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Small Cap Feast – 30 November 2020

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Off the Menu:

Pursuant to the winding up of the Company Chrysalis VCT has left the Official List.

 

What’s Cooking in the IPO Kitchen?

Intuitive Investments Group, a closed-end investment company focussed on the life sciences sector, announces its intention to seek admission the AIM market of the London Stock Exchange plc, and a conditional placing , at a price of 20 pence per share, to raise gross proceeds of £7.5 million . · The net proceeds of the Placing will be used by the Company:-  to invest in fast growing and / or high potential life sciences businesses, based predominantly in the UK, wider Europe and the US, chosen from an identified pipeline of investment opportunities –  investments will be focused on diagnostics and healthcare, medical devices, tools and technologies and bio-therapeutics and pharmaceuticals · The market capitalisation of the Company is expected to be circa £7.8 million on Admission. Due 14 Dec.

Schroder BSC Social Impact Trust plc  targeting a £100m raise.   The Company’s investment objective is to be the first London listed investment company to deliver measurable positive social impact as well as long term capital growth and income, through investing in a diversified portfolio of private market impact funds, co-investments alongside impact investors and direct investments in order to gain exposure to private market Social Impact Investments.  Due 22 Dec. Official List (premium)

Abingdon Health to list on AIM. Abingdon Health is a lateral flow diagnostics company providing contract service solutions to a global client base in the healthcare sector and other industries . The Company has developed and is manufacturing the AbC-19TM Rapid Test, an antibody test for Covid-19 indicating whether a person is generating IgG antibodies to the spike protein of the SARS-CoV-2 virus. The Company is also working with three customers to transfer their Covid-19 antigen tests to manufacture, and is manufacturing a component of a rapid PCR (polymerase chain reaction) test.   Offer TBC. Due early Dec.

Auctus Growth Plc (AUCT.L) –  Reverse acquisition of HeiQ Materials AG.  £20m placing for the enlarged group plus further secondary placing of £40m for selling shareholders.  HeiQ creates technologies that add functionality, comfort, hygiene and sustainability to existing apparel, home textiles, technical textiles, medical textiles and devices and functional consumer products. It is anticipated that the funds raised will be used to strengthen the Enlarged Group’s regulatory portfolio, enhance its direct to consumer marketing and build brand equity, expand its geographical footprint, expand its sales channels, upscale the product HeiQ GrapheneX and build a medical business unit in light of the robust growth that HeiQ Viroblock has experienced due to the COVID-19 global pandemic.  Anticipated mkt cap £141 million. Due 7 Dec. Main Mkt (Standard)

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  14 December.

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

Symphony Environmental Technologies* 22.5p £39.8m (SYM.L)

The global specialist in technologies to enhance the properties of plastic and some non-plastic products has received further successful test reports from the Laboratory of Virology at the University of Campinas, Brazil on the Company’s anti-viral nitrile gloves and polypropylene fabric facemasks, made with Symphony’s d2pAM (antimicrobial) technology.

The gloves and facemasks were tested in accordance with ISO 21702-2019, the international standard for the  measurement of anti-viral activity on plastics and other non-porous surfaces,  against the Coronavirus strain MHV, genus Betacoronavirus (the same genus and family as SARS-CoV-1, SARS-CoV-2/COVID19 and MERS). The test reports concluded that “we recommend using d2pAM as a potential virucidal agent for the Coronavirus group and helps in controlling COVID-19.”

The d2pAM glove showed a 99.99% virus-reduction after only one hour of contact.  The d2pAM facemask showed a 99% virus-reduction after one hour of contact with the facemask, and 99.9% after two hours. The same tests were performed on a glove and a facemask which did not contain d2pAM, and concluded that no virucidal effect was detected. The masks are already available in commercial volumes and, subject to securing manufacturing space, Symphony hopes to be able to supply the gloves during the second quarter of 2021 and will market both products through its  global distribution network.

