Hybridan Small Cap Feast

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Hybridan Small Cap Feast

Joiners: RentGuarantor Holdings PLC has joined the AQSE Growth Market. The Company  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. Raise of £125k, Mkt Cap £22.5m.

Leavers: No Leavers Today.

Banquet Buffet

AdEPT Tech Group 99.4p  £307.3m (ADT.L)

One of the UK’s leading independent providers of managed services for IT, unified communications, connectivity, and voice solutions, reports that Datrix, a leading Smart Infrastructure and Cyber Security solutions provider which the Group acquired in April 2021, has secured a strategically important contract with a leading global financial services business. The managed services cyber security package is worth £1m to AdEPT over the next three years and is the second international contract to be secured by the recently acquired business. This follows the success in June, when Datrix won a pan-European contract with Yesss Electrical to deliver a fully managed and highly secure SDWan service.

Agronomics 21.8p  £174.3m (ANIC.L)

The leading listed investment company focused on the field of cellular agriculture announced that its portfolio company  The EVERY Company has closed its oversubscribed US$127.5m Series C Round by raising a total of US$175m. Agronomics participated in this round on the 4 November, when it announced its US$8m investment and based on this revised Series C Round its investment will equate to an interest of 1.28%. This equates to an estimated portfolio weighting based on the Company’s last reported Net Asset Value of 5.6%. EVERY is a leading precision fermentation company with a key focus on the commercialisation of proteins traditionally derived from animals. Recently, EVERY launched the world’s first animal-free egg protein and collaborated with the juice brand Pressed to produce smoothies containing their protein. This recent fundraise will help drive the scale up of its animal-free protein platform, so that EVERYs sustainable ingredients can have a worldwide reach.

Baron Oil 0.06p  £7.6m (BOIL.L)

Baron’s Timor-Leste subsidiary SundaGas Banda Unipessoal, Lda., which holds a 75% operating interest in the Chuditch PSC, has received interim products from the seismic reprocessing of 1,270 km2 of 3D seismic data along the trend of the Chuditch-1 gas discovery. The reprocessing work is being conducted by TGS-NOPEC Geophysical Company ASA at their UK processing centre, critically in close collaboration with Baron’s technical team. Processed to an interim Pre-Stack Depth Migration, these initial data are already providing encouraging indications of improvement in the quality of subsurface imaging around the Chuditch gas discovery and offset prospects, compared to the legacy data. Interpretations from these interim data will now be used to feedback iteratively into the final sophisticated seismic processing, which remains on schedule and budget, with final data delivery to Baron during Q2 2022. The final processed version will be critical in the re-evaluation of the Chuditch discovery and surrounding prospectively, in particular the evaluation of in-place volumes and the location of potential future wells.

Blackbird  30.5p  £103.4m (BIRD.L)

The technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, announced a placing  at a price of 28 pence per share to raise approximately £8m before expenses. The Placing has been conducted as a private placement under the Company’s existing allotment and pre-emption disapplication authorities and participation has not been made available to members of the public. The estimated net proceeds of the Placing, which will be £7.6m, will be used by the Company to: develop the Company’s technology offering in the New Markets;  grow its software engineering, product and business development teams; expand the Company’s patent portfolio; and conduct appropriate research, prototyping and market testing of new technology developments.

Equals Group 62.5p  £112m (EQLS.L)

The fintech payments group focused on the SME marketplace, has significantly exceeded full-year expectations for both revenues and Adjusted EBITDA and is accordingly providing the market with a trading update for the period from 1 January 2021 to 6 December 2021 and 1 October 2021 to 6 December 2021. Group revenue for the year to date was £40.4m compared to £26.8m for the same period in 2020 – an increase of 51%. Group revenue for the Period was £11.6m compared to £5.7m for the same period last year – an increase of 105%. As announced on 28 October 2021, both the year to date and the Period benefitted from a material international payments transaction for a large corporate client that generated revenue of £1.5m. This robust trading performance of the Group further underpins the Board’s confidence in accelerating momentum and maintaining growth moving into the final days of 2021 and into FY-2022. In order to drive further growth the Group continues to re-invest and upgrade the sales functions of the business and this will be reflected in higher staff costs in 2022.

Hargreaves Services 433.5p  £140m (HSP.L)

The diversified group delivering services to the industrial and property sectors updated on trading ahead of reporting its interim results for the six months ended 30 November 2021. The Board anticipates reporting strong interim results as all of its business segments are trading in line with its expectations. Whilst, as expected, Revenue will be lower than that which was reported for the six months ended 30 November 2020, due to the disposal of coal trading activities in December 2020, Profit before Tax will be higher. This improvement in PBT compared to the previous period is reflected across each of the three business units.

Inspecs Group 380p  £385m (SPEC.L)

Inspecs has acquired the partnership assets and liabilities of BoDe Design Vertriebs GmbH & Co. KG (a limited partnership under German law), a distributor of optical and sunglasses frames principally to the German market. Inspecs is currently the largest supplier to BoDe and will pay an upfront cash consideration of approximately EUR1.76m from existing cash resources and deferred cash consideration based on financial performance over the next three financial years. BoDe is expected to generate revenues of approximately EUR3.75m in 2021 and the acquisition is expected to be earnings enhancing in 2022.

MS International 223p  £36.1m (MSI.L)

HY Oct 21 results from the Company which comprises four diverse operating divisions, ‘Defence’; ‘Forgings’, ‘Petrol Station Superstructures’ and ‘Corporate Branding’. Revenue in the latest period increased significantly to £33.16m (2020 £26.34m) producing a profit of £0.77m (2020 loss £1.08m). Basic earnings per share 3.4p (2020 loss 6.6p). The balance sheet remains strong with cash at £15.54m (2020 £14.01m). Furthermore, orders received in the period, when added to those already ‘in hand’, have placed the Group in a very advantageous position despite the global pandemic which will, no doubt, continue to disrupt current and prospective business activity across our operations. “We remain firmly of the opinion that the Company is better placed than it has been for some time, despite the current difficulties brought about by the pandemic and its consequences. All such matters considered, the Board has declared a maintained interim dividend per share of 1.75p (2020 1.75p) payable to shareholders on the 14th January 2022.”

Sureserve 91.5p  £147.5m (SUR.L)

The compliance and energy services Group, announces that it has acquired the entire issued share capital of CorEnergy Limited, a business focused on delivering sustainable energy solutions for public and private sector organisations. CorEnergy was established in 2014 to provide support to public and private sector organisations to assist to reduce energy, improve efficiency and save carbon by providing multi-disciplinary capabilities across a range of energy efficient products, including: LED lighting/controls, solar PV, EV charging, battery storage and renewable heating solutions. CorEnergy’s key sectors include Education, Healthcare, Government, Manufacturing and Distribution. The maximum total consideration payable for CorEnergy is £7.5m, with an initial £5.9m payable on completion, to be satisfied through £2.9m in cash and the rest in shares. The transaction is to be achieved on a debt free / cash free basis. CorEnergy has grown through the successful delivery of a number significant contracts and in the year ending 31 December 2021 is expected to achieve revenues in excess of £6m and EBITA of £1m.

Synairgen 185.7p  £374m (SNG.L)

Synairgen presents in vitro potency data for interferon beta against SARS-CoV-2 Variants and lung antiviral biomarker data for inhaled SNG001 at the 8th ESWI influenza conference. In vitro data demonstrate antiviral activity of SNG001 against multiple variants of SARS-CoV-2. Clinical biomarker data show inhaled SNG001 stimulates lung antiviral responses. “This study demonstrated potent antiviral activity of SNG001 against SARS-CoV-2 including Alpha, Beta and Gamma variants, which is important given the continuing emergence and global spread of variants of concern,” Phillip Monk, Ph.D., Synairgen Chief Scientific Officer, commented. Synairgen is investigating the in vitro activity of SNG001 against the Delta and Omicron variants of SARS-CoV-2 and will make data available as soon as possible.

What’s cooking in the IPO kitchen?

i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide working capital for the Group. Capital to be raised £20m. Expected admission date Late Dec.

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.

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.

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.

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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