Small Cap Feast

2nd December 2021

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What’s Cooking In The IPO Kitchen?

Public Policy Holding Company, to join AIM. PPHC, through its wholly-owned companies, operates a portfolio of independent firms that offer public affairs, crisis management, lobbying and advocacy services on behalf of corporate, trade association and non-profit client organisations. Mkt Cap and Capital to be raised TBC. Expected admission date Mid Dec.

Libertine to join AIM. Libertine has developed a technology solution for powertrain OEMs, enabling efficient and clean power generation from renewable fuels. Libertine’s linear electrical machines, controls and tools together form a development platform (‘intelliGENTM’) which the Group provides to OEM customers for their product development programmes. The company also provides engineering services and prototype hardware to support OEM customer evaluation of its technology, and incorporation of this technology into customer-led Linear Generator development programmes. Mkt Cap and Capital to be raised TBC. Expected admission date Mid Dec.

LBG Media, digital media and youth content publishers to join AIM. The Company is a multi-brand, multi-channel digital youth publisher and is a leading disrupter in the digital media and social publishing sectors. The Group produces and distributes digital content across a range of mediums including video, editorial, image, audio, and experience. Mkt Cap and Capital to be raised TBC. Expected admission date Mid Dec.

Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly office space, a c1,100 space car park and commercial retail spaces that include a Tesco Metro unit on the ground floor. The Capital Building is 82% let with a weighted average unexpired lease term of 22 years (based on space currently let) to five tenants, including a Government-backed entity and a global insurer. Timing tbc, early 2022.

Homes for People – HOPE plc – is drawing up plans to list on the specialist real estate exchange IPSX. HOPE said it had identified a pipeline of suitable homes that it would seek to acquire after its fundraising of £150m. HOPE believes its ability to offer inflation-linked rental income, which will be distributed to investors on a quarterly basis, will prove attractive. Timing tbc, early 2022.

Equinox International Holdings plc, UK-headquartered medical cannabis company aiming to become the UK’s leading ‘Land-to-Brand’ vertically integrated medical cannabis company, to seek admission of its entire share capital to trading on AIM. Seeking to raise funds to build a state-of-the-art cultivation, extraction and production facility on a Home Office-approved 20-acre UK site. Offer and timing TBA.

RentGuarantor Holdings PLC provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector. The rent guarantee service is an online service where applications can be managed on a secure and bespoke digital platform designed and built by RentGuarantor Holdings PLC. Due to join the Aquis Stock Exchange on 8 Dec.

Windward to join AIM. Windward is a leading predictive intelligence company, fusing artificial intelligence (AI) and maritime expertise seeking to digitalise the global maritime industry. As at 30 September 2021, the Company had 120 permanent employees and had an annual contract value of US$19.7m, with 99 per cent. of the revenue being subscription based. Offer TBC. Due 6th Dec.

Ondine Biomedical to join AIM. Ondine Biomedical Inc. is a life sciences company, incorporated in Canada, focusing on the development of photodisinfection-based therapies to provide solutions to drug-resistant infections. Capital to be raised: £22.2m ($30.0m). Anticipated Mkt Cap on Admission at the placing price: £103.9m ($140.1m). Due 6 Dec.

Lift Global, a financial media and technology-focused investment company led by well-known stock market commentator Zak Mir, to apply for admission of its Ordinary Shares to trading on the Access segment of Aquis Stock Exchange Growth Market. The Company plans to raise approximately 1.7m before expenses. First dealings in the shares are expected to commence in December 2021. The flotation is expected to value Lift at approximately £2.7m.

ThomasLloyd Energy Impact Trust plc, a newly established closed-ended investment company which will invest in a diversified portfolio of unlisted sustainable energy infrastructure assets in fast-growing and emerging economies in Asia, seeking to join the Premium Segment of the Official List . Due 14 Dec raising up to $335m.

4GLOBAL to join AIM, a London based software, data and services sport and health company. Capital to be raised £4m. Anticipated Mkt Cap £24m. Due 7th Dec.

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 early December 2021. The Company intends to raise approximately £20m by way of a placing on Admission.

LEAF Mobile Inc. (TSX: LEAF) (OTCQB: LEMLF), a leading Canadian free-to-play mobile game group, announced its intention to join the Main Market this winter. The Company, which started trading on the Toronto Stock Exchange on February 10th, 2021, will assume a dual-listed structure. The Company intends to raise gross proceeds of approximately CAD$10m and the flotation is expected to value LEAF Mobile at approximately £130m. LEAF is operating within a fast-growing sector with a rapidly increasing total addressable market. Mobile Games are the world’s most popular form of gaming.

Sovereign Metals (ASX:SVM) to dual list on AIM. SVM is developing the Kasiya Rutile Project in their Malawi Rutile Province located in Malawi, Southeast Africa. The project, which is Sovereign’s near-term focus, has delineated Inferred Resources of 644Mt at 1.01% rutile (0.7% rutile cut-off) including a high-grade component of 137Mt at 141% rutile (1.2% rutile cut-off) and is on track to release a scoping study in late 2021. Sovereign’s graphite projects in Malawi include Malingunde, where Resources and Reserves under the JORC Code (2012 edition) have been previously delineated supporting a 2018 prefeasibility study (and updated per the DRA competent persons report on the Company’s website). The Company does not intend to raise any capital prior to or concurrent with admission to AIM. The Mkt Cap on Admission is expected to be approximately A$280m (being approximately £150m). Due 14 Dec.

