Small Cap Feast

1st March 2023

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Appreciate Group Plc has left AIM.

What’s Cooking In The IPO Kitchen?

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market, intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected 17th March 2023.

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected 13th March 2023.

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, intends to dual list on the AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Admission is delayed.

Breakfast Buffet

Artemis Resources 0.87p £11.1m (ARV.L)
A gold and copper focused resources company focusing on two major projects in Western Australia, the Greater Carlow Castle gold-copper-cobalt project in the West Pilbara and the Paterson Central project in the East Pilbara announces a capital raise of A$2.55m through a placing at A$0.015 per share to fund additional exploration activities in 2023. The issue price represents a 6% discount to the last traded ASX price on 24 February 2023. Artemis holds interests in additional tenements in the Pilbara which are currently being reviewed for gold and copper exploration potential.

Corcel 0.28p £2.2m (CRCL.L)
The extractive industries exploration and development company, with interests in battery metals including nickel, cobalt, and rare earth elements, announces that it has entered into agreements with Integrated Energy Metals (IEM), to restructure the Company's PNG battery metals assets into Integrated Battery Metals (IBM). Corcel will own 50% of IBM, benefitting from a US$1.5m carried interest and a 1.5% gross revenue royalty on Wowo Gap. Corcel and IEM intend to further progress this joint venture and potentially inject additional assets into IBM prior to pursuing a listing in either Singapore or Australia.

GetBusy 74p £36.8m (GETB.L)
A provider of productivity software for professional and financial services, announces its audited results for the year ended 31 December 2022. The Company announced 25% total revenue growth to £19.3m and first year positive adjusted EBITDA of £0.7m (2021: £(0.5)m). The Company held cash of £3.0m (2021: £2.7m) and a new committed £2.0m facility, which remains undrawn. The Group aim to increase investment in sales and marketing through 2023 and sustained double-digit ARR growth.

Haydale Graphene Industries 1.68p £13.2m (HAYD.L)
The global technology solutions group , announces its unaudited interim results for the six months ended 31 December 2022 (H1 FY23). Group revenues increased by 50% to £1.78m (H1 FY22 £1.19m); adjusted operating loss increased to £1.89m (H1 FY22 £1.75m); and the Company held cash of £2.97m (31 December 2021: £3.84m). The Company currently remain on track to meet expectations for the financial year and the Board remains confident that the foundations are in place to facilitate the rapid scale up of the business.

Harland & Wolff Group Holdings 16.75p £29.0m (HARL.L)
The company focused on strategic infrastructure projects and physical asset lifecycle management, provides a business update for financial year 2023 (FY23). The Company reports a backlog now amounting to circa £900m over a 7-year period, providing significant revenue visibility. The Company is now targeting revenues for FY23 between £100m-£115m and £200m—£230m in FY24. Cashflow breakeven is expected in FY24.

Mobile Tornado Group 2p £7.6m (MBT.L)
The developer the world's first PTToC platform with integrated workforce management technology which uses cellular and broadband networks to provide always-on instant communications challenging environments announces a subscription to raise approximately £500k at 2p per ordinary share. The Company The Company also announces the capitalisation of £259,490 of indebtedness owed by the Company to InTechnology plc into 12,974,492 new Ordinary Shares, also at the Issue Price.

Nichols £10.38 £378.4m (NICL.L)
The diversified soft drinks Group, announces its preliminary results for the year ended 31 December 2022. The Company announced revenue increased by 14.3% to £164.9m (2021: £144.3m). UK revenues increased by 13.7% to £127.0m (2021: £111.6m) and international revenues increased 16.1% to £38.0m (2021: £32.7m). The Company maintained adjusted profit before tax (PBT) margin at 15.1%, despite significant inflationary pressures. The Board currently expects FY23 adjusted PBT to be in line with FY22 and market expectations.

One Heritage Group* 18.5p £7.2m (OHG.L)
The UK-based residential developer focused on the North of England, announces the practical completion of County House, Oldham, its first completion of a development management project. Acting as the Development Manager for the project, One Heritage has overseen the transformation of the former Oldham County Court, into 42 high-quality, one to three-bed apartments. The site was acquired in February 2020, with One Heritage securing planning permission for residential conversion in June 2021. All 42 apartments will be let at affordable rents boosting the availability of affordable housing in Oldham Town Centre. The Board are pleased with the quality of the product provided, but are also delighted to have transformed a local landmark building which is centrally located.

Sondrel Holdings 59p £51.6m (SND.L)
The fabless semiconductor business providing turnkey services in the design and delivery of application specific integrated circuits (ASICs) and system on chips for leading global technology brands, announces that it has successfully taped out an ASIC design (Project) for a leading provider of home network devices (Customer). The design phase is completed, and the Company will now progress with the New Product Introduction (NPI) and prototyping services being provided to the Customer. The Project is estimated to be worth £1.8m to Sondrel in 2023 and over the lifetime currently projected by the Customer, revenues of the ASIC could be worth in excess of US$25m over 5 years.

Xeros Technology Group 4.8p £7.2m (XSG.L)
The creator of technologies that reduce the impact of clothing on the planet, announces that Alex Tristram has been appointed as Director of Finance and Company Secretary. Alex has been Group Financial Accounting Manager with Xeros since January 2018. Prior to joining Xeros he was Group Accountant and Finance Director of the Alternative Energy Division at Pressure Technologies PLC.

1 March 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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