Small Cap Feast

21th February 2024

Dish of the day
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Dish Of The Day:


Sopheon (SPE.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

Arcontech 93p £12.4m (ARC.L)
The provider of products and services for real-time financial market data processing and trading reports its unaudited results for the six months ended 31 December 2023 (H1 FY23). Revenue increased by 6.8% to £1.45m (H1 FY22: £1.36m). Profit before tax increased by 44.7% to £539k (H1 FY22: £372k) reflecting the contribution from higher revenues and higher interest earned on cash deposits. Net cash was £5.7m at 31 December 2023, down 2.9% (H1 FY22: £5.9m) after a record dividend payment of £468,048 paid on 3 November 2023. Revenue for the full year remains in line with market expectations, and profit before tax for the year to 30 June 2024 is expected to be slightly ahead of market expectations.

Corero Network Security 8.25p £42.0m (CNS.L)
The provider of distributed denial of service (DDoS) protection solutions announces an important strategic partnership with TechEnabler, an established Brazilian network solutions distributor. The partnership is underpinned by a revenue-sharing model and will enable Corero to expand its Latin American (LATAM) footprint. Leveraging TechEnabler's extensive network and technical expertise, the partnership will enable Corero to deploy its flagship SmartWall ONE platform to new customers.

Dewhurst Group 900p £58.2m (DWHT.L)
The global manufacturer and supplier of quality components to the lift, transport and keypad industries announces that it will acquire the remaining 25% of its investee P&R Liftcars for a consideration of A$2.9m in cash. P&R Liftcars, based in Australia, is a lift car interior manufacturer. For the year ended 30 September 2023, P&R Liftcars reported profit after tax of A$163k and net assets of A$5.7m, a figure materially lower than in recent years. This is due to fewer capital projects being released during the pandemic which impacted P&R in its 2023 financial year. As at 31 January 2024, P&R Liftcars' contracted and forward orders comprised A$4.0m.

Feedback 62.5p £8.3m (FDBK.L)
The clinical infrastructure specialist announces its audited results for the six months to 30 November 2023 (H1 FY24). Revenue was £437k (H1 FY23: £576k), 24% lower primarily due to the timing of revenue recognition of the QVH/Sussex ICS pilot contract during the previous period and legacy product contracts reaching end of term. EBITDA loss increased to £1,675k (H1 FY23: £1,226k) reflecting lower revenue and higher operating costs. Cash as at 30 November 2023 was £5,372k (31 May 2023: £7,318k). Meanwhile, Feedback also announces that radiology specialist Medical Imaging Partnership (MIP) has agreed to pilot Bleepa-CareLocker, in order to deliver multiple clinical pathways to its customers in the UK private healthcare sector.

H&T Group 380.5p £167.4m (HAT.L)
The UK's largest pawnbroker and a leading retailer of high quality new and pre-owned jewellery and watches announces the acquisition of certain assets of Maxcroft Securities Ltd for a cash consideration of £11.3m. Maxcroft is a longstanding and successful pawnbroking business based in Essex. H&T Group also announces £25m of additional financing from Pricoa Private Capital, the private capital arm of PGIM, Inc., the global investment management business of Prudential Financial, Inc. The additional funding will enable future growth in the pledge book and investment in the store portfolio.

Power Metal Resources 0.9p £19.4m (POW.L)
The exploration Company seeking large-scale metal discoveries across its global project portfolio announces its consolidated audited results for the year ended 30 September 2023 (FY23). Revenue was £78k, up 110% from £37k in FY22, the loss before tax was £1.3m (FY22: £2.9m in losses) and the cash balance was £1.1m (FY22: £1.6m). Power Metal currently has a 100% interest in eighteen uranium properties in the Athabasca Region of Saskatchewan, Canada. This is the largest ground footprint in the Athabasca Region held by a UK listed company. A number of such opportunities are currently in the pipeline and the Board remains confident that with ongoing operations.

Shield Therapeutics 2.95p £23.1m (STX.L)
The commercial-stage pharmaceutical Company that delivers Accrufer/Feraccru (ferric maltol) provides an unaudited trading update for the year ended 31 December 2023. FY23 revenue and other income totalled $17.5m, a 2.8x increase over FY22 and the cash was $13.9m as of 31 December 2023. Total 2023 Prescriptions totalled c.77k, a 3.1x increase over FY22. Shield has recently identified that the projection methodology used by its third-party data provider resulted in an overstatement of total prescriptions in 2023. This development was partly responsible for the Group not achieving previously indicated guidance of total prescriptions in FY23 of 100k to 130k. With these revised prescription numbers, Shield is revisiting its previously communicated guidance on its final results.

Software Circle 15p £58.5m (SFT.L)
The serial acquirer of great vertical market software businesses announces that it has acquired the entire issued share capital of ARC Technology Limited, for a total consideration of up to £2.0m will be satisfied in cash and is structured on a debt free/cash free basis. ARC Technology Limited, based in Byfleet, Surrey, is a provider of software solutions for the management of practice-based learning to higher education institutions across the UK and the Republic of Ireland. The unaudited financial statements for ARC for the year ended 31 July 2023 reported revenue of £1.1m, EBIT of £0.34m and closing net assets of £0.94m.

TomCo Energy 0.05p £1.6m (TOM.L)
The US operating oil development Company focused on using innovative technology to unlock unconventional hydrocarbon resources announces that it has raised gross proceeds of £300k at a discount of approximately 47.1% to the mid-market closing price on 20 February 2024, The proceeds will be used to fund the Company's anticipated expenditure as it seeks to progress its plans for 100%-owned subsidiary, Greenfield Energy LLC, in relation to the Tar Sands Holdings II LLC site located in the Uinta Basin, Utah.

Windward 122.5p £104.9m (WNWD.L)
The leading Maritime AI Company is pleased to be able to publicly announce its contract with INTERPOL that was entered into in H2 2023. Windward has announced a partnership with INTERPOL, The International Criminal Police Organization, to assist in their mission of facilitating a secure maritime environment. Windward's platform will enhance INTERPOL's capacity to detect and disrupt illegal maritime activities, including smuggling, piracy, IUU, human trafficking, and the transportation of illegal goods.


21 February 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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