Small Cap Feast

16th March 2022

Dish of the day
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Dish Of The Day:
New Energy One Acquisition Corporation Plc, has joined the Main Market (Standard). 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 raised £175m.
Off The Menu:
No leavers today.

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.

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

Alkemy Capital 72.5p £4.3m (ALK.L)

Alkemy announced that its wholly-owned subsidiary, Tees Valley Lithium is working rapidly towards establishing the UK’s first low-carbon, battery-grade lithium hydroxide processing facility, located in Britain’s largest and fastest growing Freeport, Teesside. A key milestone in this journey is the completion of the Class 4 Feasibility Study, which will define (among other things) the base case technical and economic basis for the operation. The Study will also become the basis for the finalisation of approvals, as well as the next stages of detailed engineering development and major equipment procurement. TVL has commissioned Wave International to deliver the Study, which is scheduled for release in April 2022. Wave is a leading consulting firm in the battery and tech metals sector, with extensive upstream and downstream lithium processing experience. The scope of the Study includes: Metallurgical testwork programmes; Technical development of both conventional and electrochemical processing routes for producing lithium hydroxide; Engineering development for a multi-train refinery on site at Wilton International Chemical Park; Development of lithium supply strategies; Development of lithium and non-lithium product sales and marketing strategies; Base data for completion of approvals; Capital and operating cost evaluations; Project economic evaluation. As the Study nears completion, key work programmes have advanced to a mature stage.

Angling Direct 52p £39.3m (ANG.L)

The omni-channel specialist fishing tackle and equipment retailer, announced that its new European distribution centre is now fully operational and despatching to customers across the EU. The successful opening of the 3,940 square metre facility located in Venlo, south Netherlands, marks a significant milestone in the Company’s international omni-channel growth strategy. The new facility provides significant logistical capacity to support future growth and will help the Company mitigate the increased export costs and extended customer fulfilment times seen post-Brexit that have impacted recent periods. The new facility will stock over 18,000 SKUs from more than 80 suppliers, tailored specifically for Angling Direct’s European customers, and enables the Company to offer priority delivery across the EU. The management team is now focused on optimising its European growth strategy, supported by a dedicated International Commercial team and looks forward to updating shareholders in due course.

Atlantic Lithium 35p £200.8m (ALL.L)

The fully funded, African- focussed lithium exploration and development company on track to become West Africa’s first lithium producing mine, announces that Chief Financial Officer & Company Secretary Amanda Harsas has been appointed to the Board as Finance Director with immediate effect. Amanda is a senior finance executive with a demonstrable track record and over 20 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Prior to joining Atlantic Lithium, Amanda worked across several sectors including healthcare, insurance, retail and professional services. Amanda is a Chartered Accountant, holds a Bachelor of Business and has international experience in Asia, Europe and the U.S.

Bradda Head Lithium 15.75p £46.2m (BHL.L)

The North America-focused lithium development group, announces that it has received conditional permission to begin a drilling programme at its Eureka project in Nevada. Bradda Head has received permission to commence a 23-hole drilling programme at its Eureka project, pending a 30-day bond payment adjudication. Previous surface sampling carried out by Bradda Head geologists identified grades of up to 550ppm Li at Eureka, this programme is designed to test the potential for a shallow clay project at surface, similar to Bradda’s other clay assets in Arizona (Wikieup and Basin). Previous geophysics surveys carried out by Zonge Engineering and Terravision Exploration (PR dated 24/01/2022), results demonstrate the potential presence of both brine and clay deposits at Eureka, which is located in Central Nevada, not far from Tesla’s Gigafactory and Albemarle’s existing Silver Peak Lithium mine, notably the only US lithium mine in operation currently. Surveys also showed geothermal potential at Eureka, which could be used to lower the carbon footprint of lithium production at Eureka.

Cora Gold 7.2p £20.8m (CORA.L)

Further to the announcement of 17 February 2022, resource drilling has now commenced at the Company’s Sanankoro Gold Project in southern Mali. Highlights include: 7,500m drill programme underway; Focused on enhancing the current Mineral Resource Estimate (‘MRE’) of 809.3 koz at 1.15 g/t Au; Strong expansion potential – all deposits remain open at depth and along strike; Drilling due to be completed in Q2 2022 with results to be released as they are received. Bert Monro, CEO of Cora, commented, “We have multiple workstreams underway as we set our sights on delivering a Definitive Feasibility Study in the coming months, alongside a resource expansion programme, which we believe will further enhance both the quantum and confidence levels of our MRE. We have consistently demonstrated Sanankoro’s potential to become an open-pittable, free-digging oxide mine and work will accelerate throughout 2022 as we look to make this into reality. We look forward to sharing updates from this drill programme over the coming weeks.”

