year and e-commerce Gross Order Value almost 50% ahead. This performance has been driven by the increasing profile and awareness of In The Style’s differentiated brand; the continued expansion of the Group’s influencer collaboration model including the launch of nine new partnerships during the Period; and increased customer demand reflecting the return of social events during the summer.

Iofina 16.5p £30.7m (IOF.L)

The specialists in the exploration and production of iodine and manufacturers of specialty chemical products, announced its Interim Results for the six months ended 30 June 2021. Record revenue and profitability.•Revenue increased by 27% to $19.9m (H1 2020: $15.74m) •Gross profit increased by 10% to $5.4m (H1 2020: $4.90m) • EBITDA increased by 18% to $3.5m (H1 2020: $2.9m) •Profit before and after tax increased by 164% to $3.5m (H1 2020: $1.3m) •Net debt reduced by 27% from $9.9m (H1 2020) to $7.2mIodine production •Met revised production target of 249.4 MT during H1 after impact of extreme weather and reduced brine supply at two Iofina plants •H2 production on track to meet 260-275MT target •In negotiations with targeted partners for Iofina to build and operate IO#9, with additional expansion efforts beyond IO#9 also being evaluated.

Symphony Environmental Holdings* 27.5p £48.6m (SYM.L)

The global science-based group that makes plastic and rubber products “smarter, safer and sustainable”, announced an equity subscription for 2,500,000 new ordinary shares of 1 pence each in the Company by Vincel Investment Holdings Limited, at a price of 30 pence per Ordinary Share. Gross proceeds from the Subscription are £750,000. The Subscription Price represents a premium of approximately 13 per cent. to the closing price of 26.50 pence per Ordinary Share on 23 September 2021, being the last business day prior to the date of this announcement. In addition, 2.5 million warrants have been granted to Vincel at an exercise price of 40 pence per Ordinary Share and are exercisable for six months from completion of the Subscription. Upon completion of the Subscription, Vincel will be interested in 14.8 per cent. of the enlarged issued share capital of the Company. Vincel is owned by Mrs Shruti Lohia, daughter of Mr S P Lohia. Mr Lohia is the Chairman of Indorama Corporation, Singapore. The proceeds of the Subscription will be used for ongoing working capital purposes and Symphony’s continuing development and investment in a range of core complementary technologies.

Argos Resources 1.13p £2.65m (ARG.L)

The Falkland Islands based company focused on the North Falkland Basin announced its interim financial results for the six months ended 30 June 2021.· $200 thousand loss for the period (H1 2020: loss of $192 thousand); · $550 thousand successful fund raise in May 2021; · $641 thousand cash reserves at 30 June 2021 (YE 2020: $438 thousand); · The current Second Phase of the Licence was extended until May 2022; · The Company continues to work on de-risking the North Falklands basin for drilling and seek partners to participate in drilling on its Licence

Totally 37.25p £67.9m (TLY.L)

The provider of a range of healthcare services across the UK and Ireland, reported that the Group’s Urgent Care division has been awarded several contract extensions worth a total of c. £16m. The contract extensions include those awarded to Totally’s wholly-owned subsidiary, Vocare Limited, part of the Urgent Care Division and one of the UK’s leading national specialist providers of urgent care services, for the provision of Integrated Urgent Care, GP OOH (out of hours) and Urgent Treatment Centres located in the North East of England and Yorkshire to 30 September 2023 at a value of c. £13m.

Head Chef:

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

*A corporate client of Hybridan LLP

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