Small Cap Wrap – Cadence Minerals, NWF Group, Oxford Biodynamics and more…

0 23

2 Nov 2020

@HybridanLLP

*A corporate client of Hybridan LLP

 

Dish of the day

No Joiners Today

Off the menu

No Leavers Today

 

What’s cooking in the IPO kitchen?

Harrogate Group. The Company offers 90-day residential personality development and vocational courses to local authorities in England for young adults aged between 16 and 18 who have left school but are not in employment or further education to whom the client local authority owes a care obligation under The Children Act 1989. AQSE. No Funds being raised. Due 9 Nov.

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%). Timetable TBC.  

Verici DX—developer of advanced clinical diagnostics for organ transplant, intends to apply to have its issued share capital, as enlarged by a proposed placing, subscription . The Restricted Offer is only available to certain persons, being persons who held the beneficial title to any A Shares of £0.001 each in the capital of the Company on 10 July 2020 whose registered address is in the UK  (being persons recorded on the register of members of Renalytix AI plc on 9 July 2020). £14.5m fundraise. Mkt Cap c.£28.3m. Due 3 November.

Round Hill Music Royalty fund to IPO on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of a placing and offer for subscription targeting the issue of 375m ordinary shares  at an issue price of US$1.00 per Ordinary Share.  The Company’s Investment Objective is to provide investors with an attractive level of regular and growing income and capital returns from investment primarily in high quality, music intellectual property.  Due mid-November.

Meritwell II intends to list on the Specialist Funds Segment of the LSE raising up to £250m. The Placing will provide UK institutions with the opportunity to “swap” illiquid holdings which have become time and resource consuming holdings, at their bid price, in return for ordinary shares in the Company. Was due 26 Oct, waiting for an update.

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 ).   IPSX is a new Regulated Investment Exchange regulated by the FCA and is the world’s first such exchange dedicated to the initial public offering and secondary market trading of companies owning single institutional grade real estate assets and multiple assets with commonality. Due  November.

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). Timing tbc

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

Cadence Minerals 11.75p  £16.5m (LON:KDNC)

Completion of the update of the Mineral Resource Estimate (“MRE”) in respect of its investment in the Amapá Iron Ore Project Brazil.

· Mineral Resource of 176.7 million tonnes  grading 39.7% Fe in the Indicated category, reported within an optimised pit shell and using a cut-off grade of 25% Fe.

· Mineral Resource of 8.7Mt at 36.9% in the Inferred category, reported within an optimised pit shell and using a cut-off grade of 25% Fe.

· This Mineral Resource represents a 21% increase in total mineral resources compared to the equivalent MRE published by Anglo American 2012 .

· The MRE will form the basis of the mine planning studies within the scoping study, to support the operational plan to produce 4.4Mt of 65% Fe and 0.3 Mt of 62% Fe per annum.

· Significant potential exists to increase the resource base after the completion of metallurgical and optimisation studies on the surficial Colluvium and Canga and the underlying Semi Compact and Compact Itabirite material types.

 

NWF Group SUSPENDED (LON:NWF)

The specialist distributor of  fuel, food and feed across the UK , announces that it has experienced an unauthorised access to the IT systems in two of its divisions (Feeds and Fuels) and at Group level.  There has been no unauthorised access at the Group’s Food division. 

The Group has engaged external specialists and has taken precautionary measures with its IT infrastructure, including taking systems offline whilst it continues to investigate the nature and extent of the incident, the recoverability of any compromised data and any effects on the operability of its systems.

The Group’s businesses remain operational; the  customer service teams in Feeds and Fuels are using alternative systems and procedures to fulfil and deliver orders . 

In light of the complex and evolving nature of this situation, the Board has requested that trading in the Company’s ordinary shares be suspended until it is in a position to provide more definitive information.

 

Oxford Biodynamics 70.75p  £65.5m (LON:OBD)

Strategic partnership with Boca Biolistics in order to advance EpiSwitch™ disease severity program for COVID-19

 · Highly diverse samples will enable development of world’s first 3D genomics prognostic immune health test for disease severity

· US-based specialty lab and biorepository, Boca Biolistics, to provide highly diverse Covid-19 samples, including those from hardest hit territories, such as Peru, and for “long COVID”

 

Sensyne Health 135p  £174m (LON:SENS)

Its CVm-Health+™ app is to be used by the University of Oxford in its FACTS clinical study evaluating the feasibility and acceptability of new point-of-care tests (“POCT”) for regular asymptomatic COVID-19 testing in the community. 

The FACTS study is one of the three University pilot projects established by the UK Department for Health and Social Care and Public Health England.

 

Alpha FX 1050p  £421m (LON:AFX)

The provider of FX risk management and alternative banking solutions servicing corporates and institutions internationally, today announces that Matt Knowles will be stepping down from his role as an independent Non-Executive Director, in order to take on a more active role with the Group as Strategic Advisor.  The Group will look to appoint a new Non-Executive Director in due course.

 Moving forward, Matt will be working with the senior management team for a minimum of one day a week to guide the evolution of the Group with its strategy and ensure the organisation is aligned at all levels.  This will see Matt play a key role in developing the Group’s strategic processes and holding the Group accountable to them, as well as testing the Group’s assumptions and decision making, while advising on new investments. Matt has had a significant impact on Alpha since joining in 2018. He joined the Group with a wealth of leadership experience, having previously co-founded HiFX, one of the largest non-bank players in international payments globally.  In his time as CEO, he grew HiFX to over 400 employees across 6 countries, before selling to Nasdaq listed Euronext in 2014 .

 

KEFI Gold & Copper  1.76p  £33m (LON:KEFI)

The gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to confirm the recommencement of drilling at the Company’s Hawiah Project in Saudi Arabia , as anticipated following the recent positive Preliminary Economic Assessment .

The drilling programme of 13,000 metres is aiming to expand and upgrade the maiden Hawiah Mineral Resource Estimate  from the current 19.3 million tonnes at 0.9% copper, 0.8% zinc, 0.6g/t gold and 10.3g/t silver.

Based on the results of the initial Hawiah PEA and assuming similar characteristics to the current MRE, additional resources further improve the economic case for the Project. For further background, see the Company’s announcement of 22 September 2020 titled “Preliminary Economic Assessment Confirms Hawiah as a High Priority Project” which reported, inter alia, that a doubling of the resource would increase the Project’s estimated after-tax NPV from US$96 million to US$362 million. The first hole drilled in Q4 2020 targeted the down-dip extension of the Camp Lode. Hole HWD-070 intercepted 4.2 metres (estimated true width) of Volcanic Massive Sulphide (“VMS”) style of mineralisation at a downhole depth of 557 metres (vertical depth 440 metres).

 

Anglo Asian Mining  115p  £131.55m (LON:AAZ)

 Updated Mineral Resources and Ore Reserves, estimated in accordance with the JORC (2012) code, for the Gedabek open pit and Gadir underground mine located at the Company’s Gedabek licence area  in Western Azerbaijan.

· Revised Mineral Resources for Gedabek open pit.  Total Mineral Resources of 735,000 ounces of gold and 69,100 tonnes of copper.  Mineral Resources now include material contained in stockpiles. Zinc Mineral Resources now also estimated to enable the technical implications of higher zinc grades at depth to be understood. Revised Mineral Resources for Gadir Underground Mine

o Total Mineral Resources of 267,000 ounces of gold and 2,183 tonnes of copper

· · Mine life for the Gedabek open pit of eight years

o Mine life based on the current mining practices of the Gedabek open pit

o Optimisation of the mine plan being carried out to enable more efficient mining and maximise use of our processing capability

· A residual mineral study of Ugur shows that, as expected, the mine is nearing depletion but exploration in the vicinity of, and below, the mine continues

o Copper mineralisation has been identified

 

Silence Therapeutics 351p  £291m (LON:SLN)

The specialist in the discovery,  development and delivery of novel short interfering ribonucleic acid (siRNA) therapeutics for the treatment of diseases with significant unmet medical need, today announces that Marie Wikström Lindholm, PhD, previously VP Head of Technology Innovation, has been appointed Senior Vice President, Molecular Design and member of the Silence Executive Leadership Team, effective immediately. Dr. Lindholm will continue reporting to Silence’s Head of R&D and Chief Medical Officer, Dr. Giles Campion. 

Dr. Lindholm joined Silence in December 2017 and has been responsible for building and leading a skilled team at Silence focusing on fine-tuning the design of Silence’s proprietary GalNAc-conjugated siRNA technology and exploring siRNA delivery outside the hepatocyte (liver cell).

 

Creo Medical 153p  £241m (LON:CREO)

The medical device company focused on the emerging field of surgical endoscopy, announces that it has received 510(k) clearance from the US Food & Drug Administration (‘FDA’) for its tissue ablation device MicroBlate ™ Fine .

 

This is the third device to gain FDA regulatory clearance within Creo’s portfolio of flexible endoscopy devices for the gastrointestinal (‘GI’) market alongside SlypSeal™ Flex and Speedboat™ Inject. The range is designed to be used with the CROMA Advanced Energy Platform, powered by Kamaptive™ full-spectrum adaptive technology, a seamless, intuitive integration of multi-modal energy sources, optimised to adapt to the tissue effect required for different procedures such as resection, dissection, coagulation and ablation of tissue.

 

Kromek 11.875p  £40.9m (LON:KMK)

The  worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, has entered into a development agreement, worth up to $660k, with a US-based, sector-leading industrial OEM with a global customer base. The majority of the development programme is scheduled to be delivered during the Group’s current financial year and, following final completion, it is expected to transition to a multi-year supply contract. 

 

Under the development agreement, the Group will customise one of its CZT detector platforms for incorporation into the customer’s systems for identifying contaminations during production processes.   

 

 

Head Chef

Derren Nathan

0203 764 2344

[email protected]

Status of this Note and Disclaimer

This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of section B of annex I to Directive 2014/65/EU (“MIFID II Directive”); or (ii) investment research as defined in article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II              Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook).

This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii)  persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

Leave A Reply

Your email address will not be published.