Small Cap Wrap – Bidstack Group, Ceres Power, Live Company Group and more…

0
17

11th November 2021


*A corporate client of Hybridan LLP




Joiners


No joiners today.




Leavers


No leavers today.




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 GBP52m of revenue, GBP21.5m of Adjusted EBITDA and GBP12.8m of Adjusted EBITA 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 GBP150m raise. Due by end 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: GBP12m primary and GBP8m secondary. Anticipated Mkt Cap on admission: GBP92.0m. 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 GBP5m.


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 GBP1.2m 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 GBP40m 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.GBP358m.


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 GBP200m. 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.


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 (AIM:PPC), 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 GBP100m. 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 GBP350m. 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 GBP53.4m in FY21 (ending 4 April 2021), with Adjusted EBITDA growing by 246% to GBP13.3m in the same period. Due in November.


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 Cote d’Ivoire and contains projects that the Directors believe to be prospective for lithium and columbite-tantalite. Due Early Nov. Offer TBA.


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


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 GBP120m 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.




Banquet Buffet


Bidstack Group 2.2p GBP20.5m (Bidstack Group PLC (AIM:BIDS, OTC:FTBGF))


The native in-game advertising group announced a new partnership with Wildlife Studios Limited, creators of one of the world’s most popular mobile tennis games, Tennis Clash, which will see the Company deliver branded experiences into the game. The activations will see brands featured across virtual tennis courts such as New York and Sydney, on courtside banners, scoreboards and nets, on custom racket strings and across branded outfit designs that will be seamlessly integrated into the game’s virtual world. The in-game takeovers will be available to all players and will be seen by a global audience.




Ceres Power 1,149p GBP2,190m (Ceres Power Holdings PLC (AIM:CWR, OTC:CPWHF))


The specialist in fuel cell and electrochemical technology has signed a joint development and equity agreements with RFC Power limited, a long-duration energy storage company. RFC is an early stage company that has a strategy to develop the world’s lowest cost flow battery – a hybrid between a fuel cell and a battery that decouples power from energy. It is a unique and novel technology, which was spun out of Imperial College London in 2017, with a patented hydrogen manganese chemistry promising low cost, high round-trip efficiency and an extremely long cycle-life. Long-duration energy storage technologies, such as hydrogen and flow-batteries, have an important role to play in decarbonising the energy system towards a net zero future. Ceres has been in discussions with the RFC team for some time and Mark Selby, Chief Innovation Officer of Ceres, will now join RFC’s Board. He will leverage Ceres’ expertise and experience in licensing technology to support the commercialisation of RFC’s intellectual property. Mark also represented Ceres in Glasgow this week for the official launch of the Long Duration Energy Storage (LDES) Council. Formed of 24 founder members including energy tech, end-user and investor organisations, the LDES Council is targeting 10% of all energy being stored in greater than eight-hour storage technologies, requiring 85-140TWh of deployed capacity, to achieve grid net-zero by 2040.




Live Company Group 3.55p GBP5.2m (Live Company Group PLC (AIM:LVCG))


Live Company Group PLC (AIM:LVCG) announces that further to the announcement of 3rd December 2020 the Company confirms it has acquired 271 Ordinary Shares, representing 20% of the total issued share capital, in E Movement (PTY) Ltd (‘EMPL’). EMPL is the South African based promoter of the Cape Town E Prix which, as previously announced, been confirmed for Series 9 of the ABB FIA Formula E World Championship and due to take place in February 2023. In 2020 and 2021 Chairman David Ciclitira (in his personal capacity) purchased the shares in EMPL for the purchase price of GBP113,460 in cash in anticipation of this being transferred to the Company. Accordingly, Mr Ciclitira is now selling them to the Company for the same amount which is to be satisfied in cash in instalments with the final instalment paid within 12 months. No interest is payable on the outstanding amounts. The Company also announces that subsequent investments from local South African BEE funds earlier in 2021 currently value EMPL at a significantly higher level.




M Winkworth 210p GBP26.7m (M Winkworth Plc (AIM:WINK))


The franchisor of real estate agencies updated for the ten months ending 31 October 2021. “Trading conditions have remained strong since the upturn in the first half of the year, with London sales and rentals, which account for some 75% of our revenues, being buoyant. Winkworth’s new sales instructions and sales agreed in Q3 2021 were lower than those achieved in Q3 2020, which saw a surge of interest post lockdown and the announcement in July 2020 of the stamp duty relief scheme, but higher than those achieved in Q3 2019. We expect trading in the sales market to return to a more normal pattern following the ending of the stamp duty scheme. London rentals have seen a resurgence of interest along with the re-opening of businesses and a reversal of the move out of big cities. Rental prices outside of prime central London have recovered to pre-pandemic levels, while prime central London has also seen an improvement, with prices recovering to within 10% of pre-pandemic levels. Our rapidly expanding Norfolk franchise has added a third office in Hellesdon, with further openings on the way, while our Exeter and Bournemouth franchises have opened second offices in Tiverton and Ferndown respectively. We expect our local networks to continue to grow, led by talented, proven and ambitious franchisees whose expansion we are supporting. We have a healthy pipeline of at a least eight new offices due to come on board over the next twelve months. As a result of this buoyant level of activity during the current year, Winkworth’s full year revenues are expected to exceed management forecasts and our full year profits to be materially higher than expectations. For the year ahead, with a return to more normal conditions in sales and an improved rental market in London, we look forward to the continued underlying growth of the business.”




