Small Cap Feast

16th April 2024

Dish of the day
No Joiners today
Off the menu
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Dish Of The Day:


Admissions: 



Delistings: 








Whats baking in the oven?

Potential Initial Public Offerings:


Reverse Takeovers:

Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for a consideration of approximately £1.3m, payable by the issue of new ordinary shares in Electric Guitar. The Acquisition constitutes a reverse takeover under the Listing Rules and therefore shareholder approval for the Acquisition is being sought at a general meeting of Electric Guitar to be convened for 1 May 2024.


Change of Market:

TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated proposition as a value alternative to full price specialist retailers. The Company is listed on the premium segment of the Main market of the London Stock Exchange. The Company has announced its intention to change to the AIM market on the 3 May 2024.


Banquet Buffet

AssetCo 33.5p £47.7m (ASTO.L)
Peter McKellar has confirmed his intention to retire as Deputy Chairman of AssetCo, enabling him to concentrate on his non-executive roles at various other listed companies. Peter will retire as a Director of AssetCo with effect from 30 April 2024 by which time the Group expects to have exited its Infrastructure business.

Billington Holdings 492p £63.6m (BILN.L)
The structural steel and construction safety solutions specialists announces its audited results for the year ended 31 December 2023. Revenue increased 53% to £132.5m (2022: £86.6m), EBITDA increased 93.8% to £15.5m (2022: £8m) and profit for the year increased 119% to £10.3m (2022: £4.7m). Furthermore, cash and cash equivalents increased 90.5% to £22.1m (2022: £11.6m). The Company is well placed to deliver a strong performance again in 2024.

Crossword Cybersecurity* 5p £5.1m (CCS.L)
The cybersecurity solutions Company focused on cyber strategy and risk announces today that Chief Financial Officer Mary Dowd has decided to step down as a director of the Company. Mary has made a significant contribution to Crossword in her six years in the role, having joined in May 2018. Mary successfully led Crossword's Admission to AIM in December 2018 and its subsequent growth and is now looking to pursue executive opportunities outside the Company. The Board has agreed that Mary will step down as CFO and as an executive director of the Company on 30 June 2024. The Board has appointed Rose Clark to succeed Mary as Chief Financial Officer. This will initially be a non-board position. Rose is an experienced CFO in businesses with £15m-£500m turnover. She has been Group Finance Director of Jelf Group plc, which acquired twenty businesses over two years, growing revenue from £15m to £75m, and as interim Global CFO of the technology business Eleco plc which is on AIM.

Chapel Down Group 66p £113.1 (CDGP.L)
The Company announces its audited results for the year ended 31 December 2023. Revenue increased 15% to £17.9m (2022: £15.6m) and EBITDA increased 87% to £5.4m (2022: 2.9m). The net debt was £1.2m (2022: net cash £3.3m) resulting from investing in a record harvest of 3,811 tonnes (2022: 2,050) which has increased wine stocks by 44% to £22.6m (2022: £15.6m) and the planting of 118 acres (48 hectares) at Boxley Abbey vineyard. At the year end, Chapel Down had an unused Revolving Credit Facility of £12m.

Cornish Metals 7.75p £44.7m (CUSN.L)
The Company provides an update on current activities at its 100% owned South Crofty tin project located in Cornwall. The South Crofty Preliminary Economic Assessment is on track for completion in Q2 2024. Refurbishment of New Cook's Kitchen shaft is progressing as planned with the two winders and cages now installed, fully commissioned and certified to allow for safe transport of equipment and workers within the shaft. Exploration drilling of the Wide Formation target continues with nine holes completed and approximately 7,200 metres drilled to date.

Gattaca 101.5p £32m (GATC.L)
The staffing business announces its financial results for the six months ended 31 January 2024. Revenue decreased 2% to £188.4m ( H1 2023 : £192.8m) and profit before tax decreased 16% £0.5m (H1 2023: £0.6m). Furthermore, net cash increased 7% to £22.3m (H1 2023: 20.9m). The Company continues to be mindful of the macro-economic headwinds, which have impacted demand and candidate sentiment across the recruitment sector and negatively affected performance.

DS Smith 399p £5,513m (SMDS.L)
The boards of International Paper Company and DS Smith Plc announce that they have reached agreement on the terms of a recommended all-share combination of International Paper with DS Smith. Under the terms of the combination DS Shareholders will be entitled to receive for each DS Smith share 0.1285 New International Paper Shares. The terms value each DS Smith Share at 415p per share based on the closing International Paper share price of $40.85 and £/US$ exchange rate of 1.2645 on 25 March 2024. The Offer Value represents a premium of approximately: 47.7% to the Closing Price per DS Smith Share of 281p on 7 February 2024.

Powerhouse Energy 1p £41.7m (PHE.L)
The Company pioneering integrated technology that converts non-recyclable waste into low carbon energy announces that the manufacturing of the 2.5 tonne per day kiln for the Feedstock Testing Unit has been completed. The Powerhouse designed kiln, which has been manufactured by AGICO of China, is now being shipped to the Company's Technical Centre in Bridgend, having left AGICO facility on 15 April, to meet the shipping vessel on 29 April 2024.

Sareum Holdings * 16.25p £16m (SAR.L)
The clinical-stage biotechnology Company developing next-generation kinase inhibitors for autoimmune disease and cancer announces that it has issued 3m new Ordinary Shares in the capital of the Company to RiverFort Global Opportunities, in accordance with the terms of the Facility as announced on 3 August 2023. The Company has an outstanding balance of circa £0.64m under the Facility. Any balances pursuant to the Facility are not due for repayment until August 2025 and the Company expects to settle all balances by the issuance of Subscription Shares or by cash prior to the Maturity Date. As noted in Sareum's announcement of 28 March 2024, the Company does not intend to make any further withdrawals pursuant to the Facility with RiverFort.

Shoe Zone 205p £94.8m (SHOE.L)
The Company announces that from today, Anthony Smith is stepping down from the PLC board to increase his focus on the day to day running of the business. Anthony will remain as a director of Shoe Zone's operating subsidiary, Shoe Zone Retail Limited. Anthony's decision has the full support of the PLC directors.

16 April 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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