Small Cap Feast

23/02/2022

Dish of the day
No Joiners today
Off the menu
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Dish Of The Day:
Supermarket Income REIT (SUPR.L) has transferred from the Specialist Fund Segment to the Main Market.
Off The Menu:
No Leavers Today.

What’s Cooking In The IPO Kitchen?

URA Holdings, a London based mining exploration and development company, intends to list on the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator including to prove-up early-stage exploration projects to spin out/farm out or sell. The strategy is initially focussed on Southern and Central Africa, and good opportunities will occur in countries with relatively stable and reliable political system such as Zambia. The Company has raised £1.05m before costs. The net proceeds of the Placing will be primarily applied for the development of the Group’s Njoka project and working capital. Admission is expected week commencing 21st February 2022.

Neometals Ltd to join AIM. Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. The Company has four key battery materials projects that support the global transition to more circular supply chains and cleaner energy. Three with downstream focus on sustainable materials processing and recycling and one upstream mineral extraction opportunity. Mkt Cap is expected to be approximately AU$716m. Expected 28 Feb 2022.

Cleantech Lithium reported in the press to be planning an AIM float. The Company is developing two projects in Chile. Cleantech is planning to extract lithium from brines utilising environmentally friendly technologies and renewable energy.

GCP Co-Living REIT plc, intends to float on the Main Market. The Company is a newly established, externally managed investment company, which it is intended will carry on business as a Real Estate Investment Trust, subject to meeting the necessary qualifying conditions. The Company will invest, predominantly, in independent Co-Living Asset, both operational and under development, let to a diversified mix of residents, located in urban centres in the UK and Ireland where there is a shortage of high quality, affordable residential accommodation. Due March 2022.

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.

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.

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 March 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 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

Cohort 465p £191m (CHRT.L)

A, a leading UK ship and fleet protection specialist, part of Cohort plc has been appointed to supply its Torpedo Launcher System (TLS) to Hyundai Heavy Industries (HHI) for two new Philippine Navy corvettes. The contract follows the successful delivery of SEA’s TLS for the Philippine Navy’s frigates, and further cements the company’s positive relationship with both HHI and the Philippine Navy. Part of the Revised Armed Forces of the Philippines Modernization Program, the multi-million-pound contract will see the first corvette delivered in 2023 and the second in 2025. SEA’s TLS is a weapon-agnostic, close range and rapid-reaction system capable of firing a variety of NATO-compatible standard light weight torpedoes, including the US Mk44, Mk46 and Mk54 torpedoes, UK Sting Ray, Italian A244S, French MU90 and the Korean Blue Shark. Highly flexible due to its unique modular design, the system can also be configured to use other weapons on an individual basis. This will enable the Philippine Navy to retain control of its supply chain through a choice of suppliers for ammunition, delivering greater flexibility and long-term value. The state-of-the-art modular design of the TLS also enables easier and cost-effective upgrades throughout its service life and significantly reduces the risk of capability obsolescence based on ammunition supply.

Eve Sleep 3.1p £8.5m (EVE.L)

The direct to consumer sleep wellness brand operating in the UK, Ireland and France announced a new retail partnership with DFS, the market leading retailer of living room and upholstered furniture in the United Kingdom. Initially the partnership will cover the dfs.co.uk website, which receives an average 2.7m unique visitors per month. There are also plans to extend the partnership to the DFS showroom estate later in the year. DFS will stock a range of eve mattresses, including eve’s Original and Premium Hybrid models rated the two best mattresses in the UK by consumer champion Which?, as well as a range of eve bedframes. Plans are in place to extend the ranges at a later date.

Invinity Energy Systems 78.5p £89.4m (IES.L)

The global manufacturer of utility-grade energy storage, has been awarded £708,371 of funding from the Department for Business, Energy & Industrial Strategy (BEIS) under Phase 1 of the Longer Duration Energy Storage (LODES) Demonstration competition. This award will fund a comprehensive planning and feasibility study on what could become one of the UK’s largest co-located solar and energy storage projects. If Phase 1 is deemed successful, the Company then expects the project to progress through financial close and to the construction of a 40 MWh Invinity Vanadium Flow Battery (VFB) funded in part by BEIS via Phase 2 of the LODES programme. Invinity is leading the project consortium, which includes Pivot Power, part of EDF Renewables, and EDF R&D UK, with the objective of progressing this first-of-a-kind project towards financial close and ultimately delivery. With the aim of generating low-cost, low-carbon, dispatchable energy as part of the UK’s journey to Net Zero, the project will serve as a template for other grid-constrained solar generation sites globally.

Live Company Group 5.15p £7.6m (LVCG.L)

The live events, entertainment and sports events company announced that the final two bands for day two of KPOP.FLEX which takes place in May 2022 in Frankfurt have been confirmed as Mamamoo and Dreamcatcher. Mamamoo are a four member girl band with a number one album called White Wind. Dreamcatcher are a seven member girl band formed by Happy Face Entertainment who have released albums in Japanese and Korean. They won the Ten Asia Global Top 10 awards in 2020 for best act Taiwan and have recently released a new album called Dystopia. Ticket sales for day two are at approximately 13k after 5 days. Investors are reminded that revenue is generated via ticket sales, merchandising, sponsorship, streaming and consultancy.

Mobile Streams 0.44p £11.3m (MOS.L)

Mobile Streams plc and International Gaming Systems AB (IGS) have extended their partnership to launch Battleriff, one of the world’s leading global gaming platforms, on www.mobilegaming.com. Battleriff has hosted over 3,500 Esports competitions (tournaments/leagues). Some of the most successful ones were the Battleriff Pro League and Invitational Tournaments for Hearthstone. The Battleriff Pro League was run under a licence with Activision Blizzard, awarding top participants an entry into Blizzards top tier Masters Tour competitions. The Invitational Tournaments featured many of the best players in the world and allow up and coming players to have a chance at qualifying and playing against the Pro players. Their website can be found at www.battleriff.com. This partnership will allow the Company to deliver future Esports tournaments via Battleriff under its IGS partnership deal previously announced on 13 January 2022. This represents the next step in the transformation of the Company into a leading global Esports and content provider and will open up a number of additional opportunities to sell further products to its global audience of over 800m people. These opportunities will include, but are not limited to: Licensed NFT content, branded merchandise and Skins trading.

Physiomics* 4.9p £4.8m (PYC.L)

The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, announces that Dr Paul Harper is standing down from the role of Non-Executive Chairman and as a Director of the Company with immediate effect. Dr Harper has served the Company since 2004 as Non-Executive Director, and since 2007 as Chairman, and the Board would like to express its thanks for his contribution and long service. Dr Jim Millen will retain the role of CEO of Physiomics and additionally assume the role of Executive Chairman, but no other board changes will be made immediately. The Company is seeking to appoint at least one independent Non-Executive Director as soon as possible and a further announcement in this regard will be made in due course.

Mirriad Advertising 18.5p £51.6m (MIRI.L)

The leading in-content advertising company, announced a new partnership in the strategically important North American market and an update on strong campaign metrics illustrating significant audience reach advantages of in-content advertising versus traditional advertising. Mirriad has signed a partnership agreement with Canada’s largest TV and digital media conglomerate. This partnership represents an important milestone for Mirriad in Canada and a first campaign has already launched there in a premiere series. Mirriad’s US campaign revenues were up by over 800% during the 2021 holiday season compared to 2020. The in-content campaigns on leading channels Hallmark and Lifetime for large advertisers in the highly valuable finance, cosmetics and food& beverage industries delivered outstanding results as evidenced from data provided by Nielsen. The new data from Nielsen for the US holiday campaigns showed that the audience reach using the Mirriad in-content format was up to 39% higher than in the equivalent TV spot breaks in the same content, and able to deliver approximately 130m additional impressions, a significant advantage for advertisers in the busiest advertising season of the year. An extensive report of the results and findings from the Nielsen data, including equally strong new data from Europe, will be published by the company later in Q1.

Mosman Oil & Gas 0.11p £3.65m (MSMN.L)

The oil exploration, development, and production company, has completed construction of the gas network in East Texas which will allow for the sale of gas from the Winters-2 well (23% Working Interest) and Stanley-4 well (45% Working Interest). The gas network connects several leases, including one operated by Arcadia Operating LLC (Arcadia) and will be owned by Mosman’ s subsidiary, Nadsoilco and Arcadia. Costs have been split between the parties to provide a strong economic foundation for the pipeline and operating costs will be in proportion to gas sales volumes. The system will be tested over the next few days and well production flow rates will be announced once available.

Peel Hunt 146p £181.1m (PEEL.L)

The UK investment bank, is today providing a trading update for the financial year ending on 31 March 2022, a further update on revenues will be provided on or around 31 March 2022. Since the start of the calendar year, concerns in relation to inflation and interest rates as well as global geopolitical events have negatively impacted market conditions and investor sentiment. As a result, the backdrop for capital markets activity has been particularly challenging. “We continue to have a strong pipeline of corporate transactions, but have seen a number of deals delayed. Our Investment Banking division continues to win high quality corporate clients, with the total number growing to 163, and is expected to post record full year revenues.” Whilst there has been a slow-down in Execution & Trading activity, full year revenues in that division continue to compare favourably with pre-pandemic levels. Our Research & Distribution business continues to win market share and has performed in line with expectations. As a consequence of delays to the Investment Banking pipeline, beyond 31 March 2022, and Execution & Trading performance in Q4 of FY22, the Company now expects full year revenue to be marginally below the bottom of the previously guided range and accordingly earnings will be commensurately lower than current market expectations. “We continue to invest in the business to drive long term growth and have made good strategic progress in a number of key areas including development of our proprietary technology, the roll out of our digital strategy and towards establishing a platform in the EU.”

Symphony Environmental Technologies* 19.5p £35m (SYM.L)

The global specialists in technologies that make plastic and rubber products “smarter, safer and more sustainable”, announced the commencement of a two year exclusive US supply contract for their d2w biodegradable plastics technology in nutritional supplement bottles and the US launch with Better Earth LLC of a new bottle for nutritional-supplements using d2w. Better Earth has been working with Symphony for the last two years, initially on R&D and then trials to demonstrate a reduction in the environmental impact of discarded plastic bottles. These trials have culminated in the decision to use Symphony’s d2w technology in the manufacture of Better Earth’s bottles. Better Earth are launching the d2w bottles at the “Natural Products” Exhibition on 8 March 2022 and it is anticipated that manufacturing will commence with approximately 20m d2w bottles of all sizes, growing to 120m in the first year of exclusivity.

16 February 2022
*A corporate client of Hybridan LLP

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The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

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).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

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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.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

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