Small Cap Feast

27th June 2024

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


Dish Of The Day:


Admissions: 

Mustang Energy (MUST.L) has rejoined the Standard Segment of the Main Market, after the reverse takeover by Cykel AI. Cykel AI was previously listed on the Aquis Stock Exchange.

Delistings: 






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

Belluscura plc 16p £26.7m (BELL.L)

The medical device developer focused on lightweight and portable oxygen enrichment technology, announces its final results for the year ended 31 December 2023. Revenue was $0.8 million (2022: $1.4m), loss before tax was $18.5m (2022: $8.2m) and net cash as at 31 December 2023 of $0.9m. Sales in the first half of 2024 are trending significantly higher than in 2023 as the Company starts to gain traction with X-PLOR in the US. Sales in May 2024 were approximately $450k and further significant monthly growth will be achieved in June 2024.

Caspian Sunrise 3.3p £74.4m (CASP.L)

The Central Asian oil and gas exploration and production company with a focus on Kazakhstan, announces key revenue numbers derived from the unaudited results for the year ended 31 December 2023. Total revenues were $36.7m (Restated 2022: $40.9m). Production volumes totalled 665,114 barrels (bbls) (2022: 792,284 bbls). As completion of the Group's audit will not be finalised before the end of June 2024, and in accordance with AIM Rules, the Company's shares will be suspended from trading at 7.30am on Monday 1 July 2024.

CloudCoCo Group 0.35p £2.5m (CLCO.L)

The UK-based provider of managed IT services and communications solutions to private and public sector organisations, announces that Non-Executive Director, Jill Collighan has stepped down from the board, taking effect from 30 June 2024, to focus on her CFO duties at MXC Capital Limited. Simon Duckworth will replace Jill as interim chair of the Audit Committee with immediate effect and Ian Smith (CEO of MXC Capital Limited) will continue in his role of consultant to the Board and will represent MXC Capital's interests in the business. The Board will seek to appoint a new Non-Executive Director to the Board as soon as possible.

CyanConnode Holdings 7.95p £25.7m (CYAN.L)

The global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, announces that DigiSmart Networks Private Limited (DigiSmart), a wholly owned subsidiary of CyanConnode Private Ltd, has now been certified to deploy Cellular technology as an Advanced Metering Infrastructure Service Provider (AMISP). This new certification complements the Omnimesh RF Network certification obtained on 22 May 2024. This additional certification substantially strengthens CyanConnode's strategic position in India, enabling broader participation in the national smart meter rollout.

Mercantile Ports & Logistics 1.625p £5.8m (MPL.L)

The company that is operating and continuing to develop a port and logistics facility in Navi Mumbai, Maharashtra, India, announces its preliminary results for the year ended 31 December 2023. Revenues were £ 5.5m, up 12% year-on-year (FY22: £4.9m). Statutory loss before tax was £21.26m, partly due to an impairment loss of £9.9m (FY22: loss of £9.6m). Cash & cash equivalent at the end of the period 2023 stood at £2.88m. Non-current borrowings were £36.4m and current borrowings were £10.7m. The Company continues to work closely with its lenders for re-phasement of the loan facility from a seven-year repayment period to fourteen years including a two-year moratorium on principal repayments. Further information on the Company's banking arrangements is expected to be by mid July 2024.

Red Rock Resources 0.045p £1.9m (RRR.L)

The natural resource development company with interests in gold, base metals, battery metals, and hydrocarbons principally in Africa and Australia, released an update further to that of 10th June 2024. Preparations continue for gold project inception in Burkina Faso. The Company is pleased with the pick-up in progress in relation to the Burkina Faso alluvial gold project as co-ordinated movements of equipment and human resources on to site appear to be going smoothly. Concentrators and other equipment is expected to arrive in early July. Management anticipates an early start to operations as soon as equipment arrives.

TruFin plc 84p £88.9m (TRU.L)

The holding company of an operating group comprising four growth-focused technology businesses operating in niche markets: early payment provision, invoice finance, IFA finance and mobile games publishing, announces that its subsidiary Playstack Limited, a leading UK games publisher, has signed a significant contract with a global technology platform for one of its games. The multi-year contract comprises both an upfront payment and monthly performance-based payments. The company believes this contract further validates the value of the Playstack portfolio and helps to underpin the visibility of Playstack's revenue for the coming years.

Various Eateries 19p £33.3m (VARE.L)

The owner, developer and operator of restaurant, clubhouse and hotel sites in the U.K., announces its unaudited results for the 26-week period ending 31 March 2024 (H1 FY24). Revenue increased 10.2% to £22.7m year-on-year (H1 FY23: £20.6m), largely driven by new site openings. Adjusted EBITDA loss was £1.2m (H1 FY23: loss of £1.9m) and net cash was £4.2m (H1 FY23: net debt of £9.8m), following the placing and the conversion of debt into equity in December 2023. Performance at the start of H2 has been steady and the full year budgets reflect an expectation that the weather improves somewhat as the summer progresses. The business is in a healthy position and its long-term prospects remain sound.

Vast Resources 0.175p £2.1m (VAST.L)

The AIM-listed mining company announces that it has received a Notice of Acceleration and Enforcement in relation to the Debt Facility. The Notice given is to the effect that if the outstanding debt of $5.82m is not repaid in full by 26 September 2024 it will then enforce the security given to Alpha by a third party which party would in turn have recourse to Vast. The Notice also declares that the Debt be immediately due and payable by Vast and is thereby demanded. The Company remains confident that it will be able to repay Alpha in full by 26 September 2024 out of the expected restructuring finance as referred to in the Company’s announcement of 29 April 2024 when this can be implemented.

Windward 94p £83.3m (WNWD.L)

The leading Maritime AI company announces the launch of a Generative AI-powered Maritime AI Expert aptly called MAI Expert. The virtual agent is a maritime subject matter expert that understands the business and its customers. It is powered by Generative AI and trained on Windward’s proprietary insights and maritime risk expertise, delivering rapid and demonstrable return on investment through increased productivity. The introduction of MAI Expert within vessel profiles is the first step in the Company’s Generative AI roadmap, with more tools to provide value for its customers.

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27 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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