Small Cap Feast

9th March 2022

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Dish Of The Day:
Invinity Energy Systems plc (AIM:IES), a leading global manufacturer of utility-grade energy storage has dual listed on the Aquis Stock Exchange.
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What’s Cooking In The IPO Kitchen?

New Energy One Acquisition Corporation Plc, intends to float on the Main Market. NEOA is a special purpose acquisition company incorporated in the United Kingdom that has been established to focus on pursuing a Business Combination with targets that are positioned to participate in or benefit from the global transition towards a low carbon economy. Capital to be raised £175m. Timings TBC

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.

Summerway Capital plc, (AIM:SWC) to be renamed Celadon Pharmaceuticals plc following completion of the acquisition of Vertigrow Technology Ltd, is to relist on AIM. Vertigrow is a UK based pharmaceutical Company specialising in the researching, growing and supply of medicinal cannabis, for a total consideration of £80m. Summerway is an investing company focused on investment and acquisition opportunities across the healthcare and pharmaceutical sectors, particularly within new and emerging therapeutic areas. Capital to be raised on admission £8.5m. Anticipated Mkt Cap approximately £101.8m. Due 28 March 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. Mkt Cap and Capital to be raised TBC.

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. Expected 18 March 2022.

Cleantech Lithium intends to join AIM. The Group is intending to produce lithium using a sustainable direct lithium extraction method, which returns water to its source instead of depleting vital aquifers. Each of the Projects are based in Chile, one of the world’s best regions for solar and other renewable energy. The intention is to utilise renewable energy for process power. The result being that the overall process will have a very low CO2 footprint potentially giving a critical advantage in the European Union market which has set strict CO2 emissions limits. Mkt Cap and Capital to be raised TBC. Due 14 March 2022.

Spinnaker Acquisitions plc, intends to join the Main Market (Standard). The Company have conditionally agreed to acquire the entire issued share capital of HomeServe Labs Ltd, a wholly owned subsidiary of FTSE250 quoted public company HomeServe Plc, by way of a reverse takeover conditional, inter alia on relisting and successful completion of fundraising activities to be undertaken by way of a placing and direct subscriptions by new and existing investor. If the Proposed Transaction proceeds to completion, it is proposed to change the name of the Company to Ondo InsurTech Plc and the name of Labs, which will become a subsidiary of the Company, to LeakBot Ltd. Should the Proposed Transaction not proceed, then the Company would need to apply for the suspension of its listing of ordinary shares to be lifted and for trading to be restored. £5m capital to be raised. Due early 2022.

Carbon Air, a nano-technology company which leverages the adsorption 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 March.

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. Delayed until second half of Q1 2022.

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 early March 2022.


Breakfast Buffet

Ergomed 1,175p £574.2m (ERGO.L)

The company focused on providing specialised services to the pharmaceutical industry, today announces that John Dawson, CBE has joined the Board as an independent Non-Executive Director and Chair of the Audit Committee. John Dawson is a highly experienced and globally respected figure in the healthcare sector. Most recently, he was Chief Executive Officer of Oxford Biomedica (LSE: OXB) where, during his 13-year tenure, the business grew into a global market leader in viral vector technologies for cell and gene therapy, delivered multiple high value partnerships and successfully manufactured the life-saving Oxford/AstraZeneca COVID-19 vaccine. Under Mr. Dawson’s leadership, Oxford Biomedica’s success resulted in it entering the FTSE 250 index in 2020. Subsequently, in the New Year Honours List this year, he was awarded a CBE for services to UK life science, in recognition of the unprecedented speed and success at which Oxford Biomedica delivered the COVID-19 vaccine. Prior to Oxford Biomedica, Mr. Dawson held various senior executive roles including at Cephalon Pharmaceuticals where for most of his tenure he was Managing Director for Europe. Prior to this, he served as the Financial Director for Serono before its acquisition by Merck. Mr. Dawson holds a BSc in Mathematics from Swansea University and is a Chartered Accountant.

Gaming Realms 26.30p £76.2m (GMR.L)

The developer and licensor of mobile focused gaming content announced that its subsidiary, Alchemybet Limited, has been awarded an iGaming Supplier license to supply games within the Canadian province of Ontario ahead of the opening of the province’s regulated iGaming market on 4 April 2022. Gaming Realms’ entry into the Canadian iGaming market marks a significant milestone for the Group, presenting a long-term growth opportunity as the Company focuses on providing its Slingo Originals game content to Ontario’s licensed online casino operators. With a population of 15m, Ontario is larger than any State within the U.S. that is currently licensed for iGaming. It is reasonable to expect that revenues will be higher than New Jersey, Michigan or Pennsylvania, where the Company is currently supplying its Slingo Originals content. The Company will launch its full games portfolio in Ontario and is now preparing for launch as the market opens. With regard to current trading, whilst early in the year, 2022 has started well with revenues in excess of management’s expectations, giving management confidence in the outlook.

Haydale Graphene 3.8p £19.4m (HAYD.L)

The global advanced materials group, has signed a sales representation agreement with Hainan Hongshida Information Technology Co., Ltd.. The Agreement is for an initial period of two years and allows Hongshida to act as a non-exclusive sales representative for Haydale’s ceramic and silicon carbide products in China (including Hong Kong) and Taiwan. Under the Agreement, Hongshida has agreed to purchase a minimum of 200 kg of product from Haydale within the first year of the agreement increasing to 5,000kg in the second year. If all volume commitments are met, the minimum value of the contract would be $1.14m but may be considerably higher depending on the product mix. The Company anticipates that the sales would mainly fall into the financial year ending June 2024. Hongshida, located in China’s new free trade zone of Hainan Province, provides engineering and technology solutions across equipment manufacturing, electronic components, and machinery to customers in the Chinese civilian aviation and other industrial sectors.

Midatech Pharma 13.25p £13m (MTPH.L)

The drug delivery technology company focused on improving the bio-delivery and biodistribution of medicines announced an extension of its existing R&D collaboration with Janssen Pharmaceutica NV (Janssen) originally announced on 21 July 2020. On 17 June 2021 the Company announced that, using its Q-Sphera technology, it had successfully encapsulated a proprietary Janssen experimental large molecule medicine and importantly preserved its functional integrity. The Company believes no other commercial or academic organisation has been able to successfully deliver any such experimental medicine over extended periods using methods capable of commercial scaling. Following the initial programme (MTX213), the collaboration has been extended to include another large molecule to the research performed by Midatech for Janssen. As with the MTX213 molecule, the work will concentrate on maximizing drug loading and optimizing in vitro duration of release for this undisclosed Janssen experimental molecule using the Midatech’s Q-Sphera technology.

Phoenix Global Resources 4p £111.5m (PGR.L)

The upstream oil and gas company, announces an update on its funding arrangements. As disclosed in the Company’s announcement of 29 December 2021, Mercuria stated its intention to provide financial support to the Company in order that the Company could continue to operate and service the Company’s liabilities as they fall due for the 12-month period from 14 September 2021, the date of the release of the interim results, and agreed to meet the Company’s cash needs for this period and not demand repayment of the Mercuria loans (principal and interest), whilst discussions between the parties to restructure the loans continue. The parties continue to discuss the restructure of the existing debt and whilst these discussions continue, Mercuria has agreed to further increase the bridging facility, which carries interest at US$ LIBOR plus 4% and is not convertible, by US$30m to US$97.5m.

Shanta Gold 9.875p £103m (SHG.L)

Transformative drilling results deliver 37% increase in West Kenya Resource and confirm confidence in district scale potential. New potential confirmed at the Ramula target and 6 proximal targets; Results in a 37% increase in total resources at West Kenya to 1.6m ounces; Ramula target has an inferred unconstrained in-situ resource estimate of 433,900 ounces grading 2.08 g/t, using a cut-off grade of 0.7g/t Au; Ramula target maiden resource was completed using the Canadian National Instrument 43-101 guidelines (NI 43-101); Total of 19 mineralised sub-horizontal zones at Ramula modelled to 240 metres depth; Several of the 19 zones include high grade inferred resources currently summing to 107,684 ounces grading 6.43 g/t using a cut-off grade of 3.0 g/t; Preliminary indications of favourable low stripping ratio; Ramula target lies in the West Kenya Project, 35 kilometres from Isulu-Bushiangala (Liranda Region); Management reviewing an accelerated timeline to full economic assessment.

