Small Cap Feast

14th August 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footprint. Anticipated Market Cap £19m. Capital to be raised on Admission: £6.0m via primary proceeds and £0.57m via secondary sale of existing ordinary shares. Admission expected 18 August 2023.

Announced ITF 12 July: 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.

Announced ITF 6 July: 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 the Access Segment of the AQSE Growth Market. Admission delayed.


Breakfast Buffet


Fusion Antibodies 6.5p £4.0m (FAB.L)
The Contract Research Organisation providing discovery, design, and optimisation services for therapeutic antibodies to the healthcare market, announces an update on the Company's cost savings and restructuring plans, details of which were announced on 19 May 2023, at the time of the recent placing to raise approximately £1.67m. The Company has undertaken and completed a restructuring process set out at the time of the Placing to reduce annualised costs by approximately £2.2m and is on track to realise all the intended savings outlined. The Company continues to expend cash in a planned manner to grow the trading aspects of the business. As part of the cash saving measures, it is intended that certain directors of the Company will be issued new ordinary shares in Fusion in settlement of a portion of their salary. Further announcements will be made in due course, following the Company's annual report and accounts for the year.


Global Petroleum 0.16p £1.7m (GBP.L)
The Australia-based oil and gas, upstream exploration company announces that the Namibian Ministry of Mines and Energy has given approval for the Company and its partners to proceed to the First Renewal Period (FRP) of Walvis Basin licence PEL 94, with a duration of two years from September 2023 to September 2025. The work commitment for the FRP is to acquire, process and interpret 2,000 kms of 3D seismic data, carried over from the current Initial Exploration Period (IEP), and to drill a well contingent upon the results of interpretation of the 3D Seismic. The original well commitment for the FRP was firm, rather than contingent. The Ministry has waived the usual requirement to relinquish 50% of the licence area at the end of the IEP. This means that Global and its partners have retained all of the prospectivity of the licence on entry to the FRP, notably both of the primary prospects, Marula and Welwitschia Deep, together with the leads which the Company has identified in the eastern part of the licence.


Harvest Minerals 2.2p £4.2m (HMI.L)
The fertiliser producer, provides a trading update. Further to its Q2 sales update announced on 30 June 2023 when the Company noted a drop in fertiliser sales and prices, Harvest reports that sales for July remained below revised internal expectations. As at the end of July 2023, Harvest has recorded 36,000 tonnes of new sales orders for the period, this excludes the additional 33,000 tonnes of advanced sales that had been invoiced in 2022, but did not meet the definition of revenue in the year under accounting standards, so will be included in FY 2023 revenue. While the second half of the year is historically the Company's most active sales period, Harvest is observing that farmers are continuing to delay purchasing fertiliser until greater stability in the market is seen. The Company has revised again its 2023 invoiced sales target to 70,000 tonnes from 120,000 tonnes.


Insig AI 15.5p £16.1m (INSG.L)
The data science and machine learning solutions company and its subsidiaries announces its results for the year ended 31 March 2023. Revenue increased 22% year on year to £2.1m. The Group's legacy Sport in Schools business comprised £1.4m, with the core Insig AI business delivering an 85% increase in revenue to £0.7m. Loss for the year after income tax of £18.5m, which includes an impairment charge of £16.6m. The combined operating loss was £4.8m. Cash at bank as at 31 March 2023 was £0.3m. Following the year end, in April 2023, the Company raised £0.9m. The board remains optimistic that it will achieve operating profitability in FY24.


Jubilee Metals 7p £191.7m (JLP.L)
The metals processor with operations in Africa announces the expansion of its executive leadership team strategy with the appointment of Neal Reynolds as Chief Financial Officer (CFO) effective October 1, 2023, as well as Ricus Grimbeek who will be leading Jubilee’s expansion drive into energy metals with a specific focus on the roll-out of the Company’s Zambian Copper Strategy. Neal is a Chartered Accountant (South Africa) and holds more than 14 years of experience in mostly African focused mining and metals operations. He was most recently Chief Operational Officer at Chemaf, an established copper and cobalt producer in the Democratic Republic of the Congo. Pedja Kovacevic, the current acting CFO, will continue in his role as Chief of Strategy and Advisory. Ricus is a Mining Engineer and has more than 30 years of experience in the mining industry holding various executive management and technical roles with global mining houses.


Pelatro 3.25p £1.6m (PTRO.L)
The UK-based company providing telecom marketing software announces that it has raised £1.1m by way of a direct subscription in the Company with a number of new investors based in the Middle East. This funding will support the Company's working capital as it seeks to collect receivables as well as add new customers. The Issue Price of 2.5 pence per share represents a discount of 30% to the closing price on 11 August 2023. As announced on 18 July, the Group has been experiencing delays in collection of a number of significant receivables with a resulting impact on working capital, consequently the Board was exploring financing options to raise working capital.


Roquefort Therapeutics* 8.25p £10.7m (ROQ.L)
The biotech company focused on developing first in class medicines in the high value and high growth oncology market announces the successful filing of the international phase PCT (Patent Treaty Cooperation) patent for its proprietary anti-cancer mRNA and RNA oligonucleotide therapeutics. The announcement follows the development of the Company's novel anti-cancer RNA oligonucleotide and mRNA therapeutics targeting Midkine (MDK) announced on 13 and 22 June 2023, which are undergoing in vitro and in vivo studies. The studies demonstrated efficacy with the Company's MDK RNA Oligonucleotides and mRNA in validated in vitro models of breast and liver cancer. The MDK RNA oligonucleotide and mRNA programs have now progressed into combinations studies with a proprietary targeted nano-particle delivery technology and are scheduled to progress into in vivo studies in Q4 2023.


Serinus Energy 3.1p £3.4m (SENX.L)
The oil and gas exploration, appraisal and development company with assets in Romania and Tunisia announces its interim results for the six months ended 30 June 2023. Revenue decreased to $8.9m (30 June 2022: $29.3m) and gross profit was $0.8m (30 June 2022: $8.0m). EBITDA for the period was $0.5m (30 June 2022: $8.7m). The Company realised a net price of $74.93/boe for the six months ended 30 June 2023 comprising. Cash balance as at 30 June 2023 was $2.5m (31 December 2023: $4.9m).
Smarttech247 Group 31.5p £39.1m (S247.L)
The provider of AI-enhanced cybersecurity services providing automated managed detection and response announces the appointment of Sascha Maier to its Advisory Board. Sascha is currently the Group Chief Information and Security Officer at SV Group, a hospitality and catering group in Europe. Previously, Sascha held a number of positions across Europe, including 10 years as the Head of IT and Cyber Resilience at IWC Schaffhausen, Director of Cloud and Security Services at SwissCloud, and an IT Manager at DISA Industries. Additionally, Sascha is currently a member of the Advisory Board of the Swiss Cyber Institute.


ValiRx 7.15p £7.3m (VAL.L)
The life science company focusing on early-stage cancer therapeutics and women's health, announces that the Company’s wholly owned subsidiary, Inaphaea BioLabs Limited, has entered into a collaborative services agreement with Agility Life Sciences Limited. The Collaborative Services Agreement recognises the synergy between Inaphaea's growing capabilities as a translational contract research organisation (tCRO®) and Agility's capabilities for formulation development and optimisation, pre-formulation studies and analysis. Under the agreement, service users of Inaphaea will be able to benefit from Agility's capabilities in a single service contract with Inaphaea and similarly, service users of Agility will be able to access Inaphaea's capabilities through their service contract with Agility. This will enable a coherent, single point of contact for service users to formulate and test their drug candidates.

14 August 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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