Small Cap Feast

17th January 2024

Dish of the day
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Dish Of The Day:


Dechra Pharmaceuticals has left the Main Market Premium List of the London Stock Exchange.

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

Beowulf Mining 1.3p £15.0m (BEM.L)
Beowulf and its wholly owned Finnish subsidiary Grafintec Oy provide an update for the Graphite Anode Materials Plant (GAMP) in the GigaVaasa area. The strategy is to fast-track full GAMP process to capture more of the anode material production value-chain and provide greater supply-chain security following the export controls imposed by China on graphite materials in December 2023. An enhanced Pre-Feasibility Study (PFS) on the full GAMP process is expected to be concluded during 2024, building on the PFS of the Coating stage of the process previously notified in July 2023 that demonstrated robust economics with a post-tax NPV8 of US$242m and a post-tax IRR of 39%. NPV8 means the NPV calculated based on an eight-year horizon. This enhanced PFS will be followed by a Definitive Feasibility Study during 2025 with first production still planned from 2027.

Bluejay Mining 0.425p £5.1m (JAY.L)
The exploration and development Company with projects in Greenland and Finland announces a capital raise of £1.2m, with a £150k contribution from the Board of Directors. These funds coupled with recent strategic leadership changes allow Bluejay to focus on its assets with momentum. Bluejay remains dedicated to its primary focus, the 2,776 square kilometre Disko-Nuussuaq Magmatic Massive Sulphide nickel-copper-platinum-cobalt project (Disko), located on the west coast of Greenland. The Company has a joint venture with KoBold Metals and is working to agree value enhancing work programmes for 2024.

Blue Star Capital 0.11p £5.5m (BLU.L)
The investing Company with a focus on esports, payments, technology and its applications within media and gaming, announces that it has raised £100k before expenses, pursuant to a placing at a price of 0.1p per share. The proceeds will be used by the Company for working capital purposes and will provide the Company with working capital headroom until September 2024.

Concurrent Technologies 81p £69.4m (CNC.L)
The designer and manufacturer of leading-edge computer products, systems and mission critical solutions used in high-performance markets provides a trading update for the year ending 31 December 2023. The Company expects to report revenues circa 5% ahead of market expectations and profit before tax slightly ahead of market expectations. This makes FY23 a record year, with revenue in excess of £30m compared to £18.3m in FY22. CEO Miles Adcock indicates that the Group is confident that it will increase its share in its addressable market in 2024.

Corero Network Security 8.375p £41.1m (CNS.L)
The provider of real-time, high-performance, automatic Distributed Denial of Service (DDoS) cyber defence solutions provides a trading update for the year ended 31 December 20231. FY23 revenue is expected to be approximately $22.3m, up 11% from the prior year (FY22: $20.1m), adjusted EBITDA is expected to be in the range of $1.9m to $2.3m (FY22: $2.6m), and the cash at 31 December 2023 was $5.2m, with no outstanding debt (net cash 31 December 2022: $4.4m). Annualised Recurring Revenues (ARR) increased to $16.9m as at 1 January 2024, up 17% over the prior year (ARR at 1 January 2023: $14.4m), driven by continued demand for subscription-based and DDoS Protection as-a-service (DDPaaS) products. This strong performance continues to improve earnings visibility and revenue growth in 2024.

Coro Energy* 0.2p £5.7m (CORO.L)
The South East Asian energy Company with a natural gas and clean energy portfolio confirms that further to the Company's announcement of 31 August 2023, the Company has completed its installation of the 130 meter tall meteorological mast in the Philippines. All equipment was delivered to site on time and within budget. The wind data gathering campaign is now underway and will operate for up to twelve months delivering bankable data to the Company's utility scale projects in the province of Oslob.

DSW Capital 57p £12.5m (DSW.L)
The profitable, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand announces that Nicole Burstow, Deputy CEO and Chief Financial Officer, has tendered her resignation. Nicole will continue in her role until the end of June 2024, before taking up a new position at a large portfolio investment business. The Company is commencing a recruitment process and will update the market in due course.

MTI Wireless Edge 34p £30.0m (MWE.L)
The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors announces that Mottech Water Solutions Ltd (Mottech), its Water Control & Management division, has successfully retained a key service contract with a local municipality in Israel. Under the contract, Mottech will continue to be responsible for the efficient and cost-effective irrigation of the green land within the municipality. The contract is for a basic term of two years with the potential for extension for up to a further five years, at US$200k per annum, in total worth up to US$1.4m. As the contract is for an existing long-term client, MTI considers it likely that the Company will complete the full seven-year term.

Oxford BioDynamics 27.15p £54.9m (OBD.L)
The biotechnology Company developing precision medicine tests based on the EpiSwitch 3D genomics platform announces its final results for the year ended 30 September 2023. Revenue was £0.51m, up 230% (FY22: £0.15m) and other operating income was £0.83m, up 136% (FY22: £0.35m). The operating loss was £10.2m (FY: £8.6m in loss), primarily due to higher staff cost and admin costs. Cash and term deposits were £5.3m as at 30 September 2023 (FY22: £1.0m). The Company has two precision medicine tests on the market, each with a unique CPT-PLA code in the US. It is now running PSE tests from its own CLIA-registered (Clinical Laboratory Improvement Amendments) clinical operations laboratory in Frederick, MD, with a UK lab scheduled to begin operation by the end of March 2024.

Poolbeg Pharma* 9.05p £45.3m (POLB.L)
The biopharmaceutical Company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need announces promising in vivo results for POLB001 in addressing cancer immunotherapy-induced CRS (Cytokine Release Syndrome). The results, together with the data from the recent LPS (lipopolysaccharide) human challenge trial, further support the Company's strategic expansion of the Phase II ready POLB001 to treat and prevent cancer immunotherapy-induced CRS. The Company believes that POLB001 represents a significant market opportunity estimated at >US$1bn in Multiple Myeloma, High Grade Lymphoma and Acute Lymphoblastic Leukaemia alone.

17 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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