Small Cap Feast

3rd May 2024

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Dish Of The Day:


TheWorks (WRKS.L) has transferred to AIM from the Premium Segment of the Main Market. 

Electric Guitar (ELEG.L) has transferred to AIM from the Standard Segment of the Main Market.


Whats baking in the oven?

Potential Initial Public Offerings:

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Angle plc 15.5p £40.4m (AGL.L)

The liquid biopsy company with innovative circulating tumour cell solutions for use in research, drug development and clinical oncology announces that it has signed a supplier agreement to develop a Parsortix-based Androgen Receptor detection assay for use in prostate cancer studies. The supplier agreement reported here is with AstraZeneca. This follows an earlier agreement to develop a methodology for CTC micronuclei detection using the Company's DNA Damage Response assay, announced on 24 April 2024. Under the terms of this agreement, worth £550k to ANGLE, the Company will develop a CTC-based AR assay. Assay development will take place in the ANGLE's UK laboratories, with project completion expected in Q1 2025.

Duke Capital 31.75p £131.9m (DUKE.L)

The provider of hybrid capital solutions for SME business owners in Europe and North America announces a follow-on investment of £4m into its existing capital partner, BPVA Limited. This investment will enable BPVA to complete its latest acquisition as well as reorganise the shareholder base through the buyout of certain minority investors. Duke's funds will be used to facilitate BPVA's acquisition of Sabeo Holdings Ltd, an IT contracting and talent acquisition business, as well to complete a reconfiguration of the shareholding structure of the BPVA entity.

Essentially Group 52.5p £26.9m (AQSE: ESSN)

As announced on 8 March 2024, Essentially' s wholly owned subsidiary, Essentially Holdings Limited, a company registered in Abu Dhabi Global Market has entered into a binding share purchase agreement for the acquisition of the entire share capital of Best of Latin Foodstuff Trading LLC from the sole shareholder of Best of Latin, Catalina Oñate for a total consideration of £1.94m. The long stop date for the completion of the acquisition was 3 May 2024. The parties to the Share Purchase Agreement have agreed an extension of this long stop date to 31 May 2024 to allow additional time to obtain the approval from the Department of Economic Development in Dubai UAE.

i-nexus Global 2.75p £0.8m (INX.L)

The cloud-based Strategy software solutions designed for the Global 5000 announces its unaudited results for the six months ended 31 March 2024. Revenue increased 4% to £1.74m (H1 2023: £1.67m). Adjusted EBITDA loss was reduced to 53k (H1 2023: loss £358k). Cash and cash equivalents increased to £250k (H1 2023: £147k) due to effective working capital management measures. i-nexus is well positioned to capitalise on the continued rise in interest for a strategy execution software solution as companies across all industries accelerate the digitisation of mission-critical processes.

Mirriad Advertising 1.3p £6.4m (MIRI.L)

The virtual in-content advertising and virtual product placement company announces, further to the announcement on 2 May 2024 regarding the launch of a proposed placing by way of an accelerated bookbuild, that the accelerated bookbuild has closed and the Company has conditionally raised gross proceeds of £6.12m at a price of 1.25p per new Ordinary Share. Assuming the Directors' Subscription proceeds as intended, the Company has conditionally raised total gross proceeds of £6.3m from the Placing and Directors' Subscription.

Pharos Energy 23p £96.7m (PHAR.L)

The independent energy company announces that Marianne Daryabegui, independent Non-Executive Director, will retire from the Board of Directors of Pharos at the conclusion of the Company's forthcoming annual general meeting on 23 May 2024. Accordingly, resolution 6 within the notice of the AGM, proposing the reappointment of Marianne Daryabegui, will be withdrawn from consideration at the meeting.

Physiomics * 1.3p £1.8m (PYC.L)

The mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, provides a trading update. Despite a strong pipeline of potential new business, several large contracts have taken longer than expected to be signed and as a result, the total income for the financial year ending 30 June 2024 (FY24) is now expected to fall in the range of £600k-650k. The Company is in the final stages of negotiation for two projects for a total value of approximately £350k. Whilst the Board anticipates these two projects to be signed in FY24, the majority of the revenue is now expected be recognised in the next financial year ending 30 June 2025 (FY25), and accordingly the Board's expectations for FY25 revenues have been correspondingly increased. The Company has, to date, secured £225k of revenue in respect of FY25 which is expected to increase to over £0.5m on the signing of the two aforementioned contracts.

Prospex Energy 5.8p £19.3m (PXEN.L))

The investment company focused on European gas and power projects, announces an update from the Selva Malvezzi production concession in Italy following the publication by Po Valley Energy (PVE) of its Q1 2024 activity report. Po Valley Operations Pty Limited, a wholly owned subsidiary of PVE, is the operator of the Selva Malvezzi production concession and has a 63% working interest, while Prospex has the remaining 37% working interest. The weighted average gas sales price for the quarter was EUR0.30/scm. Gross Quarterly production was 6,385,255 scm (2,362,544 scm net to Prospex) and gross revenue for the quarter was EUR1.9m (EUR0.7m net to Prospex).

Roadside Real Estate 9.5p £13.6m (ROAD.L)

The real estate business focused on building and scaling a high-quality portfolio of modern roadside retail assets, including modern EV charging infrastructure, announces its audited results for the 15-month period to 30 September 2023. Revenue decreased to £0.1m (2022: £4.3m) and loss after tax increased to £10.2m (2022: loss £9.5m). Net cash increased to £0.0m (2022: net debt £0.4m). The Group has improved liquidity following the issue of a loan note in April 2024, refinancing and extending its debt facilities alongside the proceeds from the Cambridge Sleep Sciences (CSS) stake sale. Roadside is currently focused on two further development assets in Swindon and Spalding.

Xeros Technology Group 1.375p £7.2m (XSG.L)

The creator of technologies that reduce the impact of clothing on the planet, confirms that under the terms of a Board Observer Agreement dated 2 May 2024 between the Company and Amati Global Investors Limited, it has appointed Paul Jourdan of Amati as a board observer at an annual fee of £20,000, payable to Amati. The entering into of the Observer Agreement by the Company with Amati is a related party transaction for the purposes of the AIM Rules by virtue of Amati being the appointed Fund Manager of Amati AIM VCT plc, a 12.8% shareholder of Xeros.


3 May 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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