Small Cap Feast

31st May 2022

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What’s Cooking In The IPO Kitchen?

AssetCo plc, intends to join re-join AIM. The Company’s strategy is to develop an agile asset and wealth management company that meets the needs of investors in the 21st century by acquiring, managing and operating asset and wealth management activities and interests, together with other related services. The Company is in the process of acquiring the entire issued share capital of River and Mercantile Group plc (RMG), via a reverse takeover and therefore a Readmission Document is required for the enlarged group. Due 15 June 2022.

Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe. Psych is developing the Blossom Database pursuant to a third-party licensing arrangement, and Psych will work to develop an artificial intelligence platform that will provide biotech companies advanced clinical data that will be able to fast-track drug development and loop back the real-world data, in a centralised database, to provide feedback on molecules and associated therapy programmes. Due Date 9th June 2022.

Altona Rare Earths, the AQSE listed mining exploration Company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, intends to join the Main Market. Admission to trading of the Company’s Ordinary Shares on the AQSE Growth Market will be cancelled simultaneously with Admission. It is also proposed that on Admission, the Company will change its EPIC from AQSE:ANR to REE. The Company also seeks to raise funds to finance its current and future rare earths mining projects in Southern and Eastern Africa. Due June 2022.

Breakfast Buffet

Arricano Real Estate 22.5c $23.2m (ARO.L)

Further to its announcement on 25 February 2022, Arricano, a leading retail real estate developer and operator in Ukraine, announces that each of its centres are fully open, albeit trading at lower levels than in the same period last year. Due to the continuing war in Ukraine, the Company will not be able to publish its audited consolidated financial statements for the year ended 31 December 2021 by 30 June 2022, in accordance with AIM Rule 19. Accordingly, trading of Arricano shares will be suspended from 7.00am on 1 July 2022 until those audited financial statements are published and sent to its shareholders, which will occur as soon as possible after 30 June 2022. A further announcement will be made in due course.

Billington Holdings 236p £30.5m (BILN.L)

One of the UK’s leading structural steel and construction safety solutions specialists, announces that at the Company’s AGM being held at 2 p.m. today, Ian Lawson, the Company’s Non-executive Chairman, will make the following statement: “Following 2021, which was a year of partial recovery following the worst of the Covid-19 pandemic, 2022 has started positively for Billington. A number of large industrial contracts have been secured and the Company has a significant pipeline of opportunities.” “Despite the macroeconomic headwinds, particularly with regard to material availability, price volatility and inflationary pressures, the Company is trading in line with market expectations. We have a robust business and are well placed to deliver improved results in 2022. I remain confident in the Group’s prospects for the medium and long term.”

Ecr Minerals 1.1p £11.2m (ECR.L)

The gold exploration and development company focused on Australia, announces that Non-Executive Director Adam Jones will become an Executive Director with immediate effect. Adam’s new role will be Technical Director of Exploration across ECR’s portfolio of projects. Adam Jones Adam has over 12 years’ experience as a professional geologist in Australia, including significant experience and knowledge of regional gold exploration and production. Adam is a member of the Australian Institute of Geoscientists and has worked as an independent consulting geologist since 2015. His clients include or have included the A1 gold mine, Dart Mining, Nagambie Resources in Victoria and Vendetta Mining in Queensland. Adam will assume technical responsibilities for all of ECR’s projects, including the Lolworth Range project in North Queensland owned by ECR’s 100% owned subsidiary LUX Exploration Limited (LUX). He lives in Victoria close to ECR’s Bailieston and Creswick gold projects.

Edenville Energy 20p £4.3m (EDL.L)

Announces an update with respect to the operation of the Company’s Rukwa Coal Project in Tanzania. As announced on 18 May 2022 the Company was in discussions with Nextgen Coalmine to vary the contract for the operation of the Company’s Rukwa Coal Project, entered into on 3 February 2022 (the Contract). The Company confirms it has reached an agreement with NextGen to terminate the Contract and has subsequently resumed full control of the site and mining operations. Following the termination of the Contract all mining equipment has been brought back into service by the Company, whilst an additional pre-strip excavator has been added to the fleet. Up to three additional trucks are also being sourced to rapidly scale production. Further to the announcement on 18 May 2022 that Upendo Group Ltd.’s current 10% economic interest in the joint venture, which holds the licences governing the Rukwa Project, had been transferred to a 10% direct holding on the principal production licence, the Company remains in discussions with its legal advisers regarding the validity of the transfer and consequences thereof.

