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Small Cap Wrap – Panoply Holdings, Ixico, i-Nexus Global and more…


19 October 2020


*A corporate client of Hybridan LLP

Dish of the day

Triple Point Energy Efficiency Infrastructure Company (LON:TEEC) has joined the Specialist Fund Segment of the Main Market of the London Stock Exchange, having raised GBP100m at 100p. The Company will be investing in a diversified portfolio of Energy Efficiency assets which have a positive environmental impact and which facilitate the transition to a low carbon economy in accordance with the UK government’s overall environmental targets. The Company’s investments will focus on three core sectors: low carbon heat distribution; social housing retrofit and industrial energy efficiency; and distributed generation.

Off the menu

Hydrogen Group has left AIM.

What’s cooking in the IPO kitchen?

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 (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.

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

Symphony Environmental Technologies 24.5p GBP43.3m (LON:SYM)*

The global specialist in technologies that “make plastic smarter”, announced a major event to be held today in Istanbul, Turkey. Evin Pehlivanli, Deputy CEO of Uno Bakery Corporation (“Uno”), announced the launch of their d2w biodegradable packaging program, with Symphony as their technology partner and masterbatch supplier.

Uno is the first major bakery in Turkey to upgrade most of its packaging with d2w biodegradable technology. Packaging made with d2w can be recycled if facilities are available, but if it escapes collection and ends up in the environment as litter, it will degrade and biodegrade in a continuous, irreversible and unstoppable process, in the same way as nature’s wastes and much faster than regular plastic.

Uno is the largest baking company in Turkey and are not obliged by legislation to use biodegradable packaging. Evin Pehlivanli, Deputy CEO of Uno said: “Over the years we have aimed to reduce our packaging, and to recycle where possible, but we now go further, by resolving the issue of plastic that escapes into the open environment by using the globally renowned British d2w technology. I am proud to say that we will be the first major food processing company in our region of the world to adopt this technology, and we hope others will follow.”

Panoply Holdings 125p GBP83m (LON:TPX)

The technology-enabled services group focused on digital transformation, announced the appointment of Rachel Neaman to the Board as a non-executive director, effective immediately.

Rachel has extensive experience in digital public sector leadership, having led a number of senior management positions at technology organisations. She was the first Chief Digital Officer at the UK Department of Health where she developed its first digital strategy. In 2014, she took on the role of CEO at Go ON UK, a digital inclusion organisation working to ensure all UK adults had a basic level of digital skills. After Go ON UK merged with Doteveryone in 2016 Rachel directed its work on digital skills and transformation, as well as managing Doteveryone’s strategic partnerships. She went on to become the CEO of Corsham Institute, a not for profit organisation delivering digital upskilling programmes, in 2017. Rachel now runs her own consultancy providing strategic advice and mentorship to Boards and senior executives. In addition, she is a mentor for PUBLIC’s GovStart programme, helping technology startups transform public services.

Ixico 93.5p GBP44m (LON:IXI)

The AI data analytics company delivering insights in neuroscience , announces that Dr Robin Wolz, Senior Vice President of Science & Innovation at IXICO, will present on the industry panel at the virtual SCA & ARCA Global Conference, taking place on 19-21 October 2020.

The SCA & ARCA Global Conference brings together two initiatives that focus on ataxia, which is the loss of coordination of voluntary muscle movements. This platform allows for academic and industry leaders, physicians and companies working in the space to collaborate on developing future treatments for patients.

Autosomal-recessive cerebellar ataxias (ARCA) are a heterogeneous group of rare degenerative and metabolic genetic diseases recessively inherited and spinocerebellar ataxias (SCAs) are a group of autosomal dominantly inherited progressive ataxia disorders. The clinical manifestations of hereditary ataxias are poor coordination of movement and unsteady gait.

Landore Resources 27.5p GBP25.7m (LON:LND)

Commencement of the Autumn-Winter drilling programme on the BAM Gold Deposit, Junior Lake Property, Ontario, Canada.

. A Drilling Programme, consisting of 14,000 metres of HQ diamond core, has commenced on the BAM Gold Deposit aimed at further infilling and extending the defined resource of 1,015,000 ounces of gold and to test the depth potential of the previously delineated mineralisation.

