Small Cap Feast

28th March 2022

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Dish Of The Day:
Summerway Capital plc, (AIM:SWC) to be renamed Celadon Pharmaceuticals plc following completion of the acquisition of Vertigrow Technology Ltd, has relisted on AIM. Vertigrow is a UK based pharmaceutical Company specialising in the researching, growing and supply of medicinal cannabis. 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 raised on admission £8.5m. Mkt Cap approximately £97.4m.
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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.

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

Arecor Therapeutics 400p £111.3m (AREC.L)

The biopharmaceutical group advancing today’s therapies to enable healthier lives, today announces that Arecor has won the HCR Hewitsons Award for Innovation in Business, and CEO, Sarah Howell, has won Business Person of the Year at the UK CambridgeshireLive Business Awards. The CambridgeshireLive Business Awards celebrate and recognise the region’s best business talent, providing companies of all sizes, from pioneering start-ups to the powerhouses which drive the region’s economy a chance to be recognised and be proud of their achievements. Sarah Howell, Chief Executive Officer of Arecor, said: “We are delighted to have won the Award for Innovation in Business, and I am honoured to be recognised amongst such high-quality candidates leading innovative and dynamic companies in Cambridge. Innovation is at the heart of everything we do here at Arecor as we develop new advanced medicines from today’s therapies to improve the lives of patients. These awards are an important external validation of Arecor’s strengths and will support us to attract scientific talent to our growing business.”

Burford Capital 747p £1,625m (BUR.L)

The Global finance and asset management firm focused on law, today announces that it has raised a new $360m private investment fund, the Burford Advantage Master Fund LP. The Advantage Fund focuses on lower risk, lower return pre-settlement litigation investments than we include in our core legal finance portfolio, targeting matters expected to produce returns in the 12-20% IRR range. The Advantage Fund fills the gap between the Burford Alternative Income Fund, which focuses on lower return post-settlement investments, and Burford’s core business. The Advantage Fund has a structure that rewards Burford more than traditional fund models for producing good performance. The fund does not have a traditional management and performance fee structure, but instead provides the first 10% of annual simple returns to the fund investors while Burford retains any excess return. Based on our internal modeling, Burford does better with this approach than a traditional “2 and 20” fee structure once its returns exceed approximately 13%. (If the fund produces super-normal returns for this level of risk, which is not expected, a level of sharing with fund investors would kick in.)

Corcel 1.47p £6.5m (CRCL.L)

The natural resource exploration and development company with interests in battery metals and flexible energy generation and storage announces that the Deputy Chief Mining Warden has attended the Warden’s Hearing for the Company’s Wowo Gap nickel-cobalt project in Papua New Guinea and at the meeting expressed support in relation to the project. The Warden’s Hearing is an important milestone in the license renewal process as it covers both the two past years of the EL1165 exploration license as well as the current two-year exploration period. The Warden’s Hearing is considered a broad analogue to local community planning approval in the UK. This support will now be added to technical assessment reports covering the Company’s lease applications and will be submitted to the Mining Advisory Council (MAC). The MAC will then consider the application and make recommendations to the Mining Minister regarding formal exploration license renewal.

Fireangel Safety Tech Group 11.5p £20.8m (FA..L)

Further to its Trading Update released on 31 January 2022, FireAngel (AIM: FA.), a leading developer and supplier of home safety products, is pleased to announce the conclusion of the next significant stage of its agreement with Techem Energy Services GmbH, one of the leading service providers for green and smart buildings, to develop a new generation alarm primarily for the German market. Techem’s focus is on energy efficiency along the entire real estate value chain. It supports over 12m properties in 20 countries with efficient ways of energy and water consumption and has been doing so for more than 70 years. The Company successfully completed the fully funded DP1 of its partnership, which was announced on 20 December 2021, and has now formally concluded the agreement with Techem for DP2, with a detailed specification. It is expected that the development period will last until the end of 2024 and the NGSA will be available for sale in H2 2024. Since DP1 concluded, work has been ongoing and paid on an informal basis pending signing the DP2 agreement. As a result, DP2 is already over 10% complete on a planned man-days DP2 development will be fully funded by Techem by way of certain fixed pricing of more than £2m, plus other external open book pricing to Techem, including the Contract Equipment Manufacturer set up costs. This is in addition to the funds which have already been paid by Techem to the Company which, during DP1, amounted to just over £1m in 2021. The goal of the commercial arrangements is that they are cash neutral to FireAngel, prior to the sales phase becoming materially cash positive in 2025.

Ince Group 28p £19.2m (INCE.L)

International legal and professional services firm, Ince, has today announced the launch of InceDemurrage, a fully integrated, one-stop demurrage solution for clients operating in the maritime sector. InceDemurrage is the collaboration of Ince and Demurrage Desk, the industry experts and certified laytime and demurrage specialists that utilise the latest technology to provide insightful advice for claims management, collection, and dispute resolution. This is the third of the new services launched by Ince bringing together law, consultancy and technology for the maritime sector. The first being in relation to Cyber risk and its collaboration with USA Cyber specialists Mission Secure and the second addressing Sanctions risk and Compliance together with AI solutions provider Windward. InceDemurrage is an integrated expert demurrage and laytime insights and analysis service. It combines Demurrage Desk’s expert despatch and demurrage analysis specialism, expertise and advice with Ince’s wealth of legal advisory experience in demurrage claims and disputes. This is underpinned by Demurrage Desk’s state-of-the-art technology for fully digitalised demurrage and laytime tracking and calculation. The offering aims to develop more exciting integrated solutions, streamlining the demurrage process involving Internet of Things and Blockchain technology which is expected to be market leading.

Neometals 96p £538.4m (NMT.L)

Innovative project development company, Neometals Ltd, advises that it has invested US $500,000 in a financing round for private US based battery start-up, Tyfast Energy Corp. Tyfast, a spin-out from the University of California San Diego, is focussed on developing a long life, fast-charging lithium battery that utilises a proprietary vanadium-based anode technology. The investment is by way of a convertible note providing Neometals with the ability to obtain a minority equity stake in Tyfast. Tyfast, founded in early 2021 by CEO Dr. G.J. la O’, Chief Technology Officer Dr. Haodong Liu and Chief Science Officer Professor Ping Liu, is targeting the production of battery cells that reduce charging times by 20-fold (down to 3 minutes), extending battery life-cycle by 20-fold (up to 20,000 cycles) and maintaining the high energy density found in state-of-the-art lithium-ion batteries. Tyfast has raised a total of US$1M in this financing round. Proceeds will be utilised by Tyfast to scale up commercialisation activities for this breakthrough battery technology that uses vanadium to make its proprietary anode. Further, the company is developing its vanadium technology to be a drop-in replacement for standard-graphite anodes in lithium-ion battery manufacturing to allow direct integration into existing manufacturing lines for rapid commercialisation.

Next Fifteen Communications 1,290p £1,195.9m (NFC.L)

The tech and data-driven growth consultancy, has appointed Dianna Jones as a Non-Executive Director with effect from 6 April 2022. In addition, Jonathan Peachey, Chief Operating Officer, will also be joining the Board from the same date. The new appointments to the Board reflect the continued growth of the Group in recent years and adds a greater breadth of experience, particularly in the U.S. market. Dianna has nearly twenty years of legal experience and is a Director in Legal Compliance at Uber, the global technology company. Her focus is providing senior counsel on Legal Compliance and Environmental, Social and Governance (ESG) issues, and she also serves as Global Co-Chair of Black at Uber Employee Resource Group. Previously, Dianna served as Regional Compliance Counsel – Western Hemisphere at John Wood Group plc. Jonathan Peachey has served as Next Fifteen’s Group Chief Operating Officer since June 2019. He has previously served in senior strategy and delivery roles at a range of businesses including the BBC, where he led the development of its customer data programme, and as Chief Operating Officer & Senior Partner of Engine Group. He joined Engine Group following its acquisition of his digital strategy consultancy. He will join the Board and remain in his current role.

SDI Group 180p £183.7m (SDI.L)

The Group focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing control applications, announced the acquisition on 24 March 2022 of Safelab Systems Limited, a UK manufacturer of fume cupboards. Total consideration is forecast to be approximately £7.7m, net of cash acquired. Safelab produces high specification fume cupboards and similar cabinets, for both commercial and research laboratories and with a special focus on the education sector which requires versatile and fully-featured ducted cabinets often specified in newly built or refurbished laboratory facilities. Safelab’s cabinets are designed and manufactured in a dedicated facility in Weston-Super-Mare. Revenues for the year ended 28 February 2022 are expected to be approximately £4.8m, with adjusted EBIT of £0.9m. Acquisition expected to be broadly neutral to FY2022 profit and earnings enhancing in FY2023. Follows SDI’s December 2020 acquisition of Monmouth Scientific Limited, a manufacturer of clean rooms, fume cabinets and safety cabinets based in Bridgwater. The Company expects to maintain the identity and autonomy of both companies in their current locations, while looking for opportunities to enhance the total customer offer.

Union Jack Oil 28p £31.56m (UJO.L)

UK focused onshore hydrocarbon production, development and exploration company, announced that material landmark net revenues of US$4m have been achieved from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin. Union Jack holds a 40% economic interest in this producing hydrocarbon development. Well continues to produce under natural flow with zero water cut. Site upgrades ongoing. As at 25 March 2022, cash balances and short term receivables stand at in-excess of £6.6m. Early settlement of £2.083m has been paid made to Calmar LP in respect of deferred consideration on acquisition of 25% interests in PEDL180 and PEDL182 containing the Wressle development. The Company is covered for all operational and CAPEX costs, including any envisaged drilling, for the foreseeable future. Wressle operational update to be published during April 2022. Company solicitors engaged to advance legal work on Capital Reduction exercise to enable the Company to execute share buy-back programme or dividend payment. Debt free.

Webis Holdings 2.55p £10m (WEB.L)

The Group specialising in pool wagering and the operation of WatchandWager Cal Expo, the Californian harness track, is pleased to announce that its principal USA based subsidiary, WatchandWager.com LLC, received formal approval from the Board of the California Exposition and State Fair in Sacramento, California on Friday 25 March to extend its lease of the operation of Cal Expo Harness racetrack till May 2030. The current lease runs to May 2025, WatchandWager has taken up its option to extend the lease for a further five years from that date. This approval secures the WatchandWager physical licensed presence in California for a further significant period, alongside its existing online license. This commitment to the State is important, as the State Capitol continues to consider its options for the legalization of sports betting in California, the biggest market in the USA. Whilst this subject is complex and currently subject to change, the Board believes cementing its position in California as a Racing and Gaming operator can only enhance its prospects in the key State of California.

28 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.

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