Small Cap Feast

16th May 2024

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Dish Of The Day:



Whats baking in the oven?

Potential Initial Public Offerings:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank as at 31st March 2024. The Company's application to the AQSE Growth Market is not conditional on it raising funds. The Company is seeking to raise up to £1m to support organic growth and acquisition. Expected admission date is 29 May, 2024.

15th May: Raspberry Pi announces that it is considering an IPO onto the premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.

Reverse Takeovers:

13th May: Amur Minerals Corporation announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology Company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May. Expected first day of trading is 31 May 2024.

Change of Market:

Dual Listing :

Banquet Buffet

Accsys Technologies 58.9p £140.9m (AXS.L)

The Company that combines chemistry, technology and ingenuity to make Accoya wood and Tricoya wood elements, announces that Steven Salo will step down from his role as Chief Financial Officer. Steven joined Accsys on 1 April 2023 and has contributed to the successful raising of capital and financing for the completion of the Company’s US JV project in Kingsport. A search is underway for a replacement CFO and an update will be provided in due course.

Anglo Asian Mining 63p £72.0m (AAZ.L)

The gold, copper and silver producer focused in Azerbaijan announces its final audited results for the year ended 31 December 2023. Revenues decreased to $45.9m (2022: $84.7m), the loss before tax was $32m (2022: profit $7.5m) and net debt was $10.3m (2022: net cash $20.4m). Despite the adversity, good progress was achieved in 2023. Anglo Asian remains confident in delivering its medium-term growth strategy to become a mid-tier copper-focused miner by 2028.

Arecor Therapeutics 131p £40.1m (AREC.L)

The biopharmaceutical Company announces its final audited results for the year ended 31 December 2023. Revenue increased to £4.6m (2022: £2.4m), the loss after tax decreased to £8.6m (2022: £12.8m) and cash and short-term investments decreased to £6.8m (2022: £12.8m). With further partnerships anticipated from the in-house proprietary Specialty Hospital portfolio, a growing revenue stream from royalties and milestones, and key Phase I clinical data for AT278 expected in H1 2024, the Company looks forward to building even greater value creation in 2024.

B90 Holdings 2.75p £12.1m (B90.L)

The online marketing and service provision Company for the gaming industry announces its audited results for the year ended 31 December 2023. The Company has been EBITDA positive numbers for every month in Q1 of FY24. Revenue increased to £2.57m (2022: £1.8m) and the net loss increased to £4.71m (2022: £3.68m) due to impairment charges relating to, the financial treatment of the Convertible Loan Note, increased expenses paid to Payment Service Providers in the operations of Bet90 and Spinbookie and additional marketing spend. Looking ahead, the Company is optimistic about the future of B90; management delivered on several key operational milestones during 2023, which are expected to help the Company achieve profitability in 2024

Conygar Investment Company 78p £46.5m (CIC.L)

The Real Estate investment and services Company announces its interim results for the period ended 31 March 2024. The net asset value decreased to £91.2m (H1 23: £95.1m) this is derived primarily from net operational, debt financing and administrative costs compounded by writing down £1.4m of costs in connection with the proposed residential development at the Fruitmarket site in the St Philip's Marsh area of Bristol. The NAV per share decreased to 153.0p (H1 23: 159.4p). Investment activity will take time to return to the levels seen before the market downturn. However, as inflation and interest rates recede, such that costs become more stabilised, the viability of funding opportunities should improve.

Mycelx Technologies Corporation 54.5p £12.5m (MYX.L)

The clean water and clean air technology Company transforming the environmental impact of industry announces its audited results for the year ended 31 December 2023. Revenue increased to $10.9m (2022: $10.0m), the loss before tax decreased to $3.3m (2022: $3.6m) and cash and cash equivalents decreased to $0.4m (2022: $1.7m). The Company remains upbeat about the progress made to date in 2024 and intends to capitalise on positive recent developments in the U.S.

Nexus Infrastructure 95p £8.6m (NEXS.L)

The provider of essential infrastructure solutions announces its unaudited interim results for the six months ended 31 March 2024. Revenue decreased to £25.8m (H1 2023: £51.0m), operating loss was £1.3m (H1 2023: profit £0.05m) and a cash balance of £9.3m (H1 2023: £15.9m). The Company is encouraged by initial improvements in the market and is strategically positioned for the opportunities ahead, whilst remaining focused on operating discipline, improving margins, and managing costs.

Oxford BioDynamics 7.99p £24.9m (OBD.L)

The biotechnology Company developing precision medicine tests based on the EpiSwitch3D genomics platform announced it is collaborating with King's College London in the immediate follow up of the APIPPRA trial, the largest rheumatoid arthritis (RA) prevention trial to date. The APIPPRA trial of Abatacept was a multicentre trial in 213 individuals at high risk of RA. Abatacept is a biological disease-modifying antirheumatic drug recommended for the treatment of RA. The trial results were recently published in The Lancet in February 2024.

Thor Energy 0.9p £2.5m (THR.L)

The Company focused on uranium and energy metals announces the appointment of Mr Timothy Armstrong as Non-Executive Director with immediate effect. Tim is currently an Institutional financial advisor at Prenzler Group, a Sydney based boutique advisory firm with an extensive institutional network across the broking and investment banking industries in Australia and abroad. He previously worked in financial PR in Australia and London, which entailed advising numerous listed and private companies on their corporate strategies predominantly in the resources sector.

Water Intelligence 345p £60.0m (WATR.L)

The provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water announces its unaudited Q1 Trading Update for the quarter ended 31 March 2024. Revenue increased to $20.5m (Q1 2023: $19.4m), profit before tax increased to $2.0m (Q1 2023: $1.75m) and cash at the period 31 March 2024 was $12.7m. The Company believes there to be attractive opportunities for accretive acquisitions and their balance sheet and credit facilities will enable them to execute their growth plan fully.


16 May 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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