Small Cap Feast

5th July 2023

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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.) It is rumoured to be valued at between £800m and £1bn with Admission currently expected to occur in July 2023.

Breakfast Buffet

Equals Group 99p £180.0m (EQLS.L)
A fintech payments group focused on the SME marketplace, provides the following trading update for the six months ended 30 June 2023. Revenues up 43% at £45.0m (H1-2022: £31.4m), Gross profit margins now exceed 50% (H1-2022: 47%). Adjusted EBITDA margins anticipated to be approximately 20% for the whole of 2023. The Company also announced the completion of the acquisition of Oonex S.A. which allows Equals to bring its payments, cards, and multi-currency account products to a new suite of customers across Europe, trading is in line with FY-2023 expectations.

One Heritage Group* 16.5p £6.4m (OHG.L)
The UK-based residential developer focused on the North of England, provided an update yesterday afternoon on the progress of projects, changes to its senior management team and being awarded the Propertymark accreditation. The company have exchanged contracts for the bulk purchase of twenty apartments at Lincoln House, Bolton. The sales are contracted to complete by 20 August 2023 and increases the number of sold units (exchanged contracts or completed sales) to 74 out of a total of 88. This is expected to increase the overall GDV previously reported from £10.0m to £10.1m. The Company announce the completion of St. Petersgate, Stockport is delayed into H2 2023 due to further challenges in respect of industry wide sub-contractor labour shortages. In line with the Group’s strategy to strengthen its senior management, Mr Geoff Willis has been appointed as Investment Director which is a new role and will oversee the Group’s development pipeline. Geoff has a wealth of residential property experience, risk management and an in-depth understanding of the property and regeneration marketplace. The Group is also delighted to announce it has received the Arla Propertymark accreditation in May 2023 for its lettings operation.

Prospex Energy 8.05p £22.9m (PXEN.L)
The investment company focused on European gas and power projects, announces the start of gas production from the Podere Maiar-1 (PM-1) gas facility at the Selva field in the Po Valley region of northern Italy. Construction and grid connection of PM-1 to the SNAM grid in Italy was announced on the 16 May 2023, with all activities completed on schedule and within 3% of budget. PM-1 will provide gas directly to the domestic Italian market under an 18-month supply agreement with BP Gas Marketing announced on 14 February 2023.

Quiz 9.13p £11.3m (QUIZ.L)
The omni-channel fashion brand, announces its final audited results for the year ended 31 March 2023 (FY 2023). Group revenue increased 17% year on year to £91.7m (2022: £78.4m) supported by the cessation of all social restrictions leading to increased demand. EBITDA increased 21% to £6.2m (2022: £5.1m) and profit before tax increased 192% to £2.3m (2022: £0.8m). The Company announced active customers increased 11% in line with demand for QUIZ's core occasion wear offering. The Board are confident that the Group will deliver sustainable growth.

SIMEC Atlantis Energy 0.9p £6.5m (SAE.L)
A developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development announces the successful deployment of Turbine 2 at the MeyGen site. The turbine has undergone significant upgrades to improve performance and reliability. The Company converted its turbine to use a wet-mate connection system, which reduces costs and time for future maintenance work. SAE has made the decision to bring forward the reshoring of Turbine 4 to allow for preventative maintenance and upgrade work. This will also continue to allow SAE to drive the improvements, learning and data needed to unlock the next phase of turbines at the MeyGen site.

Smoove 36.8p £20.5m (SMV.L)
The customer focused technology and services business aiming to revolutionise home moving and ownership, announces its final results for the 12 months ended 31 March 2023. A 7.4% increase in revenues to £20.6m (2022: £19.2m), despite increased uncertainty in the housing market with even gross profit levels of £7.8m (2022: £7.8m). Underlying EBITDA loss increased by 30% to £4.8m (2022: £3.7m loss), reflecting investment in the core eConveyancer business and in new product areas. Net cash of £10.1m (2022: £20.0m), following the £3.7m return of capital via a Tender Offer in January 2023. Post period, the Company announced a strategic partnership with Mortgage Advice Bureau (MAB) enhancing market reach. The Board reaffirms the profit and outlook as previously stated to be in line with their expectations.

Supreme 116.5p £136.7m (SUP.L)
A manufacturer, supplier and brand owner of fast-moving consumer products, announces its audited final results for the year ended 31 March 2023 (FY23). Revenue increased by 19% to £155.6m (FY22: £130.8m), as a result gross profit increased by 6% to £40.9m (FY22: £38.5m). Adjusted EBITDA decreased by 8% to £19.4m (FY22: £21.1m) and the Company has net debt of £11.8m (FY22: £4.0m). The Company completed three acquisitions, with two having been integrated and Adjusted EBITDA enhancing during the year and the third acquisition completed immediately prior to year-end. The Board expects trading in FY24 to be ahead of current consensus.

Windward 60p £51.4m (WNWD.L)
A Maritime AI company, enabling organizations to achieve business and operational readiness announces that the London Stock Exchange Group deploys Windward artificial intelligence capabilities to combat 'sanctions-busting' across global shipping. It will track approximately 117,200 vessels currently at sea globally including oil tankers, dry bulk carriers and container vessels. Then, using AI and advanced behavioural risk assessments models, the technology screens against criteria which could be an indicator of illicit activity to determine a risk profile.

Zenova Group 4.25p £4.8m (ZED.L)
A Company developing fire safety and heat management solutions that have applications across the housing, industrial, and commercial sectors announces that the increased demand for personal fire protection through Zenova FX aerosol fire extinguishers is accelerating the deliveries to Zensafe. The next shipment of 2,160 units of Zenova FX500 to Zensafe's account with Amazon will increase the supply and shorten deliveries for our customers in the UK. This is the first shipment out of the current total order for 10,000 units with a retail value of £300,000 from Zensafe for the Zenova FX500.

Zinc Media Group 92.5p £20.2m (ZIN.L)
The television, brand and audio production group, announce a trading update. Total revenue won and due to be recognised in FY23 is now £31m. This figure exceeds the total revenue generated in the whole of FY22. The Group's pipeline remains strong with a further £7m of revenue for recognition in FY23 in highly advanced dicsussions. The Group acknowledges that its newest television label Atomic Television has won its first commission. It is a substantial contract worth over £1m for an international bluechip broadcaster.

5 July 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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