Small Cap Feast

3rd October 2022

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What’s Cooking In The IPO Kitchen?

Milton Capital Plc, a new type of special purpose acquisition company, intends to join the Standard Segment of the Main Market. The directors intend to search initially for acquisition opportunities in the technology sector. The focus for the prospective acquisition is megatrends. This includes sectors such as space, artificial intelligence, machine learning and blockchain technology. Ticker upon admission (MII.L) The Company has raised £1m prior to admission. Expected 4 October 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. Due 31 October 2022.

Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed “pure-play” conversational gaming company. Raising between £5-10m. Timing TBC.

Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company’s investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150m. Expected 4 October 2022.

The Sustainable Farmland Trust PLC, intends to float on the Premium Segment of the Main Market. The Company invests in a diversified portfolio of farmland and related agriculture-focused assets predominantly located in the US. Raising £200m. Expected 12 October 2022.

Welkin China Private Equity, newly established closed-ended investment company dedicated to investing in unquoted Chinese companies, intends to join the Premium Segment of the Main Market. The Company is targeting a raise of up to US$300m. Due 3 November 2022.

Georgina Energy, focusing on the exploration, development and monetisation of helium, hydrogen and hydrocarbon interests located in Australia intends to join AIM. Georgina Energy has two principal onshore interests: (1) Mount Winter Prospect in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest; (2) Hussar Prospect, 100% owned by the Company, located in the Officer Basin in Western Australia. Expected late October.

Breakfast Buffet

Brickability Group 74p £221.7m (BRCK.L)

The leading construction materials distributor announces that it has acquired ET Clay Products for a consideration of £11.6m through the acquisition of 100% of the share capital of E.T. Clay Products Limited and Heritage Clay Tiles Limited. The consideration is being satisfied by an initial cash payment of £8.1m and deferred consideration of £3.5m payable in cash over the next 3 years, subject to adjustments to deferred consideration payments for performance against target performance criteria during the performance period. In the year to 30 July 2022, ET Clay Products generated unaudited revenues of £44.3m and adjusted EBITDA of c£3m.

Futura Medical 38.45p £110.6m (FUM.L)

A pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® drug delivery technology, announces that it has completed all of the work that is required for the FDA to grant marketing authorisation for MED3000, its clinically proven treatment for erectile dysfunction. The dossier will be submitted to the FDA and the Company remains confident of being granted authorisation by the end of Q1 2023 in line with previously announced timelines.

Indus Gas 263p £481.2m (INDI.L)

An oil and gas exploration and development company with assets in India announces the appointment of Mr Atiq Anjarwalla as an Independent Non-Executive Director of the Company with immediate effect. Mr Anjarwalla is an experienced Lawyer and is a Solicitor of the Supreme Court of England and Wales, Advocate of the High Court of Kenya and a Legal Consultant in Dubai. Atiq’s legal experience spans Corporate, Private Client, Banking, Project Finance and Capital Markets.

Oxford BioDynamics 12p £12m (OBD.L)

The biotechnology company developing precision medicine blood tests for immune health based on the EpiSwitch 3D genomics platform, confirms the availability of its Proprietary Laboratory Code (PLA Code) 0332U, assigned by the American Medical Association’s CPT Editorial Board, from 1 October, 2022. The code was issued for the EpiSwitch® CiRT to Oxford BioDynamics and its partner lab NEXT Bio-Research Service in July, and is now available for the billing of the test under Medicare, Medicaid and private payors.

Oriole Resources 0.17p £3.7m (ORR.L)

The early stage gold exploration company focussed on West Africa announces that it has received a 2-year licence extension for its 90%-owned Bibemi orogenic gold project in Cameroon. Under Cameroonian law, there is no mandatory ground relinquishment required on renewal and, as such, the Company has maintained the full 177km2 licence area. The non-renewable extension is valid until 26 September 2024, at which point the Company will need to apply for an exploitation licence. Exploration to date at the Project has identified shear-hosted gold mineralisation at 4 main prospects.

Quadrise Fuels International 1.16p £16.4m (QFI.L)

The supplier of MSAR® and bioMSAR™ emulsion technology and fuels, announce its audited final results for the year ended 30 June 2022. Loss after tax has decreased to £2.6m (2021: £4.3m), of which of £1.5m (2021: £1.4m) is attributable to production and development costs and £1.4m (2021: £1.5m) relates to administrative and corporate expenses. At 30 June 2022, the Group had total assets of £8.0m (2021: £10.7m). Throughout FY2022, Quadrise has seen material progress across a range of international projects and expects to deliver commercial revenues in the current financial year.

Real Good Food 1.05p £1m (RGD.L)

The sourcing, manufacturing, and distribution of food to the retail and industrial sectors announces its final results for the year ended 31 March 2022. Revenue from continuing businesses increased by 8.3% to £40.4m (2021: £37.3m). Underlying adjusted EBITDA was £0.7m compared to a loss of £0.8m in the prior year. The Company reported a net debt reduction of £25.5m (2021: £48.8m). Increases in the cost of raw materials and energy in recent months continue to pose significant challenges. As a result, FY23 is expected to be loss-making but the business is being strengthened to be more resilient and ready to benefit from a more favourable trading environment.

Redx Pharma 58.5p £195.9m (REDX.L)

The clinical-stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, announces preclinical efficacy data in immune mediated models for RXC007. The data on RXC007, the Company’s lead fibrosis asset, was presented alongside final Phase 1 safety and pharmacokinetic data at the International Colloquium on Lung and Airway Fibrosis (ICLAF) on 2 October by Dr Nicolas Guisot, Research Fellow at Redx. RXC007, dosed orally and therapeutically, was able to significantly reduce skin thickness, fibrosis and collagen deposition in the skin and lungs as measured by hydroxyproline (a key fibrotic marker), histological staining and scoring (Trichome, H&E and Ashcroft score).

SRT Marine Systems 29.5p £53.3m (SRT.L)

The global provider of maritime surveillance, monitoring and management systems, provides an initial trading update for the six months trading period ended 30th September 2022, prior to the issue of full interim results on Monday 14th November 2022. During the first half revenues increased 300% to £18.8m (H1 21/22: £4.7m), generating an expected profit before tax C.£1.5m. Despite continuing production constraints, the transceivers business revenue grew by 20% to £5.2m (H1 2021/22: £4.2m). Meanwhile, the systems business generated £13.6m of revenue (H1 2021/22: £0.5m).

Verici Dx 13.5p £23m (VRCI.L)

A developer of advanced clinical diagnostics for organ transplant, announces that its post-transplant blood test focused on acute rejection, has been rebranded as Tutivia™. Formerly known as Tuteva, Tutivia™ is a blood-based RNA signature for a risk score for acute rejection, and will be the first test commercialised on the Verici transplant biomarker platform, with a soft commercial launch in the United States expected later in 2022.

3 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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