Small Cap Feast

5th June 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:

Joiners: Becket Invest plc (TAB.L), a company formed to acquire an established business in the technology sector, has joined the Standard Segment of the Main Market. £820k raised before listing expenses at 1 pence per share. 

Leavers: No leavers today. 

Whilst we were away 
30/5/23: Mediclinic International plc left the Main Market. 
31/5/23: Kape Technologies left AIM. 
01/6/23: Circle Property plc left AIM. 

What’s Cooking In The IPO Kitchen?

Amicorp FS (UK) plc, an international specialist fund services group, intends to join the Standard Segment of the Main Market. The Company is aiming to raise up to US$6.47m via a placing of new shares and US$9.70m via a placing of existing ordinary shares. The final offer price will be established after a book-building process. The firm, which is part of the Amicorp Group, primarily serves start-up asset managers with initial assets under management ranging between US$10m and US$20m. Due 8th June 2023.

WE Soda, the world’s largest producer of natural soda ash, more commonly known in the UK as sodium carbonate or washing soda, announces that it is considering listing on the Premium Segment of the Main Market. WE Soda, an extractor of soda ash in Turkey and the US, is a subsidiary of Ciner Group, an industrial and media conglomerate. It is a high-margin business and last year it reported adjusted operating profits of $892m on revenues of $1.77 bn. The Offer would be wholly comprised of ordinary shares to be sold by the existing shareholder. Separately from and in addition to the Offer, the Company is also considering making an exempt public offer of Shares to retail investors in the UK through the PrimaryBid platform. The value of Shares sold will not exceed EUR8m equivalent (approximately £6.95m).

Altona Rare Earths, a mining exploration company focused on the development of a significant Rare Earth Elements mining project in Africa, intends to join the Main Market. The Company has withdrawn from the AQSE Growth Market and intends to list on 9th June 2023 with the new ticker (REE). £2m raised.

Breakfast Buffet

Challenger Energy Group 0.108p £10.4m (CEG.L)
The Caribbean and Americas focused oil and gas company, with a range of oil production, development, appraisal, and exploration assets, advises that it has bid for, and now anticipates being awarded, the AREA OFF-3 licence, offshore Uruguay. AREA OFF-3 is the sole remaining available block offshore Uruguay. The AREA OFF-3 licence is 13,252 km2, and will increase CEG's total Uruguay acreage holdings to ~28,000 km2, making CEG the second largest offshore acreage holder in Uruguay behind Shell. The commercial terms are similar to those for the AREA OFF-1 licence, providing for an initial 4-year exploration period, during which CEG will be required to reprocess approximately 1,000 kilometres of legacy 2D seismic and undertake two new geotechnical studies. CEG expects that the cost of the work program in the initial 4-year exploration period will be approx. US$100k per annum. The block has a current estimated resource potential of up to ~500 million barrels of oil equivalent and up to ~9 trillion cubic feet gas, from multiple exploration plays.

Diaceutics 90.5p £76.4m (DXRX.L)
The technology and solutions provider to the pharmaceutical industry, announces that it has been awarded a 3- year enterprise contract with a top 10 global pharmaceutical company based in the USA. The contract will initially deliver US$10.1m of revenue over 3 years. Revenue is expected to be recognised on a monthly basis, spread broadly evenly over the course of the contract, commencing immediately. This contract will see Diaceutics deliver a wide range of subscription data services via its DXRX platform, including Physician Signal, Lab Segmentation, Physician Segmentation and Testing Rate Tracker.

Getech Group 13.75p £9.3m (GTC.L)
The geoenergy company and owner of hydrogen developer, H2 Green, announces its results for the 12 months ended 31 December 2022. Getech signed over 100 new contracts with a total value of £6.5m, driving a 19% increase in revenue to £5.1m (2021: £4.3m), ahead of market expectations. A significant portion of this growth has been license-based and recurring in nature. In 2022, the number of software licences sold increased by 42%. Getech's order book expanded by 39% to a record year-end position of £4.6m (31 December 2021: £3.3m). Getech reported an adjusted operating loss of £3.2m (2021: £2.6m loss) due to a lower gross margin. At the end of 2022, the Company held £4.3m in cash and cash equivalents (2021: £5.9m). Net of debt, Getech's cash balance was £3.6m (2020: £5.1m).

Ironveld 0.345p £12.3m (IRON.L)
The mining development company announces the appointment of Ms Malebo Ratlhagane as Deputy Group CFO and to the Board of Directors, with immediate effect. Malebo Ratlhagane has acted as Head of Finance for all of the Ironveld Group's South African entities since 2022 and has been with the Company since 2014. Additionally, Brian James, who has worked with Ironveld since 2012, and has extensive experience in public company reporting, has agreed to take on the role as Acting Group CFO in a non-Board capacity in order to provide support and mentorship over a transitional period of around 12 months, following which it is anticipated that Ms Ratlhagane will become Group CFO.

