Small Cap Feast

11th February 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
No Joiners Today.
Off The Menu:
No Leavers Today.

What’s Cooking In The IPO Kitchen?

Cleantech Lithium reported in the press to be planning an AIM float. The Company is developing two projects in Chile. Cleantech is planning to extract lithium from brines utilising environmentally friendly technologies and renewable energy.

GCP Co-Living REIT plc, intends to float on the Main Market. The Company is a newly established, externally managed investment company, which it is intended will carry on business as a Real Estate Investment Trust, subject to meeting the necessary qualifying conditions. The Company will invest, predominantly, in independent Co-Living Asset, both operational and under development, let to a diversified mix of residents, located in urban centres in the UK and Ireland where there is a shortage of high quality, affordable residential accommodation. Due 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.

Clean Power Hydrogen, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser is seeking to join AIM. The Group designs and manufactures hydrogen production units and is focused on the commercial production of green hydrogen in a simple, safe, and sustainable manner. The Group intends to raise approximately £30.5m. Mkt Cap on Admission £119.4m. Due 16th Feb.

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 Feb.

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 Q1 2022.

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. Due early Feb.

Superdielectrics to join AIM, a Company which is focused on developing technology to build supercapacitors with high energy density, low cost, and environmentally benign electrical energy storage devices that will help create a clean and sustainable global energy and transportation system. Admission is expected to take place in. Delayed until Mid-Feb. Mkt Cap and Capital to be raised TBC.


Breakfast Buffet

Beowulf Mining 16.25p £135.15m (BEO.L)

The mineral exploration and development company, informs shareholders that the Company has provided a final statement to the Government in respect of the Company’s application for an Exploitation Concession for the Kallak North Iron Ore Project. The Company has directed the Government to previous correspondence and submitted investigation documentation, which demonstrate that the conditions for granting a Concession according to Chapter 4 Section 2 of the Minerals Act are fulfilled.

ChallengerX 2.4p £6.9m (AQSE:CXS)

Dominique Einhorn has resigned his position as Chairman and CEO of the Company, effective immediately. The Board of Directors is currently reviewing its composition to ensure it can continue to deliver on the Company’s strategy, and will make further announcements in due course. The Company is a SaaS 2.0 monetisation technology and digital marketing company serving sports clubs, players, and other influencers around the world.

D4T4 Solutions 300.5p £121m (D4T4.L)

The data solutions provider, has been recognised for its leadership in cyber security and fraud prevention, winning awards in four categories at the recent Cybersecurity Excellence Awards 2022. The Cybersecurity Excellence Awards are an annual international awards programme recognising companies, products and professionals that demonstrate excellence, innovation and leadership in information security. The winners were selected by popular vote by peers within the information security community. D4t4’s winning categories were: Cybersecurity Company Award for Most Innovative Cybersecurity Company; Cybersecurity Product Award in Fraud Prevention, for the Celebrus Fraud Data Platform (FDP); Cybersecurity Woman of the Year, Serpil Hall, D4t4’s Head of Fraud Prevention; Cybersecurity Industry Solution Award for Software, for the Celebrus Fraud Data Platform (FDP).

Facilities By ADF 82p £61.9m (ADF.L)

The provider of premium serviced production facilities to the UK film and high-end television industry, today announces a trading update for the year ended 31 December 2021. The Board confirmed that following a strong close to 2021, and subject to audit, it currently expects the Group to report FY21 revenues of c.£27.8m and adjusted EBITDA of not less than c.£7.5m, ahead of current market expectations. Market dynamics continue to be strong with continued robust demand for film and high-end television the UK. This is further supported by unprecedented levels of investment in UK studio space and content, which bodes well for the Company’s growth ambitions. The Company raised £15m of gross proceeds on admission to trading on AIM and has already started to invest by expanding orders for additional vehicles and trailers to meet demand. Further, management is actively reviewing initial acquisition opportunities in line with the Group’s strategy detailed at Admission. The Group continues to have strong order visibility for this financial year as well as a growing order book for 2023.

Kitwave Group 139p £97.3m (KITW.L)

The delivered wholesale business has acquired the entire issued share capital of M.J. Baker Foodservice Limited, the West Country’s leading independent foodservice supplier. The total gross consideration payable for the Acquisition is £24.5m in cash and has been funded from the existing banking facilities available to the Group. Founded in 1999 and based in Newton Abbott, Devon, M.J. Baker offers over 3,500 products in ambient, chilled and frozen foods, together with alcohol, confectionery and non-food items. The leading brands are complemented by a range of products under the Bakers Best Buy lines. M.J. Baker reported audited turnover of £16.9m and profit before tax of £1.5m for the financial year ending 31 December 2020. As at 31 December 2020, M.J. Baker had net assets of £7.9m. The balance sheet being acquired includes c. £6m of cash and a freehold property with a book value of c. £1m. The multiple being paid for the Acquisition, excluding cash and the value of the freehold, is c. 6x annual run rate EBITDA. The Board believes that the Acquisition will be immediately earnings enhancing.

