Small Cap Feast

7th June 2024

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Dish Of The Day:



Whats baking in the oven?

Potential**** Initial Public Offerings:

ITF announced:

22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Company is looking to raise $40m, the net proceeds of which will be used by the Company for engineering capital expenditure, to enhance its supply chain resilience and for other general corporate purposes. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.

4th June: Advanced Oxygen Therapy Inc (AOTI): The medical technology group with a proprietary therapy for the reduction in hospitalisations and amputations caused by non-healing wounds, particularly diabetic foot ulcers, announces its Schedule One and expected first day of trading on the AIM market of the 18th June. The Group expects to raise $25m.

Media speculation:

2nd June: Online fashion firm Shein from China is preparing to file a prospectus ahead of a potential London float which could value it around £50bn.

Reverse Takeovers:

Change of Market:

Dual Listing :

Banquet Buffet

Corcel 0.115p £2.2m (CRCL.L)

The pan Angola-Brazil focused exploration and production company provided the following updates; the near-term focus in Angola will be on geological and geophysical (G&G) activities. The Company announces that the KON 11, KON 12, and KON 16 blocks have received all relevant approvals to acquire new G&G data through an Enhanced Full Tensor Gradiometry Survey. Following the appointment of Scott Gilbert as Interim CEO, as announced on April 25th, 2024, Mr. Gilbert, together with the management team, is progressing with the Company's operational activities in Angola to continue to pursue the potential which its current asset portfolio has to offer, while developing M&A opportunities in Brazil.

Helios Underwriting 186p £139.0m (HUW.L)

The only publicly traded investment company offering instant access to a diverse portfolio at Lloyd's of London, the world's largest insurance market today announces that Martin Reith has stepped down from his role as Chief Executive Officer, to pursue other opportunities. Michael Wade, currently Non-Executive Chairman, will become Executive Chairman with immediate effect as the search for Martin's successor begins. Nigel Hanbury, currently Executive Deputy Chairman, will become Non-Executive Deputy Chairman.

Kibo Energy * 0.016p £0.7m (KIBO.L)

The clean/renewable energy-focused development company announces a corporate restructuring plan, including proposed board changes, a divestment programme, placing and restructuring of the Company's balance sheet. Partly conditional fundraise with gross proceeds of £500k raised at a placing price of 0.015p. Mohammed Ashraf proposed to join Kibo as Executive Director and Chief Executive Officer. James Parsons proposed to join Kibo as Non-Executive Director with specific focus on overseeing and implementing the restructuring. Stefania Barbaglio proposed to join Kibo as Non-Executive Director and Chairperson. Clive Roberts proposed to join Kibo as Non-Executive Director. Debt reduced to a more sustainable level with no conversion rights with all MED's related assets used as collateral to further de-leverage the Company over time.

Ondine Biomedical 7.25p £20.1m (OBI.L)

The provider of light-activated antimicrobial technology to treat and prevent hospital infections announces its audited results for the year ended 31 December 2023. Revenue increased to $1.2m (2022: $0.6m), net loss for the year decreased to $14.4m (2022: $19.4m) and cash decreased to $2.9m (2022: $13.1m). The Company achieved their target goal of 10 new hospital deployments. Of note is the first adoption of Steriwave within the NHS in the UK at Pontefract Hospital (Mid Yorkshire NHS Teaching Trust). The Company also made significant progress towards Phase 3 clinical trial preparation and US launch readiness.

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 significant contract by a new UK-based biotech client. This client sits at the forefront of AI-driven design and development of novel therapies across various therapeutic areas. The project involves the use of our proprietary Virtual Tumour technology to help guide the Phase 1b/2 dosing regimens for one of their oncology assets and benchmark it against the competition. The project is valued at £161,580 and is anticipated to be completed over the next five months. The project, and associated contract award, is one of the two referred to in the Company's trading update on 3 May 2024.

Safestay 21.5p £14.0m (SSTY.L)

The owner and operator of an international brand of contemporary hostels announces its Final Results for the 12 months to 31 December 2023. Revenue increased 18% to £22.5m (2022: £19.1m), Adjusted EBITDA increased 15% to £6.8m (2022: £5.9m) and the cash balance is £2.0m (2022: £5.2m) due to the acquisition of a freehold property in Edinburgh for £4.3m. Looking forward, bookings as at January 1st are significantly up on last year at £3.7m.

SRT Marine Systems 20p £44.5m (SRT.L)

The provider of maritime domain awareness systems and technologies for security, safety and environmental protection, provided a trading update. Whilst both systems and transceivers businesses are progressing well within the strategic global maritime domain awareness market, it is with considerable disappointment that it now appears likely that new project revenue milestones in the systems business which were expected to be completed in the current financial period will move into the early part of the next financial year. This is due to longer than expected customer contract completion administrative processes, resulting in significantly lower than expected revenues for the current year, which will aggregate to approximately £14m mostly derived from the transceivers division and thus resulting in a loss for the period.

SysGroup 34.5p £16.9m (SYS.L)

The technology partner for delivery and management of cloud, data and security to power Artificial Intelligence and Machine Learning transformation, announces that further to the announcement at 5:11 p.m. on 6 June 2024, it has successfully conditionally completed and closed the conditional oversubscribed Placing and Subscription to raise gross proceeds of £11m at an issue price of 33p per share. Approximately £2m of the proceeds of the Fundraising is intended to be used to fund an internal transformation project to provide the Group with systems utilising AI driven technologies. This will enable the Company to be a true AI adopter and innovator, acting as a live real case study of best practice to customers. Rather than drawing the Group's existing Bank facility, a further £2m will be used to meet the contingent earnout payment due in August 2024 in relation to the acquisition of Truststream Security Solutions Limited.

Trellus Health 1.45p £2.3m (TRLS.L)

A health services Company delivering innovative, scientifically validated programs and technologies designed to facilitate the management of chronic conditions, improve health outcomes and lower the costs of care, announces the appointment of Kevin L. Murphy Jr. as an independent Non-executive Director, effective immediately, and as Chair Designate. It is intended that Kevin will replace Dr. Daniel Mahony as Chair, on the conclusion of the board meeting to be held immediately after the Company's forthcoming annual general meeting on 14 June 2024.

Zenova Group 1.55p £2.2m (ZED.L)

The innovative fire suppression and interdiction Company today announces its results for the year ended 30 November 2023. Revenue increased to £278k (2022: £175k), loss after tax decreased to £1.7m (2022: £2.0m) and a cash balance of £98k (2022: £782k). The Company foresee the promising convergence of positive macro tailwinds in the fire interdiction markets, continued, recognised certification separation between the Zenova product range and the competition, and further exploitation of the Group's growing distributor relationships, which will drive accelerating sales growth for Zenova through the rest of 2024 and beyond.


7 June 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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