Small Cap Feast

13th December 2021

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What’s Cooking In The IPO Kitchen?

Carbon Air, a nano-technology company which leverages the absorption 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 Dec.

Aptamer Group to join AIM. Aptamer Group operates within the life sciences sector and is a leader in the provision of aptamer discovery and selection services and in developing aptamer-based reagents. Aptamers are synthetic nucleic acid-based biological molecules, selected based on their specific characteristics to bind to a ‘target’ of interest. Targets can include proteins, cells, viruses or small molecules (e.g. therapeutic drug molecules). Mkt Cap and Capital to be raised TBC. Due Mid Dec.

CT Automotive Group to join AIM. CT Automotive is a UK-headquartered company that designs, develops and supplies interior components for the global automotive industry. Customers include a number of original equipment manufacturers (“OEMs”) and Tier One suppliers to OEMs. Mkt Cap and Capital to be raised TBC. Due 23 Dec.

i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide working capital for the Group. Capital to be raised £20m. Expected admission date Late Dec.

Public Policy Holding Company, to join AIM. PPHC, through its wholly-owned companies, operates a portfolio of independent firms that offer public affairs, crisis management, lobbying and advocacy services on behalf of corporate, trade association and non-profit client organisations. Mkt Cap and Capital to be raised TBC. Expected admission date Mid Dec.

Libertine to join AIM. Libertine has developed a technology solution for powertrain OEMs, enabling efficient and clean power generation from renewable fuels. Libertine’s linear electrical machines, controls and tools together form a development platform (‘intelliGENTM’) which the Group provides to OEM customers for their product development programmes. The company also provides engineering services and prototype hardware to support OEM customer evaluation of its technology, and incorporation of this technology into customer-led Linear Generator development programmes. Mkt Cap and Capital to be raised TBC. Expected admission date Mid Dec.

LBG Media, digital media and youth content publishers to join AIM. The Company is a multi-brand, multi-channel digital youth publisher and is a leading disrupter in the digital media and social publishing sectors. The Group produces and distributes digital content across a range of mediums including video, editorial, image, audio, and experience. Mkt Cap £360m. Expected admission date 15th Dec.

Equinox International Holdings plc, UK-headquartered medical cannabis company aiming to become the UK’s leading ‘Land-to-Brand’ vertically integrated medical cannabis company, to seek admission of its entire share capital to trading on AIM. Seeking to raise funds to build a state-of-the-art cultivation, extraction and production facility on a Home Office-approved 20-acre UK site. Offer and timing TBA.

Lift Global, a financial media and technology-focused investment company led by well-known stock market commentator Zak Mir, to apply for admission of its Ordinary Shares to trading on the Access segment of Aquis Stock Exchange Growth Market. The Company plans to raise approximately 1.7m before expenses. First dealings in the shares are expected to commence in December 2021. The flotation is expected to value Lift at approximately £2.7m.

ThomasLloyd Energy Impact Trust plc, a newly established closed-ended investment company which will invest in a diversified portfolio of unlisted sustainable energy infrastructure assets in fast-growing and emerging economies in Asia, seeking to join the Premium Segment of the Official List . Due 14 Dec raising up to $335m.

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 early December 2021. The Company intends to raise approximately £20m by way of a placing on Admission.

LEAF Mobile Inc. (TSX: LEAF) (OTCQB: LEMLF), a leading Canadian free-to-play mobile game group, announced its intention to join the Main Market this winter. The Company, which started trading on the Toronto Stock Exchange on February 10th, 2021, will assume a dual-listed structure. The Company intends to raise gross proceeds of approximately CAD$10m and the flotation is expected to value LEAF Mobile at approximately £130m. LEAF is operating within a fast-growing sector with a rapidly increasing total addressable market. Mobile Games are the world’s most popular form of gaming.

Sovereign Metals (ASX:SVM) to dual list on AIM. SVM is developing the Kasiya Rutile Project in their Malawi Rutile Province located in Malawi, Southeast Africa. The project, which is Sovereign’s near-term focus, has delineated Inferred Resources of 644Mt at 1.01% rutile (0.7% rutile cut-off) including a high-grade component of 137Mt at 141% rutile (1.2% rutile cut-off) and is on track to release a scoping study in late 2021. Sovereign’s graphite projects in Malawi include Malingunde, where Resources and Reserves under the JORC Code (2012 edition) have been previously delineated supporting a 2018 prefeasibility study (and updated per the DRA competent persons report on the Company’s website). The Company does not intend to raise any capital prior to or concurrent with admission to AIM. The Mkt Cap on Admission is expected to be approximately A$280m (being approximately £150m). Due 14 Dec.

DSW Capital to join AIM. DSW is a challenger mid-market professional services business headquartered in the Northwest of England. DSW operates a licencing model and licences the DSW and associated brand names in return for a royalty based on a percentage of fee income. Due early Dec. Raising £5m.

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.

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 16th Dec.

ATOME headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM. 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. Due Mid Dec.

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.

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. Due 20 Dec.


Breakfast Buffet

Actual Experience 40p £22.9m (ACT.L)
FY Dec 31 trading update from the analytics-as-a-service company. “Our first full year operating our professional services ‘land and expand’ model has seen good progress, faster customer engagement and quicker software deployment. The hybrid workplace revolution has seen continued momentum, prompting a wider recognition by the market of the power of our unique technology. Together with the launch of our direct sales function, and enhanced engagement with our Channel Partners, this has resulted in new business wins as announced in recent months, for our Business Impact Assessment (BIA), and our Continuous Improvement (CI) services. In respect of the financial year just ended, the Company generated revenues of £1.7m (2020: £1.9m); £0.1m of the reduction from the previous year was attributable to the fall in value of sterling against the US dollar. As planned, the Company incurred a pre-tax loss as a result of the ongoing investment in technology, sales and marketing functions. Looking forward, we expect to begin to benefit from the ramp up of revenues being generated by new business wins, set against the probability that a long standing contract (originally announced in 2018 via a Channel Partner), that relies on our legacy offering, will not renew in the coming months due to a change in customer strategy. This contract generated revenues of £1.2m in the year just ended. Following the placing conducted in January 2021, Actual Experience retains a solid financial position with year end net cash standing at £8.2m (30 September 2020: £2.7m), with slightly reduced cash outflows from operating activities of £3.7m for the year (2020: £3.9m). Overall, whilst we have made good progress during the year, our sales cycle remains lengthy and efforts to reduce this are being hampered by the pandemic and the resultant elongation of procurement processes. Encouragingly, however, we are seeing good momentum in our targeting of a growing range of direct and Channel Partner sales opportunities, including many large global blue-chip customers.”

BWA Group 0.3p £0.94m (AQSE:BWAP)
BWA Group, which has mineral exploration licences split between Cameroon and Canada at various stages of development, announces that through a newly formed subsidiary, BWA Minerals Cameroon Limited, it has applied for two rutile sands exploration licences at Song-Loulou. The two areas, comprising a total of 992 sq km are contiguous with the BWA Group’s existing licence area at Nkoteng and part of the same prospective river system. The application has been acknowledged by the Cameroon Ministry of Mines, Investment and Technological Development.

CAP-XX 5.65p £28.8m (CPX.L)
The manufacturer of ultra-thin prismatic and cylindrical supercapacitors, announced that FiiO, a leader in HiFi audio gear from China, has selected the ultra-thin CAP-XX DMF470 supercap for its new M17 high fidelity portable music player. FiiO has integrated desktop-grade components to deliver loud, clear, high-quality sound that is ground breaking for a portable music player. The CAP-XX DMF470 supercapacitor is equivalent to 10,000 47uF tantalum capacitors providing a solid foundation for a large power supply. It teams with a TI LT3045 LDO to create an ultra-low-noise, clean, strong power supply capable of high-fidelity audio amplification. Specifically, the high capacitance and very low Equivalent Series Resistance (ESR) of the supercapacitor stiffens the power rail for the device’s high-end audio amplifier which reduces distortion and increases the fidelity of the sound.

Gemfields 14.25p £166m (GEM.L)
Gemfields announced the results of a ruby auction comprised of seven sequential mini-auctions held during the period 8 November – 9 December 2021. The auction delivered an all-time high for MRM ruby auctions and contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada’s auctions of mixed quality rubies. Selected lots were made available for in-person and private viewings by customers in Bangkok, Dubai and Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process. The rough rubies were all extracted from the mining licence held and operated by MRM (which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada). Highlights: November & December 2021 Ruby Auction. Total auction revenues of USD 88.4m, an all-time high for MRM ruby auctions. Average price of USD 132.47 per carat. Of the 107 lots offered, 104 were sold (97%). 98% of the carats offered at the auction were sold. The 15 auctions of MRM gemstones held since June 2014 have generated USD 731.5m in total revenues. Gemfields’ annual gemstone auction revenues reach an all-time high of USD 239.6m (across emeralds and rubies), with the prior record having been USD 200.6m in 2019.

Insig AI 44p £46.5m (INSG.L)
Insig AI announced that Colm McVeigh, Chief Commercial Officer, has been appointed to the Company’s board of directors, further to the announcement made on 10 November 2021. Colm has held senior commercial roles in the software and telecoms sectors with a strong track record of driving growth and business transformation. From 2016 until September 2021, Colm was the Chief Commercial Officer of BT One Phone, the mobile Cloud SaaS joint venture. He led the commercial turnaround, which resulted in a high multiple EBITDA minority interest sale valued at £320m. Colm spent more than ten years at BT, having been part of its core BT Business due diligence team for BT Group’s acquisition of EE Mobile and then led the commercial Integration of EE into BT Business.

Ncondezi Energy 1.18p £4.9m (NCCL.L)
The Transmission Integration Study for the integrated Ncondezi 300MW power project in Tete, Mozambique has been submitted for review and approval to Electricidade de Moçambique. Study reviewed a number of potential transmission integration solutions following discussions with EDM. Each was optimised for cost, capacity on existing infrastructure and, for new infrastructure, timing of delivery. Preferred integration point is 40 km from the Project. Potential for a closer integration point in the future.

Open Orphan 21p £141m (ORPH.L)
The rapidly growing specialist contract research organisation (CRO) and world leader in vaccine and antiviral testing using human challenge clinical trials , announces that hVIVO, a subsidiary of Open Orphan plc, has signed a $13.4m contract with a US-based biotechnology company to test its novel antiviral candidate using the hVIVO Influenza Human Challenge Study Model. The study is expected to commence in H2 2022 and will be conducted at hVIVO’s state-of-the-art quarantine facilities in London. The Company expect the majority of revenues to be recognised in 2022. The Company expects to sign an increasing number of contracts in this area as the global pandemic has highlighted the increased investment needed from governments and Big Pharma to develop effective, novel treatments for a range of infectious diseases that have potential to cause the next pandemic.

Pathfinder Minerals 0.67p £3.6m (PFP.L)
Update on its dispute concerning mining concession 4623C. The Company has significantly advanced its preparation to refer the dispute to the International Centre for Settlement of Investment Disputes (ICSID) under the Mozambique – United Kingdom Bilateral Investment Treaty (2004). This preparatory work includes the development of a detailed budget and timeline for claimant costs, the identification of the Company’s litigation team, and independent professional analysis of valuations for differing successful outcomes at an ICSID tribunal. These elements have been compiled into a briefing pack for detailed review by institutional litigation funders who would fund the claim with fees payable only in the event of a successful outcome for the Company. The pack has been developed by Travers Smith LLP, the Company’s solicitors and draws on detailed valuation mechanisms from Versant Partners LLC. Whilst the detail behind the valuation remains legally privileged, the Versant analysis assesses a range of successful scenarios with valuation ranges from a minimum of US$110m for an ex-ante damages award through to US$1,500m for an ex-post damages award. The Versant valuation supports the US$621.3m of estimated losses, detailed in the Company’s 12 April 2021 announcement, that has been notified to the Government of Mozambique. Whilst the Company is confident in its position, Shareholders should be aware that there is no guarantee that this, or any, amount will be recovered, should the Company refer the matter to the ICSID.

Tectonic Gold 1.36p £12.8m (AQSE:TTAU)
Discussions with potential development partners in respect of the Company’s licenses are progressing, notwithstanding delays caused by government-imposed interstate travel restrictions in Australia due to the pandemic. To avoid the February 2022, 1.4p warrant holders being prejudiced by project delays, the Company has decided to extend the warrant exercise date to 1 July 2022. The recent drilling campaign completed 75% of the planned program but was cut short due to weather. “We were able to extract enough data with confirmed gold intersections to advance the geological modelling. In discussions with potential partners, we have been requested to prepare the following: Summary works report, Updated geological model, Analysis and proposed progress plan, Independent opinion on proposed plan, Costings and implementation for a 2022 and 2023 roll-out, Presentation with transaction options to farm in / fund the proposed plan, Tectonic is working methodically through this but will not be able to complete and present the above before year end due to the limited availability of experts needed for the modelling and review over the holidays. As a result, it is unlikely that we can finalise a negotiation by February. The Company is fully funded to return to the field and complete the final drilling, if required, so there is no immediate need for the £1.17m in capital exercising the warrants could bring. To avoid warrant holders feeling pressure to sell shares to fund warrants it makes sense to delay this until 1 July 2022. There are no other changes to the terms of the Warrants”.

Trufin 1.36p £9.6m (TRU.L)
The Company announces that Satago Financial Solutions Limited has broadened its relationship with Lloyds Bank plc and extended its commercial pilot. As part of the continued partnership, additional functionality within Satago is now being evaluated by Lloyds Bank as part of a broader remit within the commercial banking offering. TruFin also announced that Satago has completed its integration with Business Finance Assistant (the Bank’s proprietary Accounting Software Solution) for Business Banking customers. This integration will broaden the digitised functionality offered to the Bank’s Business Banking customers, providing seamless access to working capital. As a result of the extended scope of the initiative, the commercial pilot phase will continue into early 2022. On trading “it is pleasing to report that two of our subsidiaries have recorded their first profitable months during 2021. However, the broadening and extension of Satago’s commercial trial will result in the financial benefits of a successful commercial outcome being pushed back. The extended scope of the initiative has enlarged the opportunity set for Satago and this, coupled with Satago’s increasing pipeline of strategic partners, gives the Board of TruFin confidence in the significant value creation opportunity at Satago.”

13 December 2021
*A corporate client of Hybridan LLP

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