Small Cap Feast

20th February 2024

Dish of the day
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Dish Of The Day:


Admissions: 


Delistings:
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.

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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

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