Small Cap Feast

26th January 2024

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


Dish Of The Day:


Admissions: 



Delistings:
Hotel Chocolat Group Plc (HOTC.L) has left AIM.



Whats baking in the oven?

Potential Initial Public Offerings:

25 January: Media reports that London-based investment firm Fuel Ventures has launched a £50m venture capital trust (VCT) to be listed on the London Stock Exchange. The VCT has been launched with support from Titan Alternatives Ltd and will target 30 investments in high-growth tech innovation over the next three years. The VC firm said funds from the VCT will co-invest with the existing Fuel Ventures Enterprise Investment Scheme (EIS) portfolio.

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

Active Energy Group 0.5p £0.8m (AEG.L)
The international biomass business updates shareholders on the status of future production at the CoalSwitch® fuel reference plant being constructed at Ashland, Maine (Ashland Facility) by Player Design, Inc. and its associates (PDI). Since the Company's announcement on 20 November 2023, Active Energy has been in discussions with PDI in an effort to understand and resolve construction issues announced on that date and to secure commitments from PDI delivery dates of CoalSwitch® fuel. To date these discussions have proven to be unproductive and PDI has now informed Active Energy that PDI is no longer willing or able to commit to either: i) a future production date for CoalSwitch® fuel; or ii) future production volumes of CoalSwitch® fuel.

Arkle Resources 0.45p £2.1m (ARK.L)
The diversified exploration company with principal assets in gold, zinc and now lithium exploration licences in Ireland announces key findings from its recent prospecting activities in the Aughrim block. Lithium analysis revealed anomalous lithium oxide (Li2O) results in rock samples, up to 0.09% Li2O was detected, with 26 out of 59 samples showing concentrations greater than 0.02% Li2O. One pegmatite sample showed a significant concentration of 0.246% beryllium and 0.03% Li2O, indicating the potential presence of economic beryllium in the block. Anomalous gold grades were also detected within the block, with findings of 0.74ppm Au hosted within quartz vein float. The Company is planning further geochemical exploration work to investigate these anomalous areas

CT Automotive Group 77.5p £57.0m (CTA.L)
The designer, developer and supplier of interior components to the automotive industry, issues a trading update for the year ended 31 December 2023 (FY23). FY23 revenue is expected to be not less than $140m, an improvement from $124min in FY22 came from growth in production revenue and revenue from tooling projects, as a result, gross profit margins have continued to improve following ongoing efficiency initiatives. The Group expects to report FY23 underlying profit before tax of c.$8m. The Group has entered FY24 with strong visibility of booked production and tooling revenue.

GCM Resources 2.65p £5.5m (GCM.L)
The mining and energy company announces that it has successfully raised gross proceeds of £0.5m by means of a direct subscription of new ordinary shares at a price of 1.65 pence per share (Subscription Price). The Subscription Price represents a discount of 37.7% to the closing price of 2.65 pence on 25 January 2024. The net proceeds of the Subscription will provide the Company with a source of general working capital to progress its existing projects. The Company will need to carry out an additional fundraise before the end of May 2024 to fund its working capital for the next 12 months.

Global Petroleum 0.093p £1.2m (GBP.L)
The oil and gas upstream exploration company focused on Africa and the Mediterranean, announces that it has entered into a Partnership Agreement (PA) with Cynergy East Med LLC (Cynergy) to explore energy opportunities in the East Mediterranean. Cynergy has a market position that combined with Global allows the partnership to explore unique and high value opportunities in the Eastern Mediterranean in 2024. The PA will enable both parties to mutually beneficially assess this as well as other opportunities in the prolific Eastern Mediterranean.

Learning Technologies Group 80.55p £637m (LTG.L)
The market leader in digital learning and talent management, announces a trading update for the year ended 31 December 2023. The Board expects to deliver revenues not less than £560m, in line with consensus expectations (2022: £588.6m). The Board expects Adjusted EBIT for continuing operations to be not less than £98m (2022: £99.9m), with an Adjusted EBIT margin of c.17.5%. The Group has a reduced net debt position of c.£78.6m (31 December 2022: net debt £119.8m) and on 2 January 2024, LTG completed the disposal of non-core asset Lorien Engineering Solutions for a cash consideration of $21.4m on a cash and debt free basis.

Ondine Biomedical 10.5p £23.8m (OBI.L)
The Canadian life sciences company announces that it will present new research at the SPIE Photonics West conference in San Francisco, California. The presentation will provide details of an exploratory study showing that photodisinfection significantly reduces pathogens in the nose - a reservoir for bacteria - yet does not produce long-term adverse effects on the nasal microbiome. Organised by SPIE, the international society for optics and photonics, SPIE Photonics West is the largest annual event for optic and photonic technologies and one of the largest scientific conferences in the world.

Phoenix Copper 11.25p £14.3m (PXC.L)
The USA-focused base and precious metals emerging producer and exploration company, announces its intention to raise approximately £2.2m at 11.5 pence per ordinary share, representing a discount of 18% to the close price of 14 pence on 25 January 2024. The net proceeds will be used to progress the purchase of the equipment and for general working capital purposes. In the unlikely event that the purchase of the equipment does not complete, all funds will be applied for general working capital purposes and to progress the work at the Company's Empire Open Pit Mine in Idaho, USA.

SkinBioTherapeutics 11.5p £21.9m (SBTX.L)
The life science business focused on skin health, announces that it has completed the acquisition of the issued share capital of Dermatonics Limited, a specialist in innovative topical and dermatological products in the skincare/woundcare space. The initial consideration is £1.68m plus £1.25m earn-out over three years, in a cash-free and debt-free acquisition. This acquisition aligns with the inorganic growth strategy the Company outlined in the FY results.

Thruvision Group 19p £30.5m (THRU.L)
The provider of walk-through security technology, has continued to see good order flow in the period since the announcement of its interim results. The Group's WalkTHRU security technology has recently been selected by an important new customer, a global sports apparel brand, as the core component of its security upgrade programme in its US distribution centres. In Entrance Security, further units have recently been ordered by a European prison service and a Gulf state, both of which are existing customers. These orders total £1.3m, all of which is expected to be delivered in the second half of the Group's financial year.

26 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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