Small Cap Wrap – Xpediator; San Leon Energy;

0 20

*A corporate client of Hybridan LLP

Dish of the day

No Joiners Today

Off the menu

Matomy Media Group has left the High Growth segment of the Main Market of the London Stock Exchange following a merger

What’s cooking in the IPO kitchen?

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.

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. Due December

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: GBP6million. Anticipated market capitalisation on Admission GBP14.1 million (at the issue price of 2.84p). Due 4 Dec

Downing Renewables & Infrastructure Trust intends to raise up to GBP200 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). Due December

Schroders British Opportunities Trust is seeking to raise up to GBP250 million on the premium segment of the Official List . The Company believes that there is a once in a generation opportunity to invest equity capital into high quality, high growth UK Companies in the c. GBP50 million to GBP2 billion equity value range with sustainable business models at attractive valuations. Due 1 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 GBP79.2m (+24.5% against FY19) and adjusted operating profit of GBP31.7m (+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 GBP179m, announced its intention to raise up to GBP62.5m. MailBox REIT will apply for the Ordinary Shares be admitted to trading on the IPSX Prime segment of International Property Securities Exchange (IPSX ). Due November.

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

Xpediator 29p GBP41.1m (AIM:XPD)

The provider of freight management services across the UK and Central and Eastern Europe, provided a trading update for the current year ending 31 December 2020. Trading since the half year has continued to recover to historic levels and the Group expects to report adjusted profit before tax of at least GBP6.0 million for the year to 31 December 2020, an 18% increase over the prior year (2019: GBP5.15 million).

Total Produce 115p GBP447m (AIM:TOT)

Update from the Irish producer of fresh produce. “Trading for the 10 months ended 31 October 2020 has remained positive against the backdrop of COVID-19. Sales continued to be resilient in Wholesale and Retail offsetting reduced demand from Food Service. Sales, Adjusted EBITDA and Adjusted Earnings Per Share are now expected to be slightly ahead of full year 2019. The Group’s strong presence in the global fresh produce industry, the diversity of its operations and products, together with the exceptional response from our people, enables us to meet the challenges. The Group is pleased to announce that it has been awarded the Origin Green Gold Standard which recognises excellence in sustainability practices.”

Aquis Exchange 435p GBP118.19m (AIM:AQX)

The exchange services group, announced that its subsidiary Aquis Stock Exchange (AQSE) has launched an incentive scheme for market makers designed to boost liquidity and improve the functioning of the AQSE market for growth stocks.

Under the terms of the scheme, participating market makers will offer two-way prices, in retail size, for 50% of stocks in the Apex segment of the AQSE Growth Market. Spreads must be no wider than 5%. Apex is aimed at more established companies, with a larger market capitalization (GBP10m-GBP500m), a free float of at least 25%, broad retail access and ones that adhere to a recognised corporate governance code. Candidates for Apex, which is expected to begin with around 25 constituent companies, include businesses such Chapel Down Group, Shepherd Neame and Arbuthnot Banking Group. The scheme begins in January 2021 and is designed to bring more competition into the market, narrow spreads, increase liquidity and enhance the overall performance for all users.

Market makers qualifying for the scheme will be awarded warrants convertible into AQSE equity. This opportunity is open to the top five firms each year, with the best performers receiving a larger percentage. Over the three-year term of the scheme, market makers will have the opportunity to get equity up to 19.9% in AQSE. AQSE has already attracted a number of key market makers to its scheme. Early adopters include Canaccord Genuity, Liberum, Peel Hunt, Shore Capital Ltd, Stifel and Winterflood Securities Limited.

Bluejay Mining 10.85p GBP103m (AIM:JAY)

The development company with projects in Greenland and Finland has joined the European Raw Materials Alliance (ERMA).

ERMA was recently launched by the European Commission as part of its outlined Action Plan on Critical Raw Materials. The Action Plan defines the steps Europe must take to diversify and strengthen supply chains, decrease dependency on other countries, and reduce the reliance on critical raw materials by securing access to sustainable raw materials.

Maestrano Group 9.5p GBP14.6m (AIM:MNO)

The Artificial Intelligence platform for transport corridor analytics, announced the release of its latest technology for recording digital imagery, the RN100.

Maestrano’s wholly owned subsidiary, Airsight, originally developed a lightweight LiDAR (Light Direction and Ranging) unit in 2015 for installation on drones and other vehicles (including rail locomotives). Originally intended for Airsight’s own use, the unit was offered as a standalone product from 2017 under the brand name of Nextcore. The most popular model, the RN50, has been delivered to survey and engineering consulting companies in Japan, Indonesia, New Zealand and Australia.

The RN100 incorporates the latest thinking and technology in high resolution laser scanning and onboard inertial navigation and is able to be flown higher and record faster, producing accurate point clouds in record time. Up to 100 hectares can be scanned in a single flight at up to 100 metres altitude and the RN100 is especially suited to steep, rugged terrain with thick vegetation.

San Leon Energy 23.25p GBP104.6m (AIM:SLE)

Further to its announcements of 1 September 2020 and 2 November 2020 regarding its proposed investment in Decklar Petroleum Limited and the Oza Field in Nigeria, San Leon announces that the parties have agreed to an additional three week extension to 14 December 2020.

As was the case with the previous extension, worldwide restrictions in place to slow the spread of Covid-19 have presented certain logistical challenges. However, good progress has been made with the final drafts of all remaining conditions precedent in the Subscription Agreement currently being reviewed by the parties. In particular, the trading subsidiary of a major oil company , which along with a local Nigerian bank, is to provide a five year term debt to Decklar has provided written confirmation setting out the remaining steps that it is addressing prior to completion. The terms of the transaction remain unchanged and all parties remain committed to bring it to a conclusion as soon as is practical.

Concepta 1.05p GBP5.14m (LON:CPT)

The personalised healthcare company, announced the acquisition of 100% of the outstanding share capital of The Genome Store Ltd, a provider of home-administered postal genomic test services, for an initial consideration of GBP0.28m payable in shares, and a deferred consideration of up to GBP0.24m payable in shares and linked to performance milestones.

The Genome Store, based in the Manchester Science Park, has developed a number of genomic – or DNA – tests covering a range of female and male wellness, food intolerance and lifestyle testing. A sample can be quickly and conveniently taken at home using simple oral or nasal collection swabs which are then sent via free postage for processing using established laboratory-based DNA and RNA detection methods. An initial portfolio of tests will be launched in Q4 2020, with a pipeline of further tests to be commercialised from Q1 2021. The service is expected to be rebranded under Concepta ownership and the portfolio launched under a new brand.

Reabold Resources 0.39p GBP27.7m (AIM:RBD)

Update regarding the West Newton B-1 (WNB-1) well, operated by Rathlin Energy (UK) Limited. Reabold holds its interest in West Newton via its ca. 59 per cent. shareholding in Rathlin, which, in turn, has a 66.67 per cent. interest in PEDL183. In addition, Reabold has a 16.665 per cent. direct licence interest in PEDL 183.

The WNB-1 well has been drilled safely to a Total Depth of 2,295 metres, encountering both the primary and secondary objectives, the Kirkham Abbey and Cadeby formations respectively.

The Kirkham Abbey formation indicated a hydrocarbon charge based on wireline logs, cuttings and mud gas readings. The secondary target, the Cadeby formation contained insufficient reservoir development at this location.

The operator has commenced the planned side-track drilling operation from the WNB-1 well and following preparatory engineering exercises the West Newton B-1Z (“WNB-1Z”) will be drilling ahead during the next few days.

RUA Life Sciences 155p GBP25.35m (AIM:RUA)

The holding company of a group of medical device businesses focused on the exploitation of the world’s leading long-term implantable biostable polymer (Elast-Eon(TM)), announced significant recent success within its RUA Structural Heart business. In the Trading Update issued on 23 October 2020, the Company stated that the most recently manufactured surgical valves looked very promising and, as a result, it had elected to undertake additional pilot testing of the valve earlier than it had previously anticipated.

The testing, which has now been undertaken, was hydrodynamic or pulsatile flow testing, which replicates the flow of blood in the human heart. ISO Standard-5840 (surgically implanted heart valve substitutes) sets out minimum parameters or performance requirements for these hydrodynamic tests. The results of the tests carried out are summarised below:

. All valves tested easily surpassed the minimum ISO requirements thus indicating that they would work in the human heart;

. The valves tested, which were chosen at random from a single production run, demonstrated remarkable consistency in performance; and

. The sealing of the valve during diastole (when the valve is closed) was outstanding with any flow monitored within the measurement error of the testing equipment.

Uniphar 2.31p GBP652.5m (LON:UPR)

The international diversified healthcare services business announced the approval by the Competition and Consumer Protection Commission of the acquisition of Hickey’s Pharmacy Group previously disclosed on 2 September.

The acquisition is earnings accretive from completion and will be further enhanced through leveraging Uniphar’s existing infrastructure and scale to unlock additional synergies. As previously guided, this is expected to result in an uplift of c.6% on Group EPS for H1 2021 rising to 9% in H2 2021, with additional synergies to be delivered in 2022.

Uniphar’s experienced management will ensure integration is executed effectively to achieve the identified benefits.

If you would like to unsubscribe, please email [email protected] with “unsubscribe me”.

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.