22 Oct 2020
*A corporate client of Hybridan LLP
Dish of the day
No Joiners Today
Off the menu
No Leavers Today
What’s cooking in the IPO kitchen?
Thalassa (LON:THAL) today announced that the Prospectus for the listing of the ordinary shares of its subsidiary Anemoi on the Standard Segment of the Official List and the LSE's Main Market for listed securities has been approved by the UK Listing Authority and will be posted today, 19 October 2020, on its website at https://anemoi-international.com/investor-relations/ company-documents/. Application for Admission is being made to the UKLA and, subject to the UKLA's approval, Anemoi expects that Admission will become effective and that unconditional dealings in the Shares will commence at 08.00 a.m. on 26, October 2020 under the ticker "AMOI".
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). £14.5m fundraise. Mkt Cap c.£28.3m. Due 3 November
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 November.
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 (TSE: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.
Crossword Cybersecurity* 265p £13.6m (LON:CCS)
The technology commercialisation company focused solely on cyber security and risk, has been accepted onto the UK Government G-Cloud framework version 12. This enables public sector organisations to procure Rizikon Assurance and Consulting via the Digital Marketplace run by Crown Commercial Services.
Crossword has been accepted for the 'cloud software' and 'cloud support' categories giving marketplace users access to the Crossword Rizikon Assurance cloud-based supplier assurance and third-party risk management platform, which is already used by a number of public sector organisations including Stevenage, Peterborough and East Hertfordshire Councils to ensure GDPR compliance.
The Digital Marketplace and G-Cloud Framework make it easier for public sector organisations, including agencies and arm's length bodies to find cloud technology and specialist services for their digital projects.
EKF Diagnostics 64.75p £295m (LON:EKF)
The point-of-care business, announces that it has received initial orders for PrimeStore MTM COVID-19 sample collection devices from two new customers, the Health Service Executive , Ireland and a national health body in England. These orders will be fulfilled from EKF's production facilities in Penarth, South Wales and Barleben, Germany. These orders will contribute to the expected strong Q4 performance and the Company intends to provide a further update on trading in early November.
Alien Metals 1.85p £57m (LON:UFO)
Alien metals has executed an Earn-in Agreement with Capstone Mining Corp (TSX: CS) over its Donovan 2 Copper-Gold project in Mexico. Pursuant to the Agreement, Capstone has the ability to acquire up to an 80% interest in ghts:Donovan 2 by sole funding the Project up to completion of a Prefeasibility Study.
- Capstone can earn an initial 65% interest in Donovan 2 through a combination of cash payments and committed expenditure, consisting of:
o US$290,000 in cash payments to Alien over three years; and US$3,600,000 in valid exploration expenditure over three years (including US$150,000 being incurred by 31 December 2020). - Capstone can increase their interest from 65% to 75% by making a further cash payment of US$200,000 and funding the costs associated with a Preliminary Economic Assessment (PEA)
- Following delivery of the PEA, in the event Alien elects not to contribute pro-rata to its 25% interest, Capstone Mining has the ability to sole-fund the costs of a Prefeasibility Study (PFS) to earn an additional 5% in Donovan 2 (bringing their holding to 80% and Alien 20%) . Thereafter, each party will fund their pro-rata interest in the Project or dilute according to industry standard mechanisms. In the event Alien dilutes to below 5%, it's interest will convert to a 2% Royalty
- The Transaction with Capstone delivers the potential for immediate advancement of the Donovan 2 Copper-Gold project while allowing Alien to focus exploration activities across its project portfolio
4D Pharma 107.25p £141m (LON:DDDD)
The pharmaceutical company leading the development of Live Biotherapeutic Products , and Longevity Acquisition Corporation (NASDAQ: LOAC), a NASDAQ-listed Special Purpose Acquisition Company ("SPAC"), today announce the proposed combination of 4D and Longevity.
· The Merger is priced at an agreed valuation of £1.10 per 4D Ordinary Share, representing an 18 per cent. premium to the £0.932 Closing Price on the Last Practicable Date.
· The Enlarged Group expects to launch a new American Depositary Receipt programme and will apply to admit its American Depositary Shares for trading on NASDAQ (the " NASDAQ Listing"), under the ticker symbol 'LBPS'.
