Small Cap Wrap – Sativa Wellness Group, Tertiary Minerals, Intelligent Ultrasound and more…

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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.

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. 

Rogue Baron plc have announced its application for admission to the AQSE growth  market.  Rogue Baron owns five subsidiaries, namely: Shinju Spirits, Inc., Shinju Whiskey LLC, Mazeray Corporation, STI Signature Spirits Group LLC and Legacy Retail Group LLC.  The Company’s goal is to build each of its brands that makes them a buyout target.  Deal size TBC an expected admission date 12th March 2021. 

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. 

In The Style, the e-commerce womenswear fashion brand with an influencer collaboration model, announces their intention to float on 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.  Admission is expected to take place on or around 17 March 2021.  Deal size 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. 

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.

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 is expecting to release its IPO plans on 8th March.  The company, said to be targeting a valuation of up to $10 billion, intends to opt for a dual-class share structure for three years after the listing, meaning Deliveroo’s founders could retain extra voting rights for that period.

Banquet Buffet

Sativa Wellness Group 6.225p  £18.8m (AQSE:SWEL)

Sativa Wellness Group announced that its COVID testing clinic business has achieved in excess of £1,100,000 of bookings (CAD$2,000,000) of bookings. This milestone has been achieved in less than 4 months from the first clinic being opened in Bath, UK. Since then, as well as the second company owned clinic, there have been 13 in-pharmacy clinics opened, including Plymouth, Billericay, Bournemouth, Milton Keynes and Watford, which have been added since the Company’s February 22nd announcement. In addition, the Group now has two mobile clinics that have brought the clinic portfolio up to a total of 17 operational clinics throughout the UK covering from Wales in the West to Essex in the East. This progress is in line with the target of 30 clinics by the end of April.

The recent government announcement planning to ease restrictions beginning in April, and in particular opening up international travel starting in May, is expected to have a significant positive effect on the clinic business. The material growth that took place despite lockdown is expected to dramatically increase as the restrictions are removed.

 

Tertiary Minerals 0.445p  £5.27m (LON:TYM)

Further to its announcement on 11 January 2021,  Tertiary Minerals PLC provided the results of follow-up sampling carried out on its Pyramid Gold-Silver Project in Nevada, USA.

Thirty-one rock chip samples taken from exposed mineralisation in field checking of the North Ruth, Western Line and Western Splay silver-gold soil anomalies.

Eight rock chip samples from the North Ruth anomaly assayed up to 314 g/t silver (9.16 ounces/ton) and 0.45 g/t gold (in separate samples) and averaged 91 g/t silver (2.67 ounces/ton) and 0.26 g/t gold.

Highest value individual sample from the field work contained 6.29 g/t gold and 158 g/t silver (4.61 ounces/ ton from the Western Line Anomaly where seven samples averaged 1.49 g/t gold and 99 g/t silver (2.89 ounces/ton).

Field evidence suggests the Western Line Anomaly may extend along strike to the southeast over a total of 1,700m – infill soil sampling planned.

Follow up trenching and mapping now planned to better expose the mineralisation in the North Ruth and Western Line anomalies.

 

Intelligent Ultrasound  14.6p  £39.33m (LON:IUG)

The ultrasound artificial intelligence (AI) software and simulation company, announces the UK launch of the ScanNav Anatomy: Peripheral Nerve Block Trainer (ScanNav PNB Trainer). The ScanNav PNB Trainer is a real-time training system which uses the latest AI technology to automatically highlight the key structures on the live ultrasound image to aid in the teaching of peripheral nerve blocks. Peripheral nerve blocks (PNBs) are an effective form of regional anaesthetic but require a high level of skill to recognise the ultrasonic appearance of anatomically relevant structures.

The ScanNav PNB Trainer has been designed to teach less experienced clinicians how to perform the key nerve blocks. It is compatible with the majority of ultrasound machines in anaesthesiology  and comes equipped with a complete range of block-specific training videos using 3D animation to show the relationship between probe position and sonoanatomy.

 

Coral Products  11.75p  £10.1m (LON:CRU)

The specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester reported that further to the continuing strategic review it has repaid the Haydock property mortgage of £1,600,000. This will result in cash savings in interest and capital repayments of approximately £300,000 per annum. This repayment provides greater flexibility as regards to future financing. The property at Haydock will be revalued for the year end accounts and given that it now has a stronger covenant and will shortly benefit from a new roof, the Company are confident of a valuation uplift from the previous valuation shown in the accounts of £2.5m.

In addition, the Company has repaid £500,000 of the CBIL loan with the intention of repaying in full the outstanding balance of £433,333 this financial year.

