Small Cap Feast

13th November 2023

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What’s Cooking In The IPO Kitchen?

9 November: Chapel Down Group ITF:  England's leading and largest wine producer with an award-winning range of sparkling and still wines, under the Chapel Down brand. The Company owns, leases and sources from 1,023 acres of vineyards in South East England announces its Admission to AIM after its transfer from the Aquis Apex market. The Company will not be raising new capital or providing a secondary offering as part of its Admission. Anticipated market capitalisation on Admission will be c.£75m. Expected Admission date is 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-November.


Breakfast Buffet

Biome Technologies 117.5p  £4.4m (BIOM.L)

A bioplastics and radio frequency technology business provides an unaudited trading update for the quarter ended 30 September 2023. Group revenues were £5.2m, a 19.6% increase (2022 Q3 YTD: £4.3m). The Group had a cash balance at 30 September 2023 of £0.9m (30 September 2022: £0.65m) and had 2026 convertible loan notes outstanding of £0.85m and no bank debt. The bioplastics division is seeing continued success, particularly in North American markets. Results are in line with management expectations.

Brave Bison Group 1.78p  £22.9m (BBSN.L)

The digital advertising and technology services company announces new contract wins and renewals. Brave Bison Performance has renewed terms with a national electricals retailer for a further 24 months, expected to be worth c.£2m over the duration of the contract. Brave Bison Commerce has signed a contract with a Finnish homeware retailer, expected to be worth c.£1m across FY23 and FY24 and has signed a contract with a Dutch car parts retailer, expected to be worth c.£1m across FY23 and FY24. The Board is confident that the Company will meet current-year market expectations of £3.1m adjusted profit before tax, and of delivering on market expectations for growth into FY24.

Cordel Group 4.7p  £9.4m (CRDL.L)

The Artificial Intelligence platform for transport corridor analytics provides an update for the long-term National Gauging Database contract with Network Rail (NR), originally announced on 22 December 2021. In 2021, Cordel won Network Rail's competitive tender to replace the National Gauging Database with Railway Gauging Data Solution (RGDS). More than 345 users across NR and third-party suppliers are benefiting from Cordel's additional post-processing. Going forward, the modern IT architecture of Cordel's RGDS unlocks potential to speed up data processing and provide further valuable alignment, with data that can be relied on.

Corero Network Security 9p  £45.0m (CNS.L)

A provider of distributed denial of service (DDoS) protection solutions announces the appointment of Carl Herberger as CEO Designate of the Company with immediate effect. Following Carl's appointment to the Board, Jens Montanana will step back from his role as Executive Chairman of the Company and return to his role as Non-Executive Chairman with effect from 1 January 2024. Carl Herberger is based in the United States and has over 20 years' experience in the information technology and cyber security industries. 

Dianomi 47.5p  £14.3m (DNM.L)

A provider of native digital advertising services to clients in the Business, Finance and Lifestyle sectors announces the appointment of Paul Gibson as Independent Non-Executive Director with immediate effect. Paul has over 35 years of operational experience and has spent 30 years in software and related services. He has extensive experience working as a Non-Executive Director for technology companies including XCD HR Software, Myzone Group and Castleton Technology plc. Paul will be Chair of the Remuneration Committee and a member of the Audit Committee.

Good Energy Group 292p  £49.3m (GOOD.L)

The 100% renewable electricity supplier and energy services provider has launched new innovative products as it continues to scale its offering. In October, Good Energy launched its new smart export tariff. Open to all households generating their own clean power, Solar Savings offers rewards for the electricity customers share at a rate of 15p per kWh - a 50% increase on the previous rate of 10p per kWh. The Company has launched time-based energy matching for all of its business customers offering Good Energy customers with 24-hour carbon-free energy data.

Kibo Energy* 0.05p  £1.9m (KIBO.L)

The renewable energy-focused development company announces that, further to its previous announcement dated 23 October 2023, its subsidiary Mast Energy Developments PLC (MED), a UK-based multi-asset owner, developer and operator in the power market, has extended the payment date of an initial sum of £2m (Interim Payment) to the Joint Venture SPV from Proventure, who is required to make the payment under the terms of the JVA. The Interim Payment was to be received by 10 November 2023, but due to administrative and international banking transfer delays, MED has extended the payment deadline and the Interim Payment is expected to be received between 15 and 30 November 2023.

Saietta Group 23p £23.7m (SED.L)

The multi-national business which designs, engineers and manufactures complete electric drivetrain (eDrive) solutions for electric vehicles announces that its 49.5% owned  Indian joint venture, Saietta VNA, has received an order for complete eDrives from its lead Indian client for a second of their light commercial vehicles. The purchase order is for approximately £106k of systems for the pilot production over the next c3 months. Target volumes indicated by the client, subject to further purchase orders, are expected to commence in Q2 2024 generating revenue for Saietta VNA of approximately £12.7m in the first year of production, with an expected minimum of 60,000 orders over a five year period.

Sondrel (Holdings) 15.75p £13.8m (SND.L)

The fabless semiconductor business providing turnkey services in the design and delivery of application specific integrated circuits (ASICs) and system on chips (SoCs) reports that, further to the announcement on 9 January 2023, subsequent testing by the customer of the sample chip has now been completed and Sondrel has now received its maiden production order for an ASIC chip. This first production order, in respect of an initial production run and for a volume in line with existing market expectations of FY23E production revenues.

Wentworth Resources 24.3p £47.1m (WEN.L)

The independent, Tanzania-focused natural gas production Company provides an update on its operations, future capital returns strategy and the offer from Etablissements Maurel & Prom S.A. Average daily production year to date was 105 MMscf/d, a new record for Mnazi Bay, and ahead of the annual average guidance of 90 - 100 MMscf/d. The Company's financial position stands with cash as at 31 October 2023 of $44.6m and zero debt. Based on expected production, continued timely receipt of gas sales revenue and no repayment of the disputed costs, cash is expected to remain broadly flat in the near term.

14 November 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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