Small Cap Feast

6th April 2023

Dish of the day
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Dish Of The Day:

Fadel Partners has joined AIM. 
World Chess plc has joined the Standard Segment of the Main Market.

Seraphine Group has left the Premium Segment of the Main Market.

What’s Cooking In The IPO Kitchen?

Vinanz Limited intends to join the Access Segment of the AQSE Growth Market. Vinanz Limited aims to build out a fullyfledged Bitcoin mining company initially focusing on installing clusters of Bitcoin miners in multiple decentralised data facilities throughout the US and Canada through third-party cryptocurrency mining providers such as Compass Mining. Whilst the Company will focus initially on BTC mining, it will also consider mining of other cryptocurrencies, and operations in the DeFi and Big Data space in the future. Expected Admission 21 April 2023.

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.

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

Anglesey Mining 2.15p £6.3m (AYM.L)
The UK minerals development company provides an update to the planning application process for its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au project located on the Isle of Anglesey. The project is classified as a Dormant Site, which requires a Pre-Application Inquiry submission to the North Wales Mineral Planning Authority. The Pre-Application Consultation occurred in the local town of Amlwch on 5 April 2023. The proposal presented is based on Case C from the Preliminary Economic Assessment announced in January 2021 – mined output increasing to 1Mtpa with an initial 12-year life. There are some differences to the original planning permissions including increasing the overall size of the consent area, excising all historical areas sites and converting the proposed tailings from hydraulic valley-fill to dry stack. Subsequent to this consultation, Anglesey Mining will be required to complete an Environmental Impact Assessment.

Avacta Group 129p £348.1m (AVCT.L)
The life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, announces the opening on 5 April 2023 of the first two clinical investigator sites for the phase 1 clinical trial of AVA6000 under its US Investigational New Drug (IND) Application. The two sites, Memorial Sloan Kettering Cancer Center (MSK) in New York and Fred Hutch Cancer Center in Seattle, are now open for patient enrolment to ALS-6000-101. This is the first-in-human trial of AVA6000, Avacta's lead pre|CISION™ drug candidate for the treatment of soft tissue sarcoma.

Barryroe Offshore Energy 1.45p £16.6m (BEY.L)
The Irish company focused on oil and gas discovery offshore Ireland, intends to raise up to EUR20m through a Placing for up to EUR12m (including warrants) and Open Offer for up to EUR8m (including warrants). The placing will only be available to qualifying professional investors who do not participate in the previously announced Convertible Loan Note or the proposed Open Offer. Placing Price will be EUR0.015 per share, with the right to subscribe for a warrant to purchase an additional 1.5 ordinary shares for EUR0.015 per share for a period of 10 years.Qualifying shareholders will be able to subscribe for Open Offer Shares on the basis of 1 Open Offer Share for every 6 Existing Ordinary Shares. Each Open Offer Share will also entitle the holder to subscribe for a warrant to purchase an additional 1.5 ordinary shares for EUR0.015 per ordinary share for a period of 10 years.

Fulcrum Utility Services 1.025p £4.1m (FCRM.L)
The independent provider of utility services including multi-utility connections and renewable energy infrastructure, confirms that its full year performance (ended 31 March 2023) will be in line with the expectations set out in its trading update published on 24 October 2022. Further to the Facility Agreement announced on 5 December 2022, the Group today announces that it has agreed to amend the Facility Agreement under which the provision of funding has been increased by £5m such that up to £11m is provided as principal (i.e., £8m from Bayford and £3m from Harwood on a pro-rata basis).

Gear4music Holdings 81p £17.0m (G4M.L)
The largest UK based online retailer of musical instruments and music equipment, announces a trading update for the year to 31 March 2023. FY23 revenues were £152m, up 3%. Gross margin is expected to be 25.7% reflecting significant reduction in inventory levels through a challenging period for discretionary retail (FY22: 27.8%). EBITDA is expected to be in the range of £7.3m - £7.7m (FY22: £11.0m). Net debt was £14.5m at 31 March 2023, reduced from £24.2m at 31 March 2022. Management continues to reduce net debt and expects a return to more profitable growth during FY24.