Lifesafe Holdings 39p £8.6m (LIFS.L)
The fire safety technology business with innovative fire extinguishing fluids and fire safety products, reports that sales growth has continued to exceed the Board's expectations. Revenue in the first four months to 30 April 2023 was approximately £2.1m, over 200% higher than the same period last year and about 15% higher than internal budgets for 2023. The Board believes current performance bodes well for trading in H2 (the traditional high season) and with the launch of LifeSafe's new StaySafe All-in-1 fire extinguisher in the North American and European markets. In addition to the unsecured £250k non-revolving supplier invoice finance facility announced on 31 March 2023, the Group has entered into a new 150-day, £250k trade finance facility, subject to an arrangement fee, at an interest rate of 3% per month and secured by the Group’s assets.

Oracle Power 0.128p £4.3m (ORCP.L)
The UK company involved in the exploration and development of coal in Pakistan announces the signing of a Memorandum of Understanding (MoU) between its subsidiary Oracle Energy and PetroChina International (Middle East) Company Limited (PCME) for cooperation and joint development of commercial avenues for Oracle Energy's planned Green Hydrogen Project in Sindh, Pakistan. PCME has agreed to arrange the potential offtake for the Green Hydrogen output and carbon credits from the Project. The MoU is effective from 2 June 2023 and is valid for five years from the date when the Green Hydrogen is first produced from the Project. Oracle Energy, the joint venture between Oracle Power and His Highness Sheikh Ahmed Dalmook Al Maktoum, is currently developing a 400MW Green Hydrogen Project in Pakistan, with a target output of 55,000 tonnes of high purity Green Hydrogen.

Roquefort Therapeutics* suspended (ROQ.L)
The biotech company focused on developing first in class medicines in the high value and high growth oncology market, announces its audited results for year ended 31 December 2022. During the period, the Company completed the acquisition of Oncogeni with a placing raising gross proceeds of £1,015,000 and strengthened the Board through the appointment of Ajan Reginald as CEO, Professor Sir Martin Evans as Chief Scientific Officer and Dr Darrin Disley as Non-Executive Director. Cash at year end 31 December 2022 was £2,322,974. Post period, the Company achieved key milestones, with ROQ-A1 and ROQ-A2 Midkine antibody programs successfully demonstrated in vivo safety in pre-clinical development programs and progressed into in vivo efficacy studies. Meanwhile, the Company signed an exclusive worldwide license agreement (excluding Japan) with Randox Laboratories for 10 years to utilise Midkine antibodies in medical diagnostics. The Company remains on course to achieve clinical readiness for one of its development programs during H2 2023.

Sunrise Resources 0.1p £4.0m (SRES.L)
The company focusing on the development of its three key Nevada based industrial mineral projects, announces that it is expected to receive within the next week the second investment, subject to amended terms, of £200k from Towards Net Zero LLC, a U.S.-based institutional investor, through the issuance of a convertible security, pursuant to the investment agreement announced on 30 November 2022. The Second Convertible Security will have a term of 24 months and will be convertible into Ordinary Shares of the Company, in whole or in part, at the option of Investor. The Second Convertible Security will not be subject to quarterly repayments set out in the November Announcement. The Conversion Price for the Second Convertible Security will be equal to the Market Price.

Tristel 407.5p £192.6m (TSTL.L)
The manufacturer of infection prevention products utilising proprietary chlorine dioxide technology, announces that the USA Food and Drug Administration (FDA) has completed its review of the Company’s De Novo request for classification (Class II) of Tristel ULT as a high level disinfectant, and has granted its approval for immediate sale. The U.S. nationwide launch of Tristel ULT will commence in October 2023, following Tristel DUO’s market introduction late last year. The Company has already established a manufacturing base with Parker Laboratories Inc., New Jersey, and will utilise Parker’s national distribution network for the ultrasound market. Parker is the largest supplier of ultrasound transmission gels in the USA. As both a gel and an appropriate disinfectant must be used in every ultrasound scan procedure, the combination of Tristel and Parker products promises a powerful combination.

Verici DX 11.5p £19.6m (VRCI.L)
The developer of advanced clinical diagnostics for organ transplant, announces its audited results for the year ended 31 December 2022 and provides a progress update since year end. Following the positive results from the Tutivia™ clinical validation study, in June 2022, Verici have commercially launched the product. Tutivia™ is the Company’s first product for the detection of acute kidney transplant rejection and initial revenues to be recognised in FY23. Verici have also expanded its validation trial on Clarava™, its pre-transplant prognostic test, for a further six months following positive initial data announced in September 2022, with read-out data expected by the end of June. Cash balance at 31 December 2022 was $9.81m (2021: $10.3m), with a cash runway extended to mid-2024.

5 June 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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