Small Cap Feast

24th March 2023

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What’s Cooking In The IPO Kitchen?

Beacon Energy plc, intends to join the AIM market. In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m and will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected admission date is 11 April 2023.

Ocean Harvest Technology Group plc, a commercial scale producers of seaweed blend ingredients for the animal feed market intends to join AIM. The main country of operation is Vietnam where the Company's main production and processing facility is located. The Company is headquartered in Theale, UK with further operations in Galway, Ireland and Binh Duong Province, Vietnam. Expected Admission date 29th March 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.

Altona Rare Earths, a mining company focused on the development of a significant Rare Earth Elements (REE) mining project in Africa, announced its intention of withdrawing from the AQSE Growth Market to the Standard Segment of the Main Market. The Company has just raised £2m and plans to use the proceeds to complete its maiden JORC compliant Mineral Resource Estimate and a Scoping Study for its Monte Muambe Rare Earths mining project in northwest Mozambique. Admission Delayed. A further update will be provided once the date of Admission, currently expected to be towards the end of March 2023, is confirmed.

Fadel Partners, a developer of cloud-based brand compliance and rights and royalty management software in the media, entertainment, publishing, consumer brands and hi-tech/gaming sectors intends to join the AIM market. Fadel has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023.

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Anticipated market capitalization on admission is £12.75m. Expected admission 30 March 2023..


Breakfast Buffet

Caledonia Mining Corporation £11.45 £203.2m (CMCL.L)
The cash generative gold producer with primary asset in the Blanket Mine in Zimbabwe, announces that it proposes to raise a total of £10.5m. This consists of (1) approximately £8.1m by issuing common shares at £11.15 per placing share; (2) IH Securities (Private) Limited is undertaking on behalf of the Company a placing in Zimbabwe of Zimbabwe depositary receipts to raise approximately £2.4m. The net proceeds will strengthen the Company's balance sheet and provide working capital flexibility to accelerate planned work at the three new gold projects currently ongoing in Zimbabwe.

Ceres Power 336.1p £646.3m (CWR.L)
The global leader in fuel cell and electrochemical technology, announces its results for the year ended 31 December 2022. Revenue of £22.1m (2021: £30.8m) was in line with guidance. Gross profit was £13.1m (2021: £19.0m) at 59% gross margin (2021: 62%). Cash and short-term investments totalled £182.3m (2021: £249.6m). Investment increased by 67% to £58.4m (2021: £34.9m ), in line with strategy to expand into electrolysis for green hydrogen. The Company continues to work towards a move up to the Premium Listing on the Main Market of the London Stock Exchange.

Destiny Pharma 31.25p £29.5m (DEST.L)
The clinical stage biotech company focused on the development of novel medicines to prevent life threatening infections, announces the publication of landmark XF-73 clinical data in the US peer reviewed journal Infection Control & Hospital Epidemiology. XF-73 showed a 99.5% reduction in S. aureus bacterial nasal carriage, which is a clinically relevant reduction in nasal carriage. These positive results were achieved with just 3 doses of XF-73 nasal gel in the 24 hours before the surgical incision. XF-73 nasal gel is a potential game changer in the fight to reduce the risk of post-surgical infections from hospital superbugs.

Gemfields Group 17.25p £203.2m (GEM.L)
The responsible miner and marketer of coloured gemstones, operator and 75% owner of both the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique, announces its unaudited results for the year ended 31 December 2022. Revenues were USD341m, up 32% (2021: USD257.7m), EBITDA increased 25% to USD165.7m (2021: USD133.1m) and net profit increased 14% to USD74.2m (2021: USD64.9m). The Company continues to pursue global leadership in African emeralds, rubies and sapphires despite the inflationary environment and economic headwinds.

GreenRoc Mining 3.45p £4.6m (GROC.L)
The developer of critical mineral projects in Greenland, announces its audited results for the year ended 30 November 2022. Maiden Mineral Resource Estimate (MRE) of 8.28Mt at 19.75% graphitic carbon (C(g)) was declared for the Amitsoq Project in March 2022, Second phase drilling programme at Amitsoq Project completed in September 2022, with 19 holes drilled for a total of 2,844m, every hole intersecting significant graphite layers and drilling more than doubling the deposit footprint and returning high grades. MRE increased 3x post period end to 23.05 Mt at a grade of 20.41% C(g) for 4.71 Mt contained graphite. The Group is currently focusing on development work.

Holders Technology 76p £3.2m (HDT.L)
The supplier of specialty laminates and materials for printed circuit board manufacture (PCB) and operates as a Lighting and Wireless Control Solutions (LCS) provider, announces its audited results for the year ended 30 November 2022. Revenue decreased by c.33% to £8.3m (2021: £12.38m), operating profit reduced to a loss of £238k (2021: profit £323k), and profit after tax was a loss of £259k (2021: profit £695k). The PCB revenue dropped 66% in 2022. In 2023, the Company expects its PCB business to have continuing demand.

Jade Road Investments* 1.25p £4.0m (JADE.L)
The London quoted pan-Asian diversified investment vehicle focused on providing shareholders with attractive uncorrelated, risk-adjusted long-term returns announces that John Batchelor, Non-Executive Director, has resigned from the Board of Jade Road Investments with immediate effect. John Croft, Executive Chairman commented: "John Batchelor has played an important role in a critical time for the business and wishes the best of luck for future endeavours”.

Touchstone Exploration 61.5p £140.9m (TXP.L)
The Calgary, Alberta based company engaged in the acquisition of interests in petroleum and natural gas rights and the exploration, development and production of petroleum and natural gas, announces its results for the year ended December 31, 2022. Total revenue was US$28.3m, up 40%. However, the net loss was US$3.2m (compared to US$5.8m in net income in 2021), due to 40% increase in opex in 2022 and the boost from reversal of impairment by US$13.7m in 2021. The Company achieved initial natural gas production from Coho-1 well, which produced average net volumes of 5,729 Mcf/d (955 boe/d) in 4Q22 and contributed $1.14m of net natural gas sales.

Tribal Group 35.4p £75.1m (TRB.L)
The provider of software and services to the international education market, announces its preliminary results for the year ended 31 December 2022. Revenue increasing 2% to £83.6m (2021: £82.2m), annual recurring revenue remained flat at £51.2m (2021: £51.2m), as a result of a 10% growth in the Group's strategic products offset by declining revenues as anticipated, from non-core historic and schools' systems contracts. Adjusted EBITDA was £7.4m (2021: £16.8m). The Group has expanded into new geographies with the signing of a five-year SITS:Vision contract with the British University of Vietnam. Despite the setback in FY22, the Group remain confident in our ability to meet customer demand going forward.

Warpaint London 201.5p £154.7m (W7L.L)
The specialist supplier of colour cosmetics and owner of the W7 and Technic brands, provides trading update. The sales to 23 March 2023 were in excess of £16m (Q1 2022: £13.2m), with margins continuing to be robust. Accordingly, the outlook for FY 2023 is now expected to be ahead of the board's previous expectations. The Company continues to have a strong balance sheet with cash balances as at 23 March 2023 totalling £7.6m (31 December 2022: £5.8m) and no debt.

24 March 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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