. An extensive soil sampling programme, commenced in July 2020, has been completed on the highly prospective areas along strike from the existing BAM Gold Deposit, infilling and extending the successful soil sampling campaign completed in 2019. A total of 1,015 samples with controls have been submitted to the laboratory for analysis with the final results and report expected in November 2020.

i-Nexus Global 6p GBP1.77m (LON:INX)

. Proposed issue of GBP1.325 million of Fixed Rate Unsecured Convertible Redeemable Loan Notes. Strike price 10p. Expiration 4 November 2023.

. The net proceeds of the Proposed Transaction of GBP1.235 million will provide much needed additional working capital to facilitate the continued implementation of the Company’s growth plan and will be applied entirely towards meeting the Company’s ongoing working capital requirements.

The Company is a provider of strategy execution solutions, helping global organisations to turn their strategy into operational reality.

IG Design Group 462.5p GBP445.7m (LON:IGR)

One of the world’s leading designers, innovators and manufacturers of celebrations, craft, gifting, stationery and creative play products, today issues a post close trading update for the financial period ended 30 September 2020.

The Group’s trading for the six month period to 30 September 2020 is expected to deliver a 40% year on year increase in reported revenue to approximately $435 million1 (including $149 million from CSS Industries Inc. (‘CSS’)), with better than expected performances across both of our divisions; Americas (DG Americas and CSS) and International (previously UK, Europe and Australia). Group revenues, excluding CSS, were 8.3% down year on year reflecting the impact of Covid-19, particularly in the first quarter, with the second quarter showing a strong recovery. CSS revenues in the first half were marginally down year on year as a result of the impact of Covid-19 in the first quarter, however, second quarter sales ended up on the same period in the prior year.

Judges Scientific 5,290p GBP332m (LON:JDG)

The group focused on acquiring and developing companies in the scientific instrument sector , has acquired the entire issued share capital of Korvus Technology Limited, a maker of vapour deposition systems. The Board expects the Acquisition to be immediately earnings enhancing.

The initial consideration for Korvus is GBP2.64 million in cash. The consideration for the Acquisition has been financed from the Group’s GBP35 million acquisition facility from Lloyds Bank Corporate Markets. Korvus specialises in the design and manufacture of vapour deposition systems used to coat materials with thin films. Korvus’ systems are used for academic and industrial research, the majority of sales being to universities. Korvus’ systems are particularly versatile with their modular hexagonal design, enabling the users to easily create a combination of accessories to meet their research requirements. Korvus’ statutory accounts for the financial year to 31 March 2020 show revenues of GBP1.42 million and pre-tax profits of GBP0.74 million. Net tangible assets amounted to GBP0.68 million, including cash of GBP0.16 million. Korvus’ operating profit for the year ended 31 March 2020, adjusted to eliminate non-recurring items and to reflect Korvus’ ongoing cost base within Judges, would have totalled GBP0.66 million.

Orchard Funding Group 55p GBP11.7m (LON:ORCH)

The finance group which specialises in insurance premium finance and the professions funding market, announces that as a result of the current uncertain economic conditions due to COVID-19, the Company has decided to withdraw its application for a banking licence to focus on its core business activities.

Checkit 46p GBP28.5m (LON:CKT)

Certain subsidiaries of the Group have entered into a Framework Agreement with John Lewis plc for the supply of connected workflow, asset monitoring and building management solutions for a period of three years.

The agreement, effective from 1 August 2020, provides all Waitrose and John Lewis shops with the opportunity to benefit from Checkit’s Connected Workflow Management (CWM), Connected Automated Monitoring (CAM) and Connected Building Management (CBM) services.

A key provision of the agreement is a continuing innovation programme focused on the ongoing adoption of the CWM platform. The platform digitises the scheduling and reporting of operational workflows with a view to automating manual processes, increasing efficiency and delivering greater management insight.

BlueRock Diamonds 60p GBP5.45m (LON:BRD)

The diamond producer, which owns and operates the Kareevlei Diamond Mine (‘Kareevlei’) in the Kimberley region of South Africa, announced the sale of 2,900 carats at an average price of US$300 per carat for an aggregate consideration of US$870,165.

BlueRock Executive Chairman, Mike Houston, said, “This is the third successful private sale conducted through an agent in South Africa at a price, which we consider competitive in the current market, demonstrating the consistent strong demand for our high quality diamonds from long-standing customers.

“We will continue to update the market with upcoming sales both through private sales in South Africa and also our previously announced plan to export directly which remains a key objective for Bluerock.”

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