Small Cap Feast

7th March 2024

Dish of the day
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Dish Of The Day:


TMT Acquisition (TMTA.L) has left the Standard Segment of the London Stock Exchange.

Whats baking in the oven?

Potential Initial Public Offerings:

Reverse Takeovers:

Change of Market:

Banquet Buffet

Brooks Macdonald Group £16.275 £267.6m (BRK.L)
The company that provides investment management services in the UK and internationally, announces its interim results for the six months ended 31 December 2023. Revenue increased by 8.0% to £63.6m (H1 FY23: £58.9m). Furthermore, total funds under management grew 4.3% to £17.6bn (HY FY23: £16.8bn). Overall, underlying profit before tax was up 18% to £17.1m (H1 FY23: £14.5m). The Group is increasingly focusing client-facing activities around its distribution channels. The outlook for underlying profit for the year remains in line with market expectations.

Duke Capital 29.75p £123.6m (DUKE.L)
The provider of hybrid capital solutions for SME business owners in Europe and North America, announces the successful exit of its investment in Meteor HoldCo Limited, the 100% owner of Fabrikat, a UK manufacturer of street lighting columns and guard rails. This exit delivers an IRR of 36% for Duke, with further potential gains available from future performance-related deferred consideration. The exit comes three years after Duke's financing solution enabled Fabrikat's established management team to become majority equity owners.

Helium One Global 1.95p £72.5m (HE1.L)
The primary helium explorer announce its unaudited consolidated results for the six months ended 31 December 2023. The pre-tax loss was US$1.06m (six months ended 31 December 2022: loss of US$1.86m). As at 31 December 2023 the cash balances totalled US$8.7m. The Company commenced its second drilling campaign as scheduled in Q3 2023 and completed drilling of Tai-3 well to a total depth of 1,448m measured depth. Tai-3 well provided a valuable dataset which enabled a greater understanding of the region and the follow-on Itumbula prospect.

HSS Hire Group 8.35p £58.9m (HSS.L)
The provider of tool and equipment hire and related services in the UK and Ireland, announces that it has entered into an unconditional agreement to sell ABird Limited and APEX Generators Limited (Power) to CES Global (CES) for an enterprise value of £23.25m (Disposal). The cash proceeds from the Disposal will further strengthen the Group's balance sheet. HSS also confirms that trading for 2023 was in line with market expectations with year-on-year revenue growth of 5%.

Light Science Technologies 2.6p £8.7m (LST.L)
The company comprising of three divisions: controlled environment agriculture, contract electronics manufacturing and passive fire protection, announces that Dr Graham Cooley has been appointed as Non-Executive Chairman, and Richard Mills, previously a consultant to the Company, has been appointed as Independent Non-Executive Director. Myles Halley and Robert Naylor have both stepped down from their respective roles as Non-Executive Chairman and Non-Executive Director. All changes are effective immediately.

Nexus Infrastructure 77.5p £7m (NEXS.L)
The provider of essential infrastructure solutions, announces its results for the year ended 30 September 2023 (FY23). Revenue decreased to £88.7m (2022:£98.4m), and operating loss was £8.4m (2022: £0.3m) including exceptional items of £0.6m (2022: £0.0m). Order book was £46.0m at the year end 30 September (2022: £95.5m) and £57.2m at 31 January 2024 after a number of new contract awards. Cash and cash equivalents less borrowings for continuing operations totalled £14.6m (2022: £4.6m). After the sale of TriConnex and eSmart Networks in February 2023, Tamdown became the main trading business of Nexus. Given Tamdown's refreshed position and the Group's strong financial footing, Nexus is well-placed to return to a growth trajectory when the housebuilding market improves.

Physiomics* 1.9p £1.5m (PYC.L)
The mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, announces its unaudited results for the six months ended 31 December 2023. Revenue was £374k (six months ended 31 December 2022: £338k), and total income was £382k, including £8k of grant income (six months ended 31 December 2022: £346k). Operating loss was £236k (six months ended 31 December 2022: £287k) and cash and cash equivalents of £403k at 31 December 2023 (31 December 2022: £498k). The Directors believe the Company is