Small Cap Feast

22nd April 2024

Dish of the day
No Joiners today
Off the menu
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Dish Of The Day:



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.

17 April 2024: TGI Fridays, Inc. (TGIF) Hostmore plc announces that it has reached agreement on a non-binding basis for a proposed all-share acquisition of TGI Fridays, Inc. The Proposed Transaction would result in existing Hostmore shareholders holding 36% of the enlarged business upon completion (the Combined Group), with TGI Fridays shareholders holding a 64% shareholding. TGI Fridays is expected to be purchased for an enterprise value of £177m, or approximately 5.4x its FY23 underlying EBITDA. The Combined Group is expected to be renamed TGI Fridays plc, with its shares admitted to trading on the LSE’s Main Market. Completion of the Proposed Transaction expected to be by the end of Q3 2024.

Change of Market:

8 April 2024: (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 the 3 May 2024.

Banquet Buffet

Aferian 8.75p £9.7m (AFRN.L)
The B2B video streaming solutions Company announces that, following fourteen years of service, Donald McGarva will step down from his role as CEO and leave the Company in October 2024. The Board would like to take this opportunity to thank Donald for his contribution to the Company and wish him well for the future.

Artemis Resources 0.9p £15.7m (ARV.L)
The Company announces the appointment of Ms Elizabeth Henson as a Non-Executive Director of the Company with immediate effect. Ms Henson is an international lawyer with over 35 years of global experience in corporate governance, business and professional services. Ms Henson was a Senior Partner at PwC based in London between 2007 and 2019, and prior to that, she was a commercial partner in an accountancy firm focused on international business.

Brave Bison Group 2.5p £32.2m (BBSN.L)
The digital advertising and technology services Company announces its audited results for the year ended 31 December 2023. Revenue increased 13% to £35.7m (2022: £31.7m), profit before tax decreased 24% to £1.1m (2022: £1.5m) due to the acquisition and restructuring of SocialChain in H1 FY23, and furthermore, the net cash balance increased 10% to £6.8m (2022: £6.2m). Trading in 2024 to date has been encouraging and is ahead of the prior year. The Board is confident in meeting full year market expectations.

CleanTech Lithium 15.5p £22.5m (CTL.L)
The exploration and development Company advancing lithium projects in Chile announces it has completed the planned acquisition of the 23 Laguna Verde licences previously subject to an option agreement resulting in the Company now having full ownership of the full 108 mining licences comprising. In the Directors' opinion, this enhances the potential future returns to shareholders, while reducing risk, given the asset's now relatively advanced stage. The Company has also been advised that taking full ownership of the Licenses clears the path for the planned dual-listing on the Australian Securities Exchange.

eEnergy Group 6.85p £26.5m (EAAS.L)
The net zero energy services provider announces it has signed an estimated £5.2m contract with Spire Healthcare Group to provide a PV system across 38 sites. Revenues under the contract are expected to be recognised in FY24, supporting the Group's existing forecasts for the period. The contract award follows the successful installation of a first solar trial site. Spire is a provider of private healthcare in the UK, operating a network of 39 hospitals and over 50 clinics, medical centres and consulting rooms across England, Wales and Scotland.

Frenkel Topping Group 52.5p £67.2m (FEN.L)
The professional and financial services firm operating in the Personal Injury and Clinical Negligence space announces its final results for the 12 months ended 31 December 2023. Revenue increased 32% to £32.8m (2022: £24.8m), adjusted EBITDA increased 31% to £8.0m (2022: £6.1m) and cash generated from operating activities increased 357% to £3.2m (2022: £0.7m). Q1 has been a record in numbers terms for pipeline of opportunities across the Group.

Helios Underwriting 162.5p £121.5m (HUW.L)
The investment vehicle which builds shareholder value participating across a spread of Lloyd's syndicates announces that Edward Fitzalan-Howard, the Duke of Norfolk, has tendered his resignation as Non-Executive Director of the Board with effect from 19 April 2024. The Board of Directors accepts and respects his decision and expresses gratitude for his contributions throughout his tenure with the Company.

Mind Gym 38.5p £38.6m (MIND.L)
The global provider of human capital and business improvement solutions announces a trading update for its financial year ended 31 March 2024. Revenue for H2 FY24 increased 15% to £24m (H1 FY24: £21.4m), expected EBITDA will be £3.8m (H1 FY24: £4.1m loss) and as at 31 March 2024, the Group had sufficient liquidity with cash of £1.4m and access to a £2m undrawn loan facility. Following the improved H2 performance Mind Gym has entered the new financial in year in an enhanced financial and operating position.

Ten Lifestyle Group 65.75p £56.8m (TENG.L)
The global concierge platform driving customer loyalty for global financial institutions and other premium brands announces its unaudited interim results for the six months ended 29 February 2024. Net Revenue at £30.9m (H1 2023: £30.9m), profit before tax of £0.3m (H1 2023: £0.4m), and net cash was £1.9m (H1 2023: £0.5m ). Since the end of the first half of the financial year, Ten has launched new contracts, most notably with Emirates NBD Bank, and continues to convert its strong pipeline of new business.

ValiRx 3.45p £4.6m (VAL.L)
The life sciences Company focusing on early-stage cancer therapeutics and women's health announces that, further to the announcements of 29 February and 19 March 2024, the Company has appointed Martin Gouldstone and Adrian de Courcey as Non-executive Directors with immediate effect, following completion of standard regulatory due diligence. In addition, Ray Horn has been appointed as a Board observer.

22 April 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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