Small Cap Feast

10th July 2024

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Dish Of The Day:



Gresham Technologies (GHT.L) has delisted from AIM 
 Partway Group (PTY.L) delisted from the Main market yesterday 

What's baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is expected to be 26th July 2024. The Primary Offer expected size is approximately £4.0m.

24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m.

Banquet Buffet

Afentra 57.80p £130.27m (AET.L)

The upstream oil and gas company focused on acquiring production and development assets in Africa have provided an operations and financial update for the 6 months ending 30 June 2024. Notably, the Company completed the Azule Acquisition in May 2024 for a net consideration of $28.4m, inheriting a crude oil stock of 480,000 barrels and driving commercial progress with a pre-tax revenue of $75.9m for 1H 2024 and cash resources of $13.8m. The strong liquidity position is expected to maintain steady operational improvement and provide a platform for further growth.

Corero Network Security 19.50p £99.20m (CNS.L)

The distributed denial of service (DDoS) protection specialists focusing on defense solution and mitigation strategies has announced New Customer Wins continuing their robust 2024 customer acquisition momentum. Total contract values have reached $2.2m, including customers such as a top-10 US fiber provider (3-year deal with a $1m plus contract), a North American network neutral interconnection, co-location and data centre specialist and a Canadian major utility owned regional communications and internet service provider.  The Company hope the new business momentum generated throughout Q2 2024 will provide a strong base from which they can further grow their global market presence and enhance their service offering.

Feedback 65.5p £8.73m (FDBK.L)

The critical Healthcare communications technology developer announces a collaboration with a specialist clinical IT firm called Vertex with offices in the UK, UAE, and South Africa. The agreement enables the companies to work together and outlines the key terms which will form the basis of definitive commercial agreements for multiple collaborations. Vertex business is non-NHS and is FDA Cleared and CE Marked in other territories including the USA, Middle East and Europe. Feedback shares fell in April from 130p on a profits warning because of delays in the NHS procurement process. Consequently, its May 2023-24 revenues will be lower than expected at £1.2m and at the Interims to November 2023, announced in February this year, EBITDA losses increased 36% to £1.6m. Since then, a contract worth £0.5m was closed for its Bleepa product with an NHS Foundation Hospital and these delayed contracts are likely to be secured before the 2025 year-end according to management. There was around £4.3m in the bank at the end of April 2024 and finals to May 2024 are due to be reported in early September. 

Impax Asset Management Group 376.75p £480.80m (IPX.L)

The specialist asset manager and investor focused on the transition to a more sustainable economy have reported both a quarterly financial update and an announcement of an agreement to acquire the European assets of SKY Harbor Capital Management (Assets under management of $2 billion). Post the completion of the SKY Harbor and Absalon acquisitions, Impax will have total fixed income assets under management and advice of approximately £3.1 billion as of 30 June 2024, providing a strong platform for the Company to expand its fixed income capabilities in the future.

MPAC Group 505.00p £106.47m (MPAC.L)

The provider of high-speed packaging and automation solutions for the healthcare, food & beverage and clean energy sectors issued a trading update ahead of the release of its unaudited results for the six months ended 30 June 2024. H1 trading performance was in line with Board’s expectations as revenues are expected to increase by 15.5% from the previous year to $61m resulting in a June 2024 closing order book of circa £71m. Adam Holland, Chief Executive, is pleased that the Group has continued to gain momentum through the period and are well-placed to meet full year targets.

Personal Group Holdings 169.00p £52.81m (PGH.L)

The workforce benefits and services provider aiming to improve employee health, wellbeing and engagement has announced the disposal of the entire issued share capital of Lets Connect IT Solutions to SME HCI Limited. The Company's technology salary sacrifice division was acquired for a total up front cash consideration of £2.0m on a cash-free, debt-free basis. Despite the business performing resiliently and in line with management's expectations for the year ended 31 December 2023, Let's Connect delivered turnover of £11.1m and £0.3m of profit before tax, the Board believes that its long-term performance will be optimised under the ownership of the Acquiror.

Quadrise 2.05p £35.29m (QED.L)

The supplier of innovative energy solutions for a cleaner planet focusing on the global power generation, shipping, industrial and refining industries have provided an update on its project with MSC Shipmanagement Limited of Cyprus. The Company moves closer to finalising  the MSC marine project contract and once signed Quadrise equipment will be installed and commissioned at the facility in Antwerp prior to vessel trials. Quadrise are therefore  ready to move quickly once the Project Agreement is sealed and make strong operational progress.

Sareum 33.00p £34.00m (SAR.L)*

A clinical-stage biotechnology Company delivering targeted small molecules therapeutics to improve the treatment of cancer and autoimmune diseases announces certain management changes. Dr. Tim Mitchell, co-founder and Chief Executive Officer, will, after twenty years with the Company, transition to the part-time role of Chief Operating Officer and will continue to serve on the Board of Directors. Dr. Stephen Parker, currently Non-Executive Chairman, will assume the position of Executive Chairman on the Board whilst the Company seeks to appoint a new CEO at the appropriate time and as the future business strategy develops.

Sure Ventures 100.00p £7.1m (SURE.L)

The venture capital fund that enables investors to gain access to early stage technology companies in the Augmented Reality & Virtual Reality market,  Internet of Things and the Fintech industry have announced that Infinite Reality has agreed to acquire Landvault (a portfolio company of the Sure Valley Ventures Fund). It will be an all-share transaction valuing at $450m, where the disposal has the potential to generate proceeds for Sure Ventures PLC of circa $ 8.3 million.  Sure Ventures PLC still own 25.9% of Sure Valley Ventures and will aim to maintain the same level of significant value creation in the future.

UK Oil and Gas 0.02p £1.02m (UKOG.L)

The UK energy exploration and production Company in the oil and gas industry has announced that it has raised gross proceeds of £0.5 million through a share placing of 3.33bn shares at a share price of 0.015 pence. The Placing represents a discount of approximately 28% per cent to the Closing Price of 0.021 pence and proceeds will be used for the termination of a convertible loan repaying in full the balance of the convertible funding facility with RiverFort Global Opportunities. Remaining funds may then be used to further the Company's material hydrogen storage projects and drive commercial progress by engaging with prospective strategic partners.


10 July 2024
*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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