Small Cap Feast

23rd 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

Acuity RM Group 8.75p £10.6m (ACRM.L)
An established provider of risk management services using its STREAM® software platform, which collects data about organisations to improve business decisions and management announces that Simon Marvell will retire as CEO of Acuity Risk Management Ltd, the Company’s wholly owned operating subsidiary, on 30 June. Kerry Chambers, the current COO of Acuity, has been selected as Simon’s successor and will be appointed as a director of the Company and the CEO of Acuity on 3 July 2023. Simon will continue as a non-executive director of Acuity and be engaged as a consultant to continue to provide advice and other inputs.

Atlantic Lithium 30.63p £186.6m (ALL.L)
The African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, confirms the appointments of Chief Executive Officer Keith Muller and Patrick Brindle to the Company's Board of Directors following the completion of regulatory due diligence, as announced on 1 June 2023. Mr Brindle currently serves as Executive Vice President & Chief Operating Officer at Piedmont Lithium Inc and joins the Board to take up the Non-Executive Director position available to Piedmont. Mr Muller was appointed as CEO of the Company on 16 May 2023, and has over 20 years of operational and leadership experience and a background in hard rock lithium mining and processing.

Audioboom Group 222.5p £36.4m (BOOM.L)
The global podcast company, provides an update on current trading. Operational KPIs of the Company have continued to demonstrate year-on-year growth, however, the advertising markets have remained challenging for longer than anticipated. As a result, the Company expects the revenue and adjusted EBITDA for the current financial year to be lower than previously anticipated. The Company continues to see good like-for-like revenue and KPI performance in the business (excluding the Morbid podcast which left the network in May 2022), and expect this to continue in the second half of the year. The expansion of the Audioboom creator network has continued in Q2 2023 with new partnerships launched with top tier podcasters including Real Ones with Jon Bernthal, Trading Secrets, and Once Upon A Crime. The Group holds cash of US$5.2m with a further US$1.8m available via an undrawn overdraft.

BSF Enterprise 13.13p £13.5m (BSFA.L)
The biotech company and owner of UK-based clinical and cellular agriculture company 3D Bio-Tissues, announces that cultivated meat has been approved for sale in the USA. Two cultivated meat companies, UPSIDE Foods, Inc. and Eat JUST, have been granted regulatory approval from the joint USDA and FDA framework to sell their cultivated chicken products to US consumers. As one of the biggest markets in the world, with some of the most exacting standards for food safety, this development in the USA substantially validates cultivated meat as a viable and safe alternative to conventional meat.

Fitronic 14.5p £31.2m (FTC.L)
The designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and critical communications markets, provides the a trading update for the financial year ended 31 May 2023 (FY2023). The Board expects to report FY2023 revenue of approximately £16.3m (FY2022: £17.1m) and adjusted EBITDA of approximately £1.3m (FY2022: £2.7m). Cash at bank on 31 May 2023 was £2.6m (30 November 2022: £3.0m). Demand for telecommunication infrastructure products increased steadily throughout the year with the opening of the newly licenced Indian market offsetting the abrupt closure of the Russian 5G rollout last year. Trading is in line with market expectations.

Guild Esports 0.68p £3.5m (GILD.L)
A teams organisation and lifestyle brand, announces that it has signed a one-year partnership deal with Secretlab, under which the global chair specialist company becomes the Official Gaming Chair Partner of the Sky Guild Gaming Centre. The terms of the deal are subject to commercial confidentiality. Secretlab will provide the Sky Guild Gaming Centre with its top-of-the-range gaming chairs for use by Guild's professional players as they compete in esports competitions.

Plant Health Care 9.43p £29.3m (PHC.L)
A provider of novel patent-protected biological products to global agricultural markets, announces that, further to its announcement on 22 June 2023 it has successfully raised £2.8m (approximately US$3.6m) before expenses through the issue of New Ordinary Shares, at an issue price of 9 pence per share. The additional funding will permit the Company to accelerate product launches over the coming months. Plant Health Care remain on track to achieve its target of $30m revenue in 2025, with the aim to be cash positive and profitable by the end of 2024.

SRT Marine Systems 51.2p £92.9m (SRT.L)
A provider of integrated maritime surveillance systems and digital navigation safety transceivers, announces a proposed fundraising of up to £3.95m through the issue of New Ordinary Shares at 50 pence share. The fundraising will include a placing to institutional and other investors and a separate Retail Offer at the issue price. The Issue Price represents a discount of approximately 13.79%. to the closing mid-market price of 58 pence on 22 June 2023. The Company intends to use the net proceeds of the fundraise to facilitate growth through provision of working capital for the Company's systems and transceivers divisions.

TruFin 65.5p £61.7m (TRU.L)
The holding company that focuses on growing Fintech and banking businesses that are niche lenders and early payment providers announce that, following the announcement on 22 June 2023, it has successfully raised gross proceeds of £7m at a price of 65 pence per share. The Issue Price of 65 pence represents a discount of 4.4% to the closing mid-market price on 21 June 202. As announced in the Launch Announcement, the Company also intends to raise up to approximately £1m pursuant to the Open Offer, on the basis of 1 Open Offer Share for every 61 Existing Ordinary Shares held on the Record Date at the Issue Price, to allow Shareholders, including those who are not participating in the Placing, to subscribe for new Ordinary Shares at the Issue Price. The Placing Proceeds will secure the franchise for Playstack as well as provide additional funding to the Group.

Zenith Energy 0.38p £8.7m (ZEN.L)
The international energy production and development company, announces that it has signed a Memorandum of Understanding (MOU) with the Ministry of Petroleum in the Republic of South Sudan. The MOU has the purpose of formalising certain negotiations currently underway for the acquisition and development of oil and gas production licences located in the Republic of South Sudan. The Company believe there is potential for commercially attractive opportunities in-country for Zenith to acquire and develop successfully.

23 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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