Small Cap Feast

25th April 2023

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Drumz plc has left AIM following a Reverse Take Over. Following Re-admission, the Directors intend to change the Company's name to Acuity RM Group plc. The name change and TIDM (ACRM.L) of the Company is expected to become effective on or around 2 May 2023.

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.

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

ADM Energy* 0.8p £2.4m (ADME.L)
The natural resources investing company, announces that Stefan Olivier and Claudio Coltellini have been appointed to the Board of Directors with Stefan Olivier joining as Chief Executive Officer and Claudio Coltellini as Non-executive Director. Manuel Lamboley, Non-executive Director, has resigned from the Board with immediate effect to pursue other opportunities. Mr Coltellini has invested in the U.S. oil and gas sector for approximately 15 years and is CEO of four private U.S. oil and gas companies focused on investment. Mr Olivier has extensive corporate broking and oil and gas experience including as co-founder of MX Oil plc (now ADM Energy plc). He was a founder and CEO at North American Petroleum plc from 2012 until 2017. He has been on the Board of several other public and private companies and brings years of experience of working in natural resources to the Board of the Company.

CAP-XX 2.7p £13.8m (CPX.L)
The manufacturer of ultra-thin prismatic, cylindrical, and Lithium-Ion supercapacitors, announces that its full line of high-performance supercaps is now available from global authorised distributor Digi-Key. Digi-Key now stocks CAP-XX's wide range of supercapacitors, including surface-mountable ultra-thin prismatics ranging from .035 to 2.4 farad, board-mountable small cylindricals ranging from 1 to 100 farad, screw terminal and weldable large cylindrical ranging from 650 to 5000 farad, and hybrid supercaps (Lithium-Ion capacitors). Digi-Key is a key resource for design engineers.

Corero Network Security 6.65p £33.2m (CNS.L)
A provider of Distributed Denial of Service (DDoS) protection solutions, announces its audited results for the year ended 31 December 2022. The Group generated revenues of $20.1m (2021: $20.9m). Annualised recurring revenues increased 13% to $14.4m (2022: $12.8m). Profit before tax decreased to $0.4m (2021: $1.4m) and profit after tax was $0.6m (2021: $1.5m), following a UK R&D tax credit of $0.2m (2021: $0.1m). As at 31 December 2022 cash at the bank was $5.6m (2021: $11.2m); with debt of $1.2m. During the period, 32 new customers were added and customer support contract renewal rate was 98%. The key focus for Corero in 2023 is to grow the sales pipeline and revenue. As announced by the Company on 13 April 2023, Q1 2023 has already seen significant orders from both new and existing customers.

DXS International* 4.25p £2.1m (AQSE:DXSP)
The digital clinical decision support company, announces that on Friday 14 April it received NHS Accreditation for the NHS IM1 Pairing Integration API which provides read and write access to GP patient data throughout the UK. This important achievement alleviates DXS’ dependency on using the existing commercial integrations provided by the three leading suppliers of primary care patient record systems in the UK. The development will also significantly enhance DXS’ ability to deliver its new ExpertCare Hypertension solution to users such as GPs, nurses and pharmacists throughout the UK, faster, better and more cost effectively.

Eckoh 39p £113.4m (ECK.L)
The provider of Customer Engagement Security Solutions, announces a trading update for the year ended 31 March 2023. Revenue and adjusted operating profit is expected to be significantly ahead of the prior year with revenues of approximately £39m (FY22 £31.8m) and adjusted operating profit of at least £7.6m (FY22 £5.2m), which is slightly ahead of market expectations. The Group also saw good cash generation with net cash of £5.7m at the end of the period (FY22 £2.8m), also ahead of market expectations. Progress was made in the key North America region with Security Solutions exit ARR up organically 34% to $15.9m (FY22 $11.9m), as a result of large contract wins, increased cross-selling and strong renewals in the region.

