Small Cap Feast

16th February 2024

Dish of the day
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Dish Of The Day:


Looking Glass Labs (AQSE: NFTX) has left the Aquis Stock Exchange

Whats baking in the oven?

Potential Initial Public Offerings:

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

Anglo Asian Mining 58p £66.3m (AAZ.L)
The gold, copper and silver producer focused in Azerbaijan, announces that Michael Sununu, Non-Executive Director of the Company has resigned from the Board of Libero Copper & Gold Corporation (Libero). This follows Anglo Asian's holding in Libero falling to 5.7 per cent., lower than the 9.9 per cent. threshold that entitles the Company to maintain a Director on the Board of Libero. Anglo Asian's holding in Libero has reduced as it has not participated in several recent rounds of financing.

Audioboom Group 262.5p £43.0m (BOOM.L)
The global podcast company, announces it achieved record audience reach in January 2024 through the continued growth of its podcast network. In January, podcasts on the Audioboom Creator Network were downloaded by more than 38.6 million unique listeners worldwide, a new monthly record and more than 9% up on Q4 2023's monthly average (34.4 million). The Company will continue to bring new top tier podcasts with strong audiences to the platform in 2024.

Caspian Sunrise 2.55p £57.4m (CASP.L)
An oil & gas exploration and production company focused on Kazakhstan announces operational update on the BNG Contract Area. The Company confirms that Well 142, has returned to production after an absence of more than 12 months. Well 142 was originally drilled in 2016 and for several years was a strong producer. Following completion of a new side track in 2023 testing began with the first two intervals tested not proving commercial. The third interval tested has proven more successful with oil currently flowing at approximately 160 bopd.

Dialight 149.5p £59.5m (DIA.L)
The Company focusing on sustainable LED lighting for industrial applications, announces that by mutual agreement with the Board, Fariyal Khanbabi has decided to step down as Chief Executive Officer and as a director of the Company with immediate effect. Steve Blair, currently a non-executive director of the Company, has agreed to take on the role of Chief Executive Officer.

Golden Metal Resources 14.5p £12.4m (GMET.L)
A mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA, announces an update from its Kibby North and Kibby South lithium brine properties. Strong lithium mineralisation encountered in both brines and clays in Marquee drillhole KM22-02, located only 250m from Golden Metal's Kibby South Licence boundary. This conductor is believed to be the main lithium brine target within the entire Kibby Basin. Golden Metal is reviewing all exploration options available to determine the optimal way to push the Lithium Properties forward.

Kingswood Holdings 10.5p £22.8m (KWG.L)
The international, vertically integrated wealth and investment management group, announces a new £8.0m unsecured debt facility (Facility Agreement) with funds managed by Pollen Street Capital Limited. The Facility Agreement will be used to support the Company's capital requirements and growth agenda. The headline terms of the Facility Agreement are: £8.0m facility with an expiry date of the earlier of 17 October 2030; and interest rate of 12% rolled up and paid at maturity.

Mosman Oil and Gas 0.017p £2.0m (MSMN.L)
The hydrocarbon, helium and hydrogen exploration, development, and production company, provides an update on its Stanley project in the US where the recent gross production has increased to c.93 bopd (five-day average flow rate). This is a material improvement from the recently notified December quarter gross average flow rate of 43 bopd. This has been achieved following a period of production equipment reconfiguring and optimisation, including the installation of surface and downhole equipment to boost production with jet pumps.

Plexus Holdings 17.5p £18.8m (POS.L)
The oil and gas engineering services business, owner of the proprietary POS-GRIP® friction-grip method of wellhead engineering, announces it has won a contract valued in excess of £1m to provide specialised equipment and services for multiple plug and abandonment activities in the North Sea. Under the terms Plexus will provide ExactAdjustable Surface Wellhead equipment, and specialised CentricMudline system tooling and services on wells in the Dutch sector of the North Sea. Operations are planned to commence in Q2 2024 for a period of nine months.

Sylvania Platinum 55.5p £146.3m (SLP.L)
The platinum group metals producer and developer with assets in South Africa, announces the updated Mineral Resource Estimates (MRE) for its Volspruit Project in South Africa. Volspruit North JORC MRE (Indicated): 16.42 million tonnes (Mt) at a 4E (4E includes platinum (Pt), palladium (Pd), Rh and gold (Au)) grade of 2.52 grams per tonne (g/t); 1.33 million 4E ounces at a grade of 2.52 g/t; 21.94 million pounds (lb) of copper (Cu) at a grade of 0.07%; and 61.50 million lb of nickel (Ni) at a grade of 0.18%. The MRE represents a 10% increase in the indicated tonnage from the previously reported MRE. The Company has embarked on a Preliminary Economic Assessment of the Volspruit Project.

Xtract Resources 1p £8.6m (XTR.L)
The gold producer, exploration and development company with projects in Australia, Mozambique and Zambia, announces that further to the announcements on 24 January 2024 and 13 February 2024 in relation to the disposal of the Company's entire interests in the Manica Gold Project the Long Stop Date has been extended from 15 February 2024 to 23 February 2024 to allow completion of certain administrative matters in relation the Disposal. A further announcement will be made in due course.


16 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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