Small Cap Feast

9th November 2023

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What’s Cooking In The IPO Kitchen?

Tekcapital announced intention to spin off and IPO on 2 October: MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. AIM Admission delayed, expected mid-November.

Stranger Holdings announced 02 October 2023, a Company formed for the purpose of acquiring a business, project or assets announces a Proposed Acquisition of up to a 70% interest in the Henkries Uranium Deposit and Prospecting Right in the Republic of South Africa. The Company will acquire this indirect ownership via the acquisition of two intermediary holding companies, namely Mayflower Energy Metals Limited and Neo Uranium Africa Proprietary Limited. The Acquisition constitutes a Reverse Takeover under the Listing Rules since, in substance it results in a fundamental change in the business of the issuer. Trading in the Existing Ordinary Shares continues to be suspended. It is anticipated that Re-Admission and trading in the Company's Enlarged Share Capital will occur on or around 7 November 2023.


Breakfast Buffet

ADM Energy* 0.5p £1.8m (ADME.L)
A natural resources investing company with an existing asset base in Nigeria and the United States announces the appointment of Lord Henry Bellingham as Chairman of the Board of Directors and the resignations of Oliver Andrews and Richard Carter. Lord Bellingham has served as a non-executive director of the Company since July 2020 and has enjoyed a distinguished Parliamentary career of almost 40 years and held a number of senior positions. The appointment of Lord Bellingham and the resignation of Mr. Andrews is with effect from 8 November 2023 and the resignation of Mr. Carter will be with effect from 1 December 2023 .

Angle 11.25p £29.3m (AGL.L)
A liquid biopsy company with circulating tumour cell (CTC) diagnostic solutions for use in research, drug development and clinical oncology, provides a trading update. The Company expects revenue for 2023 will be c.£2.2m, an increase of 120% over 2022 but below current market consensus of c.£3.0m. New sales secured in 2023 are expected to be c.£3.3m however revenue recognition for some of these sales will fall into the 2024 financial year. The cash position at 2023 year end is in line with consensus at c.£15m. The Company announce that they have taken the decision to streamline their services operations by closing the US clinical laboratory and focusing on a single UK-based centre of excellence.

Aptamer Group 1.18p £5.5m (APTA.L)
The developer of Optimer® binders to enable innovation in the life sciences industry, announces its full year results for the twelve months ended 30 June 2023 (Period). Revenue decreased by 55% to £1.8m (2022: £4.0m), as a result, adjusted EBITDA loss increased to £4.7m (2022: loss £1.7m). Operating loss for the Company stood at £8.1m (2022: loss £2.5m) and the Company holds cash at end of year of £234k (2022: £6.7m). The Company announced that contracts have been signed with a top five pharmaceutical company to develop multiple Optimer® binders to support pipeline development and early discovery targets and post year end, the Company has refinanced with £3.5m in two equity placings.

European Metals Holdings 31.5p £65.3m (EMH.L)
The lithium exploration and development company with assets in the Czech Republic announces the results of the Lithium Chemical Plant (LCP) pilot programme. The Pilot programme has confirmed industrial viability of the LCP process flowsheet, including clean battery grade lithium carbonate (>99.9%) produced with single-stage purification (bicarbonation) of crude lithium carbonate. The Pilot programme also confirmed at 99.7% purity, greater than battery grade (99.5%) in the carbonate precipitation step without any additional processing. The Company announces that the work to produce battery grade lithium hydroxide monohydrate is underway.

Gelion 24.85p £26.9m (GELN.L)
The Anglo-Australian battery innovator, has conditionally agreed to acquire the entire issued share capital of OXLiD for an aggregate consideration of up to approximately £4.2m. OXLiD is a UK based lithium-sulfur (LiS) battery technology developer. In addition, the Company announces a proposed equity Fundraising of up to approximately £4.5m (before expenses) by way of the issue of new New Shares, each at an Issue Price of 24 pence per New Share. The Issue Price represents a discount of approximately 3.0 per cent. to the closing mid-market price on 8 November 2023. Net proceeds of the Fundraising will be used alongside the Company's existing cash resources, to part fund the Acquisition, general capex and opex, expansion of the LiS technology team.

Libertine Holdings 2.65p £3.7m (LIB.L)
A developer of Linear Generator technology, provides an update on trading and operations for the six months ended 30 September 2023. The Company announce that the phase 1 engineering development with Hyliion is complete and the contract has entered 6-month Option Period for HEXAGEN™ platform technology IP licensing. Furthermore, the design, manufacture and first phase of combustion testing of Libertine's intelliGEN™ performance validation prototype for heavy-duty powertrain applications has been completed. As of 30 September 2023, the Group had cash reserves of £0.9m, which provide the Group, with the funds required to maintain current operations through to May 2024.

PCI-PAL 41p £26.8m (PCIP.L)
The provider of secure payment solutions for business communications, announces full year results for the year ended 30 June 2023. Revenue increased by 25% to £14.95m (FY22: £11.94m), as a result adjusted EBITDA loss decreased to £1.11m (FY22: loss £1.88m). Loss before tax increased 57% to £4.89m (FY22: loss £3.11m) and the Company has cash resources including maximum debt headroom of £4.17m. The Company announced continued strong momentum in the US market, with £2.5m new business ACV won in the year representing 61% of new business for the Group and is well positioned to deliver financial milestones this year.

Poolbeg Pharma* 7p £35.0m (POLB.L)
A clinical-stage biopharmaceutical company targeting diseases with a high unmet medical need, announces the appointment of key former executives of Amryt Pharma to its leadership team. Poolbeg's Chairman, Cathal Friel, co-founded both Poolbeg and Amryt Pharma. Amryt went on to list on Nasdaq and earlier this year, was sold to Chiesi Farmaceutica for $1.48bn. David Allmond will join Poolbeg Pharma as Chief Business Officer from 1 December 2023. David was previously Chief Business Officer at Amryt. John McEvoy will become SVP, Chief Legal Officer, at Poolbeg from 1 January 2024. John was Global General Counsel at Amryt from 2017 and continued in his role at Amryt following its sale. Laura Maher will join the Company as Vice President of Clinical Operations from 8 January 2024. Laura joined Amryt in 2018 and as Associate Director of Clinical Operations she led the clinical research programmes for multiple products in Amryt's pipeline. Poolbeg have made excellent progress since IPO and now plan to follow a similar strategic approach to Amryt which focused upon developing a number of very exciting clinical assets and the acquisition of approved and marketed drugs, which not only generate revenue but also fund the development of a robust pipeline of innovative products.

Sareum Holdings* 57.5p £40.4m (SAR.L)
A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces the dosing of the first subjects in the food effects part of its Phase 1a clinical trial of lead programme SDC-1801. Dosing has started at a specialist clinical unit in Melbourne, Australia. The food effects study will provide key information about the absorption of SDC-1801 in fed or fasted healthy subjects, and forms an essential part of the safety data the company are compiling which will support the next stages of development. This is another important milestone in Sareum’s clinical development. The company continue to make progress in this trial and look forward to obtaining full safety data in the first half of 2024.

TruFin 56.5p £59.8m (TRU.L)
The holding company of an operating group comprising three technology businesses operating in niche markets announces that its subsidiary Oxygen, the early payments programme provider has entered into a binding agreement to acquire bidstats.uk. bidstats.uk offers users a suite of tools bundled into easily accessible freemium and subscription services that help businesses win public sector work. The Acquisition will be purchased for a total cash consideration of £0.5m (including a £0.1m earn out) from Axiom P1 Ltd. The acquisition complements Oxygen's existing Insights Services data products, providing valuable cross-selling opportunities.

9 November 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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