Small Cap Feast

25th January 2024

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Dish Of The Day:



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

Acuity RM Group 4.6p £5.6m (ACRM.L)
The software group announces that its wholly owned operating subsidiary, Acuity Risk Management Limited (ARML) a supplier of the STREAM® software platform for the Governance, Risk and Compliance market, has won its first contract with a North American state organisation. Acuity will supply its STREAM® software platform for GRC to the organisation which suffered several cybersecurity incidents in 2023. The contract is for three years (with a one-year break clause) and is worth £103k over those three years.

Epwin Group 77p £111.1m (EPWN.L)
The manufacturer of energy efficient and low maintenance building products, announces its year-end trading update of the year to 31 December 2023 (FY 2023). Cash generation has remained strong and the Group expects to report covenant net debt better than current market expectations at 31 December 2023 of c. £14.5m (2022: £17.9m). This represents a year-end leverage of less than 0.5x adjusted EBITDA. Trading remained in line with market expectations, and the Group now expects to report underlying operating profit for FY 2023 in the upper range of current market expectations. The Board remains confident of executing the Group's strategy and in the strength of the medium and long-term drivers of its markets.

Jadestone Energy 25p £135.2m (JSE.L)
An independent upstream company focused on the Asia-Pacific region, announces the appointment of Joanne Williams as an Independent Non-Executive Director of the Company with immediate effect. Ms Williams will join the Health, Safety, Environment and Climate Committee as Chair and also joins Jadestone's Audit Committee. Joanne Williams is a reservoir engineer with more than 25 years' experience in technical and executive roles with Woodside Petroleum, Newfield Exploration, Gulf Canada, Clyde Petroleum, Nido Petroleum and Blue Star Helium.

Kromek Group 5.6p £33.6m (KMK.L)
A developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that it has received an order in excess of £1.4m to supply D3M detectors and associated networkable solutions. The revenues are expected to be received within the current financial year. The detectors are intended for use in the rescEU stockpile, which is being developed by the European Commission to help safeguard citizens from disasters and manage emerging risks.

Neometals 8.25p £43.1m (NMT.L)
The emerging sustainable battery materials producer announces their quarterly activities report for the quarter ended 31 December 2023. The Company successfully completed its capital raising for c.A$12.1m (share placement for A$9.0m together with entitlement issue subscriptions for A$3.1m); as a result the Company have a cash balance of A$19.5m, investments of A$24m and no debt. The Company further announces it has commenced installation of shredding "Spoke" plant for Mercedes-Benz, purchase order for refinery "Hub" awarded post end of quarter; and successful operation of the 2,500 tpa integrated Pilot plant for Mercedes-Benz will precede the offer of integrated 20,000tpa plant for Stelco planned in June 2025 under technology licensing agreement.

Novacyt 47.78p £32.2m (NCYT.L)
An international molecular diagnostics company with a broad portfolio of integrated technologies and services, announces an unaudited trading update for the year ended 31 December 2023. Group statutory revenue for FY 2023 expected c.£11.6m in line with management guidance (FY2022: £21.0m). Cash position at 31 December 2023 was £44.1m (H1 2023: £81.7m), reflecting the cash consideration and associated costs of the acquisition of Yourgene, and the Group remains debt free. Following the acquisition, the Group has a broader technology portfolio, strengthening its end-to-end customer offering; enhanced routes to market in Europe, Asia and the Americas in the innovative molecular diagnostics.

Petards Group* 3.5p £2.0m (PEG.L)
The developer of advanced security and surveillance systems, provides a trading update for the financial year ended 31 December 2023 (FY23). Group revenues of c.£9.4m (FY22: £10.9m), with the second half of FY23 contributing £5.0m. Revenues for FY23 are likely to be around 3% lower than market expectations which will have an effect on the FY23 reported results. FY23 gross profit margins are expected to be slightly above the 47.3% reported in the interim results announced on 26 September 2023. The Group has total net funds at 31 December 2023 of £1.2m with no bank debt (FY22: £1.7m). The Group remains well financed with a strong debt-free balance sheet, a substantial proportion of which is held in cash, and an un-drawn £2.5m overdraft facility, although the Board anticipates trading for the full year ended 31 December 2023 will be below expectations

Rosslyn Data Technologies 18.25p £3.2m (RDT.L)
The provider of cloud-based enterprise data analytics platform, announces its interim results for the six months ended 31 October 2023. Revenue was £1.4m (H1 2023: £1.4m) and Adj. EBITDA loss was £1.7m (H1 2023: £1.6m loss). Adj. net loss marginally reduced to £1.5m (H1 2023: £1.6m loss) and the Group holds cash and cash equivalents of £2.2m as at 31 October 2023 (30 April 2023: £676k), following the Company raising gross proceeds of £3.3m through the issue of new ordinary shares and convertible loan notes. The Group further announces new contracts won with blue-chip European med-tech company and international transport consultancy and progress on development of artificial intelligence (AI) modules

SkinBioTherapeutics 14.25p £27.1m (SBTX.L)
The life science business focused on skin health, announces that it has entered into an agreement to acquire the issued share capital of Dermatonics Limited, a specialist in innovative topical and dermatological products in the skincare/woundcare. The initial consideration is £1.68m plus £1.25m earn-out over three years, in a cash-free and debt-free acquisition. Completion will take place upon clearance of funds being drawn down from the CLN facility which is expected to take place no later than 25 January 2024. This acquisition aligns directly with SkinBioTherapeutic's stated strategy to seek accretive inorganic opportunities that provide immediate synergies and accelerated routes to market.

Tissue Regenix 60.5p £42.7m (TRX.L)
The regenerative medical device company, provides a trading update for the year ended 31 December 2023. Total revenue is expected to increase by 20.6% to $29.5m (2022: $24.5m), ahead of expectations and driven by the BioRinse segment, across both its allograft and released donor tissue portfolio. Revenues are $29.6m at constant currency. Adjusted EBITDA profit is expected for the full year of 2023, ahead of expectations and the Company holds cash at 31 December 2023 of $4.5m (H1 2023: $4.1m; year-end 2022: $5.9m) supporting the current organic business growth plan. The Group look forward to further growth and continued progress in 2024.

25 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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