Small Cap Feast

12th December 2023

Dish of the day
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Dish Of The Day:

No joiners today.

Myanmar Investments International Ltd (MIL.L) has left AIM.

Whats baking in the oven?

Potential Initial Public Offerings:
01 December: Investment Evolution Credit ITF:
An U.K. registered fintech group that specialise in online consumer loans, announces its application for Admission to the AQSE Growth Market. The Company currently provides online consumer loans in the U.S. under the brand Mr. Amazing Loans and plans to provide online consumer loans in the U.K. under the brand IEC Credit. Expected AQSE Admission is on 14 December 2023.

30 November: Flex Labs ITF: a software business engaged in the development of advanced artificial intelligence (AI) middleware products, intending to offer these to business customers through a software as a service (SaaS) model announces its application for Admission to the AQSE Growth Market. Expected AQSE Admission date is on or around 15 December 2023.

23 November: Substrate Artificial Intelligence ITF: An artificial intelligence Company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health announces its Admission to the Aquis Growth Market. Expected AQSE Admission date is on or around 7 December 2023.

2 October: Tekcapital announced intention to spin off and IPO: 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-December.

Reverse Takeovers:

06 December: Good Life Plus RTO: Formally Semper Fortis Esports Plc, announces its Admission to Access Segment of the Aquis Stock Exchange which constitutes a reverse take-over. Good Life Plus operates an entertainment focused monthly subscription service for consumers that provides access to daily luxury prize draws, along with numerous offers, discounts and rewards. Aquis Admission is expected 18 December.

30 November: EnergyPathways RTO: Formally Dial Square Investments Plc, listed on the Standard Listing of the Main Market, announces its Admission to AIM pursuant to the Acquisition of EnergyPathways Limited which constitutes a reverse take-over. EnergyPathways is an integrated energy transition company, initially targeting development of UK gas assets, with the aim of bringing these into production. AIM Admission is expected mid-December.

Change of Market:
05 December: AdvancedAdvT Limited (ADVT.L):
Intends to delist from its Standard Listing of the Main Market and apply for the Admission of its shares to trading on AIM on 10 January 2024.

Banquet Buffet

Acuity RM Group 4.85p £5.9m (ACRM.L)
The software group, which supplies the STREAM software platform for the Governance, Risk and Compliance (GRC) market, provides a contract and corporate update. Acuity's wholly owned subsidiary, Acuity Risk Management Limited, has won a new contract worth £561k, for the use of STREAM® over the next five years. Total aggregate value from the same customer is more than £1m. The Company announce growth in orders £955k from 1 April with more expected before 31 December. Forward contracted revenue as at 31 October 2023 was £2.9m and the sales pipeline has increased to £5.7m as at 15 November 2023 from £3.8m in March 2023. The Company continue to grow to reach profitable trading in the next year.

Begbies Traynor Group 115p £181.1m (BEG.L)
The services consultancy, announces that it has completed the acquisition of SDL Auctions Limited, trading as SDL Property Auctions (SDL). SDL will integrate with Eddisons, the group's property advisory and transactional services division. The consideration is structured based on current levels of financial performance and on a cash free, debt free basis: 1) Initial cash consideration of £2.5m; and 2) Earn out of up to £0.75m, payable in cash, subject to maintaining revenue in the 12 month period post completion. The consideration will be met from the group's existing financial resources. The acquisition is in line with the strategy to increase the scale of business both organically and value accretive acquisitions.

Cleantech Lithium 21.25p £25.6m (CTL.L)
An exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition, announced an agreement for the first co-created mining model for lithium extraction in Chile. The alliance, will initially focus on the development of the Laguna Verde project. The communities will support the generation of the Environmental Impact Study (EIS) and contribute to the Environmental Impact Assessment (EIA), providing vital information for baseline measurements and assist the overall study concerning the human environment, flora, fauna, and other relevant aspects. The agreement aligns with the priorities set by the Chilean Government to advance the objectives in the National Lithium Strategy.

