Small Cap Feast

26th February 2024

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Change of Market:

Banquet Buffet

Aquis Exchange 360p £99.1m (AQX.L)
The pan-European equities trading division of Aquis Exchange PLC, has today launched conditional order functionality on the Aquis UK and Aquis EU platforms. Conditional orders allow members to post the same liquidity on multiple venues simultaneously without the risk of over-trading. The addition of conditional orders to our UK and EU platforms is an important extension to AMP (the Aquis dark pool). The exchange now offers a full suite of key trading mechanisms – allowing our customers access to liquidity in a broad range of trading scenarios.

Aura Energy 12.75p £83.0m (AURA.L)
The company engaged in exploration and evaluation of uranium projects in Europe and Africa, provides an update in relation to the Häggån Project. The Swedish Government have announced on Friday the 23rd of February 2024 the launch of an inquiry to overturn the existing ban on mining uranium, which has been in place since 2018. The conclusions of the inquiry will be presented on the 15th of May 2024. The Häggån asset, located in the municipality of Berg in the county of Jämtland, contains Mineral Resources of approximately 800 million lbs of U3O8. Aura intends to file for processing concession for Häggån K1 during 2024 with the Swedish Mining Inspectorate. A Swedish processing concession (exploitation permit) is valid for 25 years.

Directa Plus 19.35p £12.7m (DCTA.L)
The producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, has signed a conditional share sale purchase agreement with GVC Investment Company Ltd to acquire a further 48.96% stake in Setcar S.A. (Setcar), the Group's environmental services subsidiary. Completion of the acquisition is conditional on, inter alia, the payment of total consideration of EUR1.5m and the passing of certain resolutions by the shareholders of Setcar at a shareholder meeting expected to be held in April 2024. For the year ended 31 December 2023, Setcar reported IFRS non audited revenues of EUR7.66m, EBITDA of EUR0.35m and net assets of EUR2.7m.

EnSilica 60.5p £49.6m (ENSI.L)
The chip maker of mixed-signal ASICs (Application Specific Integrated Circuits), announces its unaudited results for the six months ended 30 November 2023 (H1 FY24). Revenue was up 11.5% to £9.6m (H1 FY23: £8.6m). Adjusted operating profit was £0.06m (H1 FY23: £0.15m). Cash and cash equivalents at 30 November 2023 was £2.1m (31 May 2023: £3.1m). New supply contract work resulted in further investment in IP of £3.02m (H1 FY23: £1.7m). Encouraged by the improving broader trading environment, management is looking ahead to the remainder of H2 FY24 and beyond with confidence.

i3 Energy 9.185p £110.4m (I3E.L)
The independent oil and gas company with assets and operations in the UK and Canada, announces the following operational and financial update. The 2023 annual average production was 20,711 barrels of oil equivalent per day (boepd), at the high end of the guidance range of 20,000 - 21,000 boepd. The full-year 2023 net operating income (NOI) (unaudited) is approximated US$93m, in line with guidance, with year-end 2023 net debt expected to be approximately US$23m. Given the continued weakness in commodity price forecasts in 2024, in particular for North American gas, i3 Energy’s business strategy remains flexible between high rate of return organic drilling and inorganic growth opportunities.

Invinity Energy 29p £55.4m (IES.L)
The global manufacturer of utility-grade energy storage, announces that it has entered into an agreement with its Taiwanese strategic partner, Everdura, to undertake domestic manufacturing of its next-generation vanadium flow battery (VFB) product, code-named "Mistral", to serve the Taiwanese and other markets. The agreement targets more than 255 MWh of product sales over a three-year period. Everdura will pay Invinity a royalty fee based on a material percentage of the sale price of any Mistral products sold. Everdura will also purchase cell stacks directly from Invinity’s manufacturing facilities in the UK and Canada.

Jersey Oil and Gas 177.5p £58.0m (JOG.L)
The independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, announces that, further to the press release issued on 23 November 2023, the Company has completed its farm-out of a 30% interest in the Greater Buchan Area (GBA) licences to Serica Energy (UK) Limited (Serica Energy) and received the associated milestone cash payment of $6.8m. In aggregate the GBA farm-out transactions provide JOG with up to $38m in cash payments ($18m of which has now been received) and a full carry on both pre-sanction costs and capital expenditure in the approved Buchan Field Development Plan.

Lexington Gold 4.15p £15.5m (LEX.L)
The gold exploration and development company with projects in South Africa and the USA, provides a further update on its 2023/24 drilling programme at the Bothaville Project located in the Witwatersrand Gold Basin, South Africa, which commenced in early December 2023. Both drill holes and their deflections successfully intersected the targeted Kimberley Formation, including the A-Reef. The ongoing programme is seeking to investigate both the downdip-channel and cross-channel gold mineralisation potential at an estimated depth of approximately 250m to 450m below the surface.

Made Tech Group 8.65p £12.9m (MTEC.L)
The provider of digital, data, and technology services to the UK public sector, announces its unaudited results for the six months ended 30 November 2023 (H1 FY24). Revenue was £19.1m, down 7% year-on-year. Adjusted EBITDA increased 180% to £1.4m (H1 FY23: £0.5m) driven by a higher EBITDA margin of 7.3% (H1 FY23: 2.5%). Net cash was £7.9m (H1 FY23:£9.0m). The Group remains on track to meet FY24 profit expectations. Healthy Contracted Backlog underpins revenue expectations for FY24 and into FY25. The Board anticipates further profit improvement in FY25 as a result of ongoing productivity and cost control initiatives.

Wynnstay Group 380p £87.2m (WYN.L)
The agricultural supplies and specialist merchanting group, announces that Gareth Davies, CEO, has requested a leave of absence from the Company to focus on a serious family matter. This request has been granted and his period of leave starts with immediate effect. At the same time, Steve Ellwood, Chairman, will step up to the role of Executive Chairman, effective today, and Rob Thomas, Group Finance Director, will be taking on additional responsibilities, supported by the senior management team.


26 February 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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