Small Cap Feast

25th March 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Beacon Rise Holdings (BRS.L) joins the Main Market. The Company was formed to undertake acquisitions of UK or EU businesses or assets with operations in the primary and secondary segment of the education technology sector. The Company does not have any specific acquisitions under consideration at present and does not expect to engage in substantive negotiations with any target business or asset until after Admission.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

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

ANGLE 95p £223.4m (AGL.L)

The liquid biopsy company, announced that a leading cancer research institute, Fondazione IRCCS Istituto Nazionale dei Tumori, Milan, Italy, has published results of a study undertaken in early stage triple negative breast cancer (TNBC) patients undergoing neoadjuvant chemotherapy (NAC; chemotherapy administered before surgery). Researchers used ANGLE’s Parsortix® system to isolate circulating tumour cells (CTCs) before, during and after NAC treatment, alongside the collection of primary tumour tissue samples pre- and post-treatment, to analyse for copy number alterations (CNAs), through whole genome sequencing and targeted sequencing, respectively. Using ANGLE’s marker-independent Parsortix system to harvest CTCs, followed by automated single-CTC retrieval, the authors identified and analysed both epithelial and non-epithelial CTCs, allowing characterisation of CTCs that would not have been detected by epithelial antibody-based approaches. Analysis of CTCs before, during and after NAC treatment allowed the researchers to track the individual evolution of a patient’s TNBC, revealing treatment-induced resistance to the chemotherapy as well as the identification of newly acquired genetic changes that could provide additional treatment options. In two patients, CTCs collected after NAC treatment shared more genomic alterations with the residual tumour, i.e. post-NAC treatment, compared to the primary tumour. This study demonstrates how CNA analysis of CTCs harvested by the Parsortix system, from early stage TNBC patients pre- and post-NAC treatment, has the potential to provide information on tumour evolution and identify actionable therapeutic targets that could help determine future treatment options for patients with chemotherapy-resistant disease.

AQRU 1.9p £23m (AQSE:AQRU)

The incubator specialising in decentralised finance has entered into a partnership with Maple Finance, an institutional lending platform in the DeFi sector, to offer AQRU customers access to enhanced yields in decentralised finance. Maple Finance facilitates uncollateralised and partially collateralised loans to leading cryptocurrency institutions that wish to access non-traditional financing while maintaining robust risk and security controls. Maple Finance’s yield-generating services will be integrated into AQRU’s mobile and web-based platform, which allows users to exchange their fiat, which are government-issued currencies such as the euro and the US dollar, into cryptocurrency and invest their assets to generate attractive yields. The partnership will enable AQRU to broaden its range of yield generating strategies and investment opportunities that users can choose from depending on their risk and return profile. Customers can deposit GBP and EUR into Maple Finance’s investment protocol, and will be able to deposit USD, CHF, CAD and SEK in the future, as well as their existing cryptocurrency holdings. By integrating Maple Finance’s investment protocols into its platform, AQRU is aiming to offer the users of its platform annual percentage yields of up to 15%. AQRU does not charge transaction fees which will allow its users to generate profit from small deposits.

Boku 125p £370m (BOKU.L)

The provider of mobile payment solutions, announces that Mark Britto will step down as Non-Executive Chairman of Boku at the Company’s Annual General Meeting, due to be convened for 1 June 2022, after seven years in the role. Mr. Britto will remain as a Non-Executive Director of the Company. Dr. Richard Hargreaves, currently a Non-Executive Director of the Company, will succeed Mr. Britto and will be appointed as Chair of the Company with effect from the conclusion of the Annual General Meeting. Dr. Hargreaves has served as Non-Executive Director of the Company since 2017 and is currently the Chair of the Remuneration Committee.

Bushveld Minerals 12.10p £152.6m (BMN.L)

The integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, hereby provides a further update, following the statement on 18 March 2022. As previously announced, one of the Mustang convertible loan notes holders, Primorus Investments Plc elected to exercise its backstop arrangement in relation to its CLNs (nominal value of US$1.5m plus accrued interest thereon). Bushveld intends to issue a convertible loan note to Primorus as consideration for Primorus’s CLNs, with further details to follow. Mustang has negotiated terms in principle and subject to contract with the holders of the CLNs, to provide for the extension of the Maturity Date of the CLNs to facilitate the proposed readmission of Mustang’s shares to trading on the Standard List of the London Stock Exchange. The terms have been documented and relevant documents are currently in the process of being executed by all parties. To allow time for execution to be completed, Bushveld and Mustang have agreed to extend the notice period for Mustang to issue notice to Bushveld in respect of the backstop (as announced on 19 January 2022) until Monday, 28 March 2022.