Jersey Oil and Gas 291.5p £94.9m (JOG.L)
The independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, announces that it has agreed to farm-out a 50% interest in the Greater Buchan Area (GBA) licences to NEO Energy (NEO). JOG will receive 12.5% carry of the Buchan field development costs included in the FDP approved by the North Sea Transition Authority (NSTA); equivalent to a 1.25 carry ratio; carry for JOG's 50% share of the estimated $25m cost to take the Buchan field through to FDP approval; $2m cash on completion of the transaction; $9.4m cash upon finalisation of the GBA development solution; $12.5m cash on approval of the Buchan FDP by the NSTA; $5m cash on each FDP approval by the NSTA in respect of the J2 and Verbier oil discoveries.

Neometals 33p £181.3m (NMT.L)
The company that operates in both the lithium battery and vanadium recovery industries, announces an increase of its ownership to 72.5% in the Finnish Vanadium Recovery Project's incorporated JV company, Recycling Industries Scandinavia AB (RISAB), from the conversion of its A$3m shareholder loan following Critical Metals' contribution of A$300k. Meanwhile, Critical Metals Ltd will move from 50% to 27.5% ownership of RISAB. RISAB is advancing engineering, procurement, equity, and project financing activities to enable consideration of an investment decision by 30 June 2023.

Rockfire Resources 0.23p £3.3m (ROCK.L)
The gold, base metal, and critical mineral exploration company, advises the market that ASX-listed Sunshine Gold Limited has updated its exploration activities at Rockfire's Lighthouse tenement in Queensland, Australia. Sunshine Gold Limited is farming into the Lighthouse tenement and has the option to earn a maximum 75% interest in the tenement by expenditure of AUD$2.2m over a 3-year period. The exploration highlights are as follows: (1) field reconnaissance over a previously identified 300m ridge of gold anomalism at Cardigan Dam identified a gossanous breccia. The best gold result assayed 13.20 g/t Au, 4.8 g/t Ag. (2) a new zone of mineralisation identified approximately 500m south of the gossanous ridge, with a rock chip assay returning 9.58 g/t Au, 9.9 g/t Ag. (3) a rock chip returned elevated cobalt and copper over a strong magnetic anomaly, 250m NE of the gossanous ridge, returning 0.62% Co, 0.48% Cu, 0.92% Ba, 185ppm Ni.

Rosslyn Data Technologies 0.675p £2.3m (RDT.L)
The provider of a cloud-based enterprise data analytics platform, provides a trading update for the year ending 30 April 2023, with improvement of all key performance indicators. FY23 revenues are £2.9m (FY22: £2.7m). This represents an ARR growth of approximately 20% (2022: 9% reduction) with ARR expected to constitute at least 79% of total revenue in FY23. Monthly cash burn has been reduced to approximately £190k (FY22: £270k) with cash at the year ended expected to be £0.8m (excluding expected receipt of a £382k R&D tax credit post period). Including the profit from the sale of the discontinued operations, share-based payments and exceptional items, EBITDA loss is expected to be approximately £2.1m (FY: £3.9m loss).

Scirocco Energy 0.35p £3.2m (SCIR.L)
The investing company targeting attractive assets within the European sustainable energy and circular economy markets, provides an update regarding its investment in Energy Acquisitions Group Ltd (EAG). Scirocco owns 50% in the EAG Joint Venture which wholly owns and operates Greenan Generation Limited (GGL), a 0.5MW Anaerobic Digestor (AD) plant in Northern Ireland. GGL’s production, revenue and EBITDA in 4Q22 grew year-on-year, due to high operational efficiencies and revenue arising from NI Renewable Obligation Certificates (NIROC) in December 2022.

6 April 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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