Small Cap Feast

7th July 2023

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Medica Group plc has left the Premium Segment of the Main Market.

What’s Cooking In The IPO Kitchen?

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 intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023.

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 Access Segment of 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 is joining the Premium Segment of the Main Market on around 11 July. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. CAB Payments has set an offer price of 335p per share, which will give it a debut market cap of £851.4m.

Breakfast Buffet

Aptamer Group 5p £3.5m (APTA.L)
The developer of novel Optimer binders to enable innovation in the life sciences industry, provides an update on recent contract wins amounting to up to £507k over the next six months. The Company has signed four new clients in the last three weeks. All four contracts relate to FY24 and were included in the pipeline set out in the trading update announced on 4 July 2023. The first contract is with a top ten top ten pharmaceutical company that requires Optimer binders to support a bioprocessing application; the second contract is to support a US-based gene therapy company with Optimer binders to a key target in neurodegenerative disease; the third contract is with a US-based genetic medicine company to generate Optimer binders for two viral targets; and the final contract signed is a follow-on deal with a US-based vaccine development company.

Catalyst Media Group 132.5p £27.9m (CMX.L)
The AIM listed Company announces that further to the Company's announcement of 21 November 2022, that Sports Information Services (Holdings) Limited (SIS) in which the Company has an approximate 20.54% interest has informed the Company that the review of strategic options with Oakvale Capital LLP for its business has now been concluded. The SIS Board has decided that shareholder value can best be maximised for the time being by continuing to implement the existing strategic development plan for the business which will target growth in all SIS's product areas over the coming years. The Catalyst Board has been advised that SIS's new financial year to 31 March 2024 has started well with recently announced deals with Betsson for SIS's Competitive Gaming products, and Kindred Group and Livescore Group for the SIS racing portfolio. Additionally, the Company notes that in June 2023 SIS signed a renewal of the worldwide fixed odds media rights for all of Irish horseracing for a further five year term.

Creightons 29p £19.8m (CRL.L)
The brand owners and manufacturers of personal care, beauty, and fragrance products, announces its preliminary results for the year ended 31 March 2023. Revenue decreased 4.2% to £58.6m (2022: £61.2m) and operating profit decreased by 67.5% to £1.4m (2022: £4.4m). Following remedial actions taken by management, operating profit (before exceptional items) improved in the second half of the year increasing from £0.3m in the first half to £1.3m in the second half. The Company reported EBITDA of £3.0m (2022: £5.9m) and profit after tax of £0.5m (2022: £3.1m). The Company remain committed to seeking further cost and overhead reductions and to restoring margin and overall profitability to previous levels.

Helium One Global 5.1p £41.5m (HE1.L)
The primary helium explorer in Tanzania provides a rig update in relation to the Company's contractual relationship with SOFORI taking into account today's announcement by Noble Helium (ASX: NHE). The Company has previously issued a number of deadlines to SOFORI but continues to have concerns about the lack of operational and contractual progress required under the terms of the non-binding Letter of Intent and, pursuant to legal advice received by the Company, have issued SOFORI with a rectification notice. The Company continues to review, and progress, a number of alternative options that, in the event that SOFORI do not fulfil the obligations outlined to them in the notice of rectification, will still enable Helium One to meet its targeted drilling of the Tai-C well in Q3 2023. The Drillmec HH102 Marriott rig is also another option that the Company continues to evaluate. In preparation for the Q3 spud, the Company has also already commenced its work at site in order to expedite the drilling campaign.

ITM Power 67.7p £417.1m (ITM.L)
The designer and manufacturer of electrolysers based on proton exchange membrane (PEM) technology to produce hydrogen, is partnering with Mott Corporation to cement ITM's market leadership in electrolyser stack technology. ITM and Mott are collaborating to further advance porous transport layers (PTL), which are a key component of PEM electrolysis. ITM's stacks operate at the highest current density on the market, which results in lower stack cost due to reduced material use. The high current density brings very specific requirements for the PTL, which Mott have demonstrated capability to deliver. The two companies are working together to further enhance the efficiency and performance of ITM's already proven PEM electrolysis technology, and to develop ITM's next generation stack. ITM will work alongside Mott's engineering teams to design and verify component customisation in support of ITM's ongoing technology roadmap.

Mineral and Financial Investments 20.25p £7.5m (MAFL.L)
The investment Company investing in natural resources, minerals, metals and oil and gas projects provides an unaudited quarterly update of its financial performance and its Net Asset Value for the quarter ending 31 March 2023. At the end of the third quarter, the NAV was £8.4m an increase of 20.9% from £6.9m achieved in the same period one year ago. The Net Asset Value Per Share (FD) was 22.5p at the end of the Q3-2023 period, up 14.9% year on year. Unaudited gross profit for the 9 months was £808,002 and the net profit was £838,065 with earnings per share of 2.20p fully diluted and 2.38p basic.

Renalytix 105p £103.2m (RENX.L)
The developer of artificial intelligence-enabled clinical in vitro diagnostic solutions for kidney disease announces late-breaking new clinical data demonstrating that KidneyIntelX in vitro prognostic use was associated with post-test actions that led to sustained improvements in both type 2 diabetes and chronic kidney disease health over twelve months. The results are from the evaluation of 2,317 patients being followed in a large real-world evidence (RWE) study in New York City. The twelve-month outcome data were presented at the American Diabetes Association (ADA) 83rd Scientific Sessions held June 23-26, 2023, in San Diego, California. These results support that the previously published improvement in A1C levels observed at six months pre and post KidneyIntelX testing, has been sustained for the full year, especially in the higher-risk patients.

Smarttech247 31p £38.5m (S247.L)
A provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients announces the appointment of Paul Garvey to its Advisory Board. Paul is currently Vice President and Head of Global Accounts at Check Point Software Technologies Ltd, a provider of cyber security solutions, where he oversees the entire Go To Market capability for Check Point's largest customers. As an Advisory Board member, Paul will provide strategic guidance to the Smarttech247 management team, helping to set long-term goals and define key initiatives whilst ensuring the Company can adapt and evolve its cybersecurity practices to ensure potential risks are mitigated, enabling the best service for customers and partners.

Tintra 127.5p £20.9m (TNT.L)
The deep tech & banking business announces a further restructuring of the board of directors as it moves from the strategic planning phase to the build and delivery phase. Under the latest element of this restructuring, Dr Andrew Bowen is stepping down from his position as a Non-Executive Director of the Company on 5 August 2023 and transitioning to a sovereign/government facing role within the wider Group.

Vast Resources 0.37p £10.8m (VAST.L)
The AIM-listed mining company announces that it has raised £1.7m gross through a placing at a price of 0.35p per Ordinary Share. The net cash raised from the Placing will be used for working capital and to ensure the Company can meet its current corporate obligations both in Romania and at corporate level, applied to bridging any unforeseen operational related costs as well funding further expansion capital costs, and the ongoing drilling programme and mine development costs at the Company’s Baita Plai Polymetallic Mine in Romania. The Company will be updating the market regarding the Q2 2023 Production Report in the coming weeks and drilling results achieved to date from the drilling programme. The Company can however report that operational breakeven has been achieved in June 2023 and that name plate capacity is now anticipated to be met in Q3 rather than H1 2023.

7 July 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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