· As a result of the Merger, the Enlarged Group will benefit from the US$14.6 million cash held by Longevity and backstopped by supportive investors, extending the current operational runway into early Q3 2021.
· 4D will also maintain its current listing on AIM, under the ticker symbol 'DDDD'.
Water Intelligence 39.5p £76.1m (LON:WATR)
The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water announced the signing and launch of another formal national contract between its American Leak Detection (ALD) subsidiary and a leading insurance company in the United States. Insurance companies value ALD's delivery of minimally-invasive water leak detection solutions anywhere, anytime across the US given that water is the leading source of homeowners' claims.
Oakley Capital 255p £480m (LON:OCI)
Oakley Capital IV2 has agreed to acquire WindStar Medical GmbH from ProSiebenSat.1 majority-owned NuCom Group. WindStar Medical is Germany's leading over-the-counter consumer healthcare company. The platform, which is expected to generate over EUR120 million in revenues this year, designs, develops and commercialises branded consumer health and private label products, with a track record of establishing best-in-class medical formulations and brands. OCI's indirect contribution through its interest in Fund IV will be up to c. £ 43 million, dependent on the capital structure at completion, and the transaction is expected to be completed by the end of the year.
Shearwater Group 160p £38m (LON:SWG)
The organisational resilience group, has updated on trading for the six months ended 30 September 2020, ahead of the publication of the Group's Interim Results in late November. The Group delivered a resilient performance during the period in line with Board expectations. The period saw Shearwater winning new customers and benefitting from strong cash generation, improving the strength of the balance sheet, while delivering on its strategic roadmap.
While COVID-19 has delayed client corporate decision making processes and has resulted in the commencement of some services contracts being deferred into the second half of the financial year, the Group benefits from little exposure to the sectors most impacted by COVID-19 and continues to see good levels of activity from sectors such as financial services and in the telecoms market as it prepares for the introduction of 5G.
Order intake during the period was in line with the prior year and Management plan, with several multi-million pound renewals and/or expansions with existing customers, alongside new client wins. The weighting of orders towards the end of the period provided for a lower level of recognised revenue, but an increased order book of contracted forward revenue as the Group enters the second half of the year. The Group expects to report H1 FY21 revenue of approximately £11m (H1 FY20: £16.3m) and underlying EBITDA of £1m (H1 FY20: £1m), delivering a considerably improved underlying EBITDA margin in comparison to H1 FY20. Improved efficiencies in the Group's Software division continue to deliver an underlying EBITDA margin of circa 40%.
Zephyr Energy 0.725p £2.1m (LON:ZPHR)
The oil and gas company focused on responsible resource development in the Rocky Mountain region, provides an update on its project in the Paradox Basin, Utah, U.S. where the Company is preparing to spud the 'dual-use' State 16-2 well before the end of the year. With the funding of the State 16-2 well secured, Zephyr's team is focused on the operational preparations for the drilling of the well. New milestones achieved include the following:
·A US$600,000 initial tranche of DOE (Department of Energy) funding has been received by Zephyr. The funds received, equivalent to 30% of the US$2 million grant total, will be partially utilised to cover near-term costs including bonding, permitting and preliminary ground works at the site of the 16-2 well.
·Zephyr has bolstered its operations team with the appointment of Bruce Houtchens, a highly experienced Drilling Manager who will assist the Company on the State 16-2 project.
·A detailed initial well design is largely completed, which has allowed the Company to commence the tender process for project contracts.
FRP Advisory Group 111.25p £266.5m (LON:FRP)
AGM Statement from the UK specialist business advisory firm specialising in restructuring "Since announcing our final results on 27 August 2020, the Group has continued to grow and trading in our current financial year (ending 30 April 2021) to date remains in line with expectations. This has been achieved despite the significant reduction in the number of formal insolvency appointments compared with the prior year as a result of the support measures made available by the UK Government in response to COVID-19.
Gaming Realms 23.6p £67.5m (LON:GMR)
The developer and licensor of mobile focused gaming content has launched its Slingo Originals content with betting and gaming operator, Paddy Power Betfair, a division within Flutter Entertainment plc, the global sports betting, gaming and entertainment provider.
0203 764 2344
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.