Small Cap Feast

5th April 2023

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What’s Cooking In The IPO Kitchen?

Beacon Energy plc, intends to join the AIM market. In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. In conjunction with the Acquisition, the Company has conditionally raised total gross proceeds of £6.04m and will be used to fund the drilling of the SCHB-2 development well onshore Germany and for working capital. Expected admission date is 11 April 2023.

M7 Box+ REIT plc, a newly established, externally managed closed-ended investment company announces that it intends to join the Wholesale segment of IPSX. Upon Admission, the Company proposes to acquire a portfolio of seven let and operational e-warehouses from M7 Box+ II LP. As at 31 December 2022, the Property Portfolio was valued at £228.9m. Expected Admission April 2023.

Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech & gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected capital raise on Admission of £7.5m and Market Capitalisation of £28.8m. Expected Admission 6 April 2023.

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market intends to dual list on the Access Segment of AQSE Growth Market, as a springboard to expand footprint of its personalised and self-care digital health platforms in the UK/EU markets. The Company has three platforms: Nara App, and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Expected Admission 12 April 2023.

Breakfast Buffet

AIREA 39p £16.1m (AIEA.L)
The UK design-led specialist flooring company, supplying both the UK and international markets, announces its final results for the twelve months ended 31 December 2022. Revenue increased by 16.5% to £18.5m (2021: £15.9m), profit before tax up 11.0% to £1.4m (2021: £1.3m) and the Group has net cash increased by 53.0% to £2.8m (2021: £1.9m). The Group is focusing on the launches of new sustainable products and the refresh of existing products with a drive towards sustainability including their first carbon neutral range arctic. The Board are optimistic that the Group has been able to minimise their cost pressures and inflationary headwinds in 2022.

Arecor Therapeutics 255p £78.1m (AREC.L)
The biopharmaceutical group advancing today's therapies to enable healthier lives, announces the appointment of Dr. Manjit Rahelu as Chief Business Officer, with immediate effect. Manjit holds a PhD in Immunology from the University of Birmingham and has a strong scientific background and over 25 years of technical, commercial and financial experience across large and mid-sized pharmaceutical and biotechnology companies. Manjit will shape and oversee the Group's business and corporate development strategy.

Avacta Group 123p £331.9m (AVCT.L)
A life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, announces that the first patient has been dosed in the fifth cohort of the first-in-human phase I trial (ALS-6000-101) of AVA6000 at at 250mg/m2. This follows the approval of an amended clinical trial protocol by the Medical and Healthcare Products Regulatory Agency for higher doses. The recent confirmation of release of active chemotherapy in the tumour tissue and the safety data being generated in the ALS-6000-101 study are providing detailed insights into the tumour targeting potential of the pre|CISION™ platform.

Crimson Tide 2.85p £18.8m (TIDE.L)
The provider of the mpro5 Smart App Solution, announces a contract win with an NHS trust in the South East of England. The initial contract value is c£250k over its initial 36-month term; however, the project is anticipated to increase in size and contracted revenue later this year. mpro5 will aid the Trust understand the current condition and level of statutory compliance of each space in its facilities, supplemented by data captured on the mobile app from a wide range of incidents with associated rectification and response times. The Company aims to add its Internet of Things module later this year.

Futura Medical 45.35p £132.7m (FUM.L)
A pharmaceutical company developing a portfolio of innovative products based on its proprietary, transdermal DermaSys® drug delivery technology announces its audited results for the year ended 31 December 2022. No revenue was recognised, net loss of £5.85m which included R&D costs of £4.13m (2021: £3.77m) reflecting the completion of the FM71 study and continuing manufacturing and the Company has cash resources of £4.03m including £1.02m tax credit refund due mid 2023. The Company are focused on gaining marketing authorisation in USA to enable the marketing of MED3000 as a clinically proven topical treatment for Erectile Disfunction.

Global Connectivity* 1.25p £4.6m (AQSE: GCON)
A company focused on communication services and technologies that enhance connectivity and formally known as Rural Broadband Solutions, announces an update from the company in which it holds a 15% stake, Rural Broadband Solutions Holdings Limited (RBSHL). RBSHL holds 100% of Shropshire based SWS Broadband which has taken on 16 members of staff and moved to a new office location in Shrewsbury. In October 2022, GCON announced an investment from Tiger Infrastructure Partners Fund III LP of up to £75m into RBSHL. The Company are continuously looking for opportunities in technically based businesses that enhance connectivity either between consumers or businesses that provide services to consumers where enhanced connectivity is essential.

Jade Road Investments* 1.28p £4.0m (JADE.L)
The London quoted company focused on seeking the best risk-adjusted returns globally announces a new investment of US$500k in Heirloom Investment Fund SPC - Heirloom Fixed Return Fund SP (Fund). The Fund offers investors a diversified portfolio of primarily asset backed and/or income producing investments targeted to deliver an attractive risk-adjusted return over the long-term. The Fund is managed by Heirloom Investment Management LLC. The Fund's Portfolio represents a mix of geographically diverse assets where JADE does not have exposure to, thus adding diversification to JADE's portfolio. The goal is to build a portfolio of primarily asset-backed and/or income-producing investments that is uncorrelated to the general market and that consistently generates attractive risk-adjusted returns. The company remain committed to the orderly disposal of their Legacy Portfolio in Asia and start deploying capital into income-generating, asset backed investments with a diversified geographic exposure.

Lexington Gold 4.8p £13.6m (LEX.L)
The gold exploration and development company with projects in North and South Carolina, USA, announces receipt of the results for 505 soil samples taken from the Jennings-Pioneer Project. Soil assays mapping has identified 13 gossans (targets at surface) within three separate mineralisation trends: The Barite Hill Trend extending over 350m with gossanous surface rock chips returning up to 1.735g/t Au. The Jennings Trend illustrated several gossanous rock chip samples returning grades in excess of 0.5g/t Au (maximum 0.72g/t Au). And soil sampling on the Self Trend located anomalous copper and zinc with evidence of gossans. The Company looks forward to undertaking further exploration work at Jennings-Pioneer.

Oxford BioDynamics 15.85p £23.3m (OBD.L)
A biotechnology company developing precision medicine tests based on the EpiSwitch® 3D genomics platform, announces updates on its PSE and CiRT tests. Acceleration of final development and launch of Prostate Screening EpiSwitch (PSE) clinical test in both UK and US, for availability in Q4 2023. The Company’s EpiSwitch CiRT (Checkpoint inhibitor Response Test) continuing to gain traction in the US, posting record orders in March 2023. The Company has also leased its US lab space for own CLIA-certified LDT testing facility and has commenced certification of clinical testing facility within its existing Oxford base.

The Fulham Shore 13.9p £88.2m (FUL.L)
The owners and operators of The Real Greek and Franco Manca restaurants announces a trading update ahead of the publication of the Company's results for the year ended 26 March 2023 (FY23) . The Group opened 18 new restaurants (13 Franco Manca pizzeria’s and 5 new The Real Greek restaurants), there were also two restaurant closures. These openings were primarily funded through operational cashflow. The Company's net debt was £0.7m. The Group has undrawn net bank facilities of £14.9m. The Group currently plans to open six new UK restaurants across both brands and will continue to be financed primarily by internal cash flow.

5 April 2023
*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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