Small Cap Feast

23th January 2024

Dish of the day
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Dish Of The Day:


Grand FortHigh Grade Limited (GFHG.L) has left the Standard List of the Main Market on the LSE

Whats baking in the oven?

Potential Initial Public Offerings:

12 Jan—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 London Stock Exchange plc (Admission). The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940s, 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 of the London Stock Exchange. The Company is expected to have a market capitalisation of approximately £123 million on Admission Expected Admission to take place in January 2024.

Reverse Takeovers:

Change of Market:

Banquet Buffet

Crimson Tide 180p £11.8m (TIDE.L)
The provider of the mpro5 process management app, provides the following trading update for the year ended 31 December 2023 (FY23) ahead of publication of its FY23 Final Results in April 2024. The Company confirms that they expect FY23 EBITDA to be not less than £0.4m (FY22: LBITDA -£0.4m), and turnover for FY23 is expected to be £6.2m; 15% ahead of FY22. The Company has a cash balance of £3.3m (FY22: £3.6m), and is well positioned for growth in FY24 and beyond.

ECR Minerals 0.25p £4.0m (ECR.L)
The exploration and development company focused on gold in Australia, announces that, given the Company's recent acceleration in exploration activity Technical Director Adam Jones has stepped down from the board of directors with immediate effect. Adam will nonetheless continue in his role with ECR as chief geologist and technical director of exploration but will be able to focus more of his time on the Company’s commercial operations.

Everyman Media Group 62p £56.5m (EMAN.L)
The fourth largest cinema business in the UK by number of venues announces the following unaudited trading update for the 52-week period ended 28 December 2023. Group revenue up 16.7% to c.£90.9m (2022: £77.9m), as a result group EBITDA up 19.1% to approximately £16.2m (2022: £13.6m). The Group has agreed a new three-year loan facility of £35m with Barclays Bank Plc and National Westminster Bank Plc and its market share increased to 4.8% (2022: 4.5%). Four new venues were opened in the year, in Marlow, Salisbury, Northallerton and Plymouth and the Group looks forward to opening up its new sites in Bury St Edmunds in Q1 2024.

Ilika 36.5p £58.0m (IKA.L)
A Company focusing on solid-state battery technology, announces its unaudited half-year report for the six months ended 31 October 2023. Total revenue for the period of £1.3m (H1 2023: £0.2m) which included a grant funding of £1.3m (H1 2023: £0.2m). EBITDA loss of £1.9m (H1 2023: £4.1m loss), and the Company holds cash & cash equivalents at period end of £13.2m (H1 2023: £18.6m). During the period, the Company made progress with both Ilika's thin-film Stereax miniature solid-state batteries (SSBs), and its large-format Goliath cells for electric vehicles (EV) and cordless appliances. The signed contract with Cirtec represents the most immediate commercialisation opportunity.

Ocean Harvest Technology Group 11p £13.8m (OHT.L)
A researcher, developer and supplier of proprietary blended seaweed products as functional additives for the global animal feed industry, provides a trading update for the year to 31 December 2023. OHT expects results in line with expectations, with reported revenues of EUR3.4m (2022: EUR3.0m). The Company announce continued improvement in gross margins in H2 with gross margin expected to be over 37% (2022:31%). Hadden Graham, the group's Chief Commercial Officer, has communicated his desire to retire during 2024, he will remain employed until the end of June. Nico Stein has been appointed as the Chief Commercial Officer from 1 February. Nico has over 20 years of experience in sales, commercial and operational management experience in animal nutrition, feed & food additives and pet food and Chris Scott has as previously announced, been appointed as CFO and commenced employment with OHT on 15 January. The outlook for 2024 remains strong with significant sales growth expected from a number of channels

Orosur Mining 3.45p £6.2m (OMI.L)
The minerals developer and explorer with operations in Colombia, Argentina, Nigeria and Brazil, announces an update on the Company's Anzá Project (Project) in Colombia. The Project is the subject of an Exploration Agreement with Venture Option (Exploration Agreement) dated September 7, 2018, with Colombian company Minera Monte Águila S.A.S. (MMA), pursuant to which MMA has earned a 51% interest in the Project. MMA is itself a 50/50 joint venture between Newmont Corporation and Agnico Eagle Mines Limited. MMA is the current operator of the Project. MMA advised the Company that it would be undertaking a review of its continued involvement in the Project and negotiations are progressing towards this objective.

TRISTEL 445p £211.0m (TSTL.L)
The manufacturer of infection prevention products utilising its proprietary chlorine dioxide technology, announces that Health Canada has approved Tristel ULT as a Class II Medical Device for endocavity ultrasound probes and skin surface transducers. The timing comes ahead of the Company's original aim for gaining approval before the end of H1 FY 2025 and allows commercial launch during FY 2024. Tristel ULT can now be manufactured and sold throughout the whole of North America by Tristel's commercial partner Parker Laboratories Inc. as a high-level disinfectant for ultrasound instruments.

Vast Resources 0.108p £4.7m (VAST.L)
The mining company, announces that it has raised £1.25m gross through a placing new ordinary shares in the Company at a price of 0.1025p per Ordinary Share (Placing). The placing price represents a discount of 23% to the close price for the Company on 22 Jan 2024 being the last tradable day. The net cash raised from the Placing will be used for the further development of its operating Baita Plai Mine in Romania, specifically the development of the decline to access the higher-grade ore. The funds will also be used to cover nearby corporate obligations and working capital needs as well as the increased overhead in respect of the new near-term revenue generating operations in Tajikistan.

Velocity Composites 34p £18.2m (VEL.L)
The supplier of composite material kits to aerospace and other high-performance manufacturers, announces the Company's audited results for the twelve months to 31 October 2023 (FY23). Total revenue increased 37% to £16.4m (FY22: £12.0m), in line with market expectations. Full year adjusted EBITDA loss of £1.6m (FY22: loss of £0.5m) due primarily to lower margins and additional costs. Net cash position of £1.6m at 31 October 2023 (FY22: £0.2m). The net proceeds of £6.1m from the successful fundraise in August 2023 have been used to fund the investment in the new US facility, including plant and equipment. The Company is looking forward into FY24.

Yü Group £12.40 £207.6m (YU..L)
The independent supplier of gas, electricity, meter asset owner and installer of smart meters to the UK corporate sector, provides an update on trading for the financial year ended 31 December 2023. Full year revenue expected to be £450m (FY22: £279m), with organic revenue growth of over 60%. EBITDA expected to be ahead of current market expectations, with expansion of adjusted EBITDA margin for the year, driven by strict controls and operating leverage. The Company holds a net cash position of £31.9m as at 31 December 2023 (FY22: £18.8m). The Group has secured contracted revenues of £519.7m to be delivered in FY24, up 111% on prior year (£246.8m for FY23).

23 January 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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