Small Cap Feast

12th June 2023

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What’s Cooking In The IPO Kitchen?

CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.)

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).

Breakfast Buffet

Actual Experience 0.7p £1.5m (ACT.L)
The Digital Workplace Management Platform (DWMP) company announces its unaudited consolidated interim results for the six months ended 31 March 2023. Revenue decreased 72% to £0.23m (H1 FY22: £0.82m), whilst the operating loss marginally decreased to £2.54m (H1 FY22: £2.84m). The Company has cash of £3.10m (30 September 2022: £2.87m) and has successfully released its new DWMP in October with Defra, leading to the first sale of the Company's new product offering less than six months after launching.

Caspian Sunrise 5.2p £117.0m (CASP.L)
An oil & gas exploration and production company focused on Kazakhstan announces the conditional sale of 50% of the Caspian Explorer for $22.5m and a general operational update. The Caspian Explorer is a drilling vessel designed specifically for use in the shallow northern Caspian Sea where traditional deep water rigs cannot be used. Caspian Sunrise acquired it for approximately $3.7m in 2020. The proceeds from the sale would be used in the further development of the Group's assets. Preparatory work has begun at Deep Well 803 which is to be drilled on the Yelemes Deep structure. The Company plans to spud the well in Q3 and complete it before the end of the year

Cordel Group 6.25p £12.4m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announces that Network Rail has granted official approval to the Cordel Wave 32 Mobile Laser Scanning system. The Cordel Wave 32 Mobile Laser Scanner has been assessed as compliant to Band 3A, delivering accurate Survey and LiDAR Techniques from vehicle mounted installations. Railways can use the raw outputs of survey grade data, in addition to Cordel's key value add of an AI-driven solution set of insights.

Dekel Agri-Vision 3.6p £20.1m (DKL.L)
The West African agriculture company focused on building a portfolio of sustainable and diversified projects provides a May production update for its Ayenouan palm oil project in Côte d'Ivoire. The Palm Oil Operation delivered a third consecutive month of performance with Fresh Fruit Bunch volumes and Crude Palm Oil (CPO) production increasing by 163.9% and 144.9% respectively compared to May 2022. CPO sales quantities increased 17.8% to 4,741 tonnes (May 22—4,025 tonnes) whilst CPO price per tonne marginally reduced by 9.8% to EUR953 (May 22—EUR1056). The Board remain positive to deliver on H1 2023 outcomes.

Futura Medical 52.1p £152.4m (FUM.L)
A pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® drug delivery technology currently focused on sexual health announces that the US Food and Drug Administration has granted over the counter sale Marketing Authorisation for MED3000, a topical gel formulation for the treatment of erectile dysfunction as a De Novo Medical Device. It is clinically proven treatment for ED with a 10-minute onset of action. MED3000 has already been approved as the first pan-European topical treatment for ED available OTC and is now available in Belgium and the UK. Initial launches in March 2023 with further launches planned through 2023.

Inspiration Healthcare Group 45p £30.7m (IHC.L)
The medical technology company focusing on specialist neonatal intensive care medical devices announces the appointment of Alan Olby ACA as Chief Financial Officer and a Director of the Company, effective immediately. Alan is an experienced and commercially focused healthcare CFO, with broad experience within fast-growing listed and private healthcare companies. He spent sixteen years at Sinclair Pharma, of which twelve years were as CFO.

One Heritage Group* 16.5p £6.4m (OHG.L)
The UK-based residential developer focused on the North of England announces the practical completion of Oscar House in Manchester. The Group previously reported a Gross Development Value (GDV) of £6.2m which included an agreement with a buyer underwriting the agreed purchase price of £6.1m for 27 apartments and the separate sale of car parking spaces. The buyer has failed to perform on the purchase of 22 apartments, such that the Group will now re-market these units and following a recent re-valuation of the completed building, it is anticipated that the GDV will increase to £6.8m owing to price appreciation in the area. The practical completion of Oscar House, Manchester marks the Company’s third project completion of 2023.

Ovoca Bio 6.63p £5.7m (OVB.L)
A biopharmaceutical company with a focus on women's health announces an update regarding the completion timeline of its ongoing Phase II dose ranging study assessing Orenetide, a novel treatment for women with hypoactive sexual desire disorder. The Company has been informed by its retained Australian Contract Research Organisation (CRO) that due to issues with staffing levels at the CRO, the timeline for delivery of the results of the Study has been delayed, now anticipated results to be finalised in August as opposed to June this year. The Company remains committed to completing the Study in the most efficient and accurate manner possible.

R&Q Insurance Holdings 56.9p £213.1m (RQIH.L)
The non-life global specialty insurance company focusing on Program Management and Legacy Insurance businesses announces a capital raise of $50m of equity issued by Randall & Quilter PS Holdings Inc., an indirect wholly-owned subsidiary of R&Q from investment funds affiliated with one of its shareholders, Scopia Capital Management, with the opportunity to increase to $60m. The preferred stock will be exchangeable at Scopia's election into new ordinary shares of R&Q at 60.98p representing a 10% premium. The proceeds will be used to increase the capitalisation of R&Q Legacy, and also be used for general corporate purposes.

Tungsten West 3.5p £6.3m (TUN.L)
The mining Company focused on restarting production at the Hemerdon tungsten and tin mine in Devon announces that it has entered into a strategic collaboration with Oxford Sigma, a fusion energy Company based in Oxfordshire, to explore and establish critical supply pathway options enabling the use of the critical material, tungsten, for fusion energy deployment. Tungsten would be required for radiation shielding and plasma-facing components within fusion energy devices. The strategic collaboration will provide a combination of skills and assets to secure the source of raw tungsten material in the UK, with the goal of deploying globally.

12 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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