Small Cap Feast

14th June 2024

Dish of the day
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Dish Of The Day:


Admissions: 

14th June: Raspberry Pi (RPI.L) announces that its unconditional dealings commenced today on the premium listing segment of the Official List. IPO price was 280p, equating to a market capitalisation of circa £541.6m with a total offer size of £166m.  

Delistings: 





Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

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

Arc Minerals 1.825p £26.4m (ARCM.L)

The exploration company forging partnerships to discover and develop Tier 1 copper deposits, announces the commencement of an exploration drilling programme over its PL135/2017 and PL162/2017 licences at its Virgo Project within the highly prospective Central Structural Corridor of the Kalahari Copper Belt (KCB) in the Republic of Botswana. This c.3,000m maiden exploration drilling programme will comprise a combination of Reverse Circulation and Diamond Drill holes to test these anomalies.

Aptamer Group 0.75p £3.5m (APTA.L)

The developer of novel Optimer binders to enable innovation in the life sciences industry, announced a partnership with Microsaic Systems to develop a panel of Optimer binders for integration into a water testing system.
Microsaic has recently purchased the Microtox water testing system. Earlier work with Aptamer's COVID-19 Optimer binders and this water testing system showed successful integration and function of the Optimer in the pathogen detector and superior detection performance compared to alternative affinity ligands, such as Affimers.

Bradda Head Lithium 1.75p £6.8m (BHL.L)

The North America-focused lithium development group, provides drill hole geochemical results for its Basin Project in Arizona. The lithium-in-clay, resource-expansion drilling programme has concluded with the completion of eight drill holes on the Basin North target portion of the Basin project and all assays have been received. Upper Clay unit thickness at 103m in the centre of the drill pattern discovered in hole BND24-19, encountered nearly 100m (99.82m) at 839 ppm Li with a higher-grade interval of 32.52m at 1,030 ppm Li. MRE (mineral resource estimates) is anticipated to be complete within the next few weeks, following which the resource will be announced.

CPP Group 181p £15.2m (CPP.L)

The provider of real-time, digitally delivered assistance products which reduce disruptions to everyday life, announces that it has completed the sale of its wholly owned subsidiary, CPP Italy to IGS EMEA SL for a cash consideration of Euro 0.5 million to dispose its legacy operation in Italy. CPP Italy is non-core to the Group according to the withdrawal strategy revised in 2022 and due to its insignificant contribution to the Group’s profit and low volume of net asset, the impact of disposal is tiny. The Disposal marks the final step in the Group's withdrawal plans from its legacy operations, with Spain and Portugal closed, Italy and Mexico sold, and the UK in active run-off.

ECR Minerals 0.28p £4.9m (ECR.L)

The exploration and development company focused on gold in Australia, today has agreed to issue and allot 2,307,692 new ordinary shares in lieu of £6,000 of fees owed by the Company to assist the Company in conserving its cash resources. These shares have been issued at a price of 0.26 pence. Application has been made for 17,307,692 new ordinary shares to be admitted to trading on AIM and it is expected that Admission will become effective on or around 17 June 2024. Upon Admission, ECR's issued ordinary share capital will comprise 1,857,061,117 ordinary shares of 0.001 pence. And the new ordinary shares awarded to Nick Tulloch, managing director, and Mike Whitlow, chief operating officer has also been confirmed with each of them have received 7,500,000 new ordinary shares at a price of 0.3 pence per share.

M.P.Evans Group 848p £445.0m (MPE.L)

The producer of sustainable Indonesian palm oil today provides its update on trading conditions and progress on group’s activities. The total crop of fresh fruit bunches held by the Group in the five months to 31 May 2024 was 631,400 tonnes, 8% higher than the 584,400 tonnes processed in the same period in 2023. 147,500 tonnes of crude palm oil was produced during the first five months in 2024, which is an increase of 10% compared to the production in the same period in 2023 (134,400 tonnes). The average price of CPO, mill gate and palm kernels experienced very slight changes compared to last year. The Group also recently announced the acquisition of the 5% minority holding in most of its Indonesian subsidiary trading companies with the cost of US$14.0 million in total.

Pantheon Resources 28.3p £262m (PANR.L)

The oil & gas company focused on developing the Ahpun and Kodiak fields located on state land on the Alaska North Slope, has provided updates regarding the quarterly repayment of unsecured convertible bonds, private placement and funding strategy. The quarterly principal and interest payment was US$2.72 million, delivered through the issuance of 7,471,153 new ordinary shares at a price of US$0.364. The private placement was approximately US$3.36 million to two existing long-term shareholders through the issuance of 9,230,080 new ordinary shares at a price of US$0.364 to increase working capital and the Company's flexibility in advancing funding strategy.

Petards Group 7p £4.0m (PEG.L)*

Following the announcement of conditional agreement of acquiring Affini Technology Group and its wholly owned subsidiary on 13th June, Petards Group, the AIM quoted developer of advanced security and surveillance systems announces that the condition has been satisfied and the Acquisition is now unconditional.  The consideration for the Acquisition was satisfied by a payment of £2.5 million in cash and the issue of 4,176,810 new ordinary shares of one penny each in the capital of the Company, with an aggregate value of £326,000. On completion of the Acquisition, £2.4 million was paid in cash and all the Consideration Shares have been allotted.  A retention of £0.1 million will be paid in cash once the conditions for its payment have been met.

Physiomics 1.6p £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 re-engaged with DoseMe and agreed to implement the Company's personalised dosing software on the DoseMeRx platform as well as explore research collaborations.  The Physiomics software will be made available to the potential for the software to be able to provide decision support around the use of granulocyte colony stimulating factor. The focus of the Company's personalised dosing initiatives going forwards will be to expand the capability of the software to support dosing decision making around not only chemotherapeutic agents but granulocyte colony stimulating factor.

Southern Energy Corp 13p £21.2m (SOUC.L)

The established producer with natural gas and light oil assets in Mississippi, announces it has received a resolution from the debenture holders of its outstanding convertible unsecured subordinated debentures approving certain amendments to the debenture indenture entered into between the Company and Computershare Trust Company of Canada. The new amendment is based on the first supplemental indenture dated June 30, 2021, including: (a) extend the maturity date of the Debentures by one year to June 30, 2025; and (b) increase the interest on the Debentures from 8.00% to 10.00% per annum commencing on June 30, 2024. According to the condition of the amendment, the Company will issue a total of 1,863,478 common share purchase warrants to the debenture holders for no additional consideration, with each Warrant entitling the debenture holder to purchase one common share of the Company at a price of C$0.25 for a period of 12 months from the date of issuance.

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14 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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