Small Cap Feast

7th April 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Ajax Resources (AJAX.L) a special purpose acquisition company established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, joins the Main Market. Raising gross proceeds of £1,342,000 at a price of £0.04p per IPO Share, of which the Board of Directors has invested an aggregated amount of £130k.

Off The Menu:
No leavers today

What’s Cooking In The IPO Kitchen?

Financials Acquisition Corp, a special purpose acquisition company (SPAC) intends to float on the Main Market (Standard). Financials Acquisition Corp has been formed for the purpose of completing an initial merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with a technology-enabled company or business operating principally in the insurance or broader financial services industry. The Company has a global geographic focus, but specific attention will be paid to those companies and businesses operating in the UK and across Europe. Capital raised £150m. Due 8 April 2022.

First Tin plc, a tin development company with advanced, low capex projects in Germany and Australia, intends to list on the Main Market (Standard). First Tin is led by an experienced team of tin specialists, committed to the environmentally sensitive and low carbon development of advanced hard rock tin projects in conflict free, low political risk jurisdictions. The Company has raised £20m to execute its plan to bring its two 100% owned tin mines into production before the end of 2025 so that it can provide provenance of supply to support the current global clean energy and technological revolutions. Raised £20m. Anticipated Mkt Cap £80m. Expected 8 April 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. Targeting gross proceeds of US$300m. Expected 12 April 2022.

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.

Breakfast Buffet

Access Intelligence 2.5p £137.2m (ACC.L)

The technology innovator delivering Software-as-a-Service (SaaS) solutions for the global marketing and communications industries, announced a number of contract wins. “At the time of our trading update in January we commented on the progress being made within our core business. We are delighted that new clients have continued to sign up for services with the Group since the beginning of the financial year. In EMEA and North America these include Reddit, Amazon, Aston Martin and KPMG. In the APAC region, despite the challenges alluded to earlier in the year, we are encouraged that we have seen new contract wins from global companies such as Woodside Energy, Tiffany and Co, Netflix, Nestle and Chevron as well as new wins in the public sector working with government divisions in Singapore and Malaysia. In ANZ, we have released Pulsar and are pleased with the engagement this has had with clients in the region whilst in South-East Asia, we continue to make progress in our approach to our market positioning given the current socio-economic climate in the region. Joanna Arnold, Chief Executive of Access Intelligence, said, “These contract wins demonstrate the strength of the combined Pulsar and Isentia offering to our clients. We are delighted with the contract wins we have seen in Q1. We continue to trade in line with expectations and we look forward to updating shareholders further with the announcement of our full year figures to 30 November 2021 on 25 April 2022.”

AFC Energy 40.5p £298.5m (AFC.L)

The provider of hydrogen power generation technologies announced the launch of its new Hydrogen fuelled “Power Tower EV” integrating for the first time ABB’s AC charging solution. The “Power Tower EV” is a specially designed variant to the Power Tower launched in March 2022 for destination electric vehicle charging. Building on the energy dense, highly efficient Power Tower off-grid power solution, the EV variant model fully integrates for the first time an ABB Terra AC charger solution for reliable vehicle charging capability. Engineered by AFC Energy’s design team, the Power Tower EV can provide permanent or temporary installations with clean power where grid-based EV charging infrastructure is unavailable. Further builds on the partnership between AFC Energy and ABB across e-mobility applications. The product will be available for viewing alongside the Power Tower at this morning’s AGM.

Blue Star Capital 0.48p £24.5m (BLU.L)

The investing company with a focus on esports, payments, technology and its applications within media and gaming, provides an update in respect of its investee company, Dynasty Gaming & Media Pte Ltd. Dynasty, a leading mass-market Esports Portal Management Platform, has secured three additional multi-year partnership agreements with large-scale organisations. Under the first partnership agreement with Malaysia’s leading telecoms operator, a Dynasty-built and managed platform was launched to millions of potential customers in mid-February and has already experienced significant registered and paying user traction, despite still being in its preliminary stages. The second partnership agreement has been signed with New Zealand’s largest telco, which enjoys a dominant market position and premium brand presence. The third multi-year agreement has been secured with a market-leading Indian group that operates within the digital payments, sports, and media industries. Under the latter agreement, Dynasty’s platform will have access to the 330m customer base of the Indian group and will see the unveiling of its NFT Marketplace, now integrated within Dynasty’s platform ecosystem solution. Dynasty expects both platforms to launch within this current quarter.

Boku 138p £408m (BOKU.L)

The provider of mobile payment solutions, announced that its M1ST (Mobile First) platform has launched PayPay mobile wallet payments for Netflix in Japan. With this launch, PayPay’s more than 45m users can now pay for streaming subscriptions within Netflix. The addition of PayPay ensures that Netflix users in Japan can choose the payment method they prefer. Today, 75% of Japanese consumers are using mobile wallets and the proportion is projected to reach 98% by 2025 (Juniper Research 2021). Boku’s M1ST payments network reaches more than 7bn consumer accounts and includes more than 340 mobile payment methods in 91 countries, enabling global merchants to extend their reach to mobile-first consumers globally.

