Small Cap Feast

21st April 2023

Dish of the day
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Dish Of The Day:

Joiners: 
Vinanz Limited has joined the Access Segment of the AQSE Growth Market

Leavers: 
No leavers today.



What’s Cooking In The IPO Kitchen?

Golden Metal Resources Plc a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA intends to join AIM. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (AIM:POW). The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project. Each of the projects consists of mining claims located entirely on land managed by the United States Bureau of Land Management. Expected Admission Early May 2023.

Ashoka WhiteOak Emerging Markets Trust Plc intends to join the Premium Segment of the London Stock Exchange. The Company is a new UK investment trust seeking to achieve long-term capital appreciation through investment primarily in quoted securities that provide exposure to global Emerging Markets and intends to raise £100m at 100p per ordinary share. Expected Admission 3 May 2023.

Drumz Plc is an investing company admitted to trading on AIM with an investment policy focused principally on acquiring investments in technology businesses based in Europe. Drumz currently has two investments, being a 25%. shareholding in Acuity Risk Management (ARM) and a 5.85% legacy shareholding in KCR Residential REIT plc (KCR). Admission to AIM is being sought as Drumz has conditionally agreed terms to acquire the remaining issued shares and to be issued shares in ARM for a total consideration of approximately £3.6m. Drumz plc will be renamed Acuity RM Group plc post Admission. The Company intends to raise £1.45m on Admission and will have a market capitalisation of £5.4m. Expected Admission 25th April 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023


Breakfast Buffet

Angle 24.5p £63.8m (AGL.L)
A liquid biopsy company, announces audited preliminary results for the year ended 31 December 2022. Revenues of £1.0m remained flat (2021: £1.0m), while losses for the year increased to £21.7m (2021: loss £15.0m), reflecting planned investment. During the period Angle completed a £20.1m fundraise (£18.9m net of expenses) and the Company held cash of £31.9m (2021: £31.8m ) with R&D Tax Credits due at 31 December 2022 of £2.8m (2021: £4.5m). The Company has received FDA De Novo clearance for its Parsortix® PC1 Clinical System for its intended use with metastatic breast cancer patients. The Company look forward to continued commercial progress in the year ahead.

Anpario 261p £62.7m (ANP.L) & Bango 205p £157.3m (BGO.L)
Anpario, the independent manufacturer of natural sustainable animal feed additives for health, nutrition and biosecurity, announces it has been honoured with the first ever King's Award for Enterprise for Sustainable Development.
Bango, the online merchants, used by successful online companies to serve their customers including Amazon, Microsoft and Google— has also been honoured with the first ever King's Award for Enterprise for International Trade.
The Kings Award for Enterprise, previously known as The Queen’s Awards for Enterprise, is the UK's most prestigious business accolade, designed to recognise and encourage the achievements of UK business. Anpario and Bango are 2 of 148 organisations nationally to be recognised with the prestigious King's Award for Enterprise.

Equipmake Holdings 8.5p £75.8m (AQSE: EQIP)
The UK-based engineering specialist pioneering the development and production of electrification products across the automotive, aerospace, bus, coach and fire truck industries, has agreed to develop a technology partnership with H55, the leading electric aerospace propulsion company which will see it supply state-of-the-art electric motors. Equipmake will support H55 in prototype development with the intention to develop certified propulsion systems and has been chosen for its expertise in advanced electrification technology and rapid manufacturing.

iEnergizer 71.5p £136.5m (IBPO.L)
An international and full service Business Process Outsourcing (BPO) business, announces that it will shortly be posting a circular to shareholders with a proposal for the cancellation of admission of ordinary shares in the Company to trading on AIM. Details and reasons for cancellation include: 1) the Directors believe AIM is unlikely to provide the Company with significant wider access to capital, 2) considerable costs, management time and legal burden is disproportionate to the benefits, and 3) EICR (Cyprus) holds a 82.74% of the Company’s current issued share capital, resulting in limited free float and liquidity. Cancellation of shares will occur on the 24th of May 2023.

i(x) Net Zero 8.25p £6.5m (IX..L)
The investing company which focuses on Energy Transition and Sustainability in the Built Environment, announces the appointment of Jonathan Carpenter Stearns, as CFO, and will join the Board as an Executive Director with immediate effect. Mr. Stearns brings over 40 years of C-suite level experience as CFO, CEO and CIO in the operating management of emerging growth companies.

