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Small Cap Feast – 20 January 2021

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What’s Cooking In The IPO Kitchen?

NQ Minerals, the base and precious metals producer from its 100% owned flagship Hellyer Mine  and the 100% owner of the Beaconsfield Gold Mine, both in northern Tasmania, Australia, has submitted a draft prospectus to the UK Financial Conduct Authority  for approval. The Company is considering applying for admission of its ordinary shares to the Official List of the FCA by way of a Standard Listing and to trading on the Main Market of the London Stock Exchange . Details TBA

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.

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.

VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments announced it intends to launch an IPO of shares on the Official List (Premium) of the Main Market of the London Stock Exchange.  Due by Early Feb.

 

Breakfast Buffet

Surface Transforms 61.5p £95.3m (LON:SCE)

The manufacturers of carbon fibre reinforced ceramic automotive brake discs, announced that further to the Company’s announcement released at approximately 5.30 p.m. on 19 January 2021, the Bookbuild has closed and the Company has conditionally raised gross proceeds of £18.0 million, at  50 pence.

David Bundred, Chairman of Surface Transforms commented: “We are delighted with the success of this Placing which now enables us to proceed with building OEM Production Cell Two and thus removing this impediment in winning target business with OEM 8 and OEM 9. In addition, it is most encouraging to welcome a number of new institutional investors, as well as receiving significant ongoing support from our existing institutional shareholders.”

 

[email protected] Capital 0.505p £165m (LON:SYME)

[email protected] Capital plc, the innovative fintech platform which provides a unique, market leading Inventory Monetisation ©  service to European manufacturing and trading companies announced that the authorisation process for SYME’s Shariah compliant Inventory Monetisation Platform has been successfully completed.

This approval adds yet another funding route to the Company’s existing securitisation model and Captive Bank. SYME is now able to market this dedicated Shariah compliant investment product, supported by its Fund Specialist. Furthermore, as announced on 11 January 2021, the Company continues to work with its local partner iMASS to manage the onboarding of an initial portfolio of MENA region Client companies.

 

Rural Broadband Solutions* 4.75p £14.4m (AQSE:RBBS)

The specialist provider of broadband services to rural areas of the UK, updated investors on the following progress which has been made since the reverse transaction in October 2020.

RBBS came to market in October 2020 with a customer base of over 2,300 and  has grown that to 2,500 connections by the start of January 2021. It is averaging an additional 25 new sign ups per month without having yet started to implement the gigabit network.  RBBS is continually working hard to grow that number and have now engaged a local Shropshire social media marketing and PR company to.  RBBS is also using direct marketing to gather Expressions of Interest from communities that lie within its current coverage area to access the Rural Gigabit Voucher funding scheme. Since the launch of a social media campaign one month ago, SWS has gathered interest for its Gigabit Enabled Network (“GEN”) from over 300 households (some new, some existing), increasing at an average rate of ten a day.  This means that RBBS can already register for over £1m of Government funding, should the GEN be able to service them all, against a planned target to December 2023 of just over £3m.

RBBS had originally modelled 40 villages for the GEN within its existing coverage area.  The top up funding pledged by Shropshire council has made it possible to access communities which consist of fewer properties than were originally modelled. This means that instead of covering 40 villages, the GEN will now cover 50. RBBS remains confident that its organic target of 5,000 monthly paying customers within 36 months following Admission will be achieved.

RBBS is in the process of planning its own “National Data Network” which is a facility to move data through a Virtual Private Network as opposed to relying upon other third-party wholesale providers. This will not only increase capacity and reduce data usage costs across its existing coverage, but will enable the upscaling of the Shropshire model across the UK. SWS’s targeted increase in scale and the building of additional infrastructure will provide the opportunity for wider wholesale services.

 

Shanta Gold 17.25p £180m (LON:SHG)

The East Africa-focused gold producer, developer and explorer, announced a group-wide reserves and resources update for its portfolio of gold projects in Tanzania and Kenya as at 31 December 2020.

Total group-wide reserves of 625,000 ounces (“oz”) grading 3.00 g/t across the Company’s two projects in Tanzania;  Total resources of 3.2 million oz grading 3.53 g/t across all three projects in Tanzania (JORC compliant) and Kenya (NI 43-101 compliant) (US$1,350 /oz);  Exploration drilling at NLGM during 2020 added 173,000 oz to reserves; Net reserves increase of 37,000 oz in 2020, after depletion from production during the year and resource optimization; Reserves assume a life of mine (“LOM”) gold price of US$1,350 /oz; Maiden resource of 64,000 oz grading 2.08 g/t declared at open-pit Porcupine South deposit near NLGM with additional drilling planned for H1 2021; Two rigs have been mobilized at the West Kenya Project with first assay results expected in February; and Significant upside potential through the conversion of resources across the portfolio.

