Small Cap Feast

24th May 2024

Dish of the day
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Dish Of The Day:



Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank as at 31st March 2024. The Company's application to the AQSE Growth Market is not conditional on it raising funds. The Company is seeking to raise up to £1m to support organic growth and acquisition. Expected admission date is 29 May, 2024.

22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Company is looking to raise $40m, the net proceeds of which will be used by the Company for engineering capital expenditure, to enhance its supply chain resilience and for other general corporate purposes. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.

Media speculation:

16th May: Media reports that Advanced Oxygen Therapy Inc (AOTI) is drawing up plans to raise roughly £39.5m from an initial public offering on the junior AIM market. If successful, the flotation is likely to value AOTI at around £160m, the sources added. AOTI indicates that its wound care technology reduces the need for amputations in patients by more than two-thirds.

20th May: Applied Nutrition the producer of sports supplements, is considering a £500m float in London Q4 2024. Applied Nutrition is founded by Tom Ryder, backed by JD Sports, expects to see pre-tax profits of £25m in the 12 months to July 2024, supported by revenues climbing by a third to between £80m and £85m. Applied Nutrition sells protein products, collagen powders and pre-workout supplements, most of which are produced in Liverpool before being stocked in the likes of Asda, Holland & Barret and Tesco. It has also found a footing in the States, with its products sold across some 4,100 Walmart stores. Andy Bell, the Company’s chairman and the co-founder of AJ Bell, is believed to be looking for a valuation of a minimum of £500m. Ryder, who currently owns around 55% of the group, is believed to be wanting to sell down his stake to 30%. JD Sports Fashion PLC (LSE:JD.), which bought a 32% shareholding in 2021 for £25m, is also expected to sell down its stake to around 5% to 10%.

Reverse Takeovers:

13th May: Amur Minerals Corporation announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology Company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May. Expected first day of trading is 31 May 2024.

Change of Market:

Dual Listing :

Banquet Buffet

Cambridge Nutritional Sciences 4.0p £9.5m (CNSL.L)

The specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, announces that it has appointed James Cooper to the Board as Chief Operating Officer (COO) and Executive Director with immediate effect. James graduated from the University of Cambridge in 2014 and, prior to joining CNSL as Operations Director in January this year, has spent the previous 10 years at Chartwell Consulting Limited, a global operations consultancy firm, working most recently on assignments in the medical and pharmaceuticals sectors.

Emmerson plc 2.0p £22.8m (EML.L)

The Moroccan-focused potash development company announces its 2023 audited results ended on 31 December 2023. Operating loss was US$3.0m (FY22: a loss of US$3.2m). Cash balance was US$1.9m as at 31 December 2023. Post period, the Company raised US$2.5m in April 2024 for additional funds to continue work at Khemisset. In early April 2024, the Company submitted the latest version of the ESIA (environmental and social impact assessment) to the Commission Régionale Unifiée de l'Investissement for approval. Upon receipt of this approval, the Company will move forwards with completing the remaining studies, such that it can then be incorporated into an updated BFS (Bankable Feasibility Study), based on the original 2020 Feasibility Study.

Frontier IP Group 41.5p £23.3m (FIPP.L)

The specialist in commercialising intellectual property, announces that portfolio company Alusid Limited has launched its first range of floor tiles through Parkside Architectural Tiles, the commercial arm of Topps Tiles Plc. This range is called Mas, made from between 95% and 98.5% recycled content, depending on the colour, and has one of the lowest carbon footprint of tiles in the market. Alusid raised £1.13m from new and existing investors in January 2024, including a £500,000 investment from Octopus Investments. Alusid is now progressing with plans for an initial public offering later this year.

Genedrive plc 1.85p £2.9m (GDR.L)

The point of care pharmacogenetic testing company, announces that initial orders have been received for the Genedrive MT-RNR1 products from a further five UK hospitals in the Greater Manchester region as they progress towards the sustained deployment in clinical practice in these Neonatal Intensive Care Units (NICU). The total value of the orders is in excess of £100,000 and the NICUs of the five hospitals, The Royal Oldham Hospital, Stepping Hill Hospital, Royal Bolton Hospital, Royal Albert Edward Infirmary and Tameside General Hospital admit approximately 1,900 babies per year. These additional sites more than double the number of NICUs in the UK using the test in routine practice.

