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Small Cap Wrap – Thalassa, Mailbox REIT PLC, Nexus Infrastructure and more…


23 Oct 2020



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What’s cooking in the IPO kitchen?

Thalassa (LON:THAL) today announced that the Prospectus for the listing of the ordinary shares of its subsidiary Anemoi on the Standard Segment of the Official List and the LSE’s Main Market for listed securities has been approved by the UK Listing Authority  and will be posted today, 19 October 2020, on its website at ‎ company-‎documents/‎. Application for Admission is being made to the UKLA and, subject to the UKLA’s approval, Anemoi expects that Admission will become effective and that unconditional dealings in the Shares will commence at 08.00 a.m. on 26, October 2020 under the ticker “AMOI”.

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 (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). £14.5m fundraise. Mkt Cap c.£28.3m. Due 3 November

SourceBio International to list on AIM. Offer TBC.  Due 29 Oct. Press reports suggest raise of up to £35m.  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 £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. 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 £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

Buffettology Smaller Companies Investment Trust— Buffettology is seeking to raise a minimum of £100m 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 £1.4bn across two open ended funds, the CFP SDL UK Buffettology Fund and the Free Spirit® 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

Nexus Infrastructure 130p  £58.8m (LON:NEXS)

The provider of essential infrastructure services, utilities connections and smart energy infrastructure, announces a trading update ahead of its annual results for the financial year ended 30 September 2020, which will be announced on 11 December 2020.As expected, trading in the second half of the year has been severely impacted by the Covid-19 pandemic. The majority of sites were reopened by July and the recovery in activity levels since then has been encouraging, but significantly lower than the first half of the year. Of our three businesses, Tamdown has been most impacted by the continued uncertain macroeconomic backdrop and the implementation of additional health and safety procedures. This lower level of activity during the Group’s traditionally strong trading period has, as expected, resulted in the Group being loss making in the second half of the year. As a result, Nexus will report a loss before tax for the year ended 30 September 2020 albeit at an improved level from the Board’s expectations at the time of the Company’s equity issue in June.

The Group’s order book has reduced 17% year on year but overall remains strong at £282.0m (2019: £338.9m).   The Group’s strong balance sheet has been maintained, assisted by the successful equity issue in June this year, with a high cash and cash equivalent balance of £32.1m (2019: £27.4m) and net cash balance (after bank borrowings and finance leases) of £19.2m (2019: £18.0m ) The Board believes that the Group is in a strong position to deliver organic growth, aided by the structural undersupply in the UK housebuilding market and Government stimulus for the sector. 


Nucleus Financial Group 122.5p  £93.68m (LON:NUC)

The independent wrap platform provider, today publishes an update on its assets under administration (AUA) in respect of the three months to 30 September 2020. Despite the ongoing impact of Covid-19 on investor sentiment and market growth, the Company has continued to increase AUA, which stood at £16.1bn at 30 September 2020, up 1.8% on the previous quarter and 2.6% year-on-year. By comparison, the FTSE All-Share Index decreased 3.8% on the last quarter and fell by 19.2% year-on-year.


ITM Power 255p  £1.2bn (LON:ITM)

Results of placing and open offer.  Aggregate gross proceeds of approximately £165 million  at 235p.  The net proceeds of the Fundraising will be used by the Group principally to enable an acceleration of the Group’s technology, manufacturing and operational capabilities in response to the rapidly growing global demand for large-scale electrolysis, particularly:

 · £47 million to accelerate the Group’s development and production of large scale 5MW electrolyser stack platforms and modular 20MW electrolyser trains;

· £37 million to accelerate product standardisation and maximisation of manufacturing capacity at the Group’s Bessemer Park facility, and to support the potential future development of a new European gigafactory should additional future manufacturing capacity be required;

· £32 million to invest in the group’s operational capabilities, including developing the Group’s after-sales support and commissioning functions; and

· £30 million for the injection of funding into ITM Power’s refuelling division in order to identify and develop potential new large-MW capacity refuelling hubs


Sensyne Health 99.5p  £128m (LON:SENS)

The UK Clinical AI company, today announces it has signed a research collaboration agreement with Bristol Myers Squibb .  Initially the collaboration will focus on applying Sensyne’s proprietary machine learning to conduct research into disease progression and patient stratification for patients with various diseases within the broader group of Myeloproliferative Neoplasms (“MPNs”). MPNs comprise a group of rare blood diseases characterised by the overproduction of one or more types of blood cells – red blood cells, white blood cells and platelets.   The collaboration will be Sensyne Health’s fourth successive partnership with a major pharmaceutical company following collaborations signed with Bayer, Roche and Alexion. No financial terms have been disclosed.


