Small Cap Feast

20th February 2024

Dish of the day
No Joiners today
Off the menu
No leavers today

Dish Of The Day:


AMTE Power PLC (AMTE.L) has left AIM

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

Anglesey Mining 1.6p £6.7m (AYM.L)
The developer of the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales, provided an update on the Northern Copper Zone (NCZ) Mineral Resource delineation drilling program. Drill hole NCZ002 was recently completed with a 107m (apparent thickness) zone of visible sulphides identified between 413m – 520m downhole. Samples from NCZ002 were dispatched to the ALS laboratory in Ireland on 16th February and the results are expected within a few weeks. Drilling of the third drill hole in this latest programme, NCZ003, has commenced with 200m drilled to date. Significant high-grade widths of polymetallic mineralisation were identified along the contact with the Garth Daniel Zone.

Anglo Asian Mining 60p £68.5m (AAZ.L)
The gold, copper and silver producer focused on Azerbaijan, announces the completion of a maiden JORC (2012) Mineral Resource Estimate for its Xarxar copper deposit. 66 drill holes with a total length of 21,707 metres were used for the maiden Mineral Resource Estimate. 24.9 million tonnes of mineralisation with average grades of 0.48 per cent. Copper. 22.0 million tonnes of mineralisation containing 106,000 tonnes of copper within the Measured plus Indicated JORC categories. The Company is confident that the Xarxar mine will be a significant contributor to their future production.

Arrow Exploration 21.25p £60.8m (AXL.L)
The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provided an update on the Tapir Block in the Llanos Basin of Colombia in which the Company has a 50% beneficial working interest. The CN-4 well was spud on January 17, 2024, and reached target depth on January 27, 2024. The well was drilled to a depth of 9,552 feet) and targeted the Ubaque formation. The well initiated production with a flow rate of 780 barrels of fluid per day. The CN-5 well was spud on February 8, 2024 to test the Carrizales Noroeste prospect and reached total depth of 9,050 feet true vertical depth on February 14, 2024. The Company expects to complete the well for production over the next few weeks.

Engage XR Holdings 3.8p £19.9m (EXR.L)
A Metaverse / spatial computing technology company, announces further progress on customer contracting, including the largest contract the Group has signed to date. The Group has signed a seven-figure contract with a large Middle East-based company in the education, training, and development sector. Working in partnership with PWC Middle East, ENGAGE XR is developing a private MetaWorld for the company to deliver language learning programmes and professional ongoing development.

Frenkel Topping Group 47p £60.2m (FEN.L)
An independent financial advisor and wealth manager focused on asset protection for clients, announces the appointment of Christopher Mills as Non-Executive Chairman with immediate effect. Mr. Mills joined the board of Frenkel Topping as Non-Executive Director on 20 May 2020, Mr. Mills has consequently stepped down from a number of company boards as a non-executive director. This has given Mr. Mills capacity to take on the role as Non-Executive Chairman of Frenkel Topping and provide him more time to devote to the business in which he is a major shareholder.

Journeo 268p £44.2m (JNEO.L)
A provider of information systems and technical services to transport operators and local authorities announces the award of a new Framework Agreement with a Northern Transport Partnership. The Agreement which is expected to generate £5m in revenues through to January 2028, continues a long-standing relationship with the Partnership and provides for the supply and support of Journeo's advanced real-time passenger information systems in their network. The revenues under the Agreement are included in management's expectations of performance for the current financial year and add to the Company's order book.

Lok’nStore Group 810p £266.5m (LOK.L)
The self-storage company, provides an update on trading for the six months to 31 January 2024. Self-storage revenue up 4.9%, as price per square foot went up 4.0%. The Company announced that new landmark stores in Basildon and Kettering were opened as well as new stores in Staines and Bromborough are due to open in 2024 with further planning permission progress at Barking and Eastbourne. Interim results for the period ending 31 January 2024 will be announced in the 2nd half of April 2024.

Pod Point Group Holdings 23.38p £36.2m (PODP.L)
A provider of electric vehicle (EV) charging solutions in the UK, announces the appointment of Melanie Lane as Chief Executive Officer (CEO) with effect from 1 May 2024. She will succeed Andy Palmer, who has acted as Interim CEO since 6 July 2023 during the course of the executive search and appointment processes. Melanie joins the Group from Shell Recharge Solutions (Recharge), having led the standalone unit following its acquisition by Shell in 2017 to become a prominent e-mobility solutions provider across key EU markets.

SkinBioTherapeutics 10.5p £20.0m (SBTX.L)
The life science business focused on skin health, announces that its newly acquired company Dermatonics is set to launch Pheet and Dermatonics Once Heel Balm in Asia, Middle East and Africa (AMEA) in partnership with the Umesh Modi Group (the Group) following the signing of a manufacturing and distribution agreement on 30 June 2023. The total addressable market in these regions for dermatology and diabetes management is in excess of £5bn. This collaboration is currently at an early stage, therefore, the management does not expect any changes to current market expectations at this stage.

Springfield Properties 76.5p £90.8m (SPR.L)
A housebuilder in Scotland focused on delivering private and affordable housing, announces its interim results for the six months ended 30 November 2023. Revenue decreased 25% to £121.7m (H1 2023: £161.9m), as a result, operating profit decreased 37% to £4.8m (H1 2023: £7.6m). Profit before tax decreased by 80% to £1.2m (H1 2023: £5.9m) and net bank debt increased by 38% to £93.4m. The Company is on track to report results for FY 2024 in line with market expectations, including meeting target to reduce net bank debt to c. £55.0m by 31 May 2024.


20 February 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


Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram