Small Cap Feast

2nd November 2023

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What’s Cooking In The IPO Kitchen?

Tekcapital announced intention to spin off and IPO on 2 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. AIM Admission delayed, expected mid-November.

Stranger Holdings announced 02 October 2023, a Company formed for the purpose of acquiring a business, project or assets announces a Proposed Acquisition of up to a 70% interest in the Henkries Uranium Deposit and Prospecting Right in the Republic of South Africa. The Company will acquire this indirect ownership via the acquisition of two intermediary holding companies, namely Mayflower Energy Metals Limited and Neo Uranium Africa Proprietary Limited. The Acquisition constitutes a Reverse Takeover under the Listing Rules since, in substance it results in a fundamental change in the business of the issuer. Trading in the Existing Ordinary Shares continues to be suspended. It is anticipated that Re-Admission and trading in the Company's Enlarged Share Capital will occur on or around 7 November 2023.

Breakfast Buffet

Active Energy Group 4.35p £7.0m (AEG.L)
A producer of sustainably-sourced, energy-dense clean carbon products and technologies announces the appointment of Kate Nga Nguyen as the Company's Managing Director of Southeast Asia. Kate will focus on the deployment and expansion of Active Energy's activities throughout Southeast Asia, including building commercial partnerships and establishing manufacturing centres in the region. As part of this strategy, the Company plans to open an office in Vietnam in 2024.

Clean Power Hydrogen 15.25p £40.9m (CPH2.L)
The UK-based green hydrogen technology and manufacturing Group that has developed the Membrane-Free Electrolyser (MFE) announces that it has run the entire MFE110 system, successfully producing separated hydrogen and oxygen gases at its expected capacity, witnessed by a third party customer. Final tests will commence following the re-evaluation and control rectification, and upon successful completion, the MFE110 will be shipped to Northern Ireland Water's site where it will undergo site validation, integration and commissioning before beginning commercial production of hydrogen and medical grade oxygen.

e-therapeutics 9.59p £56.0m (ETX.L)
A Company integrating computational power and biological data to discover life-transforming RNAi medicines announces a strategic collaboration with Arcturis Data Limited, a UK data company with a real-world data platform to integrate the integrate Arcturis' Real-World Evidence (RWE). RWE outputs will be analysed by e-therapeutics using HepNet, its artificial intelligence AI-driven algorithms. Under the terms of the agreement, e-therapeutics will have exclusive rights to nominate novel gene targets derived from the collaboration to prosecute genetic medicines using its GalOmic RNAi platform.

Ethernity Networks 4.35p £6.5m (ENET.L)
The supplier of data processing semiconductor technology for networking appliances announces that it has signed an extended license contract for $475k (Contract) with a Tier 1 US based military aerospace customer. This Contract is further to an advanced payment received in October 2023 of $80k from the Customer. Payments for the Contract are expected to be received during November and December 2023. As a result, the total anticipated revenue from the Customer during Q4 2023 is $555k. The revenue associated with this Contract, together with ongoing business, are expected to represent the main revenue contributors for the Company during Q4 2023.

Inspiration Healthcare Group 39p £26.6m (IHC.L)
The medical technology Company focusing on neonatal intensive care medical devices announces the launch of the SLE1500, a compact respiratory support system that provides non-invasive ventilation modes to meet the needs of the smallest and most vulnerable neonatal patients requiring respiratory support. The Company’s initial launch is focused on the UK and Australia regions, with other market introductions due to follow.

Sabien Technology Group 6.75p £1.5m (SNT.L)
The Company focused on a Green Aggregation Strategy announces the publication of the audited annual report and accounts for the year to 30 June 2023. Revenue for the year increased 62% to £1.10m (2022: £0.68m), as a result gross profit increased to £704k (2022: £448k). The operating loss reduced to £627k (2022: loss £888k) and the Company announced total loss after tax of £0.7m. The Company holds cash less current borrowings at 30 September 2023 of £0.31m (2022: £0.63m). Sabien's Green Aggregation Strategy has focussed primarily on two principal technology led initiatives. M2G, the existing Sabien CO2 mitigation device for commercial boilers, and the City Oil Field Inc. (COF) plastic to oil technology.

Shanta Gold 10.8p £113.6m (SHG.L)
The East Africa-focused gold producer, developer and explorer provides an exploration update for the West Kenya Project in Kenya. The 2023 drilling programmes re-commenced in May 2023 with the primary aim of converting Inferred Resources to Indicated Resources at the Isulu-Bushiangala and Ramula deposits. This update follows on from the news announced last year at West Kenya, where the Company upgraded resources at Isulu and Bushiangala to 1.29 Moz grading 10.60 g/t Au, of which 721,900 ounces grading 11.45 g/t Au was upgraded to the Indicated category. Meanwhile at Ramula, upgraded resources of 469,800 ounces (oz) grading 2.41 g/t Au, including 416,700 ounces grading 2.43 g/t were found.

Southern Energy Corp 15p £20.1m (SOUC.L)
A U.S.-focused, growth-oriented natural gas producer announces the results of the conditional Fundraising announced on 1 November 2023. New Common Shares have been conditionally placed at a price of 15.5 pence per new Common Share, raising gross proceeds of US$5.0m (£4.1m). The Placing Price represents a 16.2 per cent. discount to the closing price on 1 November 2023. The net proceeds from the Fundraising will be to fund the completion of up to four drilled and uncompleted (DUC) wells at a cost of approximately US$3m per well.

Verici Dx 6.75p £11.5m (VRCI.L)
A developer of advanced clinical diagnostics for organ transplant announces that it will present a poster on the successful international clinical validation study for Clarava, the Company's pre-transplant blood-based prognostic test for the risk of early acute kidney transplant rejection, at the American Society of Nephrology's annual conference, ASN Kidney Week, being held from 2-5 November 2023 in Philadelphia, PA. Clarava is the only pre-transplant test currently available that can risk stratify patients based on their likely immune response to a transplanted organ.

Zoo Digital Group 43.75p £42.8m (ZOO.L)
The provider of end-to-end cloud-based localisation and media services to the global entertainment industry announces the expansion of its operations in India with the launch of its new production facility in Chennai. The launch of a second multi-purpose facility in India, alongside Mumbai, is a strategic move to support the production of dubbing and other media localisation services in regional languages. This second facility will scale up capacity to more than double ZOO India's revenues in FY24, while catering to the region's wide array of languages and the diverse post-production needs of our clients.

2 November 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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