Small Cap Feast

10th March 2023

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Pioneer Media Holdings has left Access Segment of AQSE Growth Market.

What’s Cooking In The IPO Kitchen?

Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Expected Admission date 20th March 2023.

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected admission date is mid-March 2023.

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market, intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected 17th March 2023.

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected 13th March 2023.

Breakfast Buffet

Aferian 34.5p £29.4m (AFRN.L)
The B2B video streaming solutions company provides an outlook for the financial year ending 30 November 2023. For the Amino business (which connects Pay TV to streaming services), device sales in 1H FY23 have been materially lower than anticipated due to macroeconomic situation. The Board now expects Group revenue and adjusted EBITDA for the year ending 30 November 2023 to be substantially below its original expectations. Management has taken significant steps and reduced the Group's annualised cost base by c.$5m.

Bonhill Group 5.5p £6.6m (BONH.L)
Bonhill announces that the non-binding offer of $6.5m in cash received from a US media buyer for the business and assets of InvestmentNews has been lowered materially and the exclusivity period granted to the potential buyer has therefore ended. Bonhill has received $4.1m in cash. In addition, the proposed buyer has agreed to assume Investment News' obligations until January 2028 under the lease on its offices at 685 3rd Avenue, New York with a value of approximately $1.9m. Subject to the completion of satisfactory due diligence, the Company expects to sign a conditional agreement with the purchaser. Shareholders are advised that there can be no certainty that any sale or other transaction will be concluded for InvestmentNews, nor as to the terms on which any sale or other transaction may be made.

IXICO 23.5p £11.4m (IXI.L)
The precision analytics company delivering intelligent insights in neuroscience, announces that it has been selected by a biotech company and new client, to provide MRI imaging services for patient selection and efficacy analysis in patients with a rare form of dementia. The trial deploys an innovative gene therapy approach and is expected to last for just over 4 years. IXICO's recently launched IXIQ.Ai platform enables the measurement of brain volumetry with increased sensitivity, compared to widely used tools.

i(x) Net Zero 12.25p £9.7m (IX..L)
The investing company which focuses on Energy Transition and Sustainability in the Built Environment, announces that, as announced by NYSE listed Churchill Capital Corp V (Churchill V) its investment company, Sustainable Living Innovations, Inc. (SLI), has entered into a non-binding letter of intent in relation to a proposed business combination with Churchill V. i(x) Net Zero has an indirect 0.1% interest in SLI which is held though MultiGreen SLI Partners, LP and, as of 30 June 2022, i(x) Net Zero carried its investment in SLI at an NAV of $0.74m.

Journeo 140p £22.7m (JNEO.L)
The information systems and transport technical services group announces its subsidiary Infotec has received a £0.7m purchase order from Network Rail for the supply of customer information displays for stations operated by Southeastern Trains throughout the Kent region. The majority of the £0.7m revenue are expected to be recognised for this financial year and are incorporated in management's expectations for FY2023 performance.

Kibo Energy* 0.105p £3.2m (KIBO.L)
The renewable energy-focused development company announces the appointment of Mr. Peter Oldacre as the new Group Business Development Executive for the Kibo Energy PLC Group of companies. Mr. Oldacre, over the last 15 years, has been instrumental in successfully developing 1,250 MW of solar and wind projects across North America, Europe, Middle East and Africa with the Austrian battery energy storage system manufacturer, Enerox GmbH (CellCube). As a member of Executive Committee, Mr. Oldacre will focus on the project development cycle that commences at the completion of a bankable feasibility study through financial close up to completion of construction.

Physiomics* 4.15p £4.0m (PYC.L)
The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solutions, announces that it has been awarded a further contract by existing client Bicycle Therapeutics (Bicycle). The project relates to an undisclosed program and is expected to be completed in the Company's current financial year. Physiomics has been working with Bicycle since 2019 and has been involved in various Bicycle programs spanning discovery through clinical development.

Power Metal Resources 0.9p £15.5m (POW.L)
The global exploration company announces a strategic business update. (1) 100% interest in a 967 km2 uranium project footprint in the Athabasca Basin area of Saskatchewan, Canada, over 16 properties (2 properties under disposal agreements): Power Metal is looking to efficiently complete project staking and acquisition of uranium properties in region. (2) Uncovering district Scale Nickel and Gold Systems in Botswana: The Company will seek to expedite the release of results for priority exploration projects already underway. This includes 87.71% interest in the district scale Molopo Farms Complex Project and 100% interest in the Tati Project.

Sabien Technology 10.25p £2.2m (SNT.L)
The company focused on a green aggregation strategy provides a trading update on its M2G business (CO2 mitigation devices for commercial boilers). The Company has been awarded an order valued at approximately £246k from a UK Government department to be invoiced in March 2023. This is a repeat order from the same customer announced in March 2022. At least 2/3 of the contracted revenue will be recognised during the 2023 financial year. Since the previous trading update in October 2022, Sabien has won orders with a value totalling over £430k. This translates to a total of £507k in order value for the year to date, up 98% from £256k in the comparative period to March 2022.

SigmaRoc 55.1p £382.3m (SRC.L)
The quarried materials group provides an update on its acquisition and capital investment project pipeline, set out at the time of its equity fundraising which was announced on 22 February 2023. The Group has completed two acquisitions (Goijens Concrete Group and Juuan Dolomiittikalkki) for an aggregate consideration of £12m. In addition, the Group continues to trade in line with expectations, benefitting from its broad European market reach and continued productivity improvements. The Nordkalk platform has now taken into use its first fully electric heavy goods vehicle for the transport of aggregates between production and port operations in Norway.

10 March 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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