Small Cap Feast

13th December 2023

Dish of the day
No Joiners today
Off the menu
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 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers.

Dish Of The Day:

No joiners today.

No leavers today.

Whats baking in the oven?

Potential Initial Public Offerings:

11 December: Kondor AI ITF: A U.K. registered AI company planning to launch the Kondor AI app, which will analyse pictures and live photos and provide solutions to questions and challenges based on visual input, is seeking Admission to the AQSE Growth Market. Expected AQSE Admission is on or around 21 December 2023.

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.

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

Anglesey Mining 1.5p £6.3m (AYM.L)
The UK minerals development Company announced that the drilling of the first drill hole into the Northern Copper Zone (NCZ001) on the Isle of Anglesey was completed on 11th December. The interpreted Northern Copper Zone has varying levels of sulphide accumulation. This was also the case with drilling in the 1970’s with the nearest hole to NCZ001 intersecting two higher grade zones of 22.9m @ 1.20% Cu (1.42% CuEq) and 85.3m @ 1.13% Cu (1.40% CuEq) within a broader zone of 146m @ 0.98% Cu (1.20% CuEq) – no gold assaying was conducted on that drill hole. The mineralisation from the lower zone, currently interpreted to be the Garth Daniel Zone, is particularly encouraging. The samples from this drill hole will be sent off to the assay laboratory as soon as possible and the results are expected in Q1 2024.

Cohort plc 532p £221.6m (CHRT.L)
The independent technology Group announces its results for the six months ended 31 October 2023. Revenue was up 22% to £94.3m (2022: £77.5m). Adjusted operating profit was up 20% to £6.0m (2022: £5.0m) and net funds totalled £13.3m at 31 October 2023 (30 April 2023: £15.6m net funds). The interim dividend increased by over 10% to 4.70 pence per share (2022: 4.25 pence per share) continuing the Group's long standing track record of progressive dividend growth. The record order book of £353.9m includes over £90m of revenue deliverable in the second half. Revenue deliverable in future years from committed orders continues to grow, and the duration of the order book now extends to 2033. The current year outlook remains unchanged and is line with previous experience, with a stronger performance in the second half.

Frontier IP Group 39p £21.6m (FIPP.L)
The specialist in commercialising intellectual property notes the following announcement that its portfolio company the Vaccine Group (TVG) has appointed an Advisory Board to support the scale-up of TVG's novel herpesvirus-based vaccine platform. TVG has 12 vaccines currently under development targeting economically harmful and zoonotic diseases. The advisory board members are Christophe Barnier-Quer who works for Merck Life Science in its Contract Development and Manufacturing Organisations branch; Johan Dreesen, a member of the Advisory Council to Kela Pharma and sits on the GALVmed board; and Vaughn Kubiak: Vaughn who has more than 40 years' experience in global animal health in a wide range of senior technical and managerial roles.

Good Energy Group 313p £51.4m (GOOD.L)
The supplier of 100% renewable power and an innovator in energy services announced that its investee Zapmap, the UK's leading electric vehicle charge point mapping service, has expanded its market presence by launching charge point mapping in Europe. The coming months will also see Zapmap open up additional features such as EV route planning and charging payments for drivers in France, Germany and the Benelux. In the UK, Zapmap already offers its services to over 95% of the public points.

Jade Road Investments* 1.875p £6.7m (JADE.L)
The London quoted company focused on seeking the best risk-adjusted returns globally provides an operational update. As part of its transition away from Asia, the Company is considering strategic alternatives in relation to its legacy portfolio. These alternatives include the transfer of the legacy assets into a special purpose vehicle, which would be owned by all shareholders of the Company in addition to their existing quoted shares in the Company. Concurrently, Jade is in discussions with the holders of its Bond due on 31 December 2023 regarding the potential restructuring of its terms, including an extension of its maturity. Significant progress has been made with the proposed sale of Future Metal Holdings, and the Company expects to announce details in due course. The Company has sold 50% of its investment in the Heirloom Investment Fund SPC - Heirloom Fixed Return Fund SP for US$ 235,000 in order to manage its short-term working capital requirements.

Ondine Biomedical 9.0p £20.3m (OBI.L)
The Canadian life sciences Company indicates that it will continue accelerating commercialisation of its proven nasal photodisinfection technology following its successful fundraising of C$4.91m. Ondine confirmed that it has more than doubled the number of Steriwave deployments in 2023 and is in discussions with more than 75 hospitals in the UK, Mexico, Spain, and Canada. The growing global emphasis on preventing hospital acquired infections post-surgery, coupled with the escalating challenge of antimicrobial resistance, has spurred heightened interest in Ondine's photodisinfection technology.

Power Metal Resources 0.775p £16.1m (POW.L)
The exploration Company with a global project portfolio provides an update on progress of the conditional disposal of its Canadian uranium assets. On 8 August 2022 and 4 November 2022, Power Metal announced the conditional disposals of the Reitenbach and E-12 uranium properties into Teathers Financial plc (Teathers), which is to be renamed Uranium Energy Exploration plc (UEE). With the pre-IPO Financing work complete, Teathers/UEE is now moving to execute its planned Q1/Q2 2024 listing on the London capital markets. As noted in the announcement of 10 March 2023, Sean Wade, CEO of Power Metal Resources plc, is a director and a shareholder of Teathers.

Reabold Resources 0.1175p £12.1m (RBD.L)
The oil & gas investing Company announces the restart of its share buyback programme following the announcement on 31 October 2022 about its intention to return £4m of excess cash to shareholders upon receipt of £9.5m of deferred net proceeds from Shell, relating to the sale of the Victory asset. The Company accelerated this return with an initial £0.75m buyback that commenced in April 2023 and has returned £156,154 to shareholders to date. Reabold has now received £5.2m of the deferred consideration from Shell and is recommencing the Programme with up to a further £593,846 to be returned to shareholders. The average daily volume figure acquired will be no more than 25% of the average daily volume traded in the calendar month preceding this announcement.

Steppe Cement 22p £48.2m (STCM.L)
The investment holding Company which produces and supplies construction materials provides an update regarding its intention to pay a dividend. Further to the announcement on 12 July 2023 about its intention to pay a dividend of 2 to 3 pence per share before November 2023, the Company confirmed that it had set aside the funds to do so. The Company has been advised that new tax legislation, which has taken effect in Malaysia, the Netherlands and Kazakhstan, has made the Company's current corporate structure inefficient for the purposes of making shareholder distributions, subject to tax charges arising in multiple jurisdictions. The Board is therefore in the process of reviewing the current group structure in order to understand what courses of action are available to facilitate efficient shareholder distributions in the future. Steppe will update the market when it has resolved on a course of action.

13 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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