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Small Cap Wrap – IronRidge Resources; Sareum Holdings; Oriole Resources; Greatland Gold


*A corporate client of Hybridan LLP

Dish of the day

Abingdon Health (AIM:ABDX) has joined AIM. Abingdon Health is a lateral flow diagnostics company providing contract service solutions to a global client base in the healthcare sector and other industries . The Company has developed and is manufacturing the AbC-19TM Rapid Test, an antibody test for Covid-19 indicating whether a person is generating IgG antibodies to the spike protein of the SARS-CoV-2 virus. The Company is also working with three customers to transfer their Covid-19 antigen tests to manufacture, and is manufacturing a component of a rapid PCR (polymerase chain reaction) test. GBP22m raised at 96p. Mkt cap GBP91.9m.

Off the menu

No Leavers Today

What’s cooking in the IPO kitchen?

HSS Hire Group,(LON:HSS) transfer from Main to Aim. Mkt Cap c. GBP70m. Recently raised GBP52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan.

Vector Capital to float on AIM, a commercial lending group that offers secured loans primarily to businesses located in the UK. Substantially all of the Group’s loans are secured by a first legal charge against real estate. The Group’s customers typically borrow for general working capital purposes, bridging, land development and acquisition. As of 30 September 2020, the Group had a loan book of GBP34.7 million, with an average loan size of approximately GBP0.57 million. Raising GBP3m. Mkt Cap GBP16m. Due late December.

Schroder BSC Social Impact Trust plc targeting a GBP100m raise. The Company’s investment objective is to be the first London listed investment company to deliver measurable positive social impact as well as long term capital growth and income, through investing in a diversified portfolio of private market impact funds, co-investments alongside impact investors and direct investments in order to gain exposure to private market Social Impact Investments. Due 22 Dec. Official List (premium)

Ecofin U.S. Renewables Infrastructure Trust. Initial public offering of up to us$250 million to invest in a diversified portfolio of mixed US renewable energy assets with an attractive long-term income stream. Main market premium. Minimum offer size reduced to $125m. Now due 22 Dec

VH Global Sustainable Energy Opportunities plc, a closed-ended investment company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Financial Conduct Authority and Main Market of the London Stock Exchange. Due by Early Feb 2021

Bytes Technology Group one of the UK’s leading software, security and cloud services specialists, to IPO (Main Mkt Prem). FY20 gross profit of GBP79.2m (+24.5% against FY19) and adjusted operating profit of GBP31.7m (+53.9% against FY19). Highly cash generative with FY20 cash conversion of 125.9% (FY19 cash conversion 139.7%). Offer price set at 270p Raising GBP352m. Mkt Cap GBP646.6m/. Due on 17 December 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 (LON:KIBO), 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. Timing tbc

Eddie Stobart Logistics (AIM:ESL) converting to an AIM investing company. Name change to Logistics Development Group. Focus sectors: logistics, transport, warehousing and e-fulfilment assets. GBP9m to be raised via a placing and subscription and up to GBP7m via open offer. Market cap c.GBP35.1m. Due New Years Eve

Reverse take-over under rule 14 by MelodyVR (AIM:MVR) Group of Rhapsody International, trading as Napster. Upon completion of the transaction, Napster will be a wholly-owned subsidiary of MelodyVR Group. The enlarged group will combine the service offerings of MelodyVR and Napster, offering music fans a consolidation of music artist’s repertoires including recorded music, short form video content, long form video content, digitally ticketed live streams, educational videos and immersive AR/VR content, into one premium subscription product. The Company’s service will be available in a new app which, once launched, will be made available across multiple devices, including smartphones, tablets, smart TV’s, consoles and VR devices, as well as providing audio only offerings for in-car and connected home devices such as Sonos and Amazon Echo. Raising $10.1m. Market cap GBP92.4m at 3.75p. Due 29 December

Banquet Buffet

Crossword Cybersecurity* 279p GBP14.3m (AIM:CCS)

The technology commercialisation company focused on cyber security and risk management has won an Innovate UK grant for GBP157,612 to investigate the issues around effective Manufacturing Supply Chain risk management and possible solutions. Specifically we want to identify reasons why, according to GOEDIS 2017 Supply Chain Worldwide survey , only 6% of companies have achieved full supply-chain visibility. Crossword, its Academic Partner, and two well-known British Manufacturing businesses, will investigate the reasons why organisations are reluctant to share details of their supply chains with their customers, and propose solutions based around its Rizikon Assurance platform to these problems.

Organisations need to control all risks in their supply chains, including for example cyber security, business continuity and modern slavery. The shift to more dynamic supply chains driven by Just In Time Manufacturing, COVID-19, Brexit and changing Environmental Social and Governance requirements has intensified this need. The lack of full supply chain visibility is restricting organisations’ ability to identify and manage their supply chain risk. Crossword’s portion of the grant awarded by the Industrial Strategy Challenge Fund is GBP157,612. The Industrial Strategy Challenge aims to bring together the UK’s world leading research with business to meet the major industrial and societal challenges of our time. The fund was created to provide funding and support to UK businesses and is run by Innovate UK and the Research Councils on behalf of UK Research and Innovation.

IronRidge Resources 12.55p GBP51.69m (AIM:IRR)

Additional drilling results from the ongoing third phase drilling programme at the Ehuasso target, within the Zaranou Gold Project area (Zaranou). The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).

Newly reported results confirm mineralisation continuity over 1.7km strike along the Ehuasso Main target at 80m drill section spacing, with mineralisation open at depth.

High-grade and broad low-grade drill intersections reported at depth, including 8m at 3.11g/t from 208m, 23m at 1.33g/t from 192m, 12m at 1.91g/t from 188m and 28m at 0.59g/t from 144m, confirming continuity of mineralisation at depth.

High-grade and broad low-grade intersections reported within both oxide and fresh mineralisation in drilling to date at the Ehuasso target.

RC drilling ongoing at the Ehuasso target for additional deep back holes and to test below high-grade AC results from previous drilling along adjacent mineralised structures.

Third phase 50,000m RC and AC drilling programme now well underway with three drill rigs active on site at the Ehuasso, Yakasse and M’basso targets.

Sareum Holdings* 1.55p GBP50.65m (AIM:SAR)

The specialist drug development company delivering targeted small molecule therapeutics to improve the treatment of cancer and autoimmune diseases, will hold its Annual General Meeting today, at 10:00 a.m. via the virtual Investor Meet Company platform.

At the AGM, the Company’s Non-Executive Chairman, Dr Stephen Parker, will make a statement that includes the following:

“The past year has been a challenging period for many people and companies. We are, however, pleased to report that Sareum has adapted well to the new working conditions and constraints imposed by the Covid-19 pandemic. The Company has made good further progress and has seized an opportunity to obtain government funding to investigate one of its drug candidates as a potential treatment for Covid-19.

Our key focus remains on advancing the development of our two TYK2/JAK1 programmes, namely SDC-1801, targeting autoimmune diseases, and SDC-1802, targeting cancer.

For SDC-1801, which is our near-term focus, we conducted and completed initial toxicology studies in rodents demonstrating excellent tolerability and established its manufacturing process. In recent months, we developed a new formulation, specifically designed to deliver higher exposure levels of the molecule, which we are now testing in additional toxicology studies, with a targeted completion date early in the new year.”

Nostra Terra Oil and Gas 0.45p GBP2.6m (AIM:NTOG)

The oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA is pleased to note the recent significant improvement in oil commodity price and its positive impact on the Company’s drive to become cashflow positive. Over the past month WTI oil price has increased from around $40 per barrel to $45 per barrel which, on its own, materially enhances cashflow for Nostra Terra. The increase follows announcements that positive trial results have been achieved for vaccines against the Covid-19 virus.

As stated on 30 October 2020, Nostra Terra’s focus is very much on increasing cashflow through assets with lasting reserves. Covid-19 has had a very negative impact on the global economy and consequently on oil prices. The average WTI oil price during the first half of 2020 was US$25.45, per barrel (compared to US$57.39 in 2019). In addition, during 2020 Nostra Terra made substantial reductions in corporate overhead as well as in lifting costs for its producing assets. As previously announced, some production was temporarily suspended during the period of lower oil prices in order to conserve capital. Those wells have now been put back online and production is back above pre-curtailment levels.

“We intend to announce production figures from H2-2020 in January. Completion of the Cypress well at Pine Mills, where the majority of Nostra Terra’s interest is carried by the farminee, is also underway and we anticipate updating on it shortly.”

Springfield Properties 120p GBP118.1m (LON:SPR)

The housebuilder in Scotland offering private and affordable housing updated on trading for the six months ended 30 November 2020, ahead of announcing its interim results in February 2021.

. Build and sales activity rebounded strongly following resumption of operations from late June

. H1 2020/21 revenue to be significantly higher than H1 2019/20 with substantial visibility

. Material reduction in net debt by GBP35.2m to approximately GBP33.6m from GBP68.8m at 31 May 2020

. Planning approval received for Springfield’s first homes for the Private Rental Sector

Blue Star Capital 0.18p GBP7.8m (AIM:BLU)

The investing company with a focus on esports, payments, technology and its applications within media and gaming, notes the update made by its investee company SatoshiPay . SatoshiPay has today announced that, in respect of DTransfer, it has signed an agreement with German Bankhaus von der Heydt (BDVH) to become the first user of the bank’s fully compliant euro-backed stablecoin (EURB).

BDVH, in partnership with Bitbond, has introduced EURB on the Stellar network. Bitbond was responsible for the development and integration of EURB and BDVH provides its banking infrastructure and regulatory framework. EURB is the first fiat asset directly backed by a banking institution on Stellar and will allow instant money transfer on blockchain. SatoshiPay intends to integrate EURB into its cross-border money transfer service. BDVH establishes a stable on and off-ramp for EURB transactions with instant EUR-based bank transfers within the Single Euro Payments Area (which comprises 36 European member-states). This will provide users with an easy solution to instantly send and receive euro-based payments. Blue Star currently has a 27.7% interest in SatoshiPay’s share capital.

SpaceandPeople 8.5p GBP1.66m (AIM:SAL)

The retail housebuilder in Scotland offering private and affordable housing, updated on trading for the six months ended 30 November 2020, ahead of announcing its interim results in February 2021.

Build and sales activity rebounded strongly following resumption of operations from late June. . H1 2020/21 revenue to be significantly higher than H1 2019/20 with substantial visibility. Material reduction in net debt by GBP35.2m to approximately GBP33.6m from GBP68.8m at 31 May 2020. . Planning approval received for Springfield’s first homes for the Private Rental Sector

Oriole Resources 0.38p GBP5.55m (LON:ORR)

Update on its Bibemi project in Cameroon. The Company reported that recent mapping and selective rock-chip sampling to the south west of the main Bakassi area (‘Bakassi’) has identified two new prospects, Lawa West and Lawa East which have returned results of up to 11.68 grammes per tonne (‘g/t’) gold (‘Au’) and 22.38 g/t Au respectively.

The results have extended the known gold system at Bibemi by three kilometres (‘km’) to 8.3km and mineralisation remains open to the south west. The Company plans to test the new Prospects with eight drill holes and, together with further three holes at Bakassi Zone 1, the planned maiden diamond drilling programme now stands at 28 holes for 3,080 metres (‘m’). The rig is now expected to arrive in Cameroon in late December 2020, following minor delays as a result of the impact of COVID-19 on the global shipping industry. Subject to any further delays, the Company anticipates commencing the programme in January 2021, with results expected later in Q1 and into Q2.

Greatland Gold 33.25p GBP1.3bn (AIM:GGP)

The precious and base metals exploration and development company, is pleased to announce the appointment of Shaun Day as Chief Executive Officer of the Company. Shaun Day will succeed Gervaise Heddle, who is leaving the Company to pursue other interests. Shaun Day will take up the position of CEO and join the Board on 8 February 2021. Gervaise Heddle will remain on the Board and part of the Executive team until 12 March 2021 to ensure a smooth transition.

Shaun Day is a Chartered Accountant with over 20 years of experience in executive and financial positions across mining and infrastructure, investment banking and international accounting firms. He spent five years (2014-2019) as CFO of Northern Star Resources Limited (Northern Star), an ASX100 company and a global-scale Australian gold producer, where he oversaw the company’s market capitalisation expansion from AU$700m to AU$8bn. As CFO of Northern Star, Shaun was part of the executive team that led the acquisition and funding of the Pogo Gold Mine, and the divestment of the Plutonic gold mine.

Biome Technologies 185p GBP6.9m (AIM:BIOM)

Biome’s Stanelco RF Technologies (Radio Frequency) division ( has signed three contracts, with an aggregate revenue of GBP117k, that will provide RF process heating solutions and equipment to customers in diversified industrial applications.

The contracts, with two new and one previous customer from the aerospace and medical sectors, provide a further positive indication that small capital goods purchases are being made by specific sectors of UK industry and that the division’s efforts to grow a diversified revenue stream – beyond its traditional fibre optic cable market – are producing tangible results.

The revenues from these contracts will be realised across the remainder of 2020 and during 2021 and do not impact on the Board’s expectation for 2020, during which orders from the fibre optic market have been subdued.

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