Small Cap Feast

1st May 2024

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Dish Of The Day:



REDX Pharma (REDX.L) has delisted from the AIM Market

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.

Change of Market:

TheWorks (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 3 May 2024. Currently the market capitalisation of TheWorks is £16m.

Dual Listing :

Banquet Buffet

Anexo Group 63p £74.3m (ANX.L)

The specialist integrated credit hire and legal services provider announces its final results for the year ended 31 December 2023. Total Revenue increased 8% to £149m (2022: £138m) and the adjusted profit before tax decreased 3.7% to £23.04m (2022: £23.92m). Furthermore, the cash and cash equivalents decreased to £8.4m (2022: £9.05m). Net debt decreased to £67.9m (2022: £73.1m). Looking ahead to 2024, management remains focused on areas of legal services that offer the best opportunities for growth. These efforts are supported by recent strategic hires and investments in new claims and staff.  

Concurrent Technologies 106p £90.8m (CNC.L)

The designer and manufacturer of leading-edge computer products, systems and mission critical solutions used in high performance markets by some of the world's major OEMs announces its results for the year ended 31 December 2023. Revenue increased 73% to £31.7m (2022: £18.3m), profit before tax increased 959% to £3.7m (2022: £0.4m) and the closing cash balance increased 146% to £11.12m (2022: £4.51m). Strong financial performance in FY23, while the outlook in the first four months of the year is in line with market expectations, providing confidence in delivering another year of profitable growth.

Cornish Metals 11.6p £60m (CUSN.L)

The Company focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights announces a positive independent Preliminary Economic Assessment for its 100% owned and permitted South Crofty tin project located in Cornwall, United Kingdom. The PEA producing a base case after-tax Net Present Value of $201m and Internal Rate of Return of 29.8%, and confirms the Project's potential to be a low-cost and long-life tin mining operation with a current 14-year life of mine. Average EBITDA of $83m and 61% EBITDA margin in years 2 to 6.

Dianomi 49p £14.7m (DNM.L)

The provider of native digital advertising services to premium clients in the Business, Finance and Lifestyle sectors announces the Company's audited results for the year ended 31 December 2023. Revenue decreased to £30.2m (2022: £35.9m), adjusted EBITDA decreased to a loss of £0.4m (2022: profit £1.2m) and the cash balance decreased to £7.7m (2022: £11.7m). Current year trading is in line with management expectations, with the profitability achieved in the second half of 2023 continuing into 2024.

Fulcrum Metals 15.25p £7.6m (FMET.L)

The Company focused on mineral exploration and development in Canada announces final results for the year ended 31 December 2023. The Company generated no revenue during the period but focused on exploring and developing assets that the Board believes will generate revenue for the Company in the future. The pre tax loss increased to £1.7m (2022: loss £619k). Furthermore, the net cash balance increased to £620k (2022: £96k).

Intelligent Ultrasound Group 7.85p £25.7m (IUG.L)

The ultrasound AI software and simulation company announces its audited results for the year ended 31 December 2023. Group revenue increased 11% to £11.2m (2022: £10.1m) and the loss after tax decreased 13% to £2.6m (2022: £3.0m). Furthermore, the cash balance decreased to £3.0m (2022: £7.2m). The business continues to expect revenue in 2024 to be between £14m to £17m and continues to forecast that it will reach profitability with its current cash resources.

Maintel Holdings 250p £35.9m (MAI.L)

The provider of cloud and managed communications services announces its audited results for the 12-month period to 31 December 2023. Revenue increased 11.3% to £101.3m (2022: , Adjusted EBITDA increased 106% to £9.1 (2022: £4.4m) due to strong revenue growth compounded by the benefits delivered through the business reorganisation executed during the first half of 2023. The cash balance decreased to £4.85m (2022: £6.1m). Trading to date in 2024, in respect of revenue, EBITDA and orders, are all in line with management expectations.   

Poolbeg Pharma * 12.85p £64.3m (POLB.L)

The biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need announces that, further to its announcement on 20 March 2024, the Company has received the fully granted patent from the US Patent Office for its Immunomodulator II patent application. The grant highlights the strong progress they continue to make in developing and strengthening the patent portfolio for POLB 001. The claims cover a class of drugs for treating and preventing cytokine storm in a patient after an immune response has been triggered. This encompasses cytokine storm that is induced in any disease indication.

Renold 49.85p £104.3m (RNO.L)

The international supplier of industrial chains and related power transmission products announces that Renold Couplings, part of the Company's Torque Transmission division, has been awarded a contract to manufacture flexible couplings for Batch 1 of the Canadian Surface Combatant ships for the Royal Canadian Navy, worth £10.6m. This contract, together with other military work recently awarded, means that Renold's military order book has increased by £13.1m, over recent months.

Touchstone Exploration 40.5p £95.1m (TXP.L)

The board of directors of each of Touchstone and Trinity announce that they have reached agreement on the terms of a recommended all share offer pursuant to which Touchstone will acquire the entire issued and to be issued ordinary share capital of Trinity. Based upon Touchstone's closing share price of 41.25p as of 30 April 2024 the Acquisition represents an implied value of 61.9p per Trinity Share valuing the entire issued share capital of Trinity at approximately £24.1m. The terms of the Acquisition represent a premium of approximately 71.9%. to the Closing Price per Trinity Share of 36p on 30 April 2024. Touchstone believes that from this position, the Acquisition will provide an opportunity to create a business of significant scale in Trinidad with an enhanced ability to deliver growth in reserves, production and cash flow for the benefit of both sets of shareholders and local stakeholders.


1 May 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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