IDOX 63.8p £284.5m (IDOX.L)

The specialist information management software and solutions to the public and asset-intensive sectors, issued a trading update ahead of today’s Annual General Meeting for the period 1 November 2021 to date. Highlights for the period include: Continued resilient operational and financial performance, in line with the Board’s expectations.; Order book visibility remains strong, underpinning confidence; The Group secured new contract wins and extensions in the period across both our Public Sector Software and Engineering Information Management businesses; Acquisitions completed in 2021 are integrating well and to plan; good line of sight over an attractive M&A pipeline; Further to the announcement dated 21 February 2022, Anoop Kang joins the Board and assumes the position of Chief Financial Officer of Idox following the conclusion of today’s AGM. He is succeeding Rob Grubb who is taking up a newly created role focussed on advancing the Group’s inorganic growth strategy.

IOG 41.25p £214.6m (IOG.L)

The Net Zero UK gas and infrastructure operator focused on high return projects, confirmed First Gas from the Elgood field, part of Phase 1 of its Saturn Banks Project. Following the confirmation of First Gas at Blythe on Monday, the Company yesterday also brought Elgood into production. Elgood has been developed as a subsea tie-back to the Blythe normally unmanned platform, which is controlled from Bacton terminal. As previously indicated, an initial view on flow rates will be assessed once stable production has been established from both fields. The Company intends to analyse reservoir performance data over the initial months of production to inform an annual production guidance range.

ITM Power 350.4p £2,144.8m (ITM.L)

The energy storage and clean fuel company, announces an update for investors as to progress on the 24 MW Leuna contract. As announced with the Half Year Results in January 2022, the Company’s expectation was that Factory Acceptance Testing (FAT) on all 12 modules would be concluded by late April, with some timing risk associated with the financial year end on 30 April 2022. The Company has experienced a constraint in the local supply chain involving tooling for the scale up of stack manufacture and as a consequence, now expects the majority, but not all 12, of the modules to complete FAT in April. The balance of modules not complete as at the 30 April 2022 year end are expected to complete FAT early in the new financial year. A longer term solution for this supply chain constraint has already been defined and implemented, the benefit of which will be felt in the new financial year.

Kooth 255p £84.3m (KOO.L)

The UK’s leading digital mental health platform, announces positive momentum for its strategy to expand its mental health support throughout the UK to people of all ages in 2022. Kooth has secured a contract to support the adult population of Greater Manchester. This builds on Kooth’s success in supporting 10- to 18-year-olds in the region, and will make professional mental health support available free to the population of nearly 2m people. Kooth has further expanded its mental health support for the adult population across the UK with contract wins in Norfolk, Warwickshire and the Wirral. Kooth already provides support for children and young people (11- to 18-year-olds) in these regions. Supporting Children and Young People (CYP) Kooth has continued to expand its platform for CYP into devolved nations, with commissions in Aberdeenshire, Borders, Clackmannanshire, Falkirk, Highland, and Western Isles. These contracts are anticipated to add over £1m to Kooth’s ARR during the course of 2022 as part of the Board’s existing growth plan.

Sareum Holdings* 142.5p £97m (SAR.L)

Update on the development of its proprietary TYK2/JAK1 inhibitor SDC-1801 towards first-in-human trials. As disclosed in the Company’s half-year results on 21 February 2022, the data analysis from the preclinical toxicology and safety studies required to file for an exploratory Clinical Trial Authorisation (CTA) is complete. The Company has now received the final signed report from the Contract Research Organisation that conducted these studies and, as previously reported, these data fully support the Company’s plan to submit a CTA application in mid-2022 and to commence a Phase 1a clinical trial with SDC-1801 in H2 2022. SDC-1801 is being developed as a potential new treatment for a range of autoimmune diseases and for the acute respiratory symptoms of Covid-19. The report confirms that the studies met their objectives of identifying any organs or tissues that might be susceptible to high-dose toxicity and determining an appropriate dose range to test in first-in-human studies. Sareum is working with specialist clinical trial consultants to design the first clinical trial with SDC-1801. This Phase 1a trial will investigate the safety of ascending doses of SDC-1801 in healthy subjects prior to the selection of an initial indication for further clinical study in patients in any subsequent trials. The Phase 1a trial will also investigate the effect of SDC-1801 on certain biomarkers of autoimmune disease that could be predictive of efficacy when tested in patients.

16 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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