Small Cap Feast

4th March 2024

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Banquet Buffet

Autins Group 8.5p £4.64m (AUTG.L)
The UK and European manufacturer of the patented Neptune melt-blown material and specialist in the design, manufacture and supply of acoustic and thermal insulation solutions announces the appointment of Andrew Bloomer as CEO with effect from 22 April 2024. Andrew brings extensive experience of the European automotive manufacturing industry, particularly with electric vehicles and specialist fibre applications. Gareth Kaminski-Cook will step down from the Board and his role of CEO at the same time.

Beowulf 0.85p £9.8m (BEM.L)
The mining exploration Company with projects in Sweden, Finland and Kosovo announces the terms of its previously announced plan to conduct a capital raise comprising a preferential rights issue of Swedish Depository Receipts (SDRs) and a PrimaryBid retail offer in the UK of new ordinary shares. The new SDRs will be offered at a price of SEK 0.08 per SDR and the retail offer in the UK Issue at a price of 0.61 pence per share. The net proceeds from the Capital Raise, estimated to be approximately SEK 89m (corresponding to approximately £6.8m) (assuming full take-up under the Rights Issue and the UK Issue), will be used mainly to finance the continued development of the Kallak Iron Ore Project in northern Sweden.

Braveheart Investment 8.25p £5.3m (BRH.L)
The provider of debt/equity and advisory services to SMEs announces that further to the announcement on 22 December 2023 regarding the sale of Phasefocus Holdings Limited to Bruker UK Limited, all outstanding conditions to the sale have now been satisfied and the sale has therefore completed. The total proceeds for the sale was approximately £2.1m (after expenses). The sale represents a gain of £1.31m over cost, which represents a CAGR of 48.29% for Braveheart shareholders.

Caledonia Mining 622.5p £117.4m (CMCL.L)
The Zimbabwean focused exploration, development and mining corporation provides a trading update for the year ended December 31, 2023. Blanket Mine has continued to perform well since the end of the quarter ended September 30, 2023 with full year production for 2023 of 75,416 ounces. As a result, the Company expects to report revenue for the year in line with market expectations. However, increased operating costs and several significant one-off, non-operating costs in the final quarter of 2023 have resulted in reduced profit for the full year. The Company now expects to report an adjusted profit before tax for 2023 materially below market expectations.

Duke Capital 29.75p £123.5m (DUKE.L)
The provider of hybrid capital solutions for SME business owners in Europe and North America announces it has increased its equity stake in United Glass Group (UGG) from 30.0% to 73.8% through a £2.9m secondary share purchase from existing shareholders. UGG is a progressive and service-orientated group of architectural glass processing companies that has been operating in the UK market since the early 1980s. Duke also retains the right, but not the obligation, to provide additional senior secured debt funding to UGG to finance its future acquisitions with Duke's current debt exposure to UGG being £12m.

Faron Pharmaceuticals 162.5p £111.8m (FARN.L)
The clinical stage biopharmaceutical Company pioneering macrophage reprogramming for effective anticancer immunotherapies announces that it has obtained binding and irrevocable commitments amounting to a total of EUR3.2m from a limited number of existing shareholders to subscribe for convertible loan instruments to be issued by the Company. Receipt of the EUR3.2m committed funding enables the Company to secure its immediate short-term financing needs until the end of March 2024. In addition, approximately EUR5m of further short-term bridge financing is required.

Helios Underwriting 135p £100.m (HUW.L)
The investment vehicle which provides shareholders with a spread participation at Lloyd's announces the appointment of Mr Adhiraj Maitra to the newly created role of Chief Operating Officer. Mr Maitra (BSc, MSc, Actuary) joins Helios from Canopius where he is the Group Head of Sustainability. Over his 17 year career, Mr Maitra has had experience across a breadth of technical and leadership roles including five years as a Senior Manager with Lloyd's capital and planning, and four years with Willis Towers Watson leading the capital and risk initiatives in the London Market and as Global Head of Climate Change and ESG.

MyCelx Technologies 44p £10.1m ( MYX.L)
The clean water and clean air technology Company reports that all conditions of the sale of its Saudi Arabia Business to Twarid Water Treatment LLC have been satisfied and consequently the transaction has completed and the Company has received the initial consideration. Proceeds from the sale will provide the runway the Company needs to accelerate growth in its core markets. The Company will continue to sell MYCELX media products through the distributorship in Saudi Arabia. According to the RNS on 22 February 2024, the total consideration is up to $7.125m, consisting of $3.125m at closing and up to $4m on a deferred earn-out structure.

Tekmar Group 10.75p £14.6m (TGP.L)
The provider of technology and services for the global offshore energy markets announces its audited results for the year ending 30 September 2023 (FY23). Revenue was £39.9m, up 32% (FY22: £30.2m) and adjusted EBITDA loss was £0.3m (FY22: loss of £2.3m). The loss before tax was £9.9m (FY22: loss of £5.2m), due to a non-cash impairment charge of £4.7m to the goodwill in the Offshore Energy division. The Group held £5.2m of cash as at 30 September 2023 with net debt of £1.4m. The Group expects to be profitable at the adjusted EBITDA level in FY24.

Quartix Technologies 162.5p £78.6m (QTX.L)
The supplier of subscription-based vehicle tracking systems, analytical software and services announces its audited results for the year ended 31 December 2023. Group revenue increased by 8.6% to £29.9m (2022: £27.5m). The statutory loss for the year was £0.9m (2022: Profit £5.0m), due to a £3.8m non-cash provision relating to the replacement of all 2G units with 4G units in France; and a £2.7m non-cash impairment of the goodwill from the acquisition of Konetik Deutschland GmbH. Quartix has started 2024 well, with new installations in January approximately 10% ahead of the same period in 2023.

4 March 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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