Central Asia Metals 254p £452.7m (CAML.L)

Q1 2022 operations update for the Kounrad dump leach, solvent extraction and electro-winning copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. Zero lost time injuries (LTI) at Kounrad; One LTI at Sasa; Kounrad copper production, 3,024 tonnes; Sasa zinc in concentrate production, 5,240 tonnes; Sasa lead in concentrate production, 6,736 tonnes. Outlook: Full year 2022 guidance; Copper, 12,500 to 13,500 tonnes; Zinc in concentrate, 20,000 to 22,000 tonnes; Lead in concentrate, 27,000 to 29,000 tonnes.

Mast Energy Developments 4.75p £9m (MAST.L)

The UK-based multi-asset operator in the rapidly growing Reserve Power announced a general update to align Mast’s site roll-out strategy with the unprecedented growth in electricity prices in the UK-energy sector. It is in the process of finalising a proposed acquisition of a 7MW construction-ready synchronous gas reciprocating site which will bolster Mast’s portfolio of sites. The Proposed Acquisition will enable MED to immediately access existing infrastructure and repurpose it as a gas Peaker site. The Board have decided to prioritise and fast track the Proposed Acquisition. Concurrent with this acquisition, Mast is in the process of finalising an Equipment Purchase Agreement to purchase operational market recognised synchronous gas reciprocating engines and associated equipment with 10.5 MW electricity generating capacity to fast-track electricity production at the site of the Proposed Acquisition, mentioned above, as well as other sites that are currently part of the Company’s development portfolio. Entering the rapid growing Energy Storage arena is of strategic importance to diversify its project portfolio and the Board is of the opinion that Rochdale presents a potentially ideal opportunity in this regard. As a result of recently announced Electricity System Operator (ESO) trading products, MED decided to focus its attention on investigating the feasibility to convert Rochdale into a battery-only site with a view to take advantage of the opportunities the ESO markets present.

Mkango Resources 23.25p £50.6m (MKA.L)

Mkango provided an update on the exploration programme at the Nkalonje Hill Rare Earths Project, 14 km from Mkango’s Songwe Hill Rare Earths development project. Assays of carbonatite dyke samples return grades of up to 5.92% TREO (Total Rare Earth oxides) median 2.96%. Mapping and geophysics results confirm that the major geological features of Nkalonje Hill are those of an alkali silicate-carbonatite intrusive complex, similar to Songwe Hill. Geophysics has identified a primary shallow drilling target beneath exposed mineralised dykes and a secondary deeper drilling target.

Impax Asset Management 958p £1,270.3m (IPX.L)

The AIM listed specialist investor focused on a more sustainable economy, provides an update on the development of its assets under discretionary and advisory management (AUM) for the second quarter of its financial year. On 31 March 2022, the Company’s AUM reached £38.0 bn, representing a decrease of 8.1% for the quarter. Ian Simm, Chief Executive, commented “Despite market headwinds, Impax has seen positive net flows over the recent financial quarter.” “Companies whose business plans are aligned with a more sustainable economy should continue to offer compelling opportunities for investors. In particular, Russia’s invasion of Ukraine and the recent sobering reports from the Intergovernmental Panel on Climate Change have reinforced the drivers behind many of the markets in which Impax invests, particularly renewable power generation, zero-emissions transportation and resource efficiency. Our investment approach, with careful attention to risk and a focus on quality companies, is attractive to asset owners that are seeking to build robust portfolios in this area.”

SDX Energy 8.15p £16.5m (SDX.L)

The MENA-focused oil and gas company, provided an update on well-testing operations at the recent SD-5X (Warda) discovery well (SDX Working Interest: 36.85%) in the South Disouq Development lease. The well was perforated in the basal Kafr El Sheikh gas sand and was tested on 30 March 2022, opening the well for a two-hour clean-up period only. The well flowed at a controlled rate of 10.4 MMscf/d on a 26/64″ choke. When connected, it is anticipated that the well will produce at an optimum stabilised rate of 8-9 MMscf/d. SD-5X will now be tied-in via a short connection (600 metres) to the SD-4X flow-line and into the CPF. It is estimated that the tie in cost will be c.US$0.5m (gross) and that SD-5X will be on production in June 2022, when the well will be subject to a longer rig-less test. By conducting the longer test after tie-in, SDX will maximise saleable production from the well. The results of the longer test will be the subject of a further update to the market in due course. With the completion of SD-5X operations, the rig is now moving to the second well in the three well campaign, SD-12_East on the Sobhi Field (with a planned spud date in mid-April). The third well in the campaign will be the MA-1X well targeting the Mohsen prospect (planned spud in mid-to-late May).

Semper Fortis Esports* 1.05p £4.36m (AQSE:SEMP)

The esports Company focused on establishing esports teams and forming brand and technology partnerships, announces that it has established an Employee Benefit Trust (EBT). The EBT will be for the benefit of current and future employees. In addition, the EBT has completed the acquisition of all the Ordinary Shares (41m Ordinary Shares) and all the Redeemable Preference Shares (12,587 Redeemable Preference Shares) held by GIMA Group Inc for a total consideration of £56,747. This transaction had been agreed between Mr Soltani (the former CEO) and the Company in December 2021 at the time of his departure. Mr Soltani held his share interests in Semper Fortis Esports within GIMA Group Inc. The Board notes that this concludes all matters relating to the departure of Mr Soltani and believes that the formation of an EBT will be an important benefit to the Company in attracting new talent and incentivising existing members of the management team.

7 April 2022
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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