Small Cap Feast

27th January 2022

Dish of the day
No Joiners today
Off the menu
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Dish Of The Day:
SupNo Joiners Today.
Off The Menu:
Cloudcall has left AIM following a cash takeover.

What’s Cooking In The IPO Kitchen?

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.

ACP Energy plc, a company formed for the purpose of undertaking an acquisition or acquisitions of a majority interest in a company, business or asset, seeking to join the Main Market (Standard) The Company intends to focus on opportunities in the natural resources sector, raising gross proceeds of £830k. Due 28 Jan.

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 approximately £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 early Q1 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.

Unbound Group PLC, (currently called Electra Private Equity PLC) to join AIM. 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. Due 1st Feb.

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. Timing TBC.

SuperSeed Capital Limited, to join the AQSE Growth Market. The Company will invest in technology-led innovation primarily through unquoted funds managed by SuperSeed Ventures, the Company’s Investment Manager, with the objective of maximising the investors’ long term total returns – principally through capital appreciation. Mkt Cap and Capital to be raised TBC.

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 Jan.

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 £20m. Expected admission late Jan.

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. Due late Jan 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 late Jan 2022.

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 Late Jan 2022. Mkt Cap and Capital to be raised TBC.


Breakfast Buffet

ADM Energy* 0.93p £1.9m (ADME.L)

The natural resources investing company, notes the announcements today from Panoro Energy ASA (OSE Ticker: PEN), and PetroNor E&P Limited (OSE Ticker: PNOR), that all government approvals have now been received for Panoro to sell 100% of its ownership in OML 113 to PetroNor. It is now expected that the transaction will now formally close within 90 days. In an announcement from PetroNor on 27 January 2022, PetroNor’s interim CEO, Jens Pace, stated: “The receipt of this long-awaited consent is exciting news for PetroNor and for the development of OML 113. The Aje Field Development Plan is focused on producing and commercialising gas, and has the potential to provide low emission energy corresponding to 5 per cent of the total power production of Nigeria. The terms of the transaction remain the same as per our previous announcements. I look forward to working with our partners on the Aje license and to welcoming the Panoro shareholders into PetroNor.” Osamede Okhomina, CEO of ADM Energy, said: “We are pleased that this transaction has now received all government approvals. PetroNor’s decision to acquire a significant stake in the Aje field is a strong endorsement of the quality and significant potential of the asset. PetroNor’s considerable experience in oil and gas development and production will help push forward the field’s development plan and take Aje to the next stage of its development.”

Apollon Formularies 2.65p £0.84m (AQSE:APOL)

The UK based international medical cannabis pharmaceutical company announced the appointment of Dr. Herbert Fritsche to the Board of Directors. Dr. Fritsche is a world-renowned Clinical Chemist and former Professor of Laboratory Medicine and Chief of the Clinical Chemistry Section at The University of Texas, MD Anderson Cancer Center in Houston, Texas for 41 years. Dr. Fritsche served as an invited consultant/advisor to the Food and Drug Administration, the National Cancer Institute, the Laboratory Practice Guidelines Committee for the National Academy of Clinical Biochemistry, the Editorial Board of six international scientific journals, and as a consultant to many major international diagnostic companies. Previously, he served on the Expert Panel for developing Tumor Marker Practice Guidelines for the American Society of Clinical Oncology from its inception until his retirement from MD Anderson Cancer Center.

Biome Technology 275p £10.3m (BIOM.L)

The bioplastics and radio frequency technology business, today provides an unaudited pre-close trading update for the financial year ended 31 December 2021. Group revenues for the year ended 31 December 2021 were in line with current market expectations at £5.6m (2020: £5.7m) and cash balances at the year-end of £1m were ahead of those expectations (31 December 2020: £1.7m) because of receipts of deposits from customers and improved working capital management. The Group continues to have no external bank borrowings. The Board anticipates that, subject to audit, the Group will generate a loss before interest, taxation, depreciation, amortisation and share option charges for the year ended 31 December 2021 that is in line with current market expectations.

CMO Group 162.5p £117m (CMO.L)

The UK’s largest online-only retailer of building materials, today announces a trading update for the year ended 31 December 2021. Total sales for the year were up 47% to £77m (2020: £52m) with H2 revenue of £38m, an increase of 33% over H2 in 2020. Like-for-Like sales grew 12% year-on-year, 30% over two years. The strong sales growth has been driven by improved revenue from CMO’s online superstores and from continued growth in Total Tiles, acquired in December 2020, which saw 10% year-on-year growth. JTM Plumbing has performed in line with expectations since acquisition in October 2021. Progress is being made towards the launch of plumbingsuperstore.co.uk which is expected in Q2. Prevalent during H2 were the widely reported industry headwinds encompassing delays and shortages of product, compounded by increased disruption from Covid in Q4. A continued focus on demand planning and a 29% increase in warehousing capacity to support an increased stock holding mitigated the worst of this disruption, however it is estimated that during H2 the opportunity cost to the Group of these issues amounted to approximately 5% of expected sales.

Crossword Cybersecurity* 34.5p £26m (CCS.L)

The technology commercialisation company focused on cyber security and risk management, is today announcing that its online software assurance platform, Rizikon, is being made freely available to the British Educational Suppliers Association (BESA) as a single-use cyber security assessment to support them towards Cyber Essentials certification. BESA members will be able to use Rizikon to self-assess their cyber security alignment with the UK Government’s Cyber Essentials scheme. A report from the self-assessment will be issued with a high-level overview and ‘Scorecard’, helping them identify areas of weakness. The first ten BESA members to complete the assessment will also be eligible for a one-hour consultation with a Crossword cyber security specialist to discuss their report in more detail. Should the member firm want to move towards formal Cyber Essentials certification, Crossword will, for a fixed fee, assist them with achieving that goal. Additionally, Crossword will offer a limited free use of the Rizikon platform to BESA members interested in utilising the platform to assess their supply chain risks. Rizikon is a secure, encrypted portal which puts an organisation in control of managing risks in its supply chain and the financial, regulatory and reputational risks they indirectly carry. Customers can also opt to upgrade to Rizikon Pro, which allows them to create their own question sets and scoring approaches, enabling a 360-degree view of supply chain risk in a single pane of glass.

CVS Group 1,868p £1,326m (CVSG.L)

CVS, one of the UK’s leading providers of integrated veterinary services, updated on trading covering the six months ended 31 December 2021. The Company expects to announce its H1 2022 interim results on 24 March 2022. Revenue up 11.4% vs H1 2021 with underlying revenue growth up 13.2%. Adjusted EBITDA up 15.5% vs H1 2021.. Adjusted EBITDA margin up 0.6ppts vs H1 2021. £10.6m capex, with good returns from recent investments in practice relocations and refurbishments. C.9% more vets employed in 2021 vs 2020, with the vet vacancy rate stable as we continue to focus on recruiting more colleagues to service increased demand. Trading comfortably in line with full year expectations.

Eagle Eye Solutions Group 605p £157.9m (EYE.L)

The SaaS technology company that creates digital connections enabling personalised, real-time marketing through coupons, loyalty, apps, subscriptions and gift services, updated on the Group’s trading for the six months ended 31 December 2021 and announce the signing of its fourth U.S. customer, Giant Eagle. Eagle Eye delivered a strong performance in the Period, building on momentum from the end of the prior year. The business continued to deliver for its clients and win new customers, resulting in revenue growth of 40% to £15.1m (H1 FY21: £10.8m) and a 50% increase in adjusted EBITDA to £3.1m (H1 FY21: £2.1m).

Fintel PLC 233p £239.7m (FNTL.L)

The provider of fintech and support services to the UK Retail Financial Services sector, today issued a trading update for the year ended 31 December 2021. Total revenue growth, marginally ahead of expectations, up £2.9m to £63.9m (2020: £61.m). Core Revenue growth up c.5% to £52.2m (2020: £49.8m). Solid Adjusted EBITDA growth, in line with expectations. Positive net cash position of £2.5m (2020: Net Debt of £19.4m) as a result of resilient cash conversion and proceeds from strategic divestment. Strong balance sheet with significant, flexible funding capacity for growth including net cash position and access to a £45m revolving credit facility. With the benefit of high levels of recurring income from SaaS and Subscriptions, combined with the strong customer base and positive market dynamics, the Board remains confident of delivering future earnings growth and continued strategic progress.

IDE Group Holdings 1.5p £7.6m (IDE.L)

The mid-market network, technology outsource partner announced a trading update for year ended 31 December 2021. The results reflect the continuing business only. Revenue growth in 2021 was over 20% that of 2020 on a like for like basis and will not be less than £14m. EBITDA will not be less than £2.5m. The financial year 2022 has begun well with several new contracts already won and due to be implemented. Expected double digit revenue growth in 2022, of which 85% is from existing contracted customers. Andy Parker said “Last year’s results are the result of three hard years’ work by all of the team at IDE. The Company is well placed to build upon the 2021 results. The board are exploring resolutions for the Shareholder loan notes (the only debt the business has), which would be the final stage of the restructuring, and which would allow the Company to grow organically and possibly through acquisition should the right accretive opportunities become available”.

Personal Group Holdings 356p £111m (PGH.L)

The workforce benefits and services provider, updated for the financial year ending 31 December 2021. The Company expects to publish its results for FY 2021, together with notification of its final dividend, on 29 March 2022. Overall trading for FY 2021 was in line with market expectations with revenue of approximately £75m (2020: £72m) and adjusted EBITDA of approximately £6m (2020: £10m). Robust balance sheet with cash position in excess of £22m as at 31 December 2021 (2020: £20.2m). “Our market has never been more relevant. In 2021 employers increasingly focussed their efforts on supporting their employees, thanks to an increasingly competitive job market together with a growing appreciation of an employers’ responsibility to look after staff. This trend is set to continue accelerating into 2022. This has been demonstrated in the good start we have made to the current financial year. Despite the disruption of the Omicron variant in the early part of January, our face-to-face insurance sales have continued unabated, and we have seen 11 new client wins across the Group. With a strong balance sheet, quality customer base and leading technology platform we are well placed to capitalise on opportunities that arise as employee health and wellbeing rises further up the Board agenda and we look to the future with confidence”.

27 January 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.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

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.

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