Small Cap Feast

7th December 2023

Dish of the day
No Joiners today
Off the menu
No leavers today
Dish Of The Day:

Chapel Down Group (CDGP.L) has joined AIM. 
Afentra (AET.L) has been re-admitted to trading on AIM pursuant to the Sonangol acquisition which constitutes a reverse takeover.

Chapel Down Group (AQSE: CDGP) has left the Aquis Apex Market.

Whats baking in the oven?

Potential Initial Public Offerings:
01 December: Investment Evolution Credit ITF:
An U.K. registered fintech group that specialise in online consumer loans, announces its application for Admission to the AQSE Growth Market. The Company currently provides online consumer loans in the U.S. under the brand Mr. Amazing Loans and plans to provide online consumer loans in the U.K. under the brand IEC Credit. Expected AQSE Admission is on 14 December 2023.

30 November: Flex Labs ITF: a software business engaged in the development of advanced artificial intelligence (AI) middleware products, intending to offer these to business customers through a software as a service (SaaS) model announces its application for Admission to the AQSE Growth Market. Expected AQSE Admission date is on or around 15 December 2023.

23 November: Substrate Artificial Intelligence ITF: An artificial intelligence Company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health announces its Admission to the Aquis Growth Market. Expected AQSE Admission date is on or around 7 December 2023.

2 October: Tekcapital announced intention to spin off and IPO: MicroSalt: the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). Microsalt announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. AIM Admission delayed, expected mid-December.

Reverse Takeovers:
30 November: EnergyPathways RTO: Formally Dial Square Investments Plc, listed on the Standard Listing of the Main Market, announces its Admission to AIM pursuant to the Acquisition of EnergyPathways Limited which constitutes a reverse take-over. EnergyPathways is an integrated energy transition company, initially targeting development of UK gas assets, with the aim of bringing these into production. AIM Admission is expected mid-December.

Change of Market:
05 December: AdvancedAdvT Limited (ADVT.L):
Intends to delist from its Standard Listing of the Main Market and apply for the Admission of its shares to trading on AIM on 10 January 2024.

Banquet Buffet

4GLOBAL 55.5p £14.6m (3GBL.L)
A UK-based data, services and software Company focused on the sport, leisure and health announces its unaudited interim results for the six-month period ended 30 September 2023. Revenue was £1.8m (H1 22/23): £1.4m) an increase of 26% and as a result the gross profit margin improved to 60% (H1 22/23: 49%), due to internal operational leverage from higher revenue and adjusted loss of £0.6m (H1 22/23: £0.8m loss) was an improvement of 25%. The Company announces total new business won in this financial year to date stands at £3m and is trading in line with market expectations.

CAP-XX 1.53p £10.9m (CPX.L)
A Company focusing on the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices announces it has secured two new international patents. The first new international patent CAP-XX has secured will provide market protection for the Company's new cylindrical surface mount technology (SMT). CAP-XX's second new international patent relates to an innovative polymer system that binds together the active materials used in supercapacitors. The Company plan to deliver new SMT products in tape and reel packaging to allow and support customers in producing them in high volumes.

Chariot 11.63p £124.8m (CHAR.L)
The Africa focused transitional energy group announces that it has signed Partnership Agreements with Energean plc (Energean) on the Lixus Offshore licence (Lixus) where the Anchois gas development project (Anchois) is located, and on the Rissana Offshore licence (Rissana) in Morocco. Energean is to acquire 45% and 37.5% interests in the Lixus and Rissana licences respectively. Chariot will retain a 30% and 37.5% interest in Lixus and Rissana respectively, Chariot will receive US$10m payable on completion of the transaction, US$15m payable on Final Investment Decision and US$85m gross carry. Following completion of the Anchois well, Energean will have the right to acquire a further 10% of Chariot's equity in the Lixus licence.

EQTEC 0.033p £4.9m (EQT.L)
A technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation announces that it has signed an equipment supply agreement for engineering services and equipment supply for a plant in Wilseyville, California, USA that is being developed to cleanly convert approximately 25,000 tonnes per year of wood waste into synthesis gas. The Plant would also produce c. 2,400 tonnes per year of saleable biochar for agricultural and other uses. The Company expects to commence basic engineering work in early 2024 and to invoice c. $330k (c.EUR302k) for this work, and expects to complete in the first half of 2024.

