Small Cap Feast

31st October 2023

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Osirium Technologies Plc (OSI.L) has left AIM.

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.

Breakfast Buffet

Acuity RM Group 4.75p £5.8m (ACRM.L)
A provider of risk management services through its STREAM® software platform announces that its wholly owned operating subsidiary, Acuity Risk Management Limited (Acuity), has won a new three year contract worth £160k, for the use of STREAM® by a new client to manage their ISO 27001 framework and excellence of service. The contract was won in conjunction with a new partner with worldwide operations.

Artemis Resources 1.23p £20.5m (ARV.L)
The Australian-based mining exploration and development company, announces that George Jerry Ventouras has been appointed as an Executive Director of the Company with immediate effect. George is currently a Non-Executive Director of Errawarra Resources Ltd. Previously, he was joint-founder, non-executive director and General Manager of Apollo Consolidated Ltd. Mr Daniel Smith has resigned as a director as of today's date.

Brand Architekts Group 27.5p £7.7m (BAR.L)
The Company focusing in the development and supply of beauty and personal care brands, announces its full year results to 30 June 2023. Group sales of £20.1m (2022: £14.3m) up 41% primarily due to the acquisition of InnovaDerma Plc, which completed at the end of May 2022. Underlying gross profit margins increased by 6.2% to 39.7% (2022: 33.5%) and the Group generated a reduced underlying operating loss of £1.2m (2022: £1.8m). The Group has a net cash position of £8.2m at the year-end. The integration of Innovaderma into the Group delivered £1.4m of ongoing Opex savings and the Group is confident in achieving their medium and long term goals.

Chariot Oil & Gas 14.09p £150.8m (CHAR.L)
The Africa focused transitional energy group, announces that it has received approval for its Environmental Impact Assessment (EIA) from the Moroccan Ministry of Energy Transition and Sustainable Development on the Anchois gas development project (Anchois) offshore Morocco. The final report sets out the requisite planning, mitigation and monitoring measures to follow during construction and production. The EIA integrates recommendations from the National Environmental Committee, is valid for five years and covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Process Facility and link to the GME pipeline.

essensys 28.5p £18.4m (ESYS.L)
The provider of software and technology to the flexible workspace industry, announces its audited results for the financial year ended 31 July 2023. Group total revenues up 9% to £25.3m (FY22: £23.3m) driven by new site activity, as a result adjusted EBITDA loss decreased by 10% to £6.3m (FY22: loss £7.0m). The Group remains debt-free with cash balance of £7.9m. Additional £2m unsecured loan facility provided by Mark Furness, the Group CEO and largest shareholder. Strategic customers now account for 77% of Group revenue (FY22: 72%) with 21 new customers signed in the period. The Group are on track to return to run-rate positive Adjusted EBITDA in FY24 and net cash generation in FY25.

Frontier IP Group 41.5p £23.1m (FIPP.L)
A Company focusing in commercialising intellectual property, announces that Andrew Richmond, currently Non-Executive Chairman, will be stepping down from the board of Frontier IP at the Company’s next annual general meeting expected to be in December 2023. Dame Julia King, Baroness Brown of Cambridge, who is currently the Senior Independent Director on the board, will assume the role of Chair with effect from the conclusion of the forthcoming AGM.

Kore Potash 0.4p £14.3m (KP2.L)
The potash development company with 97% ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located in the Republic of Congo, announce the successful completion of a share subscription (Fundraise), which has raised US$ 2.5m through the proposed issue new ordinary shares at a price of 0.38 pence per share the (Subscription Price). The Subscription price is at a 30.9% discount to the close price of 0.55 pence as at 30 October 2023. Gross proceeds will be used to further advance work that is expected to lead to the delivery of an EPC contract for the Kola Potash Project, and for working capital.

Kromek Group 4.8p £28.8m (KMK.L)
A developer of radiation and bio-detection technology solutions for the imaging and CBRN detection segments, announces that it has secured three further orders totalling over $1m in the CBRN detection segment. This includes two orders in nuclear security, with one order for the further development of the Group's bio-security technology. The majority of the revenue will be recognised in the current financial year.

Scancell Holdings 12.5p £102.5m (SCLP.L)
The developer of immunotherapies for the treatment of cancer and infectious disease, announces its final audited financial results for the year ended 30 April 2023. Operating loss of £11.9m (30 April 2022: operating loss of £13.3m), Group cash balance at 30 April 2023 was £19.9m (30 April 2022: £28.7m) with a cash runway through to early 2025. SCIB1 reported positive data from the first stage of its Phase 2 SCOPE trial for advanced melanoma. Modi-1 has completed dose escalation and safety cohorts of the Phase 1/2 ModiFY trial and is now into expansion cohorts. The Company is confident it will achieve its near-term clinical milestones.

Strip Tinning Holdings 42.5p £6.6m (STG.L)
A supplier of specialist connection systems to the automotive sector, provides an update on trading covering the period 1 July to 30 September 2023 (Q3). Year-to-date revenues of £8.2m (Q3 YTD FY22: £8.0m) and a positive adjusted EBITDA performance. The Company further announce that it has secured a £166k grant from the Advanced Propulsion Centre UK Feasibility Studies competition. Trading in Q3 of the financial year ending 31 December 2023 (FY23) has been in line with management's expectations and the Board expects to meet FY23 market guidance.

31 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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