2 Dec 2020

@HybridanLLP

*A corporate client of Hybridan LLP

 

Dish of the day

Conduit Holdings is a newly established reinsurance underwriting business focusing on producing strong risk adjusted returns from a diversified and focused business plan. The business has been formed to capitalise on what the Company’s founders, Neil Eckert and Trevor Carvey  believe to be an exceptional market opportunity. Raising $1.1bn (£826m) at 500p. Pricing announced today with unconditional dealings on the Official List (standard segment)  to commence on 7 December.

 

Off the menu

Cathay International Holdings has left the Official List (standard segment).

 

What’s cooking in the IPO kitchen?

Intuitive Investments Group, a closed-end investment company focussed on the life sciences sector, announces its intention to seek admission the AIM market of the London Stock Exchange plc, and a conditional placing , at a price of 20 pence per share, to raise gross proceeds of £7.5 million . · The net proceeds of the Placing will be used by the Company:-  to invest in fast growing and / or high potential life sciences businesses, based predominantly in the UK, wider Europe and the US, chosen from an identified pipeline of investment opportunities –  investments will be focused on diagnostics and healthcare, medical devices, tools and technologies and bio-therapeutics and pharmaceuticals · The market capitalisation of the Company is expected to be circa £7.8 million on Admission. Due 14 Dec.

Schroder BSC Social Impact Trust plc  targeting a £100m raise.   The Company’s investment objective is to be the first London listed investment company to deliver measurable positive social impact as well as long term capital growth and income, through investing in a diversified portfolio of private market impact funds, co-investments alongside impact investors and direct investments in order to gain exposure to private market Social Impact Investments.  Due 22 Dec. Official List (premium)

Abingdon Health to list on AIM. Abingdon Health is a lateral flow diagnostics company providing contract service solutions to a global client base in the healthcare sector and other industries . The Company has developed and is manufacturing the AbC-19TM Rapid Test, an antibody test for Covid-19 indicating whether a person is generating IgG antibodies to the spike protein of the SARS-CoV-2 virus. The Company is also working with three customers to transfer their Covid-19 antigen tests to manufacture, and is manufacturing a component of a rapid PCR (polymerase chain reaction) test.   Offer TBC. Due early Dec.

Auctus Growth Plc (LON:AUCT) –  Reverse acquisition of HeiQ Materials AG.  £20m placing for the enlarged group plus further secondary placing of £40m for selling shareholders.  HeiQ creates technologies that add functionality, comfort, hygiene and sustainability to existing apparel, home textiles, technical textiles, medical textiles and devices and functional consumer products. It is anticipated that the funds raised will be used to strengthen the Enlarged Group’s regulatory portfolio, enhance its direct to consumer marketing and build brand equity, expand its geographical footprint, expand its sales channels, upscale the product HeiQ GrapheneX and build a medical business unit in light of the robust growth that HeiQ Viroblock has experienced due to the COVID-19 global pandemic.  Anticipated mkt cap £141 million. Due 7 Dec. Main Mkt (Standard)

Helium One Global to join AIM. The Company, through its Tanzanian subsidiaries, holds a 100% interest in 18 licences (the Priority Licences) covering an area of 4,512km2 with an Unrisked Prospective Helium Resource (2U) of 138Bcf (SRK 2019). The Company has spent US$8.25m on exploration, assessment and related activity to date and is now drill ready. Capital to be raised on Admission: £6million. Anticipated market capitalisation on Admission £14.1 million (at the issue price of 2.84p). Due 4 Dec

Downing Renewables & Infrastructure Trust intends to raise up to £200 million to target the acquisition of a diversified portfolio of renewable energy and other infrastructure assets and list on the Official List of the Financial Conduct Authority and Main Market of the London Stock Exchange . Due by mid December

Ecofin U.S. Renewables Infrastructure Trust. Initial public offering of up to us$250 million to invest in a diversified portfolio of mixed US renewable energy assets with an attractive long-term income stream. Main market premium. Due 14 Dec

VH Global Sustainable Energy Opportunities plc, a closed-ended investment company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering  of shares on the Official List (Premium) of the Financial Conduct Authority and Main Market of the London Stock Exchange.  Due by Early Feb 2021

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). Raising £6m. Mkt cap c.£33.6m. Due 11 December

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%). Bytes due on or around 17 December 2020.

