Small Cap Feast

9th November 2022

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:
Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. 

OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQSE Growth Market from the Standard Segment of the Official List. OTAQ has three divisions, i.e., Aquaculture, Geotracking Devices and Offshore and the gross proceeds of £3.6m will provide the Company with sufficient working capital for at least the next 12 months, strengthen the balance sheet and support the next stage of growth organically and through acquisitions.
Off The Menu:
No leavers today.

What’s Cooking In The IPO Kitchen?

One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022.

Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company’s initial public offering on AIM, the board has determined to apply for the Company’s existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company’s admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022.

Looking Glass Labs, a Company engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams, intends to join the AQSE Growth Market. Looking Glass Labs is currently listed on the NEO Exchange (Canada). 14 November 2022.

BWP REIT, a newly formed single asset company, announces its intention to raise £35m through the issue of 35m ordinary shares at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (PSX). 10 November 2022.

World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022.

TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. 14 November 2022.

Breakfast Buffet

Accesso Technology Group 646p £267.2m (ACSO.L)

The premier technology solutions provider for attractions and venues worldwide, announces a 5-year extension to its partnership with Cedar Fair Entertainment Company, one of the largest regional amusement-resort operators in the world. Cedar Fair will continue leveraging the fully hosted accesso Passport eCommerce ticketing suite which has powered online sales for all the operator’s venues since 2011. This agreement with Cedar Fair is the latest example of a long-term extension for accesso with leading industry operators. In September 2022, accesso announced a 5-year contract extension with Australia’s largest theme park operator, Village Roadshow.

Atalaya Mining 280p £391.7m (ATYM.L)

The producer of copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in Spain, announce its third quarter results ended 30 September 2022. Revenue in Q3 2022 was down 23% to EUR 82.3m due to lower copper prices. EBIDTA was negative EUR 4.3m due to high electricity prices and other input cost inflation. CEO Alberto Lavandeira indicated that electricity prices have decreased by around 40% in Spain since the end of Q3 and expects that costs will moderate in Q4 2022. In 2023, the company will benefit from its new long-term power purchase agreement and the start-up of a 50MW solar plant, which will together provide around 50% of its requirements at competitive rates.

Berkeley Energia 15.75p £66.6m (BKY.L)

The mining exploration company announce that it has established an Advisory Committee to the Board of the its 100% owned Spanish subsidiary, Berkeley Minera España S.L.U. (BME), which holds the Salamanca Project. The Advisory Committee is comprised of Miguel Riaño, Rafael Miranda and Jaime García-Legaz, all prominent and well-regarded Spanish businessmen with extensive networks. The Advisory Committee will substantially strengthen Berkeley’s position in Spain as the Company continues to resolve resolving the current permitting situation with the Salamanca Project.

Gelion 59p £63.8m (GELN.L)

The Anglo-Australian energy storage innovator announce its audited results for the year ended 30 June 2022. Total income was £1.7m, up 7%, primarily from R&D incentives from the Australian Taxation Office. Operating losses increased to £9.1m (2021: (£1.8m)) as a result of non-recurring items £4.7m (2021: nil) and increase in operating costs. The total of cash and cash equivalents and term deposits was £17m as at 30 June 2022. Gelion is bringing its brinzinc-bromide batteries from the laboratory to first industrial production, with the commissioning of the manufacturing plant in September 2022 at Battery Energy Power Solutions in Western Sydney, Australia.

PCF Group 0.35p £1.2m (PCF.L)

The motor vehicle and equipment financing company announces the outcome of its strategic review. The Directors have now concluded that it is in the best interest of all stakeholders to commence a process of withdrawing from the UK banking market. As a result, PCF Bank will not be recommencing lending and will therefore manage its loan and savings portfolio positions down over time in line and at some stage look to sell all or parts of its loan portfolio. The Board is also proposing to cancel the admission to trading on AIM.

PPHE Hotel Group £12.75 £542.8m (PPH.L)

The international hospitality real estate group announces that art’otel London Battersea Power Station, the Group’s first UK managed art’otel, will open its doors to guests on 12 December 2022, with the highly anticipated full launch in February 2023. This is the first of several new art’otels scheduled to open in London, Rome and Zagreb. art’otel London Battersea Power Station will be joined by art’otel London Hoxton in early 2024.

Physiomics* 2.35p £2.3m (PYC.L)

The provider of technology-based solutions to predict the effects of cancer treatment regimens for the biopharma industry, announces that it is participating in the 37th Annual Meeting of the Society for Immunotherapy of Cancer (SITC), on 8-12 November 2022 in Boston, USA. Physiomics will be presenting an original poster entitled: Establishing the preclinical PKPD relationship for NM32-2668 a ROR1 targeting T cell engager. PYC is co-authoring the poster with client Numab Therapeutics, whose investigational drug NM32 is currently in IND-enabling studies. The pharmacokinetic and pharcodynamic models developed by Physiomics provides quantitative confirmation of the mechanism of action of NM32-2668. The model will support the establishment of a first-in-human starting dose and a strategy to enable clinical effective dose selection.

Sareum Holdings* 107.5p £73.2m (SAR.L)

The biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces that the UK Medicines and Healthcare Products Regulatory Agency (MHRA) has given notice that it has not been able to approve the Clinical Trial Authorisation (CTA) to evaluate the safety and tolerability of its lead programme SDC-1801. Sareum and its advisors are seeking additional clarification from the MHRA and will provide an update on next steps for resubmission as soon as possible.

Vela Technologies 0.029p £4.6m (VELA.L)

The investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcement by Conduit Pharmaceuticals Limited that it intends to become a publicly traded company on NASDAQ via a merger with Murphy Cannon Acquisition Corp., a NASDAQ-listed special purpose acquisition company. Vela holds an economic interest in the commercialisation of a particular application of AZD1656, one of the assets of Conduit.

Windar Photonics SUSPENDED (WPHO.L)

The technology group that has developed a cost efficient and innovative LiDAR wind sensor for electricity generating wind turbines, announces that it has entered into a distribution agreement with a partner in China for the Windar 4-beam WindVISION LiDAR system. Management estimates that the agreement will, over its term, generate revenue in excess of EUR1.4m, with 85% payable ahead of delivery. Windar Photonics is also publishing a circular today for a proposed placing to raise approximately £2m.

9 November 2022
*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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