Small Cap Feast

18th June 2024

Dish of the day
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Dish Of The Day:


Advanced Oxygen Therapy Inc (AOTI.L) The medical technology group with a proprietary therapy for the reduction in hospitalisations and amputations caused by non-healing wounds, particularly diabetic foot ulcers, announces its first day of trading on the AIM market today. The Group generated $43.9m in revenue for the year ended 31 December 2023 and has been profitable at the adjusted EBITDA level since 2017. At the Placing Price of 132p per share on Admission, the market capitalisation will be approximately £140m. The Company has raised gross proceeds of £19.5m and in addition, gross proceeds of £15.6m were raised for certain selling shareholders at the Placing Price.


Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

Media speculation: (We remove rumours after 10 days of being on the menu)

17 June 2024 -IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on Aquis in July. The Company is looking to raise roughly £5m to fund the Company’s expansion.

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Cordel Group 4.55p £9.1m (CRDL.L)

The Artificial Intelligence platform for transport corridor analytics announces a significant new customer engagement in the Middle East. The end customer operates a major rail network. This initial six-month project, valued at £370k, marks Cordel's first contract win in the Middle East. Cordel will supply LiDAR data, high-resolution video, and gauging surveys as part of the engagement. Cordel will deploy its new Rugged LiDAR system, which has been tested on over 1,000,000 kilometres in the Australian, USA and UK environments. This has demonstrated its ability to perform in some of the world's most inhospitable operating conditions, including where daytime temperatures reach more than 50 degrees Celsius.

Crossword Cybersecurity * 6.625p £6.7m (CCS.L)

The cybersecurity solutions Company focused on cyber strategy and risk announces that it has signed a three year, exclusive partnership with the UK subsidiary of a global aerospace, defence and security company, to jointly market Rizikon, the supply chain cyber platform, to selected sub sectors within the UK critical national infrastructure (CNI) market. The partnership will be publicly launched to clients by both parties in the next few weeks. Supply chain cyber security risks are an increasing challenge for all organisations, as a number of recent high profile incidents have demonstrated. The partner has identified a particular need for clients across the CNI sector, who all need to minimise cyber risks across their third-party partners and supply chains and will take a comprehensive solution to market based on their services and expertise, with Crossword's Rizikon supply chain platform delivered as a service to clients.

Intercede Group 122.5p £71.3m (IGP.L)

The cybersecurity software Company specialising in digital identities announces its preliminary results for the year ended 31 March 2024. Revenue increased 65.3% to £20.0m (2023: £12.1m), profit before tax increased 833.3% to £5.6m (2023: £0.6m) and the cash and cash equivalents increased 107% to £9.6m (2023: £2.9m). FY24 was an exceptional year for the Company. Intercede continues to invest in its colleagues, IT Infrastructure, product development, sales and marketing to maintain and sustain its current momentum.

Litigation Capital Management 110.75p £129.1m (LIT.L)

An alternative asset manager specialising in dispute financing solutions internationally announces the appointment of a new CFO, David Collins, effective as at today’s date. David is a Chartered Accountant and brings over 20 years of experience in senior finance and capital markets roles across a range of leading institutions including EY, Morgan Stanley, Och-Ziff Capital (now Sculptor Capital) and Prudential plc. David also brings considerable experience of the legal finance industry having previously been CFO of Vannin Capital, a leading litigation funder that was acquired by Fortress Investment Group in 2019.

Microlise Group 133.5p £154.8m (SAAS.L)

The provider of SaaS based transport technology solutions to fleet operators announce a significant new partnership with Société de Transports Alimentaires et Frigorifiques (STAF), a player in the transport of mass distribution and agri-food in France. The 5-year contract, with a contract value of £1.35m, builds on Microlise's international expansion strategy by increasing the Company's presence in France. STAF, a family-founded business since 1969, has chosen Microlise to enhance operational efficiency and customer experience through a suite of solutions. These include comprehensive temperature audit reports per trip, real-time actionable data to improve vehicle performance and driver behaviour, and complete route visibility with accurate arrival and departure times.

Oxford BioDynamics 6.04p £18.8m (OBD.L)

The biotechnology Company developing precision medicine tests based on the EpiSwitch 3D genomics platform announces its interim results for the six-month period to 31 March 2024. Revenue increased to £327k (H1 2023: £220k), the loss before tax increased to £4.73m (H1 2023: £4.44m) and cash and cash equivalents is stable at £1.19m (H1 2023: £1.20m). The financial performance of the Group for the six months ended 31 March 2024 and its position at that date reflected continued investment in activities to grow adoption and sales of OBD's two on-market tests, alongside further development of its pipeline assets and completion of internal, commercial and grant- and award-funded R&D work.

Pipehawk 8.25p £3.0m (PIP.L)

The Company provides the following update in relation to Thomson Engineering Design Limited (TED), one of the Company’s subsidiaries, and its progress with its partnership with Unipart Rail Limited. On 20 September 2022, it was announced by PipeHawk that TED and Unipart Rail had entered into a Memorandum of Understanding to establish Unipart Rail as the exclusive global distributor for a range of standard TED products, which included TED's attachments, outside of the UK (the MoU). With the above progress, the Company reports that whilst revenues at TED recognised in the year to 30 June 2023 under the MoU were only £30k, the Company expects this to have increased to approximately £0.5m in the year ending 30 June 2024, with a further £250k of revenue already booked for the year ending 30 June 2025.

Sondrel 6.1p £10.5m (SND.L)

The provider of ultra-complex chips for global technology brands announces that, following completion of the Company's recently announced fundraising to raise gross proceeds of £5.6m, David Mitchard and Miles Woodhouse have been appointed to the Board of Company with immediate effect. David Mitchard has been appointed as Non-Executive Chairman of the Company. Having first joined Sondrel as Interim CEO in March 2024, David Mitchard will also remain in his existing Interim CEO role until such time as John Chubb joins Sondrel as Sondrel's CEO on 18 July 2024. Miles Woodhouse has been appointed as a Non-Executive Director of the Company. Miles is currently Executive Director of Rox Equity Partners Limited, the Company's largest shareholder and brings extensive experience in building businesses from his years as an entrepreneur and director on the boards of various UK technology groups .

Synectics 195p £34.7m (SNX.L)

The Company in advanced security and surveillance systems announces that it has been awarded a contract valued at approximately $10m to upgrade and expand the surveillance system at a major gaming resort in South-East Asia, one of the most successful and highest profile gaming resorts in the world. Delivery of the Contract is anticipated to commence late in the Company's current financial year ending 30 November 2024 with completion expected by the end of the financial year ending 30 November 2025. The Customer has been using Synergy, the Company's proprietary software platform, since 2014 and the Contract will expand and upgrade the Customer's existing system to the latest version of Synergy.

Tatton Asset Management 612p £377.6m (TAM.L)

The investment management and IFA support services group announces its audited final results for the year ended 31 March 2024. Revenue increased 13.9% to £36.81m (2023: £32.33m), profit before tax increased to £16.75m (2023: £15.99m) and net cash position of £24.8m (2023: £26.5m). Outlook for the future is a new growth target set at £30bn AUM by end of the financial year 2029. The Board looks to the year ahead and beyond with confidence.


18 June 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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