Kinovo plc 59p £37.1m (KINO.L)

The specialist property services Group that delivers compliance and sustainability solutions, provides a trading update for the year ending 31 March 2024 (FY24). As reported on 2 May 2024, subject to audit, the Group expects to report a full year performance ahead of prior expectations. Revenue grew to £64.1m (FY23: £62.7m). EBITDA (adjusted to include lease payments) rose by 23% to £6.7m (FY23: £5.5m), ahead of prior expectations of £6.2m. Adjusted At 31 March 2024, the net cash position was £0.4m.

Pennant International Group 26.5p £9.8m (PEN.L)

The Integrated Product Support (IPS) software and services company, announces that, further it has conditionally raised a total of approximately £1.36m at the Issue Price of 25 pence per Ordinary Share, a discount of approximately 16% to the closing mid-market price on 22 May 2024. Certain members of the Company's management team have confirmed their intention to potentially subscribe for an additional £200,000. As the Company is currently in a close period until the publication of its FY23 results, the Directors are not permitted to enter into a subscription agreement until after publication of the results. The net proceeds will be used inter alia to provide further working capital, including to support the development and marketing of Pennant's proprietary software suite.

Pulsar Group 74p £94.5m (PULS.L)

The audience intelligence business delivering Software-as-a-Service (SaaS) solutions for the global marketing and communications industries, announces its results for the year ended 30 November 2023. Revenue for the year was £62.4m, down 5% (2022: £65.7m), with recurring revenue comprising 95% of total revenue (2022: 93%). Adjusted EBITDA for the year was £7.3m, up 217% (2022: £2.3m). Pulsar Group headcount has reduced from 1,110 FTE in November 2022 to 940 FTE in March 2024, alongside the delivery of improved renewal rates and growing annual recurring revenue (ARR). At 31 March 2024, the net debt position was £1,252,000. The Group remains confident in its ability to deliver growth, improved margins and cash flow in 2024 and beyond.

Reabold Resources 0.0775p £7.9m (RBD.L)

The investing company focussed on developing strategic gas projects for European energy security, announces the publication of the positive conclusions of a Carbon Intensity Study on the West Newton gas development, located within PEDL183 onshore UK in East Yorkshire, undertaken on behalf of Reabold and Union Jack Oil plc by GaffneyCline & Associates Limited, an international petroleum and energy consultancy. Reabold holds a ca. 56% economic interest in West Newton and PEDL183 via its 16.665% licence interest in PEDL183 and a 59% shareholding in Rathlin Energy (UK) Limited, the operator of the Joint Venture, which, in turn, has a 66.67% interest in PEDL183.

Sunrise Resources 0.06p £2.6m (SRES.L)

The company focusing on the CS Pozzolan-Perlite Project in Nevada, provides an update on its royalty interest in the Crow Springs Diatomite Project in Nevada, USA. The Project was recently sold to Dicalite Management Group for US$150k (plus royalty), of which half is already paid and half is payable on submission of a mine Plan of Operations to the US Bureau of Land Management. Dicalite has advised that documents are being readied for submission of a Plan of Operations to the BLM which will trigger the further payment to Sunrise. Sunrise retains the right to royalty payment of $6/dry ton of ore delivered to Dicalite's nearby processing plant. Royalty income could start within 12 months, mine permits allowing.

Trident Royalties 40p £117.2m (TRR.L)

The diversified mining royalty company notes the recent positive announcement by TSX- and NYSE-A listed Equinox Gold in relation to its Greenstone Gold Mine in Ontario, Canada. Trident holds an offtake for 100% of the gold produced at Greenstone up to 58,500 ounces per annum until 1 March 2027. Greenstone has achieved its inaugural gold pour on schedule, producing 1,800 ounces of gold from the full recovery circuit, with all equipment operating as expected. Greenstone will be Equinox's flagship asset and largest, lowest-cost producer. When operating at capacity, the Greenstone open-pit is expected to produce approximately 400,000 ounces of gold annually for the first five years, and average 360,000 ounces of gold per year for its initial 14-year mine life, making Greenstone one of Canada's largest gold mine.


24 May 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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