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Small Cap Feast -ADM Energy; Open Orphan; Angle PLC; Ariana Resources; Feedback;

Symphony Environmental Technologies*  24.5p  £43.3m (AIM:SYM) Further progress of the Eranova SAS green algae project with completion of a EUR6 million financing. The proceeds of the Financing will be used to start building the pre-industrial plant in Port St Louis, located near Marseille in France. The Project is supported by ADEME, the French Environmental Agency and ...

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20 Oct 2020

@HybridanLLP 

 

*A corporate client of Hybridan LLP

 

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What’s cooking in the IPO kitchen? 

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 (the "Record Date") whose registered address is in the UK  (being persons recorded on the register of members of Renalytix AI plc on 9 July 2020). Offer TBA.

SourceBio International to list on AIM. Offer TBC.  Due 29 Oct. Press reports suggest raise of up to £35m.  Services include Healthcare Diagnostics, Genomics, Stability Storage and infectious Disease Testing - since May 2020, the Group has provided COVID-19 Antigen RT-PCR testing services. 

SDIC Holdings a leading power generation company in China is to list on the standard segment of the Official List and to trading on the Shanghai-London Stock Connect segment of the main market for listed securities of London Stock Exchange. Due on or around 22 Oct. Gross proceeds from the Offering are expected to amount to between approximately USD 220 million and USD 240 million. The proceeds will be used for expanding the Group's renewable energy business overseas and repaying the Group's offshore indebtedness.

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 375 million 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. Due 26 Oct.

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 21 October. 

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

Buffettology Smaller Companies Investment Trust— Buffettology is seeking to raise a minimum of £100m via an initial placing, an offer for subscription and an intermediaries offer on the Main Market. will be the Investment Manager to the Company, led by Keith Ashworth-Lord (CIO of Sanford Deland Asset Management Limited). Sanford DeLand manages approximately £1.4bn across two open ended funds, the CFP SDL UK Buffettology Fund and the Free Spirit® Fund.  Due 29 October.

Wheaton precious Metals (TSX:WPM) - Proposed secondary listing on bringing one of the world’s largest precious metal streaming companies to the London Stock Exchange. Due Q4 2020.

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. Targeted for Q4 2020. 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.   

 

Banquet Buffet

ADM Energy* 7.05p  £6.9m (AIM:ADME)

The natural resources investing company, has entered into a cooperation agreement with Dubai Bridge Investments LLC, a privately-owned Dubai-based investment vehicle, to source and develop upstream oil and gas field investment opportunities jointly in Sub-Saharan Africa. 

Under the terms of the cooperation agreement, it is the intention of ADM and DBI to identify opportunities and structure funding for new investments. In the event that the Parties mutually approve a Project, it is envisaged that any investment or acquisition will likely comprise a joint venture made by way of a newly incorporated vehicle,  subject to separate agreement at the time, for each Project.  ADM will be responsible for identifying upstream oil and gas field opportunities in Sub-Saharan Africa and DBI will be responsible for providing or sourcing funding. 

ADM has identified several potential targets and will be progressing through the evaluation and due diligence process with DBI. Once a Project is agreed, the Parties will negotiate a definitive agreement for each Project that is approved.

 

Symphony Environmental Technologies*  24.5p  £43.3m (AIM:SYM)

Further progress of the Eranova SAS green algae project with completion of a EUR6 million financing. The proceeds of the Financing will be used to start building the pre-industrial plant in Port St Louis, located near Marseille in France. The Project is supported by ADEME, the French Environmental Agency and by Total Development Regional. Construction will start in late November and is due to complete by the end of April 2021.

This follows the announcement by Symphony on 14 September 2020, that its collaboration agreement with Eranova had been amended conditional on completion of the Financing. Pursuant to the amended collaboration agreement, Symphony's fully diluted equity interest in the Project is 1.6% shareholding and it has exclusive distribution rights for certain territories. The new plant is based on the existing pilot plant design which has already produced bio-sourced resins that have been tested successfully for transformation at industrial scale. These new generation of bio based resin do not use food resource, are food contact approved for packaging and are recyclable. The Project is also patented in Europe, the USA and has been recently labelled by the Solar Impulse Foundation.

Symphony has entered into a distribution agreement with Eranova, providing Symphony with exclusive distribution rights for the United Arab Emirates, and the whole of America south of the border between the USA and Mexico.

