Small Cap Feast

26th 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

Andrada Mining 8.45p £130.0m (ATM.L)
The African technology metals mining company with a portfolio of mining and exploration assets in Namibia provides the unaudited operational update for the Company for its first quarter for the period ended 31 May 2023 (Q1 2024). The Company mentions a 50% year-on-year increase in tin concentrate to 359 tonnes (Q1 2023: 239 tonnes) and a 42% YoY increase in contained tin metal to 216 tonnes (Q1 2023: 152 tonnes). Andrada is exploring early lithium revenues during the second half of the 2023 calendar year through petalite production from the pilot plant at Uis.

Cake Box Holdings 136.5p £54.6m (CBOX.L)
The retailer of fresh cream cakes announces its audited full year results for the twelve months ended 31 March 2023. Revenue marginally increased by 5.6% to £34.8m (FY2022: £33.0m) and as a result gross profit also increased to £17.2m (FY2022: £15.8m). Adjusted EBITDA of £6.7m (FY2022: £8.0m), a reduction of 16.9% and the Company holds cash of £7.4m. The company opened 20 new franchise stores in the year (2022: 31) with further expansion of their supermarket kiosk offering now with 18 supermarkets. The Company have increased their investment in marketing to grow awareness and is optimistic about its future prospects.

CPP Group 188.5p £16.7m (CPP.L)
A provider of real-time assistance products and resolution services which reduce disruptions to everyday life for customers across the world provides an update on new business wins for Blink Parametric (Blink) the Group's InsurTech business. Blink has launched its Flight Delay service in the US, the world's largest travel insurance market, with Awaycare, and Travel Insured International (TII). In the UK, Blink has launched its Flight Delay solution with GetCover.com, and within the Italian market Blink has partnered with the travel insurance provider in Italy, Europ Assistance. Blink continues to make progress with other regions.

Creo Medical Group 36.25p £127.2m (CREO.L)
The medical device company focused on the emerging field of surgical endoscopy announces that Dr Adolfo Parra-Blanco, from Nottingham University Hospital NHS Trust has become the first clinician to perform an upper Gastrointestinal (GI) tract Speedboat Inject case in Europe since clearance was gained last week. The Speedboad Inject is the first Energy multimodal instrument designed for flexible endoscopy that can deliver both advanced bipolar RF and microwave energy from a single device. A second doctor is now also trained to use Speedboat Inject in Nottingham.

Dewhurst Group £10.55 £64.7m (DWHT.L)
The global manufacturer and supplier of quality components to the lift, transport and keypad industries announces its interim results for the 6 months ended 31 March 2023. Group revenue increased by 12% to £30.4m (2022: £27.1m) and operating profit increased 4% to £4.0m (2022: £3.8m), while profit before tax increased 8% to £4.0m (2022: £3.7m). The Group has cash of £22.6m (2022: £19.9m). The Group’s Lift Division sales grew in most regions, led by a strong performance in Canada and the USA.

MyHealthChecked 16.75p £8.7m (MHC.L)
The consumer home-testing healthcare company announces the proposed appointment of Amber Vodegel as a Non-Executive Director of the Company with effect 3 July 2023. Amber is the Founder and original Owner of Health and Parenting Ltd, a HealthTech company that created the Company's flagship application Pregnancy+ and brings experience in mobile app development and digital transformation for the health and FemTech space.

Oracle Power 0.1p £3.5m (ORCP.L)
A developer of energy projects announces a strategic Memorandum of Understanding with the Global Green Growth Institute (GGGI), an international organisation headquartered in Seoul, the Republic of Korea, to provide a general framework for cooperation and collaboration between the two Parties in support of the 2030 Agenda for Sustainable Development and Paris Climate Agreement. The MoU is valid for a five-year period, and in which GGGI will provide platforms and forums to Oracle for engaging with industry stakeholders, with the aim of facilitating development and financing its green energy projects.

Sareum Holdings* 132.5p £90.2m (SAR.L)
A clinical-stage biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces the first patent specifically relating to SDC-1801, its lead TYK2/JAK1 kinase inhibitor, has been granted in China. Further, a patent has been formally granted for SDC-1802 and several analogues in the United States, extending the scope of protection beyond immuno-oncology. The Company looks forward to strengthening its intellectual property in other territories.

SysGroup 34p £16.6m (SYS.L)
The multi award-winning technology solutions provider announces its audited final results for the period ended 31 March 2023. Revenue increased by 47% t0 £21.65m (2022: £14.75m), as a result gross profit also increased by 24% to £11.1m (2022: £8.92m). Adjusted EBITDA increased by 18% to £3.33m (2022: £2.82m) and the Company holds net debt of £1.32m (2022: £2.99m). The Company completed its acquisitions of Truststream Security Solutions Limited of £7.9m and Orchard Computers Limited of £1m in cash. The Board is confident in the midterm outlook for the Company.

Zephyr Energy 3.8p £64.1m (ZPHR.L)
The Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations announces its audited results for the year ended 31 December 2022. Revenues increased 585% to US$41.1m (2021: US$6m), and a profit before tax of US$22.6m (2021: US$1m). Net profit after tax of US$19.3m (2021: US$0.8m) and the Company holds cash of US$9.0m. The Company's key goals for 2023 are to move its project in the Paradox Basin, Utah, U.S. into full commercial production and the Board remain committed to delivering long term value.

26 June 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

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