Small Cap Feast

16th April 2024

Dish of the day
No Joiners today
Off the menu
No leavers today

Dish Of The Day:



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


Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram