Small Cap Feast

11th July 2023

Dish of the day
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Dish Of The Day:

CAB Payments Holdings joined the Premium Segment of the Main Market today.

No leavers today.

Early Equity Plc has left the AQSE Growth Market.

What’s Cooking In The IPO Kitchen?

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. Expected Admission 21 July 2023.

Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023.

Metals One Plc, a company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper intends to join the AIM Market. The Company will have interests in the Paltamo and Rautavaara projects (nickel, copper, zinc) in Finland (together the Black Schist Project) and the Brownfield Råna Nickel project in Norway (Brownfield Rana Project). These projects represent opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply fastest growing European electric vehicle and energy storage markets. The Company aims to raise £2.5m at 5 pence per share with an anticipated market cap of £10.77m. Expected Admission date is 17 July 2023.

Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the Access Segment of the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience.

Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.

Breakfast Buffet

Begbies Traynor Group 131.5p £203.6m (BEG.L)
The professional services consultancy announces its final results for the year ended 30 April 2023 (FY23). Revenue was £121.8m, up 11% (6% organic, 5% acquired). Adjusted EBITDA increased 11% to £26.6m and net cash of £3.0m (FY22: £4.7m) after acquisitions. With a strong order book of insolvency revenue (up 19% this year), the Company is confident of a further year of growth in line with market expectations. Current range of analysts' forecasts (as compiled by the Company) for year ended 30 April 2024 is revenue of £127.5m-£131.4m and adjusted PBT of £21.9m-£22.7m.

Cornerstone Fs 10.5p £6.0m (CSFS.L)
The foreign exchange and payments company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, provide a trading update for the six months ended 30 June 2023 (1H23). The Group expects to report a total revenue of approximately £3.6m, representing an increase of 89% over 1H22. As a result of the strong revenue growth and steady gross margin, the Group expects to report a maiden positive adjusted EBITDA for 1H23.

Eagle Eye Solutions 570p £166.8m (EYE.L)
The SaaS technology company that creates digital connections enabling personalised, real-time marketing, provides a trading update for the year ended 30 June 2023. Revenue is expected to be £43.1m, up 36% (FY22: £31.7m), driven by organic revenue growth of 29%, excluding Untie Nots. Adjusted EBITDA increases by 32% to approximately £8.6m. The Group closed the year with net cash of £9.3m at 30 June 2023 (30 June 2022: £3.6m). Given the Group's growing ARR, profitability and cash generation, the Board looks to the future with confidence.

Eco (Atlantic) Oil & Gas 14.5p £51.3m (ECO.L)
The oil and gas exploration company focused on the offshore Atlantic Margins, announces that it has signed a legally binding Letter of Intent pursuant to which its wholly owned subsidiary, Azinam Limited (Azinam), will farm out 6.25% Participating Interest in Block 3B/4B, offshore South to Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp. The consideration is up to US$10.5m in cash. The JV structure upon closing of the transaction will be 26.25% Participating Interest owned by Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp. and the Operator of the Block, 20% by Azinam Limited, a wholly owned subsidiary of Eco Atlantic and 53.75% by Ricocure (Proprietary) Limited. The JV partners continue to progress the collaborative farm-out process, as previously announced, for up to a 55% gross working interest in the Block, with various potential parties.

Firering Strategic Minerals 6.35p £5.7m (FRG.L)
The exploration company focusing on critical minerals, announces the successful commencement of its Phase II Auger Drilling Campaign at its flagship Atex Lithium-Tantalum Project (Atex) in Côte d'Ivoire. The Phase II Auger Drilling Campaign is undertaken in conjunction with Ricca Resources Limited following its US$18.6m investment to advance Atex to Definitive Feasibility Study announced on 2 November 2022. Portable x-ray fluorescence spectrometry (pXRF) and Laser Induced Breakdown Spectrometry (LIBS) results for the soil samples from the northern block in Atex are expected shortly.

IQGeo Group 261p £160.7m (IQG.L)
The developer of geospatial software for telecom and utility operators, announces two new contracts (1) with a tier 1 US telecom provider for three years a value of more than $2m; (2) with a Germany's leading broadband operator for three years with a minimum annual contract value of more than EUR 2m and phase one service revenue in excess of EUR350k. Both customers were previous IQGeo or Comsof software users and these expansion projects include the sale of IQGeo's Network Manager Telecom software as strategic core technology for the long-term growth and management of full fibre and Hybrid Fibre Coax (HFC) networks.

Kinovo 42.5p 26.4m (KINO.L)
The specialist property services group that delivers compliance and sustainability solutions, announces its audited results for the year ended 31 March 2023. Revenue increased by 18% to £62.7m (FY22: £53.3m). Profit before tax up was by 58% to £4.4m (FY22: £2.8mn). Net cash was £1.1m (FY22: net debt of £0.3m). Three year visible revenues was £146.4m (FY22: £140.4m). The Company continues to benefit from legislative drivers. The Board is confident of delivering strong performance going forwards, and is exploring partnership and other strategic opportunities to accelerate growth.

Panthera Resources 7.5p £11.6m (PAT.L)
The exploration and development company with gold assets in West Africa and India, announces that it has agreed to vary certain incentivisation terms of the existing executive services agreement in place with its CEO, Mark Bolton. As such, Mark Bolton shall be entitled to the automatic grant of three million options at a strike price of £0.10 until 31 March 2024. The strike price of £0.10 represents approximately a 32% premium to the closing mid-market price of the Company's Ordinary Shares on 10 July 2023. Accordingly, a total of 3 million options, representing approximately 1.9% of the Company's issued share capital could be granted to Mark Bolton under the revised terms.

Tintra plc 122.5p £20.1m (TNT.L)
The innovating Deep Tech & Banking business, provides an update regarding the investment by a Middle Eastern investor, which was first announced on 10 March 2023 and updated on 9 June 2023. The parties remain in close contact progressing the investment and have mutually agreed an extension until 31 August 2023 and will make further announcements in due course. According to the RNS on 10 March 2023, a share subscription agreement for US$2m has been signed with this Gulf-based investor.

Velocity Composites 48.5p £17.9m (VEL.L)
The supplier of composite material kits to aerospace and other high-performance manufacturers, announces its unaudited results for the six months to 30 April 2023. Revenue increased 19% to £7.0m (2022: £5.9m) as aerospace sales volumes continued to recover post Covid-19. Gross margin was 21.8% (2022: 23.5%), due to a lag in the pass through of inflation to customers. EBITDA loss was £0.9m (2022: loss of £0.2m), including £0.5m of upfront costs to setup the US site and new contract engineering costs. Cash at bank as at 30 April 2023 was £1.2m (30 April 2022: £2.0m). The Company believes it remain on track to achieve profitability in FY24, as a result of a ramp up of existing contracts. The commercial value of contracted business is estimated to be worth £30m to £36m p.a. OEM planned production rates.


11 July 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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