 

Open Orphan  29p  £193m (AIM:ORPH)

The specialist CRO pharmaceutical services company, which is the world leader in the testing of vaccines and antivirals using human challenge studies, announced the signing of a contract by hVIVO, a subsidiary of Open Orphan, with the UK Government to develop a COVID-19 (SARS-CoV-2) human challenge study model. The model development involves the manufacture of the challenge virus and the first-in-human characterisation study for this virus. The contract starts immediately and could be worth approximately £10 million to hVIVO depending upon the final number of volunteers that are included in the characterisation study. In addition, the Government has secured the first three slots to test vaccines using hVIVO's COVID-19 challenge study, which we expect start in 2021, each slot reservation has been secured at a cost of £2.5m each bringing the total value of these slot reservations to £7.5m. 

 

Angle 51p  £88m (AIM:AGL)

The liquid biopsy company, announced that the FDA has completed its administrative review and accepted ANGLE's FDA submission for substantive review.

As announced on 28 September 2020, ANGLE has submitted a full Class II De Novo FDA Submission for its Parsortix® PC1 system seeking FDA clearance for use with metastatic breast cancer (MBC) patients .  ANGLE has now received an Acceptance Review Notification from FDA that the Submission has been accepted.  The administrative acceptance review is a formal process undertaken by FDA to determine that the Submission contains all of the necessary elements and information needed by FDA to proceed with substantive review.

ANGLE believes that the earliest prospect of FDA clearance is Q2 CY21.

 

RWS Holdings 581p  £1.6bn (AIM:RWS)

One of the world's leading language, intellectual property support services and localization providers, today provides an update on trading for the year ended 30 September 2020, ahead of the announcement of its full year results on 10 December 2020.

Group revenue for the year ended 30 September 2020 is expected to be not less than £355 million, which is within the range of market expectations and in line with the prior year (2019:  355.7 million).  This reflects a resilient underlying business performance, particularly given the disruption caused by Covid-19 to the Company’s intellectual property and general language translation businesses. Adjusted profit before tax (before amortization of intangibles, acquisition, restructuring, share option costs, and the warranty insurance settlement) is also expected to be in line with market expectations.

 

Ariana Resources 5.95p  £63.2m (AIM:AAU)

The exploration and development company operating in Europe, is pleased to announce the launch of a not-for-profit initiative which it will roll out across its areas of operation.

 Highlights:

 ·     Not-for-profit initiative launched to support education and sustainability projects benefitting the communities in which the Company operates.

 · Initiative to be spearheaded by the supply of Company-branded sustainably sourced organic cotton apparel via the Teemill platform: https://ariana-resources.teemill.com/ .

 · Fully sustainable and circular business model is at the forefront of the clothing industry and fits well with Ariana's own strong environmentally- and socially-aware ethos.

 ·     All profits from sales will be channelled into the Company's existing community projects.

 

Feedback 1.05p  £11.2m (LON:FDBK)

Bleepa, Feedback's flagship medical imaging communications platform, adds 3D imaging through partnership with Axial3D 

· Enables clinicians to view and manipulate 3D clinical medical images to support clinical decision making and surgical planning

· Supports 3D model printing

· Suitable for complex surgical planning, patient education and consent and clinician training

 

VR Education 19.25p  £46.54m (AIM:VRE)

The virtual reality ('VR') technology company in the education, communication and virtual events space, announced  that HTC Corporation, a global leader in VR technology and equipment and a strategic partner of the Group, has today launched ENGAGE in China, reselling the platform as VIVE Sessions.  This new service will focus on large-scale conferences, exhibitions and educational events in China and HTC will provide all the necessary enterprise sales, support and marketing in the region.

 

Tatton Asset Management  297p  £168.6m (AIM:TAM)

The on-platform discretionary fund management (DFM) and IFA support services business, is today providing an unaudited period end update for the six months ended 30 September 2020. The Group delivered a robust performance in the Period, continuing to grow revenue and profits, and remains on track to deliver results in line with market expectations.

Group revenue increased 12.6% to £10.956 million (30 September 2019: £9.729m) 

Group adjusted operating profit1 increased 21.9% to £5.030 million (30 September 2019: £4.126m)

 Tatton assets under management (AUM) increased to £7.811 billion (31 March 2020: £6.651 billion).  This is an increase of £1.160 billion or 17.4% for the six-month period

 Net inflows for the six months to September 2020 were £328.1 million, an increase of 4.9% of AUM

Paradigm Mortgage Services, the Group's mortgage distribution and support services business, has seen an increase in member firms for the period of 3.0% to 1,591 members (31 March 2020: 1,544 members). Paradigm Consulting, the Group's IFA support business, increased its members by 2.5%

 

Altyn 1.7p  £46.3m (LON:ALTN)

Proposed  100 for 1 share consolidation. The Board are of the opinion that this will bring the share capital into line with the size of the Company and its peers.  In conjunction with the share consolidation the Directors also wish to change the name of the Company to AltynGold plc (and website to www.altyngold.uk), in order to align its name with its activates making it clearer to potential investors the trade of the Company. 

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∫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.

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