Small Cap Feast

7th December 2021

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
4GLOBAL (4GBL.L)has joined AIM, a London based software, data and services sport and health company. Capital to be raised £4m. Anticipated Mkt Cap £24m. 

Urban Logistics REIT (SHED.L) has moved to the Main Market from AIM having recently raised £250m.
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.

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. Anticipated Mkt Cap c. £36.6m. Due 17 Dec.


Breakfast Buffet

Anexo Group 131p £152m (ANX.L)
The specialist integrated credit hire and legal services provider announced the formation of a new team within its legal services division, Bond Turner, to deal with claims arising from housing disrepair. The HDR team is currently engaged in almost 1,600 cases and this figure is expected to rise substantially during 2022. Housing trends indicate a move away from owner occupation towards either private or social rental. 12% of social housing dwellings and 23% of private rented dwellings fail to meet the Decent Homes Standard. 5% of social housing dwellings and 13% of private rented dwellings suffer from a Category 1 Hazard, defined as damp and mould growth.

Applied Graphene Materials 25p £16.1m (AGM.L)
The producer of specialty graphene nanoplatelet dispersions, announced the issuance of UK Patent No. GB2585648, covering the use of Graphene Nanoplatelets in water-based anti-corrosion protective coatings applications. Graphene nanoplatelets have been shown to provide highly effective barrier properties, enhancing corrosion prevention in solvent-based paints through the use of high-performance dispersions. The introduction of Graphene nanoplatelets into water-based paints has been historically problematic due to the challenges in producing effective and stable dispersions for water-based systems. AGM’s range of water-based dispersions have now been demonstrated to enhance corrosion performance in such systems. This technology development enables primer systems to achieve ISO 12944 category C3 or C4 corrosion rating performance where typical environments include urban and industrial atmospheres, moderate sulphur dioxide pollution, or coastal areas with low to moderate salinity. This latest patent reflects AGM’s commitment to continuous development as a leading innovator in graphene dispersion and application technology.

Bluejay Mining 9.1p £88.4m (JAY.L)
Bluejay announced the completion of processing of the bulk sample dispatched to Canada from Dundas in September 2019. The pilot plant was placed on care and maintenance in March last year following the outbreak of COVID-19. The plant was restarted, and processing recommenced earlier this year. The final bulk parcels of output from the pilot plant are being distributed, in co-operation with the Company’s distribution partner, a large, long established Asian international industrial and trading conglomerate. The material will undergo further separation (magnetic) facilitated by our distribution partner to be sampled by key-end customers identified by them, with the aim of consolidating and potentially extending the existing distribution agreement to cover the entire expected annual output of Dundas ilmenite concentrate. The pilot plant, which is in the process of being decommissioned, produced material that exceeded expected specifications for commercial production at Dundas. In addition, the results and the confirmation of the design of the wet plant circuit meaningfully de-risk the production-scale processing plant at Dundas and gives the Company confidence that large volumes of consistent and high-quality ilmenite concentrate can be produced at Dundas.

Crimson Tide 2.8p £18.4m (TIDE.L)
The provider of the mpro5 solution, announces that it has entered into a Master Services Agreement (MSA) with Compass Group, the leading Foodservice & Facilities Services company, for its non-UK based operations; this contract underpins opportunities for future sales of mpro5 to Compass Group’s operations across 45 countries in over 55,000 locations. Pursuant to the MSA the Company announced its first contract with Compass Group’s Danish operations. Following an initial pilot project this deployment reflects an expanded number of users and wider use of mpro5 to include Compass’ first IoT enabled sites. The Company will be deploying a cognitive cleaning operation for Compass’ marquee clients. As a result, washroom and meeting room cleaning will be completed based upon usage as well as schedules. These reactive services deliver efficiencies to Compass and a better service to their end client.

Gemfields Group 13.25p £142.7m (GEM.L)
Gemfields announced the results of an emerald auction comprising a series of five sequential mini-auctions held during the period 1 November-6 December 2021. The auction contained a selection of grades that are typically offered at Kagem Mining Ltd’s auctions of higher quality emeralds as well as a selection of special pieces. Total auction revenues of USD 37.8m, an all-time record for Kagem auctions. All 32 lots offered were sold (100%). Average price of USD 150.65 per carat, an all-time record for Kagem auctions. 100% of the carats offered were sold. Record calendar-year auction revenues for Kagem of USD 92.3m. The 39 auctions of Kagem gemstones held since July 2009 have generated USD 749.7m in total revenues.