All Active Asset Capital 8.55p  £67.5m (LON:AAA)

The Company has conditionally raised gross proceeds of £11.5 million through a placing of 143.75 million new ordinary shares  at an issue price of 8p  per share. The Company is actively seeking opportunities within the global technology, software and AI space, enabling it to provide investors with a distinct portfolio of tomorrow’s new market leaders.


Vianet Group 67p  £19.4m (LON:VNET)

“The international provider of actionable data and business insight through devices connected to its Internet of Things (“IOT”) platform, today announces the following trading update and notifies that it will release its results for the half year ended 30 September 2020 on Tuesday, 8 December 2020.

 The Group is pleased to report that trading for the first half of the current financial year has been ahead of our COVID-19-revised (“C-19”) management forecasts. There has been month-on-month improvement in operating profit and cash since the start of the financial year with September moving into profit.  Whilst the C-19 situation remains difficult to predict, the Group is in a robust financial and operating position to navigate FY2021 and continue the solid momentum that was building prior to C-19 and deliver on the exciting growth opportunities that we see ahead of us.”


The Barkby Group 18.75p  £25.4m (LON:BARK)

Barkby, the diversified business group, announced that its subsidiary Cambridge Sleep Sciences Ltd has launched its brand-new product, SleepHub™, a device which improves and facilitates natural sleep. 

SleepHub™is designed to help restore natural sleep cycles and improve wellbeing by using rhythms and pulses to emulate brain waves produced during sleep.

The product will retail at £599 per unit in the UK and is now available online at, and through selected partners. Sleep technology is an increasing area of focus and a growth area in the wider holistic wellness space which Cambridge Sleep Sciences Ltd is aiming to be at the forefront of.

Cambridge Sleep Sciences Ltd is in advanced discussions with a number of major retailers who are interested in stocking the product and we will update shareholders on progress in due course. 


Pan African Resources 20.65p  £398.2m (LON:PAF)

The Company’s American Depository Receipt (“ADR”) programme has been upgraded and approved to trade on the OTCQX Best Market (“OTCQX Market”) in the United States of America, with effect from 23 October 2020.

Pan African’s CEO, Cobus Loots said: “We are pleased to be admitted to the OTCQX Market, which is the highest tier of the OTC market. To qualify, Pan African has complied with the OTCQX Market requirements including high financial standards, corporate governance requirements, and compliance with applicable securities laws. Trading on the OTCQX Market will significantly enhance our visibility and provide better access to US investors”.

Pan African Resources is a mid-tier African-focused gold producer with a production capacity in excess of 1700,00oz of gold per annum.


Tectonic Gold  0.85p  £7.17m (AQSE:TTAU)

Preliminary costean sampling results from the site preparation for the drilling program at the Specimen Hill Prospect in Queensland, Australia. 

Drill rig access roads cut and drill pad preparation completed. Costeans cut on drill pads to expose fresh rock at surface mineralisation

Sampling has returned assays of +3.5g.t. Gold and +45g.y Silver

During the past few weeks our field team in Queensland were preparing access tracks and drill pads for the drilling campaign. This involves earthworks, utilising a bulldozer to clear tracks and establish level pads at each location to situate the drilling rig. In clearing the pads the team utilised the bulldozer to cut some shallow costeans into the identified mineralisation at surface to expose fresh rock. Samples were taken from these mineralised features and assayed to provide confirmation on targeting for the drilling. The campaign is designed to test grade at depth below this identified and tested surface mineralisation.


Beowulf Mining  6.15p  £39.15m (LON:BEM)

Results from an Induced Polarisation (“IP”) and resistivity survey undertaken by Vardar Minerals (“Vardar”) at its Wolf Mountain lead-zinc-silver (“Pb-Zn-Ag”) target, situated within the Mitrovica licence, located in northern Kosovo.  Beowulf owns 46.1 per cent of Vardar.

· Highly anomalous IP chargeability zones, considered high priority targets for drill testing, have been defined beneath areas of laterally extensive Pb-Zn gossans and hydrothermal alteration.

· The IP anomalies are located below, often straddling, the contact between younger Oligo-Miocene (“O-M”) volcanoclastic rocks and ultramafic (“UM”) basement, in agreement with mapped and drill tested mineralisation, adding further support for a source of the observed mineralisation.

· Importantly, anomalies follow established regional structural trends suggesting they may be representative of high-grade Pb-Zn-Ag feeder structures, often a characteristic of the deposit type.

· Resistivity results correlate very well with geological mapping, drilling and trenching, delineating the lateral and vertical extent of the low resistivity volcanoclastic units over the higher resistivity UM basement.

· Vardar is now planning a follow-up drilling programme to test the main anomalies for high-grade mineralisation.

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