 

Mkango Resources 14.375p £19.1m (MKA.L)

HyProMag Limited and partners, European Metal Recycling Limited (EMR) and University of Birmingham  have been awarded a grant from the Industrial Strategy Challenge Fund, delivered by UK Research and Innovation, for a new project entitled “Rare-Earth Extraction from Audio Products”.

REAP will investigate ways of recycling rare earth magnets from speakers used in automotive and consumer electronics applications, which account for approximately 20% of the current market for rare earth magnets, according to Adamas Intelligence, and therefore represent a significant opportunity for rare earth magnet recycling.

Mkango’s subsidiary, Maginito Limited , holds a 25% equity interest in HyProMag, with an option to increase its interest up to 49%.

 

Cora Gold 7.5p £15.4m (CORA.L)

The West African focused gold company, announced the commencement of a new drilling programme across its Yanfolila Project Area in Southern Mali.  This follows previous positive drilling results all within 25km radius of the Hummingbird Resources plc (AIM: HUM) Yanfolila Gold Mine. ● 5,000m of Air Core (‘AC’) drilling planned across three permits at the Yanfolila Project Area: Tagan; Tékélédougou; and Farassaba III  ● Drilling has commenced at Tagan targeting extensions to existing discovery holes

  • Historical drill results across all three permits include: o  Tagan: 43m @ 1.2 g/t Au; and 25m @ 1.1 g/t Au o  Tékélédougou: 56m @ 2.2 g/t Au; and 17m @ 6.8 g/t Au o  Farassaba III: 12m @ 1.1 g/t Au; and 7m @ 1.56 g/t Au

 

ULS Technology 72.6p £47.1m (ULS.L)

ULS Technology plc, the provider of online platforms to support UK consumers moving home, announces that it has sold its wholly owned subsidiaries Conveyancing Alliance (Holdings) Limited and Conveyancing Alliance Limited (CAL) for a cash consideration of £27.3m  to Project Ophelia Bidco Limited, a company which also controls O’Neill Patient Solicitors LLP which is the largest conveyancer on the CAL panel. Funded to build transformative digital platform to revolutionise home moving and ownership. Leaves ULS “funded to build transformative digital platform to revolutionise home moving and ownership”.

 

Curtis Banks 218p £145m (CBP.L)

Curtis Banks, one of the UK’s leading SIPP providers, provided a trading and operations update.  The Company can confirm that since its interim results the Group is performing well and, in spite of considerable headwinds, remains in line with market expectations.

Aligned with Curtis Banks’ stated growth strategy to build greater scale and additional, complementary revenue streams the Company announced the acquisitions of Talbot and Muir, a high-quality provider of SIPP and SSAS schemes, and Dunstan Thomas, a leading FinTech provider in July 2020. The integration of these two businesses is progressing in accordance with plans.

 

ValiRx 24p £15.6m (VAL.L)

ValiRx has received the full dataset to be used for the Clinical Study Report from the Phase 1/2 clinical trial of its lead asset, VAL201, for the treatment of locally advanced or metastatic prostate cancer and performed at University College Hospital (UCLH), London. This expands the positive headline results announced on 28 September 2020.

Twelve patients were recruited according to the criteria of having incurable, locally advanced or metastatic prostate cancer with rising PSA. (Prostate-Specific Antigen) on three consecutive samples and absent or very mild prostate cancer-related symptoms. The headline results released in the Company announcement on 28 September 2020 highlighted the response rate of 54.5%, where response was confirmed by a lack of disease progression by PCWG2 (Prostate Cancer Working Group 2) criteria.  The PSA data, a recognised surrogate of disease progression, shows two patients seeing a decrease in PSA during their treatment period, one of which maintained the decrease throughout the trial.  The tumour response data demonstrates that patients did not have an increase in metastatic lesions during the treatment period, and that metastatic lesions already present did not grow at all in two out of three patients, suggesting a positive influence of VAL201 on the disease.  The further breakdown of the safety data confirms the well tolerated nature of the drug.

