Small Cap Feast

15th September 2023

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What’s Cooking In The IPO Kitchen?

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. Admission delayed.

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


B90 Holdings 5.75p £16.2m (B90.L)
The online marketing and service provision company for the gaming industry announces that it has raised £2.0m through a placing and subscription at a price of 5.44p per share, a 10% discount to a 5-day volume weighted average price as at close of business on 12 September 2023. The gross proceeds will be used as follows: £1.1m for inorganic growth opportunities; £0.4m for investment in B90's own assets and £0.5m for working capital and fundraising expenses. Concurrently, the Company has served conversion notices to all the holders of its convertible loan note (Loan Notes), pursuant to which £4,546,352 Loan Notes, together with £180,398 of accrued interest shall be converted at 5.44p per share. Following this conversion, no Loan Notes shall remain in issue.

Eagle Eye Solutions 542.p £158.7m (EYE.L)
The SaaS technology company that creates digital connections enabling personalised, real-time marketing announces that Malcolm Wall, Chair of the Board, will not seek re-election at the Company's forthcoming AGM in November 2023, as he has reached his nine-year tenure on the Board. The Company confirms that Anne de Kerckhove will join the Board on 1 October 2023 as Non-Executive Director and will succeed Malcolm as Chair at the conclusion of the AGM. Anne has held several senior Executive roles, including Global Director of Reed Elsevier and COO and International Managing Director at Inspired Gaming Group. Anne currently holds the position of Senior Independent Director of 888 Holdings plc and was previously Non-Executive Director at 7Digital Group plc.

Empyrean Energy 0.85p £8.3m (EME.L)
The oil and gas development company with interests in China, Indonesia and the United States, advises that it has issued new Ordinary Shares (Salary Sacrifice Shares) at a deemed price of 0.8p per share. The Salary Sacrifice Shares were issued in lieu of cash remuneration for the period June through to August 2023 in order to preserve capital and ensure more funds are directed towards project activities. This arrangement will conclude on the earlier of 31 December 2023 or the signing of a binding agreement for the sale (in part or whole) of Empyrean's interest in Mako.

GCM Resources 1.9p £3.9m (GCM.L)
The mining and energy company announces that for personal reasons Mohd Najib Bin Abdul Aziz has tendered his resignation from his position as Independent Non-Executive Chairman. Najib's resignation takes effect from 11 October 2023. Independent Non-Executive Director, Christian Taylor-Wilkinson has agreed to act as interim Non-Executive Chairman until the board makes its final decision on the Chairman role. The Company also announces that throughout the Bangladesh General Election period (election due in January 2024) it continues to promote its planned coal mining and power project in Bangladesh, which it aims to develop in partnership with the Government of Bangladesh.

One Heritage Group* 22.5p £8.7m (OHG.L)
The UK-based residential developer, development manager and property manager focused on the North of England provides an update on the sale of 15 units at Lincoln House, Bolton. The Company announced on 24 August 2023 that it was experiencing delays with the completion of the sale. On the 1 September 2023 a further announcement was made that legal notices to the buyer have been issued to complete the transaction within ten working days and that a further update will be provided by 15 September 2023. Notices to complete expired at the business close on 14 September 2023 and the Company expects to enter into an agreement with the buyer to allow an extension of time of 21 days for ten units once a further five sales are completed by close of business on 18 September 2023.

Primorus Investments 2.9p £4.1m (PRIM.L)
The investment company focused on the small and mid cap markets announces that the Company has invested an additional £75,000 into Interpac Ltd. Interpac was founded in 2013 to create a new corrugation process for the manufacture of cardboard in a cost-efficient and environmentally friendly way. Following this investment, Primorus holds approximately 4.29% of Interpac's issued share capital. Meanwhile, further to the announcement on 14 July 2023 regarding the convertible loan note the Company holds in Bushveld Minerals Limited, the Company has to date received approximately £505,000 under the repayment schedule with the outstanding balance expected to be repaid as per the terms of the announcement on 14 July 2023.

Rockfire Resources trading suspended (ROCK.L)
The gold, base metal and critical mineral exploration company announces the execution of a conditional share purchase agreement with Paloma Precious DMCC (Paloma) for the acquisition of 100% of Emirates Gold DMCC (Emirates) and 99% of Emperesse Bullion LLC (Emperesse) for a total consideration of USD$20m. Paloma is the largest shareholder in Rockfire, with an interest of 21.7% in the Company's issued share capital, and owns Emirates (100%) and Emperesse (99%). As part of the transaction, Rockfire will undertake a fundraise of approximately £14.7m at a price of 0.5p per share. On signing of the agreement, Rockfire will acquire 10% of Emirates and 10% of Emperesse (Initial Shares) for a consideration of US$2m. Rockfire is proposing to raise £3.5m from two new institutional investors at 0.5p per share.

SkinBioTherapeutics 22.75p £39.4m (SBTX.L)
The life science business focused on skin health announces that it has received approval from regulators for the French market for AxisBiotix-Ps™, a food supplement to alleviate the symptoms associated with psoriasis. Marketing is expected to launch in France in October. The announcement follows the launch of AxisBiotix-Ps in Spain and Italy earlier this year. Building on the initial launch in the UK where customer retention rates have remained above 80%, the launch of AxisBiotix-Ps into another European market is the continuation of this commercialisation strategy. The Company is in talks with other European regulatory agencies to expand the availability of AxisBiotix-Ps.

Webis Holdings 1.35p £5.3m (WEB.L)
The global gaming group announces that it has agreed to issue £1,150,000 of convertible loan notes to Galloway Limited, in respect of £750,000 of new funding made available to the Company by Galloway and in satisfaction of amounts due to Galloway pursuant to a prior loan made to the Company in 2017 which is due for repayment. The Convertible Notes comprise of £750,000 in respect of new funds advanced to the Company and an existing debt of £400,000 (after conversion of US$500,000 due and outstanding by the Company to Galloway). The Convertible Notes shall accrue interest at the rate of 11% per annum.

Quartix Technologies 210p £101.6m (QTX.L)
The supplier of subscription-based vehicle tracking systems, analytical software and services announces that acquisition of Konetik Deutschland GmbH (Konetik) the owner and developer of the software utilised in Quartix's EVolve electric vehicle product has now completed. Konetik has operations in Berlin and Budapest. The total consideration payable is EUR3.9m, all payable in cash, comprising an initial payment of EUR2.5m, payable immediately on completion and deferred consideration of up to EUR1.4m. Deferred consideration payable will be based on the number of EVolve subscriptions over the next 24 months. On account of the consideration being satisfied from the Company's existing cash reserves, the board expects a reduction in the FY23 supplemental dividend payable to shareholders. There will be no change to the ordinary dividend or the Company's dividend policy going forward.

15 September 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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