Small Cap Feast

9th December 2021

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What’s Cooking In The IPO Kitchen?

Carbon Air, a nano-technology company which leverages the absorption properties of activated carbon and other advanced materials to improve suspension systems, enhance acoustics or reduce noise, to join AIM. The Company’s proprietary technology has allowed it to develop a unique portfolio of solutions for a variety of sizeable end markets, including vehicle suspension systems, acoustic insulation for domestic appliances and micro-speakers for smartphones. Mkt Cap and Capital to be raised TBC. Due Late Dec.

Aptamer Group to join AIM. Aptamer Group operates within the life sciences sector and is a leader in the provision of aptamer discovery and selection services and in developing aptamer-based reagents. Aptamers are synthetic nucleic acid-based biological molecules, selected based on their specific characteristics to bind to a ‘target’ of interest. Targets can include proteins, cells, viruses or small molecules (e.g. therapeutic drug molecules). Mkt Cap and Capital to be raised TBC. Due Mid Dec.

CT Automotive Group to join AIM. CT Automotive is a UK-headquartered company that designs, develops and supplies interior components for the global automotive industry. Customers include a number of original equipment manufacturers (“OEMs”) and Tier One suppliers to OEMs. Mkt Cap and Capital to be raised TBC. Due 23 Dec.

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 £360m. Expected admission date 15th 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.

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. Due 20 Dec.


Breakfast Buffet

Bango 184p £138.7m (BGO.L)
Digital Turbine, Inc. (Nasdaq: APPS), the leading independent mobile growth & monetization platform, and Bango plc, the global platform for data-driven commerce, today announced a strategic partnership to offer app developers more secure payment options for their end users. The multiyear, global agreement commercially launches in the first quarter of 2022. “As Bango merchants look for better ways to reach more customers, this partnership with Digital Turbine opens new doors” said Paul Larbey, Bango CEO. “Adding Bango Payments to the Ignite On-Device Platform provides a compelling way for digital merchants, carriers and OEM partners to collaborate, so that apps can be merchandised and monetized directly with consumers. In addition to expanding distribution and payment options, Digital Turbine’s network of 50k app developers can benefit from Bango’s purchase behaviour targeting technology to convert more of their ad spend into paying consumers”.

Conygar Investment Co 163p £85.6m (CIC.L)
The Conygar Investment Company PLC announces that it has entered into a non-binding exclusivity agreement with Wholesale Fruit Centre (Bristol) Limited regarding the potential acquisition of a 14.7 acres development at the Bristol Fruitmarket Site in the St Philips Marsh area of Bristol, one mile to the east of Bristol Temple Meads. The initial agreement lasts for up to 5 months, during which Conygar will establish whether or not to proceed with the proposed acquisition.

Diaceutics 103.5p £85.3m (DXRX.L)
The diagnostic commercialisation company, announced the launch of its real-time Test Signal service in the US. Test Signal alerts a pharma customer when a patient tests positive for a biomarker linked to the profile of therapeutic linked to the pharmaceutical company. This information can now be provided within days of the test result being recorded by laboratories linked to this new service. Test Signal allows the opportunity for real time identification of patients eligible for treatment and follow up by the pharmaceutical company’s marketing organisation. This will allow quicker and better support to biomarker testing, allowing earlier treatment with the most appropriate drug treatment sooner.

Eagle Eye Solutions 627.5p £161.8m (EYE.L)
Eagle Eye, the global marketing technology company, announced that Pret A Manger’s new trial loyalty scheme, Pret Perks, is powered by its Eagle Eye AIR platform. This innovative loyalty beta programme builds upon the success of Pret’s Coffee Subscription scheme and utilises more of the features and capabilities of the AIR platform. Pret Perks is currently available to Pret Coffee Subscribers during this trial phase with aims to roll out further. The Pret Perks scheme is the next step in Pret’s digital omnichannel transformation, allowing customers to earn a star every time they purchase in shop, or use Click & Collect. Pret Coffee Subscribers will also earn a star for every month they renew their subscription or anytime they purchase a treat or meal. After earning 10 stars, customers will be able to choose a reward from a pre-assigned category. Customers can redeem their reward in shops up to 30 days after earning it. The more customers shop at Pret, the more the reward redemptions will be tailored to their preferences.

Firering Strategic Minerals 13.35p £11.6m (FRG.L)
Firering Strategic Minerals, an exploration company focusing on critical minerals, has as expected, executed the acquisition of 51% of Alliance Minerals Corporation SARL by payment of FCFA150,000,000 (EUR 230,000). As set out in the Company’s Admission Document, the acquisition will provide Firering with a controlling interest in the licence application adjacent to the Company’s flagship Atex Lithium-Tantalum Project in Côte d’Ivoire. The licence, held by Alliance, is partially contiguous to Atex and the Company has confirmed the presence of pegmatites that may be a potential extension of the Atex pegmatites or a secondary deposit.

Gresham House 850p £302.9m (GHE.L)
The specialist alternative asset manager, provides a trading update for the financial year ended 31 December 2021. The Group has delivered exceptionally strong growth with accelerating momentum continuing into the fourth quarter of 2021. Following the completion of an international forestry transaction, the Board expects to significantly outperform market expectations, delivering Assets Under Management in excess of £6.0bn, at least a 50% increase since the end of last year, driving further expected substantial increases in profit and margins. Adjusted operating profit is expected to be at least £18.5m and margins in excess of 32%, not including performance fees.

