Small Cap Feast

3rd July 2024

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Dish Of The Day:


IntelliAM AI plc (AQSE: INT) has joined the Aquis Stock Exchange Growth Market. IntelliAM, an artificial intelligence company focused on the consumer goods industry, acquired 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 raise £5m to fund the Company’s expansion at 94p. per share. The Freefloat will be 16.5% following Admission and Completion of the acquisition of 53 North, with a market capitalisation of £18m.


Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

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)

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

ActiveOps 105.5p £75.3m (AOM.L)

The provider of Decision Intelligence software for service operations announces its audited results for the year ended 31 March 2024 (FY24). Revenue was £26.8m, up 5% (FY23: £25.5m) and adjusted EBITDA was £2.4m, up 243% (FY23: £0.7m), including an increase in capitalised development spend as the Group continues to focus on the development of advanced AI-based product features. The balance sheet remains strong with £17.6m cash and cash investments (FY23: £15.4m) and remains debt free. Trading in the first few months of FY25 has been in line with the Board's expectations.

Arkle Resources 0.21p £1.2m (ARK.L)

The mining exploration Company with projects in Ireland, Botswana and Zimbabwe provides an update on the proposed drilling programme on its Stonepark licence block in Limerick Ireland. Group Eleven Resources Corp, Arkle's partner and operator at Stonepark, has announced the following programme: The Carrickittle West Prospect extends approximately 11km along strike, spanning the Stonepark Project (76.56% Group Eleven and 23.44% Arkle) and the PG West Project (100% Group Eleven). Within the Stonepark portion of the prospect, drilling will consist of 3-4 holes totalling approx. 1,350m (hole depths of 350m to 550m). Drilling is expected to begin in calendar Q3 2024 and complete by year-end. Arkle is contributing its share of the costs of the programme, which is fully funded.


The South East Asian energy Company with a natural gas and clean energy portfolio announces that Harry Beamish has been appointed as Independent Non-Executive Director of the Company with immediate effect. Harry has significant expertise in the energy and renewables sectors with over a decade specialising in emerging markets. Harry has developed, advised and structured multiple renewable energy transactions across Hydro, Solar, Wind, and Energy Efficiency and advises companies within the Energy Transition space. Harry is the co-founder and Partner of Becquerel Capital, the development and structuring boutique focused on sustainable power infrastructure, with significant experience in Emerging Markets.

Good Energy Group 265p £48.3m (GOOD.L)

The 100% renewable electricity supplier and energy services provider has launched a new fixed tariff to help EV drivers charge vehicles both at home and on the go. The tariff offers a market-leading rate of just 7.4p per kWh for overnight charging during a five-hour window, ensuring EV drivers can charge up with 100% renewable electricity at home. The off peak rate means customers can charge a standard range Tesla Model Y from empty to 100% for £4.50. The tariff will be live until 31 July 2025. The tariff also comes with a free premium subscription to Zapmap, the go-to app for EV drivers helping them to search, plan, and pay for public charging. Good Energy is a long-term partner of and largest investor in Zapmap.

Fulcrum Metals 14.85p £7.4m (FMET.L)

The company focused on mineral exploration and development in Canada announces that it has on 2 July 2024 entered into a definitive option agreement with Terra Balcanica Resources Corp. (CNSX: TERA) (Terra) for the sale of its uranium projects located in Saskatchewan, Canada. Over the next four years, cash to Fulcrum (including the amounts received in April and June 2024) will be CA$300k, value of shares in Terra to Fulcrum will be CA$3.06m and exploration expenditures required by Terra will be CA$3.25m, according to the table shown in the RNS today. Fulcrum will be issued shares in Terra representing 5.15% of the issued share capital of Terra.

Maintel Holdings 245p £35.2m (MAI.L)

The provider of cloud, network and security managed communications services announces the appointment of Bob Beveridge and Angus McCaffery to the board of Maintel, with immediate effect. Bob Beveridge has been appointed an independent non-executive director and will chair the Company's Audit and Risk Committee. He is currently a non-executive director of Inspiration Healthcare Group plc and chair of Berkshire Local Enterprise Partnership Limited. Angus McCaffery has been appointed as a non-executive director of the Company and will join the Company's Nomination Committee. Angus co-founded Maintel and was previously an executive director of the Company until December 2020.

Physiomics* 0.675p £0.9m (PYC.L)

The leading mathematical modelling and data science Company supporting the development of new therapeutics and personalised medicine solutions, announced a placing of £381k at 0.6p. The Company will also be launching a retail offering to the Company's existing shareholders to raise up to an additional maximum of £25,000. FY2023/24 was a record year for the company for the highest ever total value of new contracts won. At the start of the new financial year, the momentum is continuing with the highest level of revenue already contracted. This latest round of capital will provide the Company with the foundations to execute on that pipeline and allow for further growth.

Shield Therapeutics 1.75p £13.7m (STX.L)

The commercial stage pharmaceutical Company that delivers Accrufer/Feraccru (ferric maltol) for patients suffering from iron deficiency (with or without anaemia), announces it has entered into a $5.7m monetisation agreement with AOP Health International Management AG (AOP), the largest shareholder in the Company, owning c. 39.8% of the Company's issued share capital. AOP's founder, Dr. Rudolf Widmann, will join the Shield Board as a Non-Executive Director, effective immediately. AOP will provide Shield $5.7m (the Advance) in cash, in exchange for the right to receive the $11.4m China approval milestone payment (the Approval Milestone) that may be paid to Shield by Jiangsu Aosaikang Pharmaceutical Co., Ltd (ASK Pharma, Shield's commercial partner for Accrufer in China). ASK Pharma continues to enrol patients into a Phase 3 study and enrolment is expected to complete late in 2024. Subject to the Phase 3 reading out successfully and regulatory approval by the Chinese regulator, Shield believes the Approval Milestone may be payable by the year ending 2026.

System1 Group 585p £74.2m (SYS1.L)

The marketing decision-making platform announces its results for the year ended 31 March 2024 (FY24). Total revenue was £30.0m, up 28% (FY23: £23.4m restated) and profit before tax was £3.1m, up 333% (FY23: £0.7m). Net cash was £9.6m (FY23: £5.7m). The new financial year has started strongly, particularly in the US, and the Company anticipates an increase of 50% in Q1 total revenue with platform revenue up 70% versus Q1 FY24. Double-digit revenue and profit growth is for the financial year as a whole.

Tekmar Group 9.75p £13.3m (TPG.L)

The provider of products and solutions for the global offshore energy market announces a significant contract award with a value in excess of EUR4m. The contract is for the design and supply of Tekmar Group's flagship Generation 10 cable protection system (CPS) product and associated ancillaries. The CPS units will be installed throughout a European wind farm project, which is part of a larger regional development. The project will commence immediately and be delivered in December 2025.


3 July 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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