Small Cap Feast

19th 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). 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

Arbuthnot Banking Group 937.5p £152.3m (ARBB.L)
The company that offers private and commercial banking services, provides a trading update for the three months to 30 September 2023. Customer deposit balance growth of 7% over the period to £3.5bn. During the third quarter, fixed deposits increased by £179m, with fixed deposits at 30 September 2023 equating to 40% of the overall deposit book compared to 37% at 30 June 2023. As a result, the average cost of deposits increased to 291bps at 30 September 2023 and the Group expects the rate to ultimately rise just above 310 bps during 2024.

Celsius Resources 0.60p £12.9m (CLA.L)
The copper-gold exploration and development company announces that its Philippine subsidiary, Makilala Mining Company, Inc. (MMCI), has signed a binding Memorandum of Agreement (MOA) with the Local Government Unit of the Province of Kalinga (LGU) for the development of the access road for its flagship Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project). The MOA represents the commitment of both parties, MMCI and the LGU, to jointly undertake the completion of the 84.5-kilometer Lubuagan-Batong Buhay-Abra Road Project which will pass through the MCB Project area and parallel to its estimated road alignment from the mine site to existing roads leading to its port of interest in Ilocos Sur.

Futura Medical 37.3p £112.2m (FUM.L)
The pharmaceutical company developing innovative sexual health products, announces that Eroxon® is now available for purchase online through the BinSina Pharmacy in the United Arab Emirates, the first market in the Middle East to stock the product. Eroxon® is FDA approved in the US, CE marked in Europe and UKCA marked in the UK as a clinically proven topical treatment for adult men with erectile dysfunction.

MediaZest* 0.048p £0.7m (MDZ.L)
The audio-visual solutions provider provides a trading update. Progress in the second half of the financial year ending 30 September 2023 (H2 FY23) continued as expected. The Group’s revenue grew compared to H1 FY23, while operational costs remained consistent. Several new business wins have been achieved in recent weeks. The majority of these projects will be deployed in the new financial year and, as such, H1 FY24 is expected to start strongly. Some additional one-off costs associated with ongoing efforts to acquire businesses and expand the Group were incurred in H2 FY23. These costs offset the improvement in operational results at a Group level. However the Board considers this an important element of MediaZest’s ongoing strategy, in conjunction with organic growth.

Mineral and Financial Investments 10p £3.7m (MAFL.L)
The company engaged in investing, financing, and advising resource companies with a particular emphasis on mining companies, provides an update of its investment in Redcorp Empreedimentos Mineros Lda (Redcorp). Redcorp is developing the Lagoa Salgada Polymetallic Project in Portugal, funded and guided by Ascendant Resources Inc (Ascendant). M&F owns a conditional 5% to 20% Carried Interest in Redcorp and Ascendant owns the balance. Redcorp/Ascendant Resources have mandated a lead arranger for non-recourse project Financing for Lagoa Salgada Project in Portugal. UK Export Finance has expressed an interest to provide support for up to US$190m for the Lagoa Salgada Project, representing 70% of total capital expenditures.

Portmeirion Group 240p £33.6m (PMP.L)
The owner, designer, manufacturer and omni-channel retailer of homeware brands in global markets, issues an update on product and marketing initiatives in the US market. (i) New York Tabletop Show last week provided an opportunity to introduce US retailers to Portmeirion Group’s product launches and innovations and generated opportunities for new listings and distribution for 2024. (ii) 'Kit Kemp for Spode' (collaboration between Portmeirion Group’s Spode brand and British Interior Designer, Kit Kemp), has been recognised and accredited in the recent 2023 Homes & Gardens Design Awards within the Best Home Accessory category. And iii) the Kit Kemp for Spode range is to be featured in one of the windows at Bloomingdale on 59th Street, New York City during December's holiday period.

Science in Sport 11.75p £20.0m (SIS.L)
The performance nutrition company serving elite athletes, sports enthusiasts, and the active lifestyle community, announces that Stephen Moon is stepping down from his role as CEO. This will take place with immediate effect, with Stephen remaining employed, and on garden leave, during his notice period. Chairman Dan Wright has been appointed as Executive Chairman.

Serabi Gold 38p £28.8m (SRB.L)
The Brazilian focused gold mining and development company, announces that it has completed the purchase from the Comex Group of an ore sorter to be used for the Company’s Coringa gold project. The ore sorter is expected to arrive into Brazil before the end of 2023. Capacity is 40 tonnes per hour the same as at Palito and the machine has been designed to a very similar specification. Once operational it will lead to an increase in gold production rates with both mines feeding high grade sorted ore into the central Palito plant. The Company is anticipating that the ore sorter could be operational early in the third quarter of 2024.

SkinBioTherapeutics 20.5p £35.5m (SBTX.L)
The life science business focused on skin health, has agreed an extension to the collaboration contract with Sederma, S.A.S. (Sederma), the cosmetics division of Croda International Plc (Croda), for an additional twelve months. This is to enable Sederma to complete and assess additional studies on SkinBiotix™ to investigate previously unseen beneficial properties, which have the potential to enhance commercial opportunities. Sederma has been investigating how SkinBiotix™ can be applied and has been undertaking additional formal studies and formulations to establish potential added benefits of the technology. These studies are due to run from late 2023 into early 2024.

Vast Resources 0.20p £7.1m (VAST.L)
The mining company announces an update on its activities in Tajikistan. (i) Takob Processing Project: Loading of the first shipment of 136 Dry Metric tonnes of lead and zinc concentrate has commenced for delivery to off-taker Trafigura. As the Company has completed all the logistics for shipments of concentrate out of Tajikistan, the Company envisages that there will be regular shipments in the future. (ii) The Company has signed on behalf of Bay Square Pacific Ltd (Bay Square), incorporated in Mauritius and owned by an existing strategic partner of the Company, a legally binding Memorandum of Understanding with Central Asian Minerals and Resources under which Bay Square will acquire the entire share capital of Gulf International Minerals Ltd (Gulf). The completion of the purchase is understood not to be dependent on any government approval in Tajikistan and conditional only on the completion of due diligence by 30 November 2023.

19 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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