Journeo Group 112p £9.8m (JNEO.L)
The information systems and transport technical services group, reported a 1-year extension to a framework agreement with Arriva UK Bus which is expected to generate £1.6m in revenue. The extension, which will continue to April 2023, includes the provision of high-definition CCTV systems and nationwide engineering support, along with technical design, new technology evaluation and project management services. Russ Singleton, Chief Executive Officer of Journeo plc, commented: “We are delighted to continue the long-standing relationship with Arriva UK Bus through this framework contract extension. Our safety critical CCTV and associated on-board IT systems are designed to assist Arriva in protecting their passengers, drivers and members of the public and enhance the passenger travel experience”.

Oncimmune Holdings 170p £117.5m (ONC.L)
The global immunodiagnostics group, today provides an update on commercial activity within its ImmunoINSIGHTS pharma services business. As highlighted in the full year results announcement released on 2 November 2021, the ImmunoINSIGHTS pharma services business has been benefiting from a ramp-up in commercial activity moving into Q2 FY2022. During this second quarter ended 30 November 2021, a number of contracts were signed for both new customers as well as for customers for whom we have already completed studies. As a result of this activity, the ImmunoINSIGHTS business has posted its biggest quarter by contract wins since the business was launched in February 2020. At the time of the equity fundraising in March 2021 to support this growth, the Company also identified the need to expand its sales and business presence in the US to meet the growing demand for commercial engagement from US-based pharmaceutical and biotech companies. In this regard Oncimmune has announced the appointment of Cameron Barnard to the position of Chief Business Officer. Cameron joined the Company in late August and is based in Boston, USA. Cameron has already made an immediate impact on contract wins as well as building the US-based commercial team using some of the proceeds from the equity raise.

Pebble Group 147.5p £247m (PEBB.L)
The Board of The Pebble Group, a leading provider of technology, services and products to the global promotional products industry, announced that the Group’s results for the year ending 31 December 2021 (FY 21) are expected to be at least in line with market expectations. Both the Group’s businesses, Facilisgroup and Brand Addition, continue to trade well in H2 21. “By 31 December 2021, we expect our Facilisgroup FY 21 milestones to be met with Partners, implemented or contracted and awaiting implementation, to be circa 205; GMV to be greater than $1.10bn; and spend with Preferred Suppliers to be circa $0.33bn. Revenue generation from Facilisgroup’s Commercio product is expected to start in Q2 22. We expect Brand Addition’s revenue in FY 21 to be circa £100m (FY 20 £72.6m, FY 19 £97.9m), representing an immediate and full recovery from the demand challenges of 2020. At the year end, 31 December 2021, we expect the net cash balance, excluding IFRS 16 lease liabilities, to be no less than £9.0m (31 December 2020: £7.1m). The Board expects the Group’s results for FY 21 to be at least in line with market expectations”.

Tertiary Minerals 0.19p £2.25m (TYM.L)
Update from its Pyramid Silver-Gold Project in Nevada, USA, where analytical results from a recently completed surface sampling and mapping programme continue to return high-grade silver and gold grades. The majority of these new samples were collected over a wide area along the recently established zone of silver mineralisation at the North Ruth target. North Ruth has a target strike length of at least 530 metres (announced 14 October 2021). Rock chip and grab samples collected during further detailed mapping programme. Analytical results reporting significant1 silver mineralisation in 34 of 37 samples. 4 high-grade2 samples reporting silver grades of 1,286 g/t, 889 g/t, 522 g/t and 513 g/t. Includes 4 samples reporting gold grades of 2.72 g/t, 1.67 g/t, 1.30 g/t and 1.20 g/t. Mapping and sampling providing key input to modelling and design of drill programme.

United Oil & Gas 2.15p £13.9m (UOG.L)
As announced on 7 September 2021, United has entered in to a binding sale and purchase agreement (SPA) with Quattro Energy Limited to sell its UK Central North Sea Licences P2480 and P2519. The long stop date for satisfaction of the SPA conditions was 6 December 2021. The parties to the SPA have agreed an extension of this long stop date to 28 February 2022 to allow additional time for the SPA conditions required for completion. A further update will be provided to the market in due course.

7 December 2021
*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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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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