Small Cap Feast

24th June 2024

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


Dish Of The Day:


Admissions: 


Delistings: 

TUI AG (TUI.L) has left the Premium Segment of the Main Market. 
Bens Creek Group (BEN) has left AIM.



Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. The Company is acquiring 53 Degrees North Engineering Limited, to become the Company’s Consultancy division, which provides a range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector. The Consultancy division has established relationships with some of the largest food and beverage companies in the world, with 5 out of the top 10 being existing customers. IntelliAM is a revenue generating and profitable company. The Company is looking to raise £5m to fund the Company’s expansion. The Freefloat will be 16.5% following Admission and Completion of the acquisition of 53 North.

Media speculation: (We remove rumours after 10 days of being on the menu)

19th June 2024: Pri0r1ty AI, a software company, pending regulatory clearance, is expecting to raise at least £600,000 in a public listing on the Aquis Exchange in early July to launch its product


Reverse Takeovers:


Change of Market:

Dual Listing :


Banquet Buffet

Aptamer Group 0.75p £3.5m (APTA.L)

The developer of novel Optimer binders to enable innovation in the life sciences industry announces the signing of two significant contracts for the development of Optimer binders, with a combined total value of up to £235,000.The first contract, valued at up to £175,000, is with a top five pharmaceutical company. As part of this contract, Aptamer will develop Optimer binders for use in immunohistochemistry (IHC) applications. The second contract, valued at up to £60,000, is with a global provider of specialty enzymes. Aptamer will develop Optimer binders as novel reagents to be incorporated into the partner's life science and diagnostic assay kits. Through a non-exclusive licence for the developed Optimer, Aptamer will earn milestone payments upon commercialisation and downstream high single digit royalties from the gross sales of all kits containing the developed Optimer. Sales could commence as early as 2025.

Ascent Resources 2.0p £4.8m (AST.L)

The independent oil and gas exploration and production Company announces the appointment of Edouard Etienvre to the Board as an independent NED with immediate effect. Edouard Etienvre is an oil and gas executive with over 18 years of experience in the natural resources sectors. Initially in the banking sector (reserve-based lending) and recently with private and public E&P companies, commodities trading houses, shipping and infrastructure companies. Edouard has extensive project management, risk assessment, commercial, business development and financing expertise.

Aukett Swanke Group Saatchi 1.425p £4.8m (AUK.L)

The Architecture and Smart Buildings Group announces that its subsidiary Torpedo Factory Group Limited (TFG) has exchanged contracts, conditional upon a satisfactory valuation, for the sale of The Old Torpedo Factory in west London at a price of £2.5m plus VAT, with the buyer having paid a 10% refundable deposit. The exchange is expected to become unconditional by 5 July 2024. Under the terms of the contract, completion is due to occur in September 2024. The net proceeds will be used to repay the mortgage that is due to expire in February 2025, to redeem a portion of TFG's CBILS-backed loan, and to provide funds for general working capital.

Coro Energy* SUSPENDED (CORO.L)

The South East Asian energy Company with a natural gas and clean energy portfolio notes the announcement by Conrad Asia Energy Ltd (Conrad or the Operator), the holder of a 76.5% operated interest in the Duyung Production Sharing Contract (PSC), offshore Indonesia, in which Coro Energy has a 15% interest. On 28 March 2024, Conrad announced that binding key terms had been agreed for the sale and purchase of the domestic portion of the Mako gas field with PT Perusahaan Gas Negara Tbk (PGN), the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. Conrad today announced that it had now entered into a binding Gas Sales Agreement (GSA). The GSA, which includes a seven month long stop date, is subject to the construction of the pipeline connecting the West Natuna Transportation System with the domestic gas market in Batam, and it forms part of the Domestic Market Obligation, as set out in Mako's revised Plan of Development. The total contracted gas volume under the GSA is up to 122.77tn British Thermal Units (BTUs) with estimated plateau production rates of 35bn BTUs / day. The remainder of the Mako sales gas volumes are targeted to be sold to Singapore, where a non-binding Term Sheet was signed in 3Q 2023. Conrad is moving towards finalising a GSA for the Mako export gas.

