Small Cap Feast

15th March 2023

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What’s Cooking In The IPO Kitchen?

Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.

Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Expected Admission date 20th March 2023.

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected admission date is mid-March 2023.

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market, intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected 17th March 2023.


Breakfast Buffet

Advanced Medical Solutions Group 2456p £533.6m (AMS.L)
A specialist in tissue-healing technologies, announces its unaudited preliminary results for the year ended 31 December 2022. Group revenue increased 14% to £124.3m (2021: £108.6m) and adjusted profit before tax increased by 11% to £28.5m (2021: £25.6m). The Group held cash of £82.3m (2021: £73.0m). During the Group completed the acquisition of AFS Medical GmbH an Austria-based distributor of minimally invasive surgical devices for an initial cash purchase price of EUR4.5m. The Group is trading in line with expectations.

Ariana Resources 2.9p £33.2m (AAU.L)
The listed mineral exploration and development company with gold mining interests in Europe, announces the production guidance for 2023 for its interests in the Kiziltepe Mine. Kiziltepe is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. Gold production guidance for 2023 from Kiziltepe is expected to be c.18,000 ounces of gold, the average monthly production is expected at approximately 29,000 tonnes of ore. The average grade of is expected to be c.1.7 g/t Au and gold recovery is expected to exceed 90%. The Kiziltepe operation is currently targeting a minimum 10-year mine life, which will require the addition of a further 25,000 oz gold in Reserves outside of the five main pits (Arzu South, Arzu North, Banu, Derya and Kepez) that are currently scheduled to be mined.

Centaur Media 53p £77.8m (CAU.L)
An international provider of business intelligence, learning and specialist consultancy, announces its preliminary results for the year ended 31 December 2022. Revenue grew by 6% to £41.6m (2021: £39.1m), adjusted EBITDA increased by 33% to £8.5m (2021: £6.4m). Group profit after tax increased by 100% to £2.8m (£1.4m). Centaur has undergone transformations over recent years and this is set to continue in 2023. Centaur remains on track to meet its MAP23 objectives; £45m revenue and 23% EBIDTA margin by 2023. The Group's trading has started the year in line with the Board's expectations.

Crossword Cybersecurity* 10.5p £9.7m (CCS.L)
The cybersecurity solutions company focused on cyber strategy and risk, announces that the Company is issuing 1,052,135 new ordinary shares of 0.5 pence each, in respect of the first anniversary deferred acquisition of c.£172k for the acquisition of Threat Status Limited (announced 14 March 2022). The consideration shares have been issued at the preceding three-month average price of 16.35 pence per share. In addition, £281,758 consideration is payable in cash. Total consideration payable on the first anniversary following completion is £453,790. On the second anniversary of completion, a further cash payment of £125k and £450k in Ordinary Shares become payable.

Keywords Studios £26.28 £2054.9m (KWS.L)
The international technical and creative services provider to the global video games and entertainment industries, announces its full year results for the year to 31 December 2022. Group revenue increased 34.8% to EUR690.7m (2021: EUR512.2m), adjusted EBITDA increased 33.4% to EUR146.9m (2021: EUR110.1m). Adjusted profit before tax increased 30.2% to EUR112.0m (2021: EUR86.0m). The Company holds net cash of EUR81.8m. During the period he Company delivered 3 acquisitions for a total consideration of EUR140m.Trading is in line with the Company’s outlook.

Kingwood Holdings 25.5p £55.3m (KWG.L)
The international, fully integrated wealth and investment management group, provides a trading update for the year ended 31 December 2022 (FY2022). The Group expects total revenue of c.£143.6m for FY2022, a decrease of 3.9% year on year. Of the total revenue, UK revenues are expected to increase 54% while the US revenues are expected to be 14% lower. Operating profit is expected to be £8.5m, an increase of 34%, although below Board's expectations. Current Group FY2023 run rate operating profit is approximately £14.7m.

Sound Energy 1.7p £31.4m (SOU.L)
The transition energy company, provides a project financing update in relation to the Company's Tendrara Production Concession, onshore Morocco. The Company announced on 23 June 2022 that it had entered into an Arrangement and Mandate letter with Attijariwafa bank, in relation to project debt financing for the Phase 2 development of Sound Energy's Tendrara Production Concession. Since then, progress has been made with Attijariwafa bank, who has recently completed legal and technical due diligence in respect of the proposed financing. Whilst additional pre-financing aspects such as Phase 2 Engineering contracts remain subject to award, finalisation and review, the parties have now moved on to more detailed financial structuring of the proposed financing, and consequently the parties have entered into a further amendment to the Mandate in order to extend the date by which the parties will seek to negotiate binding terms for the proposed Financing to 28 April 2023.

Sareum Holdings* 97.5p £66.4m (SAR.L)
A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that it has initiated an application to perform Phase 1 clinical studies on SDC-1801 in Australia under the Clinical Trial Notification scheme. The documents required to initiate the trial under the CTN scheme have been submitted to a Human Research Ethics Committee (HREC) in Australia. A decision on approval by the HREC and acceptance of the CTN by Australia's medicines regulator, the Therapeutic Goods Administration (TGA), is expected in Q2 2023. Sareum will be presenting its unaudited results for six months ended 31 December 2022, on Wednesday 22 March 2023 at 12.30 pm via the Investor Meet Company platform. Link via https://www.investormeetcompany.com/sareum-holdings-plc/register-investor

TruFin 69p £65m (TRU.L)
The operating company that focuses on growing Fintech and banking businesses announces its final results for the 12 months ended 31 December 2022. Gross revenues grew 23% to £16.1m (2021: £13.1m). Recurring software and licensing fees represented 84% of revenue (2021: 87%). Loss before tax marginally decreased to £8.0m (2021: £8.4m). The Group held cash and cash equivalents totalling £10.3m (£3.9 unrestricted). Post period January 2023 unaudited revenues were not less than £0.98m, representing 26% growth compared to January 2022.

Versarien 4.16p £8.8m (VRS.L)
The advanced materials engineering group announces it has raised £318k by way of a placing new ordinary shares, at 3 pence per share. The net proceeds of the placing will be used to continue commercialisation work for the Company's products, primarily focusing on the construction and leisure sectors and for general operational and working capital purposes.

15 March 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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