Our daily digest of news from UK listed Small and Mid caps


06 Oct 2020

*A corporate client of Hybridan LLP


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What’s cooking in the IPO kitchen? 

AIM Schedule One from Fonix, a mobile payments and messaging Company, enabling businesses to charge users’ mobile bills and send users SMSs via their Carrier.  Due October. Offer TBC

Kaspi.kz, which operates the Kaspi.kz Super App, Kazakhstan’s most popular mobile app and the gateway to its market leading Payments, Marketplace and Fintech platforms  intends to conduct a secondary GDR offer on the LSE.

Trupatti 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). 

Buffetology 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.  

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.

AB Ignitis grupe—leading utility and renewable energy company in the Baltic region. Admission of its Shares to the Main Trading List of Nasdaq Vilnius and admission of its GDRs to the Official List of the FCA. Offer Price Range corresponds to a market capitalisation of approximately EUR1,691.7 – EUR2,105.2m. Due tomorrow, 7 Oct.

HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK which will be dedicated to providing accommodation to the homeless.  Due Mid October.

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. 

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

Integumen 31p  £35.2m (LON:SKIN) (AIM:DVRG)

Change of name from Integumen plc to DeepVerge plc which has now been officially confirmed by the Registrar of Companies.  The Ordinary Shares will trade under the name DeepVerge plc (with ticker DVRG) from 8:00 a.m. today.

 The Company’s website is now www.deepverge.com , although the www.integumen.com website will remain in operation and will redirect to the new site.  All information required by AIM Rule 26 is located on the new site.

 Ahead of the In-Cosmetics Virtual Conference for ingredient suppliers today, the Company announces that Labskin has received initial orders worth c£190,000 to be completed this quarter, with four new customers, each a global player, with combined sales revenues of US$56 Billion in the cosmetics, personal care, and medical device sectors. This adds to the existing growing business of Labskin and further underpins the guided revenue of £4m for 2020.


Sureserve Group 53p  £84.5m (AIM:SUR)

The compliance and energy services Group, updated in relation to its financial year ended 30 September 2020, further to its in-line update announced on 19 August. Sureserve can confirm that the business continued to show resilient growth in revenue, earnings and cash flow and is therefore expected to deliver results for the financial year in line with management’s expectations.

The Group is seeing identifiable market opportunities to grow and is investing significantly in apprenticeship and training schemes to foster talent and expertise within the business. Notwithstanding these investments, the Group’s cash performance during the period has been strong and, as at 30 September 2020, net cash stood at £3m; whilst the Group deferred VAT payments for March to June in agreement with HMRC guidelines, this net cash figure is net of the deferral. In addition, the Group has a good degree of forward visibility with an order book of £375m and recurring cash flows. These factors, considered in aggregate, will enable the Board to consider reinstating its sustainable dividend policy.

“Whilst the pandemic persists, we remain focused on the health, safety and welfare of our employees and those in the communities which we serve, taking all the appropriate Government protocols and precautions on site and in homes. We took the opportunity to undertake risk assessments on every operating location which was then independently certified as a COVID safe place of working, ensuring that the essential services the Group provides can continue.”


Caledonia Mining 1420p  £172m (AIM:CMCL) (TSX:CAL)

Agreement with the Government of the Republic of Zimbabwe under which Caledonia will evaluate mining rights, properties and/or projects in the gold sector that are controlled by the Government with a view to assessing the potential to advance development on these properties or projects.  

 Caledonia believes Zimbabwe is a highly prospective region for gold discoveries.  Caledonia has assessed and continues to assess investment opportunities in the Zimbabwe gold sector that are privately owned.  However, the Government of Zimbabwe has a considerable portfolio of assets in the gold sector that are potentially very attractive and Caledonia and the Government have therefore entered into an agreement whereby Caledonia is provided an opportunity to review this portfolio to determine whether they may be commercially developed for mutual benefit.


Gooch & Housego 1020p  £252m (AIM:GHH)

 The specialist manufacturer of photonic components & systems, announces that trading for the year ended 30 September 2020 is expected to have ended slightly ahead of management’s previous expectations. 

Trading during the financial year ended 30 September reflected previously reported trends. The Group’s manufacturing locations in the UK, USA and China are now all fully open and trading levels in the latter part of the financial year reflected the recovery in the Company’s manufacturing capacity and some of our larger customers’ manufacturing sites reopening.

G&H has entered its new financial year with a solid order book. As at 30 September 2020 it stood at  £92.4 million (30 September 2019: £94.4 million), 2.2% lower than same period previous year, or an increase of 0.8%, excluding the impact of foreign exchange.

