Small Cap Feast

14th March 2022

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What’s Cooking In The IPO Kitchen?

Aquis Exchange (AQX.L) the exchange services group, announced its intention to apply for admission of the Group to trading on the Apex Segment of the Aquis Stock Exchange Growth Market. Aquis’ shares will continue to trade on the AIM market of the London Stock Exchange plc to satisfy certain regulatory requirements. The Group is targeting admission to the AQSE Growth Market on 29 March 2022.

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 1st April 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. Capital to be raised on admission ££5.6m. Anticipated Mkt Cap approximately £23.71m. Due 17 March 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.

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

Ceres Power Holdings 768.5p £1,473.4m (CWR.L)

Ceres Power Holdings plc, a global leader in fuel cell and electrochemical technology, announces the appointment of Trine Borum Bojsen, as an independent Non-executive Director effective from 15 March 2022. Trine brings over 25 years of experience in the renewable energy space, most recently as Chief Operating Officer of Copenhagen Offshore Partners, a leading provider of project development, construction management, and operational management services to offshore wind projects worldwide. Trine is shortly due to join Equinor as Senior Vice President of North Sea Renewables. Trine has worked globally across Europe, the US, Taiwan, Korea and Australia. She brings strength in market knowledge, technical expertise and experience of building stakeholder relationships critical to successful growth strategies.

Craneware 1,725p £569.6m (CRW.L)

The market leader in Value Cycle solutions for the US healthcare market, announces its unaudited results for the six months ended 31 December 2021 (H1 FY22). Highlights include: revenue for the six months increased 111% to $80.2m (H1 2021: $38m), adjusted EBITDA increased 78% to $23.7m (H1 2021: $13.3m), adjusted profit before tax increased 68% to $17.1m (H1 2021: $10.2m) and cash of $41.7m, excluding restricted cash of $9.3m (H1 2021: $50.7m). The company saw an increase of 26% to 1,134 hospitals on the Trisus Platform and the percentage of ARR from the Cloud increased to 67% (30 June 2021: 16%). Strong progress across all areas of the enlarged Group positions the business well for accelerated growth. The Board’s expectations for the full year ending 30 June 2022 remain unchanged.

Crossword Cybersecurity* 31.5p £23.5m (CCS.L)

The technology commercialisation company focused on cyber security and risk, announces its acquisition of the whole of the share capital of Threat Status Limited, the threat intelligence company and provider of Trillion™, the cloud based software as a service (SaaS) platform for enterprise-level credential breach intelligence. Additionally, Threat Status’s more recently released product, Arc, protects the users of customer-facing applications from the threat of Account Takeovers. The acquisition of Threat Status takes the Company’s portfolio to five cyber security offerings, alongside its cyber security consulting and managed services offerings. Threat Status’s platform enables businesses and managed service providers to monitor data that has been stolen and shared on the dark web and criminal forums which could harm the security of their business or that of their customers. Threat Status has developed its subscription-based, enterprise-class services to be turnkey, highly scalable, very secure and ready to go. Crossword Cybersecurity has agreed to pay a total consideration of £1.529m for Threat Status. This price represents an annual recurring revenue multiple of 5.25. The payments comprise an initial cash payment of £500,210, with the balance payable over the course of the next two years, as a mixture of cash and shares.

ECR Minerals 1.35p £13.3m (ECR.L)

The gold exploration and development company focussed on gold exploration in Australia, announces a current update on drilling at HR3 including results and geological interpretation completed for BH3DD012, current drilling activities and future drilling plans within EL5433. ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) and contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated under ECR Minerals plc Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (MGA). Highlights include: Diamond drill hole BH3DD012 was drilled 100m south and parallel to the previously announced hole (BH3DD019). Five mineralised zones have been identified and correlated to the Maori Anticline. Drilling and sampling of holes BH3DD032, BH3DD033, BH3DD034 and BH3DD035 are currently in progress to follow up best gold intercepts found in BH3DD019. Visible gold has been identified in BH3DD034 at 149.5m downhole.

Faron Pharmaceuticals 237.5p £126.4m (FARN.L)

A clinical stage biopharmaceutical company focused on building the future of immunotherapy by harnessing the power of the immune system to tackle cancer and inflammation, today announces the publication of research identifying a novel disease association between a single nucleotide polymorphism (SNP) in the interferon alpha/beta receptor (IFNAR2) and the outcomes of acute respiratory distress syndrome (ARDS) and COVID-19 patients treated with corticosteroids. Single nucleotide polymorphism identified during analysis of data from Phase III INTEREST trial of Traumakine. A gene mutation in interferon alpha/beta receptor (IFNAR2) is associated with better outcomes among intravenous interferon beta-1a treated ARDS patients, irrespective of prior treatment with glucocorticosteroids. Analysis of COVID-19 Host Genetics Initiative database indicates mutation is associated with less hospitalisation for COVID-19.

Fusion Antibodies 67.5p £17.5m (FAB.L)

Fusion Antibodies, specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces an update on the changes to the Board of the Company, further to the Company’s announcement on 21 February 2022. Richard Jones has now stepped down from his role as CEO, effective from 11 March 2022. Simon Douglas, Chairman of Fusion, supported by James Fair (Chief Financial officer), Richard Buick (Chief Scientific Officer) and the senior management, will assume responsibility for the running of the business while the arrangements for a new CEO are finalised. A formal search for a new CEO is currently underway and continues as planned. The Board confirms that trading for the current year ending 31 March 2022 remains in line with expectations.

Helium One Global 9.65p £59.4m (HE1.L)

The primary helium explorer, provides an update on progress at its Rukwa (100%) project area in Tanzania ahead of a public presentation to be given at the Company’s Annual General Meeting which will be held today. Helium One’s ongoing interpretation of Phase II 2D Seismic data has identified multiple areas of interest with potential closure at both the Lake Bed and Karoo Group levels. The area surveyed was not previously covered by historic 2D seismic, so any newly identified closures would be additional to the Company’s current resource base and prospect portfolio. The Company intends to complete additional work on the areas of interest to identify drill-ready prospects. Helium One is in advanced discussions with a leading global drilling company for the provision of a containerised rig solution. A containerised rig has the drawworks capacity and capabilities of a conventional drilling rig but can be broken into modules with the dimensions of standard ISO containers. This enables the rig to be transported quickly and economically by any container ship, train or truck and is ideal for drilling in Africa with reduced transportation costs.

Mincon Group 101p £214.6m (MCON.L / Euronext:MIO)

Mincon Group plc, the Irish engineering Group specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products, announces the appointment of Ms. Pirita Mikkanen as an independent non-executive director of the Company, with immediate effect. Ms. Mikkanen is currently a Vice President of Energy with the Metsä Group, a Finnish forest industry group operating in international markets, focused on the responsible processing of northern wood into first-class products. Her previous work experience includes roles with TM Systems Oy, an industrial air systems company with a focus on reducing energy usage and emissions, and serving as CEO of Lifa Air Ltd Oy, a pioneer in the development of services, machines and equipment that enable cleaner and healthier indoor air. Ms. Mikkanen holds a Ph.D in Applied Physics, focusing on cleantech on pollution prevention, from the Helsinki University of Technology.

Oriole 0.315p £6.3m (ORR.L)

The AIM-quoted exploration company focussed on West Africa provides an update on its 90%-owned Central Licence Package (CLP or the Package) in Central Cameroon. The district-scale CLP comprises eight contiguous licences covering 3,592 square kilometres of previously unexplored Paleo-Proterozoic to Pan-African age rocks that are highly prospective for orogenic-style gold mineralisation. The Company today reports initial results from its semi-regional soil sampling programme at the five easternmost CLP licences. Grades of up to 838 ppb AU have outlined multiple gold-in-soil anomalies, including a c.11.5 kilometre long anomalous zone at the Mbe licence (Mbe anomaly). Gold assay results received for 4,785 soil sediment samples related to a Pilot Area grid completed over the Mbe and Ndom licences. Multiple gold-in soil anomalies identified at both licences, related to the northeast-trending Tcholliré Banyo Shear Zone corridor. The highest reported result of 838 ppb Au was returned from the Mbe licence, within a c.11.5km in-situ anomalous gold-in-soil zone. The Mbe anomaly appears to be related to the same northeast-trending structure as a currently untested topographic high immediately to the southwest and so the sampling programme will be expanded to cover this potential extension. Sampling of the remaining four ‘Priority 1’ grids is ongoing.

Panthera Resources 9p £8.2m (PAT.L)

The diversified gold exploration and development company with assets in West Africa and India announces an update on the Moydow Holdings Limited restructure and planned activity at the Labola Gold Project. In August 2021, the Company announced that it had entered into definitive agreements to restructure its ownership interests in Moydow and its underlying assets. The proposed transaction will see Diamond Fields Resources Inc provide funding to the Labola Project of up to US$18m. Drilling at Labola to recommence after the closing of the Moydow restructure, expected during Q2 2022. Moydow secured an option agreement to acquire an exploration licence covering 243km2 and contiguous to Labola. This new licence extends strike potential to over 30km and includes several additional zones of artisanal mining activity, the largest up to 1,000m long and 50m wide.

14 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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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.

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