Hybridan Small Cap Feast

Joiners: Bens Creek Group (BEN.L) has joined AIM. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The mine’s operations are located primarily in Mingo County, West Virginia. The mine includes a wash plant and rail loading facility located on the freehold land. Capital to be raised on Admission: £7m. Anticipated Mkt Cap on admission: £35m.

Leavers: Vectura has left the Main Market following a takeover.

Banquet Buffet

Cyanconnode 11.5p  £25.3m (CYAN.L)

The specialist in  Narrowband Radio Frequency (RF) Smart Mesh Networks, announces that John Cronin, Executive Chairman of CyanConnode, will be speaking at the above event at the India Global Forum (IGF) event, which will be focussed on UK India business relations, on Thursday, 21 October 2021.’Quantum Leap’ is the phrase used by Prime Minister Modi in expressing his ambition for the UK India partnership following his virtual summit in May with his UK counterpart, Boris Johnson. IGF is the agenda-setting forum for international business and global leaders. It offers a selection of platforms that international corporates and policymakers can leverage to interact with stakeholders in their sectors and geographies of strategic importance.

Harland and Wolff 23.5p  £28.6m (HARL.L)

Harland & Wolff (Arnish) has been awarded a contract for the fabrication of four suction piles for a sub-sea template of an energy project in the Black Sea. Whilst the contract is small, relative to the recent Saipem award and forms part of the Company’s expected pipeline for this year, the Board believes that this key win validates the Company’s strategy of getting its Arnish facility into a state of operational preparedness for the wider renewables sector in the UK.

itim Group 126p  £39.3m (ITIM.L)

The SaaS-based technology company that enables store-based retailers to optimise their businesses, has launched Chameleon 360 as a stand-alone product, which the Directors understand is one of the most powerful Omni-channel store solutions that combines full Omni-channel capabilities at point of sale. Chameleon 360 is an Omni-channel store-centric solution that combines full Omni-channel capabilities at POS, with in-store mobile apps, consumer apps, fully integrated with ecommerce platforms. The 360 platform, which is currently being rolled-out to many of itim’s clients, is a complete store-based CRM with full access to a single view of customers both in-store and online, allowing stores to re-engage with their local communities.

Lexington Gold 3.8p  £9.936m (LEC.L)

The gold exploration and development company with projects in North and South Carolina, USA announced that drilling operations have commenced on its 5,000m Reverse Circulation drilling programme. As announced on 25 August 2021, the drilling programme will consist of a minimum of 5,000m of RC drilling across both the Carolina Belle Project and Jones-Keystone-Loflin Project (both the Loflin and Jones-Keystone deposits). Drilling has now commenced initially on the Carolina Belle Project. Bernard Olivier, Lexington Gold’s CEO, commented: “We are excited to have commenced our latest 5,000m RC drilling campaign. The exploration drilling campaign at Carolina Belle will include drilling down-dip and along strike from the historic Iola and Uwarra gold mining operations, drill testing other historical gold workings, as well as drill testing of anomalies identified through geophysics and surface sampling. Drilling at JKL will aim to expand the maiden resource estimate recently established for Loflin, establish a maiden resource estimate for Jones-Keystone and drill test additional targets in the JKL project area. We look forward to updating the market as drilling progresses and results are received over the coming months.”

Providence Resources 3.2p  £31.2m (PVR.L)

Providence Resources announces that Alan Linn, Chief Executive Officer and Director, is stepping down from the Board, and all subsidiary companies with effect from October 18th, 2021. Alan Linn commented:
“I have decided to step down from the Board to devote more time to my other business interests. Following the recent strategic decision by the Board to take the management and financing of the Barryroe project in-house, this is the opportune time to hand over to new leadership. Providence is now well placed to progress the Barryroe project. My thanks to colleagues for their support through a challenging period in the development of the company.” James Menton, Chairman commented: “The Board and staff join me in thanking Alan for his commitment and service to the company since his appointment in January 2020 and wish him every success in the future.” The Providence Board will immediately commence a search for a new Chief Executive Officer. In the intervening period, James Menton will assume the role of Executive Chairman.

Semper Fortis Esports*  1.91p  £7.94m (SEMP.L)

The esports company focused on establishing esports teams, forming brand and technology partnerships, and providing business to business advisory services, announces its unaudited half-yearly results for the six months ended 31 July 2021 and provides an update on significant post-period events. The Company successfully listed on AQSE raising £2.55m gross proceeds. Loss before tax of £0.65m which included professional fees in relation to the AQSE listing; investment in Esports teams, and general operating costs. Cash at bank as of 31 July 2021 was £1.77m (£73,158 as of 31 January 2021).  In May 2021 the Company announced that Mr Dominic Calvert-Lewin and Mr Harry Maguire had been appointed as brand ambassadors. The Semper team finished in 3rd position in its inaugural season in the 2020/21 Rocket League European Championship Series.  Post period the Semper team was awarded a slot on the affiliate program with Psyonix (the developer and publisher of Rocket League) enabling the Company to provide digital Semper goods that end users may purchase from the Rocket League esports store.  Post period the Company signed new players enabling the Company to compete and create content in four new games: FIFA, Fortnite, Hearthstone and Axie Infinity. Keith Harris, Chairman of Semper Fortis Esports, added: “We look forward to the new season in Rocket League and building on the previous successes of our SMPR team as well as increasing engagement with our followers and continuing to grow our overall audience reach through the combined platforms of Semper, its pro-players, content creators and Ambassadors which now amounts to 11.3m.”

Scancell Holdings 22p  £179.35m (SCLP.L)

The developer of novel immunotherapies for the treatment of cancer and infectious disease, has expanded its R&D capabilities by taking new laboratory and office space in the Bellhouse Building at The Oxford Science Park (TOSP), one of the UK’s leading parks for science and technology companies. The new premises, which are complementary to Scancell’s laboratories in the Biodiscovery Institute at the University of Nottingham, will allow the Company to further accelerate the development of its portfolio of immunotherapies. Scancell, which raised £46m last year to drive its pipeline through clinical trials, is now working from 1,900 sq ft of laboratory space and 1,800 sq ft of office facilities at TOSP. Scancell currently employs just over 40 staff, of which approximately half are located in the new premises and plans to recruit additional people to its clinical and product development teams in the next 12 months.

Ten Lifestyle Group  92.5 £77.22m (TENG.L)

The  technology-enabled, global concierge platform for the world’s wealthy and mass affluent updated on progress in its travel business. Both the total value and total number of travel bookings over the four months to end September 2021 have reached the same levels as the same, pre-pandemic period, in 2019. Whilst bookings are now back to 2019 levels, commission levels in the four month period are 30% above the levels of 2019, largely due to the impact of a change in mix led by more hotel bookings, and fewer lower margin flights. To help manage increased demand, Ten is recruiting travel experts today in multiple geographies around the world. Details can be seen at www.tenlifestylegroup.com/careers. A paper on the change in travel habits can be found at https:// tenlifestylegroup.com/what-ten-does/case-studies/. The extra revenue for the travel business is incorporated within the Group’s existing growth plan, rebounding from the effects of the pandemic, accordingly the Group continues to trade in line with the board’s expectations.

Tekcapital 32.5p  £42.5m (TEK.L)

Innovative Eyewear Inc., a U.S. operating subsidiary of its portfolio company Lucyd Ltd, submitted a draft registration statement on a confidential basis with the U.S. Securities and Exchange Commission for a proposed initial public offering of shares of its common stock in the United States. Tekcapital currently owns 100% of the share capital of Lucyd Ltd and approximately 80% of the share capital of Innovative Eyewear, Inc. The number of shares of common stock to be sold and the price range for the proposed IPO have not yet been determined. Innovative Eyewear intends to commence the IPO following completion of the SEC review process, subject to market and other conditions. At this stage there can be no certainty on the IPO proceeding nor the terms or timing of the IPO. Further announcements will be made, as required, in due course.

Tremor International 703p  £1.1bn (TRMR.L)

The specialist in Video and Connected TV (‘CTV’) advertising, announces the strategic acquisition of Spearad, a global CTV Video ad server and media management platform purpose-built for broadcasters and TV content companies to deliver seamless TV-like experiences in CTV and Over-the-Top (‘OTT’ ) environments, with the same advanced controls and capabilities of linear TV. The consideration for the Acquisition is $14.7m. Spearad’s ad server technology will be integrated into Tremor’s Unruly SSP, enabling CTV header bidding, channel inventory and ad pod management – complementing the Company’s existing robust end-to-end technology stack, which also includes the Tremor Video DSP.

What’s cooking in the IPO kitchen?

Gymshark has started to put together plans for a stock market listing according to City A.M. The company hit a £1bn valuation just over a year ago and boasts customers in more than 130 countries. Gymshark was founded by teenager Ben Francis in 2012 in his parents’ garage with products that appeal to Gen Z consumers. Timing TBA

Rubix Group Holdings, the market leading pan-European distributor of industrial maintenance, repair and overhaul products and services  is considering an initial public offering Main Market (Premium).  In the six months ended 30 June 2021, Rubix generated Revenue from Ongoing Operations of EUR1,312m and Adjusted EBITDA of EUR123m (9.4% Adjusted EBITDA Margin from Ongoing Operations), an increase of 10.6% and 19.3% compared to the six months ended 30 June 2020, respectively. Raising proceeds equivalent to approximately EUR850m, and additionally may also include the sale of existing ordinary shares by current shareholders. Timing TBA

Firering Strategic Minerals to join AIM, a holding company for a group of exploration and development companies set up to focus on developing assets towards the ethical production of critical metals. The Company’s portfolio of assets is located in Côte d’Ivoire and contains projects that the Directors believe to be prospective for lithium and columbite-tantalite. Due Early Nov. Offer TBA

Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company’s investment objective is to provide investors with an attractive and sustainable level of income returns, with the potential for capital growth, by investing in commercial scale energy storage  and renewable energy generation projects, with an initial focus on a diversified portfolio of battery energy storage systems located in Great Britain. The Company has contracted with Tesla Motors Limited in respect of its initial portfolio of battery storage projects, to be acquired on IPO, which will benefit from Tesla’s 2-hour duration Megapack systems and Autobidder AI revenue optimisation platform. Due Early Nov.

Stelrad Radiator Group,  the specialist manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey, is considering an IPO on the Main Market (Premium). Potential secondary and primary (c.£25m) offer. Timing TBA.

Pantheon Infrastructure to join the Main Market (Premium). PINT will target attractive risk-adjusted total returns comprising capital growth and a progressive dividend through making equity and equity-related investments in private infrastructure assets alongside other leading private asset investment managers. Due Mid Nov.

Quantum Exponential to join AQSE. The Company intends to identify investment opportunities in the quantum technology sector primarily in the NATO allied countries. The Company has identified over 175 start-ups which potentially meet their investment strategy with a focus on seed funding for start-ups with second stage funding plans in preparation. Offer and timing TBA.

Pod Point, one of the United Kingdom’s leading providers of Electric Vehicle charging solutions is considering a Main Market (Premium) listing. As at 30 June 2021, Pod Point had installed more than 89,000 home charge points and over 13,000 commercial units, including those located at workplaces and destination locations (such as shops and leisure attractions).  Timing and offer TBA.

Tungsten West to Join AIM. Tungsten West is the 100% owner and operator of the historical Hemerdon tungsten and tin mine located near Plymouth in southern Devon. Hemerdon represents the world’s third largest tungsten mineral resource, with a JORC (2012) compliant Mineral Resource Estimate of approximately 325Mt at 0.12 WO3.  Capital raised on Admission: £39m. Anticipated Mkt Cap: £106.2m. Expected 21 Oct.

Softline  the global solutions and services provider in digital transformation and cybersecurity, with its headquarters in London, is considering proceeding with a potential initial public offering of global depositary receipts representing its ordinary shares. The Company is considering applying for admission of the GDRs to the standard listing segment of the Official List of the FCA and to trading on the Main Market for listed securities and on Moscow Exchange.  The Group had a turnover of US$1.8 bln for the year ended 31 March 2021, employs c.6,000 people globally, and operates in more than 50 countries across emerging markets.  Primary proceeds from the Offer are expected to be around US$400m. Due Late Oct.

Marks Electrical, a fast growing online electrical retailer, announced its intention to proceed with an initial public offering and to seek admission to trading on AIM. Marks Electrical sells, delivers, installs and recycles a wide range of household electrical products.  In the year to 31 March 2021 revenue grew to £56m, up 78% against the previous financial year, while EBITDA increased to £7.45m, at a 13.3% EBITDA margin. The Group has made a strong start to its current financial year to 31 March 2022, with revenue growth of 78% in H1 FY2022, versus 47% growth in H1 FY2021.  Offer TBA Admission is expected to take place in late October 2021.

Future Metals NL (ASX:FME) (formerly named Red Emperor Resources NL) to join AIM. No funds being raised. Future Metals is a platinum group metals exploration and development company that holds a 100% interest in the Panton PGM Project in Western Australia. The Panton Project comprises 3 granted mining leases (M80/103, M80/104 and M80/105), which cover an area of approximately 23km2 and are located 60km north of Halls Creek and 1km from the Great Northern Highway, in the East Kimberly region of Western Australia. The Panton Project has a JORC (2012) Mineral Resource Estimate of 14.3Mt at 2.19g/t platinum, 2.39g/t palladium, 0.31g/t gold, 0.27 per cent. nickel and 0.08 per cent. copper. Due mid October. Mkt cap c£35.8m.

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.

Castlenau Group to join  the Specialist Fund Segment of the LSE’s Main Market. Castelnau was incorporated with limited liability in Guernsey under the Companies Law on 13 March 2020 as a closed-ended company limited by shares. The Company’s investment objective is to compound shareholders’ capital at a higher rate of return than the FTSE All Share Total Return Index over the long term. The Company is targeting an issue in excess of £170m. Sir Peter Wood, British entrepreneur and innovator, has committed to make a cornerstone investment of £25m  in the Initial Placing. Due late Oct.   

Responsible Housing REIT to join the Main Market (Premium) raising up to £250m. The Company’s investment objective is to generate a consistent and sustainable income-based return from the provision of Supported Housing accommodation assets and aligned sectors. The Company will acquire and create quality, fit-for-purpose accommodation assets to cater for supported residents across a number of care sectors including adults and young people with learning disabilities, mental health issues, physical disabilities, addiction, those with support needs, those in need of temporary accommodation, the elderly and otherwise vulnerable individuals.

Central Copper Resources, a company focused on delivering a high grade copper project into production and exploration of assets in the Democratic Republic of the Congo (DRC) and in the Republic of Zambia to join AIM. By 2022, CCR intends to be ready to commence the project financing of its Mbamba Kilenda copper project. It pushed back its AIM float on 30^th September from end September to late October. The amount to be raised is still yet to be confirmed.