Sound Energy 1.525p £24.8m (SOU.L)

Sound Energy, the Moroccan focused upstream gas company, announces an extension to the date by which the conditions to its binding gas sale and purchase agreement (the GSA) in respect of the Phase 2 development of the Tendrara Production Concession with Morocco’s state owned power Company ONEE (Office National de l’Electricite et de l’Eau potable) for the sale of natural gas from the Tendrara Concession in Eastern Morocco over a 10 year period are required to be satisfied by a further three months. The terms of the GSA were announced by the Company on 30 November 2021. The GSA remains conditional upon, inter alia: (i) all necessary authorisations and permits having been granted for the construction of the Phase 2 gas installations (ii) the final investment decision, when taken, by the Tendrara joint venture partners, being approved by the Moroccan Ministries of Transition Energy and Sustainable Development and Economy and Finance; and (iii) the entry by the Tendrara joint venture partners of an interconnection agreement with the operator of the GME Pipeline, and the commencement of works, for the connection of the Tendrara Production Concession to the GME Pipeline. Progress has been made in the preparation of pipeline entry agreements, term sheets for financing, approvals and FID and consequently all parties have agreed to a 90 day extension period to the GSA.

Tissue Regenix 0.36p £25m (TRX.L)

The regenerative medical devices company, announces that it has signed an exclusive distribution agreement with Geistlich Biomaterials Italia, a subsidiary company of Geistlich Pharma AG, a global company with a focus on regenerative products for bone, cartilage and tissue, for the distribution of OrthoPure XT in Italy. The OrthoPure XT decellularised xenograft ligament utilises Tissue Regenix’s patented dCell® technology and is the only available non-human biologic graft indicated for certain ligament reconstruction procedures. OrthoPure XT was commercially launched in December 2020 after being awarded a CE Mark for revision of anterior cruciate ligament reconstruction procedures and reconstruction of other knee ligaments, including multiligament and primary procedures when the autograft is unacceptable. The biocompatible implant provides a biomechanically appropriate tissue scaffold for cellular repopulation and eventual regeneration. The multiyear distribution agreement covers Italy currently but also has the potential for extension to wider geographies. As part of the agreement, Geistlich has also committed to advance the clinical science surrounding OrthoPure XT which will be conducted at some of the leading institutions by clinicians in Italy.

Mothercare 11.02p £62.2m (MTC.L)

Mothercare announces that all business in Russia, including shipment of all products has been suspended. Its local partner has confirmed that it will be immediately pausing operations in some 120 stores and online. Russia represents around 20-25% of Mothercare’s worldwide retail sales and was previously expected to contribute around £0.5m per month to Group profit. Mothercare is the owner of the global specialist brand that designs, sources and supplies products across clothing, equipment and other products for parents and young children around the world.

Versarien 22p £42.7m (VRS.L)

The advanced engineering materials group and provider of graphene-enhanced cement admixture, today announces the launch of its “Lunar” lifestyle pods designed with sustainability and innovation at the core. Lunar is Versarien’s first 3D printed concrete product made with Cementene™, Versarien’s graphene-enhanced cement. The launch will see Neill Ricketts, CEO of Versarien, unveil a building printed with Cementene™, at the Company’s production facilities in Longhope, Gloucestershire. Known as Versarien Lunar, this is a milestone project for a 3D-concrete printed product with a graphene additive. The versatile pods can be used as an office, studio, gym, or leisure room. The pod’s wall design shows the level of detail, flexibility and precision that can be achieved with 3D-concrete printing. The launch of Lunar comes at a time where sustainability in construction has never been more scrutinised. The industry accounts for around 8% of global CO2 emissions and would be third for emissions in the world if it were a country, behind only the US and China. Since fewer materials are needed to achieve the same structural performance as ordinary concrete, incorporating graphene into concrete can enable faster completion of buildings, reducing costs and the carbon footprint.

9 March 2022
*A corporate client of Hybridan LLP

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