Small Cap Feast

19th April 2024

Dish of the day
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Dish Of The Day:



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


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