Small Cap Feast

28th February 2024

Dish of the day
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Dish Of The Day:


DP Eurasia N.V (DPEU.L) has left the Premium Listing of the London Stock Exchange

Whats baking in the oven?

Potential Initial Public Offerings:

Media speculation—Shein, the fashion retailer from China, is considering the possibility of switching its IPO from New York to London because of the hurdles to listing in the U.S. Chancellor Jeremy Hunt has met with the company. The company was reportedly valued at $66bn as part of share sale in 2023.

Reverse Takeovers:

Change of Market:

Banquet Buffet

AB Dynamics £18.50 £424.3m (ABDP.L)
The designer, manufacturer and supplier of testing, simulation and measurement products to the global transport market, issues a pre-close trading update for the six-month period ending 29 February 2024. The Group expects to deliver revenue growth of c. 5% to c. £51m. Net cash at 29 February 2024 expected to be c. £27m after the final deferred consideration payment of £5.7m for the acquisition of Ansible Motion. ABD Solutions continues to make good progress, with several full-scale commercial opportunities for the Indigo Drive retrofit automation system in the near-term pipeline. The Board expect that FY2024 performance is unchanged.

Animalcare Group 225p £135.2m (ANCR.L)
The international animal health business, announces that it has disposed of its majority shareholding in Identicare Ltd (Identicare) to BG Bidco 21 Limited, a newly incorporated company owned by funds managed by Bridgepoint Advisors II Limited, for a cash consideration of £24.9m payable upon completion of this sale. Net cash expected by the Company is expected to be around £27.0m. The disposal strengthens the balance sheet and enables the Group to accelerate organic and inorganic growth initiatives.

Artemis Resources 0.85p £14.0m (ARV.L)
The Australian-based mining exploration and development company report that a detailed strategic review of the Company's 100% owned Paterson Gold Project in Western Australia. A new priority target has been identified by a single station gravity anomaly, located ~2.5km from the Apollo Prospect. The depth of cover is unknown but represents a walk up target that warrants further exploration activity. Project located adjacent to Newmont/ Greatland Gold tier 1 discovery Havieron deposit containing over 6.5m oz Au. The Company is open to options to advance project including joint ventures and third party funding.

Avingtrans 360p £118.4m (AVG.L)
The international engineering group which designs, manufactures and supplies original equipment to the energy, medical and industrial sectors, announces its interim results for the six months ended 30 November 2023. Group revenue increased by 30.4% to £65.2m (2023 H1: £50.0m), as a result Adj.EBITDA increased by 14.1% to £7.3m. Adj. Profit before tax of £4.4m (2023 H1: £4.0m), and net debt at 30 November 2023 of £2.2m (31 May 2023: £13.0m net cash). Driven by investment in Slack & Parr, acquisition of the remaining 82% of Adaptix and ongoing investment in Magnetica. The Group is trading in line with management expectations and has good visibility over H2 FY24 revenue and profits.

Bradda Head Lithium 1.6p £6.2m (BHL.L)
The North America-focused lithium development group, announces finalisation of the land exchange over the unpatented lode claims at the Wikieup clay project in Western Arizona. Bradda Head will retain 66 new claims equating to 1,302 acres (5.27 km2), which the Company staked in early 2019. In turn, Bradda has transferred 55 unpatented lode claims to Arizona Lithium's subsidiary, Big Sandy Inc., to the amount of roughly 1,136 acres (4.60 km2), per the terms of this settlement. The new ground will be explored with geological mapping and surface sampling for opportunities, developing priority drill targets potentially for later in year.

EnSilica 67.5p £55.4m (ENSI.L)
A chip maker of mixed signal ASICs (Application Specific Integrated Circuits), announces that it has secured a order for the tape-out of a custom ASIC from a major electronics manufacturer headquartered in the US, worth c.US$20m in revenue for the calendar years 2025 and 2026 (Supply Win). This Supply Win, which was gained in part through the Company's global engineering and support team, alongside its extensive expertise with digital, analogue and radio frequency chips, is the first order from the US for manufacturing-only services utilising EnSilica's new silicon foundry channel partner.

Image Scan Holdings 1.05p £1.4m (IGE.L)
A specialist in the field of real-time X-ray imaging for the security and industrial inspection markets provides a trading update. The ThreatScan®-AS2 product was launched at the Middle Eastern Security Exhibition and the Company announces new orders for its Axis-CXi, expanded into new territories, including Spain and Switzerland. The Company has attended European and Middle Eastern demonstrations with new portable products and product combinations. The board are looking to create strategic opportunities to expand the business through partnerships and acquisitions.

Kibo Energy* 0.04p £1.7m (KIBO.L)
The renewable energy-focused development company, announces that its subsidiary Mast Energy Developments PLC (MED), a UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market has announced a new strategic funding partner & funding agreement, a new Capacity Market contract and termination of the Proventure joint venture agreement. Noting that the Funding Agreement described is with RiverFort Global Opportunities PCC Limited (RiverFort), an 11.68% shareholder in Kibo and MED, a subsidiary of Kibo.

Trellus Health 4p £6.5m (TRLS.L)
A digital health company providing scientifically validated, value-based solutions and services for chronic health conditions announces it has signed an agreement with a large US health plan, focused on Inflammatory Bowel Disease (IBD) condition management. The agreement is intended to run for up to twenty-one months, during which time members of the health plan with IBD that are receiving care in two US states will be eligible for inclusion in the Trellus ElevateIBD program.

Verditek 0.105p £0.6m (VDTK.L)
The clean technology company behind the development and production of lightweight, flexible solar panels, announces that it has entered into a conditional sale and purchase agreement to dispose of its solar business, to Verditek Solar Limited, a newly incorporated company owned and incorporated by the Company's bondholders for £528.3k. Subject to Completion, the resignation of each of the current directors, being The Rt Hon. Lord David Willetts, Robert Richards and George Katzaros and the proposed appointment of Bob Holt and John Charlton as directors of the Company. Bob Holt has agreed to assist the Company in procuring subscribers for 400 million new ordinary shares in the capital of the Company at 0.075p per share (up to £300k), Further details of a proposed fundraising to raise approximately £1.5m by the issue of new ordinary shares in the capital of the Company at 0.075p per share will be announced in due course.

28 February 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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