Small Cap Feast

03/11/2021

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Kasei Holdings, a technology specialist investor that focuses on cryptocurrencies and blockchain technologies, has joined the AQSE (KASH) Growth Market 27 Oct. No funds being raised.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to join AIM. The Directors have a high degree of confidence in the Group achieving no less than £52m of revenue, £21.5m of Adjusted EBITDA and £12.8m of Adjusted EBITA for FY21 Due late Nov. Offer TBA.

Atrato Onsite Energy, a new closed-ended investment company established to invest in a diversified portfolio of onsite renewable energy assets to join the Main Market (Premium). Targeting a £150m raise. Due by end Nov.

Foresight Sustainable Forestry Company to join the Main Market (Premium), an externally managed investment company that will invest in UK forestry and afforestation assets. Raising up to £200m. Due 24 Nov.

Travel Chapter Holdings to join AIM. Travel Chapter operates a leading online platform in the structurally growing UK holiday rental market, connecting a supplier base of property owners with their customers and providing a market leading service proposition to both. Offer TBA. Due mid Nov.

Gensource Potash Corp to join AIM. Gensource is a TSX-V listed fertilizer development company located in Saskatchewan, Canada, focused on a sustainable and modular approach to potash production. The Company currently holds 100% interest in KL 244 and KL 245, the subsurface mineral leases comprising the Vanguard Area (296.43 km2). The Company also holds mineral leases in its Lazlo Area (24.93km2) in the south of Saskatchewan. Due early Nov. No funds being raised.

ATOME headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas company which has incubated and financially supported ATOME to date, by way of a dividend in specie and flotation.

Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie ‘Publisher of the Year 2021’ by GamesIndustry.biz. Offer TBA. Due early Nov.

Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties. Due mid Nov.

Alinda Capital Infrastructure Investments to join the Specialist Fund Segment of the Main Market of the London Stock Exchange raising up to £350m. Due Late November.

Nu-Oil and Gas to acquire Guardian Maritime Ltd and Guardian Barriers IP Ltd and become Guardian Global Security plc and join the Main Market (Standard). Guardian is a technology group that supplies products to prevent unauthorised entry into areas that are deemed to have value, with maritime security being the main focus initially. Q4 2021.

ProCook, the UK’s leading direct-to-consumer specialist kitchenware brand, is considering applying for admission of the Shares to the Main Market (Premium). ProCook’s revenue grew by 37% to £53.4m in FY21 (ending 4 April 2021), with Adjusted EBITDA growing by 246% to £13.3m in the same period. Due in November.

Silverwood Brands, an investing company established to identify investment opportunities including, but not limited to, in the foods, organic food, wellness, lifestyle and leisure sectors, targeting admission on the to join the AQSE Growth (Access). Due 8th Nov. Offer TBA.

Rubix Group Holdings, the market leading pan-European distributor of industrial maintenance, repair and overhaul products and services to IPO on the Main Market (Premium). In the six months ended 30 June 2021, Rubix generated revenue from ongoing operations of EUR1,312m and adjusted EBITDA of EUR123m (9.4% adjusted EBITDA margin from ongoing operations), an increase of 10.6% and 19.3% compared to the six months ended 30 June 2020, respectively. Raising EUR850m, potential sale of existing ordinary shares by current shareholders. Raising EUR 850m. Due early Nov.

Firering Strategic Minerals to join AIM, a holding company for a group of exploration and development companies set up to focus on developing assets towards the ethical production of critical metals. The Company’s portfolio of assets is located in Côte d’Ivoire and contains projects that the Directors believe to be prospective for lithium and columbite-tantalite. Due Early Nov. Offer TBA.

Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company’s investment objective is to invest in commercial scale energy storage and renewable energy generation projects, with an initial focus on a diversified portfolio of battery energy storage systems located in Great Britain. The Company has contracted with Tesla Motors Limited in respect of its initial portfolio of battery storage projects, to be acquired on IPO. Due Early Nov.

Stelrad Radiator Group, the specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, is considering an IPO on the Main Market (Premium). Secondary and primary (c.£25m) offer. Early Nov.

Pantheon Infrastructure to join the Main Market (Premium). PINT will make investments in private infrastructure assets. Due Mid Nov.

