Small Cap Wrap – ADM Energy, Chariot Oil & Gas Limited, Warehouse REIT and more…

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02 March 2021

@HybridanLLP

 

*A corporate client of Hybridan LLP

 

Dish of the day

Virgin Wines UK Plc has joined AIM (LON:VINO).  Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates.  Anticipated mkt cap £110m at 197p. Raising £13m in new money and vendor sale of £34.9m .

Off the menu

No Leavers Today 

What’s cooking in the IPO kitchen?

tinyBuild— a leading video games publisher and developer with global operations. tinyBuild’s strategic focus is in creating long-lasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC.  Due mid-March.

AMTE Power,  a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. 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.

Team PLC announced their plans for an AIM IPO.  Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 .   The Company is seeking to raise  no less than £5m.  The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission.

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.

According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March.  The company raised more than $180m in January with a valuation of more than $7bn. 

Banquet Buffet

ADM Energy* 4.25p  £5.22m (LON:ADME)

The natural resources investing company, gives notice that it will host an investor presentation, via webcast, on 12 March 2021 at 11:00 GMT. 

The call will be led by the Company’s CEO, Osamede Okhomina, and will include a Q&A session at the end. The Company will provide an update on the business and its views on the drivers behind the current market.

Further to the announcement on 18 February 2021, discussions are ongoing regarding an investment opportunity in an existing discovery in Nigeria, and with one of its funding partners and certain other potential investors in respect of a possible subscription. The Company will only use publicly available information for the call and will not be in a position to provide further information on the investment opportunity unless further details have been announced in advance.

 The online presentation is open to all existing and potential shareholders. Interested parties can register their interest and pre-submit questions at the following link:

https://admenergyplc.com/investors/register-for-investor-call/  

 

Next Fifteen Comm 668p  £607.78m (LON:NFC)

The specialist communications Group announced that in recognition of the Group’s continued strong trading performance and balance sheet, it is repaying the support previously received from the UK Government furlough scheme.

The £1.4m received in the year to 31 January 2021 will be accounted for as an ‘exceptional item’ in the Group’s reported results for that year, whilst the £1.4m repayment will also be accounted for as an ‘exceptional item’ in the results for the year to 31 January 2022.

Even after taking all of the above into account, the Group expects to report results in line with current market expectations for the year to 31 January 2021. The Group’s net cash as at the 31 January 2021 was higher than expectations at approximately £14m. Next 15 will announce its Preliminary Results for the year ended 31 January 2021 on Tuesday, 13 April 2021.

 

Chariot Oil & Gas Limited  9.24p  £35.9m (LON:CHAR)

The Africa focused transition energy company has signed a Memorandum of Understanding  along with its partner the Office National des Hydrocarbures et des Mines (ONHYM) with the Ministry of Industry, Trade and Green and Digital Economy  in Morocco. The MOU relates to the Ministry’s support of Chariot and ONHYM’s Anchois Gas Development project as a potential provider of significant gas to the Moroccan gas market.

 The MOU states that the Ministry will support the Anchois Gas Development to enhance job creation, regional integration through the development of strategic infrastructure and the promotion of clean and competitive energy for consumption by the Moroccan industrial sector. This reflects the Ministry’s active promotion of the use of natural gas extracted in Morocco to help the Kingdom of Morocco meet its key national strategy of industrial development, the decarbonisation of its economy, diversification of the energy mix and the reduction of its dependence on imported fuels. 

The Parties will forthwith progress discussions with the view to signing further agreements with the Ministry or other Moroccan authorities to implement the Anchois Gas Development.

 

Warehouse REIT 128p  £545m (LON:WHR)

The company that invests in e-commerce urban and last-mile industrial warehouse assets in the UK, announces the acquisition of a modern multi-let warehouse estate on Glasgow Airport Business Park, Glasgow, totaling 55,600 sq ft. The purchase price of £5.3m reflects a net initial yield of 6.3%.

The three units, which range from 16,500 sq ft to 21,600 sq ft, are occupied by two global transport, logistics and delivery companies and a craft beer distributor. The property generates a net rental income of £357,000 per annum, equating to a low average passing rent of £6.40 per sq ft and provides a WAULT of over 4 years to expiry.

 

Mkango Resources 25p  £33.8m (LON:MKA)

Mkango announced  announce the successful completion of the flotation pilot plant programme for the Songwe Hill Rare Earths project in Malawi ). 

