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Small Cap Wrap – Oriole Resources, President Energy, Time Finance and more…


3 Feb 2021


*A corporate client of Hybridan LLP


Dish of the day

Dr.Martens (LON:DOCS) — Dr. Martens is an iconic global brand and one of the most recognised footwear brands in the world, selling in excess of 11 million pairs of footwear annually in more than 60 countries with revenues of £672m in the year ended 31 March 2020. Offer Price set at 370 pence per Share .  Dr. Martens’ total market capitalisation at the commencement of conditional dealings on the main market of London Stock Exchange today will be approximately £3.7 billion based on the Offer Price. Partial sale by existing shareholders. No new monies being raised. Total offer size of £1.295 billion 


Off the menu

No leavers today

What’s cooking in the IPO kitchen?

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

Auction Technology Group is considering an IPO on the Main Market.  The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions .  In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively)

For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent.

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. The IPO Prospectus is expected to be  published in March 2021.

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.

Cordiant Digital Infrastructure  to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb

4basebio UK Societas   is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients.  The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb

Foresight Group , the award-winning infrastructure and private equity investment manager  to IPO on the Main Market (Premium). The Offer will primarily comprise a sale of shares by existing shareholders (c.80% of the Offer) with a smaller offering of new shares (c.20% of the Offer) to be issued by the Company. Details TBA.

Baskerville Capital plc (to be renamed Oberon Investments Group Plc) is a boutique financial institution providing a personalised wealth management service for retail and professional clients, as well as a corporate broking arm for small and mid-cap companies. Oberon’s strategy is to progress through the organic growth of assets under administration in its wealth management division and by the acquisition of complementary businesses in the financial services sector and by creating a trusted brand for the provision of advisory and fundraising services for companies in the small and mid-cap sectors. Expected admission date 9 February 2021.

Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021.  The Company’s Common Shares will continue to be listed and trade on the TSX-V in Canada.


Banquet Buffet

Destiny Pharma 117p  £70m (LON:DEST)

The clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life threatening infections, today announces that Brazil’s Industrial Property Office has issued a notice of allowance that will now lead to the final approval in March of the Company’s patent application (Brazilian Patent Application no. PI 0512563-4) in relation to XF-73. 

Neil Clark, Chief Executive Officer of Destiny Pharma, said: “We are very pleased to obtain this additional patent award (PI 0512563-4) from Brazil’s Industrial Property Office. We now have 84 issued patents from three patent families related to our XF platform that will provide strong protection to our XF-73 nasal gel product, alongside standard market exclusivity awards, in all major territories. 

We recently completed enrolment in our Phase 2b clinical trial testing XF-73 nasal gel as a novel product preventing the incidence of post-surgical infections such as MRSA.  We are now looking forward to announcing the full results of this study towards the end of March 2021 and planning the Phase 3 clinical programme”


Brave Bison 1.5p  £9.2m (LON:BBSN)

The social media and marketing group, announces that it has been appointed by Hero Caribbean Premier League (the Hero CPL), the leading cricket organisation, to help lead the management of content, channels, rights, monetisation and audience development for the organisation across YouTube. Hero CPL will join the already established community of leading sports organisations that Brave Bison manages across YouTube, including Australian Open, US Open & PGA TOUR.

First started in 2013, the Hero CPL is a franchise-based T20 format cricket tournament that combines two of the most compelling aspects of Caribbean life – dramatic cricket and a vibrant Carnival atmosphere. The 2020 season saw a combined broadcast and digital viewership of over 500 million to make it one of the fastest growing leagues in world cricket.


Time Finance 24p  £21.69m (LON:TIME)

The independent specialist finance provider, announced significant advances in the development of its digital capabilities with a number of new automated processes already implemented and more planned to be introduced shortly across the Group’s IT platforms. These will enhance automation throughout the Group’s product divisions and provide further scalability to the business without material increases in headcount.


Scancell Holdings  13.25p  £108m (LON:SCLP)

The developer of novel immunotherapies for the treatment of cancer and infectious disease, announces an update on its SCIB2 clinical development partnership with Cancer Research UK, a world leading cancer charity dedicated to saving lives through research. Due to the impact of the COVID-19 pandemic and Cancer Research UK’s Centre for Drug Development’s re-evaluation of their collaboration model, the parties have come to a mutual agreement to end their clinical development partnership for the Company’s ImmunoBody® vaccine, SCIB2, for the treatment of patients with solid tumours.

