Small Cap Feast

12th January 2024

Dish of the day
No Joiners today
Off the menu
No leavers today


Dish Of The Day:


Admissions: 



Delistings:
Ediston Property Investment Company Plc (EPIC.L) has left the Standard Listing of the Main Market on LSE 
Holders Technology Plc (HDT.L) has left AIM



Whats baking in the oven?

Potential Initial Public Offerings:


Reverse Takeovers:


Change of Market:


Banquet Buffet

88 Energy 0.24p £51.2m (88E.L)
An oil and gas exploration and production company with a North American focus provides an update in relation to the Hickory-1 flow testing program at Project Phoenix on the North Slope, Alaska. Hickory-1 discovery well flow test and well stimulation program (Flow Test) is set to commence mid-February 2024, following ice road construction, pad construction and rig mobilisation. The project is fully funded with a Flow Test budget of US$11m (gross). The design, planning and logistics has completed, with permitting on track for end of January 2024.

Caledonia Mining Corp 930p £169.1m (CMCL.L)
A gold production, exploration and development company operating through two segments: Zimbabwe and South Africa announces Blanket Mine (Blanket) production for the year ended December 31, 2023 and provides guidance for the year to December 31, 2024 in respect of production, costs and capital expenditure. Annual gold production at Blanket was 75,416 oz in 2023, in line with guidance, quarterly gold production at Blanket of 20,172 oz in Q4 2023. For 2024 gold production guidance at Blanket is 74,000 to 78,000 oz. Budgeted capital expenditure in 2024 is $34.4m, which includes planned exploration at Motapa and further work on the Bilboes feasibility studies. Caledonia continues to work on the feasibility studies in respect of the Bilboes sulphide project to determine the optimal implementation strategy for the project.

EnSilica 36.5p £29.9m (ENSI.L)
A chip maker of mixed-signal ASICs (Application Specific Integrated Circuits) announces the release of a range of Post-Quantum Cryptography (PQC) accelerators, with the first of these intellectual property (IP) licenses granted to a major semiconductor supplier. PQC refers to cryptographic algorithms that can withstand cyber-attacks from quantum computers. EnSilica is one of the few companies to offer advanced cryptographic accelerators to the market as licensable IP cores, expanding EnSilica's comprehensive range of non-quantum resistant cryptography accelerators for use in its ASICs and other semiconductors.

Ferro-Alloys Resources 6.25p £30.2m (FAR.L)
The vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, announces the production results of its existing operation for Q4 2023. The concentrate processed totalled 703.3 tonnes in Q4 2023 and 2,228.0 tonnes in 2023, up 7.0% compared to 2022. As announced on 10 October 2023, in order to secure a regular supply of concentrate, the Company entered into a number of contracts with different suppliers. As a result, the Company is currently holding a significant stock of concentrates, sufficient for around seven months of production at current rates.

IXICO 13p £6.3m (IXI.L)
The medical imaging advanced analytics company delivering insights in neuroscience, announces that Giulio Cerroni has informed the Board of his intention to retire from his role as Chief Executive Officer (CEO) and director of the Company by the end of 2024 The Board has begun the process to appoint a new CEO in line with its succession plan and will update the market in due course.

James Cropper 775p £74m (CRPR.L)
A Company focusing on Advanced Materials and Paper Products, centred around four market audiences: Future Energy, Technical Fibres, Luxury Packaging and Creative Papers, announces that James Gravestock, Managing Director for Technical Fibres and Future Energy, will step down from the Board and leave the Company on 31 January 2024. As previously announced, a process to appoint a permanent successor to James Gravestock is underway.

Metals Exploration 3.2p £67.5m (MTL.L)
A gold producer in the Philippines announces that it has entered into a conditional share purchase agreement (SPA) to acquire a controlling interest in the YMC Group which holds an extensive exploration tenement in the prospective Abra area of the Philippines, for cash consideration of US$1.6m and the issue of options to subscribe for up to 41 million new ordinary shares. This is an acquisition of a majority and controlling interest in a highly prospective exploration licence covering 16,200 hectares on Luzon, approximately 200km north of the Company's Runruno mine in the Cordillera region, a prolific gold belt in the Philippines. Initial planned exploration work programmes is currently expected to commence during H2 2024.

Scirocco Energy 0.325p £2.9m (SCIR.L)
The investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that CEO, Tom Reynolds, is standing down from his position as a Director of the Board of Scirocco, effective immediately, but will remain in his role as CEO until 12 July 2024. The decision follows the completion of the General Meeting on 10 January 2024 to approve the divestment of Scirocco's investment in EAG, being Scirocco's sole material investment. As a result, Scirocco expects to require less active management resource of its portfolio and his decision to step down from the role will support Scirocco's efforts to preserve cash.

UK Oil & Gas 0.019p £4.5m (UKOG.L)
The UK-based oil and gas exploration and production company announces that it has successfully raised gross proceeds of £0.75m by means of a placing (Placing) of new ordinary shares at a price of 0.02 pence per share, representing a discount of 20% to the closing price of 0.0250 pence per ordinary share on 11 January 2024. The Placing is primarily in response to the government's newly announced acceleration of the first hydrogen storage allocation round, now scheduled to commence in Q3 2024 vs the prior Q3/Q4 2025 timeline.

Warpaint London 390p £301.3m (W7L.L)
The supplier of colour cosmetics and owner of the W7 and Technic brands, announces a trading update for the year ended 31 December 2023. Following continued strong trading in Q4 2023, sales for the full year have exceeded previous expectations and are approximately £89.5m. The gross margin remains robust and continues to be at a level in excess of that achieved in 2022. Consequently, in its full year results, the Group expects to report profit before tax of not less than £18m (2022: £7.7m), ahead of current market expectations. The net cash balance as at 31 December 2023 totalled £9.0m (31 December 2022: £5.9m).

12 January 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

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram