Small Cap Feast

Small Cap Feast – 29th July 2022

Dish of the Day:

Equipmake Holdings has joined the Access segment of the Aquis Growth Market. Equipmake is a UK-based technology company specialised in products for electric vehicle drivetrains.

Macaulay Capital, a corporate financier and asset manager, has joined the Access segment of the Aquis Growth Market.

First Class Metals, a minerals exploration company, has joined the Standard segment of the Main Market.

Off the Menu:

Finablr Plc has left the Premium list of the Main Market.

What’s Cooking in the IPO Kitchen?

Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech translation in 42 languages, built in smart assist (google and siri), multiple built-in microphones and high-definition sound. Expected 5 August.
Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports to over 40 countries and is a key supplier to almost every leading fibre optic cable manufacturer worldwide and is the industry’s only organisation with multiple manufacturing facilities spread across 3 continents. The Company acts as the holding company for its wholly-owned operating subsidiary, Unitape Limited and its 60% owned operating subsidiary, Unigel (UK) Limited. Expected 1 August.
Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late September.

Breakfast Buffet

Aura Energy 11.9p £62.6m (AURA.L)

The Australia-based minerals company provides an update for the quarterly ending 30 June 2022. Resource upgrade drilling at the 800k lb U3O8 per annum fast-tracked Tiris Uranium Project in Mauritania is proceeding on schedule, with targeted completion in Q4 2022. Beneficiation pilot plant results confirmed 500-600% upgrade of uranium grade with rejection of 80% of mass, on bulk samples using production scale equipment. The final investment decision is expected for Q1 CY2023.

DP Poland 6.45p £40.0m (DPP.L)

The operator of Domino’s pizza stores and restaurants across Poland, announces that, following the announcement on 15 June 2022, the acquisition of the entire issued share capital of All About Pizza d.o.o, trading as Domino’s Croatia, is now complete. The consideration is for approximately £2.4m, to be satisfied by the issue of 29,787,234 Consideration Shares at 8p per share.

ECR Minerals 0.95p £10.1m (ECR.L)

The gold exploration and development company focused on Australia, announces that its 100% owned Australian subsidiary Mercator Gold Holdings Pty Ltd has executed a sale and purchase agreement for the sale of the Bendigo property for A$950k at a slight premium to the purchase price in 2021. This transaction marks the first disposal from selected non-core assets as outlined in the announcement of July 6th 2022.

Metals Exploration 1.0p £20.9m (MTL.L)

The gold producer in the Philippines announces the effectiveness of its capital reduction, to eliminate substantially the accumulated losses. The proposal was announced on 21 July 2022 and then approved by the High Court of England and Wales, on 19 July 2022. The capital reduction was conducted by a sub-division of each existing ordinary share into one new ordinary share and one deferred share and then the cancellation of the deferred shares and the cancellation of the share premium account. As of December 2021, its share premium account was US$196m and the accumulated losses totalled US$226m.

Neometals 62.0p £350.2m (NMT.L)

The project development company focused on battery materials, announces its Quarterly Activities Report and Appendix 5B Cashflow Report for the quarter ended 30 June 2022. The net cash balance was A$60.4m. During the period, Lithium-ion Battery LIB Recycling Project (50% owned by NMT via Primobius GmbH, an incorporated JV with SMS group GmbH), commenced operations at the commercial run rate of 10 tonnes per day (tpd) at the shredding and beneficiation plant in Hilchenbach, Germany.

Prospex Energy 4.5p £11.4m (PXEN.L)

The investment company focused on European gas and power projects, announces that Po Valley Energy Limited (ASX:PVE) has received approval for the production concession at the Podere Maiar gas field located in the Po Valley onshore in northern Italy, which lies within the Selva Malvezzi production concession. Prospex holds a 37% working interest in the Podere Maiar licence with the Po Valley Energy Limited holding the remaining 63%.

Semper Fortis Esports* 0.59p £2.5m (AQSE:SEMP)

The company best known for the esports team SMPR announced its results for the year to 31 January 2022: revenue of £31.6k, net loss of £1.2m and £1.3m in cash. Semper’s focus remains firmly on Esports, particularly on its Rocket League team, which will take part in the World Championships in Dallas in August 2022. In light of the current economic uncertainty and difficult capital market conditions, management has looked to significantly reduce its overheads and conserve cash and is continuing to explore opportunities in and around the esports and gaming sector.

Shearwater Group 138.5p £33.0m (SWG.L)

The cybersecurity advisory and managed security services group, announces its results for the year ended 31 March 2022. Revenue went up 13% to the record level of £35.9m (FY21: £31.8m). Adjusted EBITDA was up 19% to £4.4m (FY21: £3.7m) with margin maintained at 12%. The company had zero debt and a year-end net cash balance of £5.6m. FY23 Q1 trading has been in line with management expectations and the company is continuing to review M&A opportunities.

ThinkSmart 30.0p £32.0m (TSL.L)

The specialist digital payments platform business announces that it has entered into a binding Scheme Implementation Deed with Tuscan Equity Pty Ltd (Bidco) under which Bisco would acquire the entire issued share capital of ThinkSmart. Bidco is a company limited by shares that was incorporated in Australia for the purposes of the Scheme and is wholly owned and controlled by Ned Montarello, ThinkSmart’s Executive Chairman, CEO, founder and current 29.4% shareholder (29.94% on a fully diluted basis including all vested but currently unexercised share options).

Thor Mining 0.48p £9.6m (THR.L)

The exploration and development company provides an update for April to June 2022 and the outlook for the September quarter. Thor’s focus at 100% owned Ragged Range Project in Australia is on structural controls on mineralisation at both the Sterling gold prospect and Kelly’s copper-gold prospect. The sampling programs have highlighted high-grade gold (6/t Au) and copper values (4.8% Cu). In the U.S., Thor has received full authorisation for the proposed drill testing at the Wedding Bell Project, Colorado.

Head Chef:

Emily Liu, CFA, CAIA
0203 764 2344
emily.liu@hybridan.com

Sous Chef:

Sacha Morris
0203 764 2345
sacha.morris@hybridan.com

*A corporate client of Hybridan LLP

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