Small Cap Feast

6th December 2021

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Windward (WNWD.L) has joined 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. The Placing raised gross proceeds of £26.3m (US$35m) of new capital for the Company and £8.2m (US$10.9m) for certain existing shareholders and option holders. The Mkt Cap of the Company at the Placing Price will be approximately £126.5m. 

 Ondine Biomedical (OBI.L) has joined 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).
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising 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 date Late Dec.

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.

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.

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

Brandshield 16.75p £19.8m (BRSD.L)
The provider of cybersecurity solutions from brand protection to online threat hunting has surpassed $5m in Annual Recurring Revenue (ARR), the Company’s primary key performance indicator, for the current financial year ending 31 December 2021. This significant strategic and financial milestone is a 79% increase from $2.8m, the Company’s ARR in December 2020, at the time of BrandShield’s listing on AIM. This growth reflects the strong demand from customers for BrandShield’s unique offering, which protects brands from online threats and scams performed through phishing, fraud, impersonation and counterfeiting across all online platforms, including websites, social media, ecommerce marketplace platforms, mobile app platforms and online advertising. The ongoing momentum that BrandShield continues to build reinforces management’s belief that the Company is ideally placed to capitalise further in the medium term.

Distribution Finance 57p £102.2m (DFCH.L)
The specialist bank providing working capital solutions to dealers and manufacturers across the UK, today announces that the Group continues to build on the positive momentum and record new loan origination seen through the year, expecting its full year financial performance to be in line with the Board’s expectations. The Group is not immune to the supply chain challenges and shipping delays reported across many global markets. The Company has been informed that critical orders for a number of its dealers will now arrive in January 2022, later than previously anticipated. The Group expects its loan book to close the year in the range of £250m to £275m. The Group confirmed its loan book reached c£243m as at the 30 November 2021 (September 2021: £202m), more than doubling since the start of the year and materially exceeding the Group’s prior peak of £213m. Accordingly, the Board now expects the Group to achieve monthly run-rate profitability during Q1 2022.

EQTEC 1.4p £119.9m (EQT.L)
The technology innovation company enabling the Net Zero Future through advanced solutions for hydrogen, biofuels, SNG and other energy production announced that EQTEC’s wholly owned subsidiary, Deeside WTV Limited has signed a binding supplemental agreement with Logik Developments Limited. The Agreement, inter alia, sets out the terms on which the parties have agreed to vary the terms of the existing share purchase agreement signed by Logik and Deeside WTV has announced on 8 December 2020 pursuant to which Deeside WTV agreed to acquire full ownership of the project from Logik. Through the new Agreement the Parties will now act in partnership and seek to develop additional waste-to-value infrastructure on the Deeside site. The Parties are currently conducting additional feasibility studies for hydrogen and other biofuels to enhance the Project, which with the currently approved planning permission includes a 182,000 tonne waste reception plant along with 2 MW anaerobic digestion facility and a 9.9 MWe EQTEC Advanced Gasification Technology facility.

Ilika 155.5p £244m (IKA.L)
Ilika a pioneer in solid-state battery technology, announced the official opening of its Stereax solid state battery manufacturing facility in Chandlers Ford, UK on Friday 3 December 2021. The new facility will manufacture Stereax micro batteries that are designed for powering next generation implanted medical devices and wireless sensors used in the Industrial Internet of Things. The facility was opened by Rt Hon Steve Brine, MP and the Rt Hon Lord Willetts, former Minister of State for Universities and Science and author of the influential “Eight Great Technologies”.

Induction Healthcare 52.5p £48.3m (INHC.L)
The healthcare technology company that helps to digitally transform hospitals, announces that its remote consultation service, Induction Attend Anywhere, has launched a key new healthcare function. The platform, which has been rolled out across the UK, now also supports clinical group consultations, where one-to-one consultations take place within a group setting of patients with similar clinical conditions. The pandemic, and related restrictions have impacted many group services including addiction and mental health therapy provision. To date clinicians offering digital group consultations have had to rely on non-clinical business conferencing facilities to maintain some continuity, but these can come with privacy and usability limitations. Facing a backlog and an estimated 10m people who may need new or additional mental health support over the next three to five years (according to the NHS Confederation), clinicians require a flexible care model which enables remote group consultations at scale and within a clinically safe setting. Co-created with NHS providers, the Induction Attend Anywhere clinical group consultations function has been designed to virtually mirror standard clinical and patient workflow for optimum integration. A distinctive feature is that there is a single-entry link for each clinical group consultation Waiting Area, avoiding production of multi-patient links and helping to safeguard clinician and patient confidentiality.

Kefi Gold And Copper 0.83p £17.9m (KEFI.L)
Kefi provided a positive update about the security situation in Ethiopia. As previously reported, following the taking of office in October 2021, the democratically elected Ethiopian Government launched major military offensives in late November 2021 to drive rebel militias out of the neighbouring states they had recently occupied. Over the past few days, both sides in the conflict have reported that the rebel militias are withdrawing. The Government has publicly appealed to the local communities to treat the retreating rebels with dignity. KEFI sees this as a very positive development, so soon after the Ethiopian Government’s re-appointment in October 2021, following the highly significant June 2021 elections. This turning point in the military conflict reinforces KEFI’s optimism that peace will soon be restored in Ethiopia and, to this end, Kefi also notes that diplomatic efforts have recently been intensified, with mediation now backed by the African Union, United Nations and major world powers. KEFI’s project teams have remained on the ground throughout this period of broader national conflict, preparing for the launch of the Company’s Tulu Kapi Gold Project in an appropriate safety-minded manner. At the same time, Project syndicate members have reaffirmed their intended Project participation as soon as compliance is demonstrated with normal conditions precedent, including the community and security aspects of World Bank IFC Performance Standards – also a condition of the mining licence.

Marshall Motor Holdings 392p £306.7m (MMH.L)
The Board of Marshall Motor Holdings plc, one of the UK’s leading automotive retail groups, provides an update regarding the terms of a cash offer to be made by Constellation Automotive Holdings Limited by its wholly-owned subsidiary CAG Vega 2 Limited of 400 pence per share for the entire issued and to be issued share capital of the Company announced on 29 November 2021. The Offer price of 400 pence per share in cash, and taking account 36.49 pence per share of dividends paid to shareholders, represents a total shareholder return of 293 per cent. and an IRR of 20.6 per cent. to MMH’s AIM admission price per share of 149 pence. Following careful consideration of both the financial terms of the Offer and Constellation’s stated intentions regarding the conduct of the MMH business under Constellation’s ownership, the Board intends to recommend shareholders accept the Offer.

OKYO 7.35p £71.35m (OKYO.L)
The biotechnology company focused on the discovery and development of novel molecules to treat inflammatory dry eye diseases and ocular pain announced that working with Ora, Inc., a world-class ophthalmic clinical development partner, it is currently anticipating the filing of an IND in Q3 2022 for OK-101 in the treatment of dry eye disease. OK-101, OKYO’s lead pre-clinical compound is a novel long-acting, G protein-coupled receptor-based anti-inflammatory drug candidate. OK-101 is anticipated to commence human studies with a Phase 2 clinical trial in DED patients in Q4, 2022. The trial is anticipated to be conducted in approximately 100 to 200 DED patients. The study is being designed in conjunction with, and will be managed and monitored by Ora, Inc., well known for its expert leadership of clinical trial activities. The Phase 2 trial is expected to be completed in 6-8 months from enrolment of the first patient.

Semper Fortis Esports* 1.4p £5.8m (AQSE:SEMP)
The esports company focused on establishing esports teams, forming brand and technology partnerships, and providing business to business advisory services, announces that Kevin Soltani has stepped down as a director and as Chief Executive Officer with immediate effect and by mutual consent. In addition, the Company will establish an Employee Benefit Trust, for the benefit of current and future employees, to acquire all of the ordinary shares and redeemable preference shares in the Company held by GIMA Group Inc and GIMA Group Inc will surrender all its warrants over ordinary shares in the Company. Kevin Soltani held all of his interests in ordinary shares and redeemable shares in the Company within GIMA Group Inc. Furthermore, the share options granted to Kevin Soltani will lapse. Keith Harris, non-executive Chairman, will become interim Executive Chairman pending a search for and appointment of a Chief Executive Officer. The board notes that Kevin has led considerable progress in building the Company’s esports team rosters. The next phase for the Company will be to look to commence the commercialisation of these teams. The board places on record its thanks to Kevin for his efforts in bringing Semper Fortis Esports through its successful IPO and immediate post-IPO team building phase and wishes him well for the future.

Spectra Systems 155p £70m (SPSY.L)
Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, brand protection technologies, and gaming security software, announced that its newest customer using the company’s optical materials in K-cups for Keurig brewers has already placed three orders totalling $394k since September. The orders from the new customer are already 93% of the expected 2021 revenues from this product and 46% higher than total orders in 2020. Dr. Nabil Lawandy, Chief Executive Officer, stated: “We are very pleased to have received such large orders for our optical materials from our newest K-cup printing customer. “Based on this order pattern, we expect that this new customer, along with the existing customer, will result in over $1MM of high margin revenue in 2022.”

6 December 2021
*A corporate client of Hybridan LLP

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