Inspiration Healthcare Group 39.5p £27.0m (IHC.L)
The medical technology Company focusing specialist neonatal intensive care medical devices announces the appointment of Gordon Roy Davis (Roy) as a Non-Executive Director and successor to Mark Abrahams. Roy will become a Non-Executive Director with effect from 25 January 2024 and Chair from 21 March 2024, when Mark Abrahams will step down from the Board of the Company. On joining the Board, he will be appointed to the Nominations Committee and will succeed Mark Abrahams as Chair of this Committee. Roy brings a wealth of commercial experience in medical devices companies and has held leadership roles in several publicly listed med-tech companies.

LifeSafe Holdings 20p £5.1m (LIFS.L)
A fire safety technology business with innovative fire extinguishing fluids and fire safety products announces the launch of its new Pre-Trauma Fluid (PTF), a unique, non-conductive coolant fluid designed specifically to prevent thermal runaway in battery packs which can be caused by overheating, overcharging or damage. LifeSafe also announces a development partnership and collaboration agreement, signed with Xerotech Limited, one of the fastest growing battery manufacturers in Europe. Furthermore, LifeSafe also signed a partnership agreement with global fire suppression manufacturer Reacton Fire Suppression Limited, which specialises in the manufacture of automatic fire suppression systems for an extensive range of assets and industries.

N4 Pharma 0.78p £2.1m (N4P.L)
The pharmaceutical Company developing Nuvec, a novel delivery system for cancer treatments and vaccines, provides an update on its ongoing in vitro siRNA research work. The initial work involved investigating the combination of inhibition of EGFR (epidermal growth factor receptor) and BCL-2: (B-cell lymphoma 2) using PC-9 cancer cells. Subsequent work has confirmed that the expression level of BCL-2 in PC9 cells was at the limits of detection. The work the Company is doing shows that Nuvec can bind not only single, but multiple siRNAs aimed at simultaneously targeting identified pathways responsible for cancer progression after initial treatments.

Polarean Imaging 6.1p £13.2m (POLX.L)
A commercial-stage medical device Company focusing on magnetic resonance imaging (MRI) of the lungs, announces an update. The Company has received its first de novo polariser order from a U.S. academic medical centre. In addition, Polarean is working closely with several medical centres and their clinicians to ensure a smooth integration of XENOVIEW MRI into their infrastructure. The Company's current cash runway is expected to last into Q3 2024. Management is continuing to evaluate all options for further financing and will update the market further.

Vertu Motors 66.25p £225.7m (VTU.L)
The UK automotive retailer provides the following trading update for the three months ended 30 November 2023 (Period). The Period has witnessed a material change in the used vehicle market with UK wholesale values experiencing a significant reduction in October and November. This is due to higher supply in conjunction with retail demand being affected by affordability. The Group adapted to these changing market dynamics, which resulted in a reduction in Group inventory levels. Group like-for-like used vehicle volumes fell 2.0%, however gross profit generation was below anticipated levels. The Board anticipate that profits for the financial year ending 29 February 2024 will be below current market expectations.

Zambeef Products 6.25p £18.8m (ZAM.L)
The integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana announces its audited results for the year ended 30 September 2023. The Group achieved revenue of ZMW6.0bn (USD331.5m), along with a gross profit of ZMW1.8bn (USD101.0m). This represents a year-on-year increase of 5.6% and 6.3% in US dollar terms, respectively. Additionally, the Group delivered an operating profit of ZMW361.4m (USD19.8m) an increase of 96% year on year (2022: USD10.1m). Group income for the period increased 259% to USD6.59m (2022: USD1.8m) and holds cash and cash equivalents of USD12.9m. Zambeef is strategically positioned to seize the opportunities ahead and demonstrates adaptability in the face of an otherwise challenging operating environment.

7 December 2023
*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


Our daily digest of news from UK listed Small and Mid caps straight to your Inbox.


This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.

The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).

Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.

Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.

Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.

If you would like to unsubscribe, please email with “unsubscribe me”.

© Copyright 2024 - Hybridan | Website by Boxed Up Media
First Visit
bookcrossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram