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Small Cap Wrap – Mkango Resources ; World High Life and more…

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Dish of the day

Verici DX VRCI—developer of advanced clinical diagnostics for organ transplant, has listed on AIM.. £14.5m fundraise. Mkt Cap c.£28.3m.  Verici was incorporated in April 2020 as a wholly-owned subsidiary of Renalytix AI plc (RENX.L), the AIM-quoted developer of artificial intelligence decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease.

 

Off the menu 

No Leavers Today

 

What’s cooking in the IPO kitchen? 

Harrogate Group. The Company offers 90-day residential personality development and vocational courses to local authorities in England for young adults aged between 16 and 18 who have left school but are not in employment or further education to whom the client local authority owes a care obligation under The Children Act 1989. AQSE. No Funds being raised. Due 9 Nov. 

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%). Timetable TBC.  

Round Hill Music Royalty fund to IPO on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of a placing and offer for subscription targeting the issue of 375m ordinary shares  at an issue price of US$1.00 per Ordinary Share.  The Company’s Investment Objective is to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property.  Due mid-November.

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 ).   IPSX is a new Regulated Investment Exchange regulated by the FCA and is the world’s first such exchange dedicated to the initial public offering and secondary market trading of companies owning single institutional grade real estate assets and multiple assets with commonality. Due  November. 

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). Timing tbc

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 (AIM:KIBO), 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 grid at critical times.   Targeted for Q4 2020. 

 

Banquet Buffet

Omega Diagnostics 79p  £141.5m (AIM:ODX)

The medical diagnostics company focused on CD4, infectious diseases and food intolerance, announces that the National Medical Products Administration (“NMPA”), formerly the China Food and Drug Administration, has approved the Company’s Food Detective® test for self-test use in China .   

Further to the announcement on 2 April 2020 confirming NMPA approval for laboratory use of the Food Detective® test in China, Omega’s development team has continued to work in conjunction with its distribution partner to support their efforts to achieve NMPA approval to allow the test to be used in people’s homes. 

The Company will support its distribution partner to ensure that Food Detective® achieves commercial success in China as an approved home-use test.

 

Inspirit Energy 0.0875p  £2.5m (LON:INSP)

Inspirit has  agreed a letter of support for the development of a Waste Heat Recovery (“WHR”) system following a successful model design and application demonstration with Volvo Penta, a world-leading supplier of power solutions for marine and industrial applications.

The WHR system utilises Inspirit’s proprietary Sterling engine technology, and its compact nature enables it to be positioned in the exhaust system after the catalytic converters with the energy being directly transferred as an electrical output. During the demonstration, the novel three stage heat recycling process increased engine efficiency by approximately 20%, driven by waste heat from e.g. a Volvo Penta D13 series engine. In addition to the efficiency improvement and heat reduction, the WHR system is also expected to have the additional significant benefit of reducing noise.

 

Trident Royalties 30p  £31.6m (LON:TRR)

Appointment of Martin Page as Chief Financial Officer  with effect from 3 November 2020.

Martin Page, 44, has over 10 years’ experience in the natural resources sector, most recently as CFO of Toro Gold Limited , a private equity backed West African gold producer which was sold to Resolute Mining in July 2019 for US$300m. 

 Martin was a member of Toro’s senior executive team that guided the Group through the latter stages of its development and subsequent divestment. Prior to Toro, he held roles as the CFO at Curzon Resources, a private natural resources investment firm, and as the Head of Finance at Amara Mining plc, a West African gold operator.  He has extensive experience developing and leading finance functions in both the capital and private markets.

 

Telit Communications 147p  £196m (AIM:TCM)

Telit Communications PLC notes the recent media speculation and confirms that it has received a preliminary approach from DBAY Advisors Limited, regarding a possible offer for Telit to be made by funds under the management of DBAY.

Telit has also received a preliminary approach from Lantronix Inc, regarding a possible offer for the Company. The Lantronix Proposal was considered by the Board of Telit, together with its financial adviser, Rothschild & Co, and rejected. However, the Company remains in discussions with Lantronix to explore a possible transaction which could be in shareholders’ interests. The consideration for any offer, if made, is likely to be Lantronix shares.

There can be no certainty that an offer will be made by either party nor as to the terms of any offer, if made.

 

CAP-XX 4.5p  £19.9m (AIM:CPX)

CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, announce its audited results for the year ended 30 June 2020.

