Small Cap Feast

16th 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

Aurrigo International  107.5p £44.8m (AURR.L)

The international provider of transport technology solutions announces a retail offer to existing retail shareholders via the BookBuild Platform to raise up to approximately £0.325m at 100 pence per share (Issue Price). In addition to the Retail Offer, the Company announced on 15 November 2023 the successful placing of new ordinary shares at the Issue Price.

City Pub Group  131.5p £137.3m (CPC.L)

The boards of City Pubs and Young & Co's Brewery (YNGA.L) announces that Young's will acquire the entire issued and to be issued ordinary share capital of City Pubs. Each City Pubs shareholder will be entitled to receive 108.75 pence in cash and 0.032658 new Young's A Shares (the New Young's A Shares). Based upon the closing Price of a Young's A Share of 1,110 pence on the Last Practicable Date, the acquisition values the entire issued and to be issued ordinary share capital of City Pubs at approximately £162m, a 60%+ premium.

D4t4 Solutions  176.0p  £70.2m (D4t4.L)

The tech company focused on helping companies to get the best possible value from all their data assets announces that further to the passing of the relevant resolution at the Company's General Meeting held 9 November 2023, the Company confirms the change of name to Celebrus Technologies plc has now taken place and becomes effective on the London Stock Exchange tomorrow.

Marks Electrical Group 90p  £94.5m (MRK.L)

The fast growing online electrical retailer announces its unaudited results for the six months ended 30 September 2023 (H1 FY24). Revenue grew 24.8% to £53.9m. Adjusted EBITDA was £2.3m (H1-FY23 £2.7m), due to the strategic decision to introduce an in-house installation service and inflationary pressures in distribution costs. Continued double-digit revenue growth in October and a strong start to November leaves the Company well positioned for both the Christmas trading period and to achieve its full year targets.

Manolete 190p  £83.1m (MANO.L)

The insolvency litigation financing Company announces its unaudited results for the six months ended 30 September 2023 (1H FY24). Revenues increased by 104% to £11.2m from H1 FY23, as a result of both positive realised and unrealised revenue compared to a significant fair value write down in the prior year comparative. EBIT profit was £1.6m, compared to a loss of £5.3m in H1 FY23 and net debt was £12.0m. From January 2023, the Company started to take assignment of cases from the specialist recovery work with Barclays Bank on defaulted Bounce Back Loans (BBLs). By 30 September 2023, the Company had taken on 80 BBL cases from the Barclays BBL pilot and had already completed 27 of such cases.  The Company is now in discussion with Barclays Bank regarding a potential extension of that programme. The Company is also hopeful to soon commence a separate BBL pilot with another well-known bank.

Northern Bear* 60p  £11.2m (NTBR.L)

The holding company of the group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK announced yesterday that the resolution to return up to £3.1m by way of Tender Offer for up to 5m Ordinary Shares at a fixed price of 62 pence per share was duly passed by shareholders. Following conclusion of the General Meeting and as set out in the Circular dated 23 October 2023, Jeff Baryshnik has resigned from his role as Non-Executive Chairman and as a director of the Company with immediate effect. Harry Samuel, one of the Company's current Non-Executive Directors, will assume the position of Interim Non-Executive Chairman until such time as the Board has identified and appointed a permanent successor.

Poolbeg Pharma* 9.4p  £47m (POLB.L)

The biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need announces that an abstract highlighting the potential of POLB001 as a groundbreaking therapy has been accepted for presentation at the 18th International Congress of Immunology (IUIS), to be held 27 November - 2 December 2023 in Cape Town, South Africa. The poster presentation will discuss POLB001's positive LPS human challenge trial results. POLB001 is a potential treatment of severe influenza and Cytokine Release Syndrome (CRS) associated with cancer immunotherapies.  

Pressure Technologies  28.5p £11.0m (PRES.L)

The specialist engineering group announces completion of the debt refinancing and grant of warrants announced on 24 October 2023. The Company has formally executed legal documentation with Rockwood Strategic plc and Peter Gyllenhammar AB (the Lenders), both major shareholders in the Company, in relation to a new Term Loan Facility of £1.5m. In conjunction with the provision of the Facility, the Lenders have been issued with  warrants representing 5% of the issued share capital at a price of 32 pence per share, representing a 20% premium to the closing share price on 23 October 2023.  

Tekmar Group 11p  £15.0m (TGP.L)

The technology and services provider for the global offshore energy markets announces a new contract award with a total value in excess of £2.5m and it is expected to be delivered in the second quarter of 2024. The contract is for the design and supply of TekDuct, one of Tekmar Group's cable protection products, ballast modules and associated ancillaries for a significant subsea project in the Middle East, a strategically important market for Tekmar.

Young & Co's Brewery 1,110p £574m (YNGA.L)

The  UK-based Company that operates pubs and hotels announced its interim results for the 26 weeks ended 2 October 2023. Revenue for the period was up 5.4% to £196.5m, and adjusted EBITDA up 6.4% to £47.9m with pubs with rooms (managed house) EBITDA up 6.3% to £59.0m. During the period, operating cashflow was £34.3m and net debt excluding lease liabilities sits at £110.8m. Total sales for the last six weeks are up by 5.8% and up by 3.3% on a like-for-like basis. Christmas bookings are already looking strong, supported by the significant investments in existing estate and the addition of premium freehold pubs.

16 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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