Small Cap Feast

27th October 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October.

MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission delayed, expected mid-November.

Breakfast Buffet

Altitude Group 39.5p £28.0m (ALT.L)
The end-to-end solutions provider for branded merchandise provides a trading update for the six months ended 30 September 2023. The Group's financial performance in HY24 is expected to demonstrate year on year growth, surpassing the figures from HY23 by over 50% on revenue and nearly 40% on adjusted operating profit. As of September 2023, the Adjacent Market Programmes awarded contracts have been successfully launched, on time and in multiple cities across the United States. Commercial trading within these spaces has commenced. Trading is in line with Board expectations.

Arc Minerals 3.75p £46.0m (ARCM.L)
A junior exploration company focused on exploring for base metals (principally copper) in Africa announces that the substantive regulatory conditions precedent with regards to its Joint Venture Agreement with a subsidiary of Anglo American plc as previously announced have been satisfied. Arc further announces that the parties have completed the subscription of shares in the joint venture company resulting in a 70% interest having been acquired by Anglo American and a 30% interest having been acquired by Unico Minerals Ltd, a 67% subsidiary of Arc Minerals Ltd. Arc confirms that drilling at one of the key joint venture licences has also commenced.

Arcontech 84.5p £11.3m (ARC.L)
The provider of products and services for real-time financial market data processing and trading announces the signing of a new Tier 1 bank client for its CityVision platform. The components include: MVCS (Multi-Vendor Contribution System); Arcontech Cache, and Excelerator. A multi-year agreement, with the initial deployment in New York, should see expansion to Europe and Asia.

Beowulf Mining 1.53p £17.6m (BEM.L)
A mining company with main activities in exploration and development in Sweden, Finland and Kosovo provides a comment on the Chinese government announcement dated 20 October 2023 with regards to the export controls on graphite products as from 1 December 2023. On 20 October 2023, China announced its decision to impose export controls on natural graphite and synthetic graphite. Grafintec Oy (Grafintec), Beowulf`s 100 per cent owned Finnish subsidiary, is currently establishing a facility for processing graphite, which will begin processing non-Chinese imported material with the aim to process Grafintec's own mined material in the future.

Bezant Resources 0.035p £2.7m (BZT.L)
The copper-gold exploration and development company announces the results of an updated Indicated and Inferred Mineral Resource Estimate for the Hope and Gorob copper project situated within EPL 5796 (Project) in Namibia. Resources are of Indicated and Inferred categories and include a Total Mineral Resource of 15m tonnes gross at 1.2 % Cu for 190 thousand tonnes of Cu estimated across the Hope, Gorob Vendome and Anomaly deposits and comprising total Indicated Resources of 1.24m tonnes at 1.6% Cu and 0.4 g/t Au at the Hope deposit and total Inferred Resources of approximately 14m tonnes at 1.2% Cu, including approximately 3m tonnes at 1.7% Cu and 0.4 g/t Au at Hope. The Mineral Resource Estimate identified significant potential for open pit extraction.

Cordel Group 3.95p £7.9m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics, announces it has been awarded a contracts to deliver a LiDAR-based solution in Mexico in partnership with Holland LP (Holland) and a further project with the National Transport Research Organisation (NTRO) in Australia, in partnership with Ricardo PLC. The contract customer is purchasing one of Holland's industry leading inspection vehicles with a permanently mounted Cordel LiDAR unit. The second contract win is an AUD$500k project for Level Crossing Safety Research.

Faron Pharmaceuticals 285p £188.8m (FARN.L)
A clinical stage biopharmaceutical company focusing on macrophage reprogramming for effective anticancer immunotherapies announces the Company has raised aggregate gross proceeds of approximately EUR 7.1m at the Issue Price of EUR 2.85 per Placing Share. The Issue Price represents a 14.8% discount to the close price on 26 October 2023. The Placing will be used to accelerate and expand the clinical development of the Company's main drug candidate, bexmarilimab. advance commercial scale production, to support general corporate purposes and other pipeline development, and to strengthen the Company's balance sheet.

Global Petroleum 0.073p £0.9m (GBP.L)
An oil and gas, upstream exploration company presently focused on Africa and the Mediterranean announces its financial results for the year ended 30 June 2023. Loss after tax US$1.3m (2022: loss US$1.6m) reflecting ongoing exploration expenditure in Namibia; Cash balance at year end US$356.4k (30 June 2022: US$1.2m) and the Company announced an equity raise of £250k in August 2023. The Company’s focus during has been on ongoing exploration work and the farm-out process in respect of Global's Namibian licence PEL0094. The Company continues to explore all strategic alternatives in order to preserve and maximise shareholder value.

Strix Group 56.6p £123.8m (KETL.L)
The Company focusing on the design, manufacture and supply of kettle safety controls and other complementary water temperature management components announces a corporate update. Strix announces that after over twelve years with the business, Raudres Wong, Chief Financial Officer (CFO) has advised the Board of her intention to retire as CFO, effective immediately. Mark Kirkland who is currently a non-executive director on the Strix Group Board is Interim CFO until a successful candidate is in place. Strix also announces that it has proactively engaged and agreed with its banking syndicate a leverage ratio covenant relaxation to 2.5x in September 2023 and will then revert to 2.25x as at December 2023.

Valereum 3.85p £3.72m (AQSE: VLRM)
The Gibraltar based technology group announces further appointments to the board. Patrick Lyle Young has re-joined the Company's board of directors with immediate effect. Formerly serving as an Executive Director, Mr Young will take the position of Chief Executive Officer. Additionally, announces that Peter Sekhon will also join the board as an Executive Director with immediate effect.

27 October 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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