Small Cap Feast

19th February 2024

Dish of the day
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Dish Of The Day:


Admissions: 
Sorted Group (SORT.L) has joined AIM following Location Sciences Group Plc acquiring the entire issued share capital of Sorted Holdings Limited (Sorted). Market capitalisation upon Admission was £4.77m. Sorted operates a software-as-a-service (SaaS) business model providing delivery experience software which serves ecommerce retailers - from large, global enterprises to smaller, independent start-ups.


Delistings:




Whats baking in the oven?

Potential Initial Public Offerings:

12 January: The London Tunnels PLC announces its intention to seek Admission to the Standard Segment of the Official List and to trading on the Main Market of the LSE. The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940’s, and designed to shelter people during the London Blitz. The Company has successfully raised approximately £10m from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market. The Company is expected to have a market capitalisation of approximately £123m on Admission. Delayed: Expected Admission was before the end of January 2024.


Reverse Takeovers:


Change of Market:


Banquet Buffet

ATOME Energy 51p £20.6m (ATOM.L)
The Company targeting green fertiliser production with 445-megawatt of projects in Paraguay and a further pipeline of potential projects in Central America announces it has raised £1.8m before expenses through the issue of new ordinary shares at a price of 50 pence per share. The Placing price represents a discount of 10.7% to the closing price of 56 pence on 16 February. The Company will use the funds raised from the Fundraising to further expedite its growth and development of the green fertiliser Villeta Project in Paraguay including engineering and design works as well as for working capital.

Aukett Swanke Group 1.15p £3.4m (AUK.L)
The Group providing Smart Buildings, Architectural and Design Services announces its participation in a consortium to develop an AI-Based Recommender System for Smart Energy Saving. The lead consortium member is a commercial spin-out from a UK research university. The consortium will be awarded approximately £0.9m from Innovate UK towards total project costs of approximately £1.2m. The project has a 12-month duration commencing March 2024.

Oracle Power 0.026p £1.2m (ORCP.L)
An international project developer, together with its joint venture company, Oracle Energy Limited (Oracle Energy), announces the commencement of the Environmental & Social Impact Assessment (ESIA) for the Renewable Power plant on its project land site in Jhimpir, in the Sindh Province of Pakistan. The ESIA will cover a comprehensive study for 1.3GW renewable power encompassing 800MW solar project, 500MW wind project, and a 450MWh battery energy storage system. The ESIA methodology involves collection of baseline primary and secondary environmental data, and determination of sensitivities for prediction and evaluation of impacts.

Oriole Resources 0.34p £13.2m ORR.L)
The gold exploration Company focussed on West Africa provides an update on its Senala gold project in Senegal (Senala), where AGEM Senegal Exploration Suarl (AGEM), a wholly-owned subsidiary of Managem Group (Managem), has now completed a six-year earn-in period at the Project. Oriole's interest in Senala is held via its 85% interest in Stratex-EMC Sarl (Stratex-EMC), the holding vehicle for the Senala Exploration Licence. Managem has confirmed to the Company that, since the 2018 Option Agreement was signed (announcement dated 1 March 2018), AGEM has spent approximately US$5.8m on the Project. Oriole will shortly be undertaking a review of expenditure to confirm this percentage ownership.

Petards Group* 6.7p £3.8m (PEG.L)
The developer of advanced security and surveillance systems announces that its subsidiary, QRO Solutions, has been recently awarded an order worth around £0.35m for one of the UK's largest police forces, adding a new police force to QRO's list of customers. The order is for the supply of QRO's Q-Box Merlin IP in-vehicle ANPR solution with High Definition (HD) digital video recorders, which the end customer is fitting to a number of vehicles in its fleet. The Q-Box Merlin IP to be supplied has HD capability for two lanes of ANPR and manages wireless 4G/5G communications for onward transmission of data to the police force back office systems. This order is expected to be fully delivered during 2024.

Physiomics* 1.35p £1.8m (PYC.L)
A mathematical modelling and data science Company supporting the development of new therapeutics and personalised medicine solutions announces that it has been chosen by The University of Sheffield to support a grant funded project focused on an insect (Fruit fly) model of cancer treatment. The value of this work to Physiomics will be £45k and will commence in the second half of this calendar year. The work is in support of one of seven cancer-focused projects recently announced by the University (https://www.sheffield.ac.uk/news/future-cancer-research-yorkshire-receives-ps89-million-funding-boost), all of which will be funded by Yorkshire Cancer Research.

Quartix Technologies 173.5p £84.0m (QTX.L)
A supplier of subscription-based vehicle tracking systems, analytical software and services announces the appointment of Ian Spence as independent Non-Executive Director, effective from 19 February 2024. Ian will also Chair the Nomination Committee. Ian has more than 25 years' experience in researching and advising companies in the technology sector. He is the Executive Chairman and Founder of Megabuyte.

SpaceandPeople 64p £1.2m (SAL.L)
The retail, promotional and brand experience specialist issues a pre-close trading update for the year ended 31 December 2023 (FY23). Total unaudited revenue of £5.8m (2022 restated: £4.7m), slightly above market expectations due to particularly strong Brand Experience revenue, the launch of the Company’s Rock Up and Pop Up service and the continued recovery and expansion of its German retail business. As at 31 December 2023, the Group had cash of £1.9m (2022: £1.9m) with £1.1m of term loans (2022: £1.5m) and undrawn bank facilities of £0.7m (2022: £0.7m).

Springfield Properties 78p £92.6m (SPR.L)
A housebuilder in Scotland focused on delivering private and affordable housing announces that it has signed an agreement for the sale of approximately 11.2 acres of land for £8.7m. The land, which equates to 85 plots, is fully owned by the Group, such that the cash inflow to the Group will be £8.7m. The Group expects to receive £6.5m in the current financial year and the remainder in the following year. The proceeds from the sale will support the Group's ongoing target to reduce debt.

Transense Technologies 104p £16.0m (TRT.L)
The provider of specialist sensor technology and measurement systems reports its unaudited interim results for the six months ended 31 December 2023 (Period). Revenue increased by 10% to £1.81m (FY23 H1: £1.64m), and operating expenses in H1 reduced by 18% to £0.97m (FY23 H1: £1.18m). As a result EBITDA doubled to £0.74m (FY23 H1: £0.36m) and profit before taxation was up 146% to £0.63m (FY23 H1: £0.26m). The Company had net cash at 31 December 2023 of £1.31m. The Board believes the Company is well positioned to deliver medium and long term growth.

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19 February 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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