Small Cap Feast

28th June 2023

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What’s Cooking In The IPO Kitchen?

Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience.

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

Beowulf Mining 1.78p £20.5m (BEM.L)
The mining company with main activities in exploration and development in Sweden, Finland and Kosovo announces the appointment of Ed Bowie as the Company's new CEO. He will also be appointed to the Board. Ed Bowie holds an MA Honours Degree in Geology from Oxford University and an MSc from Imperial College in London. He has worked for nearly 30 years in the international mining industry, primarily focused on strategic evaluations of mining and mineral projects, business development, raising capital, M&A and fund management.

Bluejay Mining 1.8p £19.1m (JAY.L)
The exploration and development company with projects in Greenland and Finland, announces that it has raised gross proceeds of £1.3m through Shares at a price of 1.75p per share. The Placing price illustrates a discount of 17% to the closing price of 2.105p on 27 June 2023. The funds raised will be focussed on the Company's 100% owned Hammaslahti copper-zinc-silver-gold project in eastern Finland where the Company completed Phase 1 of a diamond drilling programme last week. The Company aim to prospect a further 1,000 metres of drilling to be carried out in August 2023.

DX Group 30.5p £184.5m (DX..L)
The provider of delivery solutions, including parcel freight, secure courier, and logistics services, announces a further £3m investment in new electric vehicles, to be used exclusively for the Group's delivery and logistics partnership with IKEA. This new investment will be used to add 53 new electric vans to the fleet. It follows the launch of an initial tranche of electric vans for IKEA in August 2022, and adds to the existing £750k of investment in the IKEA-dedicated electric fleet. DX is in the process of increasing the overall number of electric vehicles within its fleet, particularly for deliveries in Central London.

Global Connectivity* 1.1p £4.89m (AQSE:GCON)
A provider of broadband services to rural areas of the UK through its investment in Rural Broadband Holdings Solutions Limited, announces its Final Results for the year ended 31 December 2022. Since completion of its transaction with Tiger Infrastructure Partners, Global Connectivity has been in a period of transition as its subsidiaries are now owned by Rural Broadband Solutions Holdings Ltd (RBSHL) in which the Company owns a 15% stake. Net assets for the Company were up by £0.4m to £5.03m as a result of the reversal of the impairment of the intercompany loan with Secure Web Services Limited (SWS) and a significant reduction in running costs. Current cash for the Company is c.£75k, although running costs have reduced significantly and the directors expect £0.55m to be received from SWS in repayment of the intercompany loan over the next 18 months.

hVIVO 14.75p £100.1m (HVO.L)
A growing specialist contract research organisation and world leader in testing infectious and respiratory disease products using human challenge clinical trials, is developing a human metapneumovirus (hMPV) challenge model. The Company has signed an agreement with a North American biopharmaceutical company to manufacture a hMPV virus and conduct a characterisation study, with the intent to conduct a subsequent hMPV challenge trial in 2024 to test the efficacy of its vaccine candidate. hVIVO will commence Good Manufacturing Practice compliant virus manufacturing activities immediately and this is expected to complete in H1 2024. The Company will then conduct a characterisation study to identify a safe and infectious dose of wild-type hMPV in up to 36 healthy adult volunteers. The majority of the revenue from this end-to-end human challenge service will be recognised in 2024.

Invinity Energy Systems 42.5p £81.2m (IES.L)
A manufacturer of utility-grade energy storage, announces its full year results for the year ended 31 December 2022. Total income increased 13% to £3.6m (2021: £3.2m) as a result loss from operations reduced by 12% to £19.0m (2021: £21.3m). The Company holds cash of £5.1m. Post Period the Company completed a £23m fundraise (March 2023) including securing a £2.5m strategic investment from Taiwanese technology group Everbrite. Further discussions with a number of potential strategic partners are ongoing.

One Media iP Group 5.1p £11.3m (OMIP.L)
The digital media content owner and manager which specialises in the active monetisation of music and video intellectual property rights, announces its unaudited interim results for the six months ended 30 April 2023. 15% increase in revenue to £2.7m (H1 2022: £2.4m), of which £2.5m was generated from intellectual property royalties driven largely by organic growth. EBITDA of £0.8m (H1 2022: £1.0m) reduced due to allocation of resources to TCAT in line with Group strategy yet net margin maintained at 67% (H1 2022: 67%). The Company holds cash balance of £2.2m. The Company is seeing continued growth and expansion of TCAT client base, with internationally recognised songwriters, two majors and several independents.

OptiBiotix Health 6.25p £5.7m (OPTI.L)
A life sciences business developing compounds to tackle obesity, high cholesterol, diabetes and skin care announces its audited results for the 12 months ended 31 December 2022. The Company announced admission of ProBiotix Health plc to the AQSE Growth Market on 31 March 2022 raising £2.5m and launch of LeanBiome® in The Hut Groups (THG) impact lean product range. The Company has received regulatory approval by the Saudi Food & Drug Authority (SFDA) for the sale by our exclusive distributor Nahdi Medical Co (Nahdi) of GoFigure® shakes and bars containing SlimBiome® and subsequent launch in January 2023. The Group is seeing new orders from both THG and Holland & Barrett in the UK and anticipates further international listings on Amazon throughout 2023.

Prospex Energy 7.75p £22.1m (PXEN.L)
The investment company focused on European gas and power projects, announces that the final safety checks conducted by UNMIG and the local Fire Department on the gas facility at the Selva field in the Po Valley region of northern Italy have been successfully completed. Additionally, the Italian Energy Ministry, The Ministry of Environment and Energy Security has issued formal documentation, enabling the commencement of production from the Podere Maiar-1 (PM-1) gas facility at the Selva field. A slickline unit has been mobilised to the well site and has commenced the necessary activities to allow gas production to commence.

UK Oil & Gas Investments 0.056p £11.7m (UKOG.L)
A UK-based oil and gas exploration and production company announces that it has secured a £3m committed funding facility with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. The funds will fully fund working capital necessary to progress the Company's key planned activities over the next 12 months, which include: further testing of Pinarova-1 and further drilling preparations/studies in Turkey, discharge of planning conditions and preparations for site construction at Loxley gas discovery, plus a potential farmout to cover the planned appraisal and development programme, Horse Hill field: water reinjection work-over, preparations for 3D seismic acquisition and drilling Horse Hill-3 under the previously announced farmout to Pennpetro and Planning application work and conceptual engineering studies in Portland hydrogen Storage.

28 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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