Pod Point, one of the United Kingdom’s leading providers of Electric Vehicle charging solutions is considering a Main Market (Premium) listing. As at 30 June 2021, Pod Point had installed more than 89,000 home charge points and over 13,000 commercial units, including those located at workplaces and destination locations. Timing and offer TBA.

Marks Electrical, a fast growing online electrical retailer, announced its intention to proceed with an initial IPO and to seek admission to trading on AIM. Marks Electrical sells, delivers, installs and recycles a wide range of household electrical products. In the year to 31 March 2021 revenue grew to £56m, up 78% against the previous financial year, while EBITDA increased to £7.45m, at a 13.3% EBITDA margin. The Group has made a strong start to its current financial year to 31 March 2022, with revenue growth of 78% in H1 FY2022, versus 47% growth in H1 FY2021. Offer TBA Admission is expected to take place in early Nov 2021.

M7 Regional E-Warehouse REIT intends to apply for admission onto The Property Stock Exchange (Wholesale Segment). On Admission, the company plans to acquire a portfolio of UK retail warehouses worth £120m from M7 Real Estate Investment Partners VIII. The portfolio currently comprises 18 retail warehouse properties across the UK totalling 978,317 sq ft and fully let to 53 occupiers. Rent collections for Q2 2021 stand at 93% and are expected to revert to 100% in the coming quarters.

Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the 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. Due Mid Nov. Offer TBC.


Breakfast Buffet

Asiamet Resources 2.8p £53.6m (ARS.L)
Asiamet has entered into a Heads of Agreement with PT Delta Dunia Makmur Tbk. (DOID), an Indonesian public company and one of the largest mining services companies in Indonesia. Subject to completing the key conditions precedent DOID will earn a 51% interest Asiamet’s wholly-owned subsidiary, Indokal Limited by contributing $50m towards the BKM mine development via a series of cash payments and in kind expenditure.

Empire Metals 1.65p £6.05m (EEE.L)
The resource exploration and development company announced the results of the recently completed Reverse Circulation (‘RC’) drilling programme at the Central Menzies Gold Project in Western Australia (‘Central Menzies’ or the ‘Project’), over which Empire holds an option to acquire a 75% interest. 2,379m of RC drilling has been completed, focusing on the two mineralised trends known as Teglio and Nugget Patch which have been prioritised from previous work: Nugget Patch: A consistent NNW-trending zone of oxide gold mineralisation was confirmed along the western flank of the prospect. The gold anomaly extends for the full 500m strike length tested in this programme and remains open to the north and south. Teglio: Northernmost step-out RC line intersected shallow gold mineralisation coinciding with the southern end of a recently defined and coherent gold-in-soil anomaly at “Teglio North” which extends over some 800m strike length. The southern line at Teglio also intersected significant gold anomalism, and the recent soils show this trend may continue further to the south before the Teglio trend goes under transported cover.

Greatland Gold 17.4p £689.8m (GGP.L)
The mining development and exploration company with a focus on precious and base metals, has identified two priority targets that are analogous to the magnetic and gravity anomaly associated with the Havieron gold-copper deposit. These targets are situated within 100% owned areas being the Canning application and the adjacent recently acquired Paterson South tenement as announced to the market on 16 September 2021. The Paterson South Target One comprises a strong gravity and near coincident magnetic anomaly. The Canning application Target Two comprises a strong coincident gravity and magnetic anomaly. Both targets are analogous to the magnetic and gravity anomaly associated with the Havieron gold-copper deposit, and follow-up exploration is warranted.

Image Scan Holdings 2.6p £3.5m (IGE.L)
The specialist supplier of X-ray screening systems to the security and industrial inspection markets provides a pre-close trading update of its unaudited results for the year ended 30 September 2021. Order bookings increased to £2.8m (2020: £2.4m). Sales fell to £2.9m following weak first half (2020: £3.5m). Gross margin increased to 53% (2020: 49%). Strong control of overheads, reduced 18% to £1.3m (2020: £1.6m). Reportable unaudited pre-tax trading profit of £189k (2020: £112k). Pre-tax trading profit (adjusted for capitalized R&D spend) £98k (2020: £112k). First orders for new cabinet X-ray systems. First orders for government customers in the USA. Period-end order book of £516k (2020: £633k). Strong year-end cash balance of £1.2m (2020: £1.4m).

Kefi Gold And Copper 1.08p £23.2m (KEFI.L)
Kefi reported receipt on 2 November 2021 from the Ethiopian Ministry of Mines of formal confirmation that the mining licence for the Tulu Kapi Gold project held by Project company Tulu Kapi Gold Mines Share Company (TKGM), remains in good standing (for expiry per the terms of issuance in 2035) subject to TKGM’s on-going compliance with the regulations and the MoM’s requirement for TKGM to re-confirm by 31 January 2022 that it has procured the necessary Project finance. Subject to those conditions and a successful Project launch, the licence can be renewed by TKGM on expiry in 2035 should the Project prove successful in expanding ore reserves and mine life.

Kibo Energy* 0.2p £5.1m (KIBO.L)
The renewable energy focused development company has successfully raised total gross proceeds amounting to £860k via the issue of 430,000,000 ordinary shares of par value EUR0.001 each at an issue price of 0.2 pence per share, with private investors. Each share has one warrant attached which is exercisable at 0.4 pence per share and with an exercise period of 24 months. Proceeds from the Subscription will be utilised primarily to further develop the Company’s energy portfolio most notably the Company’s waste to energy projects and for working capital requirements.

Mkango Resources 31p £48.28m (MKA.L)
Mkango increases its interest in HyProMag from 25.0% to 41.6% following the exercise by HyProMag of its right to convert into shares of HyProMag the £200k convertible loan which formed part of the £500k financing package completed in January 2020. Cash retained by HyProMag will be used to support the scale up of the patented Hydrogen Processing of Magnet Scrap (HPMS) technology at University of Birmingham and Tyseley Energy Park, centres of excellence for magnetic materials, green technology and clean energy innovation. HyProMag is set to become the UK’s first producer of recycled, sintered NdFeB rare earth magnets and materials, as used in electric vehicles, wind turbines and consumer electronics, further benefiting from an estimated 88% lower energy usage and close to zero human toxicity versus primary mining to separation to metal alloy to magnet production.

RUA Life Sciences 163.5p £36.27m (RUA.L)
The holding company of a group of medical device businesses focused on the exploitation of the world’s leading long-term implantable biostable polymer (Elast-Eon ™), announced the submission by RUA Vascular to the US Food and Drug Administration (FDA) of its Premarket Notification (510k) for a range of polymerically sealed vascular grafts. This follows an introduction of the RUA graft at the recent annual meeting of the European Association for Cardio-Thoracic Surgery (EACTS) held in Barcelona. The unmet need for non-biogenic devices was discussed broadly at the meeting and interest in implanting the RUA grafts was expressed by both US and European surgeons confirming to the Board the Company’s plans for launch strategy and distribution channels. Interest from potential industry partners continues and a further two non-disclosure agreements have been entered into to allow incorporating RUA grafts into currently marketed devices. The Company’s R&D team now has a major task of validating production equipment in advance of the commercial launch of grafts during the first quarter of 2022.

Synectics 115p £20.5m (SNX.L)
The specialist in design, integration and support of advanced security and surveillance systems, announces the award of two major new casino projects in North America. Working with local integration partner, Zuvid Surveillance Systems, Synectics will provide new surveillance management systems based on its market-leading Synergy software platform for Fallsview Casino Resort, the largest gaming resort facility in Canada, overlooking the world-famous Horseshoe Falls, and its sister property, Casino Niagara. Both properties recently re-opened having been closed since March 2020 due to COVID-19. Delivery will commence before the end of this year, with a five-year support contract already agreed, following completion in early 2022.

Tekcapital 30p £39.2m (TEK.L)
The UK intellectual property investment group focused on creating valuable products from investing in university technologies that can improve the quality of life, announces that it has raised a total of £3m (c.US4.1m) before expenses, in an oversubscribed placing from existing and new shareholders, at 28 pence per share. The net proceeds of the Placing will primarily be used to accelerate the growth of the Company’s portfolio companies.

3 November 2021
*A corporate client of Hybridan LLP

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The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

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In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

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