Small Cap Feast

26th June 2024

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


Dish Of The Day:


Admissions: 


Delistings: 

TClarke (CTO.L) has left the Premium Segment of the Main Market.




Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. The Company is acquiring 53 Degrees North Engineering Limited, to become the Company’s Consultancy division, which provides a range of asset care consulting and management strategies for manufacturers, particularly in the fast-moving consumer goods (FMCG) sector. The Consultancy division has established relationships with some of the largest food and beverage companies in the world, with 5 out of the top 10 being existing customers. IntelliAM is a revenue generating and profitable company. The Company is looking to raise £5m to fund the Company’s expansion. The Freefloat will be 16.5% following Admission and Completion of the acquisition of 53 North.

24th June 2024: Rosebank Industries: The Company aims to repeat the successful 'Buy, Improve, Sell' business model which the Rosebank Co-Founders implemented during their time at Melrose. Rosebank proposes to acquire quality industrial or manufacturing businesses whose performance may be improved. The Company’s first day of trading on AIM is expected to be 11th July 2024. The primary offer expected size is approximately £50m.

Media speculation: (We remove rumours after 10 days of being on the menu)

19th June 2024: Pri0r1ty AI, a software company, pending regulatory clearance, is expecting to raise at least £600,000 in a public listing on the Aquis Exchange in early July to launch its product

25th June 2024: Reset Health has created an app to connect obesity and type 2 diabetes patients with clinicians. The Company is considering a listing on AIM in a deal that could see the business valued at up to £60m and raise £15m.


Reverse Takeovers:


Change of Market:

Dual Listing :


Banquet Buffet

Coro Energy* SUSPENDED (CORO.L)

The South East Asian energy Company with a natural gas and clean energy portfolio announces that, further to the announcement of 24 April 2024, it has now identified an intended additional Director for appointment to the Coro board. The process in respect of his appointment is progressing well and is expected to be completed prior to 5 July 2024. The Company also announces that, with the board not being quorate prior to the appointment of an additional Director, its Annual Report and Accounts for the year ended 31 December 2023 will not now be published by 30 June 2024. Once the additional Director is appointed, the board's first business will be to review and conclude the 2023 Annual Report. The 2023 Annual Report is expected to be published during July 2024, after which the Company expects its suspension from trading on the AIM Market to be lifted.

Kibo Energy* 0.01p £0.4m (KIBO.L)

The renewable energy-focused development Company announces that whilst the audit preparation for the Financial Statements to 31 December 2023 (Accounts) has been ongoing, the Accounts are unlikely to be published by 30 June 2024 as required by the AIM Rules. The Company is working diligently to have the Accounts ready for publication at the end of July to early August and will update the market should there be any change to this date. Accordingly, and pursuant to AIM Rule 19, the Exchange will suspend trading in the Company's shares with effect from 07h30 on 1 July 2024.

Gelion 24.5p £33.3m (GELN.L)

The Anglo-Australian battery innovator has signed a Joint Development Agreement (JDA) with Glencore International AG, one of the world's largest globally diversified resource companies. This JDA aims to accelerate the commercialisation of Gelion's next generation battery technologies by leveraging Glencore's expertise in battery materials and recycling alongside Gelion's IP and battery technology innovation expertise. Gelion will explore any potential synergies with Glencore in the field of lithium-ion battery recycling by leveraging the IP recycling patent portfolio Gelion acquired from Johnson Matthey in 2023.

Inspiration Healthcare 20p £13.6m (IHC.L)

The global medical technology Company pioneering specialist neonatal intensive care medical devices announces a fundraising for up to £3m via a placing to raise approximately £2.4m (before expenses), a retail offer to raise up to £500,000 and a subscription by certain of the Directors and senior management to raise £75,000, at the issue price of 14 pence per share, approximately a 42.9% discount to the mid-market closing price of 24.5 pence on 25 June 2024. The net proceeds of approximately £2.3m are expected to be utilised to reduce net debt and provide additional liquidity headroom.

Kazera Global 0.425p £4.0m (KZG.L)

The global investment Company focused on leveraging the skills and expertise of its Board of Directors to develop early-stage mineral exploration and development assets towards meaningful cashflow and production announces that Gerard Kisbey-Green is stepping down from his role as Non-Executive Chairman of the Company to pursue other interests. His resignation becomes effective on 25 September 2024 when it is intended that Dennis Edmonds, Chief Executive Officer of Kazera, will assume the role of Chairman alongside his current role.

HSS Hire Group 7.79p £54.9m (HSS.L)

The Company that provides tool and equipment hire and related services in the UK and Ireland through a nationwide network of Group companies and third-party suppliers announces a trading update. The Group has continued to make strategic progress with both the HSS ProService and HSS Operations business plans and delivered solid financial performance for the first five months of FY24 with revenue growth of 4% compared to the same prior year period, despite the impact of the mild winter on seasonal product performance. Assuming normal levels of seasonal product performance, HSS anticipates full year adjusted EBITA to be in line with market expectations.

Intercede Group 137.5p £80.2m (IGP.L)

The cybersecurity software Company specialising in digital identities announces a partnership with Carahsoft Technology Corp to Make Digital Identity Cybersecurity Solutions available to the Public Sector in the US. Under the agreement Carahsoft will serve as Intercede's Master Government Aggregator making Intercede's products available to the Public Sector through Carahsoft's reseller partners and NASA Solutions for various contracts.

LifeSafe Holdings 10.25p £4.9m (LIFS.L)

The fire safety technology business with innovative fire extinguishing fluids and fire safety products reports its audited results for the year ended 31 December 2023. Revenue was up 46% to £5.9m (2022: £4.0m), the loss before tax was £2.2m (2022: £3.0m) and net debt at 31 December 2023 was £0.2m (31 December 2022: net cash of £1.1m). The proceeds of £0.4m from the equity fundraise in December 2023 equity fundraise were received in January 2024. Going forward, the Group expects to improve margins through an increased mix of wholesale and industrial sales which add to revenue without the level of marketing investment or logistics costs inherent with the direct-to-consumer channel.

Manolete Partners 145p £63.5m (MANO.L)

The UK's leading insolvency litigation financing Company announces that it is the only firm to be ranked by Chambers and Partners in Band 1 for Litigation Funding: Insolvency, for the fourth successive year. Manolete is also the only firm ranked in Band 1 in the previous guides for years 2021, 2022 and 2023.

Marks Electrical Group 72p £75.6m (MRK.L)

The fast-growing online electrical retailer announces its audited results for the year ended 31 March 2024 (FY24). Record full-year revenue of £114.3m was achieved (FY23: £97.8m), up 16.9% year on year. Adjusted EBITDA was £5.0m (FY23 £7.5m) in line as previously guided and reflective of strong cost control efforts, despite downward margin pressure as a result of consumers trading-down. A net cash position of £7.8m was achieved at the year end. The first three months of FY25 have been encouraging and the Company has been pleased to see a return to double-digit growth during the period.

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26 June 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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