Small Cap Feast

10th October 2023

Dish of the day
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Dish Of The Day:

Mydecine Innovations Group (AQSE: MIVG), a biotech and life sciences company that is building an R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems has joined the AQUIS Growth Market, with a market capitalisation on admission of £4.5m.

Whilst we were away, Lookers (LOOK.L) left the market on Monday 9th.

What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 October.

MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of Shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). The Company is looking to raise £10m - £15m on IPO and announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission to trading on AIM is expected to be 18 October.

Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 16 October.

Breakfast Buffet

Acuity RM Group 5.25p £6.4m (ACRM.L)
Previously known as Drumz plc, and an established provider of risk management services announce that its wholly owned operating subsidiary, Acuity Risk Management Limited, has won a new three year contract worth £85k, for the use of Acuity's software platform, STREAM® by a new client to manage their cyber security and other enterprise risks. This client is a multi-national telecoms business and is expected to lead to further contracts with this customer.

Crimson Tide 1.95p £12.8m (TIDE.L)
The provider of the mpro5 solution, extends its reach into educational catering and the Irish Government with additions and extensions to existing contracts, the Company has been working with one of the UK's educational catering providers since late 2021 to digitise food safety logbooks. Initially piloted in 50 locations, this increased to 950 sites across the UK. The latest expansion represents a 50% increase to the MRR of the contract and takes the total contracted revenue, which still has 20 months to run, to £270k. This deal enables mpro5 to help deliver over 150 million school meals every year. The Company also reports a new contract with an existing government body in Ireland that includes a 56% increase in MRR, raising the total value of the new 3-year contract to over EUR460k.

Coro Energy* 0.26p £7.5m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces that it has signed a Memorandum of Understanding (MoU) with Mobile World Investment Corporation in Vietnam to install rooftop solar systems across their Vietnamese portfolio. Mobile World Investment Corporation operates at over 3,600 locations across Vietnam with the potential to install 360MW of rooftop solar across all locations. The MoU grants Coro exclusivity on an initial 900 company sites (estimated at 50MW of rooftop solar capacity). Coro will build, own, and operate each rooftop solar system and sell all generated electricity directly to each Mobile World Investment Corporation location under a 14-year Power Purchase Agreement, extendable in certain circumstances, with variable pricing and a floor price of US 11.2 cents/kilowatt hour.

CyanConnode Holdings 10.75p £29.2m (CYAN.L)
A Company focusing on Narrowband Radio Frequency (RF) Smart Mesh Networks, announces the receipt of an order for 300,000 Omnimesh Modules from IntelliSmart Infrastructure Private Limited. The order marks the fourth order received under a Strategic Framework Agreement for 3 million modules, signed in February 2023. Including this order, the total number of modules ordered is 1.7 million Omnimesh Modules. The supply of Omnimesh Modules is expected to commence during Q4 FY 2024, and the deployment will be completed within 27 months.

Ensilica 70.5p £55.1m (ENSI.L)
A mixed signal chipmaker announces full year results for the year ended 31 May 2023 (FY 2023). Revenue increased to £20.5m (FY 2022: £15.3m) as a result, operating profit increased to £0.83m (FY 2022: adjusted £0.70m). EBITDA of £1.56m (FY2022: £1.04m) and the Company holds cash and cash equivalents at 31 May 2023 of £1.07m. The Company announced key contract wins and contract extensions including a major industrial factory automation design win worth $30m and a EUR5m contract award to develop Satellite Broadband Chip funded by UK Space Agency with a customer. The Board believes the Company is well placed to continue to capitalise on growth opportunities.

Enteq Upstream 11.25p £7.9m (NTQ.L)
The energy services technology supplier, announces the appointment of David MacNeill as an independent non-executive director with immediate effect. David MacNeill has over 30 years' knowledge in the international energy sector with extensive experience across drilling businesses and has a background in directional drilling, with direct exposure to rotary steerable system development and operations.

Griffin Mining 93.2p £178.7m (GFM.L)
A mining and investment company, incorporated in Bermuda, with a 88.8% holding of their major interest in Hebei Hua Ao Mining Industry Company Limited announces that, in partnership with Zhang Jia Kou GuoAO (Partner), the Company has successfully commissioned a 6MW solar energy generating facility at the Caijiaying Mine. The Facility contains 25,753 square metres of solar panel surface area. With the soon to arrive battery energy saving system, under normal weather conditions, the Facility is expected to be able to supply up to 30% of the Caijiaying Mine's total electrical energy consumption, and during periods of shutdown the system can also supply excess capacity back into the local grid.

Image Scan Holdings 2.15p £2.9m (IGE.L)
The specialist supplier of X-ray screening systems to the security and industrial inspection markets provides a pre-close trading update for the year ended 30 September 2023 (FY23). Unaudited revenue is expected to be c. £3m for FY23 (FY22: £2m) an increase of 50% and pre-tax profit c.£0.1m (FY22: £0.35m loss). Restructuring and cost control programs, previously reported have contributed to the return to profit, coupled with prudent cash management, as a result the Company closed the year with £959k cash (FY22 £690k). The industrial activities of the Group have continued at expected level.

Intercede Group 48.5p £28.2m (IGP.L)
A cybersecurity software company specialising in digital identities, provides an update on trading for the first half of the year to 30 September 2023. Intercede revenues grew, across all segments, for the six months to £7.0m approximately 15% higher and is in line with management expectations. The Group had cash reserves of £9.7m as at 30 September 2023 compared to £8.3m as at 31 March 2023 reflecting positive operating cash flow and continued tight control of working capital) and the Group has no debt.

REACT Group 1.6p £16.9m (REAT.L)
The specialist cleaning, hygiene, and decontamination company, announces it has been awarded a contract extension to provide contracted maintenance, cleaning and hygiene services within the education sector for a major university. The extension has a total value of c.£3.8m (£1.27m per annum) during the contract term of three years.

10 October 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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