DSW Capital to join AIM. DSW is a challenger mid-market professional services business headquartered in the Northwest of England. DSW operates a licencing model and licences the DSW and associated brand names in return for a royalty based on a percentage of fee income. Due early Dec. Raising £5m.

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.

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 16th Dec.

ATOME headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas company which has incubated and financially supported ATOME to date, by way of a dividend in specie and flotation. Due Mid Dec.

Alinda Capital Infrastructure Investments to join the Specialist Fund Segment of the Main Market of the London Stock Exchange raising up to £350m. Due Late Nov.

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. Q4 2021.

M7 Regional E-Warehouse REIT intends to apply for admission onto The Property Stock Exchange (Wholesale Segment). On Admission, the company plans to acquire a portfolio of UK retail warehouses worth £120m from M7 Real Estate Investment Partners VIII. The portfolio currently comprises 18 retail warehouse properties across the UK totalling 978,317 sq ft and fully let to 53 occupiers. Rent collections for Q2 2021 stand at 93% and are expected to revert to 100% in the coming quarters. Due 20 Dec.


Breakfast Buffet

Anglo Asian Mining 108p £123.5m (AAZ.L)
The gold, copper and silver producer focused in Azerbaijan, announced that the Government of Azerbaijan has now granted Company employees access to the Zangilan district. Members of the Company’s senior management including Reza Vaziri, Chief Executive Officer and President, will travel to Zangilan in early December to assess its Vejnaly contract area, including the existing mines at the site. Work to be carried during the assessment includes the following: The existing stockpiles will be surveyed and geological samples collected for analysis; Those adit entrances to the underground mine which are currently accessible will be surveyed, and GPS mapping of their locations will be carried out; The existing camp facilities will be inspected to determine the level of refurbishments and other works required to enable employees to be based in the contract area; and Conditions permitting, an inspection of the underground mine is also planned.

C4X 43.25p £98.5m (C4XD.L)
The Drug Discovery company, today announces that its Chief Executive Officer, Dr Clive Dix BSc PhD HonFBPhS, has been awarded an Honorary Fellowship by the British Pharmacological Society in recognition of sustained excellence and leadership in science, healthcare, and public service. The British Pharmacological Society is a charity with a mission to promote and advance the whole spectrum of pharmacology. It leads the way in the research and application of pharmacology around the world, with members from more than 60 countries worldwide. Honorary Fellows are elected for life by the British Pharmacological Society in recognition of sustained excellence and leadership in science, healthcare, and public service. The British Pharmacological Society is a charity with a mission to promote and advance the whole spectrum of pharmacology. It leads the way in the research and application of pharmacology around the world, with members from more than 60 countries worldwide. Honorary Fellows are elected for life by the British Pharmacological Society in recognition of sustained excellence and leadership in science, healthcare, and public service.

DP Poland 7p £43.4m (DPP.L)
DP Poland, the operator of pizza stores and restaurants across Poland, announced the appointment of Mr Jeremy Dibb to the Board as Non-executive Director with effect from 1 January 2022. Jeremy has a background working as an equity research analyst at Macquarie Capital Partners and Canaccord Genuity, where he was a director in the Metals and Mining Research team. Prior to this he worked at Cazenove Capital and Fidelity International. In his current role he sits on the Executive Committee of Kenmare Resources plc, a company listed on the premium segment of the London Stock Exchange, as Head of Corporate Development and Investor Relations. Mr Dibb is a CFA charterholder holder and holds an MBA from the University of Oxford. The Company also announces that Robert Morrish, Non-Executive Director, has informed the Board he plans to step down after 11 years of service. Following a period of handover to Mr Dibb, Mr Morrish will leave the Board on 1 March 2022.

Fintel 218p £223.8m (FNTL.L)
The fintech and support services business, today announces a major distribution partnership spanning Aviva and Aviva Investors in a multi-year agreement for its new Distribution as a service (Daas) solution. The solution, launched earlier this year, is a subscription-based service that includes research, data, product design and targeted distribution, enabling product providers to develop and distribute highly targeted propositions, whilst also increasing the effectiveness of their distribution through targeted data sets. As part of the collaboration, Aviva Investors will launch a new sustainable retirement solution, answering the regulatory call for downside protection in retirement. The solution has been developed in partnership with Fintel, optimally aligning product design to Defaqto’s income drawdown tool and ESG specifications. Fintel’s SimplyBiz members firms will also benefit from the multi-year partnership with enhanced product inventory and streamlined access to information and resources from across Aviva and Aviva Investors, whilst consumers will receive better targeted products that meet their evolving needs. Aviva Investors has also licensed Fintel’s strategic asset allocation model for both the new retirement fund and existing model portfolio solutions, further aligning the long-term revenue and growth of the businesses.

