Small Cap Feast

10th March 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Majestic Corporation plc (AQSE:MCJ), has joined 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. In the year ended 31 December 2020, Majestic had revenue of over US$27m and recorded profit before tax of US$375k. In the 6 months to 30 June 2021 Majestic recorded turnover of US$15.5m and profits before tax of US$766k.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

Private equity firm Blue Owl Capital is planning to list assets from its Dyal Capital Partners business in a London IPO, Bloomberg reported. The assets are expected to be worth more than $10bn. Blue Owl went public in the US through a SPAC merger at the end of 2020.

Developer and publisher CI Games is preparing for a potential listing on the London Stock Exchange according to GamesIndustry.biz. CI Games became a public company in 2007, and is already listed on the Warsaw Stock Exchange.

New Energy One Acquisition Corporation Plc, intends to float on the Main Market. NEOA is a special purpose acquisition company incorporated in the United Kingdom that has been established to focus on pursuing a Business Combination with targets that are positioned to participate in or benefit from the global transition towards a low carbon economy. Capital to be raised £175m. Timings TBC

Anglesey Mining, a UK mining company currently listed on the Main Market (Premium) intends to move to AIM. Anglesey’s principal asset is a 100% interest in the Parys Mountain copper-zinc-lead-gold-silver project on the island of Anglesey in North Wales. Anglesey is currently exploring and developing the property, which has a high potential for the discovery of additional mineral resources through the development of a new, modern mine in an environmentally sustainable manner. Anticipated Mkt Cap TBC, current capitalisation c£8m. Expected 8 April 2022.

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.

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.

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. Mkt Cap and Capital to be raised TBC. Due early April 2022.


Breakfast Buffet

AMTE Power 90p £31.2m (AMTE.L)

The developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist market, announces that AceOn, the Midlands based renewable energy and battery specialist, has placed an initial order for 1,000 of AMTE Power’s next generation sodium-ion cells. AMTE Power and AceOn will together be delivering one of the world’s first solar-powered energy storage units to bring electricity to remote sub-Saharan African communities. The innovative portable energy storage power unit, AceOnPES, will run on sodium-ion battery cells produced by AMTE Power to help bring clean, affordable and sustainable power to some of the poorest and most remote regions in the future. It can be used for primary or back up power generation and is ideal for areas where the electricity infrastructure is not reliable, or it is insufficient to meet local needs, such as parts of Africa, India and Australia. Last year AMTE announced that it had entered into partnership with Sheffield-based Faradion to develop its Ultra Safe product, which uses Faradion’s patented sodium-ion technology. The wide availability of sodium compared to the metals required in more conventional lithium-ion cells creates the opportunity for wider and cheaper battery manufacture, helping to meet demand for greater production rates required for energy storage systems that will support a transition to renewable power. AMTE Power is developing Ultra Safe at the Company’s existing facility in Thurso, Scotland, while simultaneously progressing plans for its new UK Gigafactory.

Challenger Energy 0.09p £5m (CEG.L)

Challenger Energy advised of the appointment of a new Country Head and Managing Director for its operations in Trinidad and Tobago. Mr Sohan Ojah-Maharaj will assume responsibilities in mid-April 2022. In this role, Mr Ojah-Maharaj will be responsible for day-to-day operations in Trinidad and Tobago and Suriname, and will work as a key member of the executive team on the twin aims of delivering organic production growth and seeking to add production growth inorganically. Mr Ojah-Maharaj is a Trinidadian national, who will be relocating back to Trinidad and Tobago for this role. Mr Ojah-Maharaj is currently a Senior Reservoir Engineer and Business Consultant at the leading global petroleum consultancy, Gaffney Cline & Associates. In this position, Mr Ojah-Maharaj has worked extensively in Trinidad and Tobago and the broader Caribbean region, as well as internationally more generally. Prior to Gaffney, Cline & Associates, Mr Ojah-Maharaj held senior management and operational roles at a number of petroleum companies with assets in Asia, Europe and Trinidad and Tobago. He is a graduate of Imperial College, London, with a Masters in Petroleum Production Management.

