Small Cap Feast

1st February 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Unbound Group PLC has joined AIM, (currently called Electra Private Equity PLC on the Main Market). Unbound Group, will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound’s curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer community. This online platform will be based on the foundations of Hotter Shoes as a trusted brand, cloud-based digital infrastructure, and strong customer personalisation through data insight. No capital being raised on Admission. Anticipated Mkt Cap c.£30m.
Off The Menu:
No Leavers Today.

What’s Cooking In The IPO Kitchen?

Hiro Metaverse Acquisitions I S.A. (HMAI), a special purpose acquisition company sponsored by Hiro Sponsor I LLP, an affiliate of Hiro Capital, a videogames and metaverse technology venture capital fund, intends to float on the London Stock Exchange. HMAI intends to raise up to £115m through the listing. Founded by Luke Alvarez, Sir Ian Livingstone CBE, and Cherry Freeman, three senior leaders with an established track record of entrepreneurship and investment in the video gaming, digital sports and technology sectors, Hiro Capital invests in high-growth video games, esports, interactive streaming, gamified fitness and metaverse technology innovators. The founding team has an established track record of entrepreneurship and investment across video gaming, software and technology, having collectively co-founded and invested in over $9bn worth of companies in these sectors, from start-ups to IPO in London and New York. Due mid-March.

Strip Tinning Holdings, an established supplier of specialist connectors to the automotive sector, intends to join AIM. Strip Tinning manufactures specialist flexible electrical connectors related primarily to heating and antennae systems embedded within automotive glazing and to the connection of the cells within electric vehicle (EV) battery packs, increasingly using flexible and lightweight printed circuit technology that also has growing application elsewhere within vehicles. Mkt Cap and Capital to be raised TBC. Due mid Feb.

Artemis Resources ltd, an ASX listed mining exploration and development company intends to join AIM. The Company owns projects based in the Pilbara region of Western Australia, the Greater Carlow Gold-Copper-Cobalt Project in the West Pilbara and the Paterson Central exploration project in the East Pilbara. The Company also owns the Radio Hill processing plant that is currently on care and maintenance. This plant is strategically located only 35km from the Greater Carlow Project. Mkt Cap approximately £52m, Capital to be raised £5m. Due 7th Feb.

Hercules Site Services a technology enabled labour supply company for the UK infrastructure sector, intends to float on AIM. Hercules is seeking to raise approximately £5.5m to rapidly deliver on the significant demand it is experiencing for its diverse range of services across the UK infrastructure sector, including to scale up its operations to supply labour to the northern section of the HS2 rail project from London to Birmingham. In addition, up to £4.5m will be raised for the existing shareholder from the sale of part of its interest in the Company. Hercules has a sustained track record of revenue growth from £9.7m in FY 2015 to £30.7m in FY 2019 and has experienced a strong rebound following Covid-19 growing to £14.0m in H1 FY 2021. Expected 4 Feb. Anticipated Mkt Cap £29.6m. To be raised £4m primary and £4m secondary.

Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and direct subscriptions by new and existing investor. If the Proposed Transaction proceeds to completion, it is proposed to change the name of the Company to Ondo InsurTech Plc and the name of Labs, which will become a subsidiary of the Company, to LeakBot Ltd. Should the Proposed Transaction not proceed, then the Company would need to apply for the suspension of its listing of ordinary shares to be lifted and for trading to be restored. £5m capital to be raised. Due early 2022.

Clean Power Hydrogen, the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser is seeking to join AIM. The Group designs and manufactures hydrogen production units and is focused on the commercial production of green hydrogen in a simple, safe, and sustainable manner. The Group intends to raise approximately £50m. Due Early Feb.

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 Feb.

i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM and raise money 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 £10.7m. Expected admission 9th Feb.

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. Delayed until second half of Q1 2022.

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 early Q1 2022.

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. Due early Feb.

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. Delayed until Mid-Feb. Mkt Cap and Capital to be raised TBC.


