Small Cap Feast

16th June 2023

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What’s Cooking In The IPO Kitchen?

CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) It is rumoured to be valued at between £800m and £1bn with Admission currently expected to occur in July 2023.


Breakfast Buffet

Agronomics 10.75p £106.8m (ANIC.L)
The company developing cellular agriculture, announces that UPSIDE Foods, Inc., has become the first cell-cultivated meat company in the world to receive Label Approval from the US Department of Agriculture (USDA). It has enabled the company to label its cell-cultivated chicken products as safe to eat in the US. Following on, UPSIDE Foods, Inc requires one additional step before it achieves full approval, which involves the USDA providing a Grant of Inspection to UPSIDE Foods production facility. Agronomics are confident that cultivated meat products will soon be on US shelves.

East Star Resources 2.35p £4.3m (EST.L)
The Company which is defining mineral resources in Kazakhstan for the energy revolution, announces the results of the mineralogy and leaching studies of eight samples from the Talairyk rare earths project in Kazakhstan. The mineralogy and total rare earth elements (TREE) concentrations of the Talairyk samples are comparable to ion adsorption deposits globally with a kaolinite-dominated mineralogy and 815-5,185 ppm TREE. Peak results from sulphuric acid single phase leach demonstrated 26%-34% NdPr, 14-18% Dy and 18-21% Tb recovery suggesting further test work is required to assess if there is a potential route to commercial extraction. The Company is consulting with metallurgical specialists to assess the next phase of testing.

Genedrive 18.75p £18.6m (GDR.L)
The point of care molecular diagnostics company, announces its participation in a multi-partner grant award of the Development and Validation of Technology for Time Critical Genomic Testing (DEVOTE) from Innovate UK and the UK government Innovation Accelerator programme. Funding is expected to be made available to further the validation and implementation of the new Genedrive® CYP2C19 ID Kit pharmacogenetic test in a time critical clinical setting. The (DEVOTE) grant will provide acute care patient access and supporting infrastructure for the Company to assess the real world clinical performance of time-critical clinical tests in an NHS settings. The Company look forward to its continued partnership with the University of Manchester, Health Innovation Manchester and Manchester University NHS Foundation trust in developing time-critical genetic test solutions.

Gulf Keystone Petroleum 133.3p £296.5m (GKP.L)
An independent operator and producer in the Kurdistan Region of Iraq, provides an operational and corporate update. Production from the Shaikan Field remains shut-in following the suspension of exports and closure of the Iraq-Turkey Pipeline on 25 March 2023. The suspension has resulted in a gross production deferment to date of around 4.3m barrels, or approximately 11,800 bopd on a full-year basis (2023 gross average production guidance prior to suspension: 46,000 - 52,000 bopd). Almost all operational activity in the Shaikan Field has stopped since the pipeline closure in order to preserve liquidity. The Company is currently exploring opportunities to sell Shaikan Field crude to local buyers.

HUTCHMED (China) 219.5p £1901.2m (HCM.L)
An innovative, commercial-stage, biopharmaceutical company announced that results of the Phase III FRESCO-2 study evaluating fruquintinib in patients with previously treated metastatic colorectal cancer (CRC) were published in The Lancet. The publication provides details of the FRESCO-2 study results as of June 24, 2022. Fruquintinib is a highly selective and potent inhibitor of vascular endothelial growth factor receptors -1, -2 and -3. FRESCO-2 is a global Phase III multi-regional clinical trial conducted in the U.S., Europe, Japan and Australia investigating fruquintinib plus best supportive care (BSC) vs placebo plus BSC in patients with previously treated metastatic CRC.

i(x) Net Zero 12.5p £10.5m (IX..L)
The investing company which focuses on the Energy Transition, announces that it has agreed to invest an additional $150k via an unsecured convertible promissory note, a form of convertible debt, in Sustainable Living Innovations (SLI). In May 2022, i(x) Net Zero participated in SLI's US$53m accelerated growth round, to allow the company to further expand in the US. The follow-on investment protects the Company's interest in SLI as it moves towards an IPO, which is expected to occur in the fourth quarter this year.

OnTheMarket 61.5p £47.7m (OTMP.L)
The majority agent-owned company which operates the onthemarket.com property portal, announces the launch of Your Property Services (YPS) a sales and lettings data nurturing service to help estate agents generate additional revenue and win more instructions through valuations. YPS provides a dedicated team of specialists to act as an extension of an estate agency's in-house team, nurturing their database to deliver valuations and create a pipeline of well-qualified and motivated leads. The Company notes that the launch of YPS is another step in their direction towards becoming a 'one stop shop' technology company.

Tekcapital 11.38p £20.3m (TEK.L)
The UK intellectual property investment group focused on transforming university technologies into valuable products that can improve people's lives, announces that Guident Ltd. (Guident) has been awarded funding from Space Florida for a project under the Florida-Israel Innovation Partnership program, together with its valued Israeli partner, NOVELSAT. The grant being awarded is for the purpose of developing a safer Remote Monitoring and Control Center for the monitoring, management, and backup control of terrestrial autonomous vehicles, with the assistance of satellite communications and is scheduled to commence in early July 2023.

Tower Resources 0.044p £3.8m (TRP.L)
The oil and gas company with a focus on Africa, provides an update on activity in respect of license PEL 96 in Namibia. A basin and thermal maturity study has been undertaken within PEL 96 which has significantly progressed the understanding of the hydrocarbon prospectivity of the license. The integrated analysis of the seismic, wells and the basin modelling results shows clear evidence of a working petroleum system present within the Dolphin Graben in PEL 96; in the form of oil recovered from cores in the 1911/15-1 well and direct hydrocarbon indicators (DHIs) observed on seismic studies. Tower is the operator of license PEL 96 with an 80% working interest and the Company is currently undertaking an oil seep analysis to accompany the basin modelling work.

ValiRx 8.1p ££8.3m (VAL.L)
A life science company focusing on early-stage cancer therapeutics and women's health, announces the conclusion of the evaluation agreement with Hokkaido University, as announced on 16 December 2021 and extended on 6 December 2022. Under this agreement, ValiRx committed to conducting a range of experiments following initial confirmation of the synthetic route and analysis and after overcoming initial challenges testing has been conducted on the product. However, the profile of the product has been found to be unsuitable for further development at this stage and the evaluation will now cease.

16 June 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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