Small Cap Feast

6th March 2023

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Dish Of The Day:

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Leavers:
Shaftesbury PLC has left the Premium Segment of the London Stock Exchange.



What’s Cooking In The IPO Kitchen?

Onward Opportunities Limited intends to join the AIM market. The Company's investment objective is to generate returns for Shareholders through investments in equity and equity-related instruments of UK smaller companies that are predominantly listed or admitted to trading on markets operated by the London Stock Exchange. Expected admission date is mid-March 2023.

Essentially Group plc, its strategy is the acquisition, holding and development of companies active in the health food and beverages market, intends to join the AQSE Growth Market. On 1 September 2022, Essentially Group UK acquired Essentially Holdings Ltd (and its wholly owned subsidiary, Essentially Juices Manufacturing LLC (EJM)), EJM is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market. Expected 17th March 2023.

MBH Corporation plc, an investment holding company with subsidiaries in multiple industries including the construction, education, leisure, healthcare, food & beverage, property, engineering and transport sectors, intends to join the AQSE Growth Market. MBH is currently traded on the Dusseldorf and Frankfurt Stock Exchange. Expected 13th March 2023.

PanGenomic Health Inc, currently traded on the Canadian Securities Exchange market, intends to dual list on the 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, Mindleap.com and the PlantGx Platform. PanGenomic Health Inc is currently traded on the CSE. 88.6% of the total issued shares will be floated. Admission is delayed.


Breakfast Buffet

AssetCo 68.5p £94.6m (ASTO.L)
The asset and wealth management company announces that it has reached agreement to acquire the entire issued share capital of Ocean Dial Asset Management Limited (Acquisition) from Avendus Capital Asset Management (UK) Limited for a total consideration of £4.125m (Consideration). The Consideration will be satisfied by the delivery of c.2.9m ordinary shares in the capital of the Company and £2.125m in cash. The Acquisition is expected to be earnings enhancing for the Group and anticipated that further synergies will be achievable following completion.

Craneware £15.30 £543.8m (CRW.L)
The market leader in value cycle solutions for the US healthcare market announces its unaudited results for the six months ended 31 December 2022 (H1 FY23). The Company announced revenues increased 6% to $84.7m (H1 FY22: $80.2m), adjusted EBITDA increased 8% to $25.5m (H1 FY22: $23.7m) and held cash reserves of $38.6m (H1 FY22: $41.7m). The Company continued expansion and cross-sales, including to both small rural facilities and multi-site medical systems and the Board are confident in delivering results in line with current consensus.

GreenRoc Mining 3.75p £4.4m (GROC.L)
The company focused on the development of critical mineral projects in Greenland announces that it has signed a Memorandum of Understanding with Leonhard Nilsen & Sønner A/S a construction and mining group based in Norway, and in relation to the development of GreenRoc's Amitsoq Graphite. The Company also announces that it has raised gross proceeds of £550k by a placing at a price of 3.5p per share. The net proceeds will be put towards test work and studies for the advancement of the Amitsoq project, the processing of a 700kg bulk sample of graphite ore and ongoing working capital.

ImmuPharma 2.25p £7.5m (IMM.L)
The specialist drug discovery and development company announces that it has signed an initial collaboration agreement on the Company's peptide technology, with Orano SA, a leading international corporation and a key player in the nuclear energy sector. ImmuPharma has agreed to provide its peptide technology, to explore the potential to allow delivery of a potent radioactive isotope to the core of a cancer cell, killing the cell with minimal impact on surrounding tissue. ImmuPharma looks forward to working with Orano and the Cancer Research Centre of Lyon over the next 12 months.

Plexus Holdings 4.75p £4.8m (POS.L)
The oil and gas engineering services business and owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, known for its safety, time, and cost-saving capabilities announces that the Company has secured an order for its proprietary equipment and sealing technology for a specialised project application over the next 12 months. The current value of the order greater than £5m. C.£2.5m of milestone payments will be received and accounted for as deferred revenue in the current financial year, and the full value will be recognised as revenues in the financial year ending 30 June 2024.

Roquefort Therapeutics* 8.25p £10.7m (ROQ.L)
The listed biotech company focused on developing first in class medicines in the high value and high growth oncology market announces the formation of its Scientific Advisory Board (SAB). With the Company's focus of niche cancers that are resistant to existing medicines, the SAB will initially comprise of Professor Jo Martin, Professor Trevor Jones and Professor Armand Keating, who together are a team of researchers, biopharmaceutical innovators with an emphasis on linking pre-clinical research, clinical trials, production of medicines and the care of patients. The SAB will work closely with the Company's Group Chief Scientific Officer, Professor Sir Martin Evans to provide scientific guidance on the Company's strategy as it approaches key pre-clinical milestones and its approach to clinical trials.

Sareum Holdings* 102.5p £69.8m (SAR.L)
A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer announces that Sierra Oncology, Inc. (Sierra) (a subsidiary of GSK plc) has completed the return of the Clinical Study Reports and other associated documents and data related to SRA737 to Sareum's co-development partner, the CRT Pioneer Fund LP (CPF). SRA737 is a clinical-stage oral, selective Checkpoint kinase 1 inhibitor that targets cancer cell replication and DNA damage repair mechanisms. Preclinical data have been reported that indicate triple drug combinations involving SRA737 may show great promise against hard-to-treat cancers. Sierra has not progressed the asset beyond the Phase 1/2 clinical trial. The Company look forward to evaluating the potential development opportunities for SRA737 with CPF.

Seeing Machines 7.14p £296.5m (SEE.L)
The advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety announces its unaudited results and financial report for the six months to 31 December 2022 (H1 2023). Total operational revenue increased by 54% to US$24.4m (H1 2022: US$15.8m), gross profit up by 109% to US$15.5m, up (H1 2022: US$7.4m), and the Company reduced its net loss by 47% to US$5.4m (H1 2022: US$10.1m). The Company has now won a total of 15 automotive programs spanning ten individual OEM’s. The Company financial performance for FY2023 is expected to be in line with consensus expectations.

Trellus Health 7.25p £11.7m (TRLS.L)
The Company commercialising a scientifically validated, personalised resilience-driven self-management solution for chronic health conditions provides an trading update. Since the beginning of the Trellus Inflammatory Bowl Disease (IBD) programme, 83% of members reported an increase in their self-confidence in how to manage their condition. The Company expects to report an EBITDA loss for the year ended 31 December 2022, and revenues of c.$30k reflecting the timing of implementation of projects now underway in early 2023. As at 31 December 2022, the Company's net cash position was $19.08m, and ahead of expectations.

1Spatial Holdings 50.5p £55.9m (SPA.L)
A leader in Location Master Data Management software and solutions provide an update on trading for the financial year ended 31 January 2023 (FY2023). The Company announces total revenue expected to be no less than £29.8m (FY2022: £27.0m), adjusted EBITDA is expected to be £4.9m (FY2022: £4.2m) and profit before tax of £0.9m (FY2022: £0.2m). The Group's net cash will be no less than £3.0m at FY2023, (31 January 2022: £3.2m). The Group is continuing to invest in its SaaS based solutions and the Board is confident that progress will continue.

6 March 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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