FireAngel Safety Technology Group 8.25p £14.9m (FA..L)
The developer and supplier of home safety products, provides a trading update. Trading in the year to date is in line with the Board's expectations with two particular exceptions which will not be recovered this year. Lower production than planned, has lead to restricted or intermittent supply to its end customers. Two significant contracts, one in the Company's UK Utilities Division and one in the International Division, were originally expected to contribute to Q1 2023. However, only one of them (a 3 year contract with British Gas Services Limited, announced on 31 March 2023) has been secured to date, which will commence deliveries during Q2 2023, leading to lower revenues than forecast for the year ending 31 December 2023. The Board now expects the Group's EBITDA for FY2023 to be materially below market expectations. The other significant contract is expected to be signed shortly.

hVIVO 16.75p £113.7m (HVO.L)
The specialist contract research organisation infectious and respiratory disease products tester using human challenge clinical trials, announces its audited results for the 12 months ended 31 December 2022. Revenue grew 30% to £50.7m (2021: £39.0m) and EBITDA increased threefold to £9.1m (2021: £2.9m). Contracted orderbook increased by 65% to £76m as at 31 December 2022 (2021: £46m). Cash and cash equivalents of £28.4m as at 31 December 2022 (2021: £15.7m), will result in a one-off special dividend of c.£3m, being 0.45p per share. hVIVO's updates on non-core assets: PrEP Biopharm (62.62% holding) has decided to commence the process of a solvent liquidation, hVIVO will write down its 49% holding in Imutex Limited, the impairment reflects a write down from £7m to nil as at 31 December 2022 and spin out Disease in Motion will postpone all current activities to pursue other growth opportunities aligned with the Company. The Company is targeting 2023 EBITDA margin in the mid-to-high teens and revenue guidance for 2023 of £55m.

N4 Pharma 2.2p £5.1m (N4P.L)
The pharmaceutical company developing Nuvec®, a novel delivery system for cancer treatments and vaccines, provides a further update on its ongoing in vitro siRNA research work. Further to the announcement on 18 April 2023, the Company has now completed work on establishing assays to measure how Nuvec® loaded with BCL-2 siRNA can silence expression of the BCL-2 protein. The Company can now proceed to generate a dose response curve for knockdown of BCL-2 expression to compliment the one already generated for EGFR (epidermal growth factor receptor). Further in vitro studies have demonstrated that the maximum inhibition of cell growth by SiRNA to either EGFR or BCL-2 loaded on Nuvec® was comparable to that produced by two commercially available small molecule drugs, Gefitinib for EGFR and Venetoclax for BCL-2. The next step in the in vitro research work is to undertake a full dose response curve study for siRNA loaded Nuvec® and compare to the dose response curve for Gefitinib and Venetoclax.

Northcoders Group 320p £25.6m (CODE.L)
An independent provider of training programmes for software coding, announces its final results for the year ended 31 December 2022. Revenue grew 86% to £5.6m from £3m in FY21. Adjusted EBITDA increased 152% to £0.9m, ahead of market expectations (FY21: £0.4m). The Company reported a profit before tax of £0.3m (FY21: Loss of £0.5m). Throughout the period applications more than doubled to 8,470, headcount increased to 101 to satisfy demand and the company worked with major corporate partners including Rolls Royce, Disney, BBC, KPMG and Sage. Trading to date is in-line with management expectations, with revenue visibility of £6.1m (end of Q1-23), and approximately 64% of revenue target achieved for full year.

Technology Minerals 2.52p £37.2m (TM1.L)
The UK company focused on creating a sustainable circular economy for battery metals, announces that its 48.25% owned battery recycling business, Recyclus Group Ltd, has received final clearance from the Environment Agency (EA) to commence full operations at its lithium-ion (Li-ion) battery recycling plant in Wolverhampton, West Midlands. Recyclus has also been awarded Approved Battery Treatment Operator (ABTO) status by the EA, allowing it to commence recycling operations immediately, with on-site treatment and processing of spent Li-ion batteries. The approval from the EA for the Wolverhampton plant is a major milestone for Recyclus, making it the first industrial scale plant in the UK with the capability to recycle Li-ion batteries. Following commencement of operations, Recyclus anticipates the receipt of gate fees for collection and storage of Li-ion batteries, and from the sale of black mass.

25 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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