Galantas Gold 30.5p £28.9m (GAL.L)

Galantas Gold Corporation announces its unaudited financial results for the Quarter ended March 31, 2022. Highlights include: Sales revenue for the quarter ended March 31, 2022 amounted to $ Nil compared to revenue of $ Nil for the quarter ended March 31, 2021. Shipments of concentrate commenced during the third quarter of 2019. Concentrate sales provisional revenues totalled US$219k for the first quarter of 2022 compared to US$567k for the first quarter of 2021. Until the mine commences commercial production, the net proceeds from concentrate sales are being offset against development assets. Net Loss for the quarter amounted to $ 1,415,812 (2021: $639,963) and the cash outflow from operating activities before changes in non-cash working capital amounted to $577,604 (2021: $296,161). The Company had a cash balance of $2,417,152. The working capital deficit amounted to $ 1,850,980 compared to a working capital deficit of $8,532,943 at March 31, 2021. Safety is a high priority for the Company. The zero lost time accident rate since the start of underground operations continues. Environmental monitoring demonstrates a high level of regulatory compliance. The detailed results and Management Discussion and Analysis are available on and

Greatland Gold 10.3p £419.3m (GGP.L)

The precious and base metals exploration and development company, announces the commencement of the 2022 exploration programme under the Juri Joint Venture with partner Newcrest Mining Limited in the highly prospective Paterson province of Western Australia. Highlights of 2022 Exploration Activities for the Juri JV: Drilling of three high-priority targets to commence in June across the Paterson Range East and Black Hills licences. Aerial and ground electromagnetic data review is underway. A programme of soil sampling along existing tracks has been completed and submitted for geochemical analysis, to assist in identification of undercover geology and potential subtle mineralisation trends. Gravity data re-processing, aimed at refining existing and generating new targets. Heritage clearances completed with establishment of camp infrastructure underway ahead of drill programm. The planned work has been agreed between the JV partners and is funded solely by Newcrest. The Paterson Range East licence lies approximately 25 kilometres north of the Company’s Havieron gold-copper project and covers 224 square kilometres of Proterozoic basement rocks prospective for Havieron style gold-copper mineralisation. The Black Hills licence covers 25 square kilometres and lies approximately 20 kilometres west of Havieron and 30 kilometres northeast of Newcrest’s Telfer Gold Mine.

Insig AI 40.5p £42.8m (INSG.L)

The data science and machine learning group, announces that it has signed a data partnership and research agreement with Blurred Global (Blurred), a strategy advisor on ESG positioning and corporate communications. Blurred is a team of ESG experts that work with FTSE 350 corporations on their purpose driven communication. Its work is built on the principles of ESGP, “because no organisation can have a credible, effective Purpose without first understanding the impact of its business on the Environment, on Society, and in terms of Governance.” Colm McVeigh, Chief Executive of Insig AI commented: “This agreement now enables FTSE 350 constituents to access our machine learning corporate disclosure data. Importantly, this opens a potentially new revenue stream for our business.”

Pelatro 28.3p £12.8m (PTRO.L)

The telecom Customer Engagement Hub software specialist, announces that it has been selected by an African telco to provide its mViva Campaign Management Solution. The initial value of the license contract is around $0.3m. Commenting on this win, Subash Menon, Managing Director and CEO said, ” This win has helped us penetrate the growing African market further. This is our first new customer in 2022 and we are confident of adding several more in the year .”

Supply@ME Capital 0.07p £27.4m (SYME.L)

The fintech business which provides an innovative Platform for use by manufacturing and trading companies to access Inventory Monetisation© solutions enabling their businesses to generate cashflow, announces its final results for the year ended 31 December 2021. The 2021 Annual Financial Report has been uploaded and is available on the National Storage Mechanism and is also available on the Company’s website, Highlights include: Revenue 2021 £0.5m (2020: £1.1m). Loss before tax £12.2m (2020: £2.8m). Net growth in capital under management Q1 2022 17% (2021 4%). Alessandro Zamboni, CEO, Supply@ME Capital Plc, said: “2021 was a formative year for Supply@ME. Across the Group, we have built significant value into the business by way of technological improvements, recruiting new talent, strengthening our internal processes and the acquisition of TradeFlow Capital Management Ltd. Achieving these important milestones has laid the foundations for sustained growth going forward.”

Sportech 24.3p £24.3m (SPO.L)

An international betting and technology business, announces a trading update and Board changes ahead of its AGM to be held at 10.30 a.m. today. The first five months of the year trading has been in line with the Board’s expectations. Sports betting continues to experience a high rate of growth and should see betting handle in the Group’s Connecticut Venues come close to that of pari-mutuel for the full year. The pari-mutuel wagering and food and beverage trade continue to feel the effects of the COVID-19 pandemic, with trade remaining below the 2019 full year highs. Record online growth in pari-mutuel betting seen during the pandemic has receded slightly as the effects of new forms of online gambling in Connecticut has inevitably impacted the discretionary gambling dollar available to historic Sportech products. However, the introduction of sports betting has been very positive, and the Board are confident that the Company will achieve the projected overall improvement in the Venues business to support a positive Group EBITDA this year. Andrew Lindley will step down from his role as Chief Executive Officer. Richard McGuire, current Non-Executive Chairman, has been appointed Executive Chairman, effective immediately. Mr McGuire shall receive no fixed compensation for the role, however it is anticipated he will participate in a performance only incentive, directly linked to significant Group value creation.

31 May 2022
*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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