Small Cap Feast

26th April 2024

Dish of the day
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Dish Of The Day:


Admissions: 



Delistings: 

C4X Discovery Holdings (C4XD.L) has left AIM.






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

Facilities by ADF 51.5p £41.7m (ADF.L)
The provider of premium serviced production facilities to the UK film and high-end television industry announces its audited results for the year ended 31 December 2023. Revenue increased by 11% to £34.8m (2022: £31.4m). Adjusted EBITDA decreased to £7.3m (2022: £8.0m), due to a lower gross margin. Cash and cash equivalents were £3.5m (2022: £9.5m), as a result of capex spending. Following the end of the Strikes in November 2023, and the continued growth in demand for ADF's services as evidenced by the current order book, the Company expects the financial performance of H1-FY24 to be significantly ahead of the H2-FY23.

FRP Advisory Group 119.5p £300m (FRP.L)
The national specialist business advisory firm announces the appointment of Louise Jackson as an independent Non-Executive Director on 1 May 2024. Louise has significant Board and leadership experience, particularly in Human Resources. She is currently a Non-Executive Director and Chair of the Remuneration Committee at AIM quoted M&C Saatchi plc and Senior Vice President of People and Talent for the Tony Blair Institute for Global Change.

ITM Power 52.6p £318m (ITM.L)
The designer and manufacturer of electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, announces a partnership with Hygen as its preferred supplier for PEM electrolysers for hydrogen projects within the UK and across Europe. Hygen's goal is to implement up to 200 MW of electrolyser projects over the coming years across the UK and wider Europe, utilising ITM technology and equipment. The collaboration consists of two phases: Phase 1 is expected to comprise 50 MW of NEPTUNE Plug and Play electrolysers across several projects, many of which will be based on UK government HAR2 or similar funding programmes. Phase 2 is expected to comprise 150 MW of larger-scale modular electrolysers.

Kasei Digital Assets 12.5p £4.2m (AQSE : KASH)

The digital asset and web 3.0 investment company announces its unaudited results for the six months ended 31 January 2024. Revenue decreased to £18.8k (H1 2023 : £40.5k), The overall market recovery helped the digital assets the Company held increase by over £600,000 to £1,980,104. In addition the Company also grew its income from staking (earning rewards) and yield generation. Following the approval of spot BTC ETF’s in January the Company closed its position in GBTC and rolled some of the profits into spot BTC. The significant inflows generated by the ETF launches has led to an appreciation in NAV to £3,684,327.83 as at 31 March 2024.

    Kibo Energy * 0.04p £1.8m (KIBO.L))
    The renewable energy-focused development company announces a business update by its subsidiary Mast Energy Developments PLC, a UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market. Pyebridge 9MW flexible power generation asset has passed its Satisfactory Performance Days requirements under its current existing T-1 Capacity Market (CM) contract. This means that Pyebridge will retain the current CM Contract's associated annual gross profit margin income of c. £308k which is paid and received monthly in arrears.

    Loungers 239p £247.9m (LGRS.L)
    The operator of all-day café/bar/restaurants across the UK under the Lounge, Cosy Club and Brightside brands, announces a trading update for the year ended 21 April 2024 (FY24). Total revenue for the financial year was up 24.7% to £353.5m (FY2023: £283.5m). This sales performance reflects both continuing strong like for like sales growth and the ongoing success of our new site opening programme. Net debt was £9.7m (FY2023 : £6.1m), due to acceleration of site rollout programme during the year. The Company expects EBITDA for FY24 to be ahead of market expectations.

    Proteome Sciences 4.2p £12.3m (PRM.L)
    The life sciences company that delivers content for personalized medicine through biomarkers, reagents and services announces a contract win from a US biopharmaceutical company using the Company’s mass spectrometry services for the analysis of samples for an on-going clinical trial. The contract value is in excess of £500k and a good proportion of the work should be completed in this financial year.

    Roquefort Therapeutics * 4.5p £5.9m (ROQ.L)
    The Company focused on developing first in class medicines in the high value and high growth oncology market, announces its udited results for year ended 31 December 2023. The net loss was £1.7m (2022: loss of £1.6m) due to ongoing R&D and administrative expenses. As at 31 December 2023, the cash position was £0.5m (2022: £2.3m). The significant pre-clinical development achievements have put the Company in a position to open various out licencing discussions with big pharma as well as a private equity fund across the US, EU and Japan. Management is looking to deliver at least one out-licencing transaction during 2024.

    Southern Energy 9.75p £16.5m (SOUC.L)
    The established producer with natural gas and light oil assets in Mississippi announces its results for the year ended December 31, 2023. Petroleum and natural gas sales decreased to $19m, down 58% (2022: $45.2m). Net loss was $46m (2022: $9.3m in profit). Furthermore, net debt was $26.7m (2022: $13.4m in net cash). Southern is planning to delay the completion timing of the remaining three drilled but uncompleted (DUC) wells into the second half of 2024 when the Company expects natural gas pricing to be significantly elevated from current levels to maximize returns.

    Thruvision Group 17.5p £28.1m (THRU.L)
    The international provider of walk-through security technology publishes a trading update for the financial year ended 31 March 2024. Revenue decreased by 37% to £7.8m (FY23: £12.4m), due to previously announced lack of further significant orders from US Customs and Border Protection in FY24. Adjusted EBITDA loss was £2.5m (FY23: loss £0.2m), in line with market expectations. Cash balance on 31 March 2024 was £4.1m (31 March 2023: £2.8m). The Group has no debt.

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    26 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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