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Small Cap Wrap – Mothercare, AMTE Power, Hummingbird Resources and more…

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Small Cap Network is hosting Review of Small Caps in 2021 on 30 March at 11am. Please register your place using the below link:​

 

https://us02web.zoom.us/webinar/register/8016153713171/WN_VnP2ov8iQh6RWg1TrsfbtA

 

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Dish of the day

Rogue Baron plc (AQSE:SHNJ) has joined the Access segment of AQSE growth  market.  Rogue Baron owns five subsidiaries, namely: Shinju Spirits, Inc., Shinju Whiskey LLC, Mazeray Corporation, STI Signature Spirits Group LLC and Legacy Retail Group LLC.  The Company’s goal is to build each of its brands that makes them a buyout target.  Raised £755k at 7p. Mkt cap. £6m.

 

Mothercare (LON:MTC) has joined AIM from the main market. “The admission to AIM marks the conclusion of this final phase of the refinancing and restructuring of Mothercare. This period of hard work, effort and forbearance by our staff and stakeholders has paid off, and Mothercare can look forward to a brighter and stable future once more.

Our resilient performance through the pandemic bears out the robustness of the Mothercare business today. We are not immune to the impact of the pandemic on our Franchise Partners’ operations around the world but we arrive on AIM today in good shape, with the next step down in our leverage position to be completed shortly with the CULS conversion of the £19m shareholder loans into ordinary shares. Mothercare faces the future as a conservatively financed, cash generative and profitable business for the first time in many years. That is an exciting prospect for all of our staff and stakeholders.”

 

AMTE Power, (LON:AMTE)  a developer and manufacturer of lithium-ion battery cells for specialist markets, has joined AIM. . The Company raised £13.7m at 175p. Mkt cap £61m.

 

Off the menu

No leavers today.

 

What’s cooking in the IPO kitchen?

Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans.  Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes.  The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited).  Deal details TBC and admission is expected to occur late March/ early April 2021.

Caerus Mineral Resources, a London based exploration and resource development company focused on developing mineral resources in Europe, recently announced the acquisition of New Cyprus Copper P.A. Ltd and its intention to IPO onto the Standard List.  The NCC Acquisition provides Caerus with access to copper – gold exploration licences in the Republic of Cyprus.  The company has raised circa £2.25m by way of placing and subscription.  First Day of Dealings expected 19 March 2021.

Proposed move to AIM from the main market (standard)  by Emmerson (EML.L)  to provide Emmerson with access to a market and environment which is more suited, in the Board’s view, to the Company’s current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Subject to EGM on 21st March. 

Global review platform, Trustpilot has announced its intention to float on the premium list of the LSE.  Trustpilot provides an open platform, which creates a place where businesses and consumers can gain actionable insights and collaborate. Consumers are able to share feedback, at any time, about any business with a website and review feedback left by other consumers.  Total revenues were US$64.3m, US$81.9m and US$102.0m for the years ended 31 December 2018, 2019 and 2020, respectively.  The Offer would comprise new Shares to be issued by the Company (raising gross proceeds of approximately US$50m to support Trustpilot’s growth plans and repay indebtedness) and an offer of existing Shares to be sold by certain existing shareholders, directors and employees.  Timing TBC. 

In The Style, the e-commerce womenswear fashion brand with an influencer collaboration model, announces their intention to float on AIM.  In The Style is a pure-play e-commerce fashion brand with a l customer base of women predominantly aged between 16 and 35. Founded in 2013, the group has delivered £35.4m net sales and £3.6m Adjusted EBITDA in the nine months to 31 December 2020, with sales up 159% from £13.7m for the nine months to 31 December 2019.  Admission is expected to take place on or around 17 March 2021.  Deal size TBC. 

Media reports video game firm, Catalis is mulling a London IPO, just over a year after being bought by a private equity firm.  Catalis’s accounts are reportedly expected to show revenues increasing to £60m in 2020, up from £43m, with adjusted earnings of £15m.  Deal details and timing TBC. 

Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world’s largest market for brands and retailers, intends to IPO on  the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021.

