Small Cap Feast

8th July 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Spiritus Mundi (SPMU.L), a Special Purpose Acquisition Company (SPAC) which will seek acquisition targets in Europe and Asia in the clinical diagnostics sector, has joined the Standard Listing segment of the Official List of the Financial Conduct Authority and to trading on the Main Market. 

 Immediate acquisitions (IME.L) has re-joined AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their existing bank. Fiinu’s technology arm manages and develops the platform, using open banking, and once the platform is fully operational will also look to develop secondary revenue streams by licensing Fiinu’s intellectual property rights. Capital raised £8.01m. Target Mkt Cap c.£53m.
Off The Menu:
Ideagen has left AIM following a takeover. Oxford Technology VCT, VCT 3 and VCT 4 have left the Main Market following a merger with VCT 2.

What’s Cooking In The IPO Kitchen?

Macaulay Capital is due to join the Aquis Growth Market on 22 July. The Group was formed to originate and manage corporate transactions, raise funds from third parties, invest the Group’s own funds alongside those of external investors and to manage the Group’s investment portfolio with the aim of maximising its value.

Ming Yang Smart Energy Group Limited, a leading wind turbine manufacturer in China, intends to admit global depositary receipts to and trade on the Shanghai-London Stock Connect segment of the Main Market of the LSE. Each GDR represents 5 A shares of the Company, each with a fully paid nominal value of RMB1.00 each. The Group’s mission is to provide accessible green and smart energy, and it aims to become a full lifecycle renewable solutions provider. Through technological and business innovations, the Group has developed into a leading smart energy enterprise in China with global influence, gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions. The Offering is expected to raise approximately USD550m. Due 13 July.

MicrosSalt, a portfolio company of Tekcapital Plc (AIM: TEK), is eyeing a listing on the London market in 2023. MicroSalt is the U.S. operating subsidiary of Salarius, Ltd. With MicroSalt®, companies can make full flavour snacks with the same saltiness as traditional snacks yet with half of the sodium. MicroSalt has recently executed its first bulk B2B MicroSalt order in the US. This progress follows on the heels of the expansion of MicroSalt’s SaltMe brand of low-sodium potato chips into over 3,000 retail stores nationwide in the U.S., up from 2,400 stores last quarter.


Breakfast Buffet

AQRU 1.40p £17.0m (AQSE:AQRU.L)

The incubator specialising in decentralised finance (DeFi) announced that its wholly owned subsidiary, Accru Finance Ltd. , has launched AQRU Trend, a high-return strategy optimised for cryptocurrencies designed to enable retail investors to diversify, capture market upside, limit market downside, and access the competitive returns available in the crypto market.

Chamberlin 4.75p £5.0m (CMH.L)

The specialist castings and engineering group, announced a trading update for the financial year ended 31 May 2022. FY 2022 Group operational performance significantly improved compared to the prior period, delivering a 112% increase in adjusted EBITDA and a full year profit after tax for the first time in five years (subject to audit). The Group expects to report record levels of revenue and operating profit growth at Petrel Ltd and Russell Ductile Castings Ltd, following a very strong recovery and high demand in the post-pandemic markets. Slower than anticipated recovery at Chamberlin & Hill Castings Ltd in Walsall which continues to operate at a loss. The Group’s deficit in shareholders’ funds is expected to largely be eliminated (subject to audit) for FY 2022 as a result of the restructuring actions taken by the Company, a reduction in the pension deficit and improved performance across the Group.

EMIS Group 1,870p £1,184m (EMIS.L)

EMIS Group, a UK leader in connected healthcare software and systems, today announces a trading update for the six months ended 30 June 2022. Trading for the half year continued to track in line with the Board’s expectations. The Group retained its leading positions in specialist markets, benefited from high levels of recurring revenue and remained in a strong financial position.