CyanConnode 16p £35.2m (CYAN.L)

The specialist in narrowband radio frequency (RF) smart mesh networks, announced that, further to its announcement at 7.00 a.m. today, it has successfully completed a placing of new Ordinary Shares, by way of an accelerated bookbuild, which is now closed, and a subscription of new Ordinary Shares. The Placing was oversubscribed. The Fundraising raised, in aggregate, £2m (before expenses) through the placing of 14,285,718 new Ordinary Shares at an Issue Price of 14 pence per new Ordinary Share. The Issue Price represents a discount of approximately 1.8% to the closing market price of 14.25 pence per existing Ordinary Share on 24 March 2022. Pursuant to the Fundraising, John Cronin, Heather Peacock, David Johns-Powell and Chris Jones, each being a Director of the Company. The net proceeds of the Fundraising will be used to further strengthen the Company’s balance sheet, to increase working capital, to fund long lead time critical components and to execute CyanConnode’s growing order book and pipeline.

Empyrean 11p £70.1m (EME.L)

The oil and gas development company with interests in China, Indonesia and the United States, provided an update on preparations to drill the Jade prospect at its 100% owned Block 29/11 permit, offshore China. The China Oilfield Services Limited owned NH9 drill rig for drilling of the Jade well is being handed over to Empyrean within the next few days for safety checks. Mobilisation of the NH9 rig to the Jade well drilling location expected to be on or around 27 March. The Jade well is currently anticipated to spud on or around 2 April.

Journeo 104p £9.1m (JNEO.L)

The provider of information systems and technical services to transport operators and local authorities, announced the renewal of the exclusive distribution agreement with Safety Tech, a subsidiary of Vision Systems France, for the Journeo ‘mirrorless’ Camera Monitoring System (CMS) for bus and coach operators and original equipment manufacturers throughout the UK. Details of the original agreement were announced by the Company on 2 November 2018. In addition, under the terms of the new 3-year agreement, the Company are also able to supply Journeo CMS to specialist vehicle providers and to bus and coach operators throughout Sweden via the Company’s subsidiary 21st Century AB based in Stockholm. The first installation in Stockholm is scheduled to complete this month before going into service with Arriva Sweden for evaluation. Journeo CMS has been installed on over 1,000 buses across 27 fleet operators and is the market-leading solution of its type for buses in the UK. Comprising a number of high-definition digital cameras and monitors, it replaces the traditional external wing mirrors to improve visibility, reduce the risk of accidents and reduce lifetime running costs of the vehicle.

Maintel Holdings 335p £48.1m (MAI.L)

The provider of cloud, network and security managed services, is pleased to announce a new refinancing agreement with HSBC UK for a £26m facility over a minimum 3-year term. This new facility with HSBC UK replaces a 6-year banking partnership with NatWest Bank. The HSBC UK facility comprises of a £20m RCF and £6m Term Loan, both on more favourable terms.

Sabien Technology Group 20.25p £3m (SNT.L)

The company focussed on building a portfolio of solutions, in the heating, cooling and transportation sectors, that deliver immediate reductions in CO2 emissions, is pleased to announce that its operating subsidiary, Sabien Technology Ltd, has been awarded a further contract by a UK government department for a value of approximately £264k. This is for the extended deployment of Sabien’s M2G Boiler Optimisation Technology across multiple sites throughout the UK in support of a major project. A previous order from this customer was announced on 8 March 2021 for a separate project. This is the first volume order for more than 100 M2G Cloud Connected devices and vindicates the Company’s product management decision to Cloud enable all our solutions. At times of rapidly increasing gas prices Sabien Cloud delivers significant, visible, and measurable savings.

TMT Investments* 448c $140.7 (TMT.L)

The venture capital company investing in high-growth technology companies, announced its final results for the year ended 31 December 2021. NAV per share of US$9.00 (up 47.5% from US$6.10 as of 31 December 2020). Total NAV of US$283.1m (up from US$177.9m as of 31 December 2020). 5-year IRR of 38.2% per annum. US$18.5m of net cash proceeds from exits during 2021. US$40.5m of investments across 31 new and existing companies in 2021. US$19.3m of new equity capital raised in October 2021, at US$8.50 per share. Diversified global portfolio of over 50 companies focused mainly around big data/cloud, e-commerce, marketplaces, EdTech, FinTech, SaaS (software-as-a-service) and FoodTech solutions. US$6.7m of investments post year-end. Negative effect of the military conflict in Ukraine on portfolio companies is limited (US$4.6m of potential new write-downs currently identified), with future impact dependent on how the situation unfolds in coming months. US$18.6m in cash reserves as of 22 March 2021.

25 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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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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