Hybridan Small Cap Feast

By Master Investor 12 November 2021

12 mins. to read

Joiners: Firering Strategic Minerals (FRG) has joined 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. Raised £4m. Mkt cap £113m.

Leavers: Acorn Income Fund has left the main market following a voluntary liquidation.

Breakfast Buffet

Altona Rare Earths 12.75p £0.2m (ANR.L)

The exploration company focused on the evaluation and development of Rare Earths mining projects in Africa, has appointed Hilton Banda as a Non-Executive Director with immediate effect. Hilton (aged 35) is a qualified geologist and Group Chairman of Akatswiri Holdings Limited in Malawi, the parent company of a number of resources focused companies including, Akatswiri Rare Earths Pvt Ltd, in which the Company acquired a majority interest, on 21 October 2021. Hilton gained his Bachelor of Science in Geology from University of Malawi in 2010. Hilton and his team have commenced the pre-exploration groundwork in the Chambe Basin area, at Altona’s REE mining project in Southern Malawi, through a number of exercises, key amongst them are an environmental initiative for local stakeholders and a Covid-19 education programme, which includes the distribution of protective face masks and hand-sanitisers in local villages, schools and food markets.

In The Style 117.5p £61.7m (ITS.L)

In The Style, the fast-growing e-commerce womenswear fashion brand with an innovative influencer collaboration model, announced the appointment of Sam Perkins as Group CEO, with effect from 17 January. Having led the company for the last seven years, including through its successful IPO earlier this year, Adam Frisby, Founder and CEO of the Group, has taken the decision to become Chief Brand Officer, a newly created Board level Executive Director role with responsibility for developing the Group’s influencer partnerships and the brand’s creative direction. Sam has a successful and proven track record of delivering strategic and commercial success across multichannel and pureplay retailers. He joins In The Style from The Very Group, where he has held the role of Managing Director of the Group’s retail division since 2018 and has helped to drive the company’s transformation from a multi-brand catalogue business to a fast-paced pure-play retailer. Prior to joining The Very Group in 2015 as Group Merchandising Director, Sam held various leadership roles at Tesco PLC and previously held senior roles at Nestle and PepsiCo.

Microsaic Systems 0.18p £11.3m (MSYS.L)

Microsaic announces the addition of a new technology capability to its platform, as part of the strategic transition from equipment only sales to remote detection and analysis of human diagnostics and environmental health monitoring. This latest addition to the platform is expected to launch in H1 2022. Mass Spectrometry (MS) is often considered the gold standard analytical technique for laboratory-based diagnosis. Microsaic’s compact technology allows for MS analysis at the point of need, providing the unique capability to detect a large range of chemical entities in Human Diagnostics and Environmental Monitoring. The latest addition to Microsaic’s platform is the integration of the Company’s compact MS technology with Gas Chromatography and extends Microsaic’s existing applications in Liquid Chromatography.

Northern Bear 59.5p £11.1m (NTBR.L)

Update on trading for the six-month period ended 30 September 2021 from the provider of specialist building services to local authorities, housing associations, NHS trusts, universities, construction companies and national house builders. “Despite the impact of these headwinds on our operations, our Group has traded well in H1 FY22 and we expect to report operating profit, stated prior to amortization and other adjustments (in the format used in our last full year results), in the range of £1.4m to £1.5m for the period (H1 FY21: £0.5m) This would represent an increase on the pre-COVID comparative from H1 FY20 of £1.4m. As at 30 September 2021, the Group had a net cash position of £0.6m.”

Pittards 56.5p £7.3m (PTD.L)

The specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, makes a statement in relation to the developments in Ethiopia. The Board is mindful of the current situation in Ethiopia. At present the Group’s operations in Ethiopia, including the free flow of goods, activities, and people, have not been affected by the situation. The Board is monitoring developments on a regular basis.

Powerhouse Energy Group 5.95p £234.6m (PHE.L)

The UK technology company commercialising hydrogen production from waste plastic, announced its development partner Hydrogen Utopia International PLC (HUI) has signed a framework agreement with Linde Engineering. The framework agreement provides Linde Engineering with a five year exclusivity to supply HUI in HUI’s development of Powerhouse DMG® technology particularly in Poland, Hungary and Greece where HUI holds exclusivity for promotion and marketing of DMG® technology and potentially on the wider European Continent on a project by project basis. It permits Linde Engineering at their discretion to engage on any individual project, from equipment supply through to design and build, and, subject to Chemical Thermal Conversion Chamber supply approval, to a full EPC in the areas of the European Economic Area on any HUI developed project.

Pressure Technologies 98.6p £220m (PRES.L)

The specialist engineering group, provides a trading update for the 52 weeks ended 2 October 2021. The Group expects to report full-year results in line with market expectations. Revenue of approximately £25m (2020: £25.4m) and an adjusted operating loss1 of c.£0.8m (2020: £2.4m loss) reflect a strong performance in defence, nuclear and hydrogen energy markets, offset as expected by the impact of difficult trading conditions in the oil and gas market, supply chain disruptions and the delay of Integrity Management deployments from the second half of the year into FY22 and FY23. Sir Roy Gardner has informed the Company of his intention to step down as Chairman and Non-Executive Director before the next Annual General Meeting in March 2022, considering his other personal commitments. Sir Roy will continue to support the Company in an advisory role.

Quantum Blockchain Technologies 3.5p £32m (QBT.L)

Update on the latest hearing regarding the legal action started by Sipiem SpA, which was subsequently acquired by Clear Leisure 2017, against Sipiem’s previous board and internal audit committee, held before the Venice Court on 10 November 2021. As announced on 28 May 2021, and subsequently on 22 September 2021, the Court rescheduled the hearing to 10 November 2021 and such a hearing was called to verify the correct restart of the proceedings and the discussion over the Court appointed independent expert’s Report. Fixed another hearing for 12 January 2022 to verify that the defendant complied with the aforementioned Court order of disclosure. At the same hearing, the Court will grant further brief terms for the parties to file their specific comments on conclusions reached by the Report and to the Court appointed expert witness to file his replies.

United Oil And Gas 2.6p £16.765m (UOG.L)

Water Intelligence 1,230p £226m (WATR.L)

The multinational provider of non-invasive leak detection and remediation services for both potable and non-potable water, today announces its intention to conduct a placing to raise gross proceeds of at least £10m at a placing price of 1,200 pence per Placing Share. The Placing will be conducted through an accelerated bookbuild process which will be launched immediately following release of the placing announcement. The fundraising will be used to accelerate the Company’s growth strategy of building a “One-Stop-Shop” water infrastructure platform. Proceeds will primarily be used for the continued re-acquisition of American Leak Detection (ALD) franchises. The Company may also use a portion of the proceeds for bolt-on acquisitions and to finance additional training centres.

What’s cooking in the IPO kitchen?

Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to join AIM. The Directors have a high degree of confidence in the Group achieving no less than £52m of revenue, £21.5m of Adjusted EBITDA for FY21 Due 23 Nov. Offer TBA.

Atrato Onsite Energy, a new closed-ended investment company established to invest in a diversified portfolio of onsite renewable energy assets to join the Main Market (Premium). Targeting a £150m raise. Due by 23 Nov.

Eneraqua Technologies to join AIM. The Group is a specialist in energy and water efficiency. The principal activity of the Group is the provision of turnkey solutions for decarbonisation through heating and hot water systems for multiple occupancy social housing and commercial projects. Capital to be raised on Admission: £12m primary and £8m secondary. Anticipated Mkt Cap on Admission: £92.0m. Due 22 Nov.

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 December.

PYX Resources Limited, a producer of premium zircon, to dual list on the Main Market (Standard), a producer of premium zircon. The Company is currently listed on the National Stock Exchange of Australia, (NSX:PYX), which will remain its primary listing. Due 15 Nov, Mkt Cap c.£358m.

Foresight Sustainable Forestry Company to join the Main Market (Premium), an externally managed investment company that will invest in UK forestry and afforestation assets. Raising up to £200m. Due 24 Nov.

ATOME headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. 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.

Life Science REIT to join AIM raising up to £300m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties. Due 19 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 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.

Pantheon Infrastructure to join the Main Market (Premium). PINT will make investments in private infrastructure assets. Due 16 Nov, raised £400m.

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 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. Due Mid Nov. Offer TBC.

*A corporate client of Hybridan LLP

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