 

Alien Metals 1.05p  £36m (LON:UFO)

The  minerals exploration and development company, provided an update regarding the Company’s high-grade silver project located at Elizabeth Hill, Western Australia. 

· Alien has signed an exclusivity agreement with Wombat Resources Pty Ltd, the owner of the historic tailings on site within the Elizabeth Hill Mining Licence

·     Recent sampling of the tailings undertaken by Alien have returned very encouraging results

o  84 samples were taken from 21 locations, with silver grades up to 1,270 g/t (38 oz/t)

o  The samples returned an average grade of 472 g/t Ag (13.3 oz/t Silver)

· During the 60 day exclusivity period, the Parties intend to negotiate an acquisition by Alien of the rights and title to the Elizabeth Hill tailings project

 

Sabien Tech  0.12p  £5.25m (LON:SNT)

The company focussed on building a portfolio of solutions, in the heating, cooling and transportation sectors, that deliver immediate reductions in CO2 emissions, has incorporated Sabien, Inc, its wholly owned US subsidiary in the State of Delaware.

US investor and technology company operator Danny Mills has been appointed as President and Richard Parris is Chairman and Company Secretary of Sabien, Inc. The company will operate from San Antonio, TX. Sabien, Inc. will be used to source M&A opportunities for the Group in the US and to build and operate distribution channels in the US for Sabien’s current and future European businesses.

 

FastForward Innovations 9.75p  £20.74m (LON:FFWD)

Further to the announcement of the conditional agreement reached between FFWD’s investee company, EMMAC Life Sciences Limited and Curaleaf Holdings Inc., for the purchase of EMMAC by Curaleaf, FFWD has announced that, concurrent to the Curaleaf Transaction, it has conditionally agreed to sell its entire interest in EMMAC (comprising 6,666,667 ordinary shares and a £750,000 convertible loan note) for £5,036,459.  

As an AIM quoted company, FastForward is unable to participate in the Curaleaf Transaction due to regulatory conditions surrounding Curaleaf’s involvement in the recreational cannabis market in North America.  As a result of the Sale FastForward will at no time have an interest in Curaleaf’s shares.

 

WANdisco 456.5p  £239m (LON:WAND)

The LiveData company, announced that further to yesterday’s announcement made in relation to the Proposed Placing and Subscription, the Bookbuild has closed and the Company has conditionally raised gross proceeds of $12.46m through the successful placing at the issue price of 446 pence per Ordinary Share together with the Subscription, representing 1,216,120 new ordinary shares at the Issue Price. As announced on 8 March, the Company raised a confirmed $30m through a firm subscription the Issue Price, resulting in total gross proceeds of $42.46m. 
The Directors intend to use the net proceeds of the Fundraising to accelerate and strengthen the Group’s commercial position by building balance sheet strength in order to capitalize on future opportunities to further scale the business:

· expand opportunities with other cloud vendors such as AWS and Google ;

 · provide capital to accelerate growth and pursue closer ties with ML/AI (Machine Learning and Artificial Intelligence) ISVs (Independent Software Vendors) and widening its SI (System Integrator) relationships; and

 · provide capital for greater enablement support for the early stages of growth as the Group’s relationships with current Systems Integrators deepen.

 

Induction Healthcare 92p  £38.7m (LON:INHC)

The healthcare technology company that helps to digitally transform hospitals, announces that Induction Booking, an appointment booking service tailored to the healthcare environment, has passed the one million bookings milestone in a few short months.

Induction Booking allows patients, NHS and care home staff and university students to make and manage secure online bookings. The rapid uptake of the platform demonstrates how Induction understands the healthcare ecosystem and responds with robust technology that ensures a high standard of clinical safety and information security. Induction Booking has been designed as an easy-to-use digital booking system which not only improves the patient experience, but also alleviates logistical and operational issues for the NHS in a challenging time.

 

Destiny Pharma 104p  £62.2m (LON:DEST)

The clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life threatening infections, today announces that Dr Bill Love, Chief Scientific Officer of Destiny Pharma, has joined the UK Research and Innovation (UKRI) COVID-19 Research and Innovation Taskforce.

On 31st March 2020, UKRI launched a funding call inviting research and innovation proposals to address and mitigate the health, social, economic and environmental impacts of the COVID-19 pandemic. The UKRI Taskforce, which include industry experts such as Dr Love, provides advice and support in the delivery of the UKRI’s COVID-19 research and innovation funding. This will include the identification of future priorities and opportunities for research and innovation projects.

 

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Derren Nathan

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[email protected]

 

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