Small Cap Feast

1st July 2024

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Dish Of The Day:



San Leon Energy (SLE.L) has delisted from AIM
 Gensource Potash Corporation (GSP.L) has delisted from AIM

Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. The Company is acquiring 53 Degrees North Engineering Limited, to become the Company’s Consultancy division, which provides a range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector. The Consultancy division has established relationships with some of the largest food and beverage companies in the world, with 5 out of the top 10 being existing customers. IntelliAM is a revenue generating and profitable company. The Company is looking to raise £5m to fund the Company’s expansion. The Freefloat will be 16.5% following Admission and Completion of the acquisition of 53 North.

24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m.

Media speculation: (We remove rumours after 10 days of being on the menu)

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Feedback 81p £10.8m (FDBK.L)

The clinical infrastructure specialist announces that it has been awarded a contract by Queen Victoria Hospital NHS Foundation Trust (QVH) to provide its Bleepa Community Diagnostics Centre (CDC) solution. This contract, which is worth £495k for an initial 12-month term with the ability to extend by another 12 months, has been awarded to Feedback as the successful bidder in a procurement process launched by QVH in November 2023, to provide a digital infrastructure to facilitate patient specific pathways through the CDC, linking both primary and secondary care settings.

Harland & Wolff Group Holdings 8.275p £14.5m (HARL.L)

The Company focused on strategic infrastructure projects and physical asset lifecycle management releases its unaudited financial results for the financial year ended 31 December 2023. Revenue increased to £86.91m (2022: £27.75m), the loss for the year decreased to £43.09m (2022: £70.80m) and the cash balance at 31 December 2023 was £25.41m of which £3m is restricted. (2022:£1.98m). The Company continues to be in advanced negotiations with other cruise clients to welcome additional cruise vessels in Q424. Given the momentum in the order book, and revenues realised to date, the Company expects to meet its forecasted revenues of £200m for FY24.

Niox Group 68.1p £288.8m (NIOX.L)

A medical device Company focused on point of care asthma diagnosis and management announces the appointment of Robert Naylor as Non-Executive Director and Chair of the Audit and Risk Committee, with immediate effect. Robert has over 25 years' experience in capital markets specialising in healthcare and investment companies and is currently Chief Executive Officer of Intuitive Investments Group plc.

Oriole Resources 0.36p £14.0m (ORR.L)

The exploration Company focussed on West and Central Africa reports that it has received two-year renewals for each of its five gold exploration licences in the Eastern Central Licence Package, located in the Adamawa and North regions of Cameroon. The Licences, held through the Company's 90%-owned subsidiary Oriole Cameroon SARL, represent a contiguous, district-scale land package covering 2,266km of highly prospective geological terrane. The Eastern CLP includes the flagship, 80%-owned Mbe licence (Mbe), where BCM International Limited (BCM), is currently funding up to US$4m in exploration expenditure to earn up to a 50% interest. A 5,500 metre trenching programme is underway over the MB01 area at Mbe (announcement dated 4 June 2024), with results anticipated in Q3-2024 and a maiden drilling programme anticipated in Q4-2024.

Oxford Metrics 100p £131.4m (OMG.L)

The smart sensing and software Company, servicing life sciences, entertainment and engineering markets announces that Zoe Fox has assumed the role of CFO of Oxford Metrics plc and has been appointed as a Board Director with effect from 1 July 2024. Zoe's appointment as CFO, and to the Board of Directors, follows the Company's change of CFO announcement on 19 March 2024. David Deacon will remain with the business until the end of September and will work closely with Zoe to deliver a smooth and orderly transition. During this time, David will remain on the Board of Directors in an executive role focused on M&A.

PCI-PAL 66.5p £47.9m (PCIP.L)

The global provider of secure payment solutions announces the appointment of its new Chief Financial Officer. Ryan Murray will join PCI Pal as Chief Financial Officer with effect from 14 October 2024. Mr Murray has over 23 years' accountancy and financial experience in both industry and public practice, including substantial time working in the technology sector. As announced on 27 February 2024, William Good has remained with the Company as a Director to ensure a smooth transition before his retirement from the Board. The Company now expects that retirement to be effective from 15 July 2024.

Sareum Holdings * 49p £52.9m (SAR.L)

A clinical-stage biotechnology Company developing next-generation kinase inhibitors for autoimmune disease and cancer announces positive topline data from its Phase 1a clinical trial of SDC-1801, a dual TYK2/JAK1 kinase inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases. The Company reports that blood plasma levels of SDC-1801 significantly in excess of the predicted therapeutic exposure were achieved, with a half-life of between 17 and 20 hours observed, which suggests that once-daily dosing will be possible. No deaths or serious adverse events due to SDC-1801 were reported. Although data remains blinded, there appear to be no significant changes in blood cell counts or increases in serum creatinine levels, which may be dose limiting side-effects of brepocitinib, currently the most advanced TYK2/JAK1 dual inhibitor. The Company expects that further data, unblinded from drug/placebo recipients, including details of any mild or moderate adverse events and biomarkers of TYK2 and/or JAK1 inhibition, will be available in Q3 2024.

SDX Energy 3.4p £7.0m (SDX.L)

The oil and gas exploration, production and development Company announces its audited final results for the year ended 31 December 2023. Revenue decreased to £8.81m (2022: £13.73m), the loss for the period decreased to £21.20m (2022: £36.18m) and the cash balance at 31 December 2023 was £4.48m (2022: £10.61m). Due to issues in relation to currency controls and ongoing devaluations of the Egyptian Pound, it was determined during 2023 that it would be better to focus resources on the Morocco operations. Therefore, offers for interests in South Disouq and West Gharib were entertained, and by 31 December 2023 the Company had entered into advanced negotiations on both assets.

Westminster Group 2.6p £8.6m (WSG.L)

The supplier of managed services and technology-based security solutions worldwide announces that it has entered into an agreement for a Convertible Loan Note (CLN) facility with Pantheon A Family Office Limited (the Lender) to raise up to £1.5m for ongoing specific contract financing and working capital. Under the terms of CLN, which has a term of three years, the Company will issue the £100k freely transferable notes to draw down £1m immediately, with a further £500k available at the Company's request and Lender's discretion. The Company will pay a 10% coupon per annum, payable monthly on funds drawn down, but with an initial six-month deferment of interest payments. The Lender has the right to convert the principal amount of the notes into ordinary shares in the capital of Westminster, in multiples of £100k at any time after 12 months from drawdown, at a fixed conversion price of 3p per share (representing a premium of approximately 22.45% to the middle-market closing price on 28 June 2024), subject to orderly market arrangements on any subsequent disposals.

Windar Photonics 50p £40.6m (WPHO.L)

The technology group that has developed its WindEye and WindTimizer LiDAR wind sensors and its related 'Nexus' software suite announces its audited results for the 12 months ended 31 December 2023. Revenue increased 157% to Eur4.8m (2022: Eur1.9m) the loss for the year decreased to Eur0.2m (2022: 1.1m) and cash and cash equivalents decreased to Eur152k (2022: Eur1.40m). With the sales and forward order book in June 2024 already reflecting over 125% of entire 2023 revenue, supported by a strong and developing order pipeline, the Company has confidence in the growth of sales of WindEye and WindTimizer hardware and, increasingly, of the Nexus software related services.


1 July 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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