Small Cap Feast

3rd July 2023

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Dish Of The Day:

Joiners: 
No joiners today.

Leavers: 
No leavers today. 

Off The Menu:
Early Equity Plc has left the AQSE Growth Market.

What’s Cooking In The IPO Kitchen?

Metals One Plc, a company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper intends to join the AIM Market. The Company will have interests in the Paltamo and Rautavaara projects (nickel, copper, zinc) in Finland (together the Black Schist Project) and the Brownfield Råna Nickel project in Norway (Brownfield Rana Project). These projects represent opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply fastest growing European electric vehicle and energy storage markets. The Company aims to raise £2.5m at 5 pence per share with an anticipated market cap of £10.77m. Expected Admission date is 17 July 2023.

Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience.

Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer.

CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) CAB Payments has set an offer price of 335p per share, which will give it a debut market cap of £851.4m. Admission currently expected to occur in July 2023.


Breakfast Buffet

Blancco Technology Group 166p £125.7m (BLTG.L)
The Company focusing on data erasure and mobile lifecycle solutions announces the following trading update for the year ended 30 June 2023 (FY2023). FY2023 revenue is now expected to be above market expectations and, due to the positive impact of operational gearing, operating profit is also expected to be higher than current forecasts. Growth has been broad-based across all the Group's geographies with Enterprise and ITAD stronger than anticipated, with Enterprise growth driven by the ongoing successful implementation of the Group's channel strategy.

BrandShield 7.5p £12.8m (BRSD.L)
A provider of cybersecurity solutions for brand oriented digital risk protection (DRP) announces its final results for the year ended 31 December 2022 (FY 2022). Revenues increased 55% to $6.39m (FY 2021: $4.13m), as a result of the ARR which increased 61% to $8.42m (FY 2021: $5.22m). The Company holds cash of $2.6m (FY2021: $1.19m). The Company signed 53 new customers in 2022 (53 clients in 2021) and has expanded its presence in the financial, healthcare, consumer products and media spaces. The Company is well-placed to meet its future growth objectives.

Eagle Eye Solutions Group 555p £162.4m (EYE.L)
A SaaS technology company, powering real-time, omnichannel and personalised consumer marketing activities has secured a five-year contract with Morrisons Supermarket Ltd, to further develop its loyalty and promotional offering. Eagle Eye's AIR platform will enhance Morrisons loyalty programme, which allows customers to benefit from exclusive prices and earning points. The Scheme will be rolled out to all 499 stores nationwide and expected to go live later in 2023.

Eden Research 9.95p £37.9m (EDEN.L)
The Company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries announces that it has applied for the authorisation of Ecovelex™ in the United Kingdom, following the recent application for authorisation in the European Union. Ecovelex is intended to replace conventional chemicals banned in the EU and UK and has been developed to tackle crop destruction caused by birds, a major cause of losses in maize and other crops. It is anticipated that review and eventual authorisation in the UK can take between 18 and 24 months.

ITM Power 71.39p £439.9m (ITM.L)
The manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water announced that it is partnering with Mott Corporation to further advance porous transport layers (PTL), which are a key component of proton exchange membrane (PEM) electrolysis. ITM will work alongside Mott's engineering teams to design and verify component customisation in support of ITM's ongoing technology roadmap.

Kibo Energy* 0.058p £2.2m (KIBO.L)
The renewable energy focused development company provides an operational update as it enters the second half of 2023. The Company’s MAST Energy , where Kibo has a 57.86% equity stake saw its Pyebridge Project’s CM T-1 contract scheduled to begin on 1 October 2023 and its Bordesley project in construction and scheduled to be commissioned by Q4 2023. The Company’s CHP Project based in South Africa, with production of synthetic oil, announces that Laboratory tests have been received and confirmed oil quality standards of the offtake. The integration study is being undertaken to align test results with feedstock characteristics. The Company’s Mbeya Power Project in Tanzania announces that TANESCO’s due diligence on Kibo as part for the MOU programme is currently underway. The Company’s stake in National Broadband Solutions (SA) and its UK Portfolio projects status’ remain unchanged from its last update.

MTI Wireless Edge 45.5p £40.2m (MWE.L)
The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors announces that it has secured a repeat order from a European customer, worth US$1.4m, for the manufacturing of military antennas. The principal part of the contract relates to manufacturing of an existing product line, with the balance relating to upgrades to the antenna solution. The contract is expected to be delivered within 14 months.

Novacyt SA 47.6p £32.3m (NCYT.L)
An international diagnostics business delivering a broad portfolio of in vitro and molecular diagnostic tests for a wide range of infectious diseases, enabling faster, more accurate, accessible testing to improve healthcare outcomes announces a recommended cash offer to be made by Novacyt UK, a wholly-owned subsidiary of Novacyt, for the entire issued and to be issued share capital of Yourgene (Acquisition). The Acquisition values the issued share capital of Yourgene at approximately £16.7m and represents a 168% premium to the closing price of 0.195 pence per Yourgene Share on 30 June 2023. The Acquisition is currently expected to complete during Q3 2023.

Verici Dx 13.5p £23.0m (VRCI.L)
A developer of advanced clinical diagnostics for organ transplant announces successful validation results from its prospective, blinded, international multi-centre clinical validation study for Clarava. Clarava, is the first pre-transplant prognostic test to enable measurement of a patient's immune response to assess the risk of early kidney graft rejection. Clarava received a preliminary Medicare gapfill median rate of $2,650 for Clarava from the Centers for Medicare & Medicaid Services.

Wynnstay Group 455p £102.6m (WYN.L)
The suppliers of a wide range of agricultural inputs to both livestock and arable farmers announces its interim results for the six months ended 30 April 2023. Revenue was up 22% to £409.14m (2022: £335.66m) whilst adjusted operating profit was £5.78m (2022: £10.43m), a reduction of 45% due to a to spike in fertiliser raw material prices. The net debt of £10.68m (2022: £7.62m) reflected acquisition funding and high working capital requirements. The Board expects the Group to achieve its underlying growth objectives for the financial year although pressures remain.

3 July 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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