Small Cap Feast

31st October 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Bowen Fintech (BWN.L), a special purpose acquisition company to acquire technology companies in the financial services sector has joined the Standard Segment of the Main Market. £2m raised.
Off The Menu:
Vertu Capital has left the Main Market following a RTO. Vox Valor Capital (VOX.L), formerly Vertu Capital, has joined the Standard Segment of the Main Market.

What’s Cooking In The IPO Kitchen?

Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. The offer will initially comprise new ordinary shares and the proceeds will be used to repay existing shareholder debt, including a capital note in favour of DKL Energy Limited, the Company’s immediate shareholder. Immediately following Admission, the Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). 10 November 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

OTAQ plc, (OTAQ.L) the technology company with three divisions: Aquaculture, Geotracking Devices and Offshore intends to delist from the Main Market and join the AQSE Growth Market. OTAQ is developing adjacent technologies to take advantage of a number of growth initiatives that will broaden the Group’s current product portfolio in the global marine aquaculture sector and facilitate entry and growth into the geotracking devices sector. Expected 9 November 2022. Raising a total of £3.6m, £2m raised.

Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement. Expected 2 November 2022.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.

Breakfast Buffet

4GLOBAL 68.5p £18m (4GBL.L)

The UK-based data, services and software company focused on sporting events and the promotion and measurement of physical activity, announces that it has been awarded a £4m project over 5 years with a major sporting infrastructure project for a city in the Middle East. Approximately £600k of the project is expected to be delivered and recognised in the current financial year and the project includes an opportunity for additional scope throughout the engagement.

Alien Metals 0.51p £25.6m (UFO.L)

The global minerals exploration and development company, announces the appointment of Troy Whittaker as Chief Executive Officer of its wholly owned subsidiary, Iron Ore Company of Australia Pty Ltd (IOCA). Troy is an executive with more than 20 years of experience, spanning international evaluation, development and the operation of multi-billion dollar assets globally and across a broad range of commodities, including iron ore. Troy has held senior leadership roles with major global mining companies such as Fortescue Metals Group Ltd, Sirius Minerals PLC and Anglo American UK.

Advanced Medical Solutions Group 266.5p £577.3m (AMS.L)

The specialist in tissue-healing technologies, announces that it has filed its PMA (Pre-Market Approval) application for LiquiBandFix8® and the submission has been accepted by the FDA. AMS expects that US approval for the product will be granted around the end of 2023. The PMA application includes clinical data from 160 patients followed up for 12 months to demonstrate the effective use of the product. These patients are the first cohort of a larger clinical trial of 284 patients which completed in December 2021 and whose 12 month follow up will conclude December 2022.

Cropper (James) 850p £81.2m (CRPR.L)

The advanced materials and paper products group announces a trading update for the half year ended 24 September 2022 (H1 FY22). Revenues were up 26% on the prior year (H1 FY21). However, as a result of continued wholesale gas price rises, the energy costs have increased by 148% versus prior year. Meanwhile, raw materials have been risen 20% year-on-year. The Group has responded with a combination of energy surcharges and price increases. The net result for the Group is a break even position for H1 FY22. Given the current macro-economic environment, management expectations for FY23 have been reduced with a year-end adjusted PBT of £2m against previous market expectations of adjusted PBT of £5.4m.

Landore Resources 13.25p £15m (LND.L)

The exploration and development company focused on precious and base metal projects in eastern Canada, confirms that further to the announcement on 24th October 2022, the ASX-listed Green Technology Metals Ltd (GT1) completed the acquisition of Ardiden Limited’s 20% interest in the Root Lake property on 28th October 2022. GT1 has concluded the acquisition of the entire 3% net smelter royalty. Landore has received a total of CAN$3m in cash and will no longer have an interest in the Root Lake Property. The cash proceeds will be used to fund working capital and additional exploration activities at Felix, Lamaune and BAM at the Junior Lake property.

Renalytix 85p £63.7m (RENX.L)

The artificial intelligence-enabled in vitro diagnostics company focused on optimising clinical management of kidney disease, announces its full year results ended 30 June 2022. The total recognised revenue of US$2.9m was comprised of $2.7m from testing services and $0.2m from pharmaceutical services. The operating loss was $57.37m verses a loss of $32.61m in 2021. Throughout the period Renalytix established Medicare payment for KidneyIntelX through the individual claims review process based on its Medicare clinical lab fee schedule pricing of $950 per test. This will provide insurance for an estimated 60-70% of the KidneyIntelX eligible patient population. Operational progress has continued into Q1 of FY 2023 with over 1,200 tests performed. More than 80% of these were billable, yielding c.$1m revenue for the quarter.

Semper Fortis Esports* 0.48p £2.0m (AQSE:SEMP)

The esports company focused on establishing esports teams, Web3 communities and forming brand technology partnerships, announces its unaudited results for the six months ended 31 July 2022 . Revenues of £0.05m (H1 2021: nil) were made up of sponsorship, revenue share on sales from the official Rocket League esports shop and prize winnings. While a reduced loss before tax of £0.46m (H1 2021: £0.65m) was reported. Post period, the Company has significantly reduced its overheads in order to conserve its cash position. Moving forward, the Company will continue to focus on opportunities in and around the esports and gaming sector.

Sovereign Metals 21.5p £101.1m (SVML.L)

The mineral exploration company announces its results for the quarter ended 30 September 2022. Sovereign is progressing the Pre-Feasibility Study (PFS) on the Kasiya Rutile Project. The PFS is on track to be completed in H1 2023 with all major works packages now well underway. Drilling results from the Company’s deeper air-core (AC) program confirmed rutile-graphite mineralisation extends at depth beneath previously designed ESS mining pit shells. These newly defined high-grade rutile and graphite mineralisation at depths >15m is consistent and occurs in coherent blocks. Identification of high-grade mineralisation at depth is expected to contribute to the Mineral Resource Estimate (MRE) update targeted for Q1 2023.

Symphony Environmental Technologies* 12.75p £23.6m (SYM.L)

The global specialists in technologies that make plastic and rubber products smarter, safer and more sustainable, announces that it had progressive and advanced engagement with potential customers and possible strategic suppliers at the recent K Show. The K Show is the world’s largest plastic and rubber trade fair and convenes leading suppliers and innovators from the international plastics and rubber industry. Symphony delegates met with over 250 potential new customers and 10 strategic partners over the event, potentially delivering significant commercial outcomes.

Vast Resources 0.24p £3.8m (VAST.L)

The resource developer and producer of copper concentrate, zinc concentrate and gold and silver concentrate, announces its audited results for the year ended 30 April 2022. Revenues increased 321% to US$3.8m (2021: $0.9m). The losses after taxation also increased to US$15.5m compared to US$7.7m 2021, partially due to currency losses. Eliminating the effects of foreign exchange gains (2021: $2.6m) and losses (2022: $3,8m), the loss for the period has increased 14% from US$10.3m to US$11.7m. The Company continues with its full transition to mechanised mining and successfully began long hole stopping in calendar Q3 2022. Management believes that a combination of a bullish outlook on polymetallics together with a reduction in Romanian and Zimbabwean country risk premiums has the potential to provide medium-term growth of these businesses . VAST also announces it has raised £1.467m at 0.225p per ordinary share.

31 October 2022
*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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