Small Cap Feast

4th July 2024

Dish of the day
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Dish Of The Day:



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

Central Asia Metals 207.25p £360m (CAML.L)

The copper, zinc and lead production and exploration Company, announces its succession plans for the executive director team to ensure both continuity and effective leadership for the future. With effect from 1 October 2024, Nigel Robinson will step down as CAML's Chief Executive Officer (CEO), having successfully led the business for over six years. Also effective from 1 October 2024, CAML's current Chief Financial Officer (CFO), Gavin Ferrar, will succeed Nigel as the Company's CEO. CAML's Executive Director of Corporate Development, Louise Wrathall, will be appointed to the role of CFO on 1 October 2024, leading the strong existing finance team.

Deltex Medical Group 0.15p £2.8m (DEMG.L)

The oesophageal Doppler monitoring Company provides a trading update following the end of the first half of its current financial year on 30 June 2024. Unaudited revenue was £1.06m (H1 2023: £1.06m) excluding a further £92k of orders received in H1 2024 awaiting components or payment prior to shipment. EBITDA was positive for two months during H1 2024 and continuing improvement is expected in the second half of the current financial year ending 31 December 2024. Cash at hand on 30 June 2024 was £325k (H1 2023: £107k). The significant growth in the probe unit sales into the international markets shows that the focus on the international markets is working. Management expects the momentum to continue through H2.

Distribution Finance Capital Holdings 33p £58.2m (DFCH.L)

The bank providing working capital solutions to dealers and manufacturers across the UK, provides a trading update for the six months ended 30 June 2024. New loan origination exceeded a record £709m up c.17% (H1 2023: £607m). The loan book was £600m (H1 2023: 519m), in line with seasonal expectations. In light of the strong performance during the six month period, the Group's underlying trading performance is expected to be ahead of market expectations for the full year, driven by stronger net interest income, lower impairments and loss provisions and stronger cost control.

Fusion Antibodies 3.2p £3.1m (FAB.L)

The specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, provides an update on trading, commercial and research progress for the first quarter of the current financial year ending 31 March 2025 (Q1 FY25). Unaudited revenues for Q1 FY25 was of c.£522k (Q1 FY24: £241k). The order book at 30 June 2024 was approximately £0.7m. The order book includes a number of multi-stage projects for its clients and, subject to these projects progressing in line with expectations, revenue is expected to be recognised for all projects in the current order book in the current financial year.

Image Scan Holdings 2.2p £3.0m (IGE.L)

The specialist supplier of X-ray screening systems to the security and industrial inspection markets, announces that it has been selected for a contract with a prominent UK defence contractor, NP Aerospace Limited for the supply of its ThreatScan portable X-ray system. The contract (subject to the finalisation of commercial terms) will commence with a three month trial and testing process expected to commence in September 2024. Once the trials are successfully concluded, Image Scan will commence delivery of its ThreatScan portable X-ray systems. The estimated contract value is c.£3m over a 36 month period. The contract will not impact the Company’s sales and profit performance for the year ending on 30 September 2024 (FY24) with revenue and profits being recognised in FY25 and FY26.

Induction Healthcare Group 12.5p £11.5m (INHC.L)

The digital health platform driving transformation of healthcare systems Company, announces its audited results for the year ended 31 March 2024 (FY24). Revenue increased 5.6% to £14.4m (FY23: £13.6m), Adjusted EBITDA was £0.3m (FY23: loss £4.0m) and net cash at the year end was £3.7m (FY23: £4.3m). The Zesty portal continues to be the Company’s growth engine as the NHS sees value in digitizing interactions with patients who have an outpatient appointment. The Company indicates that FY24 was the year of stabilising and FY25 is a year for generating growth in new areas.

Itim Group 38p £11.9m (ITIM.L)

A SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance, announces that it has signed a five-year multi-million-pound contract with Assaí Atacadista (Assaí), the largest Brazilian wholesaler, with more than 300 stores. Itim's UNIFY Price and Promotions Optimisation platform powered by Profimetrics AI provides its retail customers with advanced analytical capabilities to optimise prices and promotions, drive sales, and improve profitability by leveraging data-driven insights. The execution of this contract is in line with the Company's financial expectations for the current financial year.

Katoro Gold 0.0925p £1.5m (KAT.L)

The strategic and precious minerals exploration and development company, announces, following completion of due diligence, the confirmation of Mr Patrick Cullen as Interim Chief Executive Officer on the Company's Board. As outlined in the Company's announcement on 28 June 2024, Mr Cullen has extensive geological, geophysical and mining experience gained while working in the junior resource exploration and major mining sectors. This includes board and senior managerial experience at AIM, TSX and ASX listed junior explorers.

Light Science Technologies 2.7p £8.8m (LST.L)

The company that comprises three divisions: controlled environment agriculture (CEA); contract electronics manufacturing (CEM) and passive fire protection (PFP), provides a trading update for the six months ended 31 May 2024 (H1 FY24). Revenue is expected to be c.£5.2m (H1 FY23: £4.4m), up by approximately 19.3% year-on-year, with consistent growth through all divisions of the business. EBITDA is expected to be positive (H1 FY23: £494,000 EBITDA loss). The Group’s total quoted sales pipeline currently amounts to over £47m, with a committed orderbook currently worth nearly £5m.

One Heritage Group* 7p £2.7m (OHG.L)

The residential developer, development manager and property manager focused on the North of England, announces that it has completed the sale of the building Seaton House, Stockport for £600k. Additionally, the Company has exchanged conditional contracts for the sale of the land to the rear of Seaton House, an existing car park, for a sale price of £400k. The completion of this sale is subject to the buyer obtaining planning approval. The contract includes a nine month long stop period with the seller able to extend by three months, and the buyer is obligated to submit the planning application within three months of the exchange of contracts. Should the conditional land transaction also complete, total gross proceeds would therefore be £1m on which the Company would recognise a loss after selling costs of £139k. Proceeds from these transactions will be reinvested into the Company's pipeline of residential development projects in the North of England.


4 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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