Small Cap Feast

18th March 2024

Dish of the day
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Dish Of The Day:



PanGenomic Health (NARA.PM) has delisted from the Aquis stock exchange.

Whats baking in the oven?

Potential Initial Public Offerings:

European Green Transition **** is developing a portfolio of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition and announces its intention to conduct a fundraise and to list its ordinary shares on AIM. The Company intends to implement a disciplined M&A focused model and has already acquired a portfolio of assets, notably their principal Olserum Rare Earth Element (REE) project.

Reverse Takeovers:

Change of Market:

Banquet Buffet

Aura Energy 9p £59.9m (AURA.L)
The Company announces it has received firm commitments from professional and sophisticated investors to raise approximately A$16.2m through the issue of shares at A$0.18 per share. The Company will also offer eligible shareholders on 15 March 2024, the opportunity to participate in a Share Purchase Plan of up to A$2m through the issue of shares subject to shareholder approval. As part of the Placement, Aura Managing Director and CEO Andrew Grove have committed to investing A$100,000 on the same terms as the Placement, subject to shareholder approval.

Caldedonia Mining 815p £172.1m (CMCL.L)
The Company announces that Tariro Gadzikwa has joined Caledonia's Board of Directors as an Independent Non-Executive Director with effect from March 15, 2024. It also announces that Steve Curtis, who retired as Chief Executive Officer of the Company in June 2022 and remained on the Board as a Director in a non-executive capacity since then, has decided to step down from the Board.

Ensilica 61p £50m (ENSI.L)
The chip maker of mixed signal ASICs announces that it has received notice for the exercise of warrants to subscribe for 767,500 new ordinary shares. The exercise price of the warrants is 55p per new Ordinary Share and will generate proceeds of £422,125.00 for the Company. The warrants were issued to subscribers in the placing announced by the Company on 14 December 2023.

Focusrite 277.5p £162.6m (TUNE.L)
The music and audio products group supplying hardware and software used by professional and amateur musicians and the entertainment industry provides a trading for the year ending 31 August 2024 based on trading for the six months ended 29 February 2024. Revenues for FY24 are now anticipated to be not less than £155m and revenues for H124 are anticipated to be not less than £75m (H123: revenues of £86.2m). FY24 EBITDA is expected to be in the range of £27m to £30m, with a heavier weighting towards H2 than in FY23. H124 performance has been impacted by similar factors across the Group's geographic regions as the Content Creation market globally continues to struggle due to several macroeconomic issues.

Metals Exploration 4p £83.9m (MTL.L)
The gold producer in the Philippines announces the appointment of Nick von Schirnding as Chairman of the Company with immediate effect. Steven Smith, the Company's current Interim Chairman, will remain on the Board and resume his role as a Non-Executive Director. Mr von Schirnding has over thirty years' experience in the mining industry. He has held senior Executive and Non-Executive positions including CEO and Chairman of a number of LSE and internationally listed mining companies.   

One Heritage * 10.5p £4.1m (OHG.L)
The residential developer focused on the North of England provided an update on late Friday afternoon on the repayment of its £1.5m unsecured corporate bond due for repayment 15th March 2024.The Company signed a new 12-month £500k unsecured Loan with a Bond holder, at an interest rate of 8% per annum. Due to delayed property refinancing, payment of the remaining £1m is expected to be repaid by 18th March 2024. The Company is not in default unless the Bond is not repaid by 29th March 2024.

Plexus 18p £19m (POS.L)
The oil and gas engineering services business and owner of the proprietary POS-GRIP method of wellhead engineering, announces its interim results for the six months to 31 December 2023. Revenue increased to £5,087k (H1 FY 22: £709K), EBITDA increased to £3,083k (H1 FY 22: £1,098k), but the cash decreased to £0.83m (H1 FY 22: £1.14m). The Company's performance for the first half of the financial year to 30 June 2024 is in line with management's expectations and the Board anticipates that the Company's performance for FY24 will be in line with current market forecasts.

Physiomics * 1.35p £1.8m (PYC.L)
The mathematical modelling and data science Company supporting the development of new therapeutics and personalised medicine solutions announces that it has been awarded a substantial new contract by an existing large pharma client. The project involves Pharmacokinetic-Pharmacodynamic modelling in the field of DNA damage/ repair field and will help inform clinical dose and scheduling decisions. The value of the project is £178k and it is anticipated that it will be completed over the course of the next six months.

Seeing Machines 5.135p £213.4m (SEE.L)
The advanced computer vision technology Company that designs AI-powered operator monitoring systems to improve transport safety today published its unaudited results and financial report for the six months to 31 December 2023. Revenue increased 6% to $25,734m (H1 FY 22: $24,383m) and the net loss increased to $19.8m (H1 FY 22: £4.62m). The Group remains well-placed to deliver continued progress in the year ahead, with a typical weighting to the second half, and the Board retains its expectations that financial performance for FY2024 will be in line with consensus.

Serinus Energy 2.2p £2.5m (SENX.L)
The upstream oil and gas exploration and production Company that owns and operates projects in Tunisia and Romania announces its Annual Financial Results for 2023. Revenue decreased 64% to $17.9m (FY 22: 49.3m),EBITDA decreased 83% to $2.1m ( FY 22: $12.7m), and furthermore cash decreased 74% to $1.9m (FY 22: $7.4m).  

18 March 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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