NextEnergy Renewables  to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally.  Targeting a £300m raise.   NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company’s target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021.

Digital 9 Infrastructure launch an initial public offering  on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be  published in March 2021.

Fix Price announces its intention to float on the Main Market of the London Stock Exchange.  Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company.

Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA.  Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT’s investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.

Deliveroo is considering applying for admission of the Company’s Shares to the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange.  Deliveroo  works with over 115,000 best loved restaurants, takeaways and grocery stores globally and provide work to over 100,000 riders across 800 locations in 12 markets, serving 6m customers globally.

Banquet Buffet

Hummingbird Resources 21.75p  £77.7m (LON:HUM)

Update from Pasofino Gold Ltd  (TSXV:VEIN) on the results of holes drilled at the Dugbe Gold Project  in Liberia. For the full Pasofino release details and graphics, please follow the link here . Pasofino is carrying out the drill programme, and covering all associated costs, as part of its earn-in agreement for a 49% stake in the Project, with Hummingbird maintaining a controlling interest of 51% .  Results received for the first drill holes of the planned 5,500 metres drill programme at the Dugbe F deposit – Intersections of the flat to gently undulating layer include;- 26.7 metres at 1.44 g/t gold from 86.9 metres in DFDC338- 10.0 metres at 1.48 g/t gold from 67.9 metres in DFDC335- 14.6 metres at 1.30 g/t gold from 102.0 metres in DFDC335- 4.1 metres at 2.17 g/t gold from 16.9 metres in DFDC334

The current infill drilling is aimed at upgrading the Inferred Mineral Resource Estimate with the objective of achieving an Indicated MRE of between 0.6 and 1.0m ounces.

Pasofino has initiated a Preliminary Economic Assessment and is to be released in due course, prior to the release of the Definitive Feasibility Study .

 

IDOX 72.6p  £322m (LON:IDOX)

The supplier of specialist information management software and solutions to the public and asset-intensive sectors, today announces that it has agreed the disposal of its Compliance Operations business, to Sponge Group Limited, a digital learning and technology company, for £9.0m cash on completion. The Compliance Operations business, part of Idox’s Content Division is based in Germany and Belgium and employs 48 people.

The Compliance Operations reported revenues of £5.3m, an adjusted EBITDA contribution of £1.2m and PBT of £0.3m in Idox’s financial year ended 31 October 2020. Gross assets as at 31 October 2020 were £5.4m. The disposal is anticipated to generate a profit on sale of £5.4m in the Group’s current financial year. The proceeds of the disposal will be utilised to reduce Idox’s net debt (which stood at £16.1m as at 31 October 2020) and to continue to invest its organic and inorganic growth strategy.

 

Beowulf Mining 4.75p  £39.3m (LON:BEM)

The mineral exploration and development company, announced that a contract has been awarded to Afry Finland Oy  to conduct a Scoping Study on the Aitolampi Graphite Project in Finland.

Aitolampi, being developed by Beowulf’s 100 per cent. owned Oy Fennoscandian Resources AB, contains an estimated 1,275,000 tonnes of graphite, possessing almost perfect crystallinity, an important prerequisite for high tech applications, such as anodes in lithium-ion batteries. 

The purpose of the Scoping Study is to verify the robustness of the work completed by Fennoscandian, and to provide a roadmap for the next project development stage, most likely a Pre-feasibility Study. The output of the Scoping Study will enable Fennoscandian to better explain the Aitolampi project to the local community and other important stakeholders.

 

Gooch and Housego 1237.5p  £310m (LON:GHH)

The specialist manufacturer of optical components and systems, announced that Jim Haynes has been appointed to the Company’s Board as a Non-Executive Director with effect from 12 March 2021.

Jim brings to the Group extensive experience from his distinguished executive career in the photonics industry where he held a range of senior leadership roles in engineering and operations, most recently Executive Vice President, Operations, at Oclaro/Lumentum. He has significant international experience having lived and worked in the UK, US and Canada and he was also responsible for growing Operations in Asia. He has been involved in the successful integration of a number of acquired businesses whilst also delivering on organic growth strategies. 