Horizonte Mineral 6.3p £104.6m (HZM.L)
Horizonte’s wholly owned subsidiary Araguaia Niquel Metais Ltda. (ANM) has entered into an asset purchase agreement to purchase certain new and unused ferronickel processing equipment from Companhia Brasileira de Alumínio (CBA), a company listed on the B3 (Brazilian Stock Exchange), controlled by Votorantim SA (“Votorantim”), one of the largest industrial and financial investment holding companies in Latin America. The Processing Equipment comprises the key components of a conventional rotary kiln electric furnace plant (RKEF), excluding the furnace, and is expected to provide meaningful synergies in relation to the development of Horizonte’s 100% owned Araguaia ferronickel project. The Processing Equipment is designed and manufactured by leading international vendors with similar capacity and technical specifications to Araguaia and is already located in Brazil at CBA’s Niquelândia Operations. The Company is evaluating the use of selected components as spares and back up as part of the development of the first RKEF line at Araguaia but sees the key value in utilising some of the large-scale equipment, including the rotary kiln, to fast-track and lower the cost of development of a second RKEF line at Araguaia. Use of the Processing Equipment will be integrated into a new study on the development of a second RKEF line at Araguaia. The Agreement provides for a low upfront cost of US$600k payable in cash on signing with total potential consideration of up to US$7m with the balance payable upon the achievement of future milestones related to the development and operation of Araguaia.

Igas 14.025p £17.7m (IGAS.L)
Igas has become part of an academic – industry consortium called Net Zero RISE. Its aim is to repurpose existing onshore oil and gas infrastructure as research sites for carbon sequestration, hydrogen storage and closed-loop geothermal technologies. The consortia brings together Newcastle, Oxford and Durham Universities with industry partners, including IGas and has been established to support the UK’s energy transition to Net Zero by reusing onshore infrastructure that is available now. IGas has also recently been invited by the OGA to take on a core role in the Bacton Energy Hub Project’s Regulatory Special Interest Group (SIG). The Bacton Energy Hub is envisaged to play a major role in the UK’s energy future through the production of hydrogen from natural gas (with associated capture and storage of carbon dioxide) and from electrolysis powered by renewable and nuclear energy. The Regulatory SIG is led by Hydrogen East. IGas will also be contributors to the Infrastructure SIG, led by Xodus and the Hydrogen Supply SIG, led by Summit Exploration and Production.

Lendinvest 200p £266.4m (LINV.L)
The leading technology driven asset manager for property finance in the UK announced its unaudited results for the six months ended 30 September 2021. Exceptional performance with record first half profits, continued strategic progress. Platform AuM increased 32% to £1.8bn (30 Sep 2020: £1.4bn), driven by a 66% increase in Buy-to-Let (BTL) assets since the prior interim period · Platform Revenue increased 28% to £72.4m (30 Sep 2020: £56.4m) and gross profit increased 51% to £26.5m (30 Sep 2020: £17.6m) reflecting higher fees and interest income generated as a result of the increase in Platform AuM. Adjusted EBITDA increased 179% to £13.4m (30 Sep 2020: £4.8m), driven by continued operational leverage and efficiency from technology investment. Profit before tax increased significantly to £10.2m (30 Sep 2020: loss before tax £0.2m). “Market conditions remain positive, current trading remains strong and we have seen record applications in BTL during October and November. Notwithstanding macroeconomic uncertainties over consumer confidence and interest rates, looking into 2022, we expect housing market conditions to remain favourable. Our strong performance in the first half supports our ongoing confidence in meeting expectations for the full year. We expect profits to be skewed towards the first half of the year due to the £100m upsize of the J.P. Morgan Separate Account which brought forward £1.9m of profit from the second half. BTL originations are expected to continue to be strong following increased demand for our green EPiC range, offsetting slower originations in our short term lending products as the property development market adjusts to the impact of Covid on material and labour costs.”

Tekcapital 32.25p £43.2m (TEK.L)
Further to the announcement on 08 October 2021, Tekcapital Plc, the UK intellectual property investment group focused on creating valuable products from investing in university technology that can improve people’s lives, announces that MicroSalt Inc’s (MicroSalt) roll-out of its SaltMe! crisps to Kroger Company, the United States largest supermarket by revenue, has been expanded from 800 stores to 1,800 stores. The roll-out is expected to begin in February 2022. MicroSalt is a subsidiary of portfolio company, Salarius. MicroSalt aims to revolutionize the food industry with its patented sodium microparticle, that delivers the full-flavour experience of salt with roughly half the sodium. MicroSalt® is all-natural, non-GMO, and Kosher. “We want to thank Kroger for their commitment to delivering better-for-you products to their customers. Consistent with recent FDA Guidelines, we strongly believe that the majority of the population will benefit from consuming less sodium. We are excited, that for the first time, individuals will have nationwide access to SaltMe® Full Flavour-Low Sodium crisps early in 2022. This is a major win for consumers,” said Victor Hugo Manzanilla, CEO of MicroSalt®.

9 December 2021
*A corporate client of Hybridan LLP

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