Eden Research 4.45p £23.7m (EDEN.L)

The Company focused on sustainable biopesticides and plastic-free formulation technologies for use in the global crop protection, animal health and consumer products industries announces that its flagship biofungicide has received authorisation for use in new crops and fungal pathogens in Spain. Mevalone, marketed as Araw in Spain by Sipcam Iberia, Eden's commercial partner in Spain, Portugal and several other countries, will now be permitted for use against powdery mildew on 22 new crops, botrytis cinerea on 20 new crops, rust disease on 8 new crops, and sclerotinia on 4 new crops. Eden anticipates that this growth of the addressable market for Araw will contribute to revenue in 2025 and beyond.

Karelian Diamond Resources 2.5p £2.6m (KDR.L)

The Ireland-based Company focusing on the discovery of diamond deposits in Finland announces that an assessment prepared by independent geological consultant, Dr Larry Hulbert, confirms the potential for Nickel, Copper and Platinum-Group Elements, in the Company's licence areas in Northern Ireland. Dr Hulbert's review notes marked resemblances to the Baraga Basin in Michigan (Mid-Continental Rift system of North America), which hosts the world class Eagle and Eagle East Nickel, Copper and Platinum Group Elements deposits. Dr Hulbert recommends that the Eagle deposit should serve as Karelian's exploration model.

Skillcast Group 36.5p £31.8m (SKL.L)

The provider of content and technology for digital compliance transformation announces the appointment of James Saralis as an independent NED of the Company with effect from 1 July 2024. James is currently CEO of NAHL Group plc, an AIM listed marketing and services business focused on the UK consumer legal market. Previously, he spent over 10 years in the general insurance industry, including as CFO of the Direct & Partnerships and Employee Benefits divisions of Jelf, part of Marsh & McLennan Companies. James has also held various finance roles in Clearspeed Technology plc, HBOS plc and RAC plc. He is a Chartered Accountant and fellow of the ICAEW.

tinyBuild 5.5p £21.8m (TBLD.L)

The premium video games publisher and developer with global operations announces a trading update. Sales are slightly ahead of expectations for the first five months of the year, with a heavily H2-weighted release schedule. The pipeline for 2024 and beyond is strong and includes a number of larger-budget (above $1m), high-potential games alongside continuous investment in the catalogue including updates, downloadable content and platform launches. Cash and cash equivalent were mid-to-high single digit at the end of May 2024 and the Group will continue to invest in a disciplined manner, it has said.

Supreme 140.5p £163.8m (SUP.L)

The manufacturer, supplier, and brand owner of fast-moving consumer goods announces the acquisition of Acorn Topco Limited, the parent company of Clearly Drinks Limited (Clearly), a well-known UK manufacturer of specialised canned and bottled-at-source spring water and soft drinks, for a total net cash consideration of £15m. For the year ended 31 December 2023, Clearly reported (unaudited) revenue of £22.4m and Adjusted EBITDA of £3.0m, with further growth anticipated for the year ended 31 December 2024. The acquisition will be immediately earnings enhancing for Supreme.

Woodbois Ltd 0.455p £18.0m (WBI.L)

The leading company in the international timber industry announces that, as envisaged in its release of 12 June 2024, it has completed the legal documentation and entered into a $5m trade finance facility with a Dubai family office. The key terms include repayment of principal by the 30th May 2027; interest at 9.5% pa; the lender to approve each request for trade finance and the facility is secured by a Company guarantee, as well as a fixed and floating charge if requested. This is a strategic milestone for Woodbois to enhance its trading activities, expedite its growth trajectory, and strengthen its position in the global hardwood market.

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24 June 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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