Small Cap Feast

2nd August 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market.

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Breakfast Buffet

AMTE Power 9.5p £3.5m (AMTE.L)
A UK developer and manufacturer of battery cells for specialist markets, announces that Kevin Brundish, Executive Director, will be transitioning to the role of Non-Executive Director of AMTE Power with immediate effect. In his new role Kevin will continue to provide the Board with advice and guidance.

Blancco Technology Group 219p £165.8m (BLTG.L)
The industry standard in data erasure and mobile lifecycle solutions announces that the boards of Bidco and Blancco have reached agreement on the terms of a recommended all cash offer made by Bidco for the entire issue and to be issued share capital of Blancco. Under the terms of the Offer, each Blancco Shareholder will receive 223 pence in cash for each Blancco Share held, representing a premium of 24.6% to the closing price of 179 pence on the 1 August 2023. The Cash Consideration will be financed by a combination of equity and committed debt funding. Bidco believes that the Acquisition represents an attractive opportunity in sustainability and e-waste reductions due to Blancco's: (i) reputation in the market (ii) opportunity to accelerate organic growth as well as pursue strategic investments; and (iii) ability to execute its longer-term strategy without the demands of a public listing.

CAP-XX 1.5p £10.7m (CPX.L)
A Company focusing on the design and manufacture of thin, prismatic supercapacitors and energy management systems, announces a pre-close trading update in respect of the financial year ended 30 June 2023. Revenue is expected to be A$4m and adjusted EBITDA is expected to be (A$1.2m) after excluding A$2.2m in exceptional items relating to legal expenses and provisions for patent protection. Year-end cash reserves of A$2.6m including the proceeds of the capital raise which took place in May 2023. The Board looks forward to the 2023/24 financial year with confidence.

Chariot Oil & Gas 14.97p £144.3m (CHAR.L)
The Africa-focused transitional energy group, Mohammed VI Polytechnic University (UM6P) and Oort Energy Limited (Oort), have signed further Partnership Agreements to extend their collaboration, as previously announced in November 2022, to test the production of green hydrogen in Morocco. The pilot 'proof of concept' project will utilise a 1MW polymer electrolyte membrane electrolyser system, patented by Oort and it is intended that this project will be hosted at UM6P's Research and Development facility in OCP Jorf Lasfar, Morocco. The partnership will concurrently develop education and capacity building at UM6P to support the growth of a green hydrogen economy.

CyanConnode Holdings 15.25p £41.5m (CYAN.L)
A company focusing on Narrowband Radio Frequency (RF) Smart Mesh Networks, announces the receipt of an order for 300k Omnimesh Modules from Dakshin Gujarat Smart Metering Private Limited, a subsidiary of IntelliSmart Infrastructure Private Limited (IntelliSmart). This is the second order received under a strategic framework agreement for 3m modules and to date, 900k modules have been ordered. The supply of Omnimesh Modules for this project is expected to commence during Q3 FY 2024, and the deployment will be completed within 27 months. A support and maintenance contract will be in effect for a period of seven and a half years after the go-live stage.

Gamma Communications £10.93 £1061.9m (GAMA.L)
A provider of Unified Communications as a Service (UCaaS) to the business markets in the UK and Europe, announces a trading update for the six months ended 30 June 2023. The Group performed well with all business segments contributing to healthy year-on-year adjusted EBITDA growth and high group operating cash conversion. Europe delivered healthy adjusted EBITDA growth and results were further bolstered by foreign exchange movements. Growth was primarily driven by their UCaaS portfolio, which includes Horizon Cloud PBX solution as well as those SIP trunks supporting Microsoft Teams implementations and other non-Gamma Cloud PBX solutions. Closing net cash at the half year was approximately £121.5m and management expects EBITDA and adjusted EPA for the year will be within the range of market forecasts.

GreenRoc Mining 3.8p £5.1m (GROC.L)
The company focused on the development of critical mineral projects in Greenland, announces that it has raised gross proceeds of £470k by way of a placing of 12,368,422 new ordinary shares at a price of 3.8 pence. The Placing price represents a marginal 1.3% premium to the closing price on 1 August 2023 of 3.75 pence. The net proceeds will be put towards finalisation of the preliminary economic assessment (PEA) of the Amitsoq project, laboratory preparation of different graphite product samples as requested by a potential offtaking company, ongoing work including field sampling and to support further commercial negotiations with potential offtake and financial partners.

Oxford BioDynamics 11.45p £16.8m (OBD.L)
A biotechnology company developing precision medicine tests based on the EpiSwitch® 3D genomics platform, announces that it has successfully raised gross proceeds of £5.6m through a placing of new ordinary shares at an issue price of 11p per new Ordinary Share. The issue price represents a marginal premium of 3.77% to the closing price of 10.6 pence on 1 August 2023. In addition, retail investors were able to participate via the PrimaryBid platform. The results of the fundraise will support the Company for its working capital purposes.

React Group 1.6p £16.9m (REAT.L)
The specialist cleaning, hygiene, and decontamination company announces it has been awarded a contract with a new customer to provide cleaning services to five shopping centres in the West Midlands. The agreement is for an initial three years, worth approximately £1.8m, with an option to extend for an additional two years. The contract will commence immediately and the value of work in the current financial year, ending 30 September 2023, is estimated to be approximately £100k.

Vast Resources 0.33p £11.3m (VAST.L)
The mining company with assets in Romania announces its Q2 production report at its Baita Plai Polymetallic Mine. The Company achieved operational breakeven at Baita Plai in June 2023. The increase in production in June was due to the opening of sub level 5 which allows mining on multiple fronts. 14 WMT of concentrate was produced with a content of 21% copper. 55% of this production took place in June as a result of preparations made in April & May. As announced on 17 July 2023 the Company has received initial positive results from Phase 1 of an extensive exploration programme which has confirmed the potential to extend the mining area and establish a revised JORC compliant Mineral Resource.

2 August 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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