Small Cap Feast

10th May 2024

Dish of the day
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Dish Of The Day:


Admissions: 

European Metals Holdings (EMH.L) has delisted from AIM, and then relisted as the re-domiciliation to Australia represents a re-admission to AIM.

Delistings: 






Whats baking in the oven?

Potential Initial Public Offerings:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank at 31st March 2024. The Company's application to the AQSE Growth Market is not conditional on it raising funds. However, the Company is seeking to raise up to £1m of new money to de-risk growth and in support of its strategy of coupling organic growth and acquisition.


Reverse Takeovers:


Change of Market:

Dual Listing :


Banquet Buffet

88 Energy 0.15p £59.9m (88E.L)

The oil and gas exploration and production Company announces the awarding of the 2D seismic data acquisition program for PEL 93 to Polaris. This program is set to acquire a minimum of circa 200-line km of low-impact 2D seismic. The seismic program has already been paid for by 88 Energy as part of the farm-in agreement with Monitor Exploration Pty Ltd to earn its initial 20% working interest in PEL 93. PEL 93 is a vast 18,500km^2 onshore acreage position comprising blocks 1717 and 1817 in the Owambo Basin, Namibia; 88 Energy can earn up to a 45% non-operated interest via farm-in.

Artemis Resources 0.8p £14.2m (ARV.L)

The Company engaged in exploration and development of mineral properties in Australia announces that it has received firm commitments for a capital raising of A$2.87m at $0.01275 per share. The issue price is a 29% discount to the 20 day Volume Weighted Average Price. The Placing received strong support from sophisticated and institutional investors. The funds will be used to undertake further exploration programs for Lithium and Gold.

Ascent Resources 1.9p £4.1m (AST.L)

The oil and gas exploration Company announces further to its investment into GNG Partners LLC which owns the 60MMscfd Lisbon Valley gas and helium processing plant in Utah USA, that GNG have provided the Company with an operational update following their first full month of ownership of the operating business units. GNG have conducted an extensive review of the status of the plant, which is overall in good working condition. GNG are also doing basic plant maintenance and improvements which includes restoration of the helium purification system which is expected to be returned to service within 6-8 weeks, following which the plant is expected to immediately resume sales of gaseous helium..

Dekel Agri-Vision 1.2p £6.7m (DKL.L)

The West African agriculture Company focused on building a portfolio of sustainable and diversified projects announces an April 2024 monthly production update for its Ayenouan palm oil project in Côte d'Ivoire. The Palm Oil Operation had a solid month, albeit crude palm oil (CPO) production was 27.1% lower than the record April 2023 results. This is due to the high season in 2024 appearing to return to a more typical peak cycle in March 2024 compared to 2023 where the peak occurred in April. Year to date April 2024 CPO production remains 5% higher than year to date April 2023.

Essentially Group 45p £23.1m (AQSE: ESSN)

The dynamic sport & entertainment marketing agency Company announces that, further to the announcement made on 8 March 2024, it has completed the acquisition of Best of Latin Foodstuff Trading LLC for a total consideration of £1.95m at an issue price of £0.525p per share. Furthermore, Catalina Oñate has been appointed as Executive Director of the Company with immediate effect. The Board of the Company also announces that Ragnar Meitern, Non-Executive Director, has informed the Board of his intention to step down as Non-Executive Director of the Company given his increased executive commitments elsewhere.

Mkango Resources 6.9p £17.7m (MKA.L)

The mineral exploration and development Company announces that, as part of its cost cutting initiatives and complementary to its recent £750,000 private placement closing announced on 11th April, executive management salaries have been reduced by between 25% to 50% each from April 2024 through to September 2024. This conserves additional working capital to advance the Company's assets. In connection with these salary reductions, the Board has implemented a bonus scheme in the form of shares to incentivise the executive management team. The non-executive directors (including the Non-Executive Chairman) have foregone their remuneration since 1 January 2024.

Mothercare 4.3p £24.4m (MTC.L)

The global brand for parents and young children announces a pre-close trading update for the 53 week period to 30 March 2024. Unaudited worldwide sales decreased 13% to £281m. Adjusted EBITDA came in marginally above the £6.7m achieved last year and in line with market expectations. Net debt was £14.7m at the year end. The Company continues to believe franchise operations remain capable of exceeding £10m operating profit and maintains focus on accelerating growth in both existing and new markets.

Newbury Racecourse 585p £19.6m (AQSE: NYR)

The racing, entertainment and events business announces its preliminary results for the twelve months ended 31 December 2023. Revenue increased 9% to £18.96m (2022: £17.42m), profit before tax increased to £0.72m (2022: £0.13m). Raceday attendances were 130k (2022: 141k) and with twenty-eight race meetings compared with thirty in 2022, due to three abandoned race meetings as a result of adverse weather. The Company announced another substantial increase in its prize money commitment for 2024 to a record £7.0m (13% increase) with an executive contribution of £3.5m (14% increase). This follows previous record increases in 2023. Any future increases in prize money will be dependent on the profitability of the underlying business.

Tialis Essential IT 60p £14.5m (TIA.L)

The mid-market IT Managed Services provider is pleased to announce its audited results for the year ended 31 December 2023. Revenue increased 54% to £22.4m (2022: £14.5m), adjusted EBITDA increased to £1.99m (2022: £1.95m) and cash and cash equivalents decreased to £274k (2022: £414k). Tialis reports a strong start to 2024 with numerous new end-user customer contract awards expected, including four new channel partners, which gives them a multi year current pipeline (new business and contract renewals) of over £20.1m, giving strong visibility over future growth.

Trident Royalties 36p £105.5m (TRR.L)

The growth-focused diversified mining royalty and streaming Company announces that Al Gourley has requested to step down from the Board of Directors with immediate effect, for personal reasons. Peter Bacchus will assume the role as Chair of the Board. The Board expresses its thanks to Al for his significant contribution both as a Non-Executive Director and as Chairman and wish him well with his future endeavours.

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10 May 2024
*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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