 

Physiomics*  7.1p  £6.91m (LON:PYC)

The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, yesterday made a presentation regarding its interim results for the six months ended 31 December 2020, using the Investor Meet Company platform. 

The slide deck used in the presentation can be accessed on the Company’s website using the following link:  https://www.physiomics.co.uk/wp-content/uploads/2021/03/Physiomics-Update-11-Mar-2021.pdf  

A recording of the presentation, together with the subsequent Q&A, can be viewed by registering or logging on to Investor Meet Company at:   https://www.investormeetcompany.com/physiomics-plc/register-investor

 

Kistos SUSPENDED (LON:KIST)

The closed-ended investment company which has been established with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector, has entered into a binding share purchase agreement, subject to customary conditions precedent, to acquire the entire issued and outstanding share capital of Tulip Oil Netherlands B.V. (TON) from Tulip Oil Holding B.V. (TOH).

TON owns an operating interest in the Q10-A offshore gas field and interests in other fields in the Dutch North Sea, including the Q10-B, Q11-B and M10/M11 discoveries, and other exploration and appraisal projects.

·   The total upfront consideration for the Acquisition, subject to completion adjustments, is EUR 220m. This consideration will be satisfied through a combination of cash, the assumption by Kistos of an existing bond instrument issued by TONO, the issue of a new debt instrument and the issue to the Seller of equity in Kistos.  Kistos will also issue warrants over EUR 5m of ordinary shares at a premium of 30% to the price of any equity placing to TOH. In addition, contingent consideration of up to EUR 163m is payable on certain development milestones.

· It is anticipated that the Company will carry out an equity placing to existing and new investors in connection with the Acquisition 

 

GETECH Group 25.5p  £9.6m (LON:GTC)

The  provider of data, knowledge and software products to the energy industry, has completed a conditional Placing and Subscription to raise approximately £6.0m at an Issue Price of 22 pence. The net proceeds of the Placing and Subscription and Open Offer will be used by the Company to:

–  invest in its core products and services to enable it to add value to a range of commercial applications in the hydrogen, mining and geothermal sectors;

–  develop established partnerships that can add new content to existing products, and new customer solutions that are in development;

–  take advantage of opportunities to leverage its offering through asset exposure, particularly in hydrogen; and

–  strengthen the Company’s balance sheet in order to allow it to maintain its baseline of investment in its petroleum products and services and undertake a broad and tax-efficient programme of R&D innovation to identify and target additional areas of opportunity in the Energy Transition.

 

Symphony Environmental Technologies* 15.75p  £27.8m (LON:SYM)

Symphony Environmental Technologies PLC, global specialists in supplying and developing technologies that make plastic “smarter, safer and sustainable”, advises that further to the Company’s announcements on 21 December 2020 and 9 February 2021 in relation to legal action commenced against the Commission, Parliament, and Council of the European Union, in the General Court of the European Union, the Company has been advised that the Court has granted an extension of time to each defendant to file their defences. These must now be filed by 7 April 2021 for the Council and Commission and 14 April 2021 for the Parliament.

The Company will provide an update after 14 April 2021 when the Company’s legal team has evaluated the defences.

 

Begbies Traynor 109.5p  £140m (LON:BEG)

Further to yesterday’s announcement the business recovery, financial advisory and property services consultancy  has raised total gross proceeds of £22m  at 105.5p. Begbies has also acquired  David Rubin & Partners, a long-established insolvency practice with offices in London and Guernsey.  Maximum consideration of £25m (on a cash free and debt free basis with normalised working capital).

 

Sensyne 175p  £278m (LON:SENS)

The  the British Clinical AI technology company, today announces it has signed a £470,000 agreement with the Department of Health & Social Care to conduct the second stage of a pilot study of its MagnifEye technology for use with COVID-19 lateral flow diagnostic tests.  

 The agreement with the Department of Health & Social Care follows an announcement made by Sensyne on 09 February 2021 that it had signed an exclusive licence and development agreement with Excalibur Healthcare Services Limited to apply MagnifEye for use with lateral flow rapid diagnostic tests.
 

Head Chef

Derren Nathan

0203 764 2344

[email protected]

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