Small Cap Feast

26th April 2024

Dish of the day
No Joiners today
Off the menu
No leavers today

Dish Of The Day:



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.


    26 April 2024
    *A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
    ** Arranged by most recent first
    *** Alphabetically arranged


    Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


    This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

    The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

    The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

    Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

    This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

    In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

    Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

    Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

    Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

    This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

    MIFID II status of Hybridan LLP research
    The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.

    Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

    If you would like to unsubscribe, please email with “unsubscribe me”.

    © Copyright 2024 - Hybridan | Website by Boxed Up Media
    First Visit
    bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram