Hybridan Small Cap Feast

Joiners: Pod Point (PODP.L), one of the United Kingdom’s leading providers of Electric Vehicle charging solutions has announced its offer price for its Main Market (Premium) listing at 225p. Raising £100m. Mkt Cap c. £352m.

Devolver Digital (DEVO.L)  has joined 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. Placed £191m of new and existing shares. Mkt Cap c £694m.

Leavers: No leavers today.

Banquet Buffet

Belluscura 100p  £113m (BELL.L)

The medical device developer focused on lightweight and portable oxygen enrichment technology, announces a manufacturing and trading update for the 12-month period ended 31 December 2021, highlighting that demand for the X-PLO2R™ portable oxygen concentrator has significantly exceeded the Board’s initial expectations. Following the signing of five distribution agreements in as many months within North America, and initial product sales in September 2021, the Company has now exceeded its anticipated sales volume for the financial year ending 31 December 2021, albeit these were relatively modest targets. However, conversations with distributors and the reception to date from customers are such that the Board is confident the expected run rate for unit sales and revenue for FY22 will be materially ahead of current market forecasts. Based upon the current growth prospects and opportunities, the Company has entered into an updated partnership agreement with its US based manufacturing partner to increase production capacity to meet anticipated demand for FY22 and beyond.

Cornerstone FS 27p  £5.5m (CSFS.L)

The cloud-based provider of international payment, currency risk management and electronic account services to SMEs, provides an update on current trading and the outlook for the year to 31 December 2021. Noted in Cornerstone’s interim results announcement on 27 September 2021, the Group had seen improved gross margins in H1 and had been experiencing increased trading momentum during the first nine months of 2021, which  has been sustained into the fourth quarter of the year. This growth in revenue is being driven by the expansion of the Group’s direct client base, which now makes up the majority of Group revenue, together with the contribution of its new Asia team since they came on board in August. As a result, the Directors now expect revenue for the year ended 31 December 2021, to be significantly ahead of last year.

Induction Healthcare 50.5p  £46.5m (INHC.L)

The virtual care platform driving digital transformation of healthcare systems worldwide, provides an update to shareholders ahead of its Annual General Meeting. “The Group currently has £11.2m of contracted revenues secured for the financial year ending 31 March 2022, and the integration and realisation of cost synergies with Attend Anywhere are proceeding better than expected and this is providing the Board with confidence that we are in line to meet market expectations for the full year. We go into the remainder of the financial year with a strong pipeline of potential new contracts and renewals, and we continue to see a substantial increase in patient and clinical users. We are very excited about the prospects for the Company and look forward to updating shareholders as our strong sales momentum continues.”

Itaconix 6.25p  £27.7m (ITX.L)

Itaconix announces a temporary interruption to production at its Stratham, New Hampshire facility. The interruption was caused by water damage from severe rainstorms that occurred during a roofing construction project undertaken by the building owner. Repairs needed to water damaged production equipment will shortly be underway. Production is currently expected to recommence during December. Itaconix expects to meet all customer orders on time from existing finished goods inventories except for its Itaconix® TSI™ 322 detergent polymer, leading to some impact on revenues over the coming weeks. The Company will work with its key TSI™ 322 detergent polymer customers on the potential for using an alternative TSI™ 322 detergent polymer grade that is held in stock. Insurance held by the Company, including business interruption cover, together with the insurance of the construction contractor and the building owner are expected to cover the costs and losses incurred.

Lansdowne Oil & Gas 0.68p  £5.94m (LOGP.L)

The North Celtic Sea focused, oil and gas company, welcomed the announcement today by Providence Resources P.l.c. that the site survey over the K area of the Barryroe Field has been completed successfully. The Barryroe field lies in shallow water of around 100m and is some 50km off the south coast of Ireland.  Steve Boldy, CEO of Lansdowne Oil & Gas commented: “Lansdowne is delighted that the site survey operations have been completed without incident, in a timely manner and under budget and would like to thank the Operator, Exola DAC (a wholly owned subsidiary of Providence) and the Marine Institute for such a smooth operation.”

Lexington Gold  3.5 £9.15m (LEX.L)

The gold exploration and development company with projects in North and South Carolina, USA,  updated with respect to its latest ongoing 5,000m Reverse Circulation  drilling programme.  Drill campaign commenced at Carolina Belle on 18 October 2021 and is progressing on schedule. 17 drill holes completed for a total of 1,297m drilled to date out of the planned 5,000m total for the Phase 2 drilling programme. Logging and sampling of initial 15 drill holes have been completed to date. 4m composite samples prepared from the first 15 drill holes and dispatched to SGS Canada’s Vancouver based laboratory for assay, with an estimated turn-around time of approximately 6 to 8 weeks.

Netscientific 99.8p  £20.9m (NSCI.L)

The international life sciences and sustainability technology investment and commercialisation Group, announces that its portfolio company, Sofant Technologies, the leading 5G and Satcom antenna developer based in Edinburgh, has signed a EUR7.3M contract with the UK Space Agency and the European Space Agency  to support the commercialisation of its low-cost low-power satellite communications platform, of which 50% can be claimed as non-dilutive grant funding, with the balance coming from Sofant.

Sabien Technology 25.25p  £3.7m (SNT.L)

The Company focused on a Green Aggregation Strategy, publishes research today that examines the role of new and developing markets for emissions trading. The Company is hosting a virtual debate on the Green Economy on Thursday, 11 November 2021. The research’s scope and conclusions will be a component part of this debate. This report can be downloaded at: https://sabien.com/wp-content/uploads/2021/11/Carbon-Market-Report.pdf Authored by graduate students from Warwick, Shanghai Jiao Tong and Toronto Universities, the research compares the mechanics of the regulatory and voluntary carbon markets (respectively RCM and VCM), in the context of Emission Trading Schemes (ETS). Specifically, it assesses the path which carbon offset markets could take as the acceptance of blockchain technology improves. The report concludes that the VCM could grow from a base of US$282m in 2019 to US$50bn by 2030 (source: Mckinsey Consulting). In large part, this growth is based on the rapid acceleration of net-zero commitments from corporations and the concomitant ambitions of Governmental agencies such as the UK Taskforce on Scaling Voluntary Carbon Markets, headed by Mark Carney, recently Governor of the Bank of England and a key contributor to COP26.

Semper Fortis Esports* 1.7p  £7.2m (AQSE:SEMP)

The esports company focused on establishing esports teams, forming brand and technology partnerships, and providing business to business advisory services announced the recruitment of highly talented professional FIFA player and coach Jamie Ridgen “Jamboo.’ The company’s esports team, SMPR has made an official signing for Jamie Ridgen  to compete and coach the SMPR FIFA team for the upcoming 2021/22 season. The player/coach has signed a ten-month contract with an option to renew for an additional ten months thereafter and will receive an annual salary and performance-based incentives. In September 2021, the company recruited Mitchell Hayward ‘Mitch’ (GB) and Jaskarn Singh Kang ‘Jas’ (GB) as the official SMPR FIFA team which will now be complete with the Company’s hiring of one of the UK’s finest players and coaches. Jamie is a 2020 ePremier League finalist and previous West Ham United ePremier League Representative. He comes with a digital footprint of circa 79k across social media channels. As of November 2021, Jamie entered a partnership with a new gaming vertical which the SMPR brand will be able to access for increased audience exposure and brand partnerships.

SDI Group  200.50p  £199.6m (SDI.L)

The Group focused on the design and manufacture of scientific and technology products for use in digital imaging and sensing control applications updated on trading for the current year ending 30 April 2022. The Group expects to report very strong sales and profits for the half year ended 31 October 2021 , with approximately £24.7m of Revenue (H1 2021: £14.1m; H1 2020: £11.4m). In common with much of the manufacturing industry, the Group is experiencing supply chain challenges, but to date is managing this well. Accordingly, the Board expects full year Adjusted Profit Before Tax to also be modestly above current market expectations at around £9.2m. While they have not completed any acquisitions to date in the year, there has been no shortage of activity with potential targets.

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 and £12.8m of Adjusted EBITA for FY21 Due late 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 end Nov.

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.

Travel Chapter Holdings to join AIM. Travel Chapter operates a leading online platform in the structurally growing UK holiday rental market, connecting a supplier base of property owners with their customers and providing a market leading service proposition to both.  Offer TBA. Due mid Nov.

Gensource Potash Corp to join AIM. Gensource is a TSX-V listed fertilizer development company located in Saskatchewan, Canada, focused on a sustainable and modular approach to potash production. The Company currently holds 100% interest in KL 244 and KL 245, the subsurface mineral leases comprising the Vanguard Area (296.43 km2). The Company also holds mineral leases in its Lazlo Area (24.93km2) in the south of Saskatchewan. Due early Nov. No funds being raised.

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). Secondary and primary (c.£25m) offer. Early 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 £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties. 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 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.

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. Due in November.

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 8th Nov. Offer TBA.

Rubix Group Holdings, the market leading pan-European distributor of industrial maintenance, repair and overhaul products and services  to IPO on the 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 EUR850m, potential sale of existing ordinary shares by current shareholders. Raising EUR 850m. Due early Nov.

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 invest 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. Due Early Nov.

Pantheon Infrastructure to join the Main Market (Premium). PINT will make investments in private infrastructure assets. Due Mid Nov.

Marks Electrical, a fast growing online electrical retailer, announced its intention to proceed with an initial IPO 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 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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