Small Cap Feast

31st July 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
 
Dish Of The Day:

Joiners: 
Metals One (MET1.L) joins AIM. The Company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper has raised £2.2m at 5p per Ordinary Share.

Leavers: 
Bonhill Group (BONH.L) has left AIM.




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

Byotrol 1.9p £8.6m (BYOT.L)
The specialist infection prevention and control company announces its audited results for the year ended 31 March 2023. Revenue decreased to £4.6m (2022: £6.3m), comprising £4.3m in product sales (2022: £5.2m) and £0.3m (2022: £1.1m) in IP sales. Gross margin on products improved from 37% to 43%, although gross pre-exceptional charges fell to £2.1m (2022: £3.0m) and the adjusted EBITDA loss was £0.7m (2022: profit £0.04m), in line with market expectations. The cash at the year end was £0.7m. The Board remains very engaged and highly confident in the Company's positioning and in its financial prospects, and looks forward to a year of significant progress and a return to profitability.

EQTEC 1.158p £18.2m (EQT.L)
The technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation, announces the successful completion of steam-oxygen gasification tests carried out in partnership with the Energy from Biomass and Wastes (ERBE) team, as part of feasibility work on the Biogaz Gardanne project awarded to the Company in March 2023 by the Préfet de la Région Provence-Alpes-Côte-d'Azur in France. The Tests confirmed that similar results to those achieved with EQTEC steam-oxygen gasification technology at the LERMAB facility can be directly applied at commercial scale, for the Project and other plants seeking to produce advanced biofuels. Additionally, the tests validated the responsiveness of EQTEC's proprietary control systems over the process, testing changes to process parameters and quick response of the gasifier reactions to create stable processing through management of temperature, pressure and other factors to optimise gas composition.


Ingenta 119p £17.3m (ING.L)
The provider of software and services to the global publishing industry, confirms that trading in the six month period to 30 June 2023 has shown continued growth in revenue and profits compared to the prior period. The Group expects to report revenue of approximately £5.7m (2022: £5.3m) and adjusted EBITDA of approximately £1.6m (2022: £1.3m). Closing cash balances as at 30 June 2023 were £2.6m (2022: £4.4m). The comparative cash reduction is due to the £2.2m tender offer completed in November 2022 to repurchase 1,796,484 Ordinary shares. Reflecting on the Group's normal trading seasonality, the Board remains confident in the outlook for the year, and year end results will be in line with market expectations.

National World 19p £50.9m (NWOR.L)
The Company involved in news publishing, the digital media sector, and associated complementary technologies, announces its half year results for the 26 weeks ended 1 July 2023. (Adjusted results reported below are before non-recurring items, amortisation of intangible assets and impact of IFRS 16.) Total Revenue was down 4% to £41.6m, with a flat year-on-year performance in Q2, following an 8% decline in Q1. Digital revenue remains robust, with a 9% increase year-on-year to £8.9m and average monthly page views have increased 21%. Adjusted EBITDA of £3.1m, down 47% (H1 2022: £5.9m) and adjusted operating profit is £2.9m (H1 2022: £5.7m), contributing factors being the downturn in advertising and investment in new brands. Throughout the period, the Group completed five acquisitions for a total consideration of £3m. Closing cash balance of £22.1m at 1 July 2023, with outstanding debt of £1.0m.


Panthera Resources 7.63p £11.8m (PAT.L)
The gold exploration and development company with assets in West Africa and India, provides an update on Indo Gold Pty Ltd's conditional Arbitration Funding Agreement for up to US$10.5m in litigation financing with LCM Funding SG Pty Ltd (LCM), as originally announced by the Company on 28 February 2023. The Company announces that it has agreed to a further extension to the LCM Due Diligence period to 11 August 2023. It was previously announced, that the Company had agreed to an extension to 28 July 2023. The Company and LCM are now in the final stages. Following the successful completion of the LCM Due Diligence, the parties can then move to complete a Funding Confirmation Notice.


Polarean Imaging 21p £46m (POLX.L)
The commercial-stage medical device leader in advanced MRI scanning of the lungs, announces it has upgraded the University of Missouri Health Care (MU Health Care) Department of Radiology's polariser system to a clinical configuration, and has delivered a gas blend cylinder for the production of XENOVIEW. MU Health Care’s Department of Radiology expects to begin scanning of hospital clinic patients imminently. XENOVIEW expands the opportunity to visualise lung ventilation without exposing patients to ionising radiation and its associated risks. The dose of XENOVIEW, created through the Polarean HPX hyperpolarisation system, is administered in a single 10 to 15 second breath-hold MRI procedure. XENOVIEW can provide pulmonologists, surgeons, and other respiratory specialists with regional maps of ventilation in their patients’ lungs to assist them in managing their disease.


RBG Holdings 18.25p £17.4m (RBGP.L)
The legal and professional services group, announces that Ian Rosenblatt OBE has agreed to join the Board as an Executive Director. He will be Vice Chair of the Board with a focus on strategy. Ian founded the law firm Rosenblatt in 1989 and was its Senior Partner until 2016. He is both the Group's largest shareholder and individual revenue generator. Further to his appointment, Ian has agreed to an extension to his restrictive covenants which expired in May of the current financial year. In consideration of this arrangement, Mr Rosenblatt will be paid a total of £2.5m in monthly instalments over the five-year period of the restrictive covenants. There are no other changes to his compensation arrangements.


Tekcapital 9.98p £17.8m (TEK.L)
The UK intellectual property investment group provides a commercial update from Microsalt Ltd. which has continued its sales expansion of its SaltMe! brand of crisps with two new business partners in the Philippines, the Heathy Options Chain and S&R Membership Shopping stores. Both partners approached MicroSalt about its low sodium products and have placed sizeable first orders and have expressed a strong expectation of future orders. Healthy Options has 33 brick and mortar stores and a successful online business. S&R Membership Shopping is a membership-based store chain with 22 warehouse branches and 51 quick-serve restaurants, and presents the opportunity for substantial penetration into the Philippines through their diverse business.


Tertiary Minerals 0.11p £2.2m (TYM.L)
The Company involved in the identification, acquisition, exploration and development of mineral deposits in Nevada, the USA, and Northern Europe, advises that the necessary permissions have now been received from the Forest Department in Zambia to carry out the Company's proposed soil sampling programmes in the forest areas within the Mukai and Mushima North project licences. Mukai & Mushima North are two of five projects in Zambia where Tertiary is exploring for copper. Both projects benefit from the technical cooperation and data sharing agreement with leading Zambian and global copper producer First Quantum Minerals.


Venture Life Group 33.75p £42.7m (VLG.L)
The Company developing, manufacturing and commercialising products for the international self-care market, announces a trading update for the six months ended 30 June 2023, ahead of the Group's interim results on 25 September 2023. Group revenues were £23.5m, a increase of 24.4%, comprising growth from both the VLG Brands and Customer Brands, including the recent acquisition of HL Healthcare Limited. On a proforma basis, revenue performance was 10.4% ahead of H1 2022. Cash generated from operating activities of £4.6m (H1 2022: £1.8m), an increase of 158% and improved operating cashflow conversion of c.99% (H1 2022: 53%). The order book has an increase of c.30%, providing strong visibility over second half revenue and is in line with management expectations.

31 July 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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