Small Cap Feast

26th May 2022

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What’s Cooking In The IPO Kitchen?

According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barclays family now hope to get underway in mid-2023.

Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe. Psych is developing the Blossom Database pursuant to a third-party licensing arrangement, and Psych will work to develop an artificial intelligence platform that will provide biotech companies advanced clinical data that will be able to fast-track drug development and loop back the real-world data, in a centralised database, to provide feedback on molecules and associated therapy programmes. Due Date 9th June 2022.

Altona Rare Earths, the AQSE listed mining exploration Company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, intends to join the Main Market. Admission to trading of the Company’s Ordinary Shares on the AQSE Growth Market will be cancelled simultaneously with Admission. It is also proposed that on Admission, the Company will change its EPIC from AQSE:ANR to REE. The Company also seeks to raise funds to finance its current and future rare earths mining projects in Southern and Eastern Africa. Due June 2022.


Breakfast Buffet

Atlantic Lithium 52.8p £305.2m (ALL.L)

The funded, African- focussed lithium exploration and development company on track to bring West Africa’s first lithium mine into production, announced the mobilisation of an additional 3 drill rigs, the expansion of the drilling programme and new drilling observations at the Ewoyaa Lithium Project in Ghana, West Africa where it has defined a JORC (2012) compliant Mineral Resource Estimate (MRE) of 30.1Mt @1.26% Li2O. Approximately 9,166m of reverse circulation (RC) drilling for 52 holes completed to date with assays pending. Multiple and significant visual spodumene pegmatite drill intercepts observed up to 80m long in RC drill chips; assays pending. Second and third RC drill rigs arrived on site and commenced drilling; a diamond core drilling rig is due to arrive on site next week, increasing the total number of drilling rigs on site to four. The Company’s intention to deliver a Pre-Feasibility Study (PFS) during Q3 2022 remains unchanged despite delays in receiving assay results from labs experiencing heightened demand.

Bens Creek 84.5p £299.5m (BEN.L)

The owner of a metallurgical coal mine in North America supplying the steel industry, confirms that the Company has commenced underground mining for the production of High Vol A (HVA) coal. The current price (on 24 May 2022) was $468 per metric tonne. Adam Wilson, Chief Executive Officer of Bens Creek, commented: “We are delighted that our auditors, PKF Littlejohn, and our nominated adviser, Allenby Capital Limited, were in attendance this week with the management team of Bens Creek to see the commencement of underground mining for our HVA product. This product enhances our offering to Integrity Coal Sales Inc., our offtake partner. The addition of HVA to our product line will further add value to our business.”

Beowulf Mining 5.45p £45.3m (BEM.L)

The mineral exploration and development company, informs that its CEO, Kurt Budge, has provided an update in an interview with BRR Media following the publication of the Company’s Audited Financial Results for the year ended 31 December 2021. During the interview Kurt Budge discusses: The Company’s progress in 2021; Developments with Grafintec in Finland; The award of the Kallak North Exploitation Concession; and The Company’s focus on stakeholder engagement, including the need for an Informed Consultation and Participation process. The interview can be viewed following the link below: https://www.brrmedia.co.uk/broadcasts-embed/628ba917fa4eb04c1a54f523/beowulf-full-year-results/?popup=true

CAP-XX 4.3p £21.9m (CPX.L)

