Hybridan Small Cap Feast

Joiners: Tungsten West (TUN.L) has joined 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.

Future Metals NL (ASX:FME, FME.L) (formerly named Red Emperor Resources NL) had joined 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.  Mkt cap c£35.8m.

Leavers: Augean and Tiziana Life Sciences have left AIM.

Banquet Buffet

Alumasc Group 222.5p  £80.4m (ALU.L)

AGM update from the premium sustainable building products, systems and solutions group. “It is pleasing to report that, following the excellent set of full year results published in September, trading during the first quarter of our current financial year has continued at a good pace, much as expected. While the pent-up demand from lockdown, present in the prior year, has been absent, demand for our products has remained at a healthy level, with physical considerations such as transport frequently proving to be the restraining factors. However, despite the strength in demand, current trading in the construction industry, and industry more generally, continues to be far from normal. It is well documented that the prices of many materials, such as building products and metals, and energy have risen sharply, frequently due to shortages in supply following Covid related actions. These cost increases have largely been accepted by customers but discourage certain projects from commencing on the new, higher cost base.” The Board does not expect the macroeconomic challenges to alleviate in the short term but has confidence in the Group’s resilience and agility and the strength of its product and service offering.  Accordingly, it remains confident of another strong year and trading continues in line with the Board’s expectations.

Attraqt 36.5p  £73.5m (ATQT.L)

The provider of online search, merchandising and personalization solutions for ecommerce, provided a trading update covering the three-month period ended 30 September 2021 (Q3 FY21). Following the progress made both financially and strategically in H1 2021 the Company has seen momentum continue into the second half of the financial year. In Q3, the Company secured almost £1m worth of ARR through new contract wins, facilitated by AI Search, with a leading international jewellery firm, a luxury & designer watch shop, and a major FTSE 250 listed retailer. This further demonstrates the increasingly competitive nature of Attraqt’s product set and its ability to capitalise on the structural shift of retailers and brands prioritising investment in online channels, customer experience and platform optimisation. The Company’s partnership strategy, a major strategic focus, has continued to deliver strong results. Following the native integration with BigCommerce in September, the Company has seen a number of native integrations go live through this channel. This enables any Big Commerce merchant to deploy Attraqt’s search and merchandising tools along with recommendations and personalisation to their storefront without any integration effort. The Board expect that the Full Year performance will be in line with expectations.

Blackbird 32.75p  £111m (BIRD.L)

The technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, today launched its core technology licensing solution, ‘Powered by Blackbird’, to enable advanced cloud native functionality and drive major efficiencies for video companies. The news comes after the Company announced a 5-year technology licensing deal with a global broadcast company last month.

Ceres Power 1135p  £2,163m (CWR.L)

The specialist in fuel cell and electrochemical technology, has appointed Eric Lakin as Chief Financial Officer (CFO). Eric is expected to join the Company and the Board of Directors in January 2022.  Eric has a proven track record in industrial, engineering and technology sectors with extensive experience in building and managing global, multi-disciplinary finance teams through periods of significant change. He joins Ceres from Smiths Group plc, the FTSE100 engineering group where he has spent the last 10 years and he was latterly CFO of Smiths Interconnect, a £330m revenue industrial technology division with R&D and manufacturing locations across multiple countries.

Driver Group 55p  £28.7m (DRV.L)

Trading update from  the global professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services. The Board can confirm that it expects to report underlying PBT for the financial year in line with market forecasts and a healthy net cash position at 30 September 2021 of £6.5m. During 2021 Driver Group has continued to manage the impact of Covid-19 on its activities in the markets in which it operates. This was reflected in overall business performance in H2, which was broadly consistent with the first half, with a continued strong performance in the UK and Europe offset by a weaker result in the Middle East and Asia Pacific regions. However, the overall result masks a material improvement in activity levels and in underlying PBT during Q4, as a result of which Driver Group enters the new financial year with renewed positive momentum.

Oracle Power 0.46p  £m (ORCP.L)

Oracle Power announced the appointment of Dr Naveed Akhtar as an adviser on hydrogen technology, following Oracle’s recently announced non-exclusive co-operation agreement with PowerChina International Group Ltd, with the aim of jointly developing a green hydrogen production facility in Pakistan. Dr Akhtar is an expert in the hydrogen energy / fuel cells field with more than 20 years’ experience . Dr Akhtar   is the founder and CEO of Hy-Hybrid Energy Limited, a specialised fuel cell service provider which advises hydrogen application businesses across Europe. Dr Akhtar will join the Company on an advisory basis as Chief of Technology – Hydrogen , a non-Board position, as Oracle progresses its hydrogen strategy in Pakistan with PowerChina.

Reabold Resources  0.19p  £16.5m (RBD.L)

Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, announced the signing of a conditional equity exchange agreement between Daybreak Oil and Gas Inc., a US OTC traded oil and gas operator with assets in California. The Transaction will result in Reabold becoming a major shareholder of Daybreak via the issuance of new Daybreak shares to Reabold, in exchange for Daybreak acquiring Reabold California LLC, Reabold’s subsidiary which holds, inter alia, Reabold’s licence interests in California. Sachin Oza, co-CEO of Reabold, commented: “This transaction creates liquidity for Reabold and forms a new, cash flow producing business with the skills and capability to capitalise on growth opportunities from its existing portfolio, and attractive acquisitions presented by the market dynamics in California.” “Our Californian portfolio has been a significant deliverer for Reabold, with 5 discoveries over 5 wells since we began our drilling program. With a dedicated management team with significant in-state expertise now at the helm, we look forward to the next phase of its development as a large shareholder.”

Solid State 1222.5p  £104.6m (SOLI.L)

The specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces a trading update for the six months to 30 September 2021. Solid State expects to announce revenues for the Period of approximately £39m (2020: £33.1m) and adjusted profit before tax for the Period of approximately £3.25m (2020: £2.55m), reflecting strong underlying trading and the contributions from the Willow and Active Silicon acquisitions made in March 2021, which have exceeded management’s expectations. The Board is confident that the Company will meet adjusted profit before tax consensus expectations for the year. There is potential upside in the second half of the year, delivery of which is dependent upon careful management of the constraints imposed by supply chain challenges.

Tintra 97.5p  £12.4m (TNT.L)

Further to the announcement of 1 October 2021, the board of directors of Tintra announced that the Company has entered into heads of terms with Sterling Management Centre Ltd in respect of the sale of certain assets of Prize Provision Services Limited. The Buyer (www.sterlinglotteries.co.uk) is a market leader in the lottery space and an external lottery manager registered with the Gambling Commission with over 30 years’ experience in running lotteries, raffles, and other charitable gaming and prize-led fundraising activities on behalf of charities, good causes and organisations within the UK. The total consideration  for the sale of the Lottery Administration Business will be in the range of £0.25m to £0.6m contingent on a number of factors, some of which form part of matters still to be determined during final negotiation. As part of the heads of terms, the Company will receive from the Buyer an initial cash consideration. In addition to the Initial Consideration, the Company will receive a percentage of the Lottery Administration Business’ sales annually for three years from the date of completion.

Water Intelligence 1210p  £222m (WATR.L)

The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water provided a trading update for the nine months ended 30 September 2021. The Group continues to perform strongly and by the end of Q3, has surpassed full year 2020 results for revenue, profits and EBITDA.  Profit for full year 2021 is now expected to be at the upper end of consensus analyst estimates.

What’s cooking in the IPO kitchen?

Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL), the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due  to complete its dual listing on AIM on 25 Oct.  Market cap c£13.1m.

Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie ‘Publisher of the Year 2021’ by GamesIndustry.biz. Offer TBA. Due early Nov.

Life Science REIT to join AIM  raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure to an attractive and growing real estate sector. Due mid  Nov.

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 November.

Nu-Oil and Gas  to acquire Guardian Maritime Ltd and Guardian Barriers IP Ltd 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. Subject to shareholder approval, admission will take place during Q4 2021. The Company will change its name to Guardian Global Security plc.

ProCook, the UK’s leading direct-to-consumer specialist kitchenware brand, is considering applying for admission of the Shares to the Main Market (Premium). ProCook’s revenue grew by 37% to £53.4m in FY21 (ending 4 April 2021), with Adjusted EBITDA growing by 246% to £13.3m in the same period. Timing TBA

Silverwood Brands, an investing company established to identify investment opportunities including, but not limited to, in the foods, organic food, wellness, lifestyle and leisure sectors, targeting admission on  the to join the AQSE Growth (Access). Due November 2021. Offer TBA.

Kasei Holdings, a technology specialist investor that focuses on cryptocurrencies and blockchain technologies, due to join the AQSE Growth Market 27 Oct. No funds being raised.

Following the previously announced intention to demerge trading on the London Stock Exchange plc’s Main Market on 2 November. Cash Hostmore plc from Electra Private Equity PLC, Hostmore announces that, subject to approval by Electra shareholders, it is expected that the Demerger will be completed and the Hostmore shares will be admitted to the Premium Segment of the Financial Conduct Authority and to generated from operations over the 3 complete months following the resumption of indoor dining in England on 17 May 2021 (i.e. June to August 2021) was £12.5m. Hostmore is a growing hospitality business with its current operations focused on the American-themed casual dining brand, Fridays, and the cocktail-led bar and restaurant brand, 63rd+1st.

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. Early Nov.

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.

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 early Nov 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.

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.