Small Cap Feast

29th March 2022

Dish of the day
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Off the menu
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Dish Of The Day:
Aquis Exchange PLC (AQX.L), the exchange services group, has completed its dual listing on the Aquis Stock Exchange (AQSE). The Group’s shares will continue to trade on AIM.
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.

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

Avacta 51.5p £131m (AVCT.L)

The clinical stage oncology company and developer of powerful diagnostics based on its innovative Affimer® and pre|CISION™ platforms, announces it will present a poster entitled ‘AVA6000, a novel precision medicine, targeted to the tumor microenvironment via Fibroblast Activation Protein (FAP) mediated cleavage’, at the American Association for Cancer Research (AACR) 2022 Annual Meeting, taking place at Ernest N. Morial Convention Center, New Orleans, Louisana between 8-13 April. The poster describes the pre-clinical rationale for the company’s leading oncology candidate, AVA6000, a FAP (fibroblast activation protein α) activated doxorubicin therapeutic. AVA6000 utilises Avacta’s pre|CISION™ platform to improve the safety and therapeutic index of doxorubicin. AVA6000 has been designed to limit cell penetration of the drug, and therefore its cell killing effect, until it is specifically activated FAP, which is in high concentration in many solid tumours compared with healthy tissues. The resulting reduced exposure of healthy tissues to active doxorubicin has the potential to significantly increase its therapeutic index by reducing the incidence of adverse effects, including cardiotoxicity and myelosuppression. A first-in-human Phase I clinical trial (ALS-6000-101) has been initiated in the UK in a broad spectrum of high FAP expressing tumours.

Beowulf Mining 9.5p £79.0m (BEM.L)

The mineral exploration and development company, has provided further comments on the Swedish Government’s decision to award an Exploitation Concession for the Kallak North Iron Ore Project to the Company’s 100%owned subsidiary Jokkmokk Iron Mines AB. The Company’s legal advisers have reviewed the Government’s decision and the conditions attached to it and are satisfied that, with respect to the conditions, they include matters the Company would naturally expect to address in project development and the Environmental Court process. Kurt Budge, Chief Executive Officer of Beowulf, commented: “During a very busy last week where I was focusing on Grafintec’s exciting prospects in Finland, our partnership with Epsilon Advanced Materials and joint plans for an anode materials production facility in the GigaVaasa area, it was difficult to take time out and fully appreciate the significance of finally being awarded an Exploitation Concession for Kallak. The positive decision is testament to the work of the Swedish technical team that prepared a comprehensive application, and the support of the Company’s advisers, stakeholders and shareholders.”

D4T4 262.5p £105.5m (D4T4.L)

The data solutions provider, announces that Peter Kear has notified the board of his wish to step down from the board on 31 March 2022. Over the last year, Peter has provided invaluable support and guidance in transitioning the CEO responsibilities to Bill Bruno. Peter has agreed to make himself available until 30 June 2022 to provide further assistance to D4T4, as required, in a non-board capacity. Peter Simmonds, Chairman of D4t4 Solutions, said: “Peter Kear has made a tremendous contribution to the Group’s success over the last 37 years, helping to deliver significant shareholder value during that time and he leaves the company in a strong position. I have thoroughly enjoyed working with him and wish him well for his retirement.”

Hydrogen Future Industries 9.75p £2.9m (HFI.L)

The company formed to identify opportunities within the Hydrogen Economy, announced the incorporation of HFI Energy Systems Limited (HESL), the Company’s wholly owned subsidiary, which has been formed to develop proprietary wind and water-based hydrogen production systems, incorporating hydrogen compression and storage. Timothy Blake has been appointed Chief Executive Officer of HESL to lead this development. Mr Blake has considerable experience in the development of efficient turbine systems, an area in which he has specialised for the past 12 years and written multiple patents. The intention is for the Company and HESL, led by Mr Blake, to develop systems which reduce the generation costs of green hydrogen production significantly and can provide on-demand energy storage in the form of hydrogen at a fraction of the cost of lithium-ion battery storage in a variety of locations. Prior to working on the development of turbine systems, Mr Blake spent numerous years, and built a niche and highly regarded network, in the motorsport and transportation industries, working alongside companies that include Lexus/Toyota, General Motors, and Airbus.

Mulberry 310p £186.2m (MUL.L)

The British sustainable luxury brand, announces a trading update for its financial year ending 2 April 2022 .The robust sales trend delivered in the first half of FY22 has continued throughout the second half, which will result in Group revenue for FY22 being moderately ahead of current expectations. Gross margins have been maintained. Mulberry has taken this opportunity to increase its marketing investment in the second half of FY22 to further build global brand awareness. Despite this additional expenditure, the profit for FY22 will be moderately ahead of current expectations. The Group’s balance sheet remains strong with net cash balances at FY22 expected to be in excess of £20m. The Group intends to announce its FY22 results on 29 June 2022.

