Small Cap Feast

25th April 2024

Dish of the day
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Dish Of The Day:



Smart Metering Systems (SMS.L) has delisted from 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.

Dual Listing :

23 April 2024: Wellnex Life Limited (ASX:WNX), an Australian consumer healthcare company, has commenced the process to dual list on the London Stock Exchange. The Company believes that a dual listing will increase its international profile, particularly in Europe where Wellnex has an existing supply agreement with Haleon into the UK. Currently, the market capitalisation of Wellnex is AUD$23.8m.

Banquet Buffet

Camellia 4500p £124.6m (CAM.L)
The Agriculture focused Company announces that Susan Walker, Chief Financial Officer has indicated her intention not to stand for re-election as CFO and director at the forthcoming AGM which is expected to be held on 6 June 2024. The Company announces the appointment of Oliver Capon as the new CFO. Oliver is an experienced and commercial CFO with thirty years of experience.

Checkit 22p £23.8m (CKT.L)
The augmented workflow and smart sensor automation Company for frontline workers announces its audited final results for the year ended 31 January 2024. Revenue increased 17% to £12m (2023: £10.3m), the loss before tax reduced to £4.6m (2023: (£12m) and net cash reduced to £9m (2023: £15.6m). Trading since the start of the new financial year has seen continued momentum in line with the Board's and market expectations. The Company continues to execute against the growth strategy and develop technology, while progressing on the path to profitability.

Corcel 0.36p £6.7m (CRCL.L)
The pan Angolan/Brazilian focused exploration and production Company announces Scott Gilbert will be interim CEO with immediate effect and joining the Board as an Executive Director. Mr. Gilbert, who has been acting as a consultant to the Company developing opportunities in both Brazil and Angola, brings with him 15 years of experience in the oil & gas sector. Ms. Jennifer Ayers will no longer be joining the board, but will remain as the Company's Exploration Director.

Destiny Pharma 14.5p £13.8m (DEST.L)

The clinical stage innovative biotechnology Company focused on the development of novel medicines that can prevent life threatening infections announces its audited financial results for the year ended 31 December 2023. The loss before tax reduced to £6.4m (2022: £7.7m), year-end cash and cash equivalents was £6.4m (2022: £4.9m). The Company today provides an update regarding licencing for XF-73 nasal. The Company has engaged with a number of potential partners and has received some strong and positive feedback on XF-73 nasal. However, no potential licencing deal has, to date, been forthcoming that we believe would provide fair value to the Company and its shareholders.

Hornby 33p £56.1m (HRN.L)
The international models and collectibles Company today announces the following changes to the Board of Directors of Hornby. For personal, health related, reasons Lyndon Davies will formally step down from his position as Non- Executive Chairman on 30 April 2024 and continue to serve on the Board as a Non-Executive Director. At this point, John Stansfield, an existing Independent Non-Executive Director, and past Chairman of Hornby PLC, will step into the role as Interim Independent Non-Executive Chairman while the search for an Independent Non- Executive Chairman is underway.

Norman Broadbent 9.5p £6.4m (NBB.L)
The Executive Search and Interim Management firm announces a trading update for the quarter ended 31 March 2024. Net Fee Income came in at £2.15m, down 12% against a record breaking Q1 2023 and 47% up on Q1 2022 (£1.46m). Five additional fee earners are starting in Q2 & Q3 2024, covering Digital and Technology, Investor Practice (PE/VC), Life Sciences and Industrial (Energy and Aviation).

Skillcast Group 38.5p £34.4m (SKL.L)
The provider of SaaS compliance platforms and off-the-shelf e-learning announces its audited results for the twelve months ended 31 December 2023. Revenue increased 15% to £11.3m (2022: £9.8m), LBITDA increased £0.6m (2022: £0.3m), whilst the cash decreased 6% to £7.2m (2022: £7.7m). Skillcast entered the new financial year in a good financial and operational position. Recent product enhancements and new go-to-market strategy have increased enquiry levels from potential customers, which the Company is working to convert into additional subscription revenues.

Smartech247 20p £22.7m (S247.L)
The provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients announces that it has signed a new contract with a large banking and insurance organisation, worth EUR 720k over three years. The contract encompasses both Smarttech247's VisionX Managed Detection and Response capability as well as its customised governance, risk, and compliance services. Smarttech247 will offer its client round-the-clock monitoring and rapid incident response, information security and risk capabilities, as well as data loss prevention solutions to ensure regulatory compliance and protection against imminent cyber threats.

Vianet Group 108.5p £31.9m (VNET.L)
The provider of actionable data and business insight through our ecosystem of connected hardware devices, management software platforms, and business insights portal announces a notable strategic contract win with Wilcomatic Wash Systems, the UK's leading provider of commercial vehicle wash systems for petrol forecourts. Vianet and its key partner Suresite Group Ltd, the forecourt retail payment specialists, have strengthened their presence in the UK Car wash and Valeting market by securing the rollout of their contactless payment solution on a 5-year agreement with Wilcomatic.

.Zinc Media Group 77.5p £17.6m (ZIN.L)
The television and content production Group announces its audited results for the year ended 31 December 2023. Revenue increased 34% to £40.2m (2022: £30.1m), an Adjusted EBITDA of £1.0m (2022: £0.1m) was reported, and there was a cash balance of £4.9m (2022: £3.6m). The Group is trading strongly with £24m of revenue already booked and expected to be recognised in FY24.

25 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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