Our daily digest of news from UK listed Small and Mid caps
16 March 2021
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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.
ActiveOps, a UK-based leader in Management Process Automation (MPA), providing a SaaS platform to large enterprises with complex and often global back-offices is planning to join AIM. Details TBA. Due late March.
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.
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.
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.
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.
Deliveroo is considering applying for admission of the Company's Shares to the standard listing segment of the Official List of the FCA and to trading on the main market of the London Stock Exchange. Deliveroo works with over 115,000 best loved restaurants, takeaways and grocery stores globally and provide work to over 100,000 riders across 800 locations in 12 markets, serving 6m customers globally.
Breakfast Buffet
IronRidge Resources 21.5p £97.2m (AIM:IRR)
Multiple high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa Lithium Project, where the Company has defined a JORC compliant mineral resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category, including 4.5Mt at 1.39% Li2O in the indicated category in Ghana, West Africa.
Highlights at a 0.4% Li2O cut-off and maximum 4m of internal dilution of: GRC0199: 13m at 1.86% Li2O from 34m, GRC0204: 12m at 1.74% Li2O from 75m, GRC0206: 12m at 1.63% Li2O from 79m, GRC0201: 13m at 1.44% Li2O from 34m, GRC0202: 12m at 1.5% Li2O from 70m, GRC0200: 10m at 1.71% Li2O from 75m.
Drilling ongoing; assay results reported herewith for 1,350m of the 12,500m RC drilling programme designed to add resource tonnes within the immediate ELP resource area and test new exploration targets within the adjacent Saltpond license. Ideal infrastructure support: projects located within 110km of the operating Takoradi deep-sea port, within 100km of the capital Accra and adjacent to the sealed Takoradi – Accra highway and high-power transmission lines. Highly supportive government; long mining history, strong diversification drive and pro-renewable and stored energy space initiatives.
Conroy Gold & Natural Resources 35p £11.4m (AIM:CGNR)
The gold exploration and development company focused on Ireland and Finland, announced a placing and subscription to raise a total of c.£1.87 million in conjunction with the conversion of c.£0.38 million of existing debt into new ordinary shares in the Company for a total financing of £2.25 million. The Financing has been arranged at 33 pence per share, being the closing mid-market price of an existing ordinary share on 15 March 2021.
As announced on 25th February 2021, Conroy Gold has engaged with Demir Export on a proposed JV covering the Company’s gold projects in the Longford-Down Massif. Demir Export belongs to the Koç Family who also own the largest industrial conglomerate in Turkey, a Fortune Global 500 company and Turkey’s leading investment holding company.
The letter of intent signed in respect of the JV proposal would also provide the considerable injection of working capital needed for the development of commercial mining operations at Clontibret and elsewhere along our district scale gold trend. The proposed JV with Demir Export, if completed, would mean a further €1 million payment being made to the Company together with an initial €9 million of expenditure (excluding operator fees, Demir Export in-house costs and minimum regulatory work commitments) over two phases which would earn Demir Export a 40% interest in the Company’s Longford Down Massif projects as a whole.
Crossword Cybersecurity* 319p £18.4m (AIM:CCS)
The technology commercialisation company focused on cyber security and risk management, announced that its consulting division has helped Vital Signs Solutions , an early-stage, digital healthcare company, achieve the stringent standards of the UK Government’s Cyber Essentials Plus certification, giving confidence to its patients, partners and regulators over its data security processes and protection of sensitive patient data.
Chris Wilkinson, Associate Director, Consulting at Crossword Cybersecurity PLC, added: “Digital health is an exciting high growth area, where extremely sensitive data is in the care of companies that are growing extremely fast. Cyber security is critically important and done well is not a drain on a company’s financial and other resources. Our advice is to get started early with schemes such as Cyber Essentials Plus and other accreditations. Not only do they protect your business and the data under your stewardship, but they also open opportunities.”
Inspiration Health 113.5p £77.3m (AIM:IHC)
The global medical technology company, announced that SLE Ltd, the specialist neonatal ventilator manufacturer it acquired in July 2020, has received Japanese regulatory approval for the enhanced SLE6000. The approval is for the top of the range SLE6000 model that includes various features such as enhanced High Frequency Oscillatory Ventilation designed for use with critically ill infants as well as the OxyGenie ® patented oxygen control algorithm which helps maintain infants at their targeted oxygen saturation levels, volume targeted ventilation, End-Tidal CO2 monitoring and greater non-invasive modes. This product has been registered for use in Japan and the Company’s Japanese distributor has placed an initial order totalling c.£400,000 for immediate despatch.
