Small Cap Feast

16th January 2024

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Dish Of The Day:



Whats baking in the oven?

Potential Initial Public Offerings:

12 Jan—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 London Stock Exchange plc (Admission). The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940s, 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 of the London Stock Exchange. The Company is expected to have a market capitalisation of approximately £123 million on Admission Expected Admission to take place in January 2024.

Reverse Takeovers:

Change of Market:

Banquet Buffet

Block Energy 1.05p £7.6m (BLOE.L)
The development and production company focused on Georgia, announces a study identifying a Carbon Capture and Storage (CCS) opportunity within the Company's Block XIB with the potential to support a major net-zero CO2 industrial hub. The reservoir scale storage is estimated at 256 million metric tonnes, equivalent to offsetting emissions from 55 million cars, and the basin scale at up to 8.7 gigatonnes, equivalent to offsetting emissions from Turkey for 20 years. The research suggests Block XIB is best suited to the Mineral Trapping (Mineralisation) method whereby CO2 is injected with water and mineralises as solid carbonates.

Bradda Head Lithium 1.65p £6.4m (BHL.L)
The North America-focused lithium development group, announces final results from core drilling at the San Domingo Central target area, Arizona, completed on 2 December 2023. Results from the San Domingo Central Target Area are highlighted by the following intervals: 7.28m at 1.27% Li2O in hole SD-DH23-069 from 27.43m depth at White Ridge, 5.18m of 0.88% Li2O in hole SD-DH23-072 at White Ridge and 5.06m @ 0.49% Li2O in hole SD-DH23-083 at Joker. Shallow lithium mineralised intercepts were encountered at the Central Target Area, with 90% of significant intercepts at <100m depth.

DP Poland 11p £78.4m (DPP.L)
The operator of Domino's pizza stores and restaurants across Poland and Croatia, announces a trading update for Q4 2023 and FY 2023. The Company expected FY 2023 Group System Sales of £46.0m and LFL System Sales in Poland increased by 27.5% in Q4 to the highest in the Company's history and by 19.7% for FY2023. The Company is EBITDA profitable since August and expected to be in line with market expectations for FY 2023 and holds cash at bank of £2.2m as at 31 December 2023 (£2.7m cash as at 30 June 2023). The Group finish the year with a store network that has been optimised, supporting higher LFL sales as well as growing our store count to 116 stores.

Equals Group 116p £217.6m (EQLS.L)
The fintech payments group focused on the Enterprise and SME marketplace, announces a trading update for the financial year ended 31 December 2023 (FY-23). Unaudited revenues for the year were £95.5m, up 37% (FY-22: £69.7m) with continued growth in Adjusted EBITDA. This robust trading has also resulted in approximately £18.3m of cash at bank at 31 December 2023. Revenue per working day increased by 36.4% over FY-23. The revenue growth continues to be driven by Solutions revenues augmented by B2B growth across other product lines. The Board expects the Group's FY-23 results to be in-line with current market expectations.

IQE 20.75p £199.5m (IQE.L)
The supplier of compound semiconductor wafer products and advanced material solutions, provides a trading update for the financial year ended 31 December 2023. Revenue for the period is expected to be at least £115m, reflecting over 20% increase from H1 to H2 2023, in line with previously issued guidance. The Group expects this to result in an adjusted EBITDA of at least £3m and a net debt position of c.£3m. The Group further announce the appointment of Jutta Meier to the Board as Chief Financial Officer effective from 22 January 2024. Jutta is an experienced finance executive who has held senior positions at global semiconductor companies for over 25 years. She joins IQE from Intel Corporation, where she served as a Senior Finance Director.

Kibo Energy* 0.039p £1.5m (KIBO.L)
The renewable energy-focused developer of sustainable energy solutions, provides an interim strategy update in relation to its development approach. Kibo's strategy revolves around its commitment to being a developer of sustainable clean energy solutions by integrating both established and cutting-edge technologies in renewable energy generation, waste-to-energy and energy storage. The primary focus is to deliver enduring, low- or zero-carbon energy-generation solutions across Southern Africa, the UK and Ireland. Operationally, the Company: is currently formulating a joint development agreement with a multinational food and beverage producer intended to be funded equally (i.e., 50-50) by Kibo and the Client. It has received conditional preliminary approval for development funding, subject to due diligence, from a prominent development banking institution in Southern Africa for one of the Company's existing waste-to-energy projects.

Northcoders Group 160p £12.8m (CODE.L)
A UK market technology training business, announces that it has successfully secured further funding from the Department for Education Skills Bootcamp Dynamic Purchasing System 2 bid (DPS). This new round of funding provides Northcoders with a further £10m to train individuals on the Northcoders market-leading bootcamp, deliverable over 18 months, and provides the Company with strong revenue visibility for FY-2024 and H1-2025. It also underpins an 18.6% increase in revenue per student.

N4 Pharma 1.08p £2.9m (N4P.L)
The pharmaceutical company developing Nuvec®, a delivery system for cancer treatments, gene therapy and vaccines, provides an update on its subsidiary, Nanogenics Limited. Nanogenics has signed a contract to start the formulation and sequence selection work to prepare its ECP105 product for testing in pre-clinical studies at Kings College, London. The work involves creating and testing a novel formulation containing Nanogenics' proprietary siRNA sequence to undertake a proof of concept in-vivo study, and that it can match the anti-fibrotic effect of current post surgical treatment using Mitomycin C, but without the cytotoxic side effects seen with this approach.

Ondine Biomedical 8.75p £19.8m (OBI.L)
A Canadian life sciences company announces the appointment of Joseph P. (JP) Errico as Chief Financial Officer. JP will be responsible for managing and developing Ondine's finance function, as well as managing the capital markets interface, participating in discussions with large health systems and customers. JP has successfully founded and sold (or taken public) several medical device and pharmaceutical companies, including ElectroCore, Fastenetix, K2 Medical Systems, AD4-Pharma, E2, and SpineCore.

4Global 62.5p £16.5m (4GBL.L)
A UK-based data, services and software company focused on major sporting events and the promotion and measurement of physical activity, announces that it has been awarded two contracts in the Kingdom of Saudi Arabia (KSA) resulting in a combined value of over £800k. The initial award, with the client in KSA, has enlisted the services of 4GLOBAL to assess the value and operational viability of a number of sporting facilities in the area, and second award is with a new partner within the region. The majority of the work scheduled for completion within the current financial year.

16 January 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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