Small Cap Feast

7th December 2023

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

Joiners: 
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.

Leavers: 
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

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