CAP-XX Limited, a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems, announced that following its collaboration with the University of New South Wales (UNSW, or the University), Sydney, it has today posted on its web site https://www.cap-xx.com/corporate-videos/ a short video produced by the University outlining its collaborative work with CAP-XX on the optimisation of supercapacitor performance. CAP-XX has been working with UNSW since 2017, when the University set up a series of sophisticated experiments to improve the leakage, current and lifetime performance in cells, under the leadership of Professor Neeraj. Professor Neeraj used the advanced capabilities available at UNSW to analyse the cell performance of CAP-XX’s supercapacitors at the microscopic and molecular level. As a direct result of a tailored programme of research started in 2019, Professor Neeraj has enabled CAP-XX’s R&D team to improve its understanding of the various mechanisms occurring within the cells. This has resulted in new IP, which has a direct commercial application in the development of CAP-XX’s new 3 volt (3V) product which incorporates this IP. The result is a supercapacitor with exceptionally low leakage current. Low leakage current is arguably the single most important parameter when considering a 3V supercapacitor being directly connected to a battery, especially a non-rechargeable battery. The Company is currently in preparation for the launch of the new 3V supercapacitor at the end of 2022, which will utilise the former Murata production lines now installed at the Company’s Seven Hills facility in Sydney, Australia. The Company had planned to do this work at its Malaysian manufacturing site but continual delays caused by COVID and the results from UNSW prompted the Company to pivot back to using the Sydney site. The 3V supercapacitor, when launched, will provide a high-performance complement to traditional 3 volt coin cell batteries.

Curtis Banks 266p £117.9m (CBP.L)

One of the UK’s leading SIPP providers, announces that the Company’s AGM will be held today. The Company also announces that immediately following the AGM, Chris Macdonald (Chairman) and Jules Hydleman (Non-Executive Director) will retire from the Board having served in their respective positions since 2015, shortly before the Company’s listing on AIM. Following Chris and Jules’ retirement from the Board, David Barral will be appointed independent Chairman with Christopher Mills appointed Non-Executive Director. David brings a wealth of experience to the Curtis Banks Group following an extensive executive and Non-Executive career in financial services spanning 40 years. His current portfolio includes Non-Executive director Chair of Rowanmoor Group and Non-Executive director of The Pensions Superfund. David brings a mix of strategic leadership, transformation and operational experience with a strong focus on value creation, performance, customers and risk and governance. Christopher is Chief Executive Officer and principal shareholder of Harwood Capital Management since 2011. He founded JO Hambro Capital Management with Jamie Hambro in 1993, acting as Chief Investment Officer, and Harwood Wealth with Alan Durant in 2013 until their respective sales in 2011 and 2020. He is CEO of North Atlantic Smaller Companies Investment Trust which he has managed since 1982 and Executive Director of Oryx International Growth Fund which he has managed since 1995. He has sat on the Board of over 100 companies during his career including most recently Augean, MJ Gleeson, SureServe, Frenkel Topping and is currently Chairman of EKF Diagnostics and Renalytix AI. He was awarded a scholarship to go to university by Samuel Montagu and has a BA in Business Studies.

Intuitive Investments 13.5p £9.9m (IIG.L)

Update in respect of its largest single investment, Sanondaf. Sanondaf, a specialist disinfection and hygiene services business, has awarded a regional franchise in Kent, which covers the Discovery Science Park in Sandwich. The franchise will be headed by John Wamsley who runs a successful equipment supply and reconditioning business. He has an extensive knowledge of, and excellent relationships in, the life sciences sector. This new regional franchise increases the number of regional franchises to 26, giving excellent and growing coverage throughout the United Kingdom. The award is in line with Sanondaf’s targeted growth strategy in the life science sector. Sanondaf is a trusted partner of companies ranging from life science start-ups to multi-nationals. Customers include the NHS, research laboratories and pharmaceutical manufacturers. Furthermore, Sanondaf announces three appointments. Tom Hyland, Operations Director, has held senior positions in global life sciences companies including Johnson & Johnson Medical, Microsulis, Life Technologies and Alere Technologies. Tom started his career as a chemical engineer, has a chemistry degree and holds an MBA. Tom combines excellent technical engineering ability with exceptional managerial skills and will be responsible for operations and product development. Collette McMorrow, Business Manager, has proven expertise in marketing, project management, business development and event management. Collette has held senior roles in leading companies such as Bayer and has a proven track record in digital system design, leadership, and performance management. Helen McPike, Product Specialist, is a biosecurity specialist who has 20 years’ experience in healthcare and has spent the last eight years working in the infection prevention and control sector. Helen has held senior sales roles and worked for the NHS, Byotrol and Fresnius and has first class honours science degree in Health Science.

