Small Cap Feast

2nd October 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 26 September: Mydecine Innovations Group, a biotech and life sciences company that is building an R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 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). The Company is looking to raise £10m - £15m on IPO and 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 to trading on AIM is expected to be 18 October.

Breakfast Buffet

City Pub Group 88.5p £92.6m (CPC.L)
The owner and operator of 52 premium pubs across Southern England and Wales, announces the completion of the acquisition of two additional pubs in London and in Oxford. (1) The Group has acquired a premium freehold investment which is currently operated as Simmons Bateman Street. The pub is in the heart of Soho and currently generates approximately c£260k per annum in rent. (2) The Plough, Oxford is a leasehold pub located on the Cornmarket, Oxford. The annual net turnover of the pub in 2022 was approximately £1.45m with estimated pub EBITDA of £350k. The Group will continue to look at further acquisitions in areas where it already has a presence.

CML Microsystems 435p £76.71m (CML.L)
The company that develops mixed-signal, RF and microwave semiconductors for global communications markets, announces that it has completed the acquisition of Microwave Technology, Inc. (MwT) headquartered in California. MwT is a Company focusing in the design, manufacturing and marketing of GaAs and GaN Based MMICs, Discrete Devices, and Hybrid Amplifier Products. MwT's unaudited US GAAP results for the year to 31 December 2022 recorded revenue of $6.5m and a pre-tax loss of $132k with net assets of circa $2.4m. The total consideration payable for the acquisition is $13.18m, of which $7.65m is payable in cash and $5.53m is payable in shares.

Corero Network Security 7.7p £38.5m (CNS.L)
The provider of distributed denial of service (DDos) protection solutions, announces a number of orders from both new and existing customers signed during Q3 2023 for its SmartWall® DDoS protection solutions for a total of approximately $2m over the course of the contracts. These orders are summarised as below: (i) New customer: a US-based provider of communication technologies and services; (ii) Contract expansion: a North America regional provider of internet and phone services; (iii) Contract expansion: a service provider delivering data and communication services across the Caribbean, Central America, and Asia Pacific; (iv) New customer: a communication service provider within the Southern Asian region.

ECR Minerals 0.29p £3.4m (ECR.L)
The exploration and development company focused on gold in Australia, announces an extension to its option to acquire Placer Gold Pty Limited, the owner of the Hurricane Project, as well as the latest exploration developments at the project. The Hurricane Project is located approximately 200km west of Cairns in North Queensland, Australia. The 4-week extension of deadline to exercise the option to 26 October 2023 allows ECR further time to analyse and review the project. Best results include a gold equivalent of 31.3 g/t Au and 30.13 g/t Au (Holmes). 28 of the results have gold values greater than 2 g/t Au. All samples from outcrop.

One Heritage Group* 20.5p £7.9m (OHG.L)
The UK-based residential developer, development manager and property manager focused on the North of England, confirmed on 29 September 2023 that the completion of the remaining fifteen units of Lincoln House, Bolton, has now taken place ahead of the updated deadline of 09 October 2023. The funds have been received in full, including an interest payment that the buyer had to pay. This follows the RNS on 24 August 2023 regarding the delays with the completion of the sale of fifteen units. On the 15 September 2023 a further announcement was made that notices to complete expired on 14 September 2023 and the company expected to enter into an agreement with the buyer to allow an extension of time of 21 days. The Company looks forward to updating all shareholders on the Full Year Results in Q4 2023.

Proteome Sciences 6.7p £19.6m (PRM.L)
The provider of CRO outsourced services to quantitate proteins and peptides in complex solid and fluid biological samples, announce the launch of SysQuant® SCP, the commercial service for single cell proteomics using the power of its TMTpro™ isobaric labelling reagents. Where more traditional approaches can measure a few 10s of proteins on each cell using antibody labelling, SysQuant® SCP can identify more than 1,000 proteins in each study of 576 single cells and provides novel insights into individual cell biology and heterogeneity. The launch of SysQuant® SCP is part of the Company’s growth strategy along with the opening of a US facility in San Diego.

Quadrise 0.78p £12.1m (QED.L)
The supplier of MSAR® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, announces its audited final results for the year ended 30 June 2023. Loss after tax was £3.1m (1H22: £2.6m), of which of £1.7m (1H22: £1.5m) is attributable to production and development costs and £1.3m (1H22: £1.4m) relates to administrative and corporate expenses. Cash balances as at 30 June 2023 was £1.3m. An additional £1.94m (gross) was raised in July 2023. Agreements covering our commercial vessel trial with MSC and other stakeholders are expected to be signed in Q4 2023, with the trial itself planned to commence in Q1 2024.

Scirocco Energy 0.5p £4.5m (SCIR.L)
An investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces an update on the Ruvuma transaction. The divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks. According to the RNS on 3 August, 2023, the total consideration of up to US$16m.

Southern Energy 20p £28.3m (SOUC.L)
The natural gas exploration and production company, announce the execution of the fifth amendment (Fifth Amendment) to the existing senior secured term loan (Credit Facility). The Fifth Amendment includes the extension of the Tranche B availability to August 31, 2025, and a US$2.0m increase to the Tranche B commitment for a total Tranche B commitment of US$31.5m. Southern will have approximately US$11.5m of capacity remaining on the Credit Facility upon execution of the Fifth Amendment with a current outstanding balance of approximately US$17.6m. The amendment also extends the principal amortisation period by an additional twelve months while maintaining the existing 12% per annum coupon.

Thruvision Group 24.5p £36.1m (THRU.L)
The provider of walk-through security technology, publishes a trading update for the six months to 30 September 2023 (H1 FY24). Revenue grew by an estimated 27% to approximately £3.5m (H1 FY23: £2.8m) with an order backlog at 30 September of £1.0m expected to be delivered early in the third quarter. Cash at 30 September 2023 was £2.3m (30 September 2022: £1.1m) and trade receivables were £2.7m (30 September 2022: £3.3m). The Company expects that the second half will demonstrate good revenue growth over the first and will be based on a more diversified range of customers.

2 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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