Small Cap Feast

22nd March 2024

Dish of the day
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Dish Of The Day:



Impellam Group (IPEL.L) has left AIM, and Aquila Services Group (AQSG.L) has left the Standard Segment of the London Stock Exchange today.

Whats baking in the oven?

Potential Initial Public Offerings:

Helix Exploration —The Company pursuing the exploration, commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana, USA announces its intention to list its shares on AIM. Total capital to be raised on Admission of up to £7.5m. Expected Admission date of early April 2024.

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

Angus Energy 0.375p £16.5m (ANGS.L)
The independent onshore oil and gas development company focused on its portfolio of licensed UK assets, announces that it has received the resignation of Patrick Clanwilliam (Paddy), Non-Executive Chairman of the Company. Patrick joined the board in 2019 and stepped in as interim Chair in August 2023. The Board has resolved that, Krzysztof Zielicki, currently a Non-Executive Director, will assume the role of Chair on an interim basis until a new Chair has been selected.

Billington Holdings 450p £58.2m (BILN.L)
One of the UK's structural steel and construction safety solutions specialists, announces that the Group has recently been awarded six new contracts with a combined value of circa £90m. Billington has secured the largest single contract in its trading history, materially ahead of the previous record in Q1 2023. The contract wins span a variety of sectors including power generation, manufacturing and retail logistics, and will be delivered nationally over the next 24 months.

Cadence Minerals 5.5p £10m (KDNC.L)
The investor partner in the discovery and development of mineral resources for a sustainable future, announces the successful completion of its capital expenditure optimisation program at the Amapá Iron Ore Project. FS-level optimisation studies have identified 33% (US$63.2m) of capital savings associated with the beneficiation plant at the Amapá Project. The study has resulted in a forecast increase in production of approximately 4.8% to 5.5 Mtpa of iron ore concentrate, of which 4.51 will be a 65% product and 0.99 Mtpa a 62% product. The study was completed ahead of schedule, and the Company do not anticipate any delays to the timeline already announced.

Intercede Group 112.5p £65.5m (IGP.L)
The cybersecurity software company specialising in digital identities, announces an order for a new licence test environment for an existing US Federal Agency. As a result of this contract win and the anticipated additional conversion of the existing pipeline, the Group now expects financial performance to be ahead of market expectations for FY24 and creates further contracted revenue backlog for FY25. The current market forecast for the year ending 31 March 2024 is revenue of £19.2m and adjusted EBITDA of £5.6m.

Kore Potash 0.45p £18.5m (KP2.L)
The potash development company with 97% ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located in the Republic of Congo, announces that the Company has issued five separate Convertible Loan Notes (CLNs) with an aggregate value of US$ 530k. The CLNs have a proposed drawdown date of 22 March 2024. The net proceeds from will be used to further advance work that is expected to lead to the signing of an EPC contract for the Kola Potash Project.

Northern Bear* 58.5p £8.0m (NTBR.L)
The group headquartered in Northern England providing specialist building and support services to customers across the UK, announces that it has recently updated its website with a group overview presentation. The presentation is now available at the Company's website at:

Roadside Real Estate 8.25p £11.9m (ROAD.L)
The real estate business focused on building and scaling modern roadside retail assets, including EV charging infrastructure, announces that its joint venture with Meadow Partners LLP, to acquire and develop a portfolio of UK-based roadside real estate assets, has completed its third acquisition. The JV has acquired an asset in Coventry for a total cost of £3.26m. The acquisition will be funded in line with the principal terms of the JV's equity commitments, whereby Meadow will own and fund 97% of the JV while Roadside will own and fund 3%.

Trakm8 Holdings 9.5p £4.7m (TRAK.L)
The UK based technology leader in fleet management and insurance telematics, provides a trading update for its financial year ending 31 March 2024 (FY24). Regarding the contract discussion announced on 24 November 2023, the Board has determined that it is no longer appropriate to attempt to conclude discussions. Therefore, the Group will now no longer meet market expectations for FY-2024. The Board now believes that Group turnover for FY24 will be £16.4m resulting in an adjusted loss before tax of £1.4m. The cash position at 31 March 2024 is anticipated to be approximately £0.4m.

Zephyr Energy 3.6p £60.7m (ZPHR.L)
The Rocky Mountain oil and gas company focused on responsible resource development from carbon-neutral operations, announces that initial drilling operations have commenced on the State 36-2R well at the Company's flagship project in the Paradox Basin, Utah, U.S. A small and low-cost spudder drilling rig (spudder rig) drilled a 30-inch hole to a depth of 96-feet before successfully setting 20-inch conductor casing. All operations were conducted safely. The next phase of drilling which is expected to commence in mid-April.

Zinnwald Lithium 6.1p £28.9m (ZNWD.L)
The European focused lithium company developing the integrated Zinnwald Lithium Project in Germany, announces its audited results for the year ended 31 December 2023 (FY23). Loss before taxation was EUR 2.6m (compared to EUR 2.3m in loss for FY22). At the end of the period, the Company had EUR 14.3m in cash (EUR 3.1m as at 31 December 2022), thanks to the fundraise of £18.75m completed in March 2023. The focus this year is to deliver a bankable feasibility study of its flagship project, anticipated in Q4 2024.

22 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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