Poolbeg Pharma 8.1p £40.5m (POLB.L)

The clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, has been granted patents by the US Patent and Trademark Office (USPTO) for POLB 001, a small molecule immunomodulator for the treatment of severe influenza and POLB 002, a first-in-class, intranasally administered RNA-based immunotherapy for respiratory virus infections. The USPTO granted a patent for the majority of Poolbeg’s claims around the use of certain p38 MAP kinase (mitogen-activated protein kinase) inhibitors for the treatment or prevention of severe influenza and the hypercytokinaemia (or cytokine storm) it causes through modulation of the immune response (reducing the body’s hyperinflammatory response to the virus). The USPTO granted a patent for the identification of defective interfering (DI) RNA-based influenza viruses for use against infection by influenza, that provides a drug candidate with both antiviral prophylactic and therapeutic applications. By having a dual mechanism of action POLB 002 (which was identified using this method) directly interferes with influenza virus replication blocking disease progression and also triggers nasal cells into an antiviral state. In this way, POLB 002 could provide pan-viral protection from respiratory virus infections including influenza, respiratory syncytial virus, SARS-CoV-2 and others

Strix Group 185.9p £385.6m (KETL.L)

The global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components provides an update ahead of its AGM today. At the meeting, Mark Bartlett, Chief Executive Officer of Strix, will make the following statement: “We confirm that based on year to date performance, our current expectations of trading conditions in the balance of the year, the resilience of our historical H2 performance through prior macroeconomic cycles and our experience during the COVID-19 pandemic, we are maintaining expectations for the full year. Since the announcement of our full year results, the global outlook has weakened and headwinds persist which imply that we will continue to face a challenging operating environment. However, we are pleased to have successfully implemented further product price increases across our full kettle controls range and water categories (the most recent was with effect from 1st May). This alongside a range of continued strategic efficiency measures, including the adoption of lean and automated processes at the new manufacturing operations, foreign exchange rate and commodity hedging arrangements has continued to minimise the impact of ongoing cost inflation. We continue to monitor the evolving situation in China and, to date, our manufacturing operations within Zengcheng district in Guangzhou have not been materially affected. We continue to take a proactive approach to minimise potential supply chain disruption by increasing levels of finished stock and holding stock in multiple districts. Overall, Strix has a robust business model, remains in a strong financial position and through adopting a disciplined and dynamic approach to our strategy has delivered a resilient performance during prior macroeconomic cycles and during the COVID-19 pandemic. We remain confident in our ability to navigate current uncertainties and deliver on the current expectations for the full year and against our medium-term targets.”

Yü Group 195p £32.3m (YU..L)

AGM trading update from the independent supplier of gas, electricity and water to the UK corporate sector. The Group reported a strong start to the year with the good momentum from FY2021 continuing and expects the overall Company performance in FY2022 to be in line with market expectations. The four months ending 30 April 2022 has seen significant revenue growth, at improved profit margins, compared to the same period in 2021. This provides management with high confidence for the remainder of FY2022. Average monthly bookings for the four months to 30 April 2022 stood at £13.0m, up 81% compared to the same period in 2021.The Group remains focused on delivering profitable and controlled growth, based on a strong forward contract book as well as unlocking the benefits of its ‘Digital by Default’ strategy. During the period the Group also announced the creation of a Metering Services Division providing the ability to control a larger part of the value chain and drive significant value enhancement over the medium term. Yü Group will provide a further update in its July trading update, covering the period to 30 June 2022.

Zinc Media Group 116p £18.8m (ZIN.L)

The TV and multimedia content producer, announced a trading update ahead of its AGM for the year ending 31 December 2021 being held today. In the last four weeks since its last update on 22 April, the Company has won an additional £4m of new business which will be booked across 2022 as these commissions enter production. As a result, in the year to date, revenue already booked into 2022 is at £17m. This compares to reported Group revenue for the full year ended 31 December 2021 of £17.5m. The Group’s pipeline remains strong for 2022 with £7m in highly advanced discussions. This latest new business includes several series recommissions from the Group’s popular factual label Red Sauce and from Nation’s producer Tern TV.

26 May 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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