Small Cap Feast

13th June 2024

Dish of the day
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Dish Of The Day:



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: (We remove rumours after 10 days of being on the menu)

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Acuity RM Group 4.2p £4.86m (ACRM.L)

The established provider of risk management services announces its final results for the year ended 31 December 2023. There was an 88% growth in sales pipeline, up to £7.9m (£4.2m 2023). The Company had cash balances of £787,110 and current debt of £353,845. Forward contracted revenue was £2.9m (£2.2m 2023) with 34% growth. The Company is committed to winning new contracts in the high-growth market with key customers and forging relationship with partners to accelerate the growth.

Coro Energy* “suspended”

Yesterday afternoon, the South East Asian energy Company with a natural gas and clean energy portfolio released an update regarding the disposal of the Group's Italian natural gas portfolio. The Company announces an acceleration of receipt of a portion of the proceeds from the disposal of the Group's Italian natural gas portfolio. The Company sold its Italian natural gas portfolio as previously announced by the Company during the course of 2023 and 2024 (the Disposal).  The Disposal includes a monthly payment to the company of Euro 42,750 through to November 2025 and a final payment of Euro 26,750 in December 2025.  All monthly payments have been received to-date. The Company has today signed an agreement to accelerate the next 9 months payment in exchange for a 22% discount on those payments.  Hence the Company will now receive Euro 150,000 on June 14 2024 and a further Euro 150,000 thirty days later. The monthly payments will restart from April 2025.

Kibo Energy* 0.03p £0.05m (KIBO.L)

The renewable energy-focused development Company today announces an update to its corporate restructuring and re-positioning announcement of 7 June 2024. The Company has carried out a thorough review upon the strategic decision (including board changes) made in the previous announcement. As a result, the proposed Placing of £500,000 at 0.015 pence will not proceed as expected. The Company decided not to implement all the board changes as announced and is working to agree the management team in line with the Kibo recovery strategy and plan in terms of the team’s experience and expertise to deliver the deliver the transition of Kibo to be a broader energy company.

Libertine Holdings  2.0p 2.44m (LIB.L)

The developer of Linear Generator technology provides an update regarding the Strategic Review and Formal Sale Process announced on 29 April 2024. The Company has received an indicative, non-binding, conditional investment offer from potential strategic investors based in India and the United Arab Emirates of £2.0m at 2.1 pence per ordinary share in the Company. The Proposed Investment based on the terms currently presented could bring the strategic investors’ holdings up to 41% of the enlarged issued share capital of the company in total. In the absence of further developments by mid-June 2024, the Board may seek cancellation of Admission of the Company's ordinary shares to trading on AIM and re-registration as a private limited company.

NWF Group 200p £94.2m (NWF.L)

The specialist distributor operating in UK markets today provides a trading update for the financial year ended 31 May 2024. Benefitting from increased commercial customer orders due to mild weather, the volume of fuel distribution in FY24 remained ahead of the prior year. Trade in the food market in FY24 remains ahead of the prior year as well with strong customer pipeline. And trade in feeds in FY24 was weaker compared to the prior year. Net cash at the year-end of £10m is in line with market expectations. The strong financial position would further support the Group’s strategic acquisition in Fuels

Orcadian Energy 10p £7.5m (ORCA.L)

The Company focuses on low emissions, oil and gas exploration and development in the North Sea today announces the update following the previous announcement on 22 May. The Company has entered into a secured long-term loan with an industry partner who has agreed to loan Orcadian up to £1,150,000 for two years. The Interest is supposed to accrue from the drawdown date to the date the loan is repaid in full rate. The rate will be determined at drawdown and is expected to be between 6% and 9%. The drawdown is expected to be provided before 30 June 2024. The loan is made to enable Orcadian to repay the outstanding loan to Shell International Trading and Shipping Company Limited and Orcadian would provide the Partner with a security over its 18.75% interest in the Pilot filed.

Petards Group* 7.5p £4.6m (PEG.L)

The developer of advanced security and surveillance systems announces its audited final results for the year ended 31 December 2023. Revenue was £9,424,000 (2022: £10,872,000) and the loss after tax was £1,050,000 (2022: £524,000 profit). The current net funds was £1,241,000 (31 Dec 2022: £1,891,000). The Group also announces that it has today reached a conditional agreement to acquire Affini Technology Group Limited and thereby indirectly its wholly owned subsidiary, Affini Technology Limited. Affini is a UK based critical communications solutions provider to the transport, blue light, energy, defence and construction sectors. The consideration of the acquisition will be approximately £2.8m comprising a payment for adjusted net assets of £1.5m, and a payment for goodwill of £1.3m. The consideration will be satisfied by a £2.5m cash payment and the issue of 4,176,810 new ordinary shares with an aggregate value of £326,000. The Board believes that the actions it has put in place and its continued focus on costs and gross profit margin performance should help to mitigate the impact on the adjusted EBITDA for the year. The Acquisition will increase the Group’s recurring revenues with approximately 50% of Affini’s £5.6m revenue for the financial year ended 31 December 2023 relating to managed services and maintenance.

Physiomics * 1.5p £1.8m (PYC.L)

The leading mathematical modelling and data science Company supporting the development of new therapeutics and personalised medicine solutions announces that it has been awarded a new contract by an existing, large client. The project includes using the Company’s proprietary Virtual Tumour platform to model the client's targeted oncology agents in combination with other modalities to help inform dose and scheduling decisions. The value of the contract is £186k and it is expected to be completed over the current year. The Company will be stepping into the next financial year ending 30 June 2025, during which the revenue is committed to be over £0.5m.

Tracsis 810p £271.4m (TRCS.L)

The leading transport technology provider provides the trading update for the year ending 31 July 2024. The Board now expects FY24 revenue to fall in the range of £80.0m – £82.0m, and the adjusted EBITDA margin is estimated to be a bit higher than 15.5% in H1 2024, but below the analyst consensus market expectations. And the Company’s financial position still remains robust with net cash of £15.5m on 31 May 2024. The expectation of adjusted EBITDA and revenue is still expected to be unchanged. Tracsis has confidence that the prospect in FY25 would not be negatively affected by the change in the political environment in the UK or US and the Board's progressive dividend policy will remain unaffected.

Trident Royalties 48.2p £117.2m (TRR.L)

The diversified mining royalty and streaming Company announces that it has reached agreement on the terms and conditions of a recommended all-cash offer by Deterra Global Holdings Pty Ltd for the entire issued and to be issued share capital of Trident. Each Trident shareholder will be entitled to receive 49 pence in cash for each Trident share. The entire issued and to be issued share capital of Trident would have the value of £144m in total. The Company recommends that it be acquired due the recognition of the potential risks associated with unlocking value as an independent business as well as the desire for a liquidity event to minimise the effect of the illiquid nature of the share of Trident.


13 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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