Small Cap Feast

24th March 2022

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Filta Group shares have ceased trading on AIM following a takeover by AIM quoted peer Franchise Brands (FRAN.L)

What’s Cooking In The IPO Kitchen?

According to Proactive Investors, SpectrumX Holdings Ltd, which is tapping the healthcare and commercial potential of hypochlorous acid, is considering a London listing. It is understood the group has submitted its prospectus to the London Stock Exchange ahead of a float in late spring, targeting a valuation of around £50m. Sources suggest that a £10m pre-IPO round is largely complete, with the group looking to bring in circa £5m at the time of the company’s stock market debut.

Asimilar Group plc, currently listed on AIM, intends to the join Aquis Stock Exchange Growth Market. The Group invests in the technology and software sectors and aims to focus primarily on opportunities in the Big Data, Machine Learning, Telematics and Internet of Things areas. Whilst the Directors are principally focused on making investments in private businesses, they do not rule out investments in listed businesses if this presents, in their judgment, the best opportunity for Shareholders. Expected 4 April 2022.

Probiotix Health plc intends to join the Aquis Stock Exchange Growth Market. ProBiotix develops probiotics (live microbes that, when ingested, can alter the composition of the microbiome, and improve human health) to tackle cardiovascular disease and other lifestyle conditions which are affecting growing numbers of people across the world. Mkt Cap and Capital to be raised TBC. Expected 31 March 2022.

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.

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

ActiveOps 97.5p £69.5m (AOM.L)

The provider of Management Process Automation (MPA) software for running hybrid and global back-office operations, today provides an update on trading as it approaches its financial year end on 31 March 2022. Trading is in line with previously upwardly revised management expectations, with a total of nine new logos added globally since the beginning of the financial year. Trading has been particularly strong across EMEIA and Australia versus management expectations, offsetting slower than anticipated US growth and some softening of retention rates, reflecting the ongoing impact of COVID-19. The US region is however, the fastest growing region versus the prior year with a strong and growing pipeline. The Group continues to benefit from a strong balance sheet with cash comfortably ahead of management expectations, providing the business with a strong basis from which to continue to carefully invest in its expansion, while managing the impact of inflationary pressures. Looking forward, the Board is confident in the Company’s outlook, as a clearly defined list of target customers feed into an existing and robust pipeline. The impact of COVID-19 on global operations and the still evolving requirements for hybrid working is driving new levels of demand for better data and operational control. Th e value of sales opportunities in the Group’s pipeline at formal proposal stage or later is 60% higher than in February 2021. ActiveOps product release pipeline is equally strong with a number of major advances in AI and data driven management process automation due for release this year.

Atlantic Lithium 47.4p £272.5m (ALL.L)

The fully-funded, African- focussed lithium exploration and development company on track to become West Africa’s first lithium producing mine announced a significant Mineral Resource Estimate upgrade to 30.1Mt at 1.26% Li2O for the Ewoyaa lithium deposit. 42% increase in MRE to 30.1Mt at 1.26% Li2O, reported in accordance with the JORC Code (2012) in Indicated and Inferred status at the Ewoyaa deposit. Total Resource grade remains largely unchanged, highlighting its robust geological fundamentals, and includes a 294% increase to 20.5Mt at 1.29% Li2O in the Indicated category and 9.6Mt at 1.19% Li2O in the Inferred category. Mineralisation remains open at depth and along strike with additional untested pegmatites within the immediate deposit area, providing confidence for further resource upgrades.

Bluejay Mining 7.89p £76.8m (JAY.L)

The exploration and development company with projects in Greenland and Finland has today raised $7m (£5.38m) before expenses at a placing price of 7 pence per Placing Share. The funds raised will enable Bluejay to complete the necessary feasibility study required for the Dundas Ilmenite Project in Greenland, as it continues to progress the project into production. Continued strong support from existing institutional investors, including the Company’s two largest shareholders. Increased support from Greenlandic and Danish Government-backed institutions. Fundraising will see a major UK institution as a new shareholder. Bluejay Directors and officers subscribed for £120k worth of Placing Shares. The proceeds will be sufficient to complete the feasibility study to the level required for financial sign-off by a lending syndicate, enabling construction and production at Dundas.

B.P. Marsh 300p £112.3m (BPM.L)

The Specialist Private Equity Investor in early stage financial services businesses, has acquired a 40% Cumulative Preferred Ordinary shareholding in Denison and Partners Limited. B.P. Marsh has also provided a Loan Facility to Denison and Partners. This facility is available from completion and will be drawn down in tranches, in line with Denison and Partners’ business plan. In aggregate, the Company will be providing funding of £802k. Denison and Partners is a start-up London-based Lloyd’s Insurance Broker, established by Alasdair Ritchie, with a focus on delivering (re)insurance delegated authority solutions and services to Managing General Agencies, Coverholders and (re)insurers. Denison and Partners will look to leverage its historic strong foundation and relationships in the Financial and Professional lines sector, primarily across the UK, US and Canada. At the same time, Denison and Partners shall seek to capitalise on opportunistic lines of business across other sectors, as may be presented by favourable market conditions, not least by seeking new hires and teams specialising in those expansive lines. Denison and Partners seeks to build long-term partnerships with its clients, developing tailored risk solutions in order to meet complex client needs in today’s trading and business environment. Alasdair has over 40 years of experience in the (re)insurance market. Prior to establishing Denison and Partners, Alasdair had held a number of senior roles at Willis Group, now known as Willis Towers Watson (WTW), Marsh McLennan and most recently BMS Group.

Getech Group 29.5p £19.7m (GTC.L)

The net zero technology provider and data-led energy asset developer has won new contracts with leading mining companies to explore for sedimentary copper, iron oxide-copper-gold deposits, and other minerals critical to the delivery of the Energy Transition. These contracts result from investment by Getech to expand the application of geoscience and data products that the Group originally developed as petroleum solutions, positioning them as essential tools in locating and developing new critical mineral deposits. Using its proprietary data and workflows, Getech can identify the specific factors responsible for the location and economic concentration of energy and critical minerals. This information is delivered and managed through Getech’s unique platforms, such as Globe, which contain the Group’s world-leading gravity and magnet datasets and earth systems knowledge. The total initial value of these new contracts is c. GB£110k which adds to Getech’s existing revenue from the mining sector. The Company’s focus is to use its new critical mineral products to expand revenue generation and where appropriate, explore equity participation in off-grid energy solutions.

Good Energy Group 305p £51.2m (GOOD.L)

The 100% renewable electricity supplier and innovative energy services provider, announces Zap-Map have partnered with Allstar Business Solutions Limited. Allstar Business Solutions Limited, one of the UK’s leading fuel and electric vehicle (EV) charging companies, is enabling customers to search, plan and pay for EV charging on the road through its partnership with Zap-Map, the UK’s No.1 EV charging app. Drivers can now download the Zap-Map app and add their Allstar Electric card to activate Allstar features, enabling them to pay for EV charging at participating sites on the Allstar network via Zap-Pay. A single-app payment system, Zap-Pay avoids the hassle of using multiple payment methods across different networks. In addition to in-app payments, Allstar’s customers can also benefit from enhanced features in the app, free of charge. Customers will be able to search for charge points across the entire Allstar electric charging network using Zap-Map’s filters and map view. Additionally, drivers will have access to charge point information and site availability updated in real time, while being able to plan and save routes via the in-app route planner. Allstar Electric card holders can track their Zap-Map charging history and vehicle mileage through the app, providing simplified solutions to help businesses that need to charge on the road. All charging transactions made using Allstar Electric cards through the Zap-Map app are streamlined on one consolidated HMRC compliant invoice for businesses to help save both time and costs.

Iomart Group 160.8p £175.9m (IOM.L)

The cloud computing and managed services company announced a new partnership with e2e-assure, the cyber security specialists. The agreement combines iomart’s cloud infrastructure expertise with an independent, state of the art cyber defences team to provide security operations centre (SOC) and proactive response service to the UK market. The move into the security market has been a longstanding ambition of iomart and was a key part of the growth strategy outlined by the management team in 2021. The move into this space is in line with a recent increase in security services demand, providing the Company with an opportunity to work more closely with existing customers while attracting new ones. e2e-assure delivers best in class Security Operations Centre services with a focus on cyber security, delivered by a team of expert UK Security Cleared Cyber Security Analysts, supported by their Cumulo SOC Platform. In collaboration with iomart, the combined service will include forward-thinking secure digital environments, active threat-hunting to identify hidden risks before they emerge, and hands-on response to resolve vulnerabilities in real time.

Osirium 8.88p £4.1m (OSI.L)

The vendor of cybersecurity and IT automation software announced a contract win at Midlands and Lancashire Commissioning Support Unit (MLCSU) for its Privileged Process Automation (PPA) and Privileged Access Management (PAM) solutions. MLCSU supports 50 Clinical Commissioning Groups (CCGs), NHS GP federations, and local authorities in the north of England. This is the Group’s first customer win where the PPA order is significantly larger than the PAM element. PPA is Osirium’s solution for automating IT and business processes that traditionally require expert skills and auditability. It is one of the three core products in the Group’s Privileged Access Security suite, alongside Privileged Access Management and Privileged Endpoint Management. This contract with MLCSU reflects Osirium’s increasing success in marketing its PPA and PEM solutions as primary or standalone products. PPA will be rolled out initially to 600 users and 100 IT servers and systems in GP surgeries at one of MLCSU’s CCG clients, with the potential for a further roll out in due course. Key to selecting PPA was ease of use at the GP surgeries. User testing showed that PPA’s unique conversational style of interaction with users meant that complex operations could be used with little or no training.

Poolbeg Pharma 6p £30m (POLB.L)

The clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, has signed a deal with CytoReason, a leading artificial intelligence (AI) company developing computational disease models for efficient drug discovery and development, to provide AI analysis of Poolbeg’s influenza disease progression data derived from human challenge study samples. The partnership will harness the insights of Poolbeg’s unique repository of influenza human challenge trial data and is another significant milestone in its strategy to leverage its proprietary databank to identify new pharmaceutical assets using artificial intelligence. CytoReason has built world-class validated AI models which can extrapolate immune cell behaviour based on bulk transcriptomics, making it an ideal partner to maximise the insights of Poolbeg’s influenza data. To date, five of the world’s top ten pharma companies use CytoReason’s technology including Pfizer, Sanofi, Merck KGaA and Roche. Poolbeg’s ability to execute a deal of this nature with a company of CytoReason’s stature is a testament to the quality of Poolbeg’s proprietary databank which will significantly improve the outputs of the collaboration. This is the first time that AI analysis of human challenge trial data is used to identify novel drug targets for influenza.

Zenova Group 82.5p £4.4m (ZED.L)

The provider of innovative fire safety and heat management technology and products, has begun distributing its Zenova FP fire protection paint, Zenova IR thermal insulation render and Zenova IP thermal insulation paint to customers in mainland Europe. Commenting on the news, Tony Crawley, Chief Executive of Zenova Group PLC said: “It is hugely satisfying to see the first shipment of our products leaving the factory destined for customers in mainland Europe. It is a relatively short time since Zenova listed on AIM, but we are making good progress in developing sales and distribution channels and in bringing our products to market”. “Improving fire safety and the thermal efficiency of buildings are global issues and we are confident that Zenova’s independently certified and globally recognised fire-safety and temperature management products are part of the solution.”

24 March 2022
*A corporate client of Hybridan LLP

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