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 ).    Due  14 December.

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, 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

Ethernity Networks 27p  £11.26m (LON:ENET)

The supplier of data processing offload solutions on programmable FPGA (field programmable gate array) hardware for accelerating telco/cloud networks, provided a market update: 

Highlights: 

· Revenue momentum with H2 2020 expected to be in line with market expectations (FY20: c. $2.0 million), representing growth of ~400% over H1 2020 and similarly H2 2019.

· Increasing visibility over 2021 forecast revenue with approximately 60% forecast revenue currently anticipated from existing ENET licensing contracts, subject to customer confirmations of order volumes.

· Testing of ACE-NIC100 fully integrated within 5G deployment – selected over two major SmartNIC competitors’ offerings. Larger scale commercial field trial now expected in 2021.

 

Empresaria Group 43p  £20.9m (LON:EMR)

The global specialist staffing group, provides the market with an update on trading for the current financial year ending 31 December 2020.

The Group has continued to demonstrate the financial benefits of its diversity by both geography and sector through the third quarter and the first part of the fourth quarter.  Having delivered profits in the first quarter and in the second quarter under extremely challenging circumstances, the Group has continued to progress in the second half delivering profits in each month to date (adjusted profit before tax).  Evidence of recovery is being seen across many parts of the Group but this remains slow in some cases and local conditions can be volatile as each location reacts to the ongoing impact from coronavirus.

“We anticipate that the Group’s full year net fee income will be in the range of £52m to £55m and adjusted profit before tax is expected to be in the range of £4.4m to £4.9m.  At 30 October adjusted net debt was £11.4m, the increase from 30 June primarily reflecting the repayment of certain tax liabilities which were deferred in the second quarter of 2020 and the impact of increased working capital requirements as net fee income has improved. We would expect net debt to continue to return towards pre-COVID levels as net fee income recovers.  Headroom remains strong at £17.6m excluding invoice financing facilities (30 June 2020 £18.1m).”

 

D4t4 Solutions 225p  £90.49m (LON:D4t4)

The data solutions provider, announces two new significant contract upgrades in the financial services sector for the Group’s Celebrus customer data platform (CDP). These contract upgrades will add a further c.£3.5 million to revenue in the current financial year and bring the total added to second half revenue from recent contract successes, as announced on 5 November 2020, to c.£9 million.

 

Boku 128p  £368m (LON:BOKU)

The mobile payment and mobile identity company provided an unaudited trading update for the year ending 31 December 2020. As a result of continued strong trading in the Company’s Payments businesses, together with a benefit from COVID-19 related cost savings, the Boku board now expects Group EBITDA for the year ending 31 December 2020 to be at least $13.5 million, at least $1 million higher than the current consensus market forecast.

 

Agronomics 7.75p  £38.7m (LON:ANIC)

Portfolio company Solar Foods Oy, focussed on developing its novel protein Solein, has received EUR4.3 million of new funding to support its EUR8.6 million development project for the commercialisation of Solein, its novel protein made from air. Agronomics has a 5.35% equity interest (on a fully diluted basis) in Solar Foods following a EUR3.0 million investment in September 2020.

 

Surgical Innovations 1.45p  £13.5m (LON:SUN)

The designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery, announces that its wholly owned subsidiary, Elemental Healthcare Ltd, has successfully launched the new biological matrix range for Breast Reconstruction, manufactured by Meccellis.

