Small Cap Feast

6th September 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.

Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.


Breakfast Buffet


Alien Metals Limited 0.16p £10.1m (UFO.L)
The global minerals exploration and development company, provides an update on its exploration activities at the Elizabeth Hill project, historically Australia's highest-grade silver deposit. Alien believes that the recent results further showcase and develop the potential of the Pinderi Hills precinct for base metals, platinum, palladium and silver. The key base metals results of this review, include: o 1 metre @ 3.98% Cu, 12 troy ounces (ozt) Ag, 0.95% Ni from 35m in EC002; 1m @ 3.5% Cu, 125ozt Ag, 0.58% Ni from 2m in UGD063; o 5.2m @ 2.18% Ni, 166ozt Ag, 0.76% Cu from 3m in UGD069; 1.05m @ 1.90% Ni, 114ozt Ag, 1.25% Cu, from 5.05m in UGD072. The Company intends to undertake focused exploration activities on additional base metal targets and has commissioned detailed aerial reconnaissance over the Pinderi Hills area

Andrada Mining 7.2p £110.8m (ATM.L)
The technology metals mining company with mining and exploration assets in Namibia, provides assay results for the first batch of Reverse Circulation (RC) exploration drilling results of an initial scouting programme undertaken within the ML133 mining license area (Lithium Ridge). The initial results highlight the mineral potential of the Company’s mining licenses. Significant pegmatite intersections include: Drill hole ATNN 08:14m at 1.80% Li2O, 0.08% Sn and 70 ppm Ta from a depth of 8m to 22m (a notable lithium intersection of 11 m at 2.13% Li2O from 9m to 20n); Drill hole ATNN 14:17m at 1.29% Li2O, 0.09% Sn and 77 ppm Ta from a depth of 23m to 40m (a notable lithium intersection of 11 m at 1.78% Li2O from 23m to 34m; Drill hole ATNN 01:63m at 0.80% Li2O, 0.12% Sn and 66 ppm Ta from a depth of 17m to 80m (anotable lithium intersection of 35 m at 1.05% Li2O from 44m to 79m) and Drill hole ATNN 02:27m at 1.24% Li2O, 0.14% Sn and 116 ppm Ta from a depth of 31m to 58m (a notable lithium intersection of 19 m at 1.50% Li2O from 33m to 52m).

Comptoir Group 7.0p £8.6m (COM.L)
The owner and/or operator of Lebanese and Middle Eastern restaurants, announces that it has secured a location for the opening of a new Comptoir Libanais restaurant in Ealing, West London. The 3,325 sqft restaurant is positioned in a busy location on the High Street, close to neighbouring occupiers such as Wagamama, Castano Lounge and Turtle Bay. It is expected to open in early October 2023. The Ealing restaurant will be Comptoir's first UK restaurant opening in four years.

Concurrent Technologies 71.5p £52.5m (CNC.L)
The specialist in the design and manufacture of high-end embedded computer solutions for critical applications, announces that it has completed the acquisition of Phillips Aerospace, a designer and manufacturer of rugged systems solutions predominantly serving the defence sector. Concurrent Technologies has acquired Phillips Aerospace for cash consideration of approximately US$1.875m and the issue of 1,807,686 new Ordinary Shares in the Company to satisfy a total consideration of US$3.375m. The Acquisition supports the Company's strategic goals of adding US based manufacturing to its existing capabilities whilst continuing to a greater focus on the systems market in response to customer demand.

Light Science Technologies Holdings 2.7p £9.0m (LST.L)
The controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, announces its earnings enhancing acquisition of Tomtech (UK) Limited (Tomtech), a UK leader in the design, manufacture and installation of monitoring and control systems for commercial greenhouses and polytunnels, for a total cash staged consideration of £500k. As at 31 December 2022, Tomtech's balance sheet included cash in excess of £140k and is currently c.£284k. By utilising the Group's digital platforms, the enlarged business will be able to take advantage of growing demand for AI in control systems.

Powerhouse Energy Group 0.565p £22.4m (PHE.L)
The UK technology company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announces its unaudited results for the six months ended 30 June 2023. Revenues for H1 2023 was £nil (H1 2022: £353k) due to changing strategy and acquiring Engsolve Ltd (Engineering Services Supplier) and Protos Waste to Hydrogen No.1 Ltd (Waste to Energy Project). These acquisitions changed the transactions between these companies from third party supplies and third party sales to intragroup transactions which were therefore eliminated from the consolidation. Cash at bank was £4.90m cash at bank at 30 June 2023 (30 June 2022: £7.54m). The Company raised £1m before expenses on in August 2023.

React Group 1.55p £16.4m (REAT.L)
The leading specialist cleaning, hygiene, and decontamination company, announces it has been awarded an initial two year contract to provide regular window and signage cleaning services to an established fast growing variety store chain throughout the United Kingdom. The contract begins in October and has a total life value of approximately £500k, with potential for growth from additional services and new store openings.

Surgical Innovations Group 1.65p £15.4m (SUN.L)
The designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery, provides a trading update. The forward-looking orderbook remains positive and the revenues for the year to 31 December 2023 (FY23) will meet the Board’s expectations. Manufacturing productivity and supply chain disruptions referred to in the June update have persisted, and are now considered likely to continue to impact profitability in H2 2023. The Board now expects a modest profit at the adjusted EBITDA level for FY23, with better momentum in FY24. As at 31 August 2023, the Group had £2.3min available headroom including a £1.0m undrawn invoice discounting facility (30 June 2023: £2.41m, including the undrawn facility).

Tekcapital 11.5p £20.5m (TEK.L)
The UK intellectual property investment group focused on transforming university technologies into valuable products, announces that Guident ltd has established a new subsidiary to facilitate the commercialisation of their regenerative shock absorbers (RSA). Guident's technology enables regenerative shock absorbers with high energy densities that can recover a vehicle's vibration energy, otherwise lost as heat, due to road irregularities, vehicle accelerations, and braking. Tekcapital owns 100% of the share capital of Guident Ltd. Guident Ltd. owns approximately 91% of Guident Corp., its US subsidiary and 100% of ReVive Energy Solutions, ltd.

Zenova Group 5.75p £6.1m (ZED.L)
The provider of paints for the fire protection market and the insulation of homes and commercial buildings, announces that Dulux Decorator Centre, UK and Europe's largest paint and decorating manufacturer have been officially appointed distributor and stockist of the paint ranges of Zenova Group. Dulux is a principal subsidiary of AkzoNobel Group, the world's 4th largest consumer and industrial coatings business. Dulux has entered into a framework agreement for 3 years for all Zenova coatings solutions: Zenova FP, Zenova IP, and Zenova IR.

7 September 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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