Small Cap Feast

23rd April 2024

Dish of the day
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Off the menu
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Dish Of The Day:



Bidstack Group (BIDS.L) has left the AIM market

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

88 Energy 0.16p £53.0m (88E.L)
The oil and gas exploration and production announces that it proposes to raise up to A$9.8m (approximately £5.23m), within the Company's existing placement capacity, pursuant to a placing of new ordinary shares at a price A$0.003 (equivalent to £0.0016) per share. The Placing Price is equivalent to a discount of 40% to the closing price on the Australian Securities Exchange on 22 April 2024. The net proceeds, together with the Company's existing cash, will strengthen the Company's balance sheet and provide sufficient capital to fund Project Phoenix and Project Leonis in Alaska, as well as PEL 93 in Namibia.

Arecor Therapeutics 132.5p £40.6m (AREC.L)
The biopharmaceutical group advancing today's therapies to enable healthier lives announces that Susan Lowther has decided to step down from her role as Chief Financial Officer, Company Secretary and as a Board Director, to pursue new opportunities. A search for Susan's successor is underway and her last day with Arecor is expected to be on the 22 July, to ensure an effective handover.

Baron Oil 0.068p £17.2m (BOIL.L)
The independent oil and gas exploration and production company provides a update regarding the changes to its Board of Directors and executive positions. John Wakefield has stepped down as Chairman of the Board with effect from 22 April 2024 and Gerry Aherne has now been appointed to the Board as Baron's new Independent Non- Executive Chairman with immediate effect. Jon Ford, Technical Director for Baron, has elected to step down from the Board at the end of April 2024. Jon will be retained by the Company as a part-time technical adviser. Dr John Chessher has joined the Board as an Independent Non-Executive Director with immediate effect. At the executive level, Rob Collins has been appointed as Baron's chief financial officer, currently a non-board position.

Crossword Cybersecurity * 5p £5.1m (CCS.L)
The technology commercialisation company focused on cyber security and risk, announces its final results for the year ended 31 December 2023. Revenue increased 15% to £4.19m (2022: £3.65m), Loss before tax decreased to £4.14m (2022: £4.57m). Cash and cash equivalents decreased to £730k (2022: £2.08m). The Company is targeting strong revenue growth in 2024 and expects its revenue to be within 10% of our anticipated revenue of £7m, albeit at the lower end of the range. Crossword is on track to deliver EBITDA and cash breakeven on a monthly basis during the second half of 2024. A working capital fund raise is anticipated in 2024 to further support the drive to profitability.

Eleco 98.5p £82.0m (ELCO.L)
The specialist software provider for the built environment announces its audited results for the year ended 31 December Total revenue increased 5% to £28.0m (2022: £26.6m). Profit before tax increased 13% to £3.4m (2022: £2.9m). Cash balance decreased to £10.9m (2022: £12.5m) due to M&A activity. As at 31 March 2024, Eleco’s ARR was £24.5m, indicating continued organic growth. Looking forward, the Group is trading in line with 2024 expectations.

Getech Group 8.5p £5.7m (GTC.L)
The locator of subsurface resources announces it has won a new contract with East Star Resources, a London-listed company focused on copper exploration, to locate porphyry copper deposits in Kazakhstan. The project is backed by the BHP Xplor 2024 accelerator programme and is the first time Getech's Globe geoscience platform will be used to locate porphyry copper. The contract win builds on the Company's joint venture agreement with East Star Resources, announced last month, to explore for sedimentary copper deposits in Kazakhstan. For this contract aimed at locating porphyry copper, the Company will receive a fee for exploration services.

itim Group 40p £12.5m (ITIM.L)
The SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance, announces that it has signed an additional professional services contract with toy retailer The Entertainer. The Entertainer Toy Shops will be opening in over 800 Tesco stores across the UK and Ireland, extending their partnership following a successful year long trial. The partnership will also see Tesco enter a supplier agreement with The Entertainer for the supermarket's stores across Central Europe. The execution of this contract is in line with the Company's financial expectations for the current financial year.

N4 Pharma 0.85p £2.3m (N4P.L)
The specialist pharmaceutical company developing Nuvec® a novel delivery system for cancer treatments and vaccines, announces its audited results for the year ended 31 December 2023. Loss before tax increased to £1.42m (2022: £1.19m). Cash and cash equivalents decreased t0 £1.03m (2022: £1.92m). Going forward, the Company is consolidating efforts on Nuvec® and actively seeking commercial solutions for the product.

Sareum Holdings * 30.5p £31.0m (SAR.L)
The clinical-stage biotechnology company developing next-generation kinase inhibitors for autoimmune disease and cancer announces that it has issued 2,260,488 new Ordinary Shares to RiverFort Global Opportunities, in accordance with the terms of the Facility announced on 3 August 2023. The issuance of the Riverfort Shares will settle the full outstanding balance on the Riverfort Facility. As noted in Sareum's announcement of 28 March 2024, the Company does not intend to make any further withdrawals pursuant to the Riverfort Facility and accordingly the Company will not be issuing any further Subscription Shares pursuant to the Riverfort Facility.

Watkin Jones 42.725p £109.7m (WJG.L)
The developer and manager of residential-for-rent home announces that, as part of a managed succession process, Sarah Sergeant, Chief Financial Officer, will step down from the Board in mid-June 2024. Simon Jones has been appointed to succeed Sarah. Simon will join Watkin Jones as Chief Financial Officer Designate and as a member of the Board on 21 May 2024 and will work closely with Sarah to ensure a smooth hand over of responsibilities following the publication of the Group's interim results for the six months ended 31 March 2024.

23 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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