Breakfast Buffet

Altus Strategies 59p £69m (ALS.L)

Altus has completed the second and final closing of the recently announced acquisition of a portfolio of 24 royalties and royalty interests from Newcrest Mining Ltd and certain of its group companies. The Royalties have been acquired through a strategic joint venture with AlphaStream Limited, a specialist mining royalty and streaming company. Total consideration for the Acquisition was US$ 37.5m with the aggregate amount paid by Altus being US$ 24.0m. Portfolio includes royalties over two producing gold mines, one near producing gold mine and 21 development and exploration stage assets. Potential annual revenues to Altus of up to US$ 3.5m (post-tax) from the Royalties, based on a forecast 10-year average. The Company’s entire royalty portfolio is estimated to generate up to US$ 6.4m in post-tax revenue for 2022.

Ariana Resources 3.9p £42.8m (AAU.L)

Resource update for the Kiziltepe Sector, including the satellite projects of Kepez, Kizilcukur and Ivrindi. Kiziltepe is owned by Zenit Madencilik San. ve Tic. A.S. in partnership with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana. Increase in global (undepleted) Mineral Resource Estimate to over 380,000 oz Au and 6,100,000 oz Ag contained metal. Ore Reserves of 1.10Mt @ 2.38 g/t Au and 43.16g/t Ag for over 80,500 oz Au and 1,400,000 oz Ag, equivalent to approximately three years of production. Resource update represents a c. 19% increase over the previous (2020) undepleted global resource estimate (announced in April 2020) on a gold ounce only basis. Over 1.33Mt of ore has been mined from the open pits at Kiziltepe to the end of December 2021, of which approximately 1.03Mt has been processed (quoted as dry tonnes).

BlueJay Mining 8.6p £83.7m (JAY.L)

The development company with projects in Greenland and Finland, and KoBold Metals, the Company’s partner at the Disko-Nuussuaq Nickel-Copper-Cobalt-Platinum Metals Project announced the incorporation of the joint venture company, Nikkeli Greenland A/S which will be the new licence holder at Disko. Necessary applications lodged for the Disko licence transfer. Bluejay and KoBold are currently finalising the 2022 work and field program which Bluejay will manage and execute on behalf of the JV. Bluejay anticipates updating the market of these activities in due course, with commencement expected in the latter part of Q2 2022.

Checkit 45p £48.6m (CKT.L)

Checkit has signed a three year contract with Biomat USA, Inc., a subsidiary of Grifols S.A. The contract has a minimum total value of £2.8m spread evenly over the three year period, and will involve providing services to over 300 sites which will see Checkit extend its US footprint within Grifols to initially five of its US subsidiaries. Grifols is a global leader in the production of plasma-derived medicine and transfusion medicines. Headquartered in Spain, it has a worldwide network of over 350 plasma centres, including more than 50 in Europe. With revenues of EUR5.3bn (of which EUR3.6bn were generated from US operations during 2020), Grifols employs 24,000 people providing products and services in more than 100 countries worldwide. Of the total contract value, approximately 12% represents the renewal of existing business with Grifols with the remainder representing upsell and new business. The agreement establishes Checkit as Grifols’ partner of choice for the provision of intelligent operations technology in the US. In addition, expansion of the Checkit platform to cover Grifols’ key countries of operations in Europe is at advanced stages of discussion. Additionally, Grifols plans to build 20 plasma centres in Egypt, with Checkit having recently signed a separate three year contract to provide intelligent operations services to the first ten of these.

EQTEC 1.03p £88.6m (EQT.L)

The technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production provided a trading update for Q4 2021. Market Development Centres progressing toward commissioning in year. Three additional plants under construction with a growing set of projects under development. Review and feasibilities on several projects with a view to pursuing syngas to hydrogen or biofuels. Strategic collaborations support growth into new offtake applications including hydrogen and SNG. Successful 2021 R&D programme, with new agreement in France for contaminated plastics. Strong revenue growth over previous periods. 2022 business planning completed with clear objectives for the year, including for ESG.

Gelion 112.5p £120m (GELN.L)

The Company has signed a test and supply contract with European renewables company Acciona Energía to trial Gelion’s Endure zinc-bromide battery technology at Acciona Energía’s Montes del Cierzo photovoltaic solar plant in Navarra, northern Spain. As stated In the Admission Document published by Gelion on 24 November 2021, the Company was selected to test and trial its batteries by a “leading global renewable energy company headquartered in Europe” following a competitive process launched in September 2020. Gelion has now signed a test and supply contract with Acciona Energía to integrate its Endure battery technology into the Plant for a six- to 12-month period starting Q3 2022. If this trial integration is successful, the Endure battery is expected to form part of Acciona Energía’s supplier portfolio as a renewable energy storage provider. Acciona Energía is one of Europe’s largest sustainable energy companies with global revenues of the Acciona Group in excess of EUR6bn in 2020.

James Halsted 284p £1,229m (JHD.L)

The commercial flooring manufacturer and distributor, is providing the following trading update ahead of its interim results for the half-year to 31 December 2021. The backdrop to manufacturing remained challenging with the resurgence of the Covid-19 virus disrupting manning levels and the widely reported delays and increased costs of international freight. In addition, raw material availability has continued to be restricted and costs increased. Nevertheless, sales demand has continued to be strong with projects installed as diverse as the Tracey Emin Art Centre in Margate, the cruise ship MV Aurora and the newly renovated “La Samaritaine” department store in Paris. In his AGM statement, on 18 November 2021, the Chairman, Mr. Anthony Wild, noted these challenges and it is pleasing to report that sales in December were robust (particularly in the UK) – and turnover for the six months will be higher than last year. Given the increased costs of materials, freight and energy that have prevailed and the inevitable time lag in reflecting these costs in prices it is to be expected that profit has been affected in the first six months results to a marginal extent. That said, our balance sheet strength continues to underpin our business, and the Board’s expectations for the current year remain positive. The interim results will be published on 31 March 2022.

MC Mining 4.75p £8.1m (MCM.L)

MC Mining has entered into a staged 86m South African Rand (approximately US$5.6m/A$7.9m) Convertible Advance and Subscription Agreement with South African based mining group, Senosi Group Investment Holdings Proprietary Limited (SGIH) at ZAR1.20 (US$0.08/ A$0.11). The Issue Price equates to a 7.1% premium to the Company’s closing price as quoted on the JSE on Monday 31 January 2022. The First Tranche Funding will be used to settle the balance owing to the vendors of the Lukin and Salaita properties, due by 28 February 2022, as announced on 11 January 2022, and to supplement the MCM group working capital requirements. The Second Tranche Funding will be used to advance development of the Makhado hard coking coal project and to supplement the MCM group’s working capital requirements. Based on prevailing forward API4 coal prices and management of Group facilities, the funding from SGIH is expected to extend the cash runway to at least August 2022.

Plant Healthcare 9.35p £28.5m (PHC.L)

The provider of novel patent-protected biological products to global agriculture markets, announces its trading update for the 12-month period to 31st December. Financial and Commercial highlights: Revenue increased 28% to US$8.4m (2020: $6.6m) 24% increase in constant currency. Gross margin expanded 300 basis points to 59% (2020: 56%). The Commercial business increased its EBITDA and was cash positive for the period. The Company invested $3.7m (2020: $2.7m) during the year, as PREtec ramps up for commercial launches. Substantial improvement in working capital. Cash and cash equivalents as at 31st December was $9.2m. Awarded the LSE’s Green Economy Mark. “Post year end, we have seen continued growth into 2022 as we continue to progress to achieve scale by building key distributor relationships on a global basis. Saori is expected to be a significant driver of growth. It has the potential to deliver disease control and yield increase worth approximately US$75 per hectare for Brazilian soybean growers, giving them an ROI of 6x or more, while reducing the use of potentially less safe agrochemicals. Brazilian soybean farmers spent US$2.85bn on disease control in the 2020/21 season. The Board remains confident that the Company is on track to deliver cash breakeven within existing financial resources.”

Rockhopper Exploration 8.63p £39.5m (RKH.L)

The oil and gas exploration and production company with key interests in the North Falkland Basin, announced that Rockhopper, Harbour Energy plc and Navitas Petroleum LP have extended the provisions of the previously signed heads of terms (announced on 8 December 2021) from 31 January 2022 to 31 March 2022, with a view to signing definitive documentation on the transaction by this date.

1 February 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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