Small Cap Feast

28th 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

Clontarf Energy 0.15p £6.7m (CLON.L)
The Ireland-based lithium, and oil & gas exploration and production company focused on South America and Africa, announce that it has elected to proceed with the NEXT-ChemX Bolivian joint venture, and therefore has executed the formal Contractual Partnership Agreement with NEXT-ChemX Corporation (NEXT-ChemX), which supersedes the 'Heads of Agreement' announced on 15 February 2023. The purpose of this 50:50 joint venture is to demonstrate the technical, commercial and environmental feasibility of NEXT-ChemX's ion-Targeting Direct lithium Extraction (iTDE) technology in Bolivia. The JV will hold exclusive rights to deploy and commercialise NEXT-ChemX's iTDE technology in Bolivia, and is governed by the laws of the State of Texas.

EKF Diagnostics 25.8p £117.4m (EKF.L)
The global diagnostics business announces its final results for the year ended 31 December 2022. Revenues of £66.6m were in-line with market expectations, up 17% excluding COVID-related activities. Loss before tax was £8.9m (2021: £21.4m profit) after exceptional transition and restructuring costs of £17.5m. Net cash (excluding IFRS 16 liabilities ) was £11.4m (31 December 2021: £19.6m). With continue cost reduction, restructuring and efficiency measures, the Board remains confident that the business performance in 2023 should remains in-line with management expectation.

essensys 56.5p £36.4m (ESYS.L)
The global provider of software and technology to the flexible workspace industry, announces its unaudited results for the six
months ended 31 January 2023 (H1 23). Revenues were £12.9m, up 18%, driven by strong growth in North
America. Adjusted EBITDA loss was £4.2m due to headcount increase and investment in the APAC region.
Net cash was £12.6m. Management continues to manage its cost base with the reorganisation announced in February 2023.
The Group continues to expect to meet FY23 market forecasts.

Journeo 160p £25.9m (JNEO.L)
The information systems and transport technical services group, announces two contract awards totalling £1.6m for passenger information systems in Wales. The two contracts will see displays attached to the new Welsh Bus Data Content Management System which was recently awarded to Journeo as announced on 8 March 2023. The first contract, valued at £1m, was awarded by the City of Cardiff for the installation of Journeo's latest TFT LCD in-shelter displays. The second contract, valued at £0.6m, is for Transport for Wales (TfW). Approximately £1m revenue is expected to be recognised this financial year, included in management's expectations of performance for FY2023.

Mortgage Advice Bureau 625p £356.4m (MAB1.L)
The mortgage broker announce its final results for the year ended 31 December 2022. Revenue was £230.8m, up 22%; statutory profit before tax was down by 25% to £17.4, due to higher administrative ratio. Cash and cash equivalents totalled £25.5m (£34.4m as of 31 December 2021). The company also raised loans of £23.4m in total in 2022. Adviser numbers at 24 March 2023 had decreased to 2,129 due to the shock to the mortgage market post the September 2022 mini-budget. Management expects adviser numbers will stabilise in Q2 2023 and then build gradually as business volumes improve. Current trading is in line with expectations.

One Heritage Group* 16.5p £6.4m (OHG.L)
The residential developer focused on the North of England, announces its results for the six months ended 31 December 2022 (H1 FY23). Revenue was £5.75m (H1 2022: £0.15m), driven mainly by the contributions from Lincoln House, Bolton, with 27 sales completions in the period. Loss before tax was £1.57m (H1 FY22: loss £0.53m), due to an impairment of £1.10m. Net debt was £17.73m (H2 FY22: £14.95m), an increase of £2.79m facilitating the completion of developments prior to legal completions. The company is on track to deliver strong revenue for FY23, driven by property sales with the practical completion of three development projects before 30 June 2023.

Physiomics* 4.15p £4.0m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions, announces its agreement with Beyond Blood Diagnostics Ltd (Beyond Blood) to analyse data generated during testing of its diagnostic platform using Physiomics' personalised dosing software. Beyond Blood is a seed-stage spin out from Imperial College London, which is developing a patented flow cytometry device to measure blood cell counts in very small blood volumes. Physiomics and Beyond Blood are also exploring joint grant applications and other ways to use Physiomics' software alongside Beyond Blood's devices.

SkinBioTherapeutics 12p £20.8m (SBTX.L)
The life sciences company focused on skin health, announces its unaudited consolidated results for the six months to 31 December 2022 (1H FY23). Revenues increased month on month and totalled £77k, up 250% (H1 FY22: £22k). The company made good progress with the commercialisation of probiotic food supplement, AxisBiotix-Ps™ in the UK. Post year end, health authority approval received for launch in Spain from 13 March; entry into other European markets, Italy and France, is anticipated during 2023. Cash as of 31 December 2022 was £766k (30 June 2022: £3.15m). The company raised £2.6m post period.

Team17 Group 407.5p £593.31m (TM17.L)
The global games label, creative partner, and developer of independent (indie) premium video games and educational entertainment apps for children and a leading working simulation games developer and publisher, announces its unaudited results for the year ended 31 December 2022. Revenue was £137.4m, up 52% and partly due to acquisitions. Profit before tax was £28.7m, down 1%. Cash and cash equivalents was £50.8m (2021: £55.3m) and debt free. Management seeks to continue to leverage the highly cash generative nature of the business to drive further organic growth and evaluate selective M&A targets.

TMT Investments* US$2.81 US$88.4m (TMT.L)
The venture capital company investing in high-growth technology companies, announces its final results for the year ended 31 December 2022. NAV was US$ 201.7m (down 28.7% from US$283.1m as of 31 December 2021), translating to NAV per share of US$6.41 (vs. US$9.00 as of 31 December 2021), primarily due to negative revaluations of Backblaze and Bolt. As of 27 March 2023, TMT had US$11.4m in net cash and cash equivalents (including US$2.9m in cash held with SVB). In 2022, TMT invested a total of US$9.6m across 9 new and existing companies. Management is taking an extremely cautious approach, to ride out the current market volatility.

28 March 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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