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Small Cap Wrap - Urban Logistics REIT, Oracle Power, Star Phoenix and more...

Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the “Fundraising”) to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021.  The Company’s Common Shares will continue to be listed and trade on the TSX-V in Canada.

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Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the “Fundraising”) to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021.  The Company’s Common Shares will continue to be listed and trade on the TSX-V in Canada.

Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE.  It is currently owned by PE group, Permira who  is expected to sell down its stake at the IPO.  March 2020 YE the group had revenues of £672m and EBITDA of £184m.  Deal size TBC.

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 Main Market of the London Stock Exchange.  Due by Early Feb.

Moonpig, the digital greeting card company, is planning an IPO with a potential valuation of £1bln, according to multiple media  reports.  Further details expected to be announced over the next two weeks.

 

Breakfast Buffet

Urban Logistics REIT 143p £365m (LON:SHED)

The specialist UK logistics REIT announced an acquisition and rent collection update for the quarter to March 2021.

The Company has acquired off-market a logistics site in Bromborough, Wirral for £16.3 million at a 5.0% NIY, as part of the deployment of capital raised from the Company’s recent fundraising. The 169,963 sq ft property was constructed in 2011/12 to an institutional specification with a 19 metre eaves height and a BREEAM Excellent standard. The site is let to Great Bear Distribution, part of the Culina Group, which operates a Nestle Cereal contract.  The lease, with a passing rent of £4.97 per sq ft, runs to January 2022 after which a reversionary lease, with a cap and collar rent of £5.15 to £5.50 per sq ft, has been agreed through to January 2032. There is an open market rent review then due in 2027. The site is located on the Wirral International Business Park, 1 mile from the M53, making it well-suited to the ‘last touch logistics’ profile which is characteristic of Urban Logistics’ portfolio.

The Company has received 99% of rent due for the quarter to March. The remaining 1% is expected to be collected imminently. All tenants remain fully operational.

 

Oracle Power 0.575p £12.5m (LON:ORCP)

The international natural resources and power project developer, is pleased to advise that the Company’s Consortium Partner, China National Coal Development Company (CNCDC or China Coal), has commenced preliminary feasibility work relating to the potential gasification of coal at the Company’s Thar Block VI Project in Pakistan. 

In light of the Government of Pakistan’s recent public declarations of its support for developing the country’s indigenous coal reserves, prioritising and initiating the development of coal to gas and coal to liquid projects, CNCDC has commenced preliminary feasibility work to advance this important aspect of the Company’s holistic development initiative at Thar Block VI.

 

Star Phoenix 1.7p £2.56m (LON:STA)

The international company with an oilfield services business in Trinidad and an oil and gas interest in Indonesia, updated in relation to a legal dispute with the government of the Republic of Georgia over a production sharing contract dated 29 March 2007 for block VIA .

The Company advised that it and Strait Oil and Gas Limited (SOG), a private company incorporated in Gibraltar, in which Star Phoenix holds a 65% interest and which entered into the PSC, have engaged new legal advisers Enyo Law LLP (Advisers) and have been working with them on progressing an arbitration claim against the government of Georgia.

Whilst the Company and SOG continue to hope that an amicable solution can be found to the present dispute, they fully reserve all of their rights and remedies arising out of what they strongly believe to be ECT breaches by the government of Georgia and formally consent to submit their investment treaty claim under the ECT to international arbitration.

 

Audioboom 285p £44.7m (LOON:BOOM)

The leading global podcast company, announced  the continued expansion of its podcast network through an extension to its partnership with Formula 1, a new commercial agreement with leading sports podcast The Fantasy Footballers, and the launch of RELAX! – an Audioboom Original featuring leading YouTube talent Colleen Ballinger.

 

Shield Therapeutics 54p £63.5m (LON:STX)

The commercial stage pharmaceutical company with a focus on addressing iron deficiency with its lead product Feraccru®/Accrufer® (ferric maltol), provides a business and unaudited trading update for the year ended 31 December 2020.

