Small Cap Feast

18th October 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 11 October: Cykel AI, the company developing artificial intelligence AI software designed and trained to execute commands in response to natural language directives, specifically within the realm of computer interfaces, intends to join the Access Segment of the AQSE Growth Market. Admission on or around 25 October.

Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October.

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). The Company is looking to raise £10m - £15m on IPO. 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. Admission delayed, expected mid-November.


Breakfast Buffet

Access Intelligence 58p  £74.1m (ACC.L)

The technology Company delivering Software-as-a-Service (SaaS) solutions for the marketing and communications industries, announces multiple contract win backs. The Company announced since the start of June 2023, it has won back a number of contracts previously lost by Isentia, that amount to, in aggregate, in excess of AUD$3m of ARR across multi-year contracts, ranging between 3 and 5 years. The customer win backs have come from a range of customers including larger government agencies in Australia. The Company continue to progress in the APAC Region.

Comptoir Group 6.5p  £8.0m (COM.L)

The owner and/or operator of Lebanese and Middle Eastern restaurants, announces that Michael Toon has informed the Board of his intention to step down as Financial Director. He will remain in his role until 12th January 2024 to ensure an orderly handover. The Company has commenced a search for Mr Toon's replacement and a further announcement will be made once a successor has been identified.

Gama Aviation 87.5p  £56.0m (GMAA.L)

The business aviation services company, announces that it has conditionally agreed to sell the Group's US MRO Business, Gama Aviation (Eng) Inc., trading as Jet East (Jet East), to West Star Aviation Enterprises, LLC for a value of approximately US$131m on a cash free/debt free basis with normalised working capital. The net proceeds of the Disposal to be received by the Company are expected to be approximately US$100m. The Company was approached by a US private equity group which owns West Star Aviation with the possibility of acquiring Jet East in order to combine it with West Star Aviation.

Hardide 13.5p  £8.0m (HDD.L)

The provider of advanced surface coating technology, provides an update on trading for the financial year ended 30 September 2023 (FY23). The Group expects to report revenues for FY23 of £5.5m and EBITDA close to break even, representing revenue growth of 10% and a improvement on the EBITDA loss of £0.9m in the prior financial year. The Group's cash balance as at 30 September 2023 was £0.7m. The Group also continues to anticipate repeat orders for coating gas turbine compressor blades in FY24, originally anticipated in FY23. The Group is trading in line with expectations.

Jadestone Energy 32p £173.0m (JSE.L)

An oil and gas production company focused on the Asia-Pacific region, announces the appointment of Gunter Waldner as a non-executive director of the Company with immediate effect. Gunter Waldner, has over 25 years of corporate finance and investment management experience. Mr Waldner is currently Head of Private Equity and Co-Chief Investment Officer of Tyrus Capital S.A.M., the Company’s largest shareholder.

LBG Media 89.6p  £185.1m (LBG.L)

The owner of the youth publishing LADbible Group, announces the acquisition of Betches Media, LLC (Betches) a US-based media brand focussed on digital media content production. The Acquisition is for an initial cash consideration of $24m, funded from existing cash resources, with up to a further $30m cash consideration payable in instalments, subject to Betches achieving certain revenue and profitability targets to 2026. The Acquisition is in line with the Company’s M&A ambitions, and expanding its reach and footprint in the US.

Ondine Biomedical 14.5p  £28.3m (OBI.L)

The Canadian life sciences company presents its new research illustrating the benefits of using Steriwave® photodisinfection. The results of the study showed that treatment with photodisinfection resulted in >99.9% reduction of viable bacteria compared to the control, regardless of the antibiotic susceptibility of the bacteria. The authors concluded that photodisinfection is likely an important adjunct to AMR strategies in the future and that further clinical studies are warranted. The Company will be commencing its US Phase 3 trial in partnership with HCA Healthcare in due course.

PipeHawk 11.75p £4.3m (PIP.L)

A Company focusing on advanced engineering solutions to challenging technical requirements across many industries, announces that QM Systems Limited (QM), one of the Group's principal subsidiaries, has been awarded a contract by JVM Castings Limited (JVM) to design, manufacture and supply a suite of automated assembly systems. The Contract will generate approximately £800k of revenue for QM and is due to be delivered within this current financial year.

Physiomics* 1.55p  £2.1m (PYC.L)

The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, provides notice of the Company's Annual General Meeting (AGM). The AGM will be held at 10.30 a.m. on 21 November 2023 at the Company's new registered office, Bee House, 140 Eastern Avenue, Milton Park, Oxfordshire, OX14 4SB.

Sosander 12.75p  £31.6m (SOS.L)

A growing fashion brand in the UK creating quality, trend-led products for women of all ages, provides a trading update covering the six-month period ended 30 September 2023. The Company expects revenue to grow by 10% year on year for FY24 to £46.8m and to remain in profit. Net Cash as at September 2023 is £7.0m. The Company currently offers its products in M&S and Next and was followed by the recent launch with Sainsbury's both online and in-store. The Company is expanding its presence internationally, and announces that it has signed agreements with The Iconic in Australia and The Bay in Canada to begin selling online in Q4 FY24.

18 October 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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