Small Cap Feast

5th March 2024

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Dish Of The Day:


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Delistings: 
City Pub Group PLC (The) has left AIM, following its acquisition from Young’s.



Whats baking in the oven?

Potential Initial Public Offerings:


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Change of Market:


Banquet Buffet

Beeks Financial Cloud Group 172p £113.4m (BKS.L)
A cloud computing and connectivity provider for financial markets, announces a further customer win. Beeks has achieved preferred cloud computing and connectivity vendor status for one of the largest banking groups. The onboarding process is underway and revenue from the win, which has the ability for further expansion, is expected to commence in H1 FY25, with an aggregate value of approximately £5m over five years, supporting recently upgraded Board expectations.

Bezant Resources 0.025p £2.8m (BZT.L)
The copper-gold exploration and development company, confirms that it has by an agreement dated 4 March 2024 agreed with Sanderson Capital Partners, a long-term shareholder in the Company to extend the repayment date for the £700k drawn down under the unsecured convertible loan funding facility is now repayable by 31 July 2025 and convertible by the Lender at the fixed price of 0.06 pence per share (New Conversion Price). No further amounts can be drawn down under the Facility. The Company has an option to convert all or part of the £700k drawdown if the Company's share price exceeds 0.14 pence for 10 or more business days.

Blackbird 5.9p £21.7m (BIRD.L)
The technology licensor, developer and seller of cloud-native video editing platform, announces its audited full year results for the year ended 31 December 2023. Revenues of £1,937k, down 32% year-on-year owing to no development fees on technology licensing in 2023. Contracted but unrecognised revenue of £1,770k down 48% (as at 31 December 2022: £3,426k). Net loss for the year was £2,493k compared to a net loss of £1,917k in 2022. At 31 December 2023, the Company had cash and short-term deposits of £6,468k (2022: £10,099k) and no debt. Contracted but unrecognised revenue of £1,514k at end of February 2024. Of this, £913k is to be recognised in 2024, a further £311k in 2025, with the remainder in 2026.

Crossword Cybersecurity* 4.5p £4.2m (CCS.L)
The cybersecurity solutions company focused on cyber strategy and risk, today announces that it has entered into agreements for five year, unsecured, convertible loans to the value of £275k, including certain directors of the Company. Following the issue of these loan notes, the Company has fully utilised the £2.5m additional debt capacity authorised at the general meeting held on 27 July 2023. The Company intends to use the £275k funding to provide additional working capital as the Company focuses on achieving EBITDA and cash breakeven in the second half of 2024.

Firering Strategic Minerals 3.8p £3.9m (FRG.L)
An exploration company focusing on critical minerals, announces that it has completed its 3,000m Reverse Circulation (RC) drilling campaign at Atex, its flagship lithium project in Côte d'Ivoire. A total of 23 holes were drilled for a total of 3,753m of drilling, giving an average hole depth of 163.2m. All RC holes were logged and sampled at 1m intervals. All fresh pegmatite samples were sent to Intertek Laboratories in Côte d'Ivoire for sample preparation, after which the prepared samples were sent to Intertek Laboratories in Australia for assaying. Assay results are expected in the coming weeks.

Harland & Wolff Group Holdings 11p £19.0m (HARL.L)
The company focused on strategic infrastructure projects and physical asset lifecycle management, announces that it has been awarded preferred bidder status for the Falkland Islands Port Replacement Project (FIPASS) by the Falkland Islands Government. The Directors believe that this project could generate total revenues between £100m - £120m over a two-year period, with works on the project expected to commence this year. The Company intends to spread the work across its multiple facilities in order to provide optionality and de-risk the fabrication of these pontoons.

Kibo Energy* 0.038p £1.6m (KIBO.L)
The renewable energy focused development company, announces the issue of 81,081,081 ordinary shares at an issue price of 0.037 pence per share to a service provider in payment of outstandings invoices for a total value of £30k. The issue price is the 10-day VWAP of the Kibo share on AIM on 1 March 2024.

LungLife AI 36.5p £9.3m (LLAI.L)
A developer of clinical diagnostic solutions for the early detection of lung cancer, announces that it has conditionally raised approximately £1.8m (approximately US$2.3m) through the conditional issue of new shares of common stock of the Company at a price of 35 pence per New Share (Issue Price). The Issue Price represents a discount of approximately 15.7 per cent to the closing price of 41.5 pence per Common Share on 4 March 2024. The net proceeds of the Fundraising, along with the Company's existing cash resources, are expected to be utilised to establish the commercial proof of concept of the Company's LungLB® test.

MediaZest* 0.065p £1.1m (MDZ.L)
The creative audio-visual solutions provider, announces its consolidated audited results for the year ended 30 September 2023 (FY23). Revenue for the year fell 17% to £2.3m (2022: £2.8m), loss after tax was £553k (2022: Profit After Tax of £12k and the Company has cash in hand at 30 September 2023 was £40k (2022: £45k). The Company further announced it had completed an equity fundraising of £120k (gross) as announced on 8 January 2024. The resumption of key client projects at the end of the year, a notable increase in incoming opportunities post year end, and an increasing contribution from recurring revenues. The Company further announces that the 2024 Annual General Meeting (AGM) will be held at Unit 9, Woking Business Park, Albert Drive, Woking, GU21 5JY on Thursday 28 March 2024 at 11:00 a.m. The Notice of AGM and the Report and Financial Statements for the year ended 30 September 2023 will be posted to shareholders today and are available on the Company's website: www.mediazest.com.

Tern 1.85p £7.6m (TERN.L)
The investment company specialising in supporting high growth, early-stage, Internet of Things (IoT) technology businesses, announces that InVMA Limited, which trades as KonektioTM (Konektio) has been placed into administration. 75% of Tern's holding in Konektio was transferred into a valueless class of Konektio deferred shares, as announced on 29 November 2023. Tern therefore currently holds approximately 8.8% of Konektio's equity and this holding had an unaudited book valuation of £222.6k as at 31 December 2023. Tern Directors believe that it is unlikely that any value will be realisable from Tern's holding in Konektio and Tern's holding in Konektio will therefore now be held at zero value.

5 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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