Hybridan Small Cap Feast

18 mins. to read
Hybridan Small Cap Feast

Joiners: Skillcast (SKL.L) has joined AIM. Skillcast provides software and content subscriptions and related professional services to enable companies to implement their staff compliance and training obligations.  Total capital to be raised on Admission £4.5m, o/w Primary funds £3.5m and Secondary funds raised for selling shareholders £1.0m. Anticipated Mkt Cap on Admission: £33.1m.

Hydrogen Future Industries plc (AQSE:HFI), a Special Purpose Acquisition Vehicle (SPAC) formed to identify investment and acquisition opportunities within the Hydrogen Economy, announced that trading in its ordinary shares will commence on the Aquis Stock Exchange Growth Market. The Company has been admitted to the Access Segment of AQSE following a successful completion of a fundraise of GBP 2,230,000.

Leavers: No Leavers Today.

Banquet Buffet

ADM Energy* 0.98p  £1.99m (ADME.L)

The natural resources investing company, notes that Panoro Energy ASA (OSE Ticker: PEN), an independent exploration and production company, and PetroNor E&P Limited (OSE Ticker: PNOR), an independent oil and gas exploration and production company with a focus on production, development and exploration assets across sub-Saharan Africa, have agreed to further extend the long-stop date for Panoro to sell 100% of its interest in OML 113 to PetroNor. In an announcement from PetroNor on 30 November 2021, PetroNor stated: “The long-stop date was extended to the 30 November 2021 per the announcement on 30 October 2021. However, the process of obtaining statutory government approvals continues to take longer than expected. As such the company and Panoro have agreed a further one-month extension to the long-stop date. The amended long-stop date to complete the transaction is now 31 December 2021. All other terms and conditions of the transaction remain unchanged.” ADM Energy holds a 9.2% profit interest in the Aje field in OML 113, which covers an area of 835km2 offshore Nigeria. Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date. It currently has two producing wells, Aje-4 in the Cenomanian and Aje-5 in the Turonian.

AFC Energy 50.6p  £371.7m (AFC.L)

The provider of hydrogen power generation technologies, announced a milestone achievement set to unlock adoption of Ammonia and high energy dense alkaline fuel cell technology in the multi-billion-dollar effort to decarbonise the global maritime industry. The ZeroCoaster programme is sponsored by the Norwegian Government and led by global shipping design and build partner Vard Engineering Brevik AS (VARD). Objective is to design next generation coastal cargo ships to accelerate the transition to zero-emission shipping solutions. To meet 2030 decarbonisation targets for the shipping industry, Norway alone is expected to require 1,100 zero or low emission ships, including 450 bulk carrier cargo ships of the type envisaged by ZeroCoaster. AFC Energy began work with VARD, ABB and ZeroCoaster partners in June 2021 to design and engineer a modularised bulk carrier cargo ship propulsion system fuelled with green ammonia. The technology chosen for the ship’s 1.2MW power requirement was AFC Energy’s new “S” Series heavy duty marinised platform which is expected to host 2 x 600kW of alkaline fuel cell systems plus ammonia cracking technology within modular 40ft containers. VARD will now commence commercial discussions with prospective customers for the purchase of new ammonia fuelled ships, featuring AFC Energy’s marinised fuel cell and cracker module.

Chariot 6.85p  £43.6m (CHAR.L)

The Africa focused transitional energy company, announced that the Stena Don drilling rig has commenced its mobilisation to Morocco. Chariot has contracted this rig to conduct drilling operations on the Anchois gas field within the Lixus licence, offshore Morocco, with operations anticipated to commence in mid-December 2021. Adonis Pouroulis, Acting CEO of Chariot, commented: “We are excited for drilling operations to get underway at Anchois and we look forward to keeping the market updated on developments as appropriate.”

ECO Animal Health Group 160p  £108.4m (EAH.L)

ECO Animal Health Group plc, a leader in the development, registration and marketing of pharmaceutical products for global animal health market, announced the appointment of Tracey James as a Non-Executive Director with immediate effect. Tracey is a Chartered Accountant who has spent 26 years with Grant Thornton UK LLP, with the last 14 years as an Audit Partner. Tracey was a member of Grant Thornton’s Oversight Board and also served on the Audit & Risk and Pensions Committees. She was also previously Finance Director of Karl Storz Endoscopy Canada (1999-2000). Tracey is currently a Non-Executive Director and Chair of the Audit Committee at specialist Engineering and Technology recruitment solutions business, Gattaca plc.

Edenville Energy 23.5p  £5.1m (EDL.L)

Update regarding the Company’s Rukwa Coal Project in southwest Tanzania for the month of November 2021, as it continues to ramp up production. November 2021 highlights: 80% Increase in Run of Mine (ROM) coal production from October 2021 level. 10% Increase in washed coal production from October 2021 level. Approximately 1,000 tonnes of washed coal sales. Orders of 3,600 tonnes of coal for December 2021 delivery confirmed from two largest customers.

Galantas Gold 22.5p  £17.1m (GAL.L)

New geophysical surveys near the Cavanacaw Gold Mine at the Omagh Project in County Tyrone, Northern Ireland, indicate the potential presence of gold-bearing structures as can be seen here http://www.rns-pdf.londonstockexchange.com/rns/8705T_1-2021-11-29.pdf. According to Consulting Geophysicist Graham Reid of BRG Ltd., the anomalies most likely represent fault structures in the bedrock. There is no evidence that they are caused by variation in the overburden. The local and regional bedrock stratigraphy is oriented east-north-east at a high angle to the anomalies. In contrast, the known Cavanacaw vein systems all have a northerly orientation within 20 degrees of each other. Technical literature on other occurrences indicate that high resistivity can be caused by pore water and strong wall-rock alteration, both of which are observed underground in the wall rocks of the Joshua and Kearney veins. It is therefore most likely that high residual resistivity anomalies represent fault zones which potentially host the gold veins at Cavanacaw.

Jadestone Energy 80p  £371m (JSE.L)

The independent oil and gas production company focused on the Asia-Pacific region announced that a gas sales agreement  (GSA) for the Akatara field, located within the Lemang production sharing contract (PSC), was signed today at an industry conference in Indonesia. Paul Blakeley, President and CEO commented: “Reaching this key milestone less than 12 months after closing the acquisition of our original stake in the Lemang PSC is testament to the hard work, rigour and focus of the Jadestone team, and they should be proud of what they have achieved.  I would also like to thank the Indonesian Government and the gas purchaser PLN for their positive approach during the GSA negotiations. “The development of the Akatara gas field will not only displace coal in Indonesia’s energy mix, thereby assisting the transition to a lower carbon economy, but will also deliver LPGs for domestic use in the local market. Once onstream, Akatara will support our growth strategy, while at the same time increasing the proportion of gas in our production mix. Fixed-price, low-opex gas production provides a balance to our existing oil assets, and has the added benefit of reducing the GHG emissions intensity of the Company’s operations. Signature of the GSA is the key commercial hurdle for the project and increases our confidence in taking a final investment decision for the project in the first half of 2022, with production expected onstream in the first half of 2024.”

Lexington Gold 3p  £7.84m (LEX.L)

The gold exploration and development company with projects in North and South Carolina, USA, announced that its maiden drilling programme at the Carolina Belle Project has now been completed, and the drill rig moved to the Jones-Keystone-Loflin Project (JKL). The reverse circulation (RC) drilling programme at Carolina Belle forms part of the Company’s larger ongoing 5,000m RC drilling programme.  A total of 32 drill holes for an aggregate of 2,630m were drilled at Carolina Belle. Includes two additional drill holes at Carolina Belle than originally envisaged due to highly encouraging visible observations from the RC drill chips. Detailed logging and sampling of all the holes has been completed and several intersections containing quartz veining, sulphides and alteration were noted.  A total of 738 samples comprising of 4 metre sample composites as well as standards, blanks and duplicates have been dispatched to SGS Canada’s Vancouver based laboratory for gold assaying as well as whole-rock geochemistry analyses. No amended timeline has been received from SGS for the first batch of samples previously submitted such that initial assay results are still expected to be received between mid-December 2021 and mid-January 2022.

Mobile Tornado 1.92p  £7.29m (MBT.L)

The leading provider of instant communication mobile solutions to the enterprise market, announces that the Company has received notice from its customer in Canada that the Customer will not be renewing its contract with the Company, effective from 31 December 2021. Mobile Tornado remains in discussions with the Customer about the possibility of extending or amending the contract, however there can be no guarantee that this will be successful. As reported in the Company’s half yearly report, announced on 29 September 2021, the Company has experienced some churn in the number of licenses from this Customer. Together with those contracted professional services and support revenues, the Customer will account for approximately £500k of Group revenue for the financial year 2021. The cancellation of this contract will not impact the Groups results for the year ending 31 December 2021 and the Company expects to provide a year-end trading update in January 2022.

Springfield Properties 144p  £147.4m (SPR.L)

The housebuilder in Scotland delivering private and affordable housing announced the conditional acquisition of Thistle SPV2 Limited, the owner of Tulloch Homes, an Inverness-based housebuilder focused on building high-quality private housing in the Scottish Highlands, for a net consideration of £56.4m. The Company also announces a proposed placing of 15,714,286 new ordinary shares at a price of 140 pence per Placing Share to raise gross proceeds of £22.0m. The net proceeds of the Placing will be used to re-finance part of the initial cash consideration of the Acquisition.

What’s cooking in the IPO kitchen?

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 and Capital to be raised TBC. Expected admission date Mid Dec.

Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly office space, a c1,100 space car park and commercial retail spaces that include a Tesco Metro unit on the ground floor. The Capital Building is 82% let with a weighted average unexpired lease term of 22 years (based on space currently let) to five tenants, including a Government-backed entity and a global insurer. Timing tbc, early 2022.

Homes for People – HOPE plc – is drawing up plans to list on the specialist real estate exchange IPSX. HOPE said it had identified a pipeline of suitable homes that it would seek to acquire after its fundraising of £150m. HOPE believes its ability to offer inflation-linked rental income, which will be distributed to investors on a quarterly basis, will prove attractive. Timing tbc, early 2022.

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.

RentGuarantor Holdings PLC provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector. The rent guarantee service is an online service where applications can be managed on a secure and bespoke digital platform designed and built by RentGuarantor Holdings PLC. Due to join the Aquis Stock Exchange on 8 Dec.

Windward to join AIM. Windward is a leading predictive intelligence company, fusing artificial intelligence (AI) and maritime expertise seeking to digitalise the global maritime industry. As at 30 September 2021, the Company had 120 permanent employees and had an annual contract value of US$19.7m, with 99 per cent. of the revenue being subscription based. Offer TBC. Due 6th Dec.

Ondine Biomedical to join AIM. Ondine Biomedical Inc. is a life sciences company, incorporated in Canada, focusing on the development of photodisinfection-based therapies to provide solutions to drug-resistant infections. Capital to be raised: £22.2m ($30.0m). Anticipated Mkt Cap on Admission at the placing price: £103.9m ($140.1m). Due 6 Dec.

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.

4GLOBAL to join AIMa London based software, data and services sport and health company. Capital to be raised £4m. Anticipated Mkt Cap £24m. Due 7th  Dec.

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.

*A corporate client of Hybridan LLP

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