Small Cap Feast

12th June 2024

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Dish Of The Day:



Cancellation of Rurelec (RUR)’s ordinary shares to trading on AIM.

Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

22nd May: Following the confirmation of the ITF, Raspberry Pi  announces the successful pricing of its IPO at 280 pence per Ordinary Share on 11 June. It is due to start trading on 14 June. Based on the Offer Price, Raspberry Pi's market capitalisation will be approximately £541.6m at the commencement of conditional dealings on the Main Market of the London Stock Exchange.  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 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

AFC Energy 15.5p £115.1m (AFC.L)

The leading provider of hydrogen power generation technologies announces that the Company has conditionally raised gross proceeds of £2.0m through the issue of REX Retail Offer Shares at an issue price of 15 pence per new Ordinary Shares. Andthe Company has conditionally raised total gross proceeds of approximately £15.8m pursuant to the Placing, the REX Retail Offer and the Subscription. The passing of the Fundraising Resolutions at the General Meeting is expected to take place on 1 July 2024.

Belluscura 14p £19.8m (BELL.L)

The leading medical device developer focused on lightweight and portable oxygen enrichment technology updates Shareholders that the Company is proposing to conduct a fundraising by way of a conditional placing of convertible loan notes to raise net proceeds of up to £2.4m and provides an update on trading. The Company has made significant progress in recent months with robust monthly sales of X-PLOR portable oxygen concentrator in the U.S getting doubled, achieving highest recorded sales figure across both D2C and B2B channels in May 2024 and continuous growth of X-PLOR sales in China during the same period.

Biome Technologies 80p £2.55m (BIOM.L)

The leading bioplastics and radio frequency technology business announces a grant of options  in total, 127,832 new Ordinary Shares would be granted to members of staff and persons discharging managerial responsibilities. These new Options represent 3.38 per cent of the Company's current issued share capital in aggregate. 49,414 of these Options have been granted to PDMRs and the balance has been granted to other Biome employees. Following the Options granted, the Company will have options representing 12.09 percent of the Company's current issued share capital.

Driver Group 27p £12.7m (DRV.L)

The global specialist dispute avoidance and dispute resolution consultancy today announces its interim results for the six months ended 31 March 2024. Revenue was broadly unchanged with £22.5m from operations (2023: £22.7m)., similarly the profit before tax was £0.5m (2023: £0.5m). Net cash was £3.6m (2023: £5.3m), with a decrease of £1.7m, mainly due to dividend and tax payments and the timing of the planned cessation of a JV agreement in Canada and the Middle East. The Group is expected to improve revenue and level of utilisation with an encouraging pipeline of new enquiries, along with Group’s transformation strategy being progressed and strong performance in the UK, Middle East and APAC at the beginning of H2 FY24.

Great Southern Copper 1.8p £5.5m (GSCU.L)

The Company focused on copper-gold-lithium exploration in Chile announces that it has signed a binding Purchase Option Agreement with the vendors for the Artemisa concession group following a 90-day due diligence period. The new Artemisa concessions are located with the Company's Especularita project area in northern Chile: 1,665 hectares of new concessions comprising five prospect areas would be added to the Especularita Project. The right to earn 100% of mining rights subject to payment of annual option and concession fees would be gained by the Company. GSC’s Preparations for drilling approvals are already underway for scout RC and diamond drilling programmes to commence as soon as permitting allows.

Landore Resources 4.5p £4.2m (LND.L)

The exploration/development Company that seeks the acquisition, exploration and development of precious, base and battery metals projects in eastern Canada announce that it has conditionally raised £3.683m at a price of 2.4 pence per share. The net proceeds of the fundraising will enable further drilling to progress the development of its flagship BAM Gold Project at the Junior Lake property in Northwestern Ontario, with a particular emphasis on increasing the size of the existing resource and targeting high grade areas of the deposit as well as upgrading inferred resources to be indicated.

RWS Holdings 194.8p £617.2m (RWS.L)

The unique world-leading provider of technology-enabled language, content and intellectual property services, today announces its half year results for the six months ended 31 March 2024. Revenue was £350m with a 4% decrease compared to H123 (£366m). Adjusted profit before tax was £45.6m, 16% down from H1 2023. Net cash flow from operating activities was £37.4m (HY23: £60.2m) and cash conversion was 30% due to weaker business performance, continued planned investments and a short-term lengthening of debtor days. The Group expects a stronger performance in the second half of the year, supported by new business wins across the Group and some recovery in higher margin parts of the business.

Synergia Energy 0.12p £11.7m (SYN.L)

The Company that focusses on gas production and Carbon Capture and Storage project management announces it has entered into a further short-term loan to provide working capital pending the Government of India approval of the transfer of 50% of the Company's Cambay PSC to Selan Exploration Technology Limited. The approval from the government of India is expected soon which will trigger the payment of USD 2.5m to the Company by Selan. The Company has obtained further loan funding from existing investors of GBP400,000 on commercial terms and on an unsecured basis to minimise the equity dilution shareholders would be faced with. The loan funding is expected to be repaid from the payment from Selan once the Group receives it.

Tungsten West 5.5p £8.0m (TUN.L)

The mining Company focussed on restarting production at the Hemerdon tungsten and tin mine in Devon, UK, announces that the Environment Agency has granted the Company a permit to operate its Mineral Processing Facility, within the limits previously agreed between the Company and the Environment Agency. The Company keeps making substantial progress on its updated Feasibility Study, which is focused on optimising the capital expenditure required to restart operations and the resultant operating costs, is expected to be completed in H2 2024. The issuing of the permit is a significant milestone in progressing Hemerdon and, alongside the anticipated completion of the Feasibility Study, which is the gateway for securing further financing for the Project, enabling the Company to complete the capital raising required to bring the Project into production.

Woodbois 0.52p £21.1m (WBI.L)

The leading Guernsey-based Company in the international timber industry today announces board changes and provides an update on trading. Carnel Geddes (CFO) and Graeme Thomson (INED) have decided not to be up for re-election at the 2024 AGM for personal reasons, after 7- and 5-years' service respectively. Woodbois is recruiting a further independent NED and will appoint a new CFO. The Company is completing final legal documentation for a new $5m trade finance facility on better terms than envisaged when provisionally announced in February 2024. The Group has completed a Sale Agreement for all the legal entities associated with its Mozambique operations to a local purchaser.


12 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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