Small Cap Wrap – Tirupati Graphite; Mailbox REIT PLC; C4X Discovery; Amryt Pharma

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Cancellation of Modern Water on AIM following a take over.

 

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.

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 (AIM:KIBO), 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

CloudCoCo 1.075p  £5.3m (AIM:CLCO)

The UK provider of IT and communications solutions to businesses and public sector organisations, provided an update on trading for the year ended 30 September 2020. Resilient trading performance delivering year-on-year revenue growth despite Covid-19 pandemic (FY19: £7.3m)

·         Total contract value (TCV) signed up 97% against FY19, reflecting early successes in prioritising multi-year deals across both new and existing customers. Trading EBITDA, a key marker for demonstrating the success of the Group’s recovery to date, expected to be well ahead in H2 of the £68k achieved in H1 (FY19: loss of £235k),

          Cash positive in FY20 following decrease of £1.1m in FY19 (the Group has made use of government financial support schemes such as furlough and VAT deferral.)

·         Extension of contract with Vantage Motor Group, one of CloudCoCo’s largest clients, for an additional three years

·         First customer signed and development of a growing pipeline of opportunities for the Group’s global remote access solution for UK education institutions (enabling international students to continue their studies abroad reliably and securely)

 

C4X Discovery  18.6p  £42.1m (AIM:C4XD)

The pioneering Drug Discovery company, confirms that Clive Dix, Chief Executive Officer of C4XD has stepped into the role of Interim Chair of the UK Vaccine Taskforce, the group set up by the Government to lead UK efforts to find and manufacture a COVID-19 vaccine. The Government will set out arrangements for the long-term leadership of the Vaccine Taskforce shortly.

Clive is delivering on C4XD’s strategy to advance its portfolio and this appointment will not impact his day to-day role as CEO.

 

Amryt Pharma 195p  £317m (AIM:AMYT)

The global, commercial-stage biopharmaceutical company dedicated to developing and commercializing novel therapeutics to treat patients suffering from serious and life-threatening rare diseases, announced today that it has entered into securities purchase agreements with several institutional accredited investors for the private placement of 3,200,000 American Depositary Shares, each representing five ordinary shares, at a purchase price of $12.50 per ADS, yielding expected gross proceeds of $40 million.   Proceeds from the private placement will be used for working capital and general corporate purposes, as well as to potentially acquire, in-license or invest in rare disease technologies, products, businesses or assets.

 

Amino Technologies  122p  £93m (AIM:AMO)

The software-led global media technology company that delivers modern TV experiences, announces a trading update for the year ended 30 November 2020.

The Group expects to report that all key metrics have tracked ahead of the prior year, delivering a strong and resilient trading performance. The Group has successfully navigated the COVID-19 pandemic’s challenges and expects to deliver profitability ahead of the prior year.

The Group expects to report1:

• total revenue of approximately $83 million, representing a c.8% increase on the year ending 30 November 2019 (“FY19”);  adjusted operating profit2 slightly ahead of FY19;

• improved quality of earnings with higher margin software revenue of approximately $20 million, representing a c.50% increase on FY19;  enhanced visibility with an exit run rate Annual Recurring Revenue (“ARR”) of approximately $11 million, up from $9.5m at 30 November 2019;

· a strengthened net cash position of $9.4m at 30 November 2020 (30 November 2019: $1.4m) and no debt.

· Dividend policy updated targeting the payment of an annual full year dividend of between 33% and 50% of adjusted annual earnings per share, depending on the investment requirements of the Company each year

 

Audioboom  220p  £34.5m (AIM:BOOM)

The leading global podcast company, has further utilised the Company’s content funding guarantee facility, which was first announced on 17 June 2019, in relation to the signing of a major new podcast partner.  The podcast is a leading US-based show that has consistently appeared in the Apple Podcasts Top 100 over the past five years. The Facility is provided by SPV Investments Ltd (the SPV), a special purpose vehicle owned equally by Michael Tobin, the Company’s Chairman, and Candy Ventures sarl, the Company’s largest shareholder.

The Facility was created to provide minimum revenue guarantees up to an aggregate of US$4 million at any one time to certain leading new content providers or, on contract renewal, to existing content partners of the Company. This secures the minimum guaranteed advertising revenue share payable to the content partners pursuant to their commercial agreements with Audioboom without tying up the Company’s working capital. The provision of guarantees remains very much an exception when negotiating terms with content partners and the guarantees from the SPV are only used to secure leading, high profile, high revenue producing podcasts. Following this latest use of the Facility, the remaining amount currently available under the Facility is approximately US$1.0 million.

 

PipeHawk 8p  £2.8m (AIM:PIP)

PipeHawk’s wholly owned subsidiary, QM Systems Limited, has been awarded a contract to provide a ‘state of the art’ manufacturing facility to Marlux Medical Limited  for the manufacture of specialist medical products for health services. 

Marlux Medical is part of the Summit Medical group and is one of the UK’s leading medical manufacturers of medical products.  The project, which is worth circa £800,000, will start immediately and is due for completion in September 2021. The facility will increase throughput capability as well as an increased variant capability allowing Marlux to expand its existing client base and volume capacity.

Gordon Watt, Chairman of PipeHawk, commented: “This is excellent news and demonstrates how the diverse nature of the QM Systems portfolio of partners and unique skill set has enabled it to navigate the difficult conditions experienced in light of the current COVID-19 crisis, and to continue to provide innovation driven manufacturing solutions. QM Systems is proud to be the partner of choice for Marlux and we look forward to working closely together going forward.”

 

Kromek Group  12.5p  £43.1m (AIM:KMK)

The worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets has been awarded two contract extensions by a European government-related company to provide network solutions of its D3S-related technologies to counter nuclear terrorism. The contract extensions are worth a total of £460k and will be delivered in the current financial year.

The contract extensions are a further step towards Kromek providing a full wide-area system roll-out for this customer, a company that works with a European government to detect and protect against potential nuclear threats. Kromek’s solutions will be used for inland security wide-area threat monitoring with the purpose of protecting critical infrastructure and public spaces and includes the provision of enhancing network data security. This brings the total awarded by this customer to just over £2.5m over the last two years.

 

Amiad Water Systems 245p  £74.4m (AIM:AFS)

The global producer of water treatment and filtration solutions, announces the appointment of Relly Shimko as Chief Financial Officer (CFO) of the Company with immediate effect.

While, similar to her predecessor, Mrs Shimko is not being appointed to the Board of Amiad, she will be responsible, along with the Board and Dori Ivzori, for the Company’s compliance with the AIM Rules and for providing the Board with information that the Company needs in order to comply with those Rules. She will also attend Board meetings when requested to do so by the Board.

Mrs Relly Shimko (neé Rozenbaum), aged 49, is a Certified Public Accountant with over 20 years’ experience in managing the financial operations of companies in Israel and the USA. This includes three years as CFO of Gadot Chemical Tankers & Terminals Ltd of the Gadot Group, an international leader in operations service provision and supply and value chain management in the chemical industry, where she had overall responsibility for the group’s financial systems and reporting as well as leading a number of M&A transactions. She also spent four years as CFO of Retalix USA, Inc, a global enterprise technology provider for the retail and hospitality industries.

 

IXICO 109.5p  £51.6m (AIM:IXI)

The AI data analytics company delivering insights in neuroscience, has secured a contract for neuroimaging solutions with a new, large global pharmaceutical company. The Phase IIB trial will investigate an orphan drug designated clinical asset for the treatment of Huntington’s disease. 

Huntington’s disease (HD) is a progressive and devastating neurodegenerative disorder for which no disease-modifying therapies currently exist. Orphan drug designations help biopharmaceutical sponsors undertake valuable investigations and develop treatments for rare and complex conditions such as HD. Since its inception in 2004, IXICO has had an extensive track record of delivering innovative neuroimaging solutions to support clients in optimising their pipelines for rare diseases. 

This contract was included in management’s expectations of performance for the current financial year but adds to the Company’s strong order book.

 

Harvest Minerals  2.65p  £4.9m (AIM:HMI)

The mineraliser producer, announced positive agronomic test results for sugarcane plantation areas using KP Fértil®, Harvest’s direct application natural remineraliser produced at the Company’s 100% owned Arapua Fertiliser Project in Brazil.

 Highlights:

·    Agronomic tests using KP Fértil® have returned superior yield performance in sugarcane plantation areas compared to the more traditional and widely used reactive phosphate Bayóvar fertiliser

·    The higher the doses of KP Fértil®, the higher the yields presented

·    The yields using KP Fértil® were also significantly higher when compared to that of an area with a control treatment without phosphorus application

·    Tests were conducted under the leadership of Dr. Gaspar Henrique Korndorfer, one of the leading and most respected sugarcane specialists in Brazil

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