Small Cap Feast

14th February 2024

Dish of the day
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Dish Of The Day:


Admissions: 



Delistings:
Arix Bioscience (ARIX.L) has left the Standard Segment of the Main Market on the LSE.



Whats baking in the oven?

Potential Initial Public Offerings:

12 February media report: The private equity owners of Shawbrook are seeking to revive plans for a float of the bank in a potential boost to the London stock market. In 2017, Shawbrook was bought by BC Partners and Pollen Street Capital for £868m.

29 January media report: Raspberry Pi, the developer of small single-board computers, is preparing for an IPO when the market is ready. CEO Eben Upton indicated that London is the natural listing location for a company like Raspberry Pi, and it wouldn't be an impediment to attracting US (or other international) investment.

12 January: The London Tunnels PLC announces its intention to seek Admission to the Standard Segment of the Official List and to trading on the Main Market of the LSE. The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940’s, and designed to shelter people during the London Blitz. The Company has successfully raised approximately £10m from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market. The Company is expected to have a market capitalisation of approximately £123m on Admission. Delayed: Expected Admission was before the end of January 2024.


Reverse Takeovers:

30 January: Location Sciences Group Plc is proposing to acquire the entire issued share capital of Sorted Holdings Limited (Sorted) for a nominal consideration of £1.00 (Acquisition). Sorted operates a software-as-a-service (SaaS) business model providing delivery experience software which serves ecommerce retailers - from large, global enterprises to smaller, independent start-ups. Pursuant to Rule 14 of the AIM Rules for Companies, the Acquisition constitutes a reverse takeover. Capital to be raised on Admission is approximately £2.0m via a subscription for new Ordinary Shares. Anticipated market capitalisation on Admission is approximately £6.68m. Expected AIM Admission date is 19 February 2024.


Change of Market:


Banquet Buffet

Agronomics 9.65p £95.8m (ANIC.L)
The company focused on the field of cellular agriculture announces its unaudited interim results for the six-month period ending 31 December 2023. Investment income, including loan interest and net unrealised gains, was £696,120 during the period (31 December 2022: £19,870,529). Net loss of £437,924 was recognised (31 December 2022: profit of £18,582,602). Net Asset Value per Share at 31 December 2023 was 16.90 pence (30 June 2023: 16.94 pence), down 0.2%. Cash and cash equivalents and cash deposits stood at £22,007,344 (30 June 2023: £28,093,984).

ATOME 57p £23.0m (ATOM.L)
The international green fertiliser project development Company on the London Stock Exchange announces material progress made by its Central America company, National Ammonia Corporation S.A. (NAC), relating to a green fertiliser project in Costa Rica. NAC has entered into a Framework Collaboration Agreement with Instituto Costarricense de Electricidad, the Costa Rican state power company to evaluate feasibility for the power supply to a green ammonia and fertiliser project. The Agreement is the necessary and significant first step in securing 100% renewable baseload electricity for the country's first industrial scale green ammonia and fertiliser project.

Conroy Gold and Natural Resources 12.5p £6.1m (CGNR.L)
The exploration and development of mineral properties in Ireland and Finland announce assay results from a further two drill holes on the Derryhennet section of its Clay Lake gold target in the Longford-Down Massif in Ireland. The results included 31.0 metres gold zone intersection at 1.0 g/t gold (including grades up to 3.2 g/t gold) and a 29.0 metres gold zone at 0.9 g/t gold (including 16.0 metres 1.2 g/t gold). Following these excellent results further step-out drilling is being considered.

Cordel Group 4.4p £8.8m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announces the commencement of Data-as-a-Service (DaaS) monitoring for Network Rail (High Speed) Limited, which maintains the railway infrastructure for High Speed One (HS1). HS1 is the high-speed rail line between St Pancras International in London and the Channel Tunnel. The first stage of the DaaS Contract was successfully completed utilising Cordel's established Wave 32 LiDAR and imaging hardware (previously certified by Network Rail).

Europa Oil & Gas 1.125p £10.3m (EOG.L)
The UK, Ireland and West Africa focused oil and gas exploration, development and production Company announces an extension to licence PEDL 343 located in the East Midlands of the UK, which contains the Cloughton gas discovery. Europa is operator of the licence with a 40% interest. The North Sea Transition Authority has agreed to a two-year extension of the Initial Term to 20 July 2026 and a two-year extension of the Second Term to 20 July 2028 for PEDL 343. The discovery well at PEDL 343 (Cloughton) flowed good quality sweet gas at rates of up to 40,000 scf/day on natural flow, and the Company believes that a well could flow at 6 mmscf/day using the correct completion techniques.

Fusion Antibodies 4.15p £2.5m (FAB.L)
The specialist in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications announces that it has conditionally raised £1,375,000 (before expenses) by way of a placing at a price of 4 pence per new ordinary share (the Issue Price). The Issue Price represents a discount of approximately 5.88% to the closing mid-market price on 13 February 2024. The net proceeds will provide additional resources to target additional industry conferences and customers, generate supporting data for the Company’s key platforms and extend its working capital runway.

Futura Medical 39.8p £120m (FUM.L)
The consumer healthcare company behind Eroxon, that specialises in the development and global commercialisation of innovative and clinically proven sexual health products, confirms that its lead product, Eroxon, will be available on prescription in England and Wales for the treatment of Erectile Dysfunction with effect from 1st March 2024. Eroxon is also available without a doctor's prescription having launched in the UK in March 2023.

Petards Group* 5.35p £3.0m (PEG.L)
The AIM quoted developer of advanced security and surveillance systems announces that a key customer has extended an existing contract for the provision of software licences, maintenance and support services. This contract extension, secured by Petards' subsidiary RTS Solutions (RTS), is effective from June 2024 and runs until June 2025 and is valued over £0.3m. Under the terms of the contract, RTS will continue to provide software licences, maintenance and third line support in respect of its real time failure and incident management system that supports the UK's rail infrastructure.

Windar Photonics 33.5p £23.0m (WPHO.L)
The technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines announces that after having been a member of the Board of Directors of the company since 2014, Johan Blach Petersen will step down from the board of directors at this year's AGM. In addition, Gavin Manson (aged 57) has been appointed to the Board of Directors of the Company with immediate effect and his particular focus will be on advising and contributing to the finance function. Gavin is currently CFO of agriculture and engineering Group Carr's Group plc and is a Non-Executive Director of healthcare group Meallmore Ltd.

Zephyr Energy 2.4p £40.5m (ZPHR.L)
The Rocky Mountain oil and gas Company focused on responsible resource development from carbon-neutral operations announces that it has received state and federal Sundry Notice approvals for the amendment of the drilling permit related to the forthcoming "twinned" redrill of the State 36-2 well (State 36-2R well). These are the final regulatory approvals required to spud the State 36-2R well on its project in the Paradox Basin, Utah, U.S. Zephyr will now move to execute a rig contract and will update the market on the expected timeline for the spud of the State 36-2R well.

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14 February 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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