Small Cap Feast

20th March 2024

Dish of the day
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Dish Of The Day:


Dispensa Group (DISP.L) has left the Standard Segment of the London Stock Exchange

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

Abingdon Health 10.5p £12.8m (ABDX.L)
A international lateral flow Contract Development and Manufacturing Organisation (CDMO), announces the launch of Boots' own-brand, rapid self-tests across the UK and online in partnership with Crest Medical. The Company is launching the first two products - Iron and Vitamin D deficiency self-tests, with the self-tests being made available in stores and online at from Spring 2024. These products will sit within the Boots family of branded products which will increase consumer confidence in the continued adoption of at-home testing.

Anpario 235p £47.7m (ANP.L)
The manufacturer of natural sustainable feed additives for animal health, nutrition and biosecurity announce its full year results for the twelve months to 31 December 2023. The Company announces a 6% decrease in revenue to £31.0m (2022: £33.1m), albeit an improvement in gross margins to 45.0% (2022: 42.7%). Adjusted EBITDA decreases by 14% to £4.5m (2022: £5.2m) and a 25% decrease in profit before tax to £2.8m (2022: £3.7m). The Company has cash and bank deposit balances of £10.6m at the year end. The Board is confident in the long term profitability of the Company.

CleanTech Lithium 15.25p £22.1m (CTL.L)
An exploration and development company advancing lithium projects in Chile, announces that the operation of the Company´s pilot plant has commenced and is producing lithium chloride eluate from the Direct Lithium Extraction (DLE) process. The pilot plant has a design capacity of 1 tonne per month lithium carbonate equivalent (LCE) as concentrated eluate. Samples of the product will be made available to potential strategic partners such as major auto and battery manufacturers, in preparation for off-take agreements

EKF Diagnostics Holdings 26.65p £120.9m (EKF.L)
The diagnostics business, announces its unaudited results for the year ended 31 December 2023. Revenues of £52.6m (2022: £66.6m), and gross profit before exceptionals of £24.4m (2022: £30.8m). Adjusted EBITDA of £10.4m (2022: £14.9m) and the Company announced a return to profit before tax of £2.1m (2022: loss of £8.9m). The Company holds cash, net of borrowings at year end of £4.7m. The Company opened its upgraded Life Sciences facility in South Bend in October 2023 and is trading in line with market expectations.

Equals Group 112.5p £211.1m (EQLS.L)
A developer and seller of scalable payment platforms provide an update on the Company's current trading. Revenues of £22.2m, up from £17.4m in the same period in FY-2023, representing an increase of 28%. Current trading has been robust across the business and overall trading continues to be in line with the Board’s expectations.  

IQGeo Group 405p £249.9m (IQG.L)
A developer of geospatial productivity and collaboration software announces its final audited results for the year ended 31 December 2023. Order intake of £57.2m representing 40% growth (2022: £41.0m), and total revenue growth of 67% to £44.5m (2022: £26.6m), with organic growth of 64%. Adjusted EBITDA of £6.6m (2022: £1.9m) and the Company is breakeven for the year (2022: loss of £0.9m). The Company announced that the new Malaysian office opened at the end of 2023 to support expansion in APAC in 2024 and are confident to deliver on their targets for 2024 and beyond.

Poolbeg Pharma* 9.6p £48.0m (POLB.L)
A biopharmaceutical company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need, announces that it has received a Notice of Allowance from the US Patent Office in relation to its Immunomodulator II patent application. A Notice of Allowance is a precursor to the expected formal grant of a patent in due course. The claims which the US Patent Office have deemed acceptable to grant covers a class of drugs (including POLB 001) for the treatment and prevention of cytokine storm (hypercytokinaemia) after an immune response has been triggered - in any disease indication. This marks a significant step for POLB 001 which has strong potential across multiple disease areas. Further patent applications have been filed and have complementary coverage, particularly in respect of cancer immunotherapies, thereby enhancing the value and attractiveness of POLB 001 to potential Pharma partners.

Roadside Real Estate 8.85p £12.7m (ROAD.L)
The roadside real estate business announce that it has exchanged an unconditional share purchase agreement to sell 952 shares in its subsidiary, Cambridge Sleep Sciences, (CSS) for £6,302.53 per share to CGV Ventures 1 Ltd., valuing the total consideration of £6.0m. The consideration would be wholly paid in cash by not later than 25 April 2024. Roadside intends to use the proceeds from the Transaction to reduce the Company's debt. Roadside's shareholding in CSS would reduce from 75.0% to 65.0%.

Strategic Minerals 0.25p £5.0m (SML.L)
A mineral company, announces that its 100% owned subsidiary Cornwall Resources Limited (CRL) has finalised an Exclusivity and Prospecting Agreement with The Duchy of Cornwall that will increase CRL's footprint in the East Cornwall/Tamar Valley region and aimed to advancing commercialising the mineral rights. CRL's regional exclusive mineral rights footprint increased almost 4 times to 87.95 km², up from 23.68 km². The Initial exclusive exploration period is for 3 years, effective from 1st April 2024, with an option to extend further. The terms of the Agreement require CRL to pay an annual rent to The Duchy of Cornwall.

Versarien 0.148p £1.5m (VRS.L)
The materials engineering group, announces it has raised £615k by way of a placing new ordinary shares in the capital of the Company at a price of 0.125 pence per share. The Placing Price represents a discount of 30% to the closing price of 0.179 pence in the Company on 19 March 2024, being the last practical trading date. The net proceeds will be used for corporate and working capital purposes as the Company continues to progress its turnaround strategy following the recent sale of its South Korean assets and licencing agreement with Montana Química LTDA.

20 March 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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