Small Cap Feast

19th May 2022

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What’s Cooking In The IPO Kitchen?

Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe. Psych is developing the Blossom Database pursuant to a third-party licensing arrangement, and Psych will work to develop an artificial intelligence platform that will provide biotech companies advanced clinical data that will be able to fast-track drug development and loop back the real-world data, in a centralised database, to provide feedback on molecules and associated therapy programmes. Due 30th May 2022.

EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). The Company has expertise in designing complex mixed signal ASICs, which combine digital and analogue functions onto a single chip. Mkt Cap TBC. Due late May 2022.

Altona Rare Earths, the AQSE listed mining exploration Company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, intends to join the Main Market. Admission to trading of the Company’s Ordinary Shares on the AQSE Growth Market will be cancelled simultaneously with Admission. It is also proposed that on Admission, the Company will change its EPIC from AQSE:ANR to REE. The Company also seeks to raise funds to finance its current and future rare earths mining projects in Southern and Eastern Africa. Due May 2022.


Breakfast Buffet

Belluscura 85p £97m (BELL.L)

The medical device developer focused on lightweight and portable oxygen enrichment technology, announces that three additional US patents have recently issued, increasing the number of issued and pending patent applications the Company owns or exclusively licenses to thirty. The technology covered by the patents, includes: Extracorporeal membrane oxygenation innovations for when people who are very ill with conditions of the heart and lungs, or who are waiting for or recovering from a heart transplant, require a portable artificial lung; Continuous Positive Airway Pressure innovations, a type of non-invasive ventilation or breathing support, and Consumer replaceable molecular sieve technology, used to remove Nitrogen from ordinary air to produce medical grade supplemental oxygen.

Bluejay Mining 6.22p £65.3m (JAY.L)

The AIM listed exploration company with projects in Greenland and Finland, announces its Final Results for the year ended 31 December 2021. Highlights include: Final Permits in place to start production at the Dundas Ilmenite Project (Dundas), Greenland; Joint Venture (JV) signed at the Disko-Nuussuaq Project, Greenland with KoBold Metals; JV agreed with Rio Tinto at the Enonkoski Project, Finland, and commencement of up-to $20m exploration campaign; First field season completed for the Thunderstone Project, Greenland; Leading global investment bank appointed as Lead Arranger for Dundas; Letters of Interest received from four Export Credit Agencies for Dundas; Conditional divestment of the Black Shales Assets, Finland, for £4m; Repayment of the successfully litigated VAT refund received; Appointment of Mr Johannus Egholm Hansen to the Board as Non-Executive Director and Mr Peter Davis as Project Manager at Dundas; Bulk sample pilot plant processing completed for Dundas. Cash balance at year-end was £2.7m and has been bolstered following the post-period placing in March. Post period highlights include: First phase exploration programme completed at the Enonkoski project, Finland, with 2022 phase imminent; Appointment of Mr Eric Sondergaard as Executive Director to the Board; Capital increase supported by existing institutional shareholders raising $7m for completion of Dundas Ilmenite feasibility for Project Finance sign-off. The Company also gives notice that its AGM will be held on 23 June 2022 at 10:00 at The Washington Mayfair Hotel, 5 Curzon Street, London, W1J 5HE. Copies of the Notice of AGM, together with the Form of Proxy and Annual Report will be posted to shareholders tomorrow and available to view on the Company’s website shortly.

Great Western Mining 0.15p £5.5m (GWMO.L)

Great Western Mining Corporation PLC (AIM:GWMO, Euronext Growth:8GW), which is exploring and developing gold, silver and copper targets in Nevada, announced the commencement of its 2022 drilling campaign. The Company has contracted a reverse circulation (RC) rig for a drill programme of approximately 11,000ft (3,350m), which has now commenced at the Southern Alteration Zone (SAZ) in the Rock House group of prospects. Three initial holes are planned at the SAZ to follow up on the encouraging results from the 2021 programme, where the best intercepts were; 1.52 metres at 8.02 g/t gold from 97.53 metres downhole in hole RHRC006 and; 1.52 metres at 2.29 g/t gold from 28.95 metres downhole in hole RHRC007. Drilling is targeting the continuation of veins already identified.

Immotion Group 4p £16.6m (IMMO.L)

Immotion confirms the signing of a revenue share agreement with Milwaukee County Zoo, Wisconsin, USA for the installation of a 40-seat VR Theatre, including pre-show. Milwaukee County Zoo boasts an annual footfall of 1.3m visitors, with peak summer days seeing over 10k visitors. Immotion will utilise a 500 square metre stand-alone building in the heart of the zoo to create this amazing new attraction. The theatre will feature Immotion’s latest live-action experience, “Gorilla Trek,” which was created in association with the Dian Fossey Gorilla Fund. Visitors will be virtually transported to the mountains of Rwanda where they immerse themselves in the habitat and daily lives of the endangered mountain gorilla. Themed inside and out by Immotion’s design team, the immersive experience centre will feature an extensive pre-show where guests interact with touch-screen displays and infographics, giving them a valuable understanding of the plight of the mountain gorilla and a chance to learn more about the individual gorillas featured in the film, in addition to those in the zoo itself. The outside theming will feature giant LED walls surrounding the entrance portal, enticing visitors to the new attraction. Work will commence immediately with a target opening date of the second half of July 2022 and the contract will continue until 31 December 2026. The installations at Milwaukee County Zoo, Pittsburgh Zoo and the additional seats to be installed at Sea Life London take the number of new headsets installed this calendar year to 108 when completed (overall estate to 468).

Knights Group 117.5p £98.6m (KGH.L)

Knights today provides a trading update for the full year ended 30 April 2022. In line with the trading update made on 22 March 2022, the Group anticipates revenue for the full year of c.£125.5m, up by 22% compared to the prior year (2021: £103.2m). Underlying PBT is anticipated to be a minimum of £18.1m (2021: £18.4m). Net debt as at 30 April 2022 is expected to be £29m (30 April 2021: £21m), £2m ahead of analyst expectations, reflecting our continued focus on cash conversion and maintaining industry leading lock-up and debtor days. The Group’s strong position in its markets, increased scale, national reputation, differentiated model and unique culture is enabling it to attract high quality talent, increasingly from Top 40 law firms, with strong client followings. Acquisitions announced over the year have integrated well and are performing as expected, supporting Knights’ organic growth in its key markets. There is a good pipeline of acquisition opportunities and the Group continues to selectively review a growing number of potential targets, focusing on firms of quality, with a strong cultural fit and which provide entry to new markets, or bolt on opportunities to existing offices. As announced separately today, Knights has agreed to acquire Coffin Mew, a leading independent law firm, providing entry into new key markets, including Portsmouth, Southampton, Brighton and Newbury, and significantly expanding the Group’s presence in the South of England.

Quantum Exponential 3.15p £10.3m (AQSE:QBIT)

The company focused on investing in quantum technology, will be taking part in an Institute of Physics (IOP) Business Briefing workshop entitled: Start-Up Fundraising. The workshop, which takes place on the 14 June 2022 at 10 am (BST) at the Institute of Physics, 37 Caledonian Road, London, N1 9BU is aimed at tech-based companies looking to take new innovations to market and seeking investment. Stuart Nicol, Chief Investment Officer at Quantum Exponential will be the lead speaker at the event and will give some insight into the investment process and Quantum Exponential’s investment criteria. Commenting on the forthcoming workshop, Stuart Nicol, Chief Investment Officer at Quantum Exponential said: “Start-Ups by their very nature need seed investment to bring their business to the next level. Raising the funds needed can seem like a daunting and complicated process, but it doesn’t have to be. Events like these, provide entrepreneurs with invaluable first-hand knowledge, from an investee and investor perspective, and aim to demystify the process. We would like to thank the IOP for hosting the event and we look forward to collaborating with the IOP on other events in the future.” Quantum Exponential’s first investee company, Siloton Limited, a technology company that uses quantum techniques and photonic integrated circuits for use in sub-surface optical scanning devices with applications across healthcare, and non-destructive testing, will also be taking part.

Rotala 35.5p £17.5m (ROL.L)

AGM Update from the operator of bus routes in the UK for businesses, local authorities and the general public. At 30 November 2021, passenger numbers stood at between 80% and 85% of pre- COVID-19 levels, where they have remained so far during the year ending 30 November 2022 (FY 22), albeit growing towards the upper end of that range. However, in certain areas sharper rises in activity levels have been observed: for example, usage of the “Hoppa” services around Heathrow Airport has increased considerably since the start of the year in response to much improved volumes of airline travel. The Board expects passenger numbers to continue to grow slowly but steadily for the remainder of FY 22. The Group continues to trade in line with budget for FY 22. The Board’s base assumption for the year was the trend in passenger numbers described above. Given this assumption, the Board sees no reason to revise its judgement that a break even result at the normalised pre-tax profit line is to be expected for FY 22 as a whole. So far in FY 22, the Company has made two small acquisitions in the West Midlands. Rotala announced the award by Lancashire County Council of a three-year contract to its Preston Bus subsidiary to run services in the Lytham St Anne’s area. This contract has estimated annual revenues of £1.04m.

Seed Innovations 4.85p £10.3m (SEED.L)

The company investing in fast growing and industry leading businesses with a focus on the medical cannabis, health and wellness space, notes an announcement released on the ASX by its portfolio company, Little Green Pharma Ltd (LGP) of a 2.5 year, large volume take-or-pay contract with Four 20 Pharma for the exclusive supply of a new high-THC strain into Germany. SEED owns a holding of 7,324,796 ordinary shares in LGP representing 3.1% of LGP’s issued share capital. Ed McDermott, CEO of SEED, commented “LGP’s agreement with Four 20 Pharma, one of the largest medicinal cannabis operators in Germany, is LGP’s largest single-strain offtake agreement to date and again demonstrates LGP’s continuingly successful European distribution strategy. The LGP management team are continuing to deliver against the expectations and the company remains a market leader in the international medical cannabis market. We will update SEED shareholders with LGP’s developments, and with cannabis stock prices remaining depressed across the board, we look forward to a time when we see better sentiment across small caps.”

Time Out Group 49.5p £165.2m (TMO.L)

The global media and hospitality business, today announces that it has entered into a management agreement with real estate developer Hankyu Hanshin Properties Corporation, to open a new Time Out Market in Osaka. This is Time Out Market’s 5th management agreement and its first location in the region, enabling further global expansion of this successful food and cultural market. Time Out Market Osaka is expected to open in the Umekita Second Zone development in 2025. The Umekita Project, in the Umeda area of the city, is a large-scale development at the former cargo yard in front of Osaka Station. Once complete, it will establish an urban complex with offices, hotels, commercial facilities, a municipal park and housing. Time Out Market Osaka will showcase the city’s best food, drinks and culture, and will span over 31,000 square feet, and include 15 of Osaka’s best chefs and restaurateurs, and 2 bars. Under the agreement, Time Out receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site. Time Out’s primary responsibility is branding, curation and day-to-day consultancy advice on operations.

19 May 2022
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The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

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