 Operational highlights

Feraccru® 2020 sales volumes in Europe increased by ~70% year-on-year · China IND application submitted · First stage of paediatric study plan completed · Teva challenge to Shield’s European patents withdrawn · Shield continues to evaluate options for launching Accrufer® in the US · US partnering discussions remain ongoing with a number of parties

 Financial highlights · Trading for the year was in line with market expectations · Revenues for 2020 expected to be £9.4 million (2019: £0.7 million) · Cash position as at 31 December 2020 was £2.9 million (2019: £4.1 million) · Shareholder loan facilities provide means to extend cash runway until late 2021

 

N Brown Group 65.3p £300.7m (LON:BWNG)

Q3 2 Jan update from N Brown, a top 10 UK clothing & footwear digital retailer, size inclusive, focusing on the needs of underserved customer groups – size 20+ and age 50+.

Revenue down 8.8% but strategic brands down 1.4%  · Successful completion of fund raising to accelerate strategy and eliminate unsecured debt · Product revenue trajectory has shown continued improvement driven by the 5 strategic brands

Financial Services cash collection rates remain stable

Strong pivot to Home & Gift customer demand enabled by agility of business model · Net cash at 2nd January 2021 of £83.7m · Group continues to trade in line with its expectations and expects to deliver FY’21 adjusted EBITDA of between £84m and £86m

 

Osirium 23.5p £4.58m (LON:OSI)

The vendor of cloud-based cybersecurity software, updated on trading for the year ended 31 December 2020, ahead of announcing its audited final results.

The Board anticipates bookings for the year to be at least £1.55 million, slightly ahead of current consensus market expectations (as reported on 2 December 2020). Revenue for the 12 months to 31 December 2020 is anticipated to be at least £1.4 million, in line with market expectations, with deferred revenue of circa £1.5 million giving strong visibility into 2021 and beyond. Cash balances as at 31 December 2020 were £1.4 million.

 

ReNeuron 117p £66.5m (LON:RENE)

UK-based global leader in the development of cell-based therapeutics updated on progress with the development of its hRPC (human retinal progenitor cell) therapy candidate for retinal diseases.

The hRPC therapeutic candidate is currently undergoing Phase 2a clinical evaluation for the treatment of the inherited blindness-causing disorder retinitis pigmentosa (RP).  The study uses a cryopreserved hRPC formulation, enrols subjects with advanced RP with some remaining central vision and, thus far, has been conducted at two clinical sites in the US.

The Company is pleased to report that dosing of the first cohort of three subjects in the Phase 2a extension segment of the study is now complete.  This segment of the study is treating up to nine subjects with RP at a higher dose level than the first ten subjects already treated in the study.  In line with the clinical trial protocol, the Data Safety Monitoring Board for the study will review short term safety data from this first cohort during the next few weeks, before the study proceeds to dosing the next cohort.

 

Petroneft 0.85p £7.13m (LON:PTR)

Oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, announced that Heads of Terms have been signed with Belgrave Naftogas (formerly Arawak Energy Russia B.V.) to acquire an additional 40% interest in Licence 67 for US$2.9 million.

 

Kodal Minerals 0.0975p £11.9m (LON:KOD)

Update on Gold Assets, the Fatou Project and Funding Agreement. Review of the Fatou Gold Project (‘Fatou’) in Mali continuing with further field reconnaissance highlighting extensive artisanal workings and geological control on mineralisation.

o  Drilling programme being finalised with initial diamond drilling and Reverse Circulation (‘RC’) drilling planned for Fatou Main and Fininko prospects.

o  On-going review of historic drilling is highlighting zones of high-grade mineralisation that will be followed-up as a priority.

Kodal completed 508 surface geochemical samples at Dabakala project in Côte d’Ivoire to infill the extensive 8km x 2km surface anomaly.

o  Extensive artisanal workings identified along the strike of the geochemical anomaly further enhancing the Dabakala target zone.

Good progress made with the Investors in finalising the proposed Funding Agreement (announced on 17 December 2020 to provide up to US$2,500,000 from AIM-quoted Riverfort Global Opportunities PLC and Riverfort Global Opportunities PCC) with due diligence nearing completion and documentation in progress – due to delays over the Christmas period an extension of two weeks has been granted to the Investors for completion of due diligence and completion of final contract.

 

Head Chef:

Derren Nathan
0203 764 2344
derren.nathan@hybridan.com

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