Small Cap Feast

7th August 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footprint. Admission TBC.

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.

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

Avingtrans 420p £135.5m (AVG.L)
The designer, manufacturer and supplier of critical components, modules, systems and associated services to the energy, medical and industrial sectors, announces that its subsidiary Hayward Tyler Fluid Handling Limited has completed the acquisition of certain assets of Slack & Parr Limited from administration, together with Slack & Parr's overseas subsidiaries in the USA and Asia for a total consideration of up to £4.9m. The acquisition will be satisfied with up to £2.6m to acquire certain UK assets and the shares in Slack & Parr's USA & Asia subsidiaries to be wholly satisfied in cash and £2.3m to acquire certain leased assets subject to and to be wholly satisfied by lease financing. Further to its announcement on 13 July 2023 concerning the acquisition of Adaptix Ltd, Avingtrans confirms that the offer to acquire Adaptix has been accepted by the majority of Adaptix shareholders and this transaction can now proceed to completion.

Beacon Energy 0.095p £10.0m (BCE.L)
The full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its subsidiary, Rhein Petroleum GmbH, announces an update on the Schwarzbach-2(2.) drilling operations. Drilling is currently underway in the deviated mechanical sidetrack. The well is on track to achieve the primary objectives of testing the reservoir targets and completing this well as a producer as part of the development of the Stockstadt Mitte segment of the Erfelden field. The Company expects to reach Total Depth in the coming days and will provide a further update on progress as appropriate.

CentralNic Group 130.3p £363.1m (CNIC.L)
The global internet company that derives recurring revenue from privacy-safe, AI-based customer journeys that help online consumers make informed choices, announces a series of recent strategic partnerships. Zeropark, the Commerce Media offering of CentralNic, has now been upgraded to a Tier 1 Demand Partner by Sovrn, a leading publisher technology platform reaching 500 million active consumers each day. In addition, Zeropark has secured a significant deal with, the global online travel agency. Using the Zeropark platform, CentralNic will connect high-intent travellers seeking their next getaway directly to Furthermore, Klarna, the Buy Now Pay Later platform, has become a direct publisher on the Zeropark network. Voluum, CentralNic's flagship ad tracker, has launched a new integration with e-commerce platform Shopify.

Cordel Group 6p £11.9m (CRDL.L)
The Artificial Intelligence (AI) platform for transport corridor analytics, provides an update on full-year trading and activities. The Company expects to report revenue for the year ending 30 June 2023 (FY23) of c. £3.0m, representing growth of 32% (2022: £2.27m). The FY23 audited results are expected to be in line with market expectations. The Railway Gauging Data Solution (RGDS) contract delivered on time and on budget has now moved into its 5 year operational phase. Amtrak’s first two project milestones have been successful and have been fully approved. In addition, it has been agreed to accelerate the Cordel automated data capture (laser scanning) phase. Cordel’s restructuring for growth plan is ahead of schedule with key hires made in the UK, US and in Australia.

FIH Group 255p £31.9m (FIH.L)
The international specialist services group with businesses in the Falkland Islands and the UK, announces the Group's audited results for the year ended 31 March 2023. Revenue increased 31% to £52.7m (2022: £40.3m) and underlying pre-tax profit up 39% to £3.2m (2022: £2.3m), with improvements in all divisions. Pre-tax profit of £4.0m (2022: £2.7m as restated) including non-trading items. Cash at 31 March 2023 £12.8m (2022: £9.6m) and net debt improved to £0.5m (2022: £4.6m). A final dividend of 5.3 pence per share will be proposed at the AGM, taking the total dividend for the year to 6.5 pence per share (2022: 3.0 pence per share).

Gemfields Group 15.75p £189.4m (GEM.L)
The company engaged in the mining and marketing of colored gemstones announces that Montepuez Ruby Mining Limitada (MRM), in which the Company holds a 75% interest, has entered into a legally binding contract with Consulmet (Africa) Limited to construct an additional processing plant at MRM's ruby mine in Mozambique. The addition of the second plant will triple MRM's processing capacity from the existing 200 tonnes per hour to 600 tonnes per hour. The contract is a 'lump-sum turnkey contract' based on industry standard International Federation of Consulting Engineers terms, with MRM's payment obligations agreed in South African Rands and equating to approximately USD70m. Subject to specified milestones, it is estimated that 30% of this cost will fall in 2023 and 60% in 2024, with the remainder being paid in 2025. In addition, MRM expects a modest expansion of its mining fleet through 2025, with notable additional capacity being added in 2026. The new processing plant, funded by cash resources and debt, is expected to become operational during the first half of 2025.

Getech Group 9.9p £6.7m (GTC.L)
The locator of subsurface resources, announces that its services now include the ability to predict the location of natural hydrogen deposits in the subsurface. The Company has successfully combined knowledge of natural hydrogen's genetic systems with Getech's proprietary data platform, products and machine learning analysis to deliver this expanded service. Getech's approach categorises sources, migration paths, reservoir traps and seals which are then integrated with its data tools including the Globe digital platform, which models the earth's subsurface and uses computational modelling and AI machine learning to provide favourability maps, identifying the sweet spots for developing natural hydrogen.

MediaZest* 0.053p £0.7m (MDZ.L)
The creative audio-visual company announces that it has raised £130k via the issue of new 3-year unsecured convertible loan notes to existing investors. The Company has also repaid £150k of unsecured convertible loan notes previously issued on 5 August 2020, which had a maturity date of 5 August 2023. Pursuant to the terms of the Existing CLNs, a total of 28,571,429 warrants over the Company’s ordinary shares of 0.01p have been granted to holders of the Existing CLNs. The Existing CLN Warrants have an exercise price of 0.0525p, being the closing mid-market price of MediaZest’s Ordinary Shares on 4 August 2023 and have a twelve month term, expiring on 4 August 2024.

Ondine Biomedical 16.25p £31.7m (OBI.L)
The Canadian life sciences company announces it has partnered with Kelowna General Hospital (KGH) on a pilot program to prevent hospital-acquired infections (HAIs). During the pilot, all orthopedic patients at KGH will be treated with Ondine's Steriwave® nasal photodisinfection therapy prior to surgery. Ondine's revolutionary Steriwave photodisinfection treatment kills all types of pathogens - viruses, bacteria, and fungi - without causing resistance and is already in use at a number of hospitals across Canada, including Vancouver General Hospital (VGH) and The Ottawa Hospital.

Roquefort Therapeutics* 8.75p £11.3m (ROQ.L)
The biotech company focused on developing first in class medicines in the high value and high growth oncology market announces the successful development of new siRNA sequences and new patent filing for its family of novel anti-cancer siRNA therapeutics. The new siRNA sequences expand the Company’s portfolio of siRNA medicines that attack the targets STAT-6 (Signal Transducer and Activator of Transcription) and its SH2 (Src-homology-2) domain. The Company's siRNA sequences are being developed in combination with nano-particle delivery systems to target the hard-to-treat, high mortality solid cancers including colon and breast cancer with results expected in Q4 2023.

7 August 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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