 

DeepMatter Group 2.4p £22.14m (LON:DMTR)

DeepMatter Group PLC, the AIM-quoted company focusing on digitising chemistry, announced that one of its wholly owned subsidiaries has entered into a multi-year, limited-use data licensing agreement with the Life Science business of Merck to provide proprietary chemical structure and reaction data content to Merck’s selected application.

Merck, a leading science and technology company, operates across Healthcare, Life Science and Performance Materials.  The terms of the data license agreement have not been disclosed.

 

Hornby 65p £108.5m (LON:HRN)

The international models and collectibles Group, updated shareholders on trading for the period from 1 October 2020 to date, which includes the important Christmas and New Year period. “Group sales for the third quarter were positive and ahead of the same period last year. As a result, cumulative group sales for the financial year to date are ahead of last year. This has been driven by a hugely popular product range and increased global demand as consumers spend more time indoors focusing on their hobbies and taking comfort from our brands. January to date has been a slower start that we would have liked as we contend with tighter COVID-19 restrictions within the warehouse and the impact of courier companies pausing collections bound for Europe due to Brexit backlogs. We have now largely worked through these issues and will start shipping to Europe imminently. ”

 

Midwich Group 485p £430m (LON:MIDW)

The specialist audio visual distributor to the trade market with operations across the UK and Ireland, EMEA, Asia Pacific and North America, is today providing a trading update for the year ended 31 December 2020.

Despite the ongoing challenges of the coronavirus pandemic, the Group’s trading recovery continued in the second half of the year and, as a consequence of a strong close in November and December, the Board now expects to report revenue for 2020 as a whole in excess of £710 million, representing growth of approximately 4% over the prior year (4% at constant currency).  Underlying sales before the effect of in-year acquisitions were 7% lower in the second half of the year than in the comparative period in 2020, compared with 22% lower in the first half, giving an overall decline of 14% for the year.

 As a result of this strong performance, the Board now anticipates reporting adjusted profit before tax for 2020 of approximately £14 million, significantly ahead of its prior expectations.

 

Synairgen 165.5p £329m (LON:SNG)

The respiratory drug discovery and development company announced that recruitment of 120 COVID-19 patients into its Phase II trial evaluating inhaled formulation of interferon-beta-1a (SNG001) conducted in the home setting has now been completed. Results from the trial are expected in Q2 2021.

 

Bonhill Group 8.75p £8.63m (LON:BONH)

The B2B media business specialising in three key areas: Business Information, Events and Data & Analytics, provided a trading update for the year ended 31 December 2020. All figures for the Year included in this announcement remain subject to audit.

In what was undoubtedly a difficult year, the Company announces that it delivered a strong second half of the Year (“H2”) with £10.1 million of revenue, versus £7.7 million reported in the first half of the Year (“H1”), and adjusted EBITDA of approximately £1.55 million (H1: 1.69 million loss). This was as a result of the swift and positive action taken during the early months of the pandemic.  Revenue for the Year is therefore expected to be £17.8 million (2019: 24.4 million), which excludes Government support of approximately £1.0 million, and adjusted EBITDA of approximately £0.1 million (2019: £2.3 million) prior to an adverse year end FX movement of £0.2 million. Following a clarification regarding the accounting for Government financial support, the £1.0 million received has been recognised as other income, with £0.1 million of H1 revenue being reclassified as such.  The result for the Year is in line with the Company’s expectations based on the assumptions made in its announcement of the placing of new shares on 9 April 2020.

 

Agronomics 13.625p £68m (LON:ANIC)

The investor in alternative proteins with a focus on cellular agriculture and cultivated meat, announced that portfolio company BlueNalu has now closed its US$ 60 million debt financing in the form of Convertible Promissory Notes from new and existing investors, in which Agronomics’ investment announced on 19 November 2020 forms a part.

Agronomics currently holds 192,005 shares of BlueNalu, with a book value, excluding the CPN investment, of £2,744,613. Agronomics’ CPN, and all other CPNs raised in this round, will convert at a Qualified Financing, being an equity fundraise of US$ 50 million or greater. Assuming a Qualified Financing occurs at a price equal to the agreed valuation cap of the CPN, Agronomics will have an approximate equity interest of 5.85% of issued shares following conversion and would value Agronomics’ position at approximately £13.4 million. However, for the time-being, the CPN doesn’t qualify as a valuation event for Agronomics to revalue its investment in its own books.

 

Head Chef:

Derren Nathan
0203 764 2344
[email protected]

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