Marlowe 904p £866m (MRL.L)

The leader in business critical services and software which assure regulatory compliance, announces that it has acquired S F Fire Limited (S F Fire), a provider of fire safety services, for an enterprise value of up to £1.1m including a payment contingent on integration of £0.1m. For the year ended 30 September 2021, S F Fire generated profit before tax of £0.2m on revenue of £0.8m. Net assets at 30 September 2021 were £0.5m. The acquisition will be funded from Marlowe’s existing cash resources.

Mobile Streams 0.5p £12.7m (MOS.L)

Mobile streams has taken sole ownership of the LiveScores services that it had previously been operating under a revenue share agreement with Quanta Media Group. LiveScores was developed by Tim Scoffham in association with Quanta with its first launch in Mexico as per the MOS announcement of 26 July 2021. MOS has agreed to acquire LiveScores and cancel the revenue share agreement with Quanta, thereby removing any revenue share and giving MOS total control of not only the services previously announced but also the underlying platform engine, domains and IP that support LiveScores. LiveScores has subsequently launched in Argentina and Brazil. The Company also announced four B2B contracts to deliver its LiveScores services platform in various territories including Italy, India, Turkey and Africa. The consideration for the acquisition is £125k to be paid in shares, which are subject to a minimum 12 month lockup, and up to £75k in shares in three equal further tranches based on revenue derived from specific existing contracts over the next 12 months. Additionally, the Company announced the appointment of Tim Scoffham to lead the global LiveScores business and develop additional opportunities for the Company. Tim has spent much of his career in mobile marketing, content creation and affiliation, with emphasis in frontier territories of LATAM, Africa and Asia. Working directly with many telecom carriers around the World, Tim has provided strategies for clients to help better monetise mass audiences through content distribution and engagement.

MyCelx Tech Corp 62.5p £12.2m (MYX.L)

The clean water and clean air technology company, announced a trading update on the Company’s operations. Anticipated unaudited 2021 revenue of ca.$8.5m (2020: $7.1m). As at 31 December 2021, the Company had cash and cash equivalents, including restricted cash, of $3.2m (2021 H1: $5.5m), and the Company continues to manage its working capital and support growth. Operations continue to perform in line with expectations, with minimal to no impact of Covid-19 in MYCELX’s day-to-day business functions. In 2022 the Company is targeting a similar level of year-on-year revenue growth but this remains subject to the timing of anticipated contract wins and renewals.

Phoenix Copper 53.5p £62.8m (PXC.L)

USA focused base and precious metals emerging producer and exploration company, refers to the announcement on 31 January 2022 which extended the expiry date on a class of Warrants for certain Warrant holders who are deemed to be Insiders. The Company confirms that it is currently in discussions with a number of US broker-dealers with a view to leading a proposed placement of non-dilutive loan notes to finance construction and development of the Empire Open Pit Copper Mine in Idaho, USA. Until these discussions are concluded, or terminated, and the proposed terms of the loan notes made public, the Directors consider the Insiders to remain in a “close period.” Accordingly, the expiry date of the 121,111 Warrants, which are held by the Insiders, will be further extended until such time that the “close period” has ended. The exercise price of the Warrants will remain unchanged.

ReNeuron 37p £21.1m (RENE.L)

ReNeuron Group plc a UK-based leader in Stem Cell and Exosomes Technologies, announces that Olav Hellebø is standing down as CEO and executive director of the Company and will leave the Company on 28 February 2022. With immediate effect Iain Ross, Chairman, supported by Catherine Isted, CFO and the leadership team, will assume responsibility for the running of the business as the Company transitions to focus primarily on the development of its Exosome Technology Platform. Olav Hellebø, commented : “Following ReNeuron’s recent change in strategy, the time has come for me to pursue other opportunities. I would like to thank employees and other stakeholders who have been instrumental in pursuing our pioneering technologies over many years.” Iain Ross, Chairman of ReNeuron, commented: “On behalf of the Board and Management I would like to recognise Olav’s contribution to the Company over the last 7 years and wish him well in the future.”

11 February 2022
*A corporate client of Hybridan LLP

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

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).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

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.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute 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 the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

© Copyright 2023 - Hybridan | Website by Boxed Up Media
First Visit
Legal Disclaimer

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

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).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

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.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute 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 the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram