Small Cap Feast

15 November 2021

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
PYX Resources (PYX.L) Limited, a producer of premium zircon, has joined the Main Market (Standard), a producer of premium zircon. The Company is currently listed on the National Stock Exchange of Australia, (NSX:PYX), which will remain its primary listing. Mkt cap c.£349.2m . No funds raised.   
Off The Menu:
No Leavers Today

What’s Cooking In The IPO Kitchen?

Press reports that World Chess Championship is reviving plans for a London stock market listing. World Chess is majority-owned by its management team, but also includes Kaspersky, the cybersecurity services provider, among its minority investors.

Gelion to join AIM. UK-Australian energy-storage innovator founded in 2015 by Professor Thomas Maschmeyer as a spin-out from the University of Sydney, Australia’s first university. Due late Nov on AIM. Offer TBC.

Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to join AIM. The Directors have a high degree of confidence in the Group achieving no less than £52m of revenue, £21.5m of adjusted EBITDA for FY21 Due 23 Nov. Offer TBA.

Atrato Onsite Energy, a new closed-ended investment company established to invest in a diversified portfolio of onsite renewable energy assets to join the Main Market (Premium). Targeting a £150m raise. Due by 23 Nov.

Eneraqua Technologies to join AIM. The Group is a specialist in energy and water efficiency. The principal activity of the Group is the provision of turnkey solutions for decarbonisation through heating and hot water systems for multiple occupancy social housing and commercial projects. Capital to be raised on Admission: £12m primary and £8m secondary. Anticipated Mkt Cap on Admission: £92.0m. Due 22 Nov.

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 December.

Foresight Sustainable Forestry Company to join the Main Market (Premium), an externally managed investment company that will invest in UK forestry and afforestation assets. Raising up to £200m. Due 24 Nov.

ATOME headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. 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.

Life Science REIT to join AIM raising up to £300m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties. Due 19 Nov.

Alinda Capital Infrastructure Investments to join the Specialist Fund Segment of the Main Market of the London Stock Exchange raising up to £350m. Due Late November.

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.

Pantheon Infrastructure to join the Main Market (Premium). PINT will make investments in private infrastructure assets. Due 16 Nov, raised £400m.

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.

Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the DRC and in the Republic of Zambia to join AIM. By 2022, CCR intends to be ready to commence the project financing of its Mbamba Kilenda copper project. Due Mid Nov. Offer TBC.

Breakfast Buffet

ADM Energy* 1.7p £2.7m (ADME.L)
Fundraise of £475,000 at 1.5p and business update by the natural resources investing company. Subscriptions by five Directors amounting to £175,000 at the placing price. Additional conversion by debt holders, consultants and service providers equating to £228,500 at the placing price. The funds will be used to provide general working capital for the Company in order to continue its strategy of identifying and evaluating high-quality assets in West Africa at depressed valuations with substantial upside for shareholders. The Company is currently assessing several investment opportunities, in line with ADM’s growth plans and its established relationships with project debt and off-take lenders, which the board considers may have the potential to add significant value to ADM. At Aje, the Partners continue to work on a final investment decision on a new multi-phase development plan for the Aje Field which could significantly increase production levels. The FDP for the initial phase is primarily focused on the development of two new oil wells and a gas injector well which initial appraisals indicate could increase gross field production to 9,000 barrels of oil and liquids per day. At Barracuda the CPR is still to be finalised pending further technical appraisal and, therefore, ADM will only be able to finalise the proposed development plans for Barracuda once it is completed.

Angle 128.5p £302m (AGL.L)
The liquid biopsy company announces the appointment of Todd Druley, M.D., PhD. in the newly created role of Chief Medical Officer, based in the United States. Dr Druley brings highly relevant clinical and business expertise to the planning, development and commercialisation of ANGLE’s diagnostics offerings through its clinical laboratories, regulatory filings and pharma services. Most recently, Dr Druley held the position of Chief Medical Officer at ArcherDX, Inc., a genomic analysis company focused on precision oncology, where he established and grew its medical team before the Company was acquired by Invitae Corp. for up to US$1.4bn in October 2020. During his tenure, he built an international team that successfully established new translational applications for ArcherDX assays and, in particular, its “Personalized Cancer Monitoring” assay, which is a patient-specific, bespoke assay for detecting 50 cancer-specific mutations from cell-free DNA in blood.

Ariana Resources 4.8p £52.4m (AAU.L)
Ariana announced the commencement of drilling programmes at Salinbas and Tavsan. These projects are part of the Zenit Madencilik San. ve Tic. A.S. Joint Venture with Proccea Construction Co. and Ozaltin Holding A.S. and are 23.5% owned by Ariana. Over 2,300m of resource and exploration drilling planned at Salinbas to increase confidence in resource and extend the peripheries of the current model. Over 2,000m of resource drilling planned at Tavsan prior to commencement of mining. Kiziltepe Sector drilling programme has concluded following the completion of over 15,000m, representing the most significant single programme conducted to date.

CloudCoCo 2p £14.1m (CLCO.L)
The UK provider of managed IT services and communications solutions to private and public sector organisations has been awarded a multi-year contract with a new customer in the digital transformation services industry which services clients globally. The contract is valued at approximately £3m over a period of three years with further upside potential. It is the largest managed services contract signed by the Company since CloudCoCo was formed in April 2018 and will see the customer receive a high availability hosted cloud platform solution tailored to its needs and managed 24/7 by CloudCoCo’s team of experts.

Kibo Energy* 0.2p £5.1m (KIBO.L)
The multi-asset energy development company notes that its 55% subsidiary, MAST Energy Developments PLC, today announced that MAST’s recently acquired 9 MW Pyebridge Generation facility’s installation commissioning checks have been completed successfully, and that MAST’s engineers have certified Pyebridge in Commercial Steady State Status as of 15 November 2021.

Mkango Resources 37.5p £83.4m (MKA.L)
Mkango Announces HyProMag Expansion Into Germany. HyProMag Limited subsidiary established in Germany to rollout commercialisation of HPMS (Hydrogen Processing of Magnet Scrap) technology into Germany and Europe, and to further support Government initiatives to strengthen European rare earth supply chains and accelerate the green transition. New German subsidiary, HyProMag GmbH, is 80% owned by HyProMag Limited and 20% owned by Professor Carlo Burkhardt of Pforzheim University in Germany, co-ordinator of the EUR14m EU funded SusMagPro project ( focused on rare earth magnet recycling with 19 partners across the European supply chain. Both Mkango and HyProMag now have strong and complementary platforms for growth in both the UK and EU, and are well positioned to capitalise on accelerating demand for rare earths and increased focus on the circular economy.

Open Orphan 20.5p £137.5m (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 Venn Life Sciences, a subsidiary of Open Orphan, has signed a contract renewal with a major global pharmaceutical client worth £1.5m over two years. The renewed contract will commence in January 2022, with the Venn team in Breda providing dedicated clinical pharmacokinetics support to this leading global pharmaceutical client on an array of drug development programmes, to study the absorption, distribution, metabolism and excretion of drugs within the body.

Seeing Machines 11.38p £441m (SEE.L)
The advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces a collaboration agreement with the world’s largest Tier 1 Avionics company, Collins Aerospace. The Agreement positions Seeing Machines to work closely with Collins to jointly market co-developed solutions across the Aviation industry to deliver its eye-tracking technology solutions to Commercial Air Transport, Business, Military, Rotary Wing, General Aviation and Flight Training customers to address improved safety and efficiencies for both pilot training and flight operations.

Stanley Gibbons 3.2p £13.6m (SGI.L)
The Company announced the purchase of 20% of the equity in Showpiece Technologies Ltd from Phoenix Asset Management Partners, through its subsidiary Stanley Gibbons Limited. Showpiece is the fractional ownership platform through which the company is making available for sale, beneficial title in fractions of the world’s most valuable stamp, the 1c-Magenta at The cash price of the transaction of £2,000 is equivalent to 20% of the value of the equity in the business, all of which is held in cash. The other 80% is contemporaneously being purchased by Castelnau Group plc, a Company controlled by PAMP, for £8,000. Showpiece is a technology platform business which focuses on providing fractional ownership of culturally significant items. It was incorporated in August 2021 and as of the date of the transaction has not recorded any revenue, profit or loss.

Urban Logistics 175.25p £569m (SHED.L)
Further to the announcement on 27 October 2021, Urban Logistics, the last mile logistics focused REIT, announces an Placing targeting gross proceeds of £200m at a price of 170 pence per share. Having fully deployed or committed £134m of capital following the Company’s £108m July fundraising, the manager has identified a further pipeline of high quality, last mile logistics assets, strategically located in targeted logistics hubs, totalling in excess of £400m. The Company intends to use the net proceeds to acquire a significant part of this pipeline.

15 November 2021
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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