Small Cap Feast

20th October 2022

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What’s Cooking In The IPO Kitchen?

Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. During the six months ended 30 June 2022, Ithaca Energy’s average daily production (oil and gas) on a net working interest basis was c. 66.7 kboe/d, the Group’s revenue was c.$1,338m, Adjusted EBITDAX was c. $907m, profit after tax was c. $1,558m.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). Expected 27 October 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.

Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement. Expected 2 November 2022.

Guanajuato Silver Company ltd, a fast growing silver producer in Mexico currently listed on the TSX Venture Exchange, intends to join the AQSE Growth Market. The Company currently owns five precious metals mines and three production facilities. GSilver is primarily focused on reactivating past producing silver and gold mines in the state of Guanajuato. Expected 25 October 2022.

Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end ‘application specific integrated circuits’ (ASICs) and ‘system on chips’ (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 31 October 2022.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. Due 31 October 2022.

Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m. Delayed but due in October.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m. Due 3 November 2022.

Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late October.

Breakfast Buffet


BiON confirms that it will not complete a reverse takeover within the six-month period from becoming an AIM Rule 15 cash shell. Accordingly, its ordinary shares will be suspended from trading on AIM with effect from 7.30am on 20 October 2022. From the suspension date, BiON will have six months to complete an acquisition or acquisitions, which constitutes a reverse takeover under AIM Rule 14 otherwise admission to trading on AIM will be cancelled.

Brandshield 7.6p £10.7m (BRSD.L)

The provider of cybersecurity solutions for brand oriented digital risk protection, unveils NFT ShieldTM, a bespoke AI solution aimed at the NFT economy. NFT ShieldTM is the industry’s first cybersecurity product to bring real-time intelligence and enforcement capabilities to combat digital asset fraud across major NFT marketplaces. Features and benefits of the platform include; AI-based threat mapping, comprehensive threat detection and real-time trademark and fake listings enforcement. In conjunction with introducing its new product, BrandShield announces that it has joined the Blockchain Game Alliance.

C4X Discovery 20.15p £50.8m (C4XD.L)

The drug discovery company announces a research collaboration project with Shanghai Stock Exchange listed company HitGen Inc. (SSE: 688222.SH), to identify novel, small molecule hits against an inflammatory target for further C4XD development. This project aims to augment C4XD’s growing pipeline of small molecule inflammatory disease candidates for pre-clinical development and out-licensing to the pharmaceutical industry. HitGen will apply its DEL screening technology platform to identify hits against a commercially valuable target for inflammatory diseases. If successful, C4XD will apply its molecule design Conformetrix technology to translate these hits into suitable starting points for a small molecule programme, which can then be progressed through C4XD’s Drug Discovery process.

Gear4music Holdings 112.5p £23.6m (G4M.L)

The UK based online retailer of musical instruments and equipment, announces a trading update for the six months to 30 September 2022. Total sales grew 2% to £66.3m. (UK Sales fell 3%, while global sales increased 10%). Gross profit is expected to have decreased to £17.4m (FY22 H1: £18.1m). FY23 H1 gross margin is expected to be 26.3% (FY22 H1: 28.0%), reflecting targeted stock reductions. Net debt was £21.8m at 30 September 2022, £2.4m lower than at 31 March 2022. Full-year outlook is in-line with recently updated consensus: revenue of £155.1m, EBITDA of £8.9m and profit before tax of £1.1m.

Greatland Gold 8.25p £412.7m (GGP.L)

The mining development and exploration company focused on precious and base metals, announces it has been awarded a grant from the Western Australian Government to co-fund exploration drilling and mobilisation costs at its 100% owned Ernest Giles project. The grant awarded is the result of a successful application under the Exploration Incentive Scheme. Greatland is eligible to receive a grant up to A$220k (£120k) to co-fund drilling and mobilisation for completion before 30 November 2023.

Intelligent Ultrasound Group 10.75p £29.1m (IUG.L)

The ‘classroom to clinic’ ultrasound company specialising in AI software and simulation, announces that the US Food & Drug Administration (FDA) has granted De Novo clearance for clinical use of its AI medical device, ScanNav Anatomy Peripheral Nerve Block (PNB) in the USA. ScanNav Anatomy PNB uses the latest AI technology to assist qualified healthcare professionals to identify and label anatomy in live ultrasound images in preparation for ultrasound guided regional anaesthesia. The Company intends to launch the system to the US market shortly through its existing in-house sales resources based in Alpharetta, Georgia.

MediaZest* 0.068p £0.9m (MDZ.L)

The audio-visual solutions provider announces a trading update. The business continued to trade well in the second half of the year and MediaZest expects the full year financial results to show a significant improvement on the prior year. Year end cash levels are consistent with the end of the interim period ended 31 March 2022. Demand across key sectors continues to be encouraging with many long-term clients including Pets at Home, Lululemon, Hyundai, Ted Baker and HMV rolling out programs. Looking further ahead, the Board remains vigilant for signs of a slow-down in client activity due to macro-economic uncertainty in the UK and maintains flexibility in its cost base where possible whilst balancing its ambitions for further growth.

Molecular Energies 128p £13.2m (MEN.L)

The international energy company with both hydrocarbon and alternative energy businesses, provides an operational update. Puesto Flores Field, Argentina: The facility has fully restarted after the temporary disruption with all work successfully completed. It is expecting to reach full production levels by the end of this weekend. East Lake Verret Field, Louisiana: After a delay in barge availability, work is in progress at the wells with full production expected by the end of the weekend.

Strategic Minerals 0.3p £6.0m (SML.L)

The mineral producer provides the following update on its cash position and ore sales at the Cobre magnetite operation in New Mexico, USA (Cobre) for the quarter ended 30 September 2022. Annual sales to the end of September 2022 (US$2.475m) were slightly weaker than in the previous year (US$2.85m). However, a July price increases resulted in September quarter revenue to increase to US$0.653m (2021: US$0.607m). Group cash balance was US$0.381m as at 30 September 2022.

Trifast 67.6p £92.0m (TRI.L)

The international specialist in the design, engineering, manufacture, and distribution of high-quality industrial fastenings and Category ‘C’ components, announces a trading update for the half year ended 30 September 2022. Group revenue is ahead of the comparable period c.£120m (H1FY22: £103.7m). The group continued to experience a mixed demand picture across its diversified end market and geographic footprint. Management believes that FY2023 profitability will be weighted towards the second half of the year. The Board expects FY2023 revenue to be slightly ahead of its previous expectations, while underlying profitability will be around 10% below current market consensus.

20 October 2022
*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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