Small Cap Feast

20th September 2023

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Alien Metals 0.195p £12.4m (UFO.L)
The minerals exploration and development company announces that all results from the recent resource definition core drilling programme at its 90% owned Hancock Iron Ore Project in the Pilbara Region, Western Australia, have been received. Thirteen diamond core holes were drilled during Q2 2023 for a total of 1049 metres at the Company's Sirius Deposit, with the initial batch of assays reporting high-grade mineralisation (RNS on 20 July 2023). These final assay results confirm exceptional direct ship ore grades, as well as excellent widths and depth continuity of the proposed Sirius Mining Pit. As an outcome of this resource definition drilling, the Company will in the coming months update the Hancock Project Resources and Reserves.

AssetCo 41p £57.8m (ASTO.L)
The company involves in acquiring, managing and operating asset and wealth management activities and interests, announces the disposal of its 70% equity interest in Rize, a thematic ETF specialist, to ARK Invest LLC, a successful player in the ETF market based in the US. The sale agreement delivers consideration to AssetCo of an up-front payment of £2.625m, a deferred payment of £2.625m and an earn out provision, capped at £5.25m over five years and is subject to a minimum. In addition, the parties have agreed to work together to support the launch, on the Rize platform, of a number of ETF products for the River and Mercantile business, AssetCo's active equity asset management subsidiary.

Dianomi 47.5p £14.3m (DNM.L)
The provider of digital advertising services to clients in the Business, Finance and Lifestyle sectors, announces that it has agreed a contract amendment with one of its largest and longest standing publisher partners. At the end of 2022 Dianomi entered into a contract renewal based on publisher minimum guaranteed traffic levels. However, the minimum traffic levels in the six months to 30 June 2023 were not met, resulting in an overpayment of $1m by Dianomi. Both companies have entered into an amendment whereby Dianomi has agreed not to recoup the overpayment and in return, the publisher will provide Dianomi with an enhanced revenue share as from 1 July 2023 and with additional premium ad inventory, including a new in-article unit. Dianomi will recognise the one-off overpayment as an additional cost of sale in H1.

IQGeo Group 290p £178.6m (IQG.L)
The developer of geospatial software that is "Building better networks" for telecom and utility operators, announces a new contract with an existing customer for IQGeo's lifecycle software solutions. This client is a top five global wholesale fibre network provider with operations in the US and Europe and the total contract value over 3 years is $1.9m including annual contract value (ACV) and services. The new project comprises the client’s major strategic decision to replace its incumbent fibre system of record currently provided by GE, with IQGeo's Network Manager Telecom software.

LBG Media 71.9p £148.6m (LBG.L)
The UK-based multi-brand, multi-channel digital youth publisher, reports its results for the half year ended 30 June 2023. During the period, the Group delivered a strong performance, growing its global audience and content views, and is on track to meet full year market expectations. Revenue was £27.2m (HY22: £24.8m) up 10% and in line with the typical seasonal split between H1 and H2. Adjusted EBITDA was £3.0m (HY22: £1.6m), up 84%, reflective of the revenue performance and the cost discipline. Cash and cash equivalents at the period-end amounted to £32.7m (FY22: £29.3m). The Company has started H2 with positive momentum and outlook for the full year remains in line with market expectations.

Poolbeg Pharma* 7.2p £36.0m (POLB.L)
The clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, announces that it has received a notice of allowance from the Japanese Patent Office in relation to its Immunomodulator I patent application. The claims deemed allowable cover a p38 MAPK (mitogen-activated protein kinase) inhibitor for use in the treatment of severe influenza in human patients. Grant of the application as a patent is expected upon completion of formalities. Poolbeg has a worldwide licence for POLB 001 for all uses in humans and is developing a strong IP portfolio with patents in place, including Immunomodulator I and Immunomodulator II, covering the class of p38 MAP kinase inhibitors for the treatment of severe influenza and hypercytokinaemia. Poolbeg has also filed patent applications to expand its IP around POLB 001 and the use of p38 MAP kinase inhibitors in new disease areas, such as oncology. This enhances the value and attractiveness of POLB 001 to potential pharma partners.

Sancus Lending Group 0.525p £3.1m (LEND.L)
The alternative finance provider, offering borrowers fast, bespoke bridging and development finance, announces the its results for the six months ending 30 June 2023. New loan facilities written H1 2023 were £83m (H1 2022: £86m). Group revenue was £5.4m (H1 2022: £4.8m) and operating loss was £3.8m (H1 2022: loss £2.1m). Geographic focus remains unchanged, with three core markets: UK, Ireland and Offshore. Offshore represent 42% of the current loan book, UK 39% and Ireland 19%. Ireland is the fastest growing market with a 52% increase in loans under management in H1 2023.

Tandem Group 170p £9.3m (TND.L)
The designers, developers, distributors and retailers of sports, leisure and mobility equipment, announces its unaudited results for the six months to 30 June 2023. Revenue was £9.8m, down 24% (H1 2022: £12.9m). Gross profit was £2.5m (H1 2022: £4.0m), with a decrease in gross margin to 25.9%, primarily as a result of foreign exchange movements. Net debt as at 30 June 2023 was £3.m (30 June 2022: £1.5m). As a result of high inflation, increases in interest rates, reduced spending across certain categories and unfavourable weather conditions, group revenue to 15 September 2023 was approximately £15.1m, down 21% from £19.1m during the same period last year.

Tavistock Investments 5.25p £29.4m (TAVI.L)
The financial advice and investment management service provider announces its results for the year ended 31 March 2023. Reported gross revenues in line with previous year at £34m, with 96% generated by the Group's advisory business. Advisory business gross profit contribution rose by 6% to £10.6m (31 March 2022: £10.0m). Adjusted EBITDA was £0.14m (2022: £1.37m). In the current year the Board's objectives are to extract further operational benefits from the ongoing data mining project, complete the integration of Precise Protect, reap the rewards from its membership program, and develop through further acquisitions.

Wishbone Gold 2.75p £7.1m (WSBN.L)
The gold, silver and copper exploration company announces that the drill rig and support trucks operated by Strike Drilling have arrived at its Red Setter project and that drilling is underway on the newly cleared heritage areas. The Red Setter Project is situated on Wishbone Gold's 57.4km2 wholly owned exploration licence EL45/5297 and is located 13km south-west of Newcrest Mining's Telfer gold-copper mine and 60km west of Newcrest and Greatland Gold's Havieron gold-copper discovery. The company is continuing on from last year's successful drill program which confirmed a hyperthermal gold/copper system. The analysis done in the meantime has added greatly to its knowledge of the system and provides additional targets on which to focus.

20 September 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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