Small Cap Feast

26th January 2024

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

Dish Of The Day:


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


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