Small Cap Feast

11th July 2024

Dish of the day
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Dish Of The Day:


Admissions: 

Rosebank Industries (ROSE.L) has joined the AIM Market today. The Company's market capitalisation (at the Placing Price of 250p) is £50m. Net proceeds of the issue are £49m. Rosebank is a newly incorporated company established to acquire businesses whose performance the Directors believe can be improved so as to create shareholder value. The Rosebank Co-Founders were previously members of the senior management team of Melrose, a FTSE100 company which is listed on the London Stock Exchange.

Delistings: 


None



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

Cambridge Cognition Holdings  39.50p £16.48m (COG.L)

The digital technology solutions provider delivering more effective brain health assessments announces that it has secured a grant from Innovate UK for the Bio-Hermes 2 project.  The Company has been selected to provide voice and touchscreen cognitive assessments that will contribute to generating a world-leading dataset to improve the understanding of how digital and blood-based biomarkers can be used to predict the extent of Alzheimer’s Disease pathology. Matthew Stork, Chief Executive Officer of Cambridge Cognition, has commented that the Board is grateful to Innovate Uk for the funding and believe this could be a groundbreaking study, particularly for the clinical field.

Cornish Metals Inc. 5.70 £30.51m (CUSN.L)

The dual-listed mineral exploration and development company focused on advancing the South Crofty high-grade (an underground tin project in Cornwall) has commenced the second phase of the shaft refurbishment at the project. The Refurbishment of New Cook's Kitchen shaft is progressing as planned with the on-schedule installation of the Phase 2 work platform, whilst mine dewatering continues with the submersible pumps operating at a rate of approximately 300 cubic metres per hour. The Company believes this is an important milestone to continue to make operational and corporate progress in the industrial mining industry.

Domino’s Pizza Poland 11.00p £98.86m (DPP.L)

DP Poland, the operator of corporately managed and sub-franchised Domino’s pizza delivery stores across Poland and Croatia, has issued a trading update for the six months to 30 June 2024. It reported strong commercial progress with a third consecutive year of growth in excess of 15% in the first half and Poland’s LFL System Sales increased by 22.2%, driven by rising System Orders in Poland of 19%. Croatia experienced similar success as total system sales growth reached 68.6% and operationally the Company’s store numbers remain on track to open 16 locations and meet market expectations for 2024.

Ilika 28.00p £43.50m (IKA.L)

The solid-state battery technology supplier for the Industrial IoT and MedTech markets has published full year results for the year ended 30 April 2024. During the Period, Ilika continued to develop and commercialise its thin-film Stereax solid state batteries and large-format Goliath cells for electric vehicles. Significantly, the Company achieved a turnover of £2.1m (300% increase from the previous year) and strengthened its liquidity position with cash, cash equivalents and longer term bank deposits of £11.9m. A further  £2.3m was successfully fundraised to support the Goliath roadmap and Stereax commercialisation. Graeme Purdy, Ilika's Chief Executive Officer, is pleased with the operational progress made and will aim to capitalise on any opportunities in the UK EV battery market (estimated to be worth £9bn by 2030).

Jade Road Investments Limited 1.38p £4.89m (JADE.L)*

AIM listed finance provider that focuses on income-production by seeking the best risk-adjusted returns has announced key management changes. Dr. Lee George Lam has decided to resign with immediate effect from his position as non-executive director of the Company, with John Croft (Executive Chairman) thanking Dr. Lam for his significant contribution to the Company over many years .

MediaZest (MDZ.L) 0.0775p £1.3m *

The creative audio-visual solutions provider announced that the Company’s latest Investor Meet Company presentation and Q&A with CEO, Geoff Robertson is now available to replay on the MediaZest website. The presentation provides an overview of the Company and MediaZest’s unaudited interim results for the six months ended 31 March 2024, which showed considerable improvement on the prior comparative period, with the business growing revenue and reducing losses.

Onward Opportunities Limited 122.50p £24.70m (ONWD.L)

Onward Opportunities is an investment company targeting the small UK business sector through strong industry experience and today provided a half-year update for the six-month period ended 30 June 2024, ahead of the publication of its unaudited HY24 interim results in September 2024. The financial performance was above expectations with net asset value per share reaching 116.32p, equating to a total return of +9.2% over the six-month period, whilst completing two additional capital raises during the period, totalling £4.7m, increasing Onward Opportunities' capital base by 25%. Laurence Hulse, Lead Fund Manager, was delighted with the NAV return progress and is looking forward to the portfolio developing further with the additional funds raised this year.

Savannah Resources 4.05p £88.00m (SAV.L)

The mineral resource development company focusing on the industrial metals and mining sector has detailed further results from the first phase of the current two stage Definitive Feasibility Study (DFS)  drilling programme at the Barroso Lithium Project in Northern Portugal.  Savannah reports significant lithium assays which it has received from a further 8 diamond drill holes and crucially at Pinheiro, the results from metallurgical and resource diamond drilling have confirmed the tenure of lithium mineralisation highlighting the potential for expansion of the resource.  Planning is currently underway for Phase 2 of the DFS drilling programme.

Springfield Properties 96.50p £115.70m (SPR.L)

A leading housebuilder in Scotland focused on delivering private and affordable housing, provide a trading update for the year ended 31 May 2024. Despite challenging market conditions subduing homebuyer confidence and reducing affordable housing activity, the Group reports falling bank debts to £40m at 31 May 2024, ahead of stated target of £55.0m, and profit before tax above market expectations due to good profits being made from land sales of £28m during the period. Expected revenues are slightly lower than the previous year at £266m, but overall Springfield Properties is on track to meet market expectations for FY 2025.

Totally 7.90p £14.25m (TLY.L)

AIM listed provider of  frontline healthcare, corporate fitness, and wellbeing services, mainly to the NHS, announces a total of six post-election contract extensions worth around £11m.  Three care contracts, valued at c.£8m help to reduce elective care waiting lists for an expanded range of specialities including Gastroenterology, Gynaecology and Ophthalmology. Three other contract extensions support urgent care services worth £3.5m and include the delivery of GP Out of Hours services and Clinical Assessment.  May’s Trading update for the March 2024 year end, which are due to be reported shortly, illustrate the challenges of fixed cost contracts, intensive cost pressures and meeting ‘high’ service delivery standards.  Totally has seen a 22% year on year reduction in revenue to £106m, but EBITDA has improved from £1.1m to £2.2m.  With gross cash at around £2.3m, the Company is on the verge of being cash flow positive. We also note Stonehage Fleming Investment Management has accrued a 14% holding.

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11 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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