· Mkango’s flotation pilot plant programme has been completed at ALS Metallurgy in Perth, Australia, and was effective in scaling up a new, optimised flotation regime for the Project

· The results of the flotation pilot programme will be announced in due course, and the flotation concentrate produced will be supplied to ANSTO in Australia for hydrometallurgical piloting

· Pre-piloting test work is already underway at ANSTO in preparation for pilot testing of the front end of the hydrometallurgical processing flow sheet

· Discussions in relation to sites for a rare earth separation plant are ongoing – this will process the high grade, purified mixed rare earth carbonate produced at Songwe, enriched in high value neodymium, praseodymium, dysprosium and terbium

· Rare earth prices continue to rise and concerns over security of supply provide a very favourable market backdrop, with accelerating demand geared to growth in electric vehicles, wind power and green technology applications

 

Ixixo 90.5p  £42.8m (LON:IXI)

The AI data analytics company delivering insights in neuroscience, announces that it has been selected by Cyclerion Therapeutics, Inc., a  new client, to support the company’s Phase IIa clinical trial to investigate CY6463 for treatment of individuals with Alzheimer’s disease . For the study, IXICO will provide advanced neuroimaging solutions involving structural magnetic resonance imaging (MRI), diffusion MRI (dMRI), resting state functional MRI (rs-fMRI) and arterial spin labelling (ASL).

Alzheimer’s disease (AD) is a progressive degenerative disease affecting approximately 50m people worldwide with devastating physical, emotional and financial impact to patients and families. With no available therapies to address the underlying disease pathology, new approaches are urgently needed, and biopharmaceutical companies are responding with innovations in clinical trials and treatment targets in their AD pipelines. This new study will be looking at the role of vascular pathology in AD, and more specifically, the potential of the NO-sGC-cGMP pathway as a target for new AD therapies. 

Whilst this contract does not change management’s expectations of financial performance for the year, it adds to the Company’s strong order book, further increases visibility of future revenues, and reflects an increasing diversification of the Company’s client base.

 

Mobile Streams 0.27p  £3.18m (LON:MOS)

Launch of Streams China,  its first international language version of Streams, the Company’s bespoke  data insight, intelligence and visualisation service .  

On trading “revenues and customer growth continue to remain ahead of our internal forecast, and monthly Streams Data revenue has now exceeded the net revenue brought in via the legacy business.  The Streams Data business, comprising the bespoke data insight, intelligence and visualisation service which achieved first revenues in June 2020, and the Streams SaaS  platform which generated initial customer revenues in October, are now generating monthly revenue of £12,000, a 33.3% increase since December 2020 alone. 

Whilst still at a modest level, with our pipeline of product development and marketing, we expect to see significant growth in 2021, with additional higher price points to come.”

 

D4T4  292.5p  £117.8m (LON:D4T4)

The data solutions provider, has appointed Nitil Patel, FCA, as Interim Chief Financial Officer with immediate effect. Nitil brings significant listed company experience with him, having previously held the role of Chief Financial Officer at Dods Group plc and Ten Alps plc (now Zinc Media Group plc). Nitil will not be serving on the Board of D4T4.

Nitil’s role will be to work with the current CFO, Charlie Irvine, for the rest of his tenure with the Group and until such time as a permanent CFO replacement is found. The Group is currently undertaking an external search with a view to making a permanent appointment in due course.

 

Altus Strategies 83.5p  £58.5m (LON:ALS)

Significant Broad Gold Intersections at Tabakorole Project, Southern Mali.  Altus holds a 49% equity interest and 2.5% Net Smelter Return (NSR) royalty on the Project. Exploration activities at Tabakorole are being funded by Marvel Gold Limited (ASX: MVL)  under its joint venture  with Altus.

· Intersections from 3 further holes received, including (down-the-hole and not true width):

  0.94 g/t over 89m from 18m, including 2.13 g/t over 12m and 1.94 g/t over 18m

  0.65 g/t over 96m from 56m, including 1.84 g/t over 22m

· Results from remaining 28 holes (3,903m) of 6,300m RC programme expected shortly

· Drilling being undertaken to test potential to increase mineral resource estimate

 

Tern 8.8p  £29.07m (LON:TERN)

Portfolio update.  · Device Authority successfully concluded its two day, sponsor funded, ‘Virtual IoT Security Summit’ last week, with expert speakers and strategic partners from some of the largest global players in the cyber identity and access management (“IAM”) sector. The event attracted over 2,000 registrants, with over 1,400 delegates attending live topical sessions on solving the complex issues of IoT security.  Support was received from Device Authority’s strategic partners and industry leaders including Microsoft, BSI, EPS Global, Entrust, Ordr, Venafi and Imagination Technologies.  

Talking Medicines has been named on Healthcare UK’s “First 100” list, published by the Department of International Trade, recognising the UK’s leading digital health innovators.

Wyld Networks has entered into a partnership with Fujitsu through the Fujitsu Ecosystem Platform to provide a further route to market for its products.

 

Head Chef

Derren Nathan

0203 764 2344

[email protected]

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