Revenue up 12% on the previous year. · Adjusted net loss* for the year reduced to A$2.0 million (2019: adjusted net loss of A$2.8 million). Company sales order book as at 30 June 2020 more than double the value at the same time in the previous year.· Ex-Murata production lines capacity expansion project on schedule and within A$5.3 million budget.

 New facility in final stages of commissioning – tested supercapacitor products to be available for shipment to customers before the end of the current calendar year.· Aggregate level of customer enquiries well exceeds the full capacity of these production lines, with the top 10 prospects exceeding 9 million units per annum. 

CAP-XX is pursuing Ioxus for the payment of awarded damages.· CAP-XX continues to pursue a similar patent infringement action against Maxwell Technologies, now a wholly owned subsidiary of Tesla Inc. with the initial discussions in front of the Court scheduled during November 2020 

Cash reserves as at 30 June 2020 were A$2.9 million (2019: A$2.4 million), before expected A$3.2 million R&D tax rebate (November 2019: A$1.6 million) 

 

GRC International 24.5p  £24.5m (LON:GRC)

GRCI Law Limited, its legal, risk and compliance consultancy subsidiary, has released a new, flexible Privacy as a Service (PaaS) solution that is designed to help organisations efficiently manage their compliance requirements under privacy regulations such as the General Data Protection Regulation (GDPR).

As regulators step up enforcement across Europe and adopt a more vigorous approach, it is vital that organisations effectively manage their requirements and put robust plans in place for when the UK finishes its transition period from the EU on 1 January 2021.

 

Mkango Resources 11p  £14.6m (LON:MKA)

Commencement of an extensive hand-auger drilling and soil sampling programme to identify rutile prospects within its 869 square kilometre  Mchinji licence (EPL 0544/19) in Mchinji district, Malawi, held by Mkango’s 100% owned subsidiary MKA Exploration Ltd. 

The drill programme is following up on reconnaissance work, which resulted in the discovery of rutile during a shallow soil sampling and auger programme completed in September. The initial exploration work was limited by the equipment available in Malawi during the COVID pandemic but the Company was encouraged that the highest TiO2 grades were returned by nine consecutive samples in a single auger hole (A6), drilled to a depth of 8.9m, that contain between 4.10% and 9.01% total heavy minerals (specific gravity > 2.95) and grade between 3.17% and 4.09% TiO2 (see press release of 15 September, 2020). T

 

Oxford Metrics 75.5p  £94.9m (LON:OMG)

The international software company servicing government, life sciences, entertainment and engineering markets, provided an update on trading for the financial year ended 30 September 2020.

The Group expects to report revenues of £30.3m and an Adjusted PBT* of £2.5m for the financial year. The Group finished the year with a strong cash position of £14.9m and no debt.

Divisionally, Vicon delivered another profitable year and whilst the timing of orders was impacted by COVID-19, as previously reported, it achieved a slightly better performance in the second half than the first half. Market activity for Yotta was muted for a time during the lockdown period but in our final quarter enjoyed a period of improved contract momentum as a result of COVID-19 accelerating the need for Local Authorities to manage their assets remotely. Consequently, ARR growth achieved this year has allowed Yotta to deliver a profitable second half. 

The Group’s fundamentals remain strong, supported by an encouraging pipeline of opportunities across both divisions and a strong balance sheet which together underpin confidence that the Group will continue to successfully navigate current challenges arising from the pandemic.

 

Ixico  105p  £49.5m (LON:IXI)

The data analytics company delivering insights in neuroscience, announces that it has secured new contracts in Alzheimer’s disease (AD) clinical trials.

The new contracts include a Phase I study in Alzheimer’s disease with a new biotechnology customer, an expansion contract for a Phase II trial with an existing biotechnology company and the initiation of an open-label extension phase III trial with an existing large pharmaceutical company.

The contracts build on the strength IXICO has in AD clinical trials and are in addition to the partnership with the Global Alzheimer’s Platform which the Company announced on World Alzheimer’s Day, 21 September 2020.

These contracts were included in management’s expectations of performance for the coming year and contribute to the Company’s strong order book. These contracts relate to trials at different stages of drug development and are with several different customers, strengthening diversification in the Company’s order book. 

 

World High Life 2.5p  £4.8m (AQSE:LIFE)

£381k raise at 1p. The proceeds of the subscription will be used to conduct due diligence on further investment opportunities in accordance with the Company’s investment policy and for general corporate and working capital purposes. The Company is now actively considering investment targets in the medicinal cannabis space, including new technologies and synthetic cannabinoids with potential for wide applications in multiple jurisdictions. 

 

 

 

Head Chef

Derren Nathan

0203 764 2344

[email protected]

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