Small Cap Feast

12th July 2022

Dish of the day
No Joiners today
Off the menu
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Dish Of The Day:
Warehouse REIT (WHR.L) has transferred to AIM from the Main Market.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late July.

Macaulay Capital is due to join the Aquis Growth Market on 22 July. The Group was formed to originate and manage corporate transactions, raise funds from third parties, invest the Group’s own funds alongside those of external investors and to manage the Group’s investment portfolio with the aim of maximising its value.

Ming Yang Smart Energy Group Limited, a leading wind turbine manufacturer in China, intends to admit global depositary receipts to and trade on the Shanghai-London Stock Connect segment of the Main Market of the LSE. Each GDR represents 5 A shares of the Company, each with a fully paid nominal value of RMB1.00 each. The Group’s mission is to provide accessible green and smart energy, and it aims to become a full lifecycle renewable solutions provider. Through technological and business innovations, the Group has developed into a leading smart energy enterprise in China with global influence, gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions. The Offering is expected to raise approximately USD550m. Due 13 July.


Breakfast Buffet

Atlantic Lithium 32.9p £190.8 (ALL.L)

The funded Africa-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, announces its intention to pursue a listing on the official list of the Australian Securities Exchange. The Board believes that an ASX listing reflects the global demand for a sustainable supply of lithium to facilitate the transition to a lower carbon future and will be beneficial to the Company in a number of ways.

Bens Creek 36.5p £129.4m (BEN.L)

The owner of a metallurgical coal mine in North America supplying the steel industry, announced that Murat Erden has, with effect from 12 July 2022, been appointed as the Company’s Chief Financial Officer and joined the senior management team of Bens Creek. Murat will also be responsible for the development and implementation of the Company’s ESG and Sustainability strategy. Murat is a highly accomplished CFO and Non-Executive Director with total industry experience of over 25 years and an extensive background in private equity, banking, technology and resources.

Block Energy 1.35p £8.9m (BLOE.L)

The exploration and production company focused on Georgia, has received confirmation from Georgia’s State Agency of Oil and Gas that it has completed the minimum work programme (MWP) in the production sharing contract for Block XIF, thus securing the licence to 2043. This represents a major milestone and the Company has now completed all MWP requirements across its entire licence portfolio. The MWP for Block XIF comprised the completion of an environmental impact assessment, extensive 3D-seismic data acquisition and processing, the drilling of a side-track from an existing well and one new well.

Destiny Pharma 38p £27.9m (DEST.L)

The clinical stage biotechnology company focused on the development of novel, hospital infection prevention and treatment products that address the global challenge of antimicrobial resistance (AMR), today announces it has received an award from the Cystic Fibrosis Foundation. The research project will establish the potential of the Company’s proprietary XF-73 drug as a novel treatment for cystic fibrosis patients infected with methicillin-resistant Staphylococcus aureus (MRSA). The project will have access to clinical isolates collected from people with cystic fibrosis and the work will be carried out by experienced researchers associated with the Foundation. Financial terms of the collaboration have not been disclosed.

Dewhurst Group 1,075p £63.0m (DWHT.L)

The global manufacturer and supplier of quality components to the lift, transport and keypad industries today announces the appointment of John Bailey as Chief Executive Officer effective 1 October 2022. John is an existing Board member of the Company and Managing Director of the Company’s A&A Electrical Distributors business. Alongside John’s appointment, David Dewhurst will stand down as Group Managing Director and will take up an Executive role as Strategic Advisor. The members of the Dewhurst Group plc Board of Directors remain unchanged.

Great Western Mining 0.15p £5.3m (GWMO.L)

Great Western Mining Corporation has signed a non-binding Memorandum of Understanding to create a Joint Venture with an experienced Nevada mining contractor, for processing gold and silver from waste material on its mineral concessions in Nevada. Great Western and its proposed partner are currently negotiating a fully-termed operating agreement which will follow a standard industry format used in Nevada. The JV will process material using both gravity separation and a contained flotation system, full details of which will be announced upon signing of the formal agreement. The JV has now: Secured the use of a suitable mill site on private land; Determined an initial design for a gravity separation plant and a flotation plant, and identified and secured the equipment required.

Kefi Gold And Copper 0.63p £24.7m (KEFI.L)

The gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia announced the award of two additional exploration licenses through the Company’s Gold and Minerals Limited (G&M) joint venture in Saudi Arabia. G&M is owned 30% by KEFI and 70% by its partner Abdul Rahman Saad Al Rashid and Sons Ltd. Two additional exploration licences Jibal Hillit and Qunnah have been awarded on an initial five-year term. The Exploration Licences have historically yielded grades of up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah, hosted in quartz-veins. Positive progress has been made in discussions with the Deputy Minister for Mineral Resources relating to the Jibal Qutman Project – anticipated resolution in the current quarter.

MJ Hudson 36.5p £62.2m (MJH.L)

The specialist service provider to the asset management industry, announced that the Group has continued to trade strongly for the rest of the financial year ended June 2022. In particular, the Group has seen notable outperformance in ESG and Fund Performance Analytics, both part of the Data & Analytics division. The combination of these factors means that management now expects to report results for FY 2022 modestly ahead of prior guidance given on 12 May 2022.

Mortgage Advice Bureau 865p £493.2m (MAB1.L)

Following the announcements on 28 March 2022 and 5 July 2022 in connection with the acquisition of 75.4% of The Fluent Money Group, MAB announced the completion of the Acquisition. The total consideration paid at completion was £72.7m. The transaction is expected to be significantly earnings enhancing in the first full year post acquisition, being the year ending 31 December 2023. The Fluent Money Group is a fast-growing mortgage and specialist lending intermediary that has formed strong relationships with aggregators and other national lead sources operating across first charge, second charge and lifetime mortgages, and bridging loan product areas.

Steppe Cement 37p £81.0m (STCM.L)

Market update for the first half of 2022: In the first half of 2022, Steppe Cement Ltd sold 837,063 tonnes of cement for 19,579m Tenge, compared with 840,661 tonnes of cement for 16,657m Tenge in the first half of 2021. The volume was maintained but the turnover increased by 18%. The average price for the current period for delivered cement was 23,391 Tenge per tonne (ex-VAT), compared with 19,814 Tenge per tonne in the corresponding period of 2021. The ex-factory price for the current period was 20,485 Tenge per tonne, compared with 16,571 Tenge per tonne in the corresponding period of 2021. The cement market in Kazakhstan in the first half of 2022 remained the same as in 2021. Imports represented 6.0% of the local market as in 2021 but exports from Kazakhstan were reduced by 44% to 0.55m tonnes. Steppe Cement’s local market share was 14.6% in the first half of 2022.

12 July 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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