Small Cap Feast

15th 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

AFC Energy 13.7p  £102.3m (AFC.L)

The provider of hydrogen power generation technologies, announces the signing of its Joint Venture Agreement with Speedy Hire Plc, for the formation of a dedicated hydrogen powered generator plant hire business, Speedy Hydrogen Solutions Ltd (SHS). SHS will purchase H-Power Generators from AFC Energy for hiring to Speedy on commercial terms. Speedy will on-hire the H-Power Generators, on a three year exclusive basis, to its customers in the UK and Ireland. AFC Energy will sell H-Power Generators and services to SHS under a Supply and Maintenance Agreement (SMA).  Under the SMA, SHS commits to an initial order from AFC Energy, for delivery throughout the first six months of 2024, of generators at a committed value of £2m with the intention to increase orders up to c.£4.7m across the first full contract year (commencing 1 Nov. 2023). 

Asiamet Resources 0.925p £20.6m (ARS.L)

The emerging copper producer focused on the development of a portfolio of large copper, copper-gold and polymetallic deposits in Indonesia, announce a c.US$4m non-brokered private placement to PT Delta Dunia Makmur Tbk. (DOID) through the issue of 366,891,000 new common shares at an issue price of 0.9 pence per share. Following this placement, DOID will be interested in approximately 34.5% of the Company's issued share capital. Net proceeds will be used to advance the BKM (Beruang Kanan Main) copper project and for general working capital. Supporting this Placement, Asiamet's CEO, Darryn McClelland, has subscribed for 4,000,000 new shares on the same terms.

Atlantic Lithium 25.825p £157.0m (ALL.L)

The African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, announces that on 7 November 2023, its major shareholder Assore International Holdings Limited (Assore) presented a conditional and non-binding offer (NBIO) to acquire all of the shares in the Company that it does not already own, at an offer price of £0.33 per share. Following careful consideration, the NBIO was rejected by the Atlantic Lithium independent board committee (IBC), which was established to consider the approach from Assore. The NBIO follows an earlier approach from Assore on 2 October 2023 at an identical offer price of £0.33 per share (Prior NBIO), that was similarly rejected by the Atlantic IBC. Shareholders of the Company do not need to take any action in respect of the NBIO or the Prior NBIO.

Audioboom Group 200p  £32.8m (BOOM.L)

The global podcast company announces the launch of AdVet, a new proprietary tool for creators that automates the booking of premium, host-read advertising. AdVet has been rolled out to the top 200 podcasts in the Audioboom Creator Network, following a successful test phase during which transaction times for bookings were reduced by more than 60%. AdVet will be used to process more than 500 advertising campaigns each month. It will significantly reduce transaction times, improve audience targeting, increase ROI for brands, and will optimize Audioboom's win-rate of brand budgets.

CyanConnode Holdings 10.5p  £28.5m (CYAN.L)

The provider of Narrowband Radio Frequency Smart Mesh Networks, announces that its Indian subsidiary, CyanConnode Pvt Ltd, has been recognised as the second fastest-growing UK company in India, according to the Britain Meets India (BMI) 2023 report. The report analysed 635 UK-owned or controlled companies in India.  CyanConnode Pvt Ltd specialises in Smart Internet of Things (IoT) communication solutions for Advanced Metering Infrastructure in India, particularly in the design and development of Narrowband RF mesh networks that support Omni IoT communications. Its innovative approach to smart metering communications infrastructure has led to the installation of over 1.5 million RF nodes across India.

Jade Road Investments* 1.875p £6.2m (JADE.L)

The London quoted company focused on seeking the best risk-adjusted returns globally, announces a new investment of $250k into Heirloom Litigation Funding 2022 SPV XI (Heirloom Litigation Finance). Heirloom Litigation Finance has issued JADE a 1-year, 14% cash interest debt note, backed by a diversified portfolio of disbursement fundings for small consumer litigation claims in the UK, all backed by insurance. Interest is paid quarterly. Unlike many litigation finance opportunities, these claims fall under established precedents or quasi-governmental compensation programs, which are expected to increase the chance of success and reduce the length of time to settlement. Heirloom Investment Management LLC is a substantial shareholder in the Company and Heirloom Litigation Finance is a self-managed Cayman Islands company wholly owned by Heirloom Holdings.

Malvern International 24.5p  £6.0m (MLVN.L)

The global learning and skills development partner announces a contract extension with the University of East London (UEL) for the teaching and recruitment of students into UEL's International Study Centre to the end of the 2024/25 academic year. UEL's International Study Centre has welcomed its biggest intake of c450 students in September 2023, and is set for further year-on-year growth in the January 2024 intake and over the coming years as we build on our sales and marketing efforts and continue to provide high-quality foundation and pre-university education to international students.

One Heritage Group* 18p  £7.0m (OHG.L)

The UK-based residential developer, development manager and property manager focused on the North, announced yesterday afternoon that it had exchanged contracts for the sale of the land at Churchgate, Leicester. The transaction is contracted to complete by 6 December 2023. The Company will receive gross proceeds of £440,000 and recognise a gain after selling costs of £22,000.

Powerhouse Energy Group 0.33p  £13.7m (PHE.L)

The owner of proprietary technology that converts waste into syngas, which then can be used in various ways including electricity, heat, biofuels, synthetic gases and low carbon hydrogen, announces that Tony Gardner-Hillman has notified his intention to resign from his position as Non-Executive Chairman and from the Board. To support a transition, Tony has agreed to remain in position until Friday 15th December 2023.  This will ensure a smooth handover to David Hitchcock who will be Tony's temporary successor and enable Tony to continue through that period to support the acting Chief Executive Officer. The announcement of a permanent successor will be made in due course.

Verica Dx 11.0p  £18.7m (VRCI.L)

The developer of advanced clinical diagnostics for organ transplant, announces that it has signed an exclusive global licensing agreement with Thermos Fisher Scientific, the world leader in serving science, to further develop an assay for pre-transplant prognostic testing for risk of early kidney rejection. The exclusive license grants Thermo Fisher the rights to develop an assay for pre-transplant risk assessment for further development as a Laboratory Developed Test in its CLIA laboratory in the U.S., as well as the sole right, but not obligation, to manufacture, distribute and sell the assay worldwide. The license agreement includes an upfront payment to the Company, along with a number of further payments conditional upon operational deliverables related to technology transfer and related publications.

15 November 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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