Small Cap Feast

23rd February 2024

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Banquet Buffet

4Global 60.5p £15.9m (4GBL.L)
A UK-based data, services and technology company focused on major sporting events and the promotion and measurement of physical activity, announces the appointment of Davendra Laxmidas Dabasia as an independent non-executive director with effect from 1st April 2024. Davendra brings over two decades of experience across consultancy and construction services and a track record overseeing significant infrastructure programmes.

Corcel 0.825p £13.8m (CRCL.L)
The pan Angolan / Brazilian Oil and Gas company, with interests across battery metals mining and oil and gas announces that further to the announcements of 18 September 2023 and 2 January 2024, the Company provides an update on its unsecured convertible loan note facility. The facility has the potential to extend £10m of funding to the Company, attracts a 12% interest per annum and is convertible into new ordinary shares over the three-year life of the notes at a fixed price of £0.008. To date, £1m has been drawn down from the facility with £250k of this subsequently converted into equity as announced on 2 January 2024.

Coro Energy* 0.195p £5.6m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces that the gas price and volume allocation for the Mako field project in the Duyung PSC has been approved by the Indonesian Minister of Energy and Natural Resources (Minister). This is a significant milestone that allows Conrad, the operator of the Duyung PSC, to finalise fully termed Gas Sales Agreements (GSA). The Mako project will contribute to Indonesia's target of doubling gas production by 2030. The Allocation Letter is a key step in advancing the documentation for the sales of Mako gas and access to the West Natuna Transportation System (WNTS), as it serves as the formal basis for reserving pipeline capacity for the evacuation of Mako gas. As previously announced, work continues to finalise the GSAs (with customary conditions precedent).

Jadestone Energy Shares Suspended (JSE.L)
An independent upstream company focused on the Asia-Pacific region, provides the following corporate governance update. Dennis McShane, who has been Non-Executive Chair since 2017, and Lisa Stewart, who has been an independent Non-Executive Director since 2019, will step down from the Board ahead of the next annual general meeting. In replacement, it is proposed that Dr Adel Chaouch will be appointed to the Board, subject to the satisfactory conclusion of due diligence, at which time a new Chair will be selected by the Board. Dr Chaouch was Executive Director and Chief Executive Officer of ShaMaran Petroleum Corp., part of the Lundin Group of Companies, operating in the Kurdistan Region of Iraq.

Keras Resources 3.25p £2.6m (KRS.L)
A wholly owner of the Diamond Creek organic rock phosphate mine in Utah, US provides an update on the construction of the granulator plant under the joint venture between the Company's wholly owned subsidiary, Falcon Isle Resources Corp (FIR) and Phosul LLC (Phosul JV), as announced on 22 January 2022. The granulator plant is now located at the Delta Facility with the high-pressure grinding rolls mill expected to arrive at the Delta Facility from Spanish Fork during March 2024. All crushed rock phosphate in stock has been transported to the Delta Facility enabling the mobile Pro-sizer mill to produce 10 and 50 mesh products to be sold by FIR to existing customers.

Mindflair 0.85p £2.3m (MFAI.L)
The company investing in next generation technology focused on AI, announces that John May, a Non-Executive Director of the Company, has decided to retire from the Board, effective 31 March 2024, in order to devote more time to his other roles. The Company will be looking to appoint a new director in due course.

RBG Holdings 9.25p £8.8m (RBGP.L)
The legal and professional services group, announces a retail offer to via the BookBuild Platform to raise up to £0.7m (before expenses) through the issue of new ordinary shares at a price of 9.0 pence per share (Issue Price). The Issuance Price represents a 2.7% discount to the closing price of 9.25 pence on 22 February 2024. In addition the Company announced on 22 February 2024 the successful conditional placing at the Issue Price to raise gross proceeds of £1.6m and a subscription at the Issue Price to raise gross proceeds of £1.2m.

STM Group 57.5p £34.2m (STM.L)
The cross border financial services provider, announces a trading update for the year to 31 December 2023 (FY23). Revenue for 2023 is £28.0m, ahead of market expectations, as a result of higher than forecasted interest income. As stated within the Scheme document dated 7 November 2023, the Group has incurred certain acquisition related costs, and in addition a further £0.7m of exceptional costs. The Board expects its FY23 performance to be in line with its previous expectations, excluding the impact of the acquisition related costs.

Tribal Group 41.2p £87.4m (TRB.L)
The company focusing on education software and services provides a contract update. Further to the announcement on 2 May 2023, Tribal is now entering into a mediation process with Nanyang Technological University (NTU). NTU has updated its demand for damages allegedly incurred as a result of its purported termination of its contract (as previously announced) (NTU Demand). The updated NTU Demand is in the amount of SGD17.5m and USD377.7k on account of alleged damages, losses, costs and/or expenses. The Company has sought legal advice regarding NTU's Demand which it intends to vigorously dispute.

Verditek 0.095p £0.54m (VDTK.L)
The clean technology company behind the development and production of lightweight, flexible solar panels, announces that negotiations with the Bondholders in relation to the proposed disposal (Proposed Disposal) of certain Company's assets (as detailed in the 7 February 2024 announcement) are progressing positively. The Directors have now implemented additional measures to reduce the Company's cash burn. This combined with recent cash receipts at its Verditek Solar Italy srl subsidiary allows the Company to extend its cash runway from the date indicated in the announcement of 7 February 2024 by approximately one week until the end of the week beginning 4 March 2024.

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23 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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