Small Cap Feast

18th April 2024

Dish of the day
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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

Anglesey Mining 1.4p £5.9m (AYM.L)
The 100% owner of the Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in Anglesey, North Wales, announces the appointment of Robert Marsden to the Board as Chief Executive Officer with effect from 1st May 2024. Rob is a Mining Engineer with 29 years of international experience. Upon graduation from the Camborne School of Mines in 1995 he joined Rio Tinto plc and over the next 18 years held several technical, operational and management roles, living and working in South Africa, Australia, France and the USA.

BATM Advanced Communications 19.5p £84.9m (BVC.L)
The provider of real-time technologies for networking solutions and medical laboratory systems announces that it has signed a three-year agreement to provide its Edgility edge virtualisation platform and accompanying hardware to Totalplay, a Tier 1 telecommunications company that offers internet access, pay television and telephony services through one of the largest 100% fibre optic networks in Mexico.

Capital Limited 92.5p £179.2m (CAPD.L)
The mining services company provides its trading update for the period 1 January to 31 March 2024. Revenue increased 3.1% to $80.2m (Q1 2023 : $77.8m). Revenue guidance for 2024 remains $355 to $375m as guided at its FY23 results. Capital Drilling will see positive momentum into Q2 2024 from the continued ramp up of operations particularly at Belinga and Reko Diq as well the commencement of operation at Nevada Gold Mines. MSALABS will continue its multi-year laboratory roll-out, with a particular emphasis on deploying Chrysos PhotonAssay units, further supported its our significant contract with Nevada Gold Mines.

Challenger Energy Group 0.14p £14.7m (CEG.L)
The Atlantic margin focused energy company announces that it has entered into a legally binding term sheet for an investment by Charlestown Energy Partners LLC. Charlestown will invest £1.5m in the Company, initially in the form of a loan, which upon closing of the AREA OFF-1 farm-out to Chevron and subject to prior completion of an agreed share consolidation shall convert at a fixed price of 0.168p per share, being a c. 20% premium to the current share price. This will result in Charlestown holding a c. 8.7% shareholding in Challenger Energy, thus making Charlestown one of the Company's largest shareholders.

Devolver Digital 21.5p £95.6m (DEVO.L)
The digital publisher and developer of independent video games announces unaudited results for the year ended 31 December 2023. Revenues decreased 31% to $92.4m (2022: $134.6m). Loss before tax reduced to $11.7m (2022: $91.5m), primarily due to the stock compensation expense of $19.6m and an impairment of $70.0m in the prior year. Furthermore, cash balance decreased to $42.6m (2022: $79.5m). Management indicates that the Company is on track for previous guidance of profitable growth in 2024 and continuation into 2025.

Great Western Mining Corporation 0.047p £3.3m (GWMO.L)
The exploration company focused on copper, silver, gold, and other mineral targets, announces that it has exercised an option to acquire the Olympic Gold Project in Mineral County, Nevada. In 2020, Great Western's wholly owned U.S. subsidiary, Great Western Mining Corporation entered into an agreement with Nevada Select Royalty Inc., a wholly owned subsidiary of Gold Royalty Corp, for an option to acquire the Olympic Gold Project, consisting of 48 contiguous claims over 825 acres, including the abandoned OMCO gold mine. The total cost of the acquisition is US$150,000.

Keystone Law Group 640p £201.5m (KEYS.L)
The network and tech-enabled challenger law firm, announces its results for the year ended 31 January 2024. Revenue increased 15.1% to £87.9m (2023: £76.4m). Adjusted profit before tax was £11.3m, up 22.8% (2023: £9.2m). Cash generated from operations was up 11.8% to £10.4m (2023: £9.3m). The Group has made a positive start to the new year with ongoing client demand across practice areas. The Board remains confident that this will be another successful year, delivering results in line with current market expectations.

LBG Media 73p £152.6m (LBG.L)
The global digital entertainment business with a focus on young adults announces its unaudited results for the year ended 31 December 2023. Revenue increased 7.5% to £67.5m (2022: £62.8m) but profit before tax decreased 18.9% to £5.9m (2022: 7.3m), partially due to a higher operating expenses. The cash balance decreased 46% to £15.8m (2022: £29.3m) primarily reflecting the acquisition of Betches. The positive revenue momentum and platform for growth in the US leaves the Group at a significant juncture in its evolution and provides a clear line of sight to achieving £200m of revenue.

Renalytix 30p £37.9m (RENX.L)
The Company announces that Howard Doran, who has served as the Company's Chief Business Officer since September 2023, has been appointed as President, effective April 30, 2024. Thomas McLain, who has served as the Company's President since July 2019, is stepping down effective that date.

Surgical Innovations Group 0.5p £4.7m (SUN.L)
The designer, manufacturer and distributor of innovative medical technology for minimally invasive surgery, announces its audited results for the year ended 31 December 2023. Revenues increased 6% to £12.01m (2022: £11.34m),. Adjusted EBITDA profit was £0.20m (2022: £0.70m). Furthermore, net cash at end of period was £0.36m (2022: £0.99m). Currently, the sales momentum remains strong in Asia Pacific and Europe, growing 8% over the same period last year. The Group continues to trade profitably at the adjusted EBITDA level.

18 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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