Small Cap Feast

14th February 2023

Dish of the day
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Dish Of The Day:

Fulcrum Metals (FMET.L), a multi-commodity minerals exploration company, joins AIM. The company raised £3m at 17.5p. Anticipated Market Cap on admission £8.725m.

No leavers today.

What’s Cooking In The IPO Kitchen?

According to media reports, World Chess plc, a leading chess organisation seeking to promote the mass market appeal of chess globally through the commercial offering of chess related activities, intends to join the Main Market in mid February..

Breakfast Buffet

Altitude Group 42p £29.8m (ALT.L)
The operator of a marketplace for the global promotional products industry, provides a trading update for the current financial year ending 31 March 2023. The Board anticipates that FY23 trading will be materially ahead of current market expectations (£16.5m revenue and £1.5m adjusted EBITDA). Having invested throughout this financial year in the development and growth of the Group's Merchanting programmes, both AIM Capital Solutions and adjacent market programmes, the Board anticipates that the Group will continue to experience revenue and EBITDA growth throughout the remainder of calendar 2023 and 2024. The Group has also secured an increase its working capital credit facility with TD Bank N.A. to $1.5m, previously $700k.The Facility is currently undrawn.

Aura Energy 19.25p £144m (AURA.L)
The Australian based minerals company announces that the Resource Upgrade program undertaken in 2022 has increased the Measured and Indicated (M&I) Resources at the Tiris Project from 19.5 Mlbs to 29.6 Mlbs, 62.2Mt at 216ppm U3O8 at a 100ppm cut-off. The significance of the Resource upgrade is that it enables Aura to update the 2019 Tiris Definitive Feasibility Study project work, assessing the potential to increase the production rate based on the increased M&I resource. This work is expected to be released before the end of Q1 2023. The increase in its M&I resources confirms the board’s confidence that the Tiris province has great expansion potential.

Aurrigo International 117.5p £49m (AURR.L)
The provider of transport technology solutions, provides a trading update for the year ended 31 December 2022. Following its IPO on AIM in September 2022, the Company delivered an operational and financial performance in line with market expectations. Aurrigo has invested in the further development of its Autonomous and Aviation division. Aurrigo has grown its team from 51 to 70 and aims to reach 100 staff by the end of 2023. Post period-end, in February 2023, Aurrigo won a £0.7m Innovate UK grant as part of the Sunderland Advanced Mobility Shuttle project with Sunderland City Council. It has also signed an Industry Innovation Collaboration Agreement with the University of Ottawa in Canada.

Celsius Resources 0.9p £16m (CLA.L)
The Celsius Resources announces that it has appointed Mr David James Way as the new Chief Operating Officer in the Philippines, to boost the operations of its Philippine subsidiaries, particularly the development of the Company's flagship Maalinao-Caigutan-Biyog Copper-Gold Project. Mr Way, a New Zealand educated mining engineer, has more than 30 years' experience in the operation and management of both underground and open-pit mines across several commodities and jurisdictions.

Challenger Energy Group 0.12p £11.1m (CEG.L)
The Caribbean and Americas focused oil and gas company, with oil production, appraisal, development and exploration assets across the region, announces that it has entered into and simultaneously completed a transaction for the sale of its St Lucia domiciled subsidiary company, Caribbean Rex Limited. The agreed consideration is US$1.5m, consisting of US$1.2m payable in cash (of which US$1m has been received and US$0.2m is payable by 15 March 2023), and approximately US$0.3m in third-party liabilities that have been assumed by the buyer. As part of the transaction, the Company has retained a back-in option, granting the Company the right to repurchase a 49% non-operating interest in the South Erin field. This back-in option may be exercised at the Company's election, at any time in the next 18 months. Consideration payable is a fixed cash amount of US$1m, and 49% of all amounts spent by the buyer on South Erin field activities and new well drilling.

Coro Energy 0.26p £6.7m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces legal proceedings by the Company against an Italian contractor in relation to damages following the historical cessation of production at the Bezzecca field in Italy. Coro re-established production at Bezzecca in November 2022. Coro claims that the original construction at Bezzecca lacked an effective cathodic protection system which was required to avoid corrosion, which led to the shut-in of gas production at the Bezzecca field in March 2020 for safety and environmental reasons. The Company is claiming damages of approximately EUR300k for the capital and related costs of the replacement equipment and necessary cathodic protection and a further EUR7m for consequential losses, including both lost revenue and incurred fixed costs, during the shut in period.

Glantus Holdings 6.75p £2.6m (GLAN.L)
The provider of Accounts Payable automation and analytics solutions announces a trading update for the year ended 31 December 2022. The Company expects to report, revenue for FY 2022 of c.EUR 10.8m and an adjusted EBITDA loss of EUR 2.1m before exceptional restructuring costs and any impairment of goodwill from acquisitions. In response the Company has restricted the business by reducing the workforce and operational infrastructure costs. Alongside these cost savings, the Company has been able to generate average monthly billing in Q4 2022 of c.EUR1.22m and in excess of EUR1.1m for January 2023. This billing performance combined with the lower cost base means the Board believes the business is poised to deliver strong margins and positive cash flow from operations in 2023.

Good Energy Group p £m (GOOD.L)
The UK's largest voluntary Feed-in Tariff (FiT) administrator has launched a new smart export product for its FiT customers, which means they could earn more from the electricity they generate. Good Energy's move into smart export marks an evolution for the business as it scales its ambition to help 1m homes and businesses cut carbon from their energy and transport use by 2025. Customers moving to smart export will receive payment for the actual amount of electricity they export, rather than 50% of what they generate, which is the FiT scheme's standard estimate of the proportion of power customers' export. Good Energy plans to roll the service out to 80k customers by the end of 2023. Following this launch, Good Energy plans to introduce a new market leading domestic export tariff for households in the first few months of 2023.

Prospex Energy 18p £50.7m (PXEN.L)
The investment company focused on European gas and power projects, announces that the Operator of the Selva Malvezzi production concession in which Prospex has a 37% working interest, has signed a gas sales agreement (GSA) with BP Gas Marketing Limited (BPGM), an indirect, wholly owned subsidiary of BP International Limited under which BPGM will purchase the forecast gas production from the soon to be completed Podere Maiar-1 production facility in the Selva Malvezzi production concession located in the Po Valley Region of Italy. GSA contract is expected to commence on 1 April 2023 and has the potential to extend. The Joint Venture is fully funded to complete the Podere Maiar-1 production facility development and first gas is on track for early Q2 2023. An estimated 37m standard cubic metres of natural gas is expected to be supplied to BPGM under the contract.

The Mission Group 53.5p £48.7m (TMG.L)
The creator of Work That Counts TM , comprising a group of digital marketing and communications Agencies announces the acquisition of Mezzo Labs, a global data science and digital analytics consultancy. Mezzo Labs is a leading provider of innovative data services with over 16-years' experience in data strategy and architecture, web analytics, CX analytics, marketing automation, insights generation, data science, Conversion Rate Optimisation and personalisation. MISSION is scaling its ability to target global businesses across a range of sectors. This acquisition signifies a further step towards achieving MISSION's strategic and operational goals.

14 February 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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