Small Cap Feast

4th May 2022

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What’s Cooking In The IPO Kitchen?

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. Timing TBC

Breakfast Buffet

Bango 182.5p £138.8m (BGO.L)

The global platform for data-driven commerce, announces an agreement with McAfee Corp., a global leader in online protection. Under the agreement, McAfee has selected Bango e-distribution technology to expand its global user base through partnerships with service providers, who will bundle and resell McAfee subscriptions, helping protect more consumers around the globe. Service providers who will benefit from this agreement include telcos, banks, health care providers, insurance companies and retailers. Bango technology improves the time-to-market through partnerships and promotions of McAfee products, removing the complexity of launching across multiple diverse channels and markets. Bango e-distribution capability enables resellers to order and deliver digital licenses according to demand, along with offer targeting, entitlement management and end customer activation on behalf of the merchant. The Bango Platform also enables other digital merchants to get creative by bundling McAfee services with their products. Hardware and software product bundles are seeing increasing uptake as the combination creates a more complete package for consumers.

Conroy Gold 33.5p £13.2m (CGNR.L)

The gold exploration and development company focused on Ireland and Finland, announced the commencement of a drilling programme of c.3,000m on its Clontibret gold target in Ireland, in conjunction with its Joint Venture partner, Demir Export. The drilling programme commenced at the end of April in line with the details set out in the announcement made by the Company in March. The drilling programme is part of the EUR4.5m earn-in work programme of the first phase of the joint venture with Demir Export. The objective of the joint venture is to further explore and develop the new district scale gold trend which Conroy Gold has discovered along the Longford-Down Massif in Ireland. The initial c. 3,000m drill programme, consisting of eight drill holes, is focused on the Clontibret gold target. The programme has the objective of extending the eastern gold Lodes and the Stockwork gold mineralisation, both of which are open in all directions and to depth. 7 of the drill holes are step-out. 1 hole is targeting an up-dip gold mineralisation zone. All of the drill holes are planned to intersect the Stockwork. The drilling is projected to increase the Stockwork gold mineralisation to the northeast and also to extend the depth of the Stockwork. 3 of the drill holes are focused primarily on the eastern Lodes of the Clontibret gold resource, with a view to extending these Lodes to the north. The Board believe that these drill holes also have potential for the discovery of new Lodes. The drilling will step-out from the known gold mineralisation, in both the Stockwork and eastern Lodes in the deposit, which will further enhance the Company’s technical understanding of the Clontibret gold target.

Empyrean Energy 2.33p £15.5m (EME.L)

The oil and gas development company with interests in China, Indonesia and the United States, provides the an update on Block 29/11 offshore China. Empyrean is the operator of Block 29/11 in China and has a 100% working interest during the exploration phase. In the event of a commercial discovery, its partner CNOOC, may assume a 51% participating interest in the development and production phase. Based upon the preliminary assessments of the Jade well results and the ongoing agreement with its partner, China National Offshore Oil Company (CNOOC), to further cooperate with regards to follow up post well analysis, it is Empyrean’s current intention to proceed with the second phase of exploration at Block 29/11 and to participate in the drilling of the Topaz prospect. Jade Well results – Preliminary interpretation: The final log data confirmed several elements of the pre-drill prognosis; 292 metres of excellent quality reservoir was intersected; more than 2330 metres of regional marine clay seal formation; and validity of the trap confirmed by intersecting the reservoir top within the anticipated depth.

Horizonte Minerals 7.65p £291m (HZM.L)

The nickel development company focused in Brazil, announced the appointment of Philipa Varris as Head of Sustainability with immediate effect. Philipa Varris has held leadership positions in sustainability and ESG management in the mining sector for over 25 years, primarily in Africa and Australasia and across a number of mineral commodities. Philipa has been awarded the Australian Centenary Medal for leadership in Australia’s largest community consultation and strategic vision development initiative and was recognized in 2020 as one of the WIM UK 100 Global Inspirational Women in Mining. Philipa holds an MSc in Natural Resources, is a Chartered Environmental Professional, a member of the UK Committee of the Australian Institute of Mining and Metallurgy and is a qualified board candidate with Corporate Directors International. As a champion for mining ESG leadership, Philipa has led teams recognised with the Prospectors and Developers Association of Canada Award for Environment and Social Responsibility, the AMEEF Award for Environmental Excellence, and the Mines and Money ESG Producer of the Year Award, amongst others.

Kitwave Group 153p £107.1m (KITW.L)

The delivered wholesale business, today announces a pre-close trading update for the six-month period ended 30 April 2022. The Group experienced a strong first half financial performance with all divisions of the business now trading at pre-pandemic levels or higher. Following this performance, the Board now anticipates the Group’s results for the full financial year to be slightly ahead of market expectations. Due to the seasonality of the business, as in historical periods, there is a heavier weighting towards trading in the second half of the year. As for many businesses, the final full year results of the Group will be influenced by external pressures and uncertainties from cost of living pressures impacting end consumers’ disposable income. The business will also continue to face higher operating costs, however the Board is confident that these will be recovered. The Board is pleased to confirm that the integration of the M.J. Baker Foodservice Limited, which was acquired in February 2022, into the Group has gone to plan and the business is performing in line with internal expectations.

Mpac Group 482.5p £97.3m (MPAC.L)

AGM statement from the specialist in high-speed packaging and automation solutions. Trading in the current financial year has been in line with the Board’s expectations. In addition, the prospects pipeline remains strong, and the current orderbook is significantly above the previous year, providing extensive coverage over forecast revenue. Supply chain uncertainties and operational challenges have increased, amplified by transportation delays at global ports and increased macro-economic uncertainty following the Russian invasion of the Ukraine. However, mitigation measures have been implemented and the Group’s prospects remain positive due to the strength of the orderbook, the prospect pipeline and the end markets served. Tony Steels, Chief Executive, commented: “I am pleased to report that we have started 2022 trading in line with expectations. Our management team has responded well to the supply chain disruption and has been able to largely mitigate the impact on Mpac and our customers. While we anticipate that the current supply chain challenges are likely to continue throughout 2022, the Group has momentum from a strong orderbook and the sound operational foundations, established by implementing the One Mpac business model, and I continue to be confident that results for the full year will be in line with expectations.”

Open Orphan 14.5p £97.3m (ORPH.L)

The rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that hVIVO, a subsidiary of Open Orphan, has signed a substantial contract with an existing top 5 global pharmaceutical client to manufacture a virus for use in human challenge studies. Virus manufacturing activities have commenced and are expected to be completed by end of Q3 2022. The Company is optimistic that a characterisation study and a substantial human challenge study would follow the completion of the GMP compliant manufacturing process. The aim of a characterisation study is to establish the right dose of the virus that causes a safe and reliable infection in healthy volunteers. The revenue for the manufacturing process will be recognised in 2022. The manufacture of new challenge viruses ensures that hVIVO has contemporary challenge agents available to meet the needs of the global pharmaceutical industry as they continue to fight the battle against infectious disease. Furthermore, this ensures the Company continues to enhance and expand its offering of human challenge studies, especially among infectious diseases where variants continually emerge and are often poorly understood.

Physiomics* 4.75p £4.6m (PYC.L)

The consultancy using mathematical models to support the development of drug treatment regimens and personalised medicine solutions, announce that Dr Cristian Gradinaru has joined its technical team as a Senior PKPD Modeller. Cristian holds a PhD from the Technical University of Copenhagen, Denmark in Stochastic Modelling of Biological Systems, and an MSc from Stanford University, USA in Biophysics. He has held senior scientific roles at companies including Circassia Pharmaceuticals and F-star Biotechnology where he led pre-clinical and clinical projects focused on PKPD modelling. Dr Jim Millen, CEO, commented “We’re delighted that Cristian has chosen to join the Physiomics team. He will provide additional expertise and capacity to support our expanding client base and we look forward to working with him”.

SDX Energy 9.25p £19m (SDX.L)

The MENA-focused energy company, announced the completion of the tie-in of the SD-5X Warda well (SDX Working Interest: 36.85%) to the CPF via the SD-4X flow-line approximately one month ahead of schedule. The well is now under production test, with first gas achieved on 27 April 2022. After the initial flow period, there will be a short shut-in of 12 hours, followed by the main flow period of five days at rates of 8, 10 and 12 MMscf/d. Post the main flow period, SD-5X will be shut-in for 10 days to monitor the pressure build-up before being opened up to flow continuously to the CPF.

Totally 45.5p £84.7m (TLY.L)

The provider of frontline healthcare services, corporate fitness and wellbeing services across the UK and Ireland, today announces the award of a five-year contract extension to Energy Fitness Professionals (EFP), the corporate fitness provider acquired by Totally in December 2021, for the delivery of on-site gyms for the Royal Mail, valued at a total of £2.5m. The contract will run until 16 May 2027. EFP has managed the Royal Mail’s on-site gyms for 18 years. The contract covers the management of 34 sites across the UK, the introduction of an enhanced digital offering, “Health Hub”, and the trial of a new wellbeing consultation protocol for gym members called “Health Fair”.

4 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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