Image Scan Holdings 1.78p £2.4m (IGE.L)
The supplier of X-ray screening systems to the security and industrial inspection markets, announces preliminary results for the year ended 30 September 2023. Order intake up 31% to £2.9m (2022: £2.2m), as a result sales up 50% to £3.0m (2022: £2.0m) and gross profit margin at 48% (2022:54%). The Company announced pre-tax profit of £0.1m (2022: loss: £0.35m) and holds year-end cash balance of £0.96m (2022: £0.69m). With a robust operational and financial foundation, the Company look forward to the coming year, aiming for organic growth and strategic development.

Mkango Resources 12.38p £44.0m (MKA.L)
The Company focusing on the development of sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply electric vehicles, wind turbines and other clean technologies announces the first production runs of short-loop recycled rare earth magnets completed at the Tyseley Energy Park (Tyseley) rare earths hub in Birmingham, UK. Commercial production is targeted for mid-2024. The Company has seen strong interest for recycled magnets from potential customers and for recycling solutions from original equipment manufacturers (OEMs), and automotive and recycling companies. Commercial production at Tyseley is targeted for mid-2024, with initial throughput targeted at 20 tonnes per annum (tpa) rare earth magnets and alloys, scaling up to a minimum of 100tpa in subsequent months.

Pantheon Resources 17.895p £164.5m (PANR.L)
The oil and gas company with a 100% working interest in the Kodiak and Ahpun projects, spanning 193,000 contiguous acres in close proximity to pipeline and transportation infrastructure on Alaska's North Slope, announces the appointment of Linda Havard as Non-Executive Director with effect from 1st January, 2024. Linda Havard joins the Board as a Non-Executive Director. Linda has more than 35 years of experience as a financial and operating executive in public oil and gas and entertainment companies as well as professional services firms.

React Group 1.45p £15.3m (REAT.L)
The cleaning, hygiene, and decontamination company, announces the appointment of Spencer Dredge to the Company as CFO and Director of the Company effective at the end of January 2024. At the same time, Andrea Pankhurst will step down from the Board and assume the part-time role of Finance Director within the Company. Spencer comes from a strong finance professional background with significant experience with mid-sized UK and global businesses.

Seeing Machines 5.29p £220.1m (SEE.L)
The computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces it has been awarded a 2023 Prince Michael International Road Safety Award, one of the highest accolades in the field of transport safety. The Company was recognised for its innovative, and leading occupant monitoring technology that detects distracted behaviour or drowsiness behind the wheel, thereby keeping people safe and reducing road-related fatalities.

TEAM 36p £10.8m (TEAM.L)
The wealth, asset management and complementary financial services group, announces that it has acquired the entire issued share capital of: Neba Financial Solutions Limited (Neba Wealth), and Neba Financial Solutions Private Limited (Neba Singapore). The initial consideration will be satisfied by the issue by the Company of a nil coupon convertible loan note with a value of £1.181m, which is convertible into 3,281,250 new ordinary shares of nil par value in TEAM at the point TEAM has refreshed its authorities to issue the required shares, which is expected to be at its forthcoming Annual General Meeting to be held in early 2024. The acquisition of Neba is in line with TEAM's strategy to strengthen the distribution of TEAM AM funds to international and expatriate clients in high growth markets.

Tekcapital 7.5p £13.4m (TEK.L)
The UK intellectual property investment group announces that Innovative Eyewear, Inc. (Innovative Eyewear) (NASDAQ: LUCY; LUCYW), the developer of ChatGPT enabled smart eyewear, announces through an agreement with Authentic Brands Group (Authentic), the launch of the Nautica Smart Eyewear collection. Tekcapital currently owns 5,189,086 shares of Innovative Eyewear, Inc. (approximately 40%). The Nautica smart eyewear line is expected to ship in January 2024.

12 December 2023
*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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