One Heritage Group* 45p £14.6m (OHG.L)

The UK-based residential developer focused on the North of England announced its interim results for the six months ended 31 December 2021. The Group formed two new wholly owned subsidiaries, One Heritage Property Services Limited and One Heritage Construction Limited, which will be used as the vehicles for the internalised property services and construction functions. This enables the Group to offer vertically integrated property development, construction and management services. The Group paid an initial 10% deposit of £67,500 for Seaton House, Stockport on 11 January 2022. The remainder is to be paid in the current calendar year. This site is expected to have a GDV of £5.6m and complete in Q3 2023; Signing of a construction finance facility with Shawbrook Bank Limited to cover the remaining construction costs of our Lincoln House, Bolton development. This development is expected to finish before the end of the financial year; and, Continued capital expenditure totalling £4.2m in the period predominantly on the three developments in the construction phase; Lincoln House, Oscar House and Bank Street.

Physiomics* 4.25p £4.14m (PYC.L)

The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solutions, announced that Dr Tim Corn will join the Company’s board as an Independent Non-Executive Director from 1 April 2022. Dr Tim Corn qualified in medicine at King’s College Hospital and, after becoming honorary Consultant and Senior Lecturer, joined the pharmaceutical industry in 1983. He has held senior positions in both big and small pharma as well as at the MHRA and became Chief Medical Officer of several small but highly successful venture-backed companies, such as EUSA Pharma and Zeneus Pharma. He has played a key role in more than twenty regulatory approvals in the USA and Europe, is the author of more than forty scientific publications, and was elected Fellow of both the Faculty of Pharmaceutical Medicine and the Royal College of Psychiatrists. Tim previously served as Chairman and Non-Executive Director on the Board of Reneuron plc (AIM: RENE), and currently serves as a Trustee of Nerve Tumours UK, and as CMO of Nodenza Inc.

Savannah Energy 27.6p £360.5m (SAVE.L)

The British independent energy company focused around the delivery of Projects that Matter in Africa, announced its inaugural renewable energy project, having signed an agreement yesterday with the Ministry of Petroleum, Energy and Renewable Energies of the Republic of Niger for the construction and operation of the country’s first wind farm, with a proposed installed power generation capacity of up to 250 megawatts on an independent power producer (IPP) basis in the Tahoua Region of Southern Niger. The proposed wind farm project, Parc Eolien de la Tarka, is expected to be owned by a subsidiary of Savannah, Savannah Parc Eolien de la Tarka (SPET), and to consist of up to 60 wind turbines with a total power generation capacity of up to 250 MW. The initial phase of the Project will see SPET carry out a 24 month feasibility study which will include an assessment to confirm the wind conditions and an assessment as to how the generated power would be incorporated into the national and regional electricity grids. The project is expected to take advantage of the development of the West African Power Pool (WAPP), a high voltage interconnection network allowing power exchanges between countries in the region and increased grid stability. Niger is scheduled to be connected to the WAPP in 2023 via a 330 kV line financed by the World Bank, the African Development Bank, the European Union and the Agence Française de Développement.

Scancell 11.375 £90.1m (SCLP.L)

The developer of novel immunotherapies for the treatment of cancer and infectious disease, today announces an update regarding the South African Health Products Regulatory Authority’s (SAHPRA) approval of a protocol amendment to the Phase 1 COVIDITY clinical trial being conducted at the University of Cape Town, Lung Institute in South Africa. The change to the clinical trial protocol expands the populations able to participate in the Company’s COVIDITY study. The SAHPRA has approved a protocol amendment that, in addition to dosing healthy, vaccine-naïve non-infected subjects, now allows recruitment of volunteers who have previously been infected with SARS-CoV-2 irrespective of their vaccination status and also volunteers that are vaccinated but not infected with SARS-CoV-2. This amendment enables testing of COVIDITY in a real-world setting and will provide meaningful safety and immunogenicity data when volunteers are boosted. It is also expected that the expansion of the trial population will accelerate recruitment into the study.

Trakm8 19p £9.5m (TRAK.L)

The global telematics and data insight provider announced that its contract with Drvn (previously Intelematics Europe) has been extended for a further three years. In addition, the contract has been extended for Trakm8 to provided further services and support. Drvn is a joint venture between several roadside assistance companies in Europe and provides connected car technology that is underpinned with devices and data from Trakm8. John Watkins, Executive Chairman, commented: “The contract with Drvn has been in place for four years and it is pleasing to extend the scope and duration of the contract. We hope that now lockdowns are behind us that take up of connect car policies with the various European clubs will increase.”

29 March 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).

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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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