6 July 2021
*A corporate client of Hybridan LLP
Joiners: No Joiners Today.
Leavers: No Leavers Today.
What’s cooking in the IPO kitchen?
Bridgepoint Group to float on the Premium Segment of the Main Market. Bridgepoint is the leader in middle market investing, with a global reach that leverages its strong pan-European footprint and Bridgepoint’s ability to deploy meaningful amounts of client capital across several well established strategies. Raising £300m. Timing TBA.
HydrogenOne Capital Growth to IPO on the Premium Segment of the Main Market. HGEN is targeting a raise of £250m. First London listed investment fund dedicated to clean hydrogen. Due by the end of July.
Forward Partners Group to join AIM. The Group has made 65 equity investments in early stage, high growth British companies, to build a portfolio that has a net asset value of £103.0m as of 31 March 2021. Offer TBA. Due mid July.
Bradda Head Holdings to join AIM. Bradda Head, previously called Life Science Developments Limited and before that Copper Development Corporation, is a delisted company previously quoted on AIM. In January 2018 Bradda Head acquired Bradda Head Limited, a lithium focused exploration company established to develop a portfolio of USA based lithium projects. Raising £6.2m. Mkt Cap £16.1m. Due 19 July.
CMO Group PLC, the UK’s largest online-only retailer of building materials, announced its intention to seek admission to AIM. The Group currently operates seven specialist websites, Roofingsuperstore.co.uk, Drainagesuperstore.co.uk, Insulationsuperstore.co.uk, Doorsuperstore.co.uk, Tileandfloorsuperstore.co.uk, cmotrade.co.uk and Totaltiles.co.uk. Due 8 July raising £27.3m primary and |£17.7m for selling shareholders. Mkt cap £95m.
Seraphine Group, intends to IPO on the Premium Segment on the Main Market. Seraphine, and together with its subsidiaries, is an international digitally-led maternity and nursing wear brand. The final offer price will be determined following a book-building process. Admission expected July.
Literacy Capital PLC, announces its intention to seek admission of its ordinary shares of £0.001 to trading on the Specialist Fund Segment of the Main Market. The Company was created in September 2017 as a permanent capital vehicle to allow longer term decision making and with the intention to generate substantial investment returns. As at 31 March 2021, the Company’s unaudited Net Asset Value is approximately £96.4m. Literacy Capital Asset Management LLP is the Company’s investment manager.
LungLife, a developer of clinical diagnostic solutions for lung cancer enhanced by artificial intelligence (AI), announces intention to seek admission to AIM. The Company’s technology is a combination of the recovery of rare cells and blood-based biomarkers shown to be altered in lung cancer. The Company employs machine learning to improve upon existing computer software to identify informative cells from blood, and intends to build a deep, novel pool of lung cancer-related data for AI-enabled applications designed to improve test performance over time. Admission due early July.
Helium Ventures PLC, announces admission to the AQSE Growth Market. The Company has been formed to identify either investment opportunities or acquisitions in the upstream natural gas sector and in particular in helium. Admission date TBC.
Seraphim Space Investment Trust PLC, a newly established closed-ended investment company which will invest in a diversified international portfolio of early and growth stage Space Tech businesses, announces the publication of its Prospectus in connection with the IPO to the Premium Segment of the Main Market. The Company is targeting gross proceeds of up to £180m through the issue of up to 180m Ordinary Shares by way of the Initial Placing, the Offer for Subscription, Direct Subscriptions and the Intermediaries Offer at 100 pence per Ordinary Share. The Company will subsequently also acquire stakes in four Space Tech businesses upon the completion or termination of currently pending corporate activity in relation to those assets. Assuming the successful completion of these transactions currently underway, the Company’s investment manager, Seraphim Space estimates approximately £70m of value relating to the Retained Assets could be acquired by the Company.
Future Biogas Group plc, is a newly formed holding company which will acquire 100% of Future Biogas Limited (“FBL”). Future Biogas is a clean energy company that operates biogas plants in the UK. It is one of the largest biogas producers in the UK, delivering approximately 5,000 cubic metres per hour of green gas to the Gas Grid. FBL was formed in 2010 in order to develop and operate biogas plants. The Group has deployed over £125m and built 12 biogas plants in the UK since then, largely through tax efficient funding such as VCT and EIS. In 2020, the ten biogas plants operated by the Group generated over 426 GWh of renewable energy. TBC ordinary shares of £0.01 each in the capital of the Company. In addition to the biogas plants it operates on behalf of third parties, the Company intends to build on its experience by constructing its own portfolio of new bioenergy plants with carbon capture storage (“BECCS”). Target fundraise up to £35m. Anticipated market cap TBC. Admission date early July
Saietta Group, announces intention to list on AIM. Saietta, is a UK company that has developed an innovative AFT electric motor (a design of axial flux motor), designed to deliver class-leading performance for its target markets whilst being low cost and built for mass market production. Saietta’s initial target market is the high volume, fast growing lightweight mobility market including motorcycles in Asia. Admission date and market cap TBC.
Poolbeg, Proposed AIM listing and demerger from Open Orphan (LON:ORPH). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBC
Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange, becoming the latest tech firm and this time a Unicorn to cash in on the ongoing boom in flotations on the UK’s public markets. Wise plans to establish a customer shareholder programme, OwnWise, which will reward customers joining as shareholders after admission to support its long-term mission. OwnWise, open for pre-applications from UK eligible customers today, provides participants with the chance to receive bonus shares in Wise, representing 5% of the value of the shares they buy and hold for at least 12 months (based on market value at the time of purchase) up to a cap of £100, amongst other perks. All existing investors, including the company’s team of current and previous Wisers (employees) who hold options and shares, will be offered time-limited enhanced voting shares to support Wise’s focus on its mission as it transitions to being a listed company. Due 7 July
Orcadian Energy, the North Sea focused, oil and gas development company, announces its intention to seek admission to AIM. The Company’s key asset is the 100% interest in the Pilot oilfield, with audited proven and probable reserves of 78.8m barrels (audited by Sproule BV). Orcadian plans to raise gross proceeds of c. £5m to progress its assets. Expected early July.
The UK Residential REIT, a proposed closed-ended real estate investment trust established to invest in a diversified portfolio of affordable, privately rented residential real estate assets in attractive locations outside of London, announces its intention to IPO onto the Premium Segment of the LSE. URES is targeting Gross Issue Proceeds of 150m before expenses by means of a placing, offer for subscription and intermediaries offer of 150m Ordinary Shares plus an Issue of up to 50m Consideration Shares in connection with the acquisition of Seed Assets at an issue price of £1.00 per Ordinary Share. Expected market capitalisation following the completion of the acquisition of Seed Assets of £200m. Due 16 July
LionTrust ESG Trust PLC – Withdrawn
4D Pharma 104p £185.7m (LON:DDDD)
The pharmaceutical company leading the development of Live Biotherapeutic products (LBPs), a novel class of drug derived from the microbiome, today announces the publication of pre-clinical research relating to its second-generation immuno-oncology LBP MRx1299 improving the activity of CAR-T. The research, conducted in collaboration with the Philipps-University Marburg, Germany, and Universitätsklinikum Würzburg, Germany, and published in Nature Communications, demonstrates the ability of the bacterium Megasphaera massiliensis or its short chain fatty acid (SCFA) metabolite pentanoate to enhance the anti-tumor activity of cytotoxic T lymphocytes (CTL) and CAR-T therapies in animal models of cancer, resulting in better tumor clearance. 4D pharma identified M. massiliensis MRx1299 using its MicroRx® platform and previously showed MRx1299 to have specific histone deacetylase (HDAC) inhibitory activity and be a rare prolific producer of pentanoate. This led to discussions with the lab of Dr. Alexander Visekruna, corresponding author on the recent publication, due to their work investigating the effects of SCFAs on immune cell subsets.
Blackbird 31.5p £106.5m (LON:BIRD)
The developer and seller of the market-leading cloud native video editing platform, Blackbird, announced today that Univision has entered into a multi-year deal to deploy Blackbird to drive large-scale video production efficiencies across its streaming and digital media operations. Univision is the leading Spanish-language media and content company in the United States, which entertains, informs and empowers U.S. Hispanics with news, sports and entertainment content across broadcast and cable television, audio, digital and streaming platforms.
Caledonia Mining 965p £112m (LON:CMCLL)
Quarterly gold production from the Blanket Mine in Zimbabwe for the quarter ended June 30 2021. Record production of approximately 16,710 ounces of gold during the Quarter, an increase of approximately 23.8% on the 13,499 ounces produced in the corresponding quarter of 2020. Gold produced for the first half of 2021 was 29,907 ounces, approximately 7.8% above the 27,732 ounces produced in the first half of 2020. Caledonia maintains its 2021 full year production guidance of 61,000 to 67,000 ounces and remains on track to hit target of 80,000 ounces from 2022.
The manufacturer of innovative performance ceramic products serving hospitality markets worldwide provided an update in relation to trading for the six months ended 30 June 2021. “The improved trading performance referred to in our Annual General Meeting announcement on 1 June 2021 has been maintained throughout the month of June. Revenue in both May and June recovered to 2019 levels and we continue to enjoy a good forward order book. This improved performance reflects progress across the UK, Europe and our other export markets. We do however remain mindful that COVID continues to introduce a degree of uncertainty into our assessment of future market and operational conditions. In our Preliminary Results announcement on 19 April 2021 we indicated that the Board would review its dividend policy at the earliest opportunity once a clearer pattern of trading had been established. Given the performance achieved in the period ended 30 June 2021 along with our strong financial position the Board is pleased to declare an interim dividend of 6.7p per share (2020: nil). This dividend will be paid on 3 September 2021 to shareholders on the register at 6 August 2021, with an ex-dividend date of 5 August 2021. Coronavirus Job Retention Scheme grants claimed in relation to 2021 have been repaid.”
Destiny Pharma 138p £82.6m (LON:DEST)
The clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life threatening infections announced a Cooperative R&D agreement with the US Department of Veterans Affairs to support studies focusing on identifying new attributes for NTCD-M3, a novel microbiome therapeutic being developed to reduce the recurrence of Clostridioides difficile infections (CDI) in the gut. Destiny Pharma will collaborate on this research project with the Edward Hines Jr. VA Hospital in Hines, Illinois, utilising their CDI research expertise to complete new preclinical studies that could support the administration of NTCD-M3 to a broader CDI patient population and therefore strengthen the market opportunity. The research project is planned to complete in Q4 2021. Financial terms are not disclosed.
Mulberry 305p £183m (LON:MUL)
Its wholly owned subsidiary, Mulberry Company (France) SARL, has agreed to terminate the lease of its store at 275 Rue Saint Honoré, Paris, France and exit the Property early. As at 27 March 2021, the book value of the Property in the Company’s accounts was £7.9m. The consideration, which is receivable once Mulberry has exited the Property, expected to be during September 2021, is £13.2m. The net proceeds after tax, expected to be around £10.8m, will strengthen further the Company’s cash position and support investment opportunities in line with its strategic plans. The Company plans to open a new store in Paris once international tourism returns. The objective will be a location which supports the Company’s omni-channel approach and optimises its customer centric retail experience.
Hardide Coatings 36p £20.11m (LON:HDD)
The developer and provider of advanced surface coating technology, is pleased to announce that it has received full approval from Airbus to coat and process its components at the new and larger Longlands Road facility in Bicester, UK. This approval follows the relocation of the Company and its equipment from Wedgwood Road, Bicester to newly built premises at Longlands Road, Bicester last year. The final coating reactor that remained in the Wedgwood Road site specifically to coat Airbus parts has now been relocated to the Longlands Road facility. The old Wedgwood Road site is now in the process of being decommissioned before the lease terminates in October 2021.
Orosur Mining 20.3p £38.3m (LON:OMI)
Update on the progress of Minera Anzá’s drilling campaign currently underway at the Company’s Anzá project in Colombia. Assays from 9 additional holes. Multiple high-grade gold intersections with associated silver and zinc- including 59.55m @ 9.61g/t Au and 61.75m @ 2.05g/t Au. Current drilling program nearing completion as planned. Further assays expected in due course. Regional field work progressing well. Major geophysical surveys planned.
Quantum Blockchain Technologies 1.08p £9.6m (LON:QBT)
The UK Quantum Computing Cryptography and Artificial Intelligence research and development and investment company, listed on the London Stock Exchange’s AIM market, announces it will use the Leap™ quantum cloud service from D-Wave Systems Inc., the leader in quantum computing systems, software and services, to develop cryptography algorithms for crypto currency mining. QBT will now be able to access D-Wave’s quantum-classical hybrid solvers, which leverage both quantum solutions and best-in-class classical algorithms to run large-scale business-critical problems. With real-time access to quantum computers via the cloud, QBT aims to transform classic computing cryptography algorithms, such as the one used for Bitcoin mining, in quantum computations, or quantum-classic hybrid computations. QBT’s quantum computing team is working on the Leap platform with the goal to exploit the speed of quantum computations, which can be, under the appropriate conditions, several order of magnitudes faster than a classic computer.
Ridgecrest SUSPENDED (LON:RDGC)
Ridgecrest, an AIM Rule 15 cash shell has entered into a non-binding heads of agreement with Mr Cristian Rada, as a result of which, subject to, inter alia, the execution of a legally binding share purchase agreement, Ridgecrest would acquire Airline Invest SA and its wholly owned subsidiaries, Blue Air Aviation SA and Blue Air Technic SRL. Cristian Rada and his brother are the sole shareholders of Airline Invest. Blue Air is a Romanian low-cost airline headquartered in Bucharest, with its base at Henri Coandă International Airport, and with operations at Turin airport, Italy. It is reportedly the largest Romanian airline by scheduled passengers flown, having carried more than 32m passengers in its 16 years of operation. The Proposed Transaction is classified as a reverse takeover pursuant to the AIM Rules for Companies and accordingly the Company’s shares will be suspended from trading on AIM as of 07:30 a.m. today.
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 the UK retained version of section B of annex I to Directive 2014/65/EU (“MIFID II Directive”); or (ii) investment research as defined in the UK retained version of 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.