Small Cap Feast

17th April 2024

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Dish Of The Day:


Admissions: 



Delistings: 








Whats baking in the oven?

Potential Initial Public Offerings:


Reverse Takeovers:

16 April 2024: 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.

17 April 2024: TGI Fridays, Inc. (TGIF) Hostmore plc announces that it has reached agreement on a non-binding basis for a proposed all-share acquisition of TGI Fridays, Inc. The Proposed Transaction would result in existing Hostmore shareholders holding 36% of the enlarged business upon completion (the Combined Group), with TGI Fridays shareholders holding a 64% shareholding. TGI Fridays is expected to be purchased for an enterprise value of £177m, or approximately 5.4x its FY23 underlying EBITDA. The Combined Group is expected to be renamed TGI Fridays plc, with its shares admitted to trading on the LSE’s Main Market. Completion of the Proposed Transaction expected to be by the end of Q3 2024.


Change of Market:

8 April 2024: (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

Asiamet Resources 0.675p £17.5m (ARR.L)
The exploration and development Company with a portfolio of copper-gold and polymetallic deposits reports the results of recent grab samples collected during due diligence site visits to the BKM project area in Central Kalimantan, Indonesia (BKM), within the KSK licence area. Rock Sample Results: two samples collected from surface in the central area of the BKM deposit, assayed 24.0% and 23.3% Copper. Two additional samples collected from an outcrop of the nearby BKZ deposit assayed 7.20% Zn, 5.60% Pb, 74g/t Ag, 0.21% Cu, 0.16g/t Au and 25.6% Zinc, 16.1% Lead, 75g/t Ag, 0.43% Cu and 0.57g/t Ag. These high-grade results are consistent with previous surface sampling and reinforce the upside potential of both the BKM and BKZ deposits.

Corero Network Security 11.75p £59.8m (CNS.L)
The specialists in distributed denial of service (DDoS) protection solutions announces the appointment of Robert Scott as a NED of the Company with immediate effect. Based in the USA, Robert is a 30-year network security industry professional and is currently the Chief Strategy Officer of Silversky, Inc., a provider of cybersecurity managed services, alongside serving as the Chairman of AssetPass, a disruptive fintech startup. Rob is also on the Customer Advisory Board of Fortinet, a global leader in cybersecurity.

Crimson Tide 160p £10.5m (TIDE.L)
The provider of the process management app mpro5, announces its unaudited results for the year ended 31 December 2023. Revenue grew 15% to £6.2m (2022: £5.4m), operating profit increased by £0.8m to £0.4m (2022: £0.4m loss) and cash at the year-end amounted to £3.3m (2022: £3.6m). Annual Recurring Revenue (ARR) was stable at £5.8m, despite unavoidable churn. Crimson Tide's ARR contracts are typically on an initial 36-month subscription basis, with many extending and expanding significantly beyond the initial contracted date. Meanwhile, Philip Meyers will join the Board as CEO. He joined Crimson Tide in August 2023 as Chief Operating Officer..

Eckoh 40p £116.2m (ECK.L)
The global provider of Customer Engagement Data Security Solutions announces that its core cloud platforms already operate across multiple regions with a further seven regional Points of Presence recently launched. This includes Eckoh's first dedicated Asia Pacific Secure Voice Cloud platform launched in Sydney. This ongoing expansion is vital to ensure Eckoh can service the growing demand of its global customers. In the last 3 years, Eckoh has seen the share of annual recurring revenue from cloud triple in the key North American market. The global cloud-based contact centre market is estimated to be growing from $17.1bn to $54.7bn in in the five years to 2027 - a compound rate of about 26% a year, according to Global Forecast to 2027 Markets and Markets.

INSPECS Group 49.5p £50.3m ((SPEC.L)
The designer, manufacturer, and distributor of eyewear announces its final results for the year ended 31 December 2023. Revenue was £203.3m (2022: £201.0m), the gross profit was up 4.7% to £103.5m (2022: £98.9m) and adjusted Underlying EBITDA increased by 16.1% to £18.0m (2022: £15.5m). The net debt excluding leasing was reduced by £3.4m to £24.2m (2022: £27.6m), and cash flows from operating activities increased by £7.0m to £16.9m (2022: £9.9m). After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging. Current momentum in the business supports delivery of market expectations for 2024.

Safestay 19p £12.3m (SSTY.L)
The owner and operator of an international brand of contemporary hostels announces that it has signed its first management contract to run the resort-based 120-bed Calpe Seafront Hostel on Spain's Costa Blanca on behalf of a property investment company. Under the management contract, Safestay will receive a fixed management fee plus a percentage of revenue and profits above certain levels. The Calpe Hostel will be Safestay's fourth Spanish based hostel and eighteenth hostel overall..

Serabi Gold 64p £48.5m (SRB.L)
The gold mining Company with production in Brazil announces its first quarter operational results for FY2024. The gold production in the first quarter was 9,007 ounces, a 12.5% improvement on Q1-FY23 and the highest quarterly total reported since 2021. Coringa contributed 3,871 ounces of gold production at mined grades of 6.39 g/t gold and the Palito plant processed a record quarterly total of over 54,000 tonnes of ore. The cash held on 31 March was $11.1m, with a further $1.1m owed for sales made in Q1. The Company is reiterating FY24 consolidated gold production guidance of 38,000 – 40,000 ounces.

Surface Transforms 3.95p £13.9m (SCE.L)
The manufacturer of carbon fibre reinforced ceramic disc brake materials provides the guidance for 2024. FY24 sales are anticipated to be in the range of £17.5m to £22m, up by 111%-165% from FY23 sales of £8.3m. With the majority of the year still to come, 2024 sales outlook is dependent on the amount of progress made on reducing scrap, building capacity and delivering to customers. Sales were constrained in Q1 due primarily to scrap and constrained manufacturing capacity. Significant progress has been made on reducing scrap and this is expected to continue through 2024.

Synectics 187.5p £33.4m (SNX.L)
The leader in advanced security and surveillance systems announces that it has been awarded an £800,000 contract with a new customer - a major UK utility provider - to deliver a multi-site deployment of the Company's proprietary software platform, Synergy. The contract will be deployed in the Company's current financial year and will help this new customer to streamline and optimise their command and control functionality.

Touchstar 86.5p £7.1m (TST.L)
The suppliers of mobile data computing solutions and managed services announces its results for the year ended 31 December 2023. Revenue was £7.2m, up 7.1% driven by recurring revenue growth of 8.7%, the profit after tax was £0.64m, up 14.5% year-on-year, and the year-end cash was £3.0m (FY22: £3.4m). The Board recommends a final ordinary dividend of 1.5p per share (FY22: nil) and its expectation for growth in 2024 remains unchanged.

17 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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