Cellis Breast is a comprehensive range of biological matrices for Breast Reconstruction which received their CE mark in April 2020. Trials were delayed as a consequence of the NHS response to Covid-19; however with the resumption in some hospitals of breast reconstruction, evaluations have been successfully carried out which has meant the Company has met its Q4 target for UK market launch of the product. 

Elemental’s Project Management team worked with key surgeons at selected hospitals to understand optimal practice and techniques. This product knowledge has been shared with the wider sales team and Elemental now has a number of accounts at the later stages of evaluation and purchasing. 

 

Jangada Mines 4.65p  £11.26m (LON:JAN)

The natural resources company notes the recent announcement released on 1 December 2020 by TSX-V listed ValOre Metals Corp., in which Jangada holds a 17.68 per cent interest.

ValOre Drills 76.74 metres of 1.25 g/t 2PGE+Au, incl. 15.00 m at 4.19 g/t 2PGE+Au, 0.63% Ni and 0.25% Cu at Pedra Branca.

“The 2020 drilling at Trapia 1 was a great success, delivering a very strong finish with the assay results received from hole DD20TU20,” stated ValOre’s Chairman and CEO, Jim Paterson. “Importantly, for future recalculations of mineral resource estimates, the drilling results suggest that the ore body thickens at depth and also that mineralization remains open in all directions.”

 

Concepta 2.05p  £10.6m (LON:CPT)

The personalised healthcare company, announces the launch of its DNA testing service, following the recent acquisition of The Genome Store. The testing service will be launched today under the new MyHealthChecked ™ brand and the first test swab kit available will be a fast and reliable direct to consumer  COVID-19 lab-based PCR test available to the UK public via a new ecommerce website. 

The MyHealthChecked™ COVID-19 testing service will use the Clarigene® SARS-CoV-2 test supplied by Yourgene Health plc (AIM: YGEN) and the PrimeStore® MTM sample collection device supplied by EKF Diagnostic Holdings plc (AIM: EKF). The MyHealthChecked™ testing service allows samples to be quickly and conveniently taken at home using simple nasal collection swabs which are then sent via free postage for processing using established laboratory-based DNA and RNA detection methods.

The Company also confirms that it will change its name to MyHealthChecked ™ Plc. Trading in the Company’s shares on the AIM market of the London Stock Exchange under the new name is expected to take effect in due course  and the Company’s stock exchange ticker is also expected to change from CPT to MHC.

 

Alba Mineral Resources 0.445p  £27.6m (LON:ALBA)

The first phase of the Company’s underground drilling programme at the Clogau-St David’s Gold Mine , which was completed in October 2020, has intersected what Alba believes to be the westerly extension to the Clogau Main Lode, representing a potential 550-metre extension to the Main Lode.  The Main Lode is the source of most of the historic gold production at the Mine. 

· Drillhole L002 returning significant gold assays of 1.16 metres at 0.653 grammes/tonne (“g/t”), including 0.25 metres at 1.79 g/t.

· Drillholes L002 and L003 have intersected what Alba believes to be the westerly extension of the Clogau Main Lode, representing a 550-metre extension to the Main Lode, the source of most historic production at the Clogau-St David’s Gold Mine.

· Infill surface and underground drilling is now planned to confirm the continuity of the Main Lode extension.

 

Osirium Technologies 23p  £4.5m (LON:OSI)

The  vendor of cloud-based cybersecurity software announced a significant contract win for its Privileged Access Management (PAM) technology with a major UK provider of telephone, broadband and mobile services.

 The new customer has purchased an initial 36 month term enterprise license for the Osirium PAM platform including the Privileged Access Management, Privileged Task Management and Privileged Session Management modules. Consultancy and training from Osirium Professional Services are included in the contract.

The Osirium PAM platform has been selected in a competitive bid against a range of other PAM vendors as part of a sales initiative led jointly by Osirium and Infradata, an independent provider of state-of-the-art cyber security and cloud networking solutions and services and an approved Osirium reseller partner.

 

Head Chef

Derren Nathan

0203 764 2344

[email protected]

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