Intuitive Investments 21.1p £8.5m (AIM:IIG)
The closed-end investment company focussed on the life sciences sector, announces an investment of £200,000 by way of convertible loan note into Micrima Limited . The convertible loan note has a term of three years, with 8% interest which is non-cumulative and rolls up to be part of the final conversion amount. There are detailed conversion mechanics which differ for a trade sale or future fundraise, which include, in both cases, amongst other things, conversion of the principal amount at a 20 per cent. discount to the price per share of such sale or fundraise and a valuation cap on conversion limiting potential dilution. The investment into Micrima is part of a £1.9 million round which is being matched by the ‘Future Fund’, the UK government initiative delivered by the British Business Bank, thereby providing Micrima with £3.8 million of funding in aggregate.
Micrima is a commercial stage company which has developed a new imaging method, the MARIA® system, based on radiofrequency technology to improve early diagnosis of breast cancer. Micrima has reached a significant development milestone with initial sales of its novel breast imaging technology
Oriole Resources 0.95p £14.8m (LON:ORR)
Update on its 24.92 per cent interest in Thani Stratex Resources Limited (TSR) which, through its local subsidiary Thani Dubai Mining (TDM), held a 100% interest in the Hodine exploration licence in Egypt.
TSR has signed a binding Heads of Terms agreement with private investment company Red Sea Resources Ltd (‘RSR’) with respect to earning up to an 85% interest in Hodine in return for paying all outstanding fees and charges and making staged expenditure commitments totalling US$2.2 million.
Helium One Global 7.05p £35.2m (AIM:HE1)
Further to its announcement of 18 February 2021, Helium One announced the commencement of seismic data acquisition with mobilisation of vibroseis trucks and geophones to its Rukwa Project (100%) in Tanzania.
· Mobilisation of data acquisition team, vibroseis trucks and geophones.
· 150km of infill 2D seismic targeting multiple trapping styles.
· Interpreted seismic data will define optimal well locations and reduce risk in drill targeting.
· Final technical input prior to commencement of Helium One’s maiden drilling campaign in 2nd quarter 2021
Close spaced seismic data acquisition will be focussed in areas of known prospectivity to assist in providing greater clarity on the subsurface structures which Helium One believe have the highest chances of successfully discovering Helium. The seismic campaign is fully permitted and benefits from strong community and governmental support.
Sirius Real Estate 94.35p £993m (LON:SRE)
The leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany, announces that it has notarised the acquisition of a business park in Essen for €10,710,000. The transaction is by way of a sale and leaseback with Thyssenkrupp, the international industrial engineering and technology group, and reflects an EPRA net initial yield of 6.5%. The purchase was sourced by the Sirius acquisitions team off-market and will be funded from existing cash resources, with completion expected in Q2 2021.
Built between 1962 and 1963, the mixed-use business and industrial park offers 14,711 sqm of gross lettable area, of which 45% is warehouse, 42% is office and 13% production space. The park is situated on a 34,844 sqm plot, which includes a 4,450 sqm parcel of land that offers the potential for development into additional warehouse and office space. The site currently has 190 parking spaces.
Trans Siberian Gold 101.25p £87.83m (LON:TSG)
The low cost, high grade gold producer announces an update of the Mineral Resource Estimate for the Asacha Gold Mine in Kamchatka, Far East Russia.
Total Mineral Resource Estimate (Measured + Indicated + Inferred) has increased to 645,000 oz Au as at 31 December 2020,·+43% increase in Asacha’s overall gold resource inventory,·+61% of Mineral Resources are in Measured & Indicated category, Vein 25 remains open at depth and to the north,· Exploration campaign remains ongoing.
Block Commodities 0.016p £1.18m (AQSE:BLCC)
The Company and Century Cobalt Corporation (CCOB), together the Acquiring Parties, have entered into an option agreement to acquire a 70% interest in a Medicinal Cannabis licence granted to Magnus Cannabis Group (Private) Limited by the government of Zimbabwe. The Acquiring Parties will each hold 35%. CCOB is a publicly traded (OTCQB: CCOB) cobalt exploration and development company headquartered in Los Angeles, California. The stake in the Magnus licence, will secure supply of medicinal grade cannabis for the production of Nutraceuticals.
The Company is no longer pursuing the acquisition of Greenbelt Company Limited, pursuant to an option agreement date 27 March 2019, as the relevant Cannabis legislation is no longer under consideration by the Sierra Leone government.
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