15 March 2021
*A corporate client of Hybridan LLP
Dish of the day
In The Style (LON:ITS), the e-commerce womenswear fashion brand with an influencer collaboration model, has joined 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. Raised £11m. Mkt Cap £105m. £49m secondary.
Off the menu
Phimedix has left AIM pursuant to AIM Rule 15, TalkTalk and Calisen have both left the main market following successful takeover bids.
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.
ActiveOps, a UK-based leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices is planning to join AIM. Details TBA. Due late March.
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 (LON:EML) 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.
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.
Induction Healthcare 97.5p £41m (LON:INHC)
The healthcare technology company that helps to digitally transform hospitals, announces commercial contract wins with Sussex Community NHS Foundation Trust and East & North Hertfordshire NHS Trust, to enlist Induction Booking, an appointment booking service, to aid coordination of COVID-19 vaccination and follow-up appointments.
The COVID-19 vaccination programme is the largest and most highly anticipated immunisation campaign in history. Induction Booking will help the NHS Trusts manage COVID-19 vaccination and follow-up appointments for their own staff as the UK continues to forge ahead in the combat against COVID-19.
These new contracts provide further revenue and commercial momentum for Induction. The current financial year, ending 31 March 2021, will see the first full year of revenue contribution from Induction’s digital product platform. The Company has been building a strong momentum in sales and annual recurring revenues across all of its subscription-based software products and has a strong pipeline of orders with multi-year contracts.
The manufacturer of ultra-thin prismatic and cylindrical supercapacitors, announced that Portal Instruments, a clinical stage medical device company, has selected the CAP-XX GS230F supercap for its advanced needle-free drug delivery platform for self-administering biological medicines. Portal Instruments chose the CAP-XX prismatic supercapacitors, which are manufactured in CAP-XX’s production facilities in Australia and Malaysia, due to their characteristic low Equivalent Series Resistance (ESR) which enables the high burst of energy needed to drive the fast, large volume needle-free jet injection, and for their thin form factor which fits easily inside the small drug delivery device.
Bluejay Mining 11.375p £110.5m (LON:JAY)
The exploration and development company with projects in Greenland and Finland, announced the appointment of Mr Johannus Egholm Hansen as a Non-Executive Director to the Board.
Mr Hansen is a Faroese/Danish national with over 30 years’ experience in large construction projects, airport construction and operations, engineering, banking and equipment supply. Most significant is Mr Hansen’s involvement in the planning and development of the three airports project in Greenland, where Mr Hansen managed both political and regulatory stakeholders, managed tri-party negotiations with the Governments of Greenland and Denmark and secured project financing and regulatory permits, including environmental permits.
Duke Royalty Limited 36.25p £93.5m (LON:DUKE)
The provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, has increased and extended its revolving facility agreement with Honeycomb Investment Trust plc, a credit fund with Pollen Street Capital as Investment Manager.
The New Credit Facility enables the Company to capitalise on the significant opportunity available to add new royalty partners looking for long-term, flexible alternative capital since the start of the pandemic. The material changes in terms relating to the New Credit Facility are as follows:
· Increased revolving credit facility of £35m, from the current level of £30m, to support Duke’s growing pipeline of new deployments · Extended five-year term, expiring in February 2026, from the current maturity of September 2024
· Interest rate remains at one-month LIBOR plus 7.25% per annum · Uncommitted accordion facility – subject to maintenance of a loan to value threshold, the New Credit Facility could increase to £55m The net debt position of the Company is currently £15.3m.
Power Metal 2.15p £24.4m (LON:POW)
Commercial update for shareholders covering the Silver Peak Project, in British Colombia, Canada. The Project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Colombia.
Power Metal has accelerated its earn-in to the Silver Peak Project and now holds a 30% Project interest. A new Canadian company is being formed to hold a 100% interest in the property and Power Metal will retain its 30% interest in the Project through the new company. Power Metal has agreed with its partners who hold the remaining 70% interest in Silver Peak to list the Project holding company on a recognised stock exchange and the process has now commenced with relevant paperwork being prepared in this regard. Further information will follow shortly with regard to the listing plans.
Power Metal has agreed to pay the CAD$108,952 (£62,313) remaining under the exploration earn-in commitment of CAD$250,000 into the new Canadian company to extinguish that earn-in requirement. This payment will be made from existing cash resources. Power Metal has also elected to satisfy the final earn-in payment to secure its 30% Project interest through the issue of 5,139,281 new ordinary shares of 0.1p in the Company (“Ordinary Shares”) at a price of 2.225p and the issue of 2,569,641 warrants to subscribe for new Ordinary Shares at an exercise price of 2.89p and with a three year life to expiry from today’s date.
Applied Graphene Materials 40p £25.74m (LON:AGM)
The producer of speciality graphene nanoplatelet dispersions, announces that the Company will be presenting its breakthrough technology that enables easy graphene dispersion in water-based epoxy coatings, while delivering improved corrosion protection, at the Corrosion 21 Conference & Expo on 28th April 2021.
The technology represents a major milestone in the development of performance-enhancing graphene technologies for more sustainable coatings manufacturers. AGM has previously demonstrated significant uplifts in anticorrosion performance in solvent based coatings through the use of its industry-leading Genable® graphene nanoplatelet dispersion technology. However, water-based coating development remains a key focus for industry formulators looking to improve the safety and environmental impacts of their products.
Award of three new copper and silver exploration projects totalling 252 km2 in the western Anti-Atlas of the Kingdom of Morocco. The Projects were awarded to the Company’s 100% owned subsidiary, Aterian Resources Limited, following a competitive tender process.
· Three new copper and silver projects totalling 252 km2 granted in central Morocco · Projects considered highly prospective for sediment-hosted mineralisation · Izougza copper-silver project is located 20 km southeast of the Zgounder silver mine · At least four historically recorded copper occurrences within the Projects · Strategic land holding in Morocco enlarged to seven base and precious metal projects · Remote sensing underway with exploration programmes commencing shortly · Further licence applications submitted across key mineralised belts in Morocco.
Ixico 101.5p £48.7m (LON:IXI)
The AI data analytics company delivering insights in neuroscience, announces a collaboration with Microsoft to develop its AI data analytics platform for the global pharmaceutical industry. Combining IXICO’s portfolio of AI data analytics and scientific expertise in neurological diseases with Microsoft’s cloud-based AI infrastructure, will provide a significant enabler for IXICO’s delivery of clinical trial analytics solutions, at scale, to the pharmaceutical industry.
As part of the collaboration, the two companies will work together to deliver IXICO’s AI solutions into global clinical trials for neurological diseases such as Alzheimer’s disease and Huntington’s disease by enhancing IXICO’s large-scale data processing capabilities. These capabilities will set the foundation for an expanded range of differentiated and proprietary AI driven services, assisting IXICO’s customers in their efforts to address significant unmet medical needs.
Actual Experience 122p £69.8m (LON:ACT)
The analytics-as-a-service company, has received an initial Purchase Order from one of its Channel Partners, for the Company’s new Human Experience Management (HXM) Business Impact Assessment (BIA) and Continuous Improvement (CI) offering, evidencing the Channel Partner’s endorsement of HXM to its global blue-chip customer base.
The Purchase Order follows a constructive period of commercial engagement with the Channel Partner and is a pre-order intended to fund initial BIA deployments in the sales funnel.
The investment company focused on next generation technology, announces that it has invested £250,000 in Polience Limited, a security solution platform company that provides data intelligence to combat crime, terrorism and protect vulnerable people, as part of a £1m fundraising round. The funding for this investment has been satisfied from Pires’ existing cash resources. Sure Valley Ventures, in which Pires has an effective overall interest of circa 20%, has invested the remaining £750,000 from the round.
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