Small Cap Feast

29th February 2024

Dish of the day
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Dish Of The Day:



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

Arecor Therapeutics 137.5p £42.1m (AREC.L)
The biopharmaceutical group advancing today's therapies to enable healthier lives, notes the announcement from subsidiary company, Tetris Pharma Ltd, that Ogluo® (glucagon prefilled autoinjector pen) has been launched in the Netherlands as a treatment for severe hypoglycaemia in adults, adolescents, and children aged two years and over living with diabetes mellitus. Today's launch builds on the continued roll-out of Ogluo® across key European markets, including, Denmark, Norway, Austria, Germany and the UK, as part of Tetris Pharma's pan-European commercialisation programme.

Blackbird 6.25p £23.0m (BIRD.L)
The technology licensor, developer and seller of cloud video editing platform, Blackbird®, announces a placing of new ordinary shares at a price of 6.0 pence per share (Placing Price) to raise approximately £1.05m before expenses (Placing). The Placing Price represents a discount of approximately 13.0% to the closing mid-market price of 6.9 pence on 28 February 2024. The proceeds will be used to bolster the Company's investment in product. Prior to the Placing, the Company currently has approximately £5.9m in cash and short-term investments.

Cleantech Lithium 15.75p £22.9m (CTL.L)
The exploration and development company advancing lithium projects in Chile, announces that it now expects to publish the Pre-Feasibility Study (PFS) for the Laguna Verde Project in Q3 2024. The current drilling programme at Laguna Verde is designed to produce the first JORC compliant reserve estimate for the project, and will also produce a hydrogeological model to design the extraction and reinjection wells to maximise the recovery of the lithium resource. Completion of the PFS, along with process and product verification, are key steps in 2024 to engage with high quality strategic investors for offtake and project funding.

Coro Energy* 0.22p £6.3m (CORO.L)
The South East Asian energy company with a natural gas and clean energy portfolio, announces an update on the ongoing legal proceedings against an Italian contractor in relation to damages following the historical cessation of production at the Bezzecca field in Italy. The Company is claiming damages of approximately EUR 300k for the capital and related costs of the replacement equipment and necessary cathodic protection and a further EUR 7m for consequential losses, including both lost revenue and incurred fixed costs, during the shut in period. The judge has set the first hearing for 5th June 2024, before which various supplementary memorandums are required to be filed by both sides.

Facilities by ADF 51p £41.3m (ADF.L)
The provider of serviced production facilities to the UK film and high-end television (HETV) industry, provides a trading update for the year ended 31 December 2023 (FY23). Revenue expected to be £34.8m (FY22 £31.4m), adjusted EBITDA of £7.3m (FY22 £7.9m) and adjusted profit after tax of £1.1m, down 77% (FY22 £4.8m). ADF supported 84 high-profile productions in FY23 with an average revenue per production of £302k (FY22 - £381k). The Company expects the financial performance of H1-FY24 to be ahead of the H2-FY23.

Intelligent Ultrasound Group 8.75p £28.6m (IUG.L)
The 'classroom to clinic' ultrasound company specialising in AI software and simulation, announces NHS Education for Scotland (NES) has incorporated the company's NeedleTrainer and ScanNav Anatomy Peripheral Nerve Block (PNB) in its anaesthesia training program. The platforms will be used at the School of Medicine, University of St Andrews where Dr Alasdair Taylor and co-director Dr James Bowness will use NeedleTrainer as part of their two-day Regional Anaesthesia: Plan A Blocks course.

ITIM Group 32.5p £10.1m (ITIM.L)
A SaaS based technology company that enables store-based retailers to optimise their businesses, announces an unaudited trading update for the year ended 31 December 2023. Revenues increased 15% at £16.1m (2022: £14.0m (audited)) in line with current market expectations and EBITDA is expected to be £0.68m (2022: £0.21m (audited)) ahead of market expectation of £0.3m. Total loss before tax is also anticipated to be ahead of market expectations. The Group ended the year with cash balances of £1.9m with no outstanding loans. On 27 February, 2024, the Company announced a significant multi-million pound contract with Quiz Clothing to implement the Group’s first fashion customer on the end-to-end retail platform.

Oncimmune Holdings 21.4p £16.1m (ONC.L)
The autoantibody profiling company that enables precision medicine, provides its audited results for the financial year ended 31 August 2023 (FY23). Revenue for the period was £2.1m and profit after tax was £4.1m, largely arising from a gain on disposal of £12.2m. Loss from continuing operations was £6.2m in FY23. The implementation of the new strategy announced on 12 October 2023 is continuing. FY24 revenue is expected to be approximately £3m, including a growth of 150% in revenues from continuing operations of £1.2m in FY23. Coming up to the end of H1 FY24, work to achieve approximately 75% of the forecast FY 2024 revenue has been secured, with the majority of samples received or expected imminently allowing lab work to begin and revenue to be recognised in due course.

Oxford Cannabinoid Technology 0.44p £4.8m (OCTP.L)
The biotech company developing prescription cannabinoid medicines, announces the appointment of Lord Mott OBE as an independent Non-Executive Director, effective immediately. Lord Mott has held senior positions in a range of organisations, including experience in relation to private equity and venture capital. Lord Mott currently serves on the board of an endowment fund, supporting the contribution of capital and achieving the long-term aims of its investors.

Silver Bullet Data Services Group 165p £28.8m (SBDS.L)
The provider of AI driven digital transformation services and products, announces a trading update for the year ended 31 December 2023. Total revenue increased by 42% to £8.3m (FY22: £5.8m) and revenue from 4D AI increased 85% to £2.8m (FY22: £1.5m).Losses were significantly reduced due to revenue acceleration and cost reduction. US and globally operating clients now account for more than 50% of total revenues. Committed revenue for 2024 currently is in excess of £5m, £1.1m of which derived from 4D AI and £4.0m from Customer Experience (CX) Services.

29 February 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged


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