Small Cap Feast

28th March 2024

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Dish Of The Day:



Asimilar Group Plc (AQSE:ASLR) has left the Aquis Stock Exchange

Whats baking in the oven?

Potential Initial Public Offerings:

21 March 2024: Helix Exploration —The Company pursuing the exploration, commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Montana, USA announces its intention to list its shares on AIM. Total capital to be raised on Admission of up to £7.5m. Expected Admission date of early April 2024.

18 March 2024: European Green Transition **** is developing a portfolio of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition and announces its intention to conduct a fundraise and to list its ordinary shares on AIM. The Company intends to implement a disciplined M&A focused model and has already acquired a portfolio of assets, notably their principal Olserum Rare Earth Element (REE) project.

Reverse Takeovers:

Change of Market:

Banquet Buffet

Audioboom 242.5p £39.7m (BOOM.L)
The global podcast company announce the continued expansion of its creator network through new exclusive partnerships with top tier podcasts including Pretty X Unfiltered, BDA with Katherine Schwarzenegger, Soder, Omnibus, Do We Know Them?, and George Conway Explains It All To Sarah Longwell. These shows are expected to contribute more than 4 million downloads per month to the Audioboom Creator Network. Expansion of the podcast partnerships has been integral to the Company establishing the fourth biggest podcast network in the US.

Baron Oil 0.0575p £14.7m (BOIL.L)
The oil and gas exploration and appraisal company, provides an update in relation to the offshore United Kingdom Licence P2478 (Licence), in which Baron holds a 32% interest. Offshore UK Licence P2478 will be surrendered to the UK North Sea Transition Authority (NSTA) on 31 March 2024, following unavoidable and significant delays to the acquisition of 3D seismic data, as had been stipulated in the Deed of Variation concerning the extension to Phase A of the Licence. Commitments have been fulfilled and there remain no further obligations beyond the statutory submission of a relinquishment report.

Coro Energy* 0.19p £5.4m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces that binding Key Terms have been agreed for the sale and purchase of the domestic portion of Mako gas with PT Perusahaan Gas Negara Tbk (PGN), the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. Under these binding Key Terms, Conrad, the operator of the Duyung PSC, and PGN will agree in good faith and sign a fully termed Gas Sales Agreement (GSA) for the domestic portion of the gas produced from the Mako field located in the Duyung Production Sharing Contract (PSC). Coro has a 15% working interest in the PSC. The Company further notes updates in Mako Gas Field Resources. The net attributable to Coro 2C resources are reduced from 42.1 to 36.6 Bcf gas. Revisions pertain to the revised FID timing and delay in Mako field production startup until mid-2026.

Global Connectivity* 0.425p £1.5m (AQSE:GCON)
The Company focused on communication services and technologies that enhance connectivity, announces that the Board has agreed that the terms of the warrants attached to shares subscribed during its IPO in October 2020, which total 101,622,400 warrants, will be amended. The Company are extending the warrant exercise period by two years from 21 April 2024 to 20 April 2026 for the 100,000,000 investor warrants and decreasing the warrant exercise price to 1.5p per share. The 1,622,400 adviser warrants which expire on 21 October 2025, will be extended by six months to 20 April 2026 and on the same terms at a warrant exercise price of 1.5p per share, which will take effect at the same time as the 100,000,000 investor warrants are being extended and amended.

Journeo 275p £45.3m (JNEO.L)
The provider of information systems and technical services to transport operators and authorities, announces it has received a £1.5m purchase order from Swansea Council. The purchase order is for the manufacture, installation and maintenance of a range of the latest Journeo Thin-Film Transistor (TFT), Liquid Crystal Display (LCD) and interactive totem technologies. The revenues are included in management's expectations of performance for the current financial year and add to the Company's strong order book, providing further future revenue visibility.

MediaZest* 0.0625p £1.1m (MDZ.L)
The creative audio-visual solutions provider, announces an update ahead of its Annual General Meeting (AGM) to be held at Unit 9, Woking Business Park, Albert Drive, Woking, GU21 5JY at 11:00 a.m. today. Ongoing long term project roll outs with existing customers have continued into FY24 as expected, with new projects confirmed with Pets at Home and Lululemon in the UK, a first LED installation for Arc'Teryx at its London Flagship store, and further orders secured with a large global automotive client in Europe. The Board is confident in MediaZest’s ability to deliver year-on-year growth, alongside targeting a return to profitability.

Microlise Group 140p £162.3m (SAAS.L)
The provider of SaaS based transport technology solutions to fleet operators, announces that it has signed an initial 5-year contract for a total value of AU$20M (approximately £10.6m), with WooliesX, part of the Woolworths Group, Australia's largest supermarket chain. WooliesX has selected Microlise to deploy applications across its entire online delivery fleet operation throughout Australia. WooliesX roll out of Microlise's solutions has already begun, with the remainder taking place across the rest of 2024.

One Heritage Group* 10p £3.9m (OHG.L)
The UK-based residential developer focused on the North of England, yesterday announced its interim results for the six months ended 31 December 2023. Revenue was £9.15m, up 59% (H1 FY23: £5.75m), as a result gross profit improved by £0.44m to a profit of £0.16m (H1 FY23: loss £0.28m). Net debt was £18.67m (H2 FY23: £16.94m) an increase of £1.73m. Post period, the Company announced Practical completion of St. Petersgate, Stockport and North Church House, Queen Street, Sheffield. The Company is on track to deliver strong revenue for FY24, driven by robust pipeline of property sales.

Quiz 5.4p £6.7m (QUIZ.L)
The omni-channel fashion brand, specialising in occasion wear and dressy casual wear announces that Tarak Ramzan, Chief Executive Officer (CEO) and founder of the business, is to step down as CEO with immediate effect. Tarak, will assume a Non-Executive Director role. Sheraz Ramzan, current Chief Commercial Officer, has been appointed as Chief Executive Officer with immediate effect. The Company also provides a trading update. Sales from 1 April 2023 to 29 February 2024 amounted to £74.4m, a £10.3m or a 12% reduction on the prior year period.

Sareum Holdings* 11.25p £8.1m (SAR.L)
The biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces its unaudited results for the six months ended 31 December 2023. Loss on after taxation was £2.5m and the Group held cash at 31 December 2023 of £0.4m. Post period end a UK R&D tax credit of £0.4m received in January 2024. The Company further announces a equity fundraise of up to £1.5m via the issue of new ordinary shares at 10 pence per new ordinary share, i.e. a discount of 31% to the closing price of 14.5 pence on 27 March 2024. As part of the equity raise, a retail offer is being made via Winterflood Retail Access Platform (WRAP) to raise up to £300k also at 10 pence per new share.

28 March 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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