Small Cap Feast

05/11/21

Dish of the day
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Off the menu
No leavers today
Dish Of The Day:
Marks Electrical (MRK.L), a fast growing online electrical retailer, announced has joined 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. £25m vendor sale, and £2.6m new money. Mkt cap c £115m. 

 Gensource Potash Corp (GSP.L) has joined 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. 

 Stelrad Radiator Group, the specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, has joined the Main Market (Premium). Secondary and primary (c.£25m) offer. Mkt cap £274m

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.

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.

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.

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

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

Caledonia Mining Corp 940p £108.3m (CMCL.L)
Further to the announcement of Caledonia Mining Corporation Plc on 23 September 2021 concerning the Maligreen project, the Company announces that it has today filed on SEDAR a NI 43-101 technical report on Maligreen. As a reminder, Maligreen is a property situated in the Gweru mining district in the Zimbabwe Midlands and contains, as stated in the report, a NI 43-101 compliant inferred mineral resource of approximately 940,000 oz of gold. Caledonia is expecting to finalise the process of transferring the claims from the seller shortly, at which point the agreed consideration of US$4m will become payable.

Eve Sleep 3.2p £8.8m (EVE.L)
Eve Sleep, the direct to consumer sleep wellness brand operating in the UK, Ireland and France provides an update on its recent and pending product launches as part of its broader strategy to further evolve the business, and to become a favoured destination for all things better sleep for better mornings. As part of this strategy a collection of six eve branded CBD drops in Camomile and passionflower, and Ginkgo biloba and ginseng botanical extracts have today gone live on the evesleep.co.uk website. Eve is also currently in discussions with a number of leading store based retailers who are interested in stocking the eve CBD oil range. As previously stated, as these oils are sold under a licensing agreement with Sana Lifestyle, eve expects the return will be more from raised brand awareness and the advancement of Eve’s sleep wellness proposition, rather than revenues and profits. Eve has also extended its range of sleep gifting and wellness products in recent weeks, including the non-alcoholic plant based three spirit nightcap drink, the gingko baton low glow night light, a range of eym candles and a selection of rescue remedy products designed to aid a restful night’s sleep. In the coming weeks further new products will be launched including a child’s version of the very popular Morphee sleep aid and a new long thin hot water bottle. In tandem with the step-up in new product development and introduction, packaging has also been upgraded including the use of fabric bags, for pillows and bedding etc, which are designed to have a second use to further eve’s sustainability position. As of today eve now has a product range of over 300 SKU’s, of which some 70% are non-mattress products.

Griffin Mining 100p £174.6m (GFM.L)
Griffin has received notification and signed documentation from the City and County regulatory authorities that vital operating supplies will be allowed to be delivered to the Caijiaying Mine Site until midnight on the 31st December 2021, the only mine granted such an accommodation in Hebei Province. As is customary practice for the Caijiaying Mine, mining operations will cease during the Chinese New Year holiday period and the cessation will be slightly extended into the first quarter of 2022 due to the Winter Olympic and Paralympic Games and re-open on the 14th March 2022. Chairman Mladen Ninkov commented, “The permission granted by the various levels of government in the People’s Republic of China to the continuing operations by the Company in this high profile period is very much appreciated and is an acknowledgement of the special relations enjoyed by all stakeholders in the Caijiaying Mine and best ESG practices implemented by the Company. Needless to say, my thanks go out to all concerned, particularly our senior western and Chinese management who strived so hard to achieve this result.”

M.P. Evans Group 880p £479.6m (MPE.L)
With effect from 1 January 2022, Matthew Coulson will take up the role of chief executive of M.P. Evans. At the same time, Peter Hadsley-Chaplin will relinquish the responsibilities of chief executive, continuing in his role as executive chairman. Matthew joined the Group in 2016 as CFO and was promoted to finance director in 2017. During that time, he has been responsible for leading all aspects of the Group’s finance function, from treasury and financing through to governance and control. Whilst Matthew will continue in the short term to monitor and supervise the Group’s finance team, work has already begun to recruit a new Group CFO.

Nichols 1,235p £456m (NICL.L)
Nichols plc, the diversified soft drinks Group, provides the following trading update for the first nine months of the year to 30 September 2021. Group revenue for the period was ahead of the Board’s expectations, increasing by 17% year on year to £107m. The Vimto brand has continued to deliver a strong performance across all of its markets. In the UK, Vimto brand value has increased by 4.5% YTD, according to Nielsen1. In Africa, the Middle East, Europe and the US the brand continued to see progress year on year, with International revenues increasing 36% versus the prior year. The Group’s Out of Home route to market continues to recover from the impact of the pandemic and has seen growth of 29% year on year. Cash generation has continued to be very positive through 2021 and despite the ongoing financial challenges posed by the pandemic, cash and cash equivalents at the end of the period were £55.6m (30 September 2020: £45.4m).

Proteome Sciences 5.25p £15.5m (PRM.L)
Dr. Ian Pike, Chief Scientific Officer of Proteome Sciences, will be presenting data from a recent study performed with INmune Bio of Boca Raton, Florida, at the 2021 edition of Clinical Trials in Alzheimer’s Disease conference being held in Boston, USA from November 7th to 9th. In this study, Proteome Sciences used its patented TMTcalibrator™ workflow to discover biomarkers supporting the response of Alzheimer’s disease patients enrolled in a Phase I clinical study of INmune Bio’s XPro1595. Xpro1595 is a novel sTNF antagonist targeting inflammation and related processes associated with Alzheimer’s disease and other neurodegenerative conditions. A recently completed Phase I trial showed promising results, including evidence of reduced inflammation and re-myelination in brain white matter obtained through imaging studies. To further support decisions for future clinical studies, INmune Bio contracted Proteome Sciences to deliver an in-depth proteomics analysis of cerebrospinal fluid samples. This analysis discovered multiple peripheral biomarkers consistent with anti-inflammatory action, as well as pathways related to neurodegeneration, neuronal organization, synaptic function and myelination. Most strikingly, it revealed a broad reduction in the phosphorylation of tau protein, which is a common hallmark of Alzheimer’s disease, and in particular at the pT217 site which has recently been reported as an important biomarker with strongly increased levels seen in advanced disease. Several of these proteins may be developed for monitoring progression in Phase II clinical studies.

Quantum Blockchain Tech 3.45p £31m (QBT.L)
The first phase of the FPGA development has now been completed. Disruptive Bitcoin mining technology development is well under way. QBT researching multiple routes to faster Bitcoin mining. Bitcoin algorithm core architecture for an FPGA chip has been selected and modification completed. To keep costs low, initial testing performed on an FPGA chip. Architecture design work for ASIC prototype to commence before year end. Testing will commence on the final design of the more expensive / faster ASIC prototype chip by end of Q1 2022. Ultimate goal is to produce an enhanced 7 nanometers (nm) ASIC chip. Early internal calculations show a final chip that could perform 24% quicker than current best available ASIC.

Tekmar 44.5p £23m (TGP.L)
The provider of technology and services for the global offshore energy markets, is pleased to announce it has successfully delivered the final batch of Cable Protection Systems (CPS) for Ørsted’s Hornsea Two Offshore Wind Farm. Tekmar has manufactured and supplied a total of 30 J-tube bellmouths and over 340 export and array CPS to the project. All systems were delivered to schedule and on budget, despite unprecedented global supply chain challenges.

The Stanley Gibbons Group 3.10p £5.5m (SGI.L)
In conjunction with its technology partner Showpiece Technologies Ltd, a company owned by Phoenix Asset Management Partners, fractional ownership of the 1c-Black on Magenta, the world’s most expensive postage stamp, will be launching next week. Graham Shircore, CEO of Stanley Gibbons said: “We’re extremely excited to be able to offer this unique, first-of-its-kind opportunity which will not only make a true global treasure available to all to own but increase interest in the hobby more widely. There’s still time to register for preferential early access through the holding page at www.showpiece.com, but not for much longer!”

Urban Logistics 176.75p £574.3m (SHED.L)
The specialist UK logistics REIT announced the acquisition of three assets in October for a total consideration of £29.0m at a blended net initial yield (NIY) of 6.7%. The assets include two income producing assets providing immediate additional revenue and the forward funding of a development project. As a result Urban Logistics has now committed or deployed £132m of capital following its July equity raise (5.8% weighted NIY), with c.£23m of further investments in advanced stages of contractual progress. The Company has also recently announced a new pipeline of over £400m of high-quality logistics assets, utilising the Company’s extensive proprietary network to source attractive off market deals.

5 November 2021
*A corporate client of Hybridan LLP

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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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