Small Cap Feast

5th February 2024

Dish of the day
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Dish Of The Day:



Whats baking in the oven?

Potential Initial Public Offerings:

12 January: The London Tunnels PLC announces its intention to seek Admission to the Standard Segment of the Official List and to trading on the Main Market of the LSE. The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940’s, and designed to shelter people during the London Blitz. The Company has successfully raised approximately £10m from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market. The Company is expected to have a market capitalisation of approximately £123m on Admission. Delayed: Expected Admission was before the end of January 2024.

Reverse Takeovers:

30 January: Location Sciences Group Plc is proposing to acquire the entire issued share capital of Sorted Holdings Limited (Sorted) for a nominal consideration of £1.00 (Acquisition). Sorted operates a software-as-a-service (SaaS) business model providing delivery experience software which serves ecommerce retailers - from large, global enterprises to smaller, independent start-ups. Pursuant to Rule 14 of the AIM Rules for Companies, the Acquisition constitutes a reverse takeover. Capital to be raised on Admission is approximately £2.0m via a subscription for new Ordinary Shares. Anticipated market capitalisation on Admission is approximately £6.68m. Expected AIM Admission date is 19 February 2024.

Change of Market:

Banquet Buffet

Artemis Resources 0.875p £12.8m (ARV.L)
The gold copper and lithium focused resources Company provide a update on its recent ground reconnaissance program which has resulted in a significant lithium pegmatite discovery at the Mt Marie Lithium Prospect. Ground reconnaissance sampling from 100% owned Artemis Resources tenement E47/1746 delivers positive assay results including: 23AR01-17 - 1.82% Li2O; 23AR01-16 - 1.62% Li2O; 23AR01-15 - 0.78% Li2O. Mineralisation was confirmed by XRD (x-ray diffraction) as being Spodumene. In addition, further work is being planned on the Osborne Lithium Project which is a joint venture with Greentech Metals (ASX:GRE) (ARV:49%-GRE:51%).

Christie Group 87.5p £23.2m (CTG.L)
The group that provides professional services covering surveying, valuation, agency, consultancy, finance, insurance, stock control and software solutions announces that its specialist business property adviser, Christie & Co, has assisted in the merger of two charitable trusts, operating in the social care sector. The Orders of St John Care Trust has announced its merger with The Fremantle Trust, in a transaction where Christie & Co's Care team brokered the combination of the two charities. This transaction illustrates and reinforces Christie & Co's longstanding and established reputation across the UK's social care sector.

EnSilica 48p £39.4m (ENSI.L)
The chipmaker of mixed-signal ASICs (Application Specific Integrated Circuits) announces that it has appointed Kristoff Rademan to the role of Chief Financial Officer. Kristoff will join the Company and Board in May 2024. Kristoff is a finance professional with over twenty years' experience working in corporate finance positions across the pharmaceutical and technology spaces. Kristoff is currently serving as Vice President, Group Financial Controller at Oxford Biomedica Plc. Kristoff previously spent a number of years at European specialty pharmaceutical company, Archimedes Pharma, including a period as the business's UK & Ireland Finance Director.

FireAngel Safety Technology 5.75p £17.4m (FA..L)
The developer and supplier of home safety products provides at trading update on the year ended 31 December 2023. The Group expects to report sales of approximately £41.0m, down 28.8% (2022: £57.5m). Taking into account the net proceeds of £5.3m from the fundraising in June 2023, the Group had £3.1m of net debt as at 31 December 2023 (31 December 2022: £4.8m). With regards to the cash offer by Intelligent Safety Electronics Pte. Ltd (ISE) announced on 27 October 2023, the Offer timetable remains suspended. The Secretary of State has written to ISE and FireAngel on 21 December 2023 issuing a call-in notice under the National Security and Investment Act 2021. The Secretary of State has 30 working days to carry out its assessment and may extend the assessment period by a further 45 working days.

Gaming Realms 37.75p £111.2m (GMR.L)
The developer and licensor of mobile focused gaming content announces its pre-close trading update for the full year to 31 December 2023. The Company expects to report FY23 revenue of c.£23m and adjusted EBITDA of not less than £10.0m, up 23% and 28% respectively year-on-year, in line with Board's expectations. The Company ended the year with £7.5m of net cash. This strong performance has been driven by content licensing, with growth across all major markets. During the year, Gaming Realms went live with a further 44 partners across all its markets.

Gelion plc 19.5p £26.5m (GELN.L)
The Anglo-Australian battery innovator announces the appointment of Dr Louis Adriaenssens as Chief Technological Officer (CTO). Louis joins Gelion with exceptional experience in specialist battery innovation, manufacture and commercialisation, having most recently worked in Nevada as the Supervisor of Chemistry for Panasonic at the Tesla Gigafactory. The appointment of a CTO comes at a pivotal time in the development of Gelion's Lithium-Sulfur and Zinc-based battery technologies and operational expansion into the UK and Europe. This follows the acquisition of OXLiD Ltd in November 2023, whose founder Dr Adrien Amigues will now take up the role of President of Gelion UK and Europe.

Kromek Group 7.55p £45.3m (KMK.L)
The developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments announces that it has been awarded a grant of £1.3m under the UK Research and Innovation Horizon Europe guarantee scheme to participate in the Intelligent Radiation Sensor Readout System (i-RASE) project to develop a new class of radiation sensor powered by artificial intelligence (AI). The i-RASE project, to be led by DTU Space, is a collaboration between industrial and academic partners in Denmark, Germany, Norway and Italy to design, build and test a new class of radiation sensor based on cadmium zinc telluride and other advanced technologies. The project will start on 1 March 2024 and will run for a period of 48 months.

Parkmead Group 16.75p £18.3m (PMG.L)
The independent energy group announced it has been provisionally awarded three new offshore blocks by the North Sea Transition Authority in Tranche 2 of the UK's 33rd Licensing Round awards. This important award consists of a licence covering Blocks 14/15a, 14/20d and 15/11a situated in the Central North Sea. Parkmead will be operator and hold a 50% working interest, alongside its partner Orcadian Energy Limited. The new licence contains seven undeveloped oil discoveries within Mesozoic and Palaeozoic reservoirs. The most substantial of these is Fynn Beauly. The current licence commitment requires no major capital outlay.

Physiomics* 1.45p £2.0m (PYC.L)
The mathematical modelling and data science Company supporting the development of new therapeutics and personalised medicine solutions announces that it has been awarded a further contract by existing client, Numab Therapeutics (Numab). The project involves Pharmacokinetic-Pharmacodynamic (PKPD) modelling in support of one of Numab's oncology assets entering the clinic and will help inform dose and scheduling decisions. Dr Peter Sargent, CEO, commented: "Along with the project we announced with them in August 2023, this new project is testament to the continued support we provide and the great relationships we've built".

Vector Capital 31.5p £14.3m (VCAP.L)
The commercial lending group that offers secured loans to property developers and investors in England & Wales provides a trading update for the year ended 31 December 2023. FY23 revenue is expected to be above market expectations at no less than £5.7m. The Group continues to benefit from its strategic decision to mitigate against default risk by diversifying its portfolio and moving its weighting towards lower-value loans. The aggregate loan book was £48.9m at 31 December 2023, compared with £53.4m at 31 December 2022. At 31 December 2023, the Group had 108 live loans (2022: 107), with an average loan size of approximately £452k (2022: £499k).

5 February 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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