Small Cap Feast

27th 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

Allergy Therapeutics 6.25p £42.4m (AGY.L)
The integrated commercial biotechnology company specialising in allergy vaccines announces that the first application of VLP Peanut in peanut allergic patients has commenced with the Group's innovative, short-course peanut allergy vaccine candidate in the Phase I PROTECT trial. The first-in-human study is evaluating the safety and tolerability of VLP Peanut in healthy and peanut allergic adult subjects and exploring preliminary proof of efficacy. The Group’s novel virus-like particle (VLP) technology enhances the body's immune response by making the peanut allergen resemble an inactive virus.

Belvoir Group 168p £62.7m (BLV.L)
A UK multi-brand property franchise and financial services group announces its audited final results for the year ended 31 December 2022. Group revenue increased 14% to £33.7m (2021: 29.6m) with 12% attributable to acquired businesses, profit before tax was 2% lower at £9.1m (2021: £9.3m), but profit after tax was marginally ahead, and the Group’s year-end cash position of £3.2m (2021: £7.4m). The Group acquired Mr and Mrs Clarke a personal estate agency and the TIME Group for £0.05m and £4.5m respectively. The Group look to perform well against the market during 2023 and beyond.

Coro Energy 0.23p £5.9m (CORO.L)
The Southeast Asian energy company with a natural gas and clean energy portfolio announces that the Company has now signed the Sale and Purchase Agreement (SPA) for the disposal of its Italian natural gas assets to Zodiac Energy plc for a total consideration of up to EUR7.5m, including contingent payments of up to an aggregate of EUR1.5m through a 10% net profit interest in the Italian Portfolio over the three years. The disposal is fully in line with the Company's strategic objectives. Mark Hood has agreed to step down as a Non Executive Director of the Company.

Equals Group 89p £161.5m (EQLS.L)
The fast-growing payments group focused on the SME marketplace announces its final results for the year-ended 31 December 2022. Revenue increased by 58% to £69.7m (FY-2021: £44.1m), adjusted EBITDA increased 81% to £12.1m (FY-2021: £6.7m), and year-end cash increased 15% to £15.0m (FY-2021: £13.1m). Revenue in Q1-2023 up to 24 March 2023 reached £20.2m, up from £13.2m in the same period in 2022 and the Management expects trading to FY-2023 to be ahead of current expectations.

IQGEO Group 197.0p £121.2m (IQG.L)
A leading provider of geospatial productivity and collaboration software for the telecoms and utility industries announces its final audited results for the twelve months ended 31 December 2022. Revenue growth of 92% to £26.6m (2021: £13.8m), adjusted EBITDA profit of £1.9m (2021: £0.8m loss) and reduced loss for the year of £0.9m (2021: £1.9m). The Company further announced the acquisition of Comsof NV a provider of market leading automated fibre planning software to enable it to bring a European hub and around 80 customers in Europe, for a consideration of up to EUR13.0m. The Company remain confident to deliver on the targets for 2023 and beyond.

Jade Road Investments* 1.25p £4.0m (JADE.L)
The London quoted company focused on seeking the best risk-adjusted returns globally provides the following update regarding amendments to the services agreement between the Company and Harmony Capital Investors Limited (HCIL), its Investment Manager. According to the amended service agreement, HCIL will receive a fixed fee of US$350k, in place of the original fee arrangements whereby HCIL received an annual management fee of 1.75% of Net Asset Value and an annual incentive fee of 20% of any year-on-year increase in audited Net Asset Value subject to a high water mark and performance hurdle. HCIL’s appointment under these revised terms is for a fixed term of one year, capable of extension by mutual agreement between HCIL and the Company.

Oriole Resources 0.12p £3.3m (ORR.L)
The exploration company focussed on West Africa, provides an exploration update on the five Eastern CLP licences in Cameroon, which form part of its 90%-owned, district-scale Central Licence Package (CLP) project. The Company today reports that it has completed a ground-based geophysics programme over the main target at Mbe and is awaiting multi-element analysis. Mineralised veins within this corridor returned grades of up to 134.10 g/t Au, and grades of up to 10 g/t Au were returned from the altered host rocks and ground-based geophysics programme has been completed over the entire gold-anomalous zone. The Company is confident of success in the next stage of exploration.

RTC Group 16.5p £2.4m (RTC.L)
The recruitment business that focuses on white and blue-collar recruitment, providing temporary and permanent labour to a broad range of industries announces its audited results for the year ended 31 December 2022. Revenue decreased 7.46% to £71.9m (2021: £77.7m), EBITDA decreased 45% to £0.6m (2021: £1.1m), and net assets £6.2m (2021: £6.6m). RTC Group has a strong balance sheet and management and is cautiously optimistic for their financial performance.

Technology Minerals 0.97p £13.1m (TM1.L)
The UK company focused on creating a sustainable circular economy for battery metals announces that it has raised £2.5m from a new high net worth investor (Fundraising). The Fundraising consists of ordinary shares issued at 1p for a total consideration of £800k, and the issue of convertible loan notes to a value of £1.7m. The funds strengthen the Company’s position, supporting further work to enhance the value of its battery metals mining assets, capital requirements and operating costs to create a circular economy for battery metals.

Tortilla Mexican Grill 120p £46.4m (MEX.L)
The largest fast-casual Mexican restaurant group in the UK announces its annual results for the 52 weeks ended 1 January 2023. Revenue increased by 20.0% to £57.7m (FY21: £48.1m), driven by a 18 new site openings, and the adjusted EBITDA was £4.0m (FY21: £8.7m). Notably, FY21 included £3.9m of VAT benefit and net debt was £0.6m (FY21: net cash of £6.7m). The Group announced the strategic acquisition of Chilango in May 2022 which strengthened the Group's market position in London. The Group is trading in line with expectations.

27 March 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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