Small Cap Feast

22nd February 2024

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

Dish Of The Day:



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

Angus Energy 0.425p £17.6m (ANGS.L)
An independent onshore oil and gas development company focused on advancing its portfolio of licensed UK assets announces announce that it has signed definitive loan documentation which allows it to draw down in full on the £20m loan facility (Facility) with Trafigura. The existing senior debt of £4.56m will be transferred to Trafigura and the proceeds of the Facility will be applied to repay the bridge facility of £6m, and £1.75m of Forum Energy's deferred consideration from the sale of Saltfleetby Energy Limited's 49% interest in the Saltfleetby Field to Angus in 2022. The balance of funds will be used to pay legacy creditors and invest in wells and equipment to increase gas production.

Aptamer Group 0.75p £3.5m (APTA.L)
The developer of novel Optimer® binders to enable innovation in the life sciences industry, announces the second phase of its on-going partnership with Neuro-Bio, a therapeutic focus on neurodegenerative disease, to develop Optimer binders for a lateral flow test for the early diagnosis of Alzheimer's disease. This latest phase involves development of an additional Optimer binder against the innovative Neuro-Bio target implicated in Alzheimer's disease, with the goal of developing reagents for a lateral flow test for early disease detection.

Ariana Resources 1.7p £19.5m (AAU.L)
The mineral exploration and development company with gold mining interests in Europe, announces positive results from the Q4 2023 drilling programme at the Kizilcukur Project of the Kiziltepe Sector where 23.5% is owned by Ariana. Significant results of the drilling programme include: 1.9m @ 30.56g/t Au + 37.7g/t Ag, 17.2m @ 1.99g/t Au + 153.4g/t Ag, 2.9m @ 9.62g/t Au + 25.3g/t Ag. New drilling programme is planned for 2024 to test vein extensions and wider exploration in the Kizilcukur project area.

Bens Creek Group 5p £20.0m (BEN.L)
The owner of a metallurgical coal mine in North America supplying the steel industry, announces that Chris Walker has been appointed as Chief Executive Officer of Bens Creek Operations LLC (BC Operations), a wholly owned operating subsidiary of the Group. Chris will commence his employment with BC Operations on 6 March 2024. Following the appointment Adam Wilson will step down as CEO of BC Operations but will remain on the Board and CEO of the Group until Chris joins the Board as CEO of the Group. hris spent 14 years with Peabody Energy, Inc. in a variety of senior finance, strategy and marketing roles.

Mycelx Technologies 48p £11.0m (MYX.L)
The clean water and clean air technology company transforming the environmental impact of industry, announces the sale of its Saudi Arabia business operations, for an acquisition price of up to $7.125m (Total Consideration) to Twarid Water Treatment LLC (Twarid). The earn-out period of 24 months starts immediately, and is based on Twarid achieving revenue results similar to the Company's historic performance in the country. The assets being sold have a net book value of $2.1m, and the Saudi Arabian business contributed 64% of consolidated group gross profit for the year ended 2022. The sale allows the Company to continue to grow its proprietary media and product sales in Saudi Arabia.

Plant Health Care 3.8p £13.0m (PHC.L)
A provider of peptides used by growers to improve crop production and quality within global agriculture markets, announce registration of the fungicide, SAORI®, in Mexico for commercial launch. The Company will be launching SAORI at the end of Q3 of 2024 through its most important distributors for use by farmers growing berries, grapes, cucumbers, tomatoes and other solanaceous and cucurbitaceous crops in Mexico. In 2022, the plant-applied biopesticides market in Mexico, which includes both biofungicides and bioinsecticides, was estimated at $200m, growing at a CAGR of %14.3.

Powerhouse Energy Group 0.465p £19.4m (PHE.L)
A company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announces the signing of an initial 5-year framework agreement (Agreement) with Australian based, National Hydrogen Ltd (National H2). Under the Agreement, Engsolve, now a wholly owned subsidiary of Powerhouse Energy Group, will undertake the Front-End Engineering Design (FEED) for the facilities, which would be fully funded by National H2. Powerhouse will not be required to contribute any capital for these projects. Instead, the collaboration will be based on a license fee and royalties model.

Tortilla Mexican Grill 39p £15.1m (MEX.L)
The UK's fast-casual Mexican restaurant brand, announces that the Board has been notified by Richard Morris of his intention, following a 35 year career in hospitality and 10 years with the Company, to step down from the Board and from his role of Chief Executive Officer at the end of March 2024. Andy Naylor, who has worked alongside Richard for the last seven years, initially as Chief Financial Officer, will succeed him as Chief Executive Officer. Richard and Andy will continue to work closely together in the month ahead to ensure a smooth transition.

Tracsis 900p £271.5m (TRCS.L)
A transport technology provider, provides the following trading update for the six months ended 31 January 2024. The Group expects H1 revenue to be in excess of £36.5m (H1 2023: £39.2m). Adjusted EBITDA margin is expected to be c16% (H1 2023: 19%). Cash balances remain strong at c.£16.8m (H1 2023: £17.0m; FY 2023: £15.3m). In the Rail Technology and Services Division, the Group estimates that its pipeline for major software opportunities across both the UK and North American markets has more than doubled during the six months ended 31 January 2024. The Board anticipates that FY24 performance will be in line with market expectations.

Windar Photonics 33p £22.7m (WPHO.L)
The technology group that has developed a LiDAR wind sensor announces that the company has launched a new and innovative software platform - Windar Nexus. Windar Nexus allows local end-user customers of WindEye Lidar to monitor their WindEye Lidar fleets without any need of modular connectivity to the centralized Windar Control Center located in Copenhagen, Denmark. The software suite constantly monitors and reports potential modifications to achieve accurate yaw optimisation of the individual wind turbine which, in turn, increases the annual power production.


22 February 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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