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Small Cap Wrap – Cadence Minerals, NWF Group, Oxford Biodynamics and more…


2 Nov 2020


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Harrogate Group. The Company offers 90-day residential personality development and vocational courses to local authorities in England for young adults aged between 16 and 18 who have left school but are not in employment or further education to whom the client local authority owes a care obligation under The Children Act 1989. AQSE. No Funds being raised. Due 9 Nov.

Bytes Technology Group one of the UK’s leading software, security and cloud services specialists, announces that the Company intends to publish a Registration Document and is considering proceeding with an initial public offering (Main Mkt Prem).  FY20 gross profit of £79.2m (+24.5% against FY19) and adjusted operating profit of £31.7m (+53.9% against FY19). Highly cash generative with FY20 cash conversion of 125.9% (FY19 cash conversion 139.7%). Timetable TBC.  

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 £0.001 each in the capital of the Company on 10 July 2020 whose registered address is in the UK  (being persons recorded on the register of members of Renalytix AI plc on 9 July 2020). £14.5m fundraise. Mkt Cap c.£28.3m. Due 3 November.

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 375m 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 £250m. 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. Was due 26 Oct, waiting for an update.

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 £179m, announced its intention to raise up to £62.5m  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  November.

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

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. 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.   Targeted for Q4 2020.

Banquet Buffet

Cadence Minerals 11.75p  £16.5m (LON:KDNC)

Completion of the update of the Mineral Resource Estimate (“MRE”) in respect of its investment in the Amapá Iron Ore Project Brazil.

· Mineral Resource of 176.7 million tonnes  grading 39.7% Fe in the Indicated category, reported within an optimised pit shell and using a cut-off grade of 25% Fe.

· Mineral Resource of 8.7Mt at 36.9% in the Inferred category, reported within an optimised pit shell and using a cut-off grade of 25% Fe.

· This Mineral Resource represents a 21% increase in total mineral resources compared to the equivalent MRE published by Anglo American 2012 .

· The MRE will form the basis of the mine planning studies within the scoping study, to support the operational plan to produce 4.4Mt of 65% Fe and 0.3 Mt of 62% Fe per annum.

· Significant potential exists to increase the resource base after the completion of metallurgical and optimisation studies on the surficial Colluvium and Canga and the underlying Semi Compact and Compact Itabirite material types.



The specialist distributor of  fuel, food and feed across the UK , announces that it has experienced an unauthorised access to the IT systems in two of its divisions (Feeds and Fuels) and at Group level.  There has been no unauthorised access at the Group’s Food division. 

The Group has engaged external specialists and has taken precautionary measures with its IT infrastructure, including taking systems offline whilst it continues to investigate the nature and extent of the incident, the recoverability of any compromised data and any effects on the operability of its systems.

The Group’s businesses remain operational; the  customer service teams in Feeds and Fuels are using alternative systems and procedures to fulfil and deliver orders . 

In light of the complex and evolving nature of this situation, the Board has requested that trading in the Company’s ordinary shares be suspended until it is in a position to provide more definitive information.


Oxford Biodynamics 70.75p  £65.5m (LON:OBD)

Strategic partnership with Boca Biolistics in order to advance EpiSwitch™ disease severity program for COVID-19

 · Highly diverse samples will enable development of world’s first 3D genomics prognostic immune health test for disease severity

· US-based specialty lab and biorepository, Boca Biolistics, to provide highly diverse Covid-19 samples, including those from hardest hit territories, such as Peru, and for “long COVID”


Sensyne Health 135p  £174m (LON:SENS)

Its CVm-Health+™ app is to be used by the University of Oxford in its FACTS clinical study evaluating the feasibility and acceptability of new point-of-care tests (“POCT”) for regular asymptomatic COVID-19 testing in the community. 

The FACTS study is one of the three University pilot projects established by the UK Department for Health and Social Care and Public Health England.


Alpha FX 1050p  £421m (LON:AFX)

The provider of FX risk management and alternative banking solutions servicing corporates and institutions internationally, today announces that Matt Knowles will be stepping down from his role as an independent Non-Executive Director, in order to take on a more active role with the Group as Strategic Advisor.  The Group will look to appoint a new Non-Executive Director in due course.

 Moving forward, Matt will be working with the senior management team for a minimum of one day a week to guide the evolution of the Group with its strategy and ensure the organisation is aligned at all levels.  This will see Matt play a key role in developing the Group’s strategic processes and holding the Group accountable to them, as well as testing the Group’s assumptions and decision making, while advising on new investments. Matt has had a significant impact on Alpha since joining in 2018. He joined the Group with a wealth of leadership experience, having previously co-founded HiFX, one of the largest non-bank players in international payments globally.  In his time as CEO, he grew HiFX to over 400 employees across 6 countries, before selling to Nasdaq listed Euronext in 2014 .


KEFI Gold & Copper  1.76p  £33m (LON:KEFI)

The gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to confirm the recommencement of drilling at the Company’s Hawiah Project in Saudi Arabia , as anticipated following the recent positive Preliminary Economic Assessment .

The drilling programme of 13,000 metres is aiming to expand and upgrade the maiden Hawiah Mineral Resource Estimate  from the current 19.3 million tonnes at 0.9% copper, 0.8% zinc, 0.6g/t gold and 10.3g/t silver.

Based on the results of the initial Hawiah PEA and assuming similar characteristics to the current MRE, additional resources further improve the economic case for the Project. For further background, see the Company’s announcement of 22 September 2020 titled “Preliminary Economic Assessment Confirms Hawiah as a High Priority Project” which reported, inter alia, that a doubling of the resource would increase the Project’s estimated after-tax NPV from US$96 million to US$362 million. The first hole drilled in Q4 2020 targeted the down-dip extension of the Camp Lode. Hole HWD-070 intercepted 4.2 metres (estimated true width) of Volcanic Massive Sulphide (“VMS”) style of mineralisation at a downhole depth of 557 metres (vertical depth 440 metres).


Anglo Asian Mining  115p  £131.55m (LON:AAZ)

 Updated Mineral Resources and Ore Reserves, estimated in accordance with the JORC (2012) code, for the Gedabek open pit and Gadir underground mine located at the Company’s Gedabek licence area  in Western Azerbaijan.

· Revised Mineral Resources for Gedabek open pit.  Total Mineral Resources of 735,000 ounces of gold and 69,100 tonnes of copper.  Mineral Resources now include material contained in stockpiles. Zinc Mineral Resources now also estimated to enable the technical implications of higher zinc grades at depth to be understood. Revised Mineral Resources for Gadir Underground Mine

o Total Mineral Resources of 267,000 ounces of gold and 2,183 tonnes of copper

· · Mine life for the Gedabek open pit of eight years

o Mine life based on the current mining practices of the Gedabek open pit

o Optimisation of the mine plan being carried out to enable more efficient mining and maximise use of our processing capability

· A residual mineral study of Ugur shows that, as expected, the mine is nearing depletion but exploration in the vicinity of, and below, the mine continues

o Copper mineralisation has been identified


Silence Therapeutics 351p  £291m (LON:SLN)

The specialist in the discovery,  development and delivery of novel short interfering ribonucleic acid (siRNA) therapeutics for the treatment of diseases with significant unmet medical need, today announces that Marie Wikström Lindholm, PhD, previously VP Head of Technology Innovation, has been appointed Senior Vice President, Molecular Design and member of the Silence Executive Leadership Team, effective immediately. Dr. Lindholm will continue reporting to Silence’s Head of R&D and Chief Medical Officer, Dr. Giles Campion. 

Dr. Lindholm joined Silence in December 2017 and has been responsible for building and leading a skilled team at Silence focusing on fine-tuning the design of Silence’s proprietary GalNAc-conjugated siRNA technology and exploring siRNA delivery outside the hepatocyte (liver cell).


Creo Medical 153p  £241m (LON:CREO)

The medical device company focused on the emerging field of surgical endoscopy, announces that it has received 510(k) clearance from the US Food & Drug Administration (‘FDA’) for its tissue ablation device MicroBlate ™ Fine .


This is the third device to gain FDA regulatory clearance within Creo’s portfolio of flexible endoscopy devices for the gastrointestinal (‘GI’) market alongside SlypSeal™ Flex and Speedboat™ Inject. The range is designed to be used with the CROMA Advanced Energy Platform, powered by Kamaptive™ full-spectrum adaptive technology, a seamless, intuitive integration of multi-modal energy sources, optimised to adapt to the tissue effect required for different procedures such as resection, dissection, coagulation and ablation of tissue.


Kromek 11.875p  £40.9m (LON:KMK)

The  worldwide supplier of detection technology focusing on the medical, security screening and nuclear markets, has entered into a development agreement, worth up to $660k, with a US-based, sector-leading industrial OEM with a global customer base. The majority of the development programme is scheduled to be delivered during the Group’s current financial year and, following final completion, it is expected to transition to a multi-year supply contract. 


Under the development agreement, the Group will customise one of its CZT detector platforms for incorporation into the customer’s systems for identifying contaminations during production processes.   



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Derren Nathan

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