Small Cap Feast

21th June 2023

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What’s Cooking In The IPO Kitchen?

Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.

CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) It is rumoured to be valued at between £800m and £1bn with Admission currently expected to occur in July 2023.


Breakfast Buffet

Avacta Group 115.0p £316.7m (AVCT.L)
A life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, announces that the dose escalation Phase 1 clinical trial to evaluate the safety and tolerability of AVA6000 has been completed successfully. The data continue to show a very favourable safety profile for the tumour targeted chemotherapy and several patients in cohort 5 and earlier cohorts remain on treatment as their disease has not progressed. AVA6000 is a form of doxorubicin that has been chemically modified with Avacta's pre|CISIONTM platform designed to reduce systemic side effects by targeting the release of active chemotherapy in tumour tissue. The Company are keen to progress onto the Phase 1b efficacy study as soon as possible following completion of the dose finding Phase 1a study.

Bushveld Minerals 3.03p £38.9m (BMN.L)
The integrated primary vanadium producer and energy storage solutions provider, announces its full year results for the year ended 31 December 2022. Revenue increased by 39% to US$148.4m (2021: US$106.9m), as a result adjusted EBITDA loss reduced by 83% to US$1.7m (2021: adjusted EBITDA loss of US$9.9m). Net loss for the Company of US$35.4m (2021: US$34.2m) and holds cash of US$10.9m. The Company is on track to meet 2023 production guidance of between 4,200 mtV and 4,500 mtV, and weighted average production cash cost (C1) guidance of between US$26.1kgV and US$27.0/kgV, (ZAR447/kgV and 438/kgV).

Cerillion £14.70 £433.8m (CER.L)
The billing, charging and customer relationship management software solutions provider, announces that it has signed a major new six-year contract worth a total of £15.1m. The contract has been signed with an existing telecommunications customer, which operates in Europe, and has been a customer for the past four years. It encompasses managed services, support and subscription to Cerillion's Evergreen Software Programme. All of the revenue is subscription income that will be recognised over the term of the contract, and will support current consensus market forecasts.

Chariot Oil & Gas 15.45p £148.9m (CHAR.L)
The Africa focused transitional energy company, announces its audited final results for the year ended 31 December 2022. Significant gas discovery and drilling operations successfully completed on the Anchois Gas Development project, located in the Lixus licence, offshore Morocco. Post-well analysis confirmed excellent, consistent gas, delivered a material increase in resources totalling 1.4Tcf in total remaining recoverable resources (2C and 2U) and de-risked a number of high potential future targets. The Company further announced a partnership agreed with Vivo Energy to develop a gas-to-industry market in Morocco which further commercialises future production. The Company completed a placing which successfully raised $29.5m in June 2022 and holds cash of $12.1m with no debt.

Polarean Imaging 26.75p £57.0m (POLX.L)
The medical imaging company, announces that the Company's Board of Directors has appointed Christopher von Jako, Ph.D. as Chief Executive Officer and director of the Company, effective immediately. Dr. von Jako succeeds Richard Hullihen, who will be retiring and will be stepping down as a Director of the Company. With 30 years of global healthcare leadership experience, Dr. von Jako has led both private and publicly listed businesses, and was previously CEO of Brainsway and Dynatronics prior to that.

Power Metal Resources 0.83p £17.0m (POW.L)
The exploration company with a global project portfolio, announces key developments to its uranium (U) business, which covers a combined 1,005km2 across 17 properties in and around the prolific Athabasca Basin in Saskatchewan, Canada. Tait Hill is located 30km north of the Athabasca Basin and is considered by the Company to be highly prospective for intrusive- and pegmatite-hosted uranium mineralisation and exploration over Tait Hill conducted by Saskatchewan Mining Development Corporation (SMDC) in 1977 returned exceedingly high soil results (up to 13,200 ppm or 1.3% U) and lake sediment results (99.8th percentile) from the centre of the project. The Company completed its acquisition of the Perch River Uranium project, which covers an area of 9.41km2 and is entirely within the prolific Athabasca Basin.

SkinBioTherapeutics 12.75p £22.1m (SBTX.L)
A life science business focused on skin health, has announced that it has received approval from regulators to issue AxisBiotix-Ps™, a food supplement to alleviate the symptoms associated with Psoriasis, into the Italian market. The announcement follows the launch of AxisBiotix-Ps™ in Spain, after prior authorisation was received in March. The next target country for launch is France and talks with French regulators are currently underway and commercialisation is anticipated in H2 2023.

Strategic Minerals 0.175p £3.5m (SML.L)
A operating minerals company actively developing projects tailored to materials expected to benefit in the future announces its final results for the year ended 31 December 2022. Profit before tax for the Group was $0.372m (2021: $0.257m) an increase of 44% and net cash generated from operating activities was $0.774m (2021: $0.610m). The Group holds cash position of $0.34m (2021: 0.61m). The Group’s Project Cobre showed a dip in sales revenue by 6.5%, despite this, a total of 36,282 short wet tons of magnate was sold resulting in sales of $2.45m. Since the Group’s acquisition into Leigh Creek Copper Mine Pty, the Company has invested in a temporary restart of operations to test existing operating capacity and in preparing and submitting a Programme for Environmental Protection and Rehabilitation in relation to its Paltridge North deposit.

Tekmar Group 10.38p £14.1m (TGP.L)
A provider of technology and services for the global offshore energy markets, announces its half year results for the 6-month period ending 31 March 2023. Revenue of £17.7m (HY22: £13.0m) with strong growth across both Offshore Energy (37%) and Marine Civils (35%) divisions, compared with prior year. Gross profit margin for the Period increased to 28% (HY22: 22%), and Adjusted EBITDA loss of £0.6m (HY22: loss of £1.8m). The Company announced it was awarded US$10m of contract in January 2023 for pipeline support and protection for a major subsea customer in the Middle East and a £5m contract awarded in May 2023 to design, manufacture and supply Cable Protection System Solution for delivery in 2024.

Water Intelligence 425p £91.5m (WATR.L)
A multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, announces its full, audited results for the year ended 31 December 2022. Revenues increased 31% to $71.3m (2021: $54.5m) as a result adjusted EBITDA increased by 20% to $12.4m (2021: $10.3m) and an increase to adjusted profit before tax by 12% to $7.8m (2021: $6.9m). The Company holds cash of $19.4m and cash net of debt and deferred acquisition payments of $(8.4)m. The Company has completed franchise acquisitions in Forth Worth and Midland Texas during the year and has acquired another franchise in Nashville Tennessee post period end.

21 June 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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