Under the terms of the partnership established in December 2017, Cancer Research UK were due to fund and sponsor a UK-based Phase 1/2 clinical trial of SCIB2 in combination with a checkpoint inhibitor in patients with solid tumours. SCIB2 product rights will now revert to Scancell with no further commercial obligations to Cancer Research UK and as a result, the Company will now explore options to advance the programme either in house or with another partner.


President Energy 1.95p  £39.6m (LON:PPC)

The  energy company with a diverse portfolio of production and exploration assets, provides a Group update on the treatment plant development and its beneficial impact on opex.


· Treatment plant development commenced with first stage set to open by end June 

· Material savings in opex expected from start H2 2021

“With concentration this year in Argentina on expanding production of gas in Rio Negro and oil in Salta it is very important that we get the best value out of our existing oil production in Rio Negro”.


Oriole Resources 1.325p  £19.77m (LON:ORR)

The  exploration company focussed on West Africa reported that it has, through its 90%-owned subsidiary Oriole Cameroon SARL, been awarded five new licences in Central Cameroon. The Licences, together with a further three new licences granted to Oriole’s partner Reservoir Minerals Cameroon Sarl, a subsidiary of Bureau d’Etudes et d’Investigations Géologico-minières, Géotechniques et Géophysiques SARL (‘BEIG3’) , represent a contiguous, district-scale land package covering 3,592km 2 of highly prospective geological terrane. An initial programme of desktop remote sensing and regional-scale stream sediment sampling will commence during H1-2021 to identify targets for follow-up.

 The licences have significantly expanded the Company’s operational base in Cameroon, complementing the more advanced exploration programmes currently ongoing at the Bibemi and Wapouzé projects.


Galantas Gold 18p  £8.4m (LON:GAL)

The Northern Ireland gold producer and explorer, with a 100% interest in Northern Ireland’s Omagh gold mine, announced that a formal agreement regarding blasting has been reached between the Company’s operating subsidiary and the Police Service of Northern Ireland (PSNI). The PSNI have responsibilities regarding the supervision of the use of blasting materials in Northern Ireland.

The agreement provides the potential for a materially improved economic arrangement for an expansion of underground blasting, required for full production, to take place at the Omagh Mine. The agreement has followed a comprehensive review by the PSNI and regulators.


Marechale Capital 4.9p  £2.8m (LON:MAC)

Marechale Capital  notes the recent rise in the Company’s share price and the Board confirms that it is not aware of any specific reason for this increase. Marechale Capital is an established City of London based corporate finance house, with a focus on the consumer brands, leisure and retail sectors.


STM Group 28p  £16.6m (LON:STM)

The multi-jurisdictional financial services group, announces, in line with existing guidance provided in the trading update on 30 November 2020, that it expects to report 2020 Revenues of £24.0m, EBITDA of £3.6m, PBT of £2.0m and net cash of £15.5m. These estimates remain subject to any audit adjustments. 

STM expects to announce results for the 12 months to 31 December 2020 in early April 2021.

The Company also announces that Therese Neish has notified the Board of her intention to step down as Chief Financial Officer and resign from the Company. A search will commence immediately for a new CFO, to be based in the UK.  The Board expects to make an appointment within Therese’s notice period to allow ample time for an orderly handover and will update the market accordingly in due course. 


Xtract Resources 4.9p  £30.4m (LON:XTR)

Update on the planned Phase 2 drilling programme and preparations for collection of a bulk sample at the Eureka copper-gold deposit on small scale mining licence number 22134-HQ-SML located in the Central part of The Republic of Zambia .

· A follow up Phase 2 diamond drilling programme of approximately 1,600m is planned to test the Eureka copper-gold deposit strike extent and to further define the internal grade and continuity of the mineralisation

· The drilling will provide the required information for the open pit planning programme

· Earlier exploration pit sampling indicates that the deposit may extend along strike to the north-west for at least a further 100m to over 300m length in total

· The zone potentially remains open to additional strike expansion beyond the exploration pitting area and is open down-plunge

· The aim of the drilling programme is to define a copper resource sufficient to support an open pit mining operation for a minimum of 3 years

· A drilling contract has been signed and drilling has now commenced

· Plans are also being prepared to excavate a box-cut at the base of the current open pit to obtain a bulk sample and provide break points for benches

· The roads in and around the areas are being upgraded to receive heavy vehicles and allow the transport of ore from site

· A number of Zambia based open pit contractors have submitted tenders for the pit operation and it is expected that a contract will be awarded shortly


Today’s Market View – Hummingbird Resources, Kavango Resources, Rainbow Rare Earths and more…

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