Small Cap Wrap – Image Scan, Feedback, Tissue Regenix and more…

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4 Dec 2020

@HybridanLLP

*A corporate client of Hybridan LLP

 

Dish of the day

Helium One Global has joined AIM (LON:HE1). The Company, through its Tanzanian subsidiaries, holds a 100% interest in 18 licences (the Priority Licences) covering an area of 4,512km2 with an Unrisked Prospective Helium Resource (2U) of 138Bcf (SRK 2019). The Company has spent US$8.25m on exploration, assessment and related activity to date and is now drill ready. Capital raised on Admission: £6 million.  Market capitalisation on Admission £14.1 million (at the issue price of 2.84p).

Off the menu

Attis Oil & Gas has stopped trading on AIM following an acquisition by Helium One which IPO’d today.

What’s cooking in the IPO kitchen?

Intuitive Investments Group, a closed-end investment company focussed on the life sciences sector, announces its intention to seek admission the AIM market of the London Stock Exchange plc, and a conditional placing , at a price of 20 pence per share, to raise gross proceeds of £7.5 million . · The net proceeds of the Placing will be used by the Company:-  to invest in fast growing and / or high potential life sciences businesses, based predominantly in the UK, wider Europe and the US, chosen from an identified pipeline of investment opportunities –  investments will be focused on diagnostics and healthcare, medical devices, tools and technologies and bio-therapeutics and pharmaceuticals · The market capitalisation of the Company is expected to be circa £7.8 million on Admission. Due 14 Dec.

Schroder BSC Social Impact Trust plc  targeting a £100m raise.   The Company’s investment objective is to be the first London listed investment company to deliver measurable positive social impact as well as long term capital growth and income, through investing in a diversified portfolio of private market impact funds, co-investments alongside impact investors and direct investments in order to gain exposure to private market Social Impact Investments.  Due 22 Dec. Official List (premium)

Abingdon Health to list on AIM. Abingdon Health is a lateral flow diagnostics company providing contract service solutions to a global client base in the healthcare sector and other industries . The Company has developed and is manufacturing the AbC-19TM Rapid Test, an antibody test for Covid-19 indicating whether a person is generating IgG antibodies to the spike protein of the SARS-CoV-2 virus. The Company is also working with three customers to transfer their Covid-19 antigen tests to manufacture, and is manufacturing a component of a rapid PCR (polymerase chain reaction) test.   Offer TBC. Due early Dec.

Auctus Growth Plc (LON:AUCT) –  Reverse acquisition of HeiQ Materials AG.  £20m placing for the enlarged group plus further secondary placing of £40m for selling shareholders.  HeiQ creates technologies that add functionality, comfort, hygiene and sustainability to existing apparel, home textiles, technical textiles, medical textiles and devices and functional consumer products. It is anticipated that the funds raised will be used to strengthen the Enlarged Group’s regulatory portfolio, enhance its direct to consumer marketing and build brand equity, expand its geographical footprint, expand its sales channels, upscale the product HeiQ GrapheneX and build a medical business unit in light of the robust growth that HeiQ Viroblock has experienced due to the COVID-19 global pandemic.  Anticipated mkt cap £141 million. Due 7 Dec. Main Mkt (Standard)

Downing Renewables & Infrastructure Trust intends to raise up to £200 million to target the acquisition of a diversified portfolio of renewable energy and other infrastructure assets and list on the Official List of the Financial Conduct Authority and Main Market of the London Stock Exchange . Due by mid December

Ecofin U.S. Renewables Infrastructure Trust. Initial public offering of up to us$250 million to invest in a diversified portfolio of mixed US renewable energy assets with an attractive long-term income stream. Main market premium. Due 14 Dec

VH Global Sustainable Energy Opportunities plc, a closed-ended investment company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering  of shares on the Official List (Premium) of the Financial Conduct Authority and Main Market of the London Stock Exchange.  Due by Early Feb 2021

Tirupati Graphite, the fully-integrated, cash generative, specialist graphite and graphene producer with operations in Madagascar and India, announced its potential intention to undertake an initial public offering on the LSE (standard listing). Raising £6m. Mkt cap c.£33.6m. Due 11 December

Bytes Technology Group one of the UK’s leading software, security and cloud services specialists, announces that the Company intends to publish a Registration Document and is considering proceeding with an initial public offering (Main Mkt Prem).  FY20 gross profit of £79.2m (+24.5% against FY19) and adjusted operating profit of £31.7m (+53.9% against FY19). Highly cash generative with FY20 cash conversion of 125.9% (FY19 cash conversion 139.7%). Bytes due on or around 17 December 2020.

Mailbox REIT PLC , a newly formed single asset company which owns the Mailbox , a large prime office-led mixed use property in Birmingham which has been independently valued at £179m, announced its intention to raise up to £62.5m.  Mailbox REIT  will apply for the Ordinary Shares be admitted to trading  on the IPSX Prime segment of International Property Securities Exchange (IPSX ).    Due  14 December.

Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List.  Timing tbc

Kibo Energy PLC, the multi-asset Africa focused energy Company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC (MED), to the Standard List of the London Stock Exchange plc. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national

Banquet Buffet

Coinsilium Group 2.55p  £3.47m (AQSE:COIN)

The Blockchain, DeFi and Crypto Finance venture operator, has completed a follow-on investment agreement with IOV Labs Ltd, a Gibraltar registered company and parent to RSK, the first smart contract platform secured by the Bitcoin network and RSK Infrastructure Framework (RIF). In tandem with the new investment agreement, the parties have agreed to expand the geographical scope of the IOV Labs Asia Joint Venture Company  from regional to worldwide.

●  IOV to invest GBP330,000, in Coinsilium by way of a private placement, subscribing for 11,000,000 new ordinary shares of no-par value at 3p per share.  One warrant to be issued for every two shares subscribed for, with an exercise price of 4.5p per new ordinary share, and a life to expiry period of two years from the admission of the Subscription Shares.

●  IOV Labs will have the right to appoint one Director to the Board of Coinsilium.   IOV Labs holding in Coinsilium increases to represent an interest of 13.90% of the Company’s outstanding shares, excluding warrants and treasury shares.

●  Funds to be used towards joint initiatives between Coinsilium and IOV and to further the growth and development of the Company.  Coinsilium is now fully funded for all its proposed ventures, activities and budgeted commitments through to at least January 2022. 

 

88 Energy  0.405p  £42.9m (LON:88E)

88 Energy has executed definitive documents with Alaska Peregrine Development Company LLC (APDC) in relation to the farmout of its 100% owned Project Peregrine, located in the NPR-A region of the North Slope of Alaska. The details of the farmout are summarised below:

· APDC to earn 50% in Project Peregrine by contributing US$11.3m towards the cost of the Merlin-1 well (estimated gross cost US$12.6m)

· 88E to contribute $1.3m, representing its 50% share over and above a US$10m carry

· All additional costs associated with the project above the US$10m carry will be borne equally by APDC and 88E

APDC is a special purpose investment vehicle organized for Project Peregrine. Its members are a consortium of private US entities managed by individuals that have extensive experience in oil and gas, including owning businesses that directly operate in the sector.

  

Smartspace Software 102.5p  £29m (LON:SMRT)

The provider of ‘Integrated Space Management Software’ for smart buildings announced that Evoko, the market leading manufacturer of meeting room panels, has announced the release of Naso, its next generation meeting room solution. Naso is now available to order by Evoko partners globally with the first shipments expected from Monday 7 December 2020. The launch of Naso represents a significant step in SmartSpace’s strategy of creating a channel partner network, to sell its Space Connect software product globally. The Directors believe the relationship with Evoko has the potential to generate significant future revenues for the Company in the form of both revenue sharing from the sale of Naso panels and SaaS software subscriptions.

On Trading: · Continued momentum of SwipedOn KPIs; · SwipedOn ‘Desks’ is due to be released imminently; · SwipedOn to be offered through the AWS (Amazon Web Services) Marketplace; and · Sales of Space Connect through channel partners starting to gather pace, building on the pipeline.

 

Gfinity 3.65p  £28.7m (LON:GFIN)

The  esports and gaming solutions provider, today announces the acquisition of the trade and assets of Epicstream LLC, a leading online news community for fantasy and sci-fi movies, television, video games, collectible cards and comic books.

Epicstream delivers daily news and content to its highly engaged fantasy and sci-fi community.  Epicstream.com reaches 600,000 unique visitors each month, whilst its social media platforms, including its prominent Facebook group, has over 6 million likes across 30 pages. The two founders of Epicstream will each be issued with 10.0 million new ordinary Gfinity shares in consideration for the Acquisition of which two-thirds will be locked-in for a period of one year from issue. The founders will also be entitled to an annual payment of 30% of revenues generated by EpicStream, subject to appropriate caps, in each of the first two years following the Acquisition, payable in annual instalments at the end of each year. For the year ended 31 December 2019, Epicstream reported unaudited revenue of US$0.4million and net income of US$ 0.3million.

Gfinity Digital Media delivered another record month in November, with 14 million monthly users across all sites (12 million in October) and revenues in the month exceeding £275,000 for the first time. Gfinity’s Formal Sales Process is progressing as planned. The Company continues to engage in conversations and evaluate the best options to accelerate the growth of the business.

 

Horizonte Minerals 6.35p  £92m (LON:HZM)

Update for the Araguaia Nickel Project as the Project moves towards construction.

· Completion of the value engineering phase with improvements made to plant design and flow sheet to optimise operational performance; Capex and opex remain in line with Feasibility Study following comprehensive review;

· Operational Readiness Plan well advanced with all key permits in place for commencement of construction; Key environmental and social programmes underway in preparation for construction phase;

· Project finance process continues to progress, with a number of key milestones delivered; Build out of the operational and corporate teams to support transition to construction; and Nickel price trading at US$16,300 versus Araguaia base case modelled at US$14,000 resulting in enhanced project economics.

 

The Property Franchise Group 172.5p  £44.5m (LON:TPFG)

The Company notes the recent press speculation regarding Hunters Property PLC (LON:HUNT) and confirms that, in accordance with its strategy to expand its franchise network through acquisition, it is in early contemplation of a possible offer to acquire the entire issued and to be issued share capital of Hunters.

Whilst the Company has made a preliminary approach to the board of Hunters, there can be no certainty that any firm offer will be made for Hunters, nor as to the terms on which any offer might be made.

 

Metal Tiger 26.5p  £40.6m (LON:MTR)

MTR has subscribed for 141,956 units in Marimaca Copper Corp (Marimaca), at a price of C$3.15 per unit, for a total investment of C$447,161 (approximately £257,000) as part of Marimaca’s C$28.98 million equity financing which was announced as having closed on 3 December 2020.  Metal Tiger now holds, in aggregate, 146,956 shares in Marimaca, representing approximately 0.2% of Marimaca’s issued share capital and 70,978 Warrants.

Marimaca is a TSXV quoted copper exploration company focused on exploring and developing new sources of copper. Their flagship project is the Marimaca Copper Project in Chile’s Antofogasta Region. Marimaca recently announced the results of a Preliminary Economic Assessment for the Marimaca Copper Project which showed a US$640 million post-tax NPV8 (real) assuming a US$3.45/lb flat long-term copper price, with a post-tax IRR of 38.0%. In addition, Marimaca recently received approval for the construction of up to 365 drill pads over the next three years encompassing 3,800 hectares of highly prospective exploration ground. The company is expected to drill first targets in early Q1 2021.

For the nine months ending 30 September 2020, Marimaca reported a net income of approximately US$4.9 million and, as at 30 September 2020, reported net assets of  approximately US$37.9 million.

 

Tissue Regenix 0.475p  £33.4m (LON:TRX)

The regenerative medical devices company, announces its intention to appoint Brian Phillips and Trevor Phillips (no relation) as independent Non-Executive Directors of Tissue Regenix.

Brian Phillips is an entrepreneurial investment professional with over 25 years’ experience. Brian is the current Principal of Ethos partners which he co-founded in 2018 to assist individuals in establishing a portfolio of assets under private equity investments.  Prior to this, Brian was Chief Investment Officer at Greenhill Capital Partners Europe LLP where he was responsible for setting up their UK business (2006-2010) and Managing Director of LGV Capital (2000-2006). Brian holds a B.Acc from Glasgow University and qualified as a Chartered Accountant with KMPG.  

Trevor Phillips is the current Chairman of the Board at NEPeSMO and has extensive experience in the UK and US in corporate development, M&A and operations in the pharmaceutical and life science industries including previously held positions as Executive Chairman of hVIVO (2017-2020), Chief Operating Officer for Vectura Group PLC (2011-2017) and former CEO and COO of Critical Therapeutics, Inc. (2002-2008). Trevor holds a BSc, Microbiology from the University of Reading, a PhD, Microbial Biochemistry from Swansea University and an MBA from Henley Business School.

 

Feedback 1.125p  £12m (LON:FDBK)

The specialist medical imaging technology company, today announces that Bleepa has been selected by Healthcare UK, part of the Department for International Trade, to join a virtual healthcare mission to India, 8-10 December 2020. “Bleepa has the ability to support the hub and spoke hospital system in India. With a population of 1.38 billion people, access to centres of excellence in the four major cities is not possible for all, with both capacity and funding limiting access to top tier treatment. We believe that Bleepa can provide the vital digital link between these centres of excellence and regional or even mobile care units, enabling millions more patients to receive the high standards of care targeted in the National Digital Health Mission. 

We believe that Bleepa’s digital modular capabilities as a CE marked communications platform would make Bleepa an attractive option for the Indian market. We look forward to scoping the opportunities available with the support of Healthcare UK and DIT.”

 

Image Scan 2.25p  £3.1m (LON:IGE)

The specialist supplier of X-ray screening systems to the security and industrial inspection markets, today announces preliminary results for the year ended 30 September 2020.

· Sales increased 50% to £3.5m (2019: £2.4m) · Pre-tax trading profit of £113k (2019: Loss of £402k)

· Aftersales revenues increased by 50% · Strong cash generation, yielding a year-end balance of £1.4m (2019: £640k)

· Sales of portable X-ray systems doubled · A new cabinet X-ray system was launched · A partnership agreement was signed

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