Orders for fibre optics, hi- reliability fibre couplers for undersea cables and our A&D and life science capabilities remain robust. There continues to be improved demand for medical diagnostics, in particular for ventilator systems. Industrial laser demand remains at below ‘normalised’ levels, though the semiconductor subsector has demonstrated sustained improvement.


Xpediator 26.5p  £37.5m (AIM:XPD)

The provider of freight management services across the UK and Central and Eastern Europe, is pleased to announce it has acquired the UK-based international groupage freight forwarder and operator, Nidd Transport Ltd  for £4.6m.

· Nidd based in Ripon (North Yorkshire) specialises in daily express deliveries to mainland Europe by road with particular focus on France, Spain, Portugal and Germany as well as a providing a strong UK distribution platform particularly in the North of England.

· Generated revenue of £11.0 million, operating profit of £0.5 million and profit after tax of £0.4 million during the year ended 30th April 2020.

· Net assets include freehold property of HQ and warehouse valued at £2.1 million, as at 30 April 2020. 

· Current cash reserves of approximately £2.0 million.

· Total consideration of £4.6 million will be funded in cash from existing resources.


RBG Holdings 10.75p  £13.4m (AIM:RBG.)

 The professional services group, today publishes an update on trading, alongside the reinstatement of guidance for the expected financial performance of the Group for the full year to 31 December 2020.

 Following the publication of the Group’s interim results for six months to 30 June 2020 on 16 September 2020, the Group’s law firm, Rosenblatt Limited (“RBL”) has continued to trade well with case value and volumes remaining significantly ahead year-on-year.

The completion of the transaction by Convex Capital and the realisation of litigation investments by LionFish as well as having completed nine months of trading gives the Board improved visibility of the financial performance of the Group for the year as a whole.  Accordingly, the Board is in a position to reinstate guidance for the year to 31 December 2020. Based on management’s current forecasts, the Board now expects Group revenue and realised gains to be between £24 million and £26 million (2019: £23.7 million).  


Blue Star Capital  0.21p  £8.3m (AIM:BLU)

The investing company with a focus on esports, payments, technology and its applications within media and gaming, updated regarding the activities of its investee company Dynasty eSports Pte Ltd.

 During Q3 2020 Dynasty signed three separate SaaS agreements to provide its white-labelled platform to two esports franchise operators and to the largest telecoms carrier in the Middle East to launch a branded Dynasty platform in three of the region’s key gaming and esports countries in November 2020.

 These agreements are expected to provide contracted SaaS revenues for Dynasty of approximately US$2.8 million over the next year.  In addition to the contract revenue, Dynasty is progressing a number of prospective platform partnerships which will, should they be signed, on current terms make Dynasty profitable at the operating level.


Oncimmune Holdings 152.5p  £96.9m (AIM:ONC)

global immunodiagnostics group, today announces the award of funding from the ‘UK Research and Innovation Ideas to Address COVID-19’ programme , to support a joint collaboration between Oncimmune and Medicines Discovery Catapult  to deliver the IMmunity Profiling of pAtients with COVID-19 for Therapy and Triage (“IMPACTT”) programme.

 This collaboration represents a critical partnership in response to the COVID-19 pandemic and will focus on enabling better treatment selection for patients according to their immune profile. 

 The IMPACTT programme will collect samples and clinical data from 3,000 UK COVID-19 patients to be studied by Oncimmune to develop and validate an Infectious Disease NavigAID™ panel of biomarkers that can be used in COVID-19 research. This research tool will be designed to predict both likely patient response to the virus and effectiveness of vaccines and treatment against it. 


Panthera Resources 4.58p  £4.3m (LON:PAT)

Panthera has successfully secured its interest in the Bido PRM (formerly Naton PRM) with the support of the Ministry of Mines of Burkina Faso and the Licence’s joint venture partners.

· The 100km2 Bido Licence is located in the prolific Poura Birimian greenstone belt, Burkina Faso

· Multiple gold prospects across the Licence area including extensive historical artisanal workings

· Recently obtained historic data revealing high-grade gold drill intercepts at the Kwademen prospect including 23m @ 1.53g/t Au

· Geophysical and drilling programmes are currently being considered


TP Group 6.9p  £53.8m (AIM:TPG)

Contract worth c.£0.2m with Mountain Horse Solutions of Colorado Springs CO, to develop an autonomous navigation platform for land-based vehicles for the United States Department of Defense.  Following successful demonstration of the concept, there is the potential to move to a production model that could go into live operation by the end of 2021. 



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Derren Nathan

0203 764 2344


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