GreenRoc Mining 5.75p £6.4m (GROC.L)

The company focused on the development of critical minerals projects in Greenland, announced that the Government of Greenland has granted exclusive Mineral Exploration Licence 2022-03 to the Company. The granted licence area encompasses a potential southerly extension to the Kalaaq deposit as well as several known graphite showings which are separate from both the Amitsoq Island and Kalaaq deposits. GreenRoc’s Amitsoq Graphite Project in southern Greenland is one of the highest-grade graphite projects in the world.

Haydale Graphene 5.50p £28.1m (HAYD.L)

The global advanced materials group, has started collaborating on the innovation and the supply of graphene with Vittoria SpA and has received its first order for one tonne of functionalised graphene nanomaterial. Vittoria is a leading manufacturer of performance bicycle tyres and has since 2015 pioneered the application of graphene in the rubber of bicycle tyres. The functionalised nanomaterial has been proven to create substantial improvements in grip, rolling resistance, puncture resistance and durability (more information can be found on https://www.vittoria.com/ww/en/technology/graphene.

Iofina 25.5p £48.9m (IOF.L)

Iofina plc, manufacturers of specialty chemical products and specialists in the exploration and production of iodine, today announces news of additional facilities to be provided by its banking partner to be utilised on its growth projects. New $2.7m 7-year term loan for the construction of IO#9 plant. New $1.66m 5-year term loan for Iofina Chemical capital projects. Period of existing revolving line of credit extended by two years to 16 September 2024, with no obligation to use facility. Total amount available adjusted to $6m from $8m and carries an interest rate of 2.4% plus SOFR, minimum SOFR rate is 1%. Iofina is currently not utilising this line of credit. The Company also provides an update on H1 2022 iodine production. During the first half of the year, Iofina Resources produced 234.0 metric tonnes (MT) of crystalline iodine from its five operating IOsorb® plants in Oklahoma, in line with its projected range of 225-240 MT.

Litigation Capital Management 95.2p £113.5m (LIT.L)

The alternate asset manager of disputes financing solutions, provides a market update for the twelve month period to 30 June 2022. Based on unaudited management accounts the Group expects to report positive growth in its financial performance compared to the comparative period covering the twelve months to 30 June 2021, this is despite previously reported disruption and delay in justice systems. FY 2022 gross revenue is expected to be approximately 25% higher than FY 2021, with adjusted operating profit approximately 15% higher. Cash held at period end is A$29m and total assets under management increased to A$414m. A decrease in overall applications during the period reflected disrupted trading conditions, however commitments were broadly in line with the prior year, indicating progress on improving the quality of applications.

Oncimmune Holdings 87.5p £60.8m (ONC.L)

The global immunodiagnostics group, today announces the appointment of Alistair Macdonald as Non-executive Chair, effective immediately. Alistair succeeds Meinhard Schmidt as Chair of the Board, who has retired from the Board. Alistair brings a wealth of knowledge in the pharma services sector, developed through his 25-year career in life sciences, culminating in his role as CEO of leading, integrated CRO Syneos Health Inc. (Nasdaq: SYNH; market cap c.US$6.6bn), which he held for 6 years, before which he was CEO of INC Research which merged with inVentiv Health to become Syneos in 2017.

Science In Sport 34p £47.3m (SIS.L)

The premium performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community , announces a trading update for the six months to 30 June 2022. Revenue growth for the period is expected to be approximately 12% versus the same period in FY21, which is lower than expected. Growth is expected to improve in the second half through investment in brands and digital channels, and through improved pricing. The current assessment of external factors indicates an adverse £3.2m of costs or margin loss for the year compared to budget. This includes raw material price increases, fuel and logistics costs, people retention costs, and closure of the Russian business.The new Blackburn site is close to completion, with the logistics operation delivering the expected efficiencies and cost savings in line with the business case. The gel machine is being installed, and the site will be fully operational by the end of July.

Tekmar Group 11p £6.7m (TGP.L)

The provider of technology and services for the global offshore energy markets, announced a significant new contract to provide an integrated engineering solution, including Cable Protection Systems and Cable Hang-Off Clamps, for an offshore wind farm project in Japan. The contract is expected to be delivered in 2023.

8 July 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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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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