Small Cap Feast

07 March 2022

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What’s Cooking In The IPO Kitchen?

Summerway Capital plc, (AIM:SWC) to be renamed Celadon Pharmaceuticals plc following completion of the acquisition of Vertigrow Technology Ltd, is to relist on AIM. Vertigrow is a UK based pharmaceutical Company specialising in the researching, growing and supply of medicinal cannabis, for a total consideration of £80m. Summerway is an investing company focused on investment and acquisition opportunities across the healthcare and pharmaceutical sectors, particularly within new and emerging therapeutic areas. Capital to be raised on admission £8.5m. Anticipated Mkt Cap approximately £101.8m. Due 28 March 2022.

Cordiant Global Agricultural Income plc intends to float on the Main Market (Premium). The Company’s investment objective will be to seek to provide an attractive yield, with potential capital growth, by providing secured medium-term finance to the global agricultural sector. The Company will seek to promote more sustainable crop production and help address a capital solutions gap which exists in the agricultural sector in select regions. The Company will provide finance for crop inputs and for capital investment in new technologies and infrastructure which help increase crop yields and have a sustainable benefit. Mkt Cap and Capital to be raised TBC.

Majestic Corporation plc, to join AQSE Growth Market. Majestic is a profitable business recycling precious and non-ferrous metals from obsolete mechanical and industrial material including catalytic convertors, printed circuit boards, legacy electrical and electronic equipment, and industrial metal residues left over from manufacturing. The metals extracted for recycling include gold, platinum, rhodium and palladium. The company uses a network of partners to source, acquire, store, and process material and once the waste precious metal is ready it is supplied to refineries, in countries such as Japan, for reconstitution and resupply in to the global supply chain. Due March 2022.

Shellraise plc, to join AQSE Growth Market. The Company will focus on identifying investment opportunities in companies operating in the viticulture sector which require funding to increase output. Mkt Cap and Capital to be raised TBC. Expected 18 March 2022.

Invinity Energy Systems plc, intends to join AQSE Growth Market. The AIM listed Company (IES.L) manufactures flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks. Due 9 March 2022.

Cleantech Lithium intends to join AIM. The Group is intending to produce lithium using a sustainable direct lithium extraction method, which returns water to its source instead of depleting vital aquifers. Each of the Projects are based in Chile, one of the world’s best regions for solar and other renewable energy. The intention is to utilise renewable energy for process power. The result being that the overall process will have a very low CO2 footprint potentially giving a critical advantage in the European Union market which has set strict CO2 emissions limits. Mkt Cap and Capital to be raised TBC. Due 14 March 2022.

Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and direct subscriptions by new and existing investor. If the Proposed Transaction proceeds to completion, it is proposed to change the name of the Company to Ondo InsurTech Plc and the name of Labs, which will become a subsidiary of the Company, to LeakBot Ltd. Should the Proposed Transaction not proceed, then the Company would need to apply for the suspension of its listing of ordinary shares to be lifted and for trading to be restored. £5m capital to be raised. Due early 2022.

Carbon Air, a nano-technology company which leverages the adsorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company’s proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems, acoustic insulation for domestic appliances and micro-speakers for smartphones. Mkt Cap and Capital to be raised TBC. Due Late March.

Spiritus Mundi due to join the Main Market (Standard), a special purpose acquisition vehicle which will seek acquisition targets in Europe and Asia in the clinical diagnostics sector. The Company has already raised approximately £1.2m in a pre-IPO fundraising round. Delayed until second half of Q1 2022.

Recycling Tech Group to join AIM, a UK-based engineering, research and manufacturing company that has developed a modular and mass producible machine, the RT7000, which processes hard to recycle plastic waste into a synthetic oil that can be sold back to the petrochemicals industry as a chemical feedstock to make new plastics. Targeting a £40m raise. Due early March 2022.


