Small Cap Feast

13th May 2024

Dish of the day
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Dish Of The Day:



Shanta Gold (SHG.L) has left AIM.

Whats baking in the oven?

Potential Initial Public Offerings:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank at 31st March 2024. The Company's application to the AQSE Growth Market is not conditional on it raising funds. However, the Company is seeking to raise up to £1m of new money to de-risk growth and in support of its strategy of coupling organic growth and acquisition.

Reverse Takeovers:

13th May: Amur Minerals Corporation announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May.

Change of Market:

Dual Listing :

Banquet Buffet

Aptamer Group 0.80p £3.7m (APTA.L)

The developer of novel Optimer binders to enable innovation in the life sciences industry announces a trading update. The current sales pipeline of over £3.0m is advanced stage discussions. A proportion of these advanced stage deal negotiations is anticipated to progress through the laboratory before the end of the financial year. This anticipated deal value is in addition to the c.£1.4m of existing signed deals already at various stages of completion in the production laboratory.

Creo Medical Group 35.25p £127.4m (CREO.L)

The medical device Company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients announces the appointment of Kevin Crofton and Brent Boucher as independent Non-Executive Directors. Both Kevin and Brent are expected to join the Board with effect from 1 July 2024, with Kevin succeeding Charles Spicer as Chair. Most recently, Kevin was the CEO of Comet Holdings AG, a Swiss listed technology company. He has also acted as Chairman of SEMI International and the UK Compound Semiconductor Applications Catapult. Brent Boucher brings extensive experience in the commercialisation of novel medical devices.

Golden Metal Resources 15.25p £14.8m (GMET.L)

The development and mineral exploration Company announces an exploration update on its owned flagship Pilot Mountain Project located within the prolific Walker Lake Mineral Belt in Nevada, USA. The Company has now commenced its first ever diamond drilling programme targeting strategic resource expansion and brownfield exploration targets. The phase I programme will include a minimum of 2,000m of diamond drilling. Due to recent warrant monies received, the Company is in a position to expand the programme at its own discretion.

Huddled Group 3.05p £9.8m (HUD.L)

The Group focused on building a portfolio of e-commerce brands announces its audited results for the year to 31 December 2023. During the year, the Group revised its strategy following the sale of its Immotion and Uvisan businesses, the return of £12.7m to shareholders via a share buyback programme, and the acquisition of Discount Dragon to build a portfolio of high-growth e-commerce brands. Revenue in 2023 from continuing operations (constituting Discount Dragon and Let's Explore) was £2.4m. Profit after tax from total operations was £13.0m (2022: £0.7m loss).

Jade Road Investments* 1.375p £4.9m (JADE.L)

The investment Company provides an update on the disposal of its Legacy Assets. The proposal was approved by an AGM on 1 May 2024. The relevant documentation will be completed and sent to Shareholders on around 23 May 2024 and no later than 30 May 2024. Upon completion of the aforementioned transactions, JADE will effectively become a clean vehicle in search of an appropriate acquisition by way of a reverse takeover (RTO), which will provide Shareholders with an interest in a new business. Discussions are currently in progress with a number of parties on this plan. In the meantime, JADE is managing its cash resources as its current working capital position is tight and it will need to raise further funds in the near term to pursue such opportunities and pending the raising of new capital in association with any RTO.

Kistos Holdings 156.5p £129.7m (KIST.L)

The low carbon intensity energy production Company announces its audited results for the year ended 31 December 2023 (FY23). On a pro forma basis (assuming Kistos had completed the acquisitions of the GLA interests and Mime on 1 January 2022 and 1 January 2023 respectively), revenue was EUR223m, compared to EUR568m in FY22 and adjusted EBITDA was EUR122m compared to EUR517m. On a pro forma basis, Group production averaged 8.8 kboe/d (FY22: 10.9 kboe/d), reflecting natural production decline from its UK and Dutch assets and unplanned production interruptions. Net debt on 30 April 2024 was EUR148m, following cash consideration paid for UK gas storage assets, ongoing Balder Future Project funding and UK tax payments made in Q1 FY24.

Libertine Holdings 3.0p £4.2m (LIB.L)

The developer of Linear Generator technology has entered into a Strategic Partnership Agreement with VIELETECH Inc, a provider of research engine controllers, to commercialise Libertine's OpenFPE research engine systems for advanced combustion development, with a view to establishing OpenFPE research engine sales in the US and globally. Libertine's OpenFPE proposition is a turn-key free piston research engine solution for advanced combustion development and renewable fuels research programmes, combining a single cylinder Linear Generator module with the necessary power electronics, motion controls and auxiliary systems.

MediaZest* 0.105p £1.8m (MDZ.L)

The creative audio-visual solutions provider announces a positive trading performance for the six months ended 31 March 2024, and continued strong momentum going into the second half of the financial year ended 30 September 2024. First half revenues will show a return to year-on-year growth and the Company expects to deliver an improved EBITDA performance for H1 2024 compared to H1 2023. MediaZest expects to issue its Half-year Report in the last week of June 2024. New orders represent in aggregate additional revenues in excess of £350k relating to project work. These projects will also attract further revenues related to ongoing support and maintenance and this will contribute to the Company’s growing annual run rate for recurring revenues.

Serinus Energy 2.9p £3.2m (SENX.L))

The oil and gas exploration, appraisal and development Company announces its results for the three months ended 31 March 2024. Revenue for the three months ended 31 March 2024 was $4.6m (31 March 2023: $4.9m), EBITDA was $0.9m (31 March 2023 - $0.8m) and cash and cash equivalents totalled $0.6m (31 December 2023 - $1.3m) and restricted cash of $1.2m (31 December 2023 - $1.2m). The Group is debt-free and has adequate resources available to deploy capital into both operating segments. The Group is currently focused on enhancing production from its Tunisian assets.

TruFin plc 78p £82.6m (TRU.L)

The holding Company of an operating group comprising four businesses in early payment provision, invoice finance and console games publishing, provides a trading update. The performance for the year ended 31 December 2024 is expected to be significantly ahead of market expectations. The Group is now expected to be EBITDA positive for the full year. This outperformance has been driven by Playstack Ltd's launch of Balatro, their fastest selling PC / console game, and the newly launched Abiotic Factor, which surpassed 250,000 units sold in the first 8 days of sales.


13 May 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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