Small Cap Feast

4th November 2022

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What’s Cooking In The IPO Kitchen?

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

Looking Glass Labs, a Company engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams, intends to join the AQSE Growth Market. Looking Glass Labs is currently listed on the NEO Exchange (Canada). 14 November 2022.

Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. Immediately following Admission, the Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. Investors are focused on Ithaca’s dividend yield, with the price range corresponding to a dividend yield of 11.3%-14% for 2023, a bookrunner involved said. Expected 9 November 2022.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). 10 November 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.


Breakfast Buffet

Alien Metals 0.46p £23.3m (UFO.L)

The global minerals exploration and development company announces that its wholly owned subsidiary, Iron Ore Company of Australia Pty Ltd (IOCA), has entered into a Memorandum of Understanding (MOU) with Element 25 Ltd (ASX Code: E25) for the sharing of bunker allocation at the Pilbara Ports Authority’s Utah Point export facility in relation to the Company’s Hancock iron ore project (Hancock) located in the Pilbara, Western Australia. IOCA and E25 will work towards executing a formal agreement in Q1 2023.

Blackbird 15.25p £56.1m (BIRD.L)

The technology licensor, developer and seller of cloud video platform Blackbird, announces the pricing of the units to be issued under its Long Term Incentive Plan (LTIP). The LTIP is designed to reward specific members of the management team through cash payments for actions that drive value creation for shareholders. Each of LTIP 1 and LTIP 2 consists of 5,000 LTIP units that collectively form a pool and the value of each pool is calculated at 5% of the increase in the Company’s share price above the base share price for each pool, respectively. The Remuneration Committee has set the hurdle price of the LTIP 1 and LTIP 2 units for the current LTIP Period of 1 January 2022 to 31 December 2024, at 28p and 33p respectively.

Caspian Sunrise 3.35p £75.4m (CASP.L)

The Kazakhstan based oil and gas company indicates that production continues at the rate of approximately 2,400 bopd. As wells 141 and 142 come back into production, volumes are expected to return to levels seen earlier this year. The $25-30 per barrel discount for oil sent through Russian pipelines together with taxes still set at the full Brent price makes selling oil to the international market less attractive. Consequently, all output is currently being sold domestically. In addition, a wholly owned oil trading subsidiary has been formed to take advantage of changes in the regulations which become effective from 1 January 2023 and for the first time will allow the Group to sell its own production direct to international and domestic buyers. This is expected to increase the net price received by $5-$10 per barrel. The Board declares the Company’s first dividend, at a total of £1m or 0.0444 pence per share.

Chariot 14.5p £138.9m (CHAR.L)

The Africa focused transitional energy group (Chariot), Mohammed VI Polytechnic University and Oort Energy announce the collaboration on green hydrogen pilot projects in Morocco. Utilising a polymer electrolyte membrane electrolyser system patented by Oort Energy to split water to produce hydrogen and oxygen with the use of renewable energy, this partnership will run initial proof of concept projects and evaluate the feasibility of the implementation of large scale green hydrogen and ammonia production.

Enwell Energy 23.5 £75.3m (ENW.L)

The oil and gas group provides an update regarding further Ukrainian legal proceedings in respect of its Svystunivsko-Chervonolutskyi exploration licence in Ukraine, which is held by LLC Arkona Gas-Energy, acquired by Enwell in March 2020. There have been a number of legal challenges relating to the Licence. In April 2021, JV Boryslav Oil Company issued a further legal claim that irregular procedures were followed in the grant of the Licence. On 2 November 2022, the Appellate Administrative Court made a ruling in favour of Boryslav, with the effect that the Licence is now ruled invalid. The effect of this latest ruling is that the Company cannot conduct any field activities on the Licence area. The Company intends to appeal this decision of the Appellate Administrative Court to the Supreme Court.

Invinity Energy Systems 24p £27.9m (IES.L)

The global manufacturer of utility-grade energy storage will be posting a circular regarding the proposed capital reorganisation, so that it would be able to issue shares in the ordinary course of business below the current EUR0.5 nominal value. Invinity was formed from the merger of redT Energy plc and Avalon Battery Corporation in 2020. Prior to this merger, certain employees of Avalon held options over ordinary shares in Avalon and, upon the merger concluding, were entitled to corresponding options in Invinity. In some circumstances, the exercise price for the options owned by certain employees of Avalon is below the EUR0.5 nominal value of an Invinity Share.

Live Company Group 2.55p £5.9m (LVCG.L)

The live events and entertainment company regrets to announce its decision to cancel the K.Flex concert planned for 20th November 2020 at the O2. This decision was not taken lightly, nor speedily, but reflects both the sensitivities and practicalities post the tragic events in Seoul over the Halloween period. Looking forward, the Company will be working on bringing a number of K-pop events throughout 2023 for the loyal fanbase and will be announcing this programme through December.

MJ Hudson Group 15.13p £30.8m (MJH.L)

The specialist service provider to the asset management industry announces the expansion of its ESG & Sustainability business, through the hiring of Maria Merry del Val and an experienced team from an established Spanish ESG consulting business. ESG & Sustainability business was founded in Amsterdam and has established offices in London and New York. The addition of this Madrid-based team brings the total number of ESG-dedicated staff to more than 70.

ThinkSmart 27p £28.8m (TSL.L)

The digital payment solutions provider, notes the third quarter earnings report issued by Block, Inc (NYSE: SQ). Following the sale of its remaining 10% shareholding in Clearpay in January 2022, ThinkSmart holds 618,750 shares in Block. Based on a closing price of US$53.91 on 3 November 2022, ThinkSmart’s position in Block is valued at US$33.36m. ThinkSmart also provides an outsourced call centre customer service and support service to Clearpay and is managing the wind-down of its leasing business.

Tlou Energy 1.6p £10.3m (TLOU.L)

The developer of power solutions in Sub-Saharan Africa announces that it has raised A$2 pursuant to a placing of 57,142,857 new ordinary shares at an issue price of A$0.035 per share. The funds have been raised from a new strategic investor, via an entity controlled by Dr Ian Campbell, a high net worth investor based in Sydney, Australia. Funds are proposed to be used for development of Tlou’s Lesedi Power Project including construction of substations to connect to the existing electricity grid in Botswana.

4 November 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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