Small Cap Feast

31st May 2024

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


Dish Of The Day:


Admissions: 

Crism Therapeutics Corporation (CRTX.L) has joined AIM after the reverse takeover of Amur Minerals Corporation.

Delistings: 

Gama Aviation (GMAA.L) has left AIM. 
Cindrigo Holdings (CINH.L) has left the standard list of the main market.



Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Company is looking to raise $40m, the net proceeds of which will be used by the Company for engineering capital expenditure, to enhance its supply chain resilience and for other general corporate purposes. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.

Media speculation:


Reverse Takeovers:


Change of Market:

Dual Listing :

Critical Metals plc (CRTM.L), a mining company established to acquire mining opportunities in the critical and strategic metals sector, has announced that it has received approval from the OTC Market Group for the Company's ordinary share capital to cross-trade on the OTC Market's OTCQB trading platform in the US. Trading will commence when the market opens later today under the ticker symbol "CRTMF”.


Banquet Buffet

Aferian plc 5.25p £5.8m (AFRN.L)

The B2B video streaming solutions company announces its results for the year ended 30 November 2023. Revenues declined by $43.3m to $47.8m driven primarily by the reduction in volume of devices sold. Statutory operating loss of $63.8m includes the recognition of a $48.9m non-cash impairment charge. Net debt at 30 November was $6.1m (30 November 2022: net cash $4.0m). Post period end the Group has extended the term of its bank loan facilities to September 2025. The Group expects adjusted EBITDA for FY2024 to be lower than the FY2023 adjusted EBITDA of $1.6m (though still positive), and for this to be weighted into the second half of the financial year. Net debt at 31 March 2024 was $12.3m and is expected to be higher at 31 May 2024, reflecting the seasonal billing cycle of the Group and the costs of management actions in the first half to reduce the cost base and renegotiate the Group's loan facilities.

Alba Mineral Resources 0.0625p £5.2m (ALBA.L)

The mineral exploration company focusing on gold, graphite and ilmenite projects in in northern Europe (the UK and Greenland) reports on the progress of ongoing works at the Company's 100% owned Clogau-St David's Gold Mine in north Wales. All of the Trench 3 fines (sampled grade 17g/t Au) have now been processed. Preparations are ongoing for underground bulk sampling at primary Llechfraith Target, with final development plan now in place and roll-out of underground work plan in progress. The Company also confirms an extension to the option period in respect of its option over the Andover West Lithium Project in Western Australia.

Borders & Southern 2.52p £18.4m (BOR.L)

The London based independent oil and gas exploration company with assets offshore the Falkland Islands, announced its audited results for the year ended 31 December 2023. Loss after tax was $1.06m (FY22: a loss of $1.36m). Cash balance was $1.93m (31 December 2022: $2.71m). The Company operates and has a 100% interest in three Production Licences in the South Falkland Basin covering an area of nearly 10,000 square kilometres. The company continues to focus on moving the Darwin discovery forward.

CMO Group 21.5p £15.5m (CMO.L)

The UK's largest online-only retailer of building materials, announces its preliminary results for the year ended 31 December 2023. Revenue fell 14% to £71.5m, significantly impacted by the fall in the Tiles market. Gross profit totalled £14.9m (2022: £16.5m), reflecting a gross margin of 20.8%, (2022:19.8%). Closing cash at 31 December 2023 was £4.7m (2022: £6.2m) and net debt, i.e., cash less the balance drawn on the revolving credit facility, was £0.6m. The poor weather continued into Q1, and the tiles market continued to show major decline in both online and bricks and mortar segments. Whilst market conditions are expected to remain challenging, the Group is seeing an improving trend and some momentum in Q2 which is anticipated to continue into H2.

DP Poland 11p £101.2m (DPP.L)

The operator of pizza stores and restaurants across Poland and Croatia, announces its audited results for the year ended 31 December 2023. Group revenue increased by 25.0% to £44.6m (2022: £35.7m). System sales were up 25.1% to £46.1m (2022: £36.8m). Loss for the period was £3.5m, partly due to £1.4m non-cash and non-recurring charges. Cash balance was £1.9m as at 31 December 2023 (31 December 2022: £3.7m). The outlook for 2024 is exceedingly positive, supported by easing inflationary pressures and a supportive economic environment following recent political developments.

ECR Minerals 0.295p £5.4m (ECR.L)

The exploration and development company focused on gold in Australia, provides the final bulk sampling results from its reverse circulation drilling programme at the Kuboid Hill site in Creswick earlier this year. Bulk sampling of drilled material highlights high-grade pockets of gold within the broader scale mineralisation footprint. Most significant is the upgrade from 1m @ 1.04 g/t Au to 1m @ 8.37 g/t Au. Meanwhile, the Company resumed field operations in Queensland at Lolworth Project, focusing on priority targets including Gorge Creek, Reedy Creek, and Butterfly Creek, with stream samples yielding up to 1395 ppm Au. ECR is fully funded for its planned work programs in Victoria and Queensland in 2024.

Gemfields Group 12.75p £153.7.0m (GEM.L)

The supplier of coloured gemstones announced the auction results of higher-quality emeralds. Total auction revenues were US$35.0m. A total of 46 lots were offered for sale of which 43 were sold (93%). Average price was US$167.51 per carat. The 48 auctions of Kagem gemstones held since July 2009 have generated US$1,041m total revenues. The rough emeralds sold were extracted by Kagem (75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia.

LPA Group 65p £8.8m (LPA.L)

The innovation-led engineering specialist in electronic and electro-mechanical components and systems, announces that Paul Curtis has stepped down as Chief Executive Officer and a Board member of the Group with effect from today. Paul will remain as an employee of the Group until 31 July 2024. Paul joined the Group in 1988 and has held a number of senior positions including Chief Operations Officer before taking on the role of CEO in April 2020. The process of recruiting a successor has commenced and further announcements will be made as appropriate.

RTC Group 100p £14.7m (RTC.L)

The business that focuses on white and blue-collar recruitment, providing temporary and permanent labour to a broad range of industries and customers in both domestic and international markets, announce the appointment of Paul Crompton to the Board of the Company as Executive Director effective 1 July 2024. Paul is a highly experienced civil engineer with over 25 years of expertise across various industries. Transitioning into the recruitment sector in 2005, Paul initially served as an Operations Director for Vital Rail before assuming the role of Managing Director at Ganymede Solutions Limited, a subsidiary of RTC Group Plc, in 2013. Under his leadership, Ganymede has grown into one of the UK's leading suppliers of recruitment and workforce solutions in safety critical environments.

SEEEN plc 3.25p £3.0m (SEEN.L)

The media and technology platform that delivers Key Video Moments to drive increased views and revenues across video content, announces a conditional Placing and Subscription to raise a total of approximately £763k an Issue Price of 3p, to be undertaken in two tranches. The Issue Price represents a discount of 7.7% to the closing mid-market price of 3.25 p per ordinary share on 30 May 2024. The Fundraising builds on customer momentum during 2024 and, in particular, additional business won from existing and new customers since the start of 2Q 2024, worth in excess of US$500k in annualised revenues.

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31 May 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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