Small Cap Feast

20th 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

Atlantic Lithium 27.275p £167m (ALL.L)
The African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, announces that Ghana's Ministry of Lands and Natural Resources has granted a Mining Lease in respect of the Company's flagship Ewoyaa Lithium Project (Project). Mining Lease terms, through close cooperation with the Government of Ghana, in line with establishing its new Green Minerals Policy, maintain the Project's position as one of the lowest capital and operating cost hard rock lithium projects and indicate strong commercial viability for a 2.7Mtpa steady state operation, producing a total of 3.6Mt of spodumene concentrate (approximately 350,000tpa) over a 12-year mine life. Payback period of the main processing plant is 9.5 months.

Autins Group 11.5p £6.3.3m (AUTG.L)
The manufacturer of the patented Neptune melt-blown material and specialist in the design, manufacture, and supply of acoustic and thermal insulation solutions, provides a trading update for the year ended 30 September 2023. Group sales increased by 20% to £22.5m (FY22: £18.8m). Gross Profit improved by c.55% to c.£6.5m (FY22: £4.2m) and EBITDA is expected to improve by £2.1m to £1.0m (FY22: loss of £1.1m). The Group ended the period with net debt (i.e., cash and cash equivalents less loans and borrowings, excluding right of use lease liabilities) of c.£1.8m (FY22 £2.0m). The Board expects continued growth in FY24.

Good Energy Group 246p £41.5m (GOOD.L)
The 100% renewable electricity supplier and innovative energy services provider, announces the appointment of Fran Woodward, Chief Operating Officer as a Director of the Good Energy Board, effective from 20 October 2023. Fran joined Good Energy in 2014 and is responsible for Sales and Energy Origination, Marketing, Customer Operations and the People and Culture functions and She has over 25 years leadership experience from a breadth of organisations including Marks & Spencer, Coca-Cola, Dyson and EDF.

Harland and Wolff Group 12.75p £22.1m (HARL.L)
The company focused on strategic infrastructure projects and physical asset lifecycle management, announces that Cenovus Energy Inc. has awarded the mid-life upgrade contract of the SeaRose Floating Production Storage and Offloading (FPSO) vessel to Harland & Wolff (Belfast) Limited. The base contract value is approximately £61m. The vessel is expected to arrive in in the first quarter of 2024 and will be in the Building Dock for a period of more than three months. Revenues from this contract are included within management's revenue expectations of £100m and £200m for FY2023 and FY2024, respectively.

Intercede Group 57p £33.2m (IGP.L)
The specialist in digital identity, credential management and secure mobility, announces the appointment of Daniel O'Brien to the Board of Intercede as a Non-Executive Director with immediate effect. Mr. O'Brien brings over 30 years' experience in financial roles across successful listed, PE backed and privately owned international organisations. He has held senior finance roles in a range of multinational companies including COLT Telecoms, Eidos Plc, Huveaux Plc.

Iofina 24p £46.0m (IOF.L)
The exploration company focused on the production of iodine and manufacturers of specialty chemical products, announces that it has signed an agreement with a new brine supply partner to construct its latest IOsorb® iodine plant, IO#10, in Western Oklahoma. The Board believes the site is an excellent location for the new plant, which will deploy IOsorb® technology to isolate iodine from the iodine-rich brine stream. Iofina is working with its new partner on the design elements to deliver the maximum brine at the IO#10 site. The new plant will be financed through the Company's existing cash and loan facilities and the Board expects the initial work of IO#10 to commence in Q4 2024.

Oracle Power 0.0275p £1.0m (ORCP.L)
The international project developer provides an update on activities during Q3 2023. (i) Progress has been made to demonstrate the commercial viability of the green hydrogen project in Pakistan including completion of 28km topography survey report. Activities relating to the green hydrogen project are now centered on negotiations for firm offtake agreements. (ii) Drill results are released following diamond drilling campaign at Northern Zone by Riversgold Limited (Riversgold) which substantiated the exploration target of 200Mt - 250Mt at a grade of 0.4 g/t Au - 0.6 g/t Au for 2.5Moz - 4.8Moz of contained gold calculated from historical drilling.

Sondrel Holdings 16p £14m (SND.L)
The fabless semiconductor business providing turnkey services in the design and delivery of 'application specific integrated circuits' (ASICs) and 'system on chips' (SoCs), announces that it is one of the founding members of Arm® Total Design, an ecosystem committed to bringing the next generation of Arm Neoverse™ Compute Subsystems (CSS) - based chip designs to market. The ecosystem has been formed to unite industry participants including ASIC design houses like Sondrel. The partners within the Arm Total Design ecosystem will benefit from preferential access to Neoverse CSS.

Treatt 429.75p £262.7m (TET.L)
The manufacturer and supplier of a diverse and sustainable portfolio of natural extracts and ingredients for the beverage, flavour and fragrance industries, announces that Daemmon Reeve has informed the Board of his intention to retire from his role as Chief Executive Officer (CEO) and as a director of the Company. The Board regularly reviews succession planning and has begun the process to appoint a new CEO. Until a new CEO is appointed, Ryan Govender, the Company's Chief Financial Officer, will be appointed as Interim CEO from 1 January 2024.

Upland Resources 3.05p £33.6m (UPL.L)
The upstream oil and gas company announces that further to the update on 15 September 2023 in relation to the Sarawak Block SK334 Joint Technical Study (JTS), 1) Proposal for SK334 PSC has been submitted and received positively by PETROS on the 20 Sept 2023, 2) Finalised Prospecting Strategy in Limbang and Lawas and prepared exploration work programme for PSC exploration period in 2024, 3) Conceptual Engineering has been conducted and finalised, 4) Completion of Reservoir Engineering and 5) the rig selection process is in progress. Drafting of JTS Technical Report is expected to be completed by early Nov 2023.

20 October 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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