Small Cap Feast

10th June 2024

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Dish Of The Day:



Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Company is looking to raise $40m, the net proceeds of which will be used by the Company for engineering capital expenditure, to enhance its supply chain resilience and for other general corporate purposes. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.

4th June: Advanced Oxygen Therapy Inc (AOTI): The medical technology group with a proprietary therapy for the reduction in hospitalisations and amputations caused by non-healing wounds, particularly diabetic foot ulcers, announces its Schedule One and expected first day of trading on the AIM market of the 18th June. The Group expects to raise $25m.

Media speculation:

2nd June: Online fashion firm Shein from China is preparing to file a prospectus ahead of a potential London float which could value it around £50bn.

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Arecor Therapeutics  105p £32.2m (AREC.L)

The biopharmaceutical Company advancing today's therapies to enable healthier lives provides an update on funding requirements. As announced at the time of the Company's results for the year ended 31 December 2023, the Company had a reasonable expectation of raising funds in the period to 31 December 2024. Since announcement of the Company's results, the Company has identified that its working capital requirements have accelerated primarily as a result of the timing of potential pipeline revenue and an increase in costs. The Company is examining potential cost mitigation in the near term. In the absence of significant cost mitigation, funding is now expected to be required in Q3 2024.

Bezant Resources 0.023p  £2.6m (BZT.L)

The copper-gold exploration and development Company announces that it has signed an exclusive collaboration agreement with PCB Mining Limited in relation to its small scale exploration licence 24988-HQ-LEL in Zambia (PCB Licence). Bezant will earn a 15% interest in the PCB Licence by providing a project restart plan for PCB Mining and assisting in obtaining financing for the project restart. Bezant has the right but not the obligation to match the terms offered by a mine contractor in relation to the project restart. In the event that Bezant exercises its right to match then it will be issued a 40% shareholding in PCB Mining (inclusive of the 15% interest for providing the Services).

Blencowe Resources 5.85p £12.7m (BRES.L)

The exploration Company focusing on the Orom-Cross Graphite Project located in Northern Uganda signs its first non-binding Memorandum of Understanding (MOU) for natural large flake concentrate offtake. The off-taker Jilin is a processor of battery anode materials and expandable graphite based in north east China. The MOU is to supply 15,000t/annum of blended large flake graphite, covering 66% of Orom Cross initial large flake production for up to three years from the start. Pricing is to be agreed following completion of the Orom-Cross Definitive Feasibility Study (DFS). As large flake concentrate commands substantially higher prices than small flakes, this MOU covers approx. 50% of the total revenue from Orom-Cross.

Dekel Agri-Vision  1.2p £6.7m (DKL.L)

The West African agriculture Company focused on building a portfolio of sustainable and diversified projects provides a May 2024 monthly production update for its Ayenouan palm oil project in Côte d'Ivoire (Palm Oil Operation). Year to date May 2024 crude palm oil (CPO) production remains in line with year to date May 2023 and in line with market expectations. CPO sales prices continued to be historically strong at EUR 777 per tonne. International prices continue to remain steady at approximately EUR900 per tonne. The Company continues to see local CPO prices gradually increase towards the international price.

ECR Minerals  0.295p £5.4m (ECR.L)

The exploration and development Company focused on gold in Australia provides the first gold results from photon analysis of rock chips from the historic Duke of Cornwall Mine, Swifts Creek (Tambo), Eastern Victoria, Australia. A selection of 37 rock chips from the Duke of Cornwall Lode have been analysed for gold using photon analysis. Best results include 51.5 g/t Au, 26.5 g/t Au and 24 g/t Au. A further 5 rock chips contain gold grades greater than 5 g/t Au. A total of 56 rock chips and 84 soil samples were taken across the broader strike of mineralisation with results from these additional samples due shortly.

Eden Research  4.35p £23.2m (EDEN.L)

The Company focused on sustainable biopesticides and plastic-free formulation technologies for use in the global crop protection, animal health and consumer products industries, announces the appointment of Humair Tariq as the Company's new Global Commercial Lead. Humair assumes his new role with immediate effect. Humair has considerable experience in the crop protection industry, most recently working for Syngenta as Portfolio Manager for biologicals, seed treatment and insect control. Prior to that, he held a series of global and regional positions with Syngenta in both Basel and Pakistan.

Staffline Group  37p £53.2m (STAF.L)

The recruitment and training Group announces it intends to commence a share buyback programme for up to a maximum aggregate consideration of £2.5m from the day of this announcement. The Ordinary Shares purchased pursuant to the Buyback will be cancelled. The Group remains disciplined in its allocation of capital and continues to assess its medium-term plans. The amount allocated to buybacks is based on its predicted trading cash flows and financing headroom. 

Surgical Innovations Group 0.5p £4.7m (CRCL.L)

The designer, manufacturer and distributor of innovative technology for minimally invasive surgery announces the appointment of Chris Martin as Chief Financial Officer and an Executive Director of the Board, effective Monday 10 June 2024. Chris takes over from Interim Financial Consultant, Michael Roper, who will stay on to provide a handover and facilitate a smooth transition. Chris brings with him over 20 years’ experience as a Finance Director in various manufacturing organisations. His most recent role was with Weir Plc, where he served as Regional Finance Director for Europe, North Africa, and Central Asia for six years.

Tertiary Minerals 0.14p £3.6m (TYM.L)

The  mineral exploration and development Company focusing on energy transition metals announces the commencement of exploration operations at its Mupala Copper Project in the highly prospective Kabompo Dome of the Northwestern Province, Zambia. The Mupala Copper Project is located adjacent to the Anglo American/Arc Minerals joint venture project, where Anglo American has a right to earn a 70% interest through expenditure of $88.5m, and 12 km west of the Company's Mukai Project.

Vela Technologies  0.012p £2.0m (VELA.L)

The investing Company focused on early-stage and pre-IPO disruptive technology investments reports an update for the quarter ended 31 March 2024. The value of its total assets (including cash) decreased during the quarter by £640k (10%) to £5.54m from 31 December 2023. Vela's portfolio comprised a total of 14 active investments (31 December 2023 - 15). The reduction is due to the sale of Vela's residual holding in Kanabo Group plc. Two of the 14 active investments were unquoted, twelve were quoted. Vela's cash balance stood at £53,000.


10 June 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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