 

Accsys Technologies 112.75 p £185m (AXS.L)

The fast-growing and eco-friendly company that combines chemistry and technology to create high performance, sustainable wood building products, announces its interim results for the six months ended 30 September 2020

  • Resilient Group revenue performance supported by Accoya® sales volumes; Strong rebound and rapid recovery following the significant impact from COVID-19 in April.
  • Improved profitability driven by higher average selling prices: Underlying gross margin of 33% (H1 FY20: 29%) and underlying EBITDA up 72% to EUR4.3m.
  • Accoya® business performed strongly driving an EUR2.8m increase in Group operating cashflow5 to EUR5.4m (H1 FY20: EUR2.6m) together with rigorous working capital management resulting in a EUR8.9m reduction in Group Net Debt in the period.
  • Good progress on execution of strategic growth projects: o World-first Tricoya® (Hull) plant construction on track to complete Q1 CY2021 with commissioning to follow; Accoya® (Arnhem) plant expansion with addition of fourth reactor on schedule. o Accoya® USA JV progressing well, targeting investment decision in H1 CY2021. · Ongoing sustainability focus: Review completed with new ESG strategy and metrics published in expanded Sustainability Report6; further aligning to our purpose: Changing wood to change the world. · Continued focus on growth strategy and remain on track to deliver ‘5x’ production capacity target by 2025.

 

Location Sciences 0.5p £2.94m (LSAI.L)

The location verification company, has signed its second customer, The Spoken Thought, Inc., to its GeoProtect (Verify Audience) platform.

 The Spoken Thought, Inc. (trading as Mira) is a high value audience segment supplier to leading brands and media agencies across the US. It will use the Location Sciences GeoProtect platform to independently verify audience segments in order to offer its customers a visibly differentiated premium product compared to its competitors.

 

Wishbone Gold 10.5p £13.9m (WSBN.L)

The precious metals trading and exploration company, announced that Terra Search Pty Ltd, the Company’s Australian exploration consultants, have reported initial gold and copper grades at surface from its White Mountains Project in Queensland, Australia.

  • Grades up to 44 g/t Au (grams per tonne gold) returned from NE Workings from stream sediments.
  • Grades up to 11.9 g/t Au reported from rock chips at NE Working.
  • Magnetic linears indicate that the gold bearing Sunday School structure extends  to the east. Just outside Wishbone’s EPM, Terra Search reports that Sunday School. contains grades of up to 8.3 g/t Au and 87 g/t silver. Edwards South reported rock chips up to 1.2 g/t Au from breccia zones. · Edwards South is estimated to have 1km – 2km strike potential.
  • Grades up to 15.82% Copper (Cu) and 4.7 g/t Au reported at Clements Copper. · Brady’s Jubilation showed anomalous gold in the 62 ppb Au, and silver in the 1-2 ppm Ag range.

 

Kavango Resources 3.05p £5.9m (KAV.L)

The exploration company targeting the discovery of world-class mineral deposits in Botswana, has announced the selection of 4 ‘Norilsk-style’ primary target areas in the northern (Hukuntsi) section of the Company’s Kalahari Suture Zone Project .

Michael Foster, Chief Executive Officer of Kavango Resources, commented:

“Over the last six months Kavango has made a great deal of progress validating the Company’s exploration hypothesis that the KSZ hosts one or more world-class deposits of Copper, Nickel and Platinum Group Metals. Following approval by the FCA for the Company’s prospectus (available on the Company’s website) with respect to the recent £2million fund raising, Kavango is ready to move into the next phase of vitally important field exploration at Hukuntsi. Our immediate goal will be to detect significant electromagnetic conductors in our 4 primary target areas, to determine specific targets for future drilling.”

 

Head Chef:

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

*A corporate client of Hybridan LLP

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