Gamma Comms 1700p £1637m (GAMA.L)
The provider of Unified Communications as a Service to the business markets in the UK, Germany, Spain, and the Netherlands, announced two appointments which strengthen and broaden the capacity of the executive management team. These two appointments further support the executive management team in the ongoing successful delivery of Gamma’s growth strategy. Andrew Belshaw, who has been Chief Financial Officer since Gamma’s IPO in 2014, will be appointed Deputy Chief Executive, and will continue to report to Andrew Taylor and be a member of Gamma’s Board of Directors. In this role, Andrew will take on a range of strategic and operational responsibilities to support the development and growth of the Group. These responsibilities will include overseeing aspects of product management, product development and operations and the execution of M&A. Andrew will also oversee Gamma’s group people strategy, ensuring that Gamma attracts and retains great talent while continuing to be a great place to work. Taking over from Andrew Belshaw, William (Bill) Castell has been appointed Chief Financial Officer. Bill will report to Andrew Taylor, and it is expected that he will join the Company and the Board of Directors in May 2022. Bill is currently Chief Financial Officer at OVO Energy, the technology-led green energy business. Before joining OVO Energy in 2020, Bill spent three years at Virgin Media which he joined as Deputy Chief Financial Officer and later became acting Chief Financial Officer. From 2005 to 2017, Bill was at Barclays Bank where he held a number of senior finance roles including Chief Financial Officer at Barclays Corporate Bank and Chief Financial Officer of Barclaycard Europe.

John Lewis Of Hungerford 1.3p £2.5m (JLH.L)
The specialist manufacturer and retailer of kitchens, bedrooms and freestanding furniture, announces that it has entered into a 10 year lease, with a five year break at the option of the Company, on a warehouse facility, with additional office space, on the Grove Business Park close to the Company’s manufacturing facilities in Wantage at an annual cost of approximately £65,000 (with first six months rent-free). The new warehouse comprises approximately 6,500 sq ft and has been obtained to facilitate the current growth in demand for the Company’s products. The warehouse will provide additional storage space for raw materials and finished products, increasing the capacity of the production facility.

Life Science REIT 99.9p £349.7m (LABS.L)
The real estate investment trust focused on UK life science properties, announces that, on 1 December 2021, it completed the acquisition of Rolling Stock Yard, a premium, nine-storey office and laboratory building near London’s St Pancras station from a joint venture of Newmark Properties, Argo Real Estate and Investec Bank. The purchase price of £77.0m, excluding acquisition costs, was satisfied entirely in cash and reflects an attractive net initial yield of 4.4%.

Mercia Asset Management 37p £162.8m (MERC.L)
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£940m of assets under management notes that its direct portfolio company Soccer Manager Limited has signed several high-profile licences, giving it access to rich content for its mobile games. These include top European football club Inter Milan, Premier League team Wolverhampton Wanderers and teams from the Scottish Premiership. In addition to these, Soccer Manager has also been granted player likenesses rights from the Federation Internationale des Associations de Footballeurs Professionnel (“FIFPro”), the global representative of professional footballers. These licence deals follow the highly successful launch of Soccer Manager’s latest game in the Soccer Manager series, Soccer Manager 2022 (“SM22”), in October 2021. SM22 has been well received by the gaming community and it is expected to emulate the success of last year’s edition, which resulted in significantly increased revenues. Soccer Manager’s games are played in 234 countries around the world, having been downloaded by more than 50m players, with more than 1m active monthly users. Mercia currently holds a 39.0% fully diluted stake in Soccer Manager with a further 7.6% held by Mercia’s managed EIS funds.

SEEEN 29p £14.5m (SEEN.L)
The global media and technology platform offering proprietary AI products that harvest Key Video Moments efficiently for brands, creators and publishers announced recent customer wins for its technology products and a trading update for the 9 months to 30 September 2021 It has recently signed a commercial agreement with a major global publisher. The publisher attracts consumer audiences interested in current events. The publisher will use SEEEN’s video technology and expertise to optimise its video collection to increase viewership and generate improved YouTube ad revenue from more relevant Key Video Moments and higher audience engagement. SEEEN has also recently signed its first professional sports club to add content and viewers to its MCN which is already known for sports and automotive content. Q3 Group revenues of $7.0m, up 8% (Q3 2020: $6.5m). Adjusted profit before tax continues to be in line with market expectations. Strong balance sheet with $3.0m of net cash, which enables the Company to continue executing its “Go to Market” strategy.

Trakm8 Holdings 25.5p £12.74m (TRAK.L)
The specialist in technology solutions for insurance telematics, connected car data and fleet management, has been awarded a contract with Ticker Limited to provide the data management solutions and devices for their pay-per-mile offering, which will be launched early in the new year. Trakm8’s real-time vehicle sensor car data will complement Ticker’s pricing sophistication and data capabilities, with an initial contract term of three years. John Watkins, Executive Chairman, commented: “Ticker is one of the UK’s fastest-growing motor insurtechs, and we are pleased to partner with them following a competitive trial process. We are looking forward to working with the team at Ticker and supporting the delivery of their pay-per-mile product.”

2 December 2021
*A corporate client of Hybridan LLP

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