Small Cap Feast

19th April 2024

Dish of the day
No Joiners today
Off the menu
No leavers today


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

Alien Metals 0.23p £14.6m (UFO.L)
The company focused on the exploration and development of the Hancock iron ore Project and the Pinderi Hills project in Western Australia, advises that the Mining Lease for the Hancock Project has been granted by the Western Australian Department of Mines, Industry Regulation and Safety. The Department of Mines has on 18 April 2024 granted the Mining Lease (M47/1633) for the Hancock Project to Alien Metals, representing a key milestone on the pathway towards development. This gives security of tenure for a 21-year term through to 17 April 2045.

Clean Power Hydrogen 14.75p £39.6m (CPH2.L)
The green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser, announces its results for the year ended 31 December 2023. Revenue was £0, the same as the prior year. Net loss was £4.1m (compared to £3.4m net loss in FY22). Investment on R&D was £2.8m investment in research & design in FY23. Year-end net asset position was £21m, including £8.5m in cash or current asset investments. Solid progress was achieved towards the commercial roll out of CPH2's MFE technology on back of a revamped engineering team.

Ethernity Networks 0.95p £1.4m (ENET.L)
The supplier of data processing semiconductor technology for networking appliances announces its audited results for the year ended 31 December 2023. Revenue increased 29% to $3.8m (2022: $2.9m). EBITDA loss decreased 47% to $3.9m(2022: $7.3m). Cash at 31 December 2023 was $2m (31 December 2022: $0.7m). Ethernity expects to secure new contracts for its Carrier Ethernet and PON (passive optical network) technology, in incremental non-recurring engineering (NRE) revenue in 2024. Management anticipates this will translate into l new revenue opportunities for Ethernity in 2025.

.Fonix Mobile 232.5p £232.2m (FNX.L)
The mobile payments and messaging company announces that Ganton Limited (an investment vehicle of William Neale, Founder and Non-Executive Director), Robert Weisz (CEO) and Starnevesse Limited (an investment vehicle of Richard Thompson) have sold a total of 6.7m Placing Shares at a price of 225p per Placing Share due to overdemand. This follows the announcement yesterday about the Placing of no less than 4.4m shares held by certain Directors, shareholders and employees of the Company at 225p per Placing Share. The Placing Shares in aggregate represent approximately 6.7%. of the Company's issued share capital. As part of the Placing, the Company purchased 907,000 Placing Shares through its Share Buyback Programme. Following this transaction and subsequent cancellation, the Company’s issued share capital is 100,000,000 Ordinary Shares, with 1,024,580 Ordinary Shares held in treasury. Consequently, the total voting rights of the Company are 98,975,420.

Goldplat 8.05p £13.5m (GDP.L)
The Mining Services Group, with international gold recovery operations located in South Africa and Ghana, servicing the African and South American Mining Industry, announces the the diesel generators arrived at its operations in South Africa and commissioning will be finalised by the end of April 2024. During Q3 of the current financial year, its operations have lost 6% of total operating hours available due to electricity supply cuts and infrastructure related issues. The generators have been procured at a cost of £800k and financed through a local South African bank and will be repaid over 3 years.

Marula Mining 8.75p £15.4m (AQSE:MARU)
An African focused mining and development company announces that it is pursuing a secondary listing on A2X Proprietary Limited, independent stock exchange in South Africa. This dual listing is in addition to the Company's ongoing plans for the listing on the Johannesburg Stock Exchange. Marula will list its share for trade by way of introduction on A2X Markets from 25 April 2024 under the share code "MAR" and its issued share capital will comprise 176,865,665 ordinary shares of 0.01p each.

.MC Mining 8.125p £32.7m (MCM.L)
The Australia-based coal exploration, development and mining company operating in South Africa, announced that Khomotso Mosehla, a long-standing non-executive director, has resigned, effective today, 19 April 2024. Mr Mosehla has been a member of MC Mining's board of directors since late 2010 and contributed to the Company’s ambition to become South Africa's pre-eminent steelmaking hard coking coal producer.

R&Q Insurance Holdings 2.995p £11.2m (RQIH.L)
The Company announces the appointments to the Board of Stephen Welch and Lawrence Hirsh as Non- Executive Directors, effective from 18 April 2024. Stephen Welch has worked for financial sponsors and investors in both executive and non-executive roles. He has extensive experience managing complex corporate issues, including several restructuring situations of regulated financial services and insurance businesses. Lawrence Hirsh was previously a Managing Director for Alvarez & Marsal, leading its Southeastern US Corporate Restructuring Practice, and a Partner at Arthur Andersen LLP.

Sabre Insurance Group 170.9p £424.3m (SBRE.L)
The private motor insurance underwriters announces that Rebecca Shelley, who joined the Board as a Non-executive Director in December 2017, has been appointed as Chair of the Company. This is following an external search process and the receipt of regulatory approval from the PRA. The appointment takes place with immediate effect, as Rebecca has held the post on an interim basis since November 2023. Rebecca has extensive commercial and financial services experience, having held several senior executive positions at Norwich Union plc, Prudential plc, Tesco plc and TP ICAP plc.

Vector Capital 27p £12.2m (VCAP.L)
The commercial lending group that offers secured loans primarily to businesses located in the United Kingdom, announces its audited results for the financial year ended 31 December 2023. Revenue decreased to £5.7m (2022: £5.9m),. Loan book was £47.9m with average loan £453k (2022: £53.2m and £499k). Profit before tax decreased to £2.1m (2022: £2.8m). Furthermore, net assets increased to £25.5m (2022: £25.1m). The Company expects base rates to start the move downwards during mid-2024 and will review the scenario for loan book growth in due course.

19 April 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged

STAY INFORMED

Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.

Disclaimer

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram