Small Cap Feast

19th March 2024

Dish of the day
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Dish Of The Day:



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

Bens Creek Group 2.75p £11m (BEN.L)
The owner of a metallurgical coal mine in North America supplying the steel industry, announces that, further to its notification released on 6 March 2024, Bens Creek has drawn down $7.5m under the Working Capital Facility in place with Avani Resources Pte Ltd, the Company's largest shareholder. Furthermore, in accordance with the terms of the Working Capital Facility, Avani have also advanced a further $1.25m to Bens Creek as part of the discretionary component of the Working Capital Facility. A total of $8.75m has been drawn down and $1.25m of the Working capital Facility remains undrawn.

Celebrus Technologies 235p £92.9m (CLBS.L)
The data solutions company, provides the following trading update for the year to 31 March 2024. Full year revenues of £32.0m (FY23: £21.5m) and adjusted profit before tax of £5.5m (FY23: profit £3.8m). Annual recurring revenue from software licenses and associated support, maintenance and Celebrus Cloud of £20.0m (31 March 2023: £16.7m), a 20% increase in the year. The year-end cash balance is expected to be healthy, and the Group remains debt-free. Results are expected to be in line with market expectations.

Eckoh 36.5p £106.0m (ECK.L)
The provider of Customer Engagement Data Security Solutions, announces that it has extended its security accredited framework by adding Cyber Essentials Plus (CE+) to its extensive and growing list of certifications, alongside a re-certification to Cyber Essentials. CE+ is the highest level of certification offered under the UK National Cyber Security Centre's (NCSC) Cyber Essentials scheme. By gaining this new certification, Eckoh underscores its commitment to maintaining the highest standards of cybersecurity.

Fintel 274.5p £284.9m (FNTL.L)
The provider of fintech and support services announces its audited consolidated results for the year ended 31 December 2023. Core revenue increased c.0.3% to £56.6m (FY22: £56.4m) and grew 5.6% on a like-for-like basis (FY23: £47.7m; FY22: £45.2m), as a result, adjusted EBITDA growth of 5.6% to £20.5m (FY22: £19.4m). Four acquisitions were completed in 2023 with initial net cash investment of £13.3m, delivering combined core revenues of £1.5m in the period. The Company has a strong balance sheet with £12.7m of cash, and £69m of headroom in £80m Revolving Credit Facility. Current trading remains in line with expectations.

Gelion 14.5p £19.7m (GELN.L)
The Anglo-Australian battery Company, announces an update on its Lithium-Sulfur (Li-S) battery development. Performance of OXIS GEN2 technology acquired from Johnson Matthey has been replicated and validated. Gelion has benchmarked OXIS GEN2 cell technology and produced 1.0Ah pouch cells that achieved 245 Wh/kg in testing. The Company further announce that its Next Generation (beyond GEN2) technology (combined OXIS/OXLiD/Gelion Technologies) pouch cell testing has successfully implemented and displayed superior solid-to-solid Sulfur behavior. Gelion's ambition for its Next Generation platform is to unlock the potential of sulfur batteries for a wide range of global.  

Oxford Metrics 104.5p £137.4m (OMG.L)
The smart sensing and software company servicing life sciences, entertainment and engineering markets, announces that Zoe Fox is to be appointed as the Group's CFO effective from 1 July 2024. David Deacon, the current CFO, informed the Board of his desire to move away from a full-time executive role to pursue family and other interests once the right successor had been found. Zoe brings a wealth of international and manufacturing experience having worked both as an AIM CFO and within international corporations.

Quadrise 1.22p £19.1m (QED.L)
The supplier of innovative energy solutions announces the successful results of the Placing and Subscription. The Company has conditionally raised gross proceeds of £1.5m pursuant to the Placing of new Shares at the Issue Price of 1.25 pence per New Ordinary Share. The gross proceeds of the Placing and Subscription are expected to be supplemented by additional gross proceeds of up to approximately £1m to be raised pursuant to the Open Offer. The Placing price represents a discount of 16% to the closing price on 18 March 2024. The net proceeds of the Placing and Subscription are expected to provide Quadrise with the necessary working capital resources to 31 March 2025,

Team Internet Group 135p £351.5m (TIG.L)
The provider of domain name services announces it has entered into a definitive agreement to acquire the entire issued share capital of a online marketing business, Shinez I.O. Ltd and its subsidiaries (Shinez). Team Internet will acquire Shinez for an enterprise value of USD 41.8m, on a net debt free basis and subject to customary adjustments for net working capital, payable in cash. The initial consideration represents a multiple of 4.0x Shinez's FY23 Adjusted EBITDA. The acquisition will be funded through a combination of cash reserves and the Revolving Credit Facility Agreement. The Acquisition is expected to complete by late April/early May 2022.

TMT Investments* 380c $119.5m (TMT.L)
The venture capital company investing in high-growth technology companies announce its audited final results for the year ended 31 December 2023. NAV per share of US$6.62 (up 3.3% from US$6.41 as of 31 December 2022), and total NAV of US$208.1m (US$201.7m as of 31 December 2022). The Company announced US$4.7m of investments across 10 new and existing companies in 2023, and US$4.2m of profitable disposals during the period. The Company has US$11.0m in cash and cash equivalent reserves as of 18 March 2024. The Company's Annual General Meeting will be held on 28 May 2024 at 13 Castle Street, St. Helier, Jersey, JE1 1ES at 14:30 (BST).

XP Factory 15.25p £26.6m (XPF.L)
The UK's experiential leisure business announce its unaudited interim results for the twelve months ended 31 December 2023 (2023). Group revenue increased 96% to £44.7m (2022: £22.8m), as a result, Adjusted EBITDA increased 116% to £5.5m (2022: £2.6m). Operating profit of £1.7m was £6.7m ahead of prior year (2022: loss £4.9m), and the Company has £4.4m cash balance at 31 December 2023 (31 Dec 2022: £3.2m). The Company announces that it has a strong pipeline of further site openings developed and is confident in the future.

19 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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