Small Cap Feast

11th December 2023

Dish of the day
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Dish Of The Day:

07 December 2023: Substrate Artificial Intelligence (AQSE: SAI): An artificial intelligence Company announced its Admission to the Aquis Growth Market. Market Capitalisation on Admission was £8.46m.

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Whats baking in the oven?

Potential Initial Public Offerings:
01 December: Investment Evolution Credit ITF:
An U.K. registered fintech group that specialise in online consumer loans, announces its application for Admission to the AQSE Growth Market. The Company currently provides online consumer loans in the U.S. under the brand Mr. Amazing Loans and plans to provide online consumer loans in the U.K. under the brand IEC Credit. Expected AQSE Admission is on 14 December 2023.

30 November: Flex Labs ITF: a software business engaged in the development of advanced artificial intelligence (AI) middleware products, intending to offer these to business customers through a software as a service (SaaS) model announces its application for Admission to the AQSE Growth Market. Expected AQSE Admission date is on or around 15 December 2023.

23 November: Substrate Artificial Intelligence ITF: 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 announces its Admission to the Aquis Growth Market. Expected AQSE Admission date is on or around 7 December 2023.

2 October: Tekcapital announced intention to spin off and IPO: 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). Microsalt 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. AIM Admission delayed, expected mid-December.

Reverse Takeovers:

06 December: Good Life Plus RTO: Formally Semper Fortis Esports Plc, announces its Admission to Access Segment of the Aquis Stock Exchange which constitutes a reverse take-over. Good Life Plus operates an entertainment focused monthly subscription service for consumers that provides access to daily luxury prize draws, along with numerous offers, discounts and rewards. Aquis Admission is expected 18 December.

30 November: EnergyPathways RTO: Formally Dial Square Investments Plc, listed on the Standard Listing of the Main Market, announces its Admission to AIM pursuant to the Acquisition of EnergyPathways Limited which constitutes a reverse take-over. EnergyPathways is an integrated energy transition company, initially targeting development of UK gas assets, with the aim of bringing these into production. AIM Admission is expected mid-December.

Change of Market:
05 December: AdvancedAdvT Limited (ADVT.L):
Intends to delist from its Standard Listing of the Main Market and apply for the Admission of its shares to trading on AIM on 10 January 2024.

Banquet Buffet

ANGLE plc 11.37p £29.6m (AGL.L)
The liquid biopsy company with innovative circulating tumour cell (CTC) diagnostic solutions for use in research, drug development and clinical oncology, announces the publication of breakthrough work by researchers at the University of New Mexico, US, into the role of CTC gene expression in the progression of melanoma brain metastasis. The researchers used the Parsortix system to harvest CTCs for analysis and concluded that "… gene expression in CTCs could be pivotal to prescribing more targeted treatment based on the needs of the patient.

Helios Underwriting 158p £119.9m (HUW.L)
The investment vehicle which builds shareholder value through exposure to Lloyd's, announces the pro-forma Net Asset Value per share as at 30th September 2023 has increased by 25p - an increase of 17% to £1.76. Market conditions at Lloyd's remain strong, as reflected in the results of the recent capacity auctions where the pre-emptions on the freehold syndicates and the increase in auction prices have contributed a further 18p to the net asset value.

IQE plc 21.7p £208.6m (IQE.L)
The supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, announces an extension of its partnership with Cardiff University. This further extends a long-term collaboration between the two partners to expand research capacity in compound semiconductor technologies and skills provision at Postgraduate and Doctorial levels. It will enable the development of a talent pipeline that will support future expansion of IQE's South Wales manufacturing operations. The partnership will extend the research and development roadmap between IQE and Cardiff University to support emerging applications in quantum systems, consumer electronics, communications infrastructure and energy efficient power electronics for Net Zero.

Kibo Energy* 0.045p £1.7m (KIBO.L)
The renewable energy-focused development company, announces that Mast Energy Developments PLC (MED) has received sufficient verbal and written confirmation from Proventure Holdings (UK) Ltd, part of the Proventure Group ('Proventure'), and its funders that the initial Interim Payment of £2m will be paid to the Joint Venture Special Purpose Vehicle between 15 and 20 December 2023, subject to signature of definitive agreements. MED has therefore extended the time allowed accordingly for Proventure to remedy its current position and to perform its obligations under the binding Joint Venture Agreement (JVA). Whilst Kibo remains conscious of the numerous delays by Proventure in providing this funding, the Company supports MED in its decision to provide an extension to Proventure to satisfy its obligations under the JVA whilst at the same time exploring alternative funding options. Kibo also advises of a small change in its shareholding in MED from 48.35% to 47.08%, as notified by MED in a TR1 of 5 December 2023.

Kistos Holdings 185p £153.3m (KIST.L)
The company targeting attractive production and development opportunities within the European transition energy market, announces that on Friday 8th December 2023 its Dutch subsidiary, Kistos NL2 B.V., notified Nordic Trustee AS of the exercise of its Call Option and redemption of all its outstanding bonds. Of the original €150m of bonds issued by Kistos NL2, €73.168m has already been repurchased by the Company. The Company will redeem the outstanding €76.8m (plus accrued and unpaid interest) under both of its Bond Issues at a redemption price equal to 102.5% of the nominal amount for each redeemed bond. The redemption date will be 22 December 2023 and the record date will be 20 December 2023.

Poolbeg Pharma* 8.8p £44.0m (POLB.L)
The biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need and with a lack of treatment alternatives, announces key insights from its poster presentation at the 65th American Society of Hematology Annual Meeting and Exposition, San Diego. The poster details POLB 001 as a potential therapy for Cytokine Release Syndrome (CRS) associated with cancer immunotherapies, was presented by Dr Emma Searle from The Christie Hospital, Manchester, UK on Saturday 9 December. CRS is a well-recognised toxicity that occurs frequently following certain cancer treatments such as T-cell engaging antibodies and CAR T cell therapies.

Reabold Resources 0.1175p £11.7m (RBD.L)
The oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, announces that it has exercised the Second Option to subscribe for 116 new ordinary shares in LNEnergy Limited (LNEnergy) through an aggregate further investment of £1.650m. Reabold will fund £750k of this from its existing cash resources, while the remaining £900k will be satisfied through the issue of 486,486,487 new ordinary shares at a price of 0.185 pence per share to LNEnergy Limited. This increases Reabold's shareholding in LNEnergy to 26.1% of its enlarged share capital. LNEnergy's primary asset is an exclusive option over a 90% interest in the Colle Santo gas field in Abruzzo, Italy.

RBG Holdings 16.5p £15.7m (RBGP.L)
The professional services group announces that it has renewed and extended its existing borrowing facilities with its current provider, HSBC. The renewed facility, which runs until 31 December 2025, totals £24.5m, and consists of a £18m revolving bank facility and a £6.5m term loan. The renewed facility replaces the £21.5m of facilities which were due for renewal in April 2024. The interest rate on the renewed facility will remain the same as for the previous facilities, paying a margin of 2.4% - 3.15% over the Sterling Overnight Index Average (SONIA), resulting in a current effective rate of 8.3%. Debt reduction is the Group's priority. A number of actions have already been taken such as suspension of the dividend policy and exiting the Company's third-party litigation finance business, LionFish Litigation Finance Limited.

Surface Transforms 10.625p £27.8m (SCE.L)
The manufacturers of carbon fibre reinforced ceramic automotive brake discs, announces that the Open Offer was significantly over-subscribed, raising gross proceeds of £2.7m. Applications were received for 27,420,745 Open Offer Shares, representing a take-up of 137.1 per cent of the 20,000,000 available Open Offer Shares. As permitted under the terms of the Open Offer, the Board has decided to accept these validly received applications for 27,420,745 Open Offer Shares in full. Subject to the Resolutions being passed, £11.0m gross proceeds will have been raised pursuant to the Placing, Subscription and Open Offer.

Zenova Group 4.25p £4.5m (ZED.L)
The innovative fire suppression and interdiction solutions company, provides a product update. Zenova FX extinguishing fluids were independently tested and analysed by a third-party chemist in the USA for PFAS (Per- and Polyfluorinated Substances). This analysis confirmed that the Zenova FX fluid is fully compliant with existing EU regulations and that any trace elements of PFAS are well below the current standards. Additionally, these tests confirmed that the fluid is also compliant with all regulations banning PFOS (Perfluoro octane sulfonic acid) and PFOA (Per Fluor Octanoic Acid).

11 December 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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