Maestrano Group 31p GBP22.1m (Maestrano Group PLC (AIM:MNO))


The Artificial Intelligence platform for transport corridor analytics, announces the awarding of a new contract by Secure Energy to its wholly owned subsidiary, Airsight Australia Ltd. Airsight will provide a drone-based survey for the new 700km transmission line extending from Wagga Wagga in New South Wales to the South Australian border. The line is part of TransGrid’s EnergyConnect project and part of Australia’s transition to renewable energy. TransGrid is the manager and operator of the high voltage electricity transmission network in New South Wales. The contract will run to 2025 with initial pre-built ground surveys beginning in 2022.




One Heritage Group* 40.5p GBP13.1m (One Heritage Group PLC (LSE:OHG))


The UK-based residential developer focused on the North West of England has shared its Environmental Social and Governance policy. One Heritage is committed to conducting its business activities ethically and responsibly, and is committed to embedding ESG initiatives both in its day-to-day operations and across its developments. One Heritage is committed to: Supporting local communities and charitable organisations, particularly in regions where its developments are located. Investing in the training and education of its workforce, as well as engaging with local schools and colleges to support students with their career pathways. Being an inclusive employer, committed to encouraging equality, diversity and inclusion. Tackling the UK’s shortage of quality residential accommodation. Considering its environmental impact, seeking ways to improve the environmental performance of its developments and reduce its carbon footprint. Raising the awareness of its tenants and occupiers in respect of how they can reduce their environmental impact. Engaging with its tenants, investors and principal advisors to ensure awareness of their expectations and responding accordingly. Upholding the Quoted Companies Alliance Corporate Governance Code (QCA). Reviewing One Heritage’s ESG strategy and initiatives against the United Nation’s Sustainable Development Goals, and monitoring and reporting on this.




Sabien Technology 32.25p GBP4.7m (Sabien Technology Group PLC (AIM:SNT))


The Company focused on building a portfolio of solutions in the heating, cooling, and transportation sectors, announces today that it has signed heads of terms with Proton Technologies Canada Inc., in relation to a hydrogen processing licence within UK territories. The key elements of the HOT are: A license for Sabien to produce 20 tonnes of hydrogen per day, expandible by future agreement to higher volumes, generated using Proton’s technology, to process: Suitable oil fields located onshore United Kingdom (Great Britain and Northern Ireland) and offshore within UK Territorial Waters, and/or Oil output by City Oil Field facilities in the Territory. Proton to provide all necessary technical assistance to validate suitable sites and to provide advice on establishing and operating the installation. Consideration of GBP100k in cash; and 280,000 warrants to be issued with exercise price of 60 pence with an expiry date of 19 February 2023.




Saietta Group 208.5p GBP177.3m (Saietta Group PLC (AIM:SED))


The UK company that has developed the innovative, patent protected, AFT electric motor designed for high efficiency electric vehicle drivetrains, today announces the acquisition of e-Traction Europe B.V. from the Evergrande New Energy Automotive group for a total consideration of up to EUR2m. E-Traction is a designer, manufacturer, and supplier of complete electric powertrain systems for heavy commercial vehicles with a range of in-wheel motor based axles, high voltage power electronics and control system technology, and over 10 years’ commercial track record. The acquisition of e-Traction both advances the development and route to market for Saietta’s high voltage AFT motor designs and brings additional product variants into Saietta’s portfolio – both in terms of complementary power electronics and heavy vehicle drive trains. This is reflected in the work that Saietta and e-Traction have already collaborated on with regards to HGV e-axles as well as other designs based on e-Traction products. In the year to 31 December 2020 (unaudited), e-Traction reported revenue of EUR1.2m (2019: EUR11.4m) and a loss before tax of EUR6.46m (2019: loss of EUR5.2m).




TMT Investments (AIM:TMT)* 10.10 $303.8m (TMT Investments (AIM:TMT))


The venture capital company investing in high-growth technology companies, notes that its portfolio company Backblaze, Inc. ), a leading cloud storage platform, announced on 10 November 2021 the pricing of its initial public offering of 6,250,000 shares of its Class A common stock at a price to the public of US$16.00 per share, for gross proceeds to Backblaze of US$100m before underwriting discounts, commissions, and offering expenses payable by Backblaze. Backblaze’s Class A common stock is expected to begin trading on the Nasdaq Global Market on 11 November 2021 under the ticker symbol “BLZE.” The offering is expected to close on 15 November 2021, subject to the satisfaction of customary closing conditions. At the placing price of US$16.00 per share, the value of TMT’s investment in Backblaze is valued at approximately US$59.8m, which represents a revaluation uplift of US$1.8m (or 3.2%) in the value of TMT’s investment in Backblaze, compared to the previously announced valuation as of 30 June 2021 ( adjusted for the value of TMT’s additional investment made in Backblaze in the second half of 2021) .




Zephyr Energy 7.15p GBP92.3m (Zephyr Energy PLC (LSE:ZPHR))


Update on the ongoing production testing at the State 16-2LN-CC well in Utah, and to report on third quarter performance from its non-operated portfolio in the Williston Basin, North Dakota. The Company announced the first flowing hydrocarbons from the State 16-2LN-CC well, even as production testing and well clean-up efforts remain ongoing. The production of hydrocarbons marks a major milestone for Zephyr, particularly as this is the first horizontal well in the wider Paradox Basin to flow hydrocarbons using a modern hydraulically stimulated completion. Combined with a substantial increase in Q3 production and associated cashflow from Zephyr’s non-operated asset portfolio in the Williston Basin, the Company is well positioned to continue in the pursuit of its goal to develop a new hydraulically stimulated resource play in the onshore U.S. oil and gas sector.




Head Chef:

Derren Nathan

0203 764 2344

[email protected]




Sous Chef:

Sacha Morris

[email protected]




Status of this Note and Disclaimer


This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.


The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.


Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.


This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU (“MIFID II Directive”); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook).


This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.


In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.


Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.


Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.


This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.


Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

LEAVE A REPLY

Please enter your comment!
Please enter your name here