Small Cap Feast

19th June 2023

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Mirada Plc (MIRA.L) has left AIM. 

What’s Cooking In The IPO Kitchen?

Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.

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

1Spatial Holdings 49.5p £54.8m (SPA.L)
A player in Location Master Data Management software and solutions, has secured the first two contracts for its newly launched Traffic Management Plan Automation solution under the 1Streetworks brand in the UK. The first contract is with a major utility network operator and the second is with a large traffic management organisation. Both contracts are for a three-month term, with the intention to move to annual or multi-year contracts upon successful completion of the initial period. 1Streetworks was launched in November 2022 and automates the production of traffic management plans, diversion routing and asset inventory lists in the UK.

Abingdon Health 15p £18.3m (ABDX.L)
An international lateral flow contract development and manufacturing organisation, announces the launch of Salistick™, the first-ever saliva pregnancy test, in the UK and Ireland. Salistick™ offers the ability to test anywhere, anytime, and with high accuracy for early pregnancy detection. Abingdon is the exclusive distributor of Salistick™ in the UK and Ireland on behalf of Salignostics Ltd, an Israeli developer of innovative saliva-based diagnostics tests. Abingdon is launching Salistick™ with Superdrug, initially across into 400 stores and online. In addition, Salistick™ will also launch through Abingdon's direct-to-consumer e-commerce channel Abingdon Simply Test. Salistick™ is co-branded Abingdon Simply Test™, with the Abingdon Simply Test™ range now including over 15 self-tests.

Evgen Pharma 3.35p £9.2m (EVG.L)
The clinical stage drug development company developing sulforaphane-based medicines for the treatment of multiple diseases, announces that the Company's collaborator at The Erasmus University Medical Center, Rotterdam, NL has received a successful notice of a grant for Investigator Sponsored pre-clinical and clinical studies of SFX-01 in glioblastoma. The studies funded by the grant will cover use of SFX-01 in pre-clinical glioblastoma models, followed by a clinical Investigator Sponsored Study (ISS) window-of-opportunity study in glioblastoma patients, to establish presence of the drug in human brain tumours and engagement with relevant molecular targets in excised tumour tissue.

Feedback 115p £15.3m (FDBK.L)
The clinical technology company that designs products which enhance clinician access to patient data and to their colleagues, provides a trading update for the 12 months to 31 May 2023. Revenue is expected to be c.£1.0m (2022: £0.6m), up approximately 70% as a result of increased traction for its Bleepa-CareLocker solutions, offsetting the phasing down of legacy products. As at 31 May 2022, FDBK expects to report cash and cash equivalents of c.£7.3m (31 May 2022: £10.3m). The Company has successfully extended its contract with Queen Victoria Hospital for its Bleepa-CareLocker Community Diagnostics Centre solution and is continuing its development opportunities in India. Trading for the period was in line with the Board’s and market expectations.

ImmuPharma 3.38p £11.3m (IMM.L)
The drug discovery and development company, announces that following the receipt of comprehensive guidance from the Food and Drug Administration (FDA) in 3 separate Type-C meetings, the Phase 2/3 adaptive clinical trial of P140 (Lupuzor™) in patients with systemic lupus erythematosus (SLE/Lupus) will commence in H2 2023. Avion Pharmaceuticals have confirmed that under the previously announced terms of the existing Licence Agreement, that they will continue to support the new clinical trial design and Avion and ImmuPharma have agreed to proceed and will now begin preparatory steps for the Phase 2/3 adaptive clinical trial.

musicMagpie 18.5p £19.9m (MMAG.L)
A circular economy company specialising in refurbished consumer technology, announces an unaudited trading update for the six months ended 31 May 2023 (H1 2023). Total revenue was £62.0m (H1 2022: £71.3m) down 13%, comprised of Consumer Technology accounting for £41.2m (H1 2022: £46.0m) and Disc Media and Book sales accounting for £20.8m (H1 2022: £25.3m). EBITDA of £2.0m, up 42% and active customers to the rental service for Consumer Technology products increased to c.39k (31 May 2022: 24k). The Group is confident it will achieve its full year expectation and is currently trading in line with the Board’s expectations.

OnTheMarket 61.5p £47.7m (OTMP.L)
The majority agent-owned company which operates the property portal, announces the launch OnTheMarket Money, a new division providing consumers with access to financial services and other essential products associated with the home moving journey. OnTheMarket's first partnership under this new brand is with London & Country Mortgages (L&C), who will provide consumers with access to mortgage products and support via the portal. This launch is another step in their direction to becoming a ‘one stop shop’ technology company.

Roquefort Therapeutics* 7p £9.0m (ROQ.L)
The biotech company focused on developing first-in-class medicines in the high value and high growth oncology market, announces the progress of its anti-cancer antibody programs targeting Midkine expressing cancers. Following the announcement in January 2023, (successful vivo safety results in Midkine antibody programs), ROQ release the first in vivo efficacy results for its anti-Midkine antibodies CAB-101 (ROQA2) and CAB-102 (ROQA1), including a new program for an osteosarcoma orphan drug indication. The in vivo efficacy study tested the anti-cancer killing ability of CAB-101 and CAB-102 in a validated experimental model of osteosarcoma. Treatment with CAB-101 was found to produce a statistically significant reduction in lung metastasis, and CAB-102 was found to reduce proliferation (growth rate) of the primary tumour. Osteosarcoma is the Company’s first orphan drug indication and reflects the strategic decision to target cancer niches in which, there remains a high unmet clinical need, an accelerated development pathway and the potential to offer a best-in-class treatment in a significant market niche.

Surface Transforms 33p £79.8m (SCE.L)
A manufacturer of carbon fibre reinforced ceramic automotive brake discs, announces the appointment of Isabelle Maddock as Chief Financial Officer (CFO) and an Executive Director of the Board. Isabelle will join the Company on 4 September 2023 from James Cropper plc, where she was CFO for the past 9 years. Isabelle has 30 years of experience in finance across a variety of sectors and is a fellow of the Chartered Institute of Management Accountants.

Tower Resources 0.041p £3.5m (TRP.L)
The oil and gas company with its focus on Africa, announces its preliminary results for the 12 months ended 31 December 2022. In Cameroon, the Group's exploration and evaluation expenditure on the Thali Production Sharing Contract amounted to $3.1m (2021: $1.3m). In Namibia, Tower is moving forward with more detailed and focused geological and geophysical analysis aiming to high-grade areas for further seismic data acquisition. Administrative costs of $631k (2021: $762k) include legal fees incurred totalling $133k (2021: $263k). Cash balance at year-end of $231k (2021: $10k). Post period, the Company is continuing its negotiations for a term loan of approximately $7m with BGFI Bank Group and asset-level financing with several other parties.

19 June 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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