Small Cap Feast

25th June 2024

Dish of the day
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Dish Of The Day:



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.

24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m.

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

25th June 2024: Reset Health has created an app to connect obesity and type 2 diabetes patients with clinicians. The Company is considering a listing on AIM in a deal that could see the business valued at up to £60m and raise £15m.

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Augmentum Fintech 115.5p £196.0m (AUGM.L)

The listed fintech fund announces its audited reults for the year ended 31 March 2024. NAV before performance fee increased by 3.1% to £303.3m (31 March 2023: £294.1m) and cash reserves were £38.5m as at 31 March 2024 (31 March 2023: £40.0m). Over the year, £15.8m was invested across one new company (Artificial Labs, a London-based Insurtech) and six existing portfolio companies. The Company also announces that it has made a £2.6m investment into LoopFX. LoopFX is the new independent venue for large spot FX trades with a unique matching solution for market participants. LoopFX enables traders to match, in real-time, with other asset managers and banks without information leakage and at a mid-market rate, reducing trading costs and improving best execution processes.

European Green Transition 14.5p £21.0m (EGT.L)

The company developing green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition, announces the audited results for European Green Metals Limited (EGM), the Group's wholly owned subsidiary, for the year ended 31 December 2023. Loss after profit was £707k. European Green Transition plc was listed on AIM and concurrently raised £6.5m in April 2024. The Company acquired the Olserum Rare Earth Element (REE) project in Sweden in July 2023. The Olserum REE project has the potential to be Europe's first REE mine, and the low-cost drill programme is expected to commence in H2-2024. Management continues to conduct encouraging discussions around monetising other assets, namely the Pajala copper-graphite project in Sweden and the critical mineral projects in Saxony.

Gear4music 147.5p £30.9m (G4M.L)

The online retailer of musical instruments and music equipment announces its results for the year ended 31 March 2024 (FY24). Revenue decreased 5% to £144.4m (2023: £152.0m), EBITDA increased 28% to £9.4m (2023:£7.4m) and the cash balance was £4.7m (2023: £4.5m). During FY24, the Company implemented a wide range of strategic actions designed to mitigate the impact of a weaker consumer environment and these measures have paid off. Based on trading performance since the last update in April, the Board remains confident in delivering further improvements in financial performance during FY25 in line with market expectation.

Helix Exploration 21p £25.7m (HEX.L)

The helium exploration and development company focused on helium deposits within the 'Montana Helium Fairway' announces its unaudited interim results for the six month period ended 31 March 2024. Loss before tax was £713k and the cash balance was £340k. This is the Company's first interim results since its admission to the AIM market in April 2024 and covers the pre-IPO period to 31 March, 2024. The Company expects the next six months to be an incredibly busy period of growth and looks forward to drill testing the Ingomar Dome Project and Rudyard Project with a drilling campaign in Q3 2024.

IG Design Group 228.5p £224.6m (IGR.L)

The designer, innovator and manufacturer across various celebration and creative categories, announces its audited results for the year ended 31 March 2024. Revenue decreased to $800.1m (2023: $890.3m), adjusted profit before tax increased to $25.9m (2023: $9.2m) and the net cash at the year end increased to $95.2m (2023: $50.5m). FY2025 orderbook at 69% of budgeted revenues (FY2024: 62%) indicates continued strong customer relationships. The Board remains confident that the Group will meet its aspiration to return to pre-Covid-19 adjusted operating profit margin of 4.5% by 31 March 2025.

Orchard Funding Group 32p £6.8m (ORCH.L)

The finance group which specialises in insurance premium finance and the professions funding market, provides a trading update. Trading year to date has been positive within the insurance premium finance market driving revenue growth through increased lending. The Company has applied a disciplined approach to its growth against a backdrop of higher interest rates. As a consequence, management now expects that earnings will exceed current market guidance by over 20%.

Pressure Technologies 34p £13.1m (PRES.L)

The engineering group announces its unaudited interim results for the 26 weeks to 30 March 2024. Revenue increased to £15m (2023: £13.8m), Adjusted EBITDA decreased to £0.1m (2023: £0.3m) and cash and cash equivalents decreased to £594k (2023: £1.04m). Order books in Chesterfield Special Cylinders and Precision Machined Components underpin the outlook in the second half of FY24. Given the current divisional trends and performance outlook, the Board expects the Group's full-year FY24 Adjusted EBITDA to be not less than £1.0m.

Simec Atlantis Energy 2.1p £15.2m (SAE.L)

The sustainable energy generation company announces its audited results for the year ended 31 December 2023. Revenue increased by 292% to £15.3m (2022: £3.9m) and EBITDA increased to £8.3m (2022: loss £5.8m), thanks to a reduction of 29% in operating costs to £5.0m (2022: £7.0m). Net assets increased 678% to £44.2m (2022: £5.7m), with the major increase in the valuation arising from the reassessment of the value and size of its battery storage projects. Post period highlights include the achieved planning approval for a new 120MW/240MWh BESS which repurposes the site of the Uskmouth power station former cooling towers.

Trakm8 Holdings 8p £4.0m (TRAK.L)

The telematics and data insight provider announces that the Company has been awarded an additional new contract and a contract extension with Iceland Foods. Under the new contract Trakm8 will develop a Phase 2 additional feature set for the Iceland Scheduler home delivery solution. This is built on the Trakm8 Insight AI Optimisation platform. Trakm8 and Iceland won the Delivery Solution of the Year award for the Iceland Scheduler at the Retail Systems Awards last week. In addition, Iceland and Trakm8 have extended the current contract to March 31st 2028.

Wynnstay Group 382.5p £88.3m (WYN.L)

The Company that operates in the agriculture sector announces its interim results for the six months ended 30 April 2024. Revenue decreased to £328.5m (2023: £409.1m), Adjusted pre-tax profit decreased to £4.8m (2023: £6.0m) and the net cash at 30 April 2024 increased to £18.5m (2023: net debt 7.3m) benefited from soft commodity price deflation. The Group's annual working capital requirement is typically highest at this point. The Group remains well positioned to deliver a full year performance in line with current market expectations, with a more significant second half weighting than last year.


25 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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