Cornish Metals 25.75p £73.6m (CUSN.L)

The mineral exploration and development company focused on its tin/copper projects in Cornwall, United Kingdom, has reached an agreement, through a wholly-owned subsidiary of the Company, to sell a 1% Net Smelter Returns Royalty (NSR) on its Sleitat tin-silver project in Alaska to Electric Royalties Ltd. (TSX-V:ELEC / OTCQB:ELECF) for the following consideration: 1m common shares of Electric Royalties Ltd · CDN$100k cash Upon issuance at closing of the transaction, the Consideration Shares will be subject to a voluntary lock-up agreement whereby 50% of the Consideration Shares will be subject to a six month hold period and the balance subject to a one year hold period.

Corcel 1.55p £6.2m (CRCL.L)

Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, provides an update on its upstream battery metal portfolio and recent nickel price movements. Mambare mining lease application progressing with the application now passed to the National Executive Council, likely the final step in the application process. Wowo Gap JORC upgrade and gap analysis underway. The Company notes the significant rise in nickel prices and the favourable impact on the economics of its upstream battery metal portfolio, with prices well in excess of the Company’s “base case” assumptions.

Karelian Diamond Resources 2.25p £1.2m (KDR.L)

Karelian has applied for two further prospecting licences in Northern Ireland. The applications follow results received from the Company’s stream sediment sampling programme in its KDR-1 licence (details of which were announced by the Company on 10 November 2021). The programme was designed as part of the Company’s diamond exploration programme in the area, but also to investigate the possible presence of Nickel-Copper-Platinum mineralisation. The presence of Nickel-Cooper-Platinum mineralisation does not preclude the presence of diamondiferous materials. The results showed indicator minerals, including anomalous amounts of chromite, forsterite olivine and metamorphosed/ magmatic massive sulphide indicator minerals which are indicative of the presence of Nickel-Copper-Platinum mineralisation. These results have now been combined with other geological and geochemical data including the Northern Ireland TELLUS survey and, in the Company’s view, support the possibility of Nickel-Copper-Platinum mineralisation in the area. The prospecting licences which have been applied for cover an area of approximately 500km2 adjacent to the Company’s existing KDR-1 licence. An exploration programme for Nickel-Copper-Platinum is being prepared.

Parsley Box 21p £8.9m (MEAL.L)

The direct to consumer provider of ready meals focused on the Baby Boomer+ demographic, announces a proposed equity fundraising of approximately £5.9m by way of a placing and subscription at a price per share of 20 pence . The Company also announces it will be making an Open Offer to Qualifying Shareholders at the Issue Price to raise up to £1.1m. The Company’s Directors and associates intend to participate, in aggregate, £4.2m of the Fundraising. The Issue Price represents a premium of approximately 11.1% to the closing share price on 9 March 2022 (being the latest practicable date prior to this Announcement). The Fundraising is not being underwritten. The proceeds of the Fundraising will be used to: Targeted new customer acquisition; Develop an online customer journey tailored to our demographic; Develop a membership program to start a customer community; Product development for food, food + and beyond food strategy; Open offer funds will be used to strengthen the balance sheet and general working capital to support a 4-year-old scale up business. The growth strategy is designed to increase revenues from high-quality customers which aid the Company in achieving EBITDA profitability.

React 1.7p £8.5m (REAT.L)

The specialist cleaning, hygiene, and decontamination company, has been awarded new contracts for both its recurring contract maintenance cleaning business and its specialist reactive cleaning business. The first is the award of a 3-year contract with a total value of c.£1.2m (c.£400k per year) to provide maintenance cleaning and facility services to the UK operation of a large multi-national manufacturing and distribution business. The other is the award of a 12-month rolling contract to provide specialist emergency cleaning services to trains operated by one of the UK’s leading train operators based in southern England. The work includes specialist cleaning of the underside of train carriages impacted by animal strikes and fatalities. This adds to a number of other contracts operated by REACT in this sector, making REACT one of the largest providers of this type of emergency service to train operators in Great Britain. These two notable contract wins start in April 2022 and are complemented by smaller contract wins across the Group.

Redx Pharma 75p £206m (REDX.L)

The clinical-stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, today announces encouraging data from the Phase 1 clinical study of its lead fibrosis asset, RXC007, which was presented at the Virtual Interstitial Lung Disease Drug Development (ILD) Summit on 9 March 2022 by Nicolas Guisot PhD, Research Fellow at Redx. The Phase 1 trial (clinicaltrials.gov NCT04931147) is evaluating the safety and tolerability of RXC007, an orally bioavailable selective ROCK2 (Rho Associated Protein Kinase 2) inhibitor, in healthy volunteers. The data showed RXC007 has an excellent safety and pharmacokinetic profile in both the SAD and multiple dose phase. No adverse events were observed following single doses of 2-70mg (dosed once or twice in a day), and no serious adverse events were observed in the multiple dose phase (dosed at 50mg twice daily for 14 days), with only transient, reversible mild adverse events observed. The pharmacokinetics observed were as predicted from preclinical data, with essentially linear exposure for 2-70mg, with biologically relevant exposures achieved at higher doses. No significant effect on exposure was seen when dosed with food. The data also showed a half-life of approximately 9 hours, suitable for once-daily dosing. Additional open-label cohorts will assess the potential for drug-drug interaction in Part C of the study, which has not yet opened. Based on this profile, Redx confirms plans to commence a staged Phase 2 clinical development program for idiopathic pulmonary fibrosis in 2022. An initial 12-week randomised placebo-controlled Phase 2a study will assess early efficacy, safety and tolerability, in addition to target and disease biomarker engagement, both with and without standard of care agents. The Phase 2a dose-ranging study will inform the dose selection for subsequent randomised trials.

Tern 10.75p £37.8m (TERN.L)

The company focused on value creation from Internet of Things (IoT) technology businesses, noted that Wyld Networks AB has announced that it has received purchase orders for its Wyld Connect IoT modules with a total value of US$1.7m over a four-year period, starting in April 2022. Tern holds 58.7% of Wyld Networks’ issued share capital, which is quoted on the Nasdaq First North Growth Market in Stockholm. The Wyld Connect solution being supplied will allow the customer, a South African company, to deploy IoT sensors in the agricultural sector to collect data directly from satellites. Wyld’s sensor-to-satellite module suite with LoRaWAN® allows IoT sensors to communicate directly from sensor to Low Earth Orbit satellites or in conjunction with terrestrial LoRa networks. Wyld’s modems, devices, and embedded technology are designed to enable communication with the cloud, no matter the location, providing global IoT coverage. The UN’s Food and Agriculture Organisation has predicted that global food production in 2050 will need to be 70% higher than in 2009, as the world population grows by over a third, almost all in developing countries. To meet this increase in food demand, agriculture is rapidly adopting IoT sensors and devices to collect data from field to make informed decisions that can increase the yield of crops and reduce the waste of water.

Zenova Group 14p £13.1m (ZED.L)

The provider of innovative fire safety and heat management technology and products announced that it has appointed Beyond Surface Solutions as a stockist and reseller of its paints and render products in the UK. BSS is a national supplier of paint, consumables, and equipment and is part of the Eguchi Iwao Group, one of Japan’s largest suppliers of paints, coatings, and specialty materials. Based in Stoke on Trent in Staffordshire, BSS has been trading for more than 40 years and has a UK wide customer base which includes a number of large international businesses. Commenting on the news, Tony Crawley, Chief Executive of Zenova Group PLC said: “We have appointed BSS as a UK stockist and reseller of Zenova’s thermal insulation paint and render, and fire protection paint, as it has a long and successful history in the coatings industry and provides a clear route for Zenova’s products into a number of important, high growth sectors, including amongst its existing client base.”

10 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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