By 
20 Oct 2020
@HybridanLLP
*A corporate client of Hybridan LLP
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What’s cooking in the IPO kitchen?
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 GBP0.001 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). Offer TBA.
SourceBio International to list on AIM. Offer TBC. Due 29 Oct. Press reports suggest raise of up to GBP35m. 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 GBP250m. 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 GBP179m, announced its intention to raise up to GBP62.5m 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 21 October.
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 GBP100m 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 GBP1.4bn across two open ended funds, the CFP SDL UK Buffettology Fund and the Free Spirit(R) Fund. Due 29 October.
Wheaton precious Metals (TSX: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.
Banquet Buffet
ADM Energy* 7.05p GBP6.9m (AIM:ADME)
The natural resources investing company, has entered into a cooperation agreement with Dubai Bridge Investments LLC, a privately-owned Dubai-based investment vehicle, to source and develop upstream oil and gas field investment opportunities jointly in Sub-Saharan Africa.
Under the terms of the cooperation agreement, it is the intention of ADM and DBI to identify opportunities and structure funding for new investments. In the event that the Parties mutually approve a Project, it is envisaged that any investment or acquisition will likely comprise a joint venture made by way of a newly incorporated vehicle, subject to separate agreement at the time, for each Project. ADM will be responsible for identifying upstream oil and gas field opportunities in Sub-Saharan Africa and DBI will be responsible for providing or sourcing funding.
ADM has identified several potential targets and will be progressing through the evaluation and due diligence process with DBI. Once a Project is agreed, the Parties will negotiate a definitive agreement for each Project that is approved.
Symphony Environmental Technologies* 24.5p GBP43.3m (AIM:SYM)
Further progress of the Eranova SAS green algae project with completion of a EUR6 million financing. The proceeds of the Financing will be used to start building the pre-industrial plant in Port St Louis, located near Marseille in France. The Project is supported by ADEME, the French Environmental Agency and by Total Development Regional. Construction will start in late November and is due to complete by the end of April 2021.
This follows the announcement by Symphony on 14 September 2020, that its collaboration agreement with Eranova had been amended conditional on completion of the Financing. Pursuant to the amended collaboration agreement, Symphony’s fully diluted equity interest in the Project is 1.6% shareholding and it has exclusive distribution rights for certain territories. The new plant is based on the existing pilot plant design which has already produced bio-sourced resins that have been tested successfully for transformation at industrial scale. These new generation of bio based resin do not use food resource, are food contact approved for packaging and are recyclable. The Project is also patented in Europe, the USA and has been recently labelled by the Solar Impulse Foundation.
Symphony has entered into a distribution agreement with Eranova, providing Symphony with exclusive distribution rights for the United Arab Emirates, and the whole of America south of the border between the USA and Mexico.
Open Orphan 29p GBP193m (AIM:ORPH)
The specialist CRO pharmaceutical services company, which is the world leader in the testing of vaccines and antivirals using human challenge studies, announced the signing of a contract by hVIVO, a subsidiary of Open Orphan, with the UK Government to develop a COVID-19 (SARS-CoV-2) human challenge study model. The model development involves the manufacture of the challenge virus and the first-in-human characterisation study for this virus. The contract starts immediately and could be worth approximately GBP10 million to hVIVO depending upon the final number of volunteers that are included in the characterisation study. In addition, the Government has secured the first three slots to test vaccines using hVIVO’s COVID-19 challenge study, which we expect start in 2021, each slot reservation has been secured at a cost of GBP2.5m each bringing the total value of these slot reservations to GBP7.5m.
Angle 51p GBP88m (AIM:AGL)
The liquid biopsy company, announced that the FDA has completed its administrative review and accepted ANGLE’s FDA submission for substantive review.
As announced on 28 September 2020, ANGLE has submitted a full Class II De Novo FDA Submission for its Parsortix(R) PC1 system seeking FDA clearance for use with metastatic breast cancer (MBC) patients . ANGLE has now received an Acceptance Review Notification from FDA that the Submission has been accepted. The administrative acceptance review is a formal process undertaken by FDA to determine that the Submission contains all of the necessary elements and information needed by FDA to proceed with substantive review.
ANGLE believes that the earliest prospect of FDA clearance is Q2 CY21.
RWS Holdings 581p GBP1.6bn (AIM:RWS)
One of the world’s leading language, intellectual property support services and localization providers, today provides an update on trading for the year ended 30 September 2020, ahead of the announcement of its full year results on 10 December 2020.
Group revenue for the year ended 30 September 2020 is expected to be not less than GBP355 million, which is within the range of market expectations and in line with the prior year (2019: 355.7 million). This reflects a resilient underlying business performance, particularly given the disruption caused by Covid-19 to the Company’s intellectual property and general language translation businesses. Adjusted profit before tax (before amortization of intangibles, acquisition, restructuring, share option costs, and the warranty insurance settlement) is also expected to be in line with market expectations.
Ariana Resources 5.95p GBP63.2m (AIM:AAU)
The exploration and development company operating in Europe, is pleased to announce the launch of a not-for-profit initiative which it will roll out across its areas of operation.
Highlights:
. Not-for-profit initiative launched to support education and sustainability projects benefitting the communities in which the Company operates.
. Initiative to be spearheaded by the supply of Company-branded sustainably sourced organic cotton apparel via the Teemill platform: https://ariana-resources.teemill.com/ .
. Fully sustainable and circular business model is at the forefront of the clothing industry and fits well with Ariana’s own strong environmentally- and socially-aware ethos.
. All profits from sales will be channelled into the Company’s existing community projects.
Feedback 1.05p GBP11.2m (LON:FDBK)
Bleepa, Feedback’s flagship medical imaging communications platform, adds 3D imaging through partnership with Axial3D
. Enables clinicians to view and manipulate 3D clinical medical images to support clinical decision making and surgical planning
. Supports 3D model printing
. Suitable for complex surgical planning, patient education and consent and clinician training
VR Education 19.25p GBP46.54m (AIM:VRE)
The virtual reality (‘VR’) technology company in the education, communication and virtual events space, announced that HTC Corporation, a global leader in VR technology and equipment and a strategic partner of the Group, has today launched ENGAGE in China, reselling the platform as VIVE Sessions. This new service will focus on large-scale conferences, exhibitions and educational events in China and HTC will provide all the necessary enterprise sales, support and marketing in the region.
Tatton Asset Management 297p GBP168.6m (AIM:TAM)
The on-platform discretionary fund management (DFM) and IFA support services business, is today providing an unaudited period end update for the six months ended 30 September 2020. The Group delivered a robust performance in the Period, continuing to grow revenue and profits, and remains on track to deliver results in line with market expectations.
Group revenue increased 12.6% to GBP10.956 million (30 September 2019: GBP9.729m)
Group adjusted operating profit1 increased 21.9% to GBP5.030 million (30 September 2019: GBP4.126m)
Tatton assets under management (AUM) increased to GBP7.811 billion (31 March 2020: GBP6.651 billion). This is an increase of GBP1.160 billion or 17.4% for the six-month period
Net inflows for the six months to September 2020 were GBP328.1 million, an increase of 4.9% of AUM
Paradigm Mortgage Services, the Group’s mortgage distribution and support services business, has seen an increase in member firms for the period of 3.0% to 1,591 members (31 March 2020: 1,544 members). Paradigm Consulting, the Group’s IFA support business, increased its members by 2.5%
Altyn 1.7p GBP46.3m (LON:ALTN)
Proposed 100 for 1 share consolidation. The Board are of the opinion that this will bring the share capital into line with the size of the Company and its peers. In conjunction with the share consolidation the Directors also wish to change the name of the Company to AltynGold plc (and website to www.altyngold.uk), in order to align its name with its activates making it clearer to potential investors the trade of the Company.
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?Derren Nathan
0203 764 2344
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