Pantheon Resources 20.19p £159.1m (PANR.L)
The oil and gas company with a 100% working interest in all of its oil projects spanning c.153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope provides an operational update. Earlier this year, Pantheon entered into a well data exchange agreement with 88 Energy Limited (88 Energy), trading the data from Pantheon's Talitha #A well for 88 Energy's Hickory #1 well. The additional well penetration, c.150 metres from Pantheon's lease boundary, provides Pantheon with valuable data on their southern lease boundary at no cost. The initial information reinforces the technical work on the static reservoir model delivered by SLB in phase 1 of its programme with Pantheon. Analysis of all the data will increase the robustness of the outcomes delivered in SLB's phase 2 program.

Scotgold Resources 16p £10.7m (SGZ.L)
Scotland's first commercial gold producer primarily focused on the development of its high grade Cononish Gold and Silver Project in the Scottish highlands announces that the Directors have decided to undertake an open offer to certain shareholders and qualifying participants for the fundraise of c.£1.5m and up to £2.0m, at 15p per share. The proceeds will be primarily be used for working capital purposes. The Group recorded a loss of $9.5m (2021: $5.6m) and had a working capital deficiency of $4.8m (2021: $13.0m), net operating cash outflows of $0.1m for the financial period (2022: $1.7m) and cash position as at 31 March 2023 was £8k.

Sureserve Group 123.25p £204.9m (SUR.L)
A social housing energy services provider in the UK, predominantly delivering installation, service, maintenance and repair works for heating systems and energy efficiency measures in social housing announces that the Boards of Cap10 4NetZero Bidco (Bidco) and Sureserve have reached agreement of a recommended all cash offer pursuant to which Bidco, a newly incorporated company established on behalf of Cap10, will acquire the entire issued and to be issued share capital of Sureserve. The Acquisition values the entire issued and to be issued share capital of Sureserve at c.£214.1m on a fully diluted basis. The acquisition price of 125p for each Sureserve Share represents a premium of approximately 38.9% to the closing price of 90p per Sureserve Share on 20 April 2023.

Thruvision Group 25.5p £37.5m (THRU.L)
The provider of walk-through security technology, publishes a trading update for the financial year ended 31 March 2023. Revenue is expected to be in the order of £12.4m (FY22: £8.4m), representing growth of approximately 48%. Adjusted EBITDA loss will be in the region of £0.2m (FY22: loss of £1.7m), and cash balance on 31 March 2023 was £2.8m (31 March 2022: £5.4m). The Group successfully launched its WalkTHRU security technology during the period. The Group remain confident that these markets will deliver long-term profitable growth.

UK Oil & Gas Investments 0.084p £17.7m (UKOG.L)
An energy company focused on oil and gas exploration and production in the UK, together with an increasing diversification into gas storage, hydrogen, and geothermal energy space within the UK announces that, after drilling ahead within the target Eocene Hoya limestone sequence, Pinarova-1 encountered oil shows in drill cuttings from 358 to 400 metres drilled depth. The onset of oil shows also corresponds with observed drilling fluid losses, potentially indicating permeability development within the Hoya reservoir. The Company will conduct open hole swabbed flow testing over the zone between 293 and 400 metres and preparations for testing operations are underway. UKOG holds a 50% non-operated interest in Pinarova-1 and the surrounding 305 km² Resan licence, which also includes the as yet undeveloped Basur-1 light oil discovery.

21 April 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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