Breakfast Buffet

Altus Strategies 54p £63.4m (ALS.L)

Altus Strategies announces the appointment of Mr Gérard De Hert as a non-executive director of the Company, effective immediately. Mr De Hert is Managing Director (Technical Services) at La Mancha Holding S.àr.l. His appointment is in accordance with the terms of the Strategic Investment Agreement between La Mancha and the Company (SIA) approved by shareholders on 18 February 2020 (see Company announcement of 19 February 2020). Under the terms of the SIA, La Mancha has certain shareholder rights, including the option to appoint up to two non-executive directors to the board of the Company. On 6 April 2020, Mr Karim Nasr, Chief Executive of La Mancha, was appointed as La Mancha’s first representative on the Altus board. Mr De Hert serves as Managing Director, Technical Services for La Mancha, where he oversees the technical assessment of new and existing investments. For more than 20 years, he has worked on the appraisal and extraction of several of Africa’s largest epigenetic gold deposits for Endeavour Mining, IAMGOLD, AngloGold Ashanti, and Randgold Resources (now Barrick Gold). Altus is a mining royalty company generating a diversified and precious metal focused portfolio of assets.

CPP Group 274p £24.2m (CPP.L)

The multinational provider of personal protection and insurance products and services, confirmed the appointment of David Bowling as Chief Financial Officer, with immediate effect. David has worked for CPP Group for over 10 years, having joined as a senior manager in the Group Financial Reporting division, and has most recently been Group Finance Director. David qualified as a Chartered Accountant with Mazars. Prior to working for the Company, David was Group Accountant for Barchester Healthcare Limited.

Directa Plus 106p £70.3m (DCTA.L)

The producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, announces that Oxfordshire County Council is starting its second trial of a patented asphalt concrete modifier developed by Iterchimica and enhanced by the Company’s Graphene Plus. The new trial will see two identical stretches of Marsh Lane in Oxford, which carries around 10,000 vehicles a day along a key city route, resurfaced with different materials. Half of a 700-metre stretch of the road will be laid with GiPave®, while the rest will be resurfaced using conventional asphalt, so that the two surfaces can be compared. This second trial follows a successful first pilot scheme in Curbridge, Oxfordshire in 2019. Analysis of this scheme showed GiPave® increases the lifespan of the surface by up to 70 per cent compared to conventional resurfacing methods.

Katoro Gold 0.75p £3.5m (KAT.L)

The gold and nickel exploration and development company, announces that it has entered into a Joint Venture Agreement with Lake Victoria Gold (LVG) for the development of the Company’s Imweru Gold Project. Under the Agreement, LVG will earn up to 80% in the Project, with the balance of 20% being held by Katoro as a carried interest. The Company previously announced to the market that the Project was disposed of by virtue of a sale transaction (see RNS of 12 June 2020). The administrative process to finalise registration of the sale transaction, and therefore trigger ongoing milestone payments due to Katoro, was subsequently indefinitely delayed due to unforeseen statutory barriers related to the transfer of ownership at project level. This created a situation where no definitive schedule date could be established for transfer of ownership and issue of the relevant milestone convertible loan notes. In light of this unsustainable situation the Company and LVG agreed to cancel the sale transaction and to enter into a Joint Venture instead. LVG will earn a JV-interest of up to 80% in the JV and will be responsible for 100% of the JV funding requirements. All debt funding required by the JV will be procured or provided by LVG. The JV will reimburse Katoro for previous expenditures in the amount of EUR792,000 on or before 31 December 2023. Three directors, two nominated by LVG and one by Katoro will form the Board of the JV.

Nightcap 15.25p £29.15m (NGHT.L)

The owner of The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, announced a further opening for The Cocktail Club in Cardiff in early May. The latest The Cocktail Club, which is located at 75 St Mary Street, Cardiff, CF10 1FA covers an area of approximately 3,400 square feet over three floors. The site has a 3:00 am license Monday to Sunday and has an unrestricted capacity of 220. This opening is the second new opening in Cardiff for Nightcap after it announced it would open a new Tonight Josephine in Cardiff in early April 2022. In addition to the three new openings scheduled for this year and alongside its existing 27 sites, Nightcap has a further 24 premises under offer or in legal negotiations and continues to see favourable market conditions for site acquisitions across the country. The Board, Management team and entire staff within Nightcap decided on 28 February 2022 to remove the sale of Russian Vodka across all 27 venues. On 4 March 2022, the Company introduced Ukrainian Vodka to the menu as a replacement across the entire estate.

Oncimmune Holdings 128.5p £88.8m (ONC.L)

The global immunodiagnostics group, today announces the signing of a new commercial follow-on contract with a world-leading medical research organisation based in the US, to validate the findings from a previous study to assess the autoimmune responses to SARS-CoV-2 infection in immune-compromised patients. Under the terms of this follow-on contract, new samples will be analysed using Oncimmune’s existing SeroTagTM COVID-19 autoantigen array, to confirm the autoimmune reactions already seen in patients with underlying autoimmune diseases, such as irritable bowel disease. Dr Adam M Hill, CEO of Oncimmune said: “We have now successfully completed four studies for this world-leading medical research organisation relating to COVID-19. This latest additional contract, utilising Oncimmune’s validated infectious diseases panel, will proceed to validate the findings from our prior contract. This follow-on contract and others we have announced underlines Oncimmune’s leading position in autoimmune profiling of infectious disease.”

Physiomics* 4.4p £4.28m (PYC.L)

The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, today announces its unaudited financial results for the six months ended 31 December 2021. Revenue of £366k (six months ended 31 December 2020: £363k). Total income was the highest first half income ever recorded by Physiomics and slightly ahead of the six-month comparable prior period ended 31 December 2020. Operating losses of £170k were just £38k greater than those of the comparable prior period despite a significant increase in marketing activities, including the hiring of the Company’s first Head of Business Development. The Company finished the half with a strong balance sheet showing shareholder funds of £1.08m at 31 December 2021 (compared with £1.29m at 31 December 2020) of which £794k were cash and cash equivalents. Contracted revenues of approximately £460k already booked for the six months ending 30 June 2022 (highest recorded at this point in any financial year). Well positioned to meet market expectations for the full year to 30 June 2022.

Property Franchise Group 311p £80m (TPFG.L)

The Property Franchise Group PLC, the UK’s largest property franchisor, announces that Glynis Frew will be stepping down as Managing Director of Hunters and from the TPFG Board with effect from 31 March 2022, remaining with the Group in a new role as Franchise Training and Development Director. Following a period of over 20 years with Hunters, having overseen its growth and subsequent integration into The Property Franchise Group, Glynis will now be responsible for driving the Group’s agenda to be an employer of choice and implementation of new Regulation of Property Agents (RoPA) initiatives. Gareth Williams, an established member of the Group’s senior management team, will be taking on the role of Hunters MD. Gareth has a close relationship with Hunters and will move into the role following an orderly handover with Glynis. Gareth Samples, CEO of TPFG said: “I am extremely thankful to Glynis for all she has achieved since we acquired Hunters, working closely with us to fully integrate the brand and sharing her knowledge with the wider Group. Glynis built a fantastic brand in Hunters, and I am delighted she will be remaining with the Group as Franchise Training and Development Director, enabling her to follow her passion for best-in-class training and development.”

The 600 Group 13.25p £15.6m (SIXH.L)

The diversified industrial engineering company, today announces that it and certain other Group companies have entered into a conditional sale and purchase agreement with Timesavers Acquisition, LLC relating to the disposal of the entire issued share capital of each of 600 UK Limited, Colchester GmbH, 600 Machinery Australia Pty Ltd and Clausing Industrial, Inc, which together comprise the Group’s Machine Tool Solutions Division. Total cash consideration of US$21m payable on completion. The Disposal will complete the shift of the Group’s strategy towards its growing industrial laser systems business. The net proceeds of the Disposal will provide the Group with the resources with which to pay down its existing debts and provide significant additional resources with which to invest in organic and inorganic growth strategies focused on industrial laser systems.

Tintra 185p £26.9m (TNT.L)

Further to the announcement of 26 November 2021, that it has finalised a further subscription under the current funding round, raising a further US$250k at 504p. The Subscription is made by a private equity professional based in New York City. This investment is part of a larger investment related to his family’s Family Office which is anticipated to subscribe to a further US$2.025m on the same terms, for which the documentation is currently in process. The funds to be received will be used for the continuing development of the Company’s artificial intelligence platform and regulatory licensing build alongside general working capital purposes.

7 March 2022
*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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