Small Cap Feast

19th April 2023

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What’s Cooking In The IPO Kitchen?

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. Expected Admission Early May 2023.

Ashoka WhiteOak Emerging Markets Trust Plc intends to join the Premium Segment of the London Stock Exchange. The Company is a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global Emerging Markets and intends to raise £100m at 100p per ordinary share. Expected Admission 3 May 2023.

Drumz Plc is an investing company admitted to trading on AIM with an investment policy focused principally on acquiring investments in technology businesses based in Europe. Drumz currently has two investments, being a 25%. shareholding in Acuity Risk Management (ARM) and a 5.85% legacy shareholding in KCR Residential REIT plc (KCR). Admission to AIM is being sought as Drumz has conditionally agreed terms to acquire the remaining issued shares and to be issued shares in ARM for a total consideration of approximately £3.6m. Drumz plc will be renamed Acuity RM Group plc post Admission. The Company intends to raise £1.45m on Admission and will have a market capitalisation of £5.4m. Expected Admission 25th April 2023.

Vinanz Limited intends to join the Access Segment of the AQSE Growth Market. Vinanz Limited aims to build out a fullyfledged Bitcoin mining company initially focusing on installing clusters of Bitcoin miners in multiple decentralised data facilities throughout the US and Canada through third-party cryptocurrency mining providers such as Compass Mining. Whilst the Company will focus initially on BTC mining, it will also consider mining of other cryptocurrencies, and operations in the DeFi and Big Data space in the future. Expected Admission 21 April 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023


Breakfast Buffet

Allergy Therapeutics 6.25p £42.4m (AGY.L) suspended pending takeover
The fully integrated commercial biotechnology company specialising in allergy vaccines, announces that the first cohort of peanut allergic patients have successfully received the Group's innovative, short-course peanut allergy vaccine candidate, VLP Peanut via skin prick testing. Results of the open label phase of the PROTECT trial demonstrate a strongly reduced skin testing reactivity of VLP peanut compared to a peanut extract and enable the Group to progress to the second part of the Phase I study. Safety and tolerability data for healthy allergic subjects receiving ascending doses of the vaccine candidate administered subcutaneously is expected to be available in Q4 2023.

Audioboom Group 350p £57.1m (BOOM.L)
The leading global podcast company, provides a trading update for the quarter ended 31 March 2023. Q1 revenue, in line with expectations, of US$15.4m, this was, as expected, lower than Q1 2022 (US$19.5m), adjusted EBITDA profit of US$0.2m (Q1 2022: US$0.9m) despite market conditions, and Group cash at 31 March 2023 of US$5.1m (31 December 2022: US$8.1m) with a further US$1.8m available via an undrawn overdraft. The Group illustrated average global monthly downloads of 125.2m, up 13% on Q4 2022 (110.9m) and comparable to Q1 2022 (126.2m). Audioboom continues to focus on building the world's leading podcasting business and, with market conditions improving, the Group are ready to take full advantage.

Cake Box Holdings 125p £50.0m (CBOX.L)
The specialist retailer of fresh cream cakes, announces a full year trading update for the 12 months ended 31 March 2023. The Group expects to report revenues for the year up c.5% year-on-year (FY 2022: £33.0m), with adjusted profit before tax in line with market expectations. The Group's net cash position stood at £6.3m (FY 2022: £5.2m). Reflecting an improvement in trading in the second half of the year with further new store openings. Franchisees continued to face inflationary pressures but introduced measures to mitigate the impact of increased costs to maintain sales and margin levels. The Group added 10 new franchise stores (H2 2022: 11) with full year numbers to 20 (FY 2022: 24).

Crossword Cybersecurity* 7.75p £7.3m (CCS.L)
The technology commercialisation company focused on cyber security and risk, announces its final results for the year ended 31 December 2022. The Group achieved highest growth rate since admission to AIM in 2018, with revenue growing 68% to reach £3.65m, 81% growth in ARR, year-end ARR of £2.4m, loss before tax of £4.6m (Restated 2021: £2.7m), total loss for the year £3.4m, after £1.1m of tax credit and the Company held £2.1m cash and cash equivalents. The Company’s Rizikon product saw users grew to over 1,000 by the end of 2022 and Leonardo UK selected Rizikon to assist with assessment of supply chain cyber risks, underlining Rizikon's capacity to deliver at scale Having invested significantly for rapid growth in 2022, the focus in 2023 is on establishing a clear path to profitability. The company also announced today the completion of £375,000 additional convertible loan notes.

Hummingbird Resources 13.13p £79.0m (HUM.L)
A leading multi-asset, multi-jurisdiction gold production, development and exploration Company, announces a operational update for the first quarter of 2023 (Q1 2023). Their Yanfolila Gold Mine project in Mali increased 75% and produced 27,262oz of gold (Q1 2022 of 15,548 oz). 26,380 oz of gold sold in Q1 2023 at an average realised price of US$1,878 per oz (Q4 2022: 27,860 oz sold at US$1,726 per oz). The Company held 2,810 oz of gold inventory on 31 March 2023, valued at c.US$5.6m. The kouroussa mine in Guinea is fully funded, on budget and remains on track for first gold pour by the end of Q2 2023. The Company has net debt position of c.US$110.8m with US$7.9m in the bank and gold inventory value of US$5.6m.

MTI Wireless Edge 54p £47.8m (MWE.L)
The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announces that its subsidiary Mottech Water Solutions Ltd (Mottech) has secured two long-term contract wins with a large Israeli municipality. The municipality is an existing customer and has agreed longer than previous contracts of five years. The two contracts are together worth $2.2m. Mottech has been working with the municipality for over 20 years, providing high-end remote control and monitoring solutions for water and irrigation applications.

M Winkworth 175p £22.3m (WINK.L)
The leading franchisor of real estate agencies, announces its results for the year ended 31 December 2022. Franchised office network revenue down 3% to £63.1m (2021: £64.8m), revenues of £9.31m in line with 2021 (2021 £9.45m), profit before tax down 23% to £2.47m (2021: £3.21m) and the Company opened two new office spaces in the year. The Company expect a further healthy contribution from their lettings and management business in 2023 and are trading in line with management expectations.

Oracle Power 0.16p £5.3m (ORCP.L)
A developer of green energy projects, announces a co-operation agreement with PowerChina International Group Limited a leading hydropower construction company, to collaborate in the potential joint development of a 1 Gigawatt solar based independent power production plant at Oracle's Thar Block VI in Pakistan. PowerChina will support Oracle to conduct a comprehensive feasibility study, including surveying, investigation and other study works. C.1.5m PV panels are anticipated to be set up, generating approximately 1.7bn Kwh power annually. The Company looks forward to working with our partners to accelerate the production of renewable power and green energy solutions.

Renalytix AI 95p £89.1m (RENX.L)
An in-vitro diagnostics and laboratory services company that is the global founder and leader in the new field of bioprognosis™ for kidney health announces the release of case studies published in the peer reviewed journal Diabetic Nephropathy. Key themes include: significant opportunity exists for type 2 diabetic patients to learn about Chronic Kidney Disease (CKD) management to improve health behavior and medication compliance, lack of risk assessment tools in primary care can prohibit identification of patients at high risk for kidney disease progression in early stages (G1-G3) and earlier specialist referral of higher risk diabetic kidney disease patients can mitigate patient overload in nephrology.

Serabi Gold 28.5p £21.6m (SRB.L)
The Brazilian-focused gold mining and development company, reports its operational results for the first quarter of 2023. First quarter gold production totalled 8,005 ounces, an increase of 13% (Q1 2022: 7062 ounces). The Coringa mine development continued to progress with the high grade portion of ore being transported to Palito and contributing over 2,200 ounces towards the first quarter total, Palito also reported average quarterly plant feed grade of 6.49 grammes per tonne; the highest since the third quarter of 2021. The Company held cash of US$13.2m, and secured a US$5.0m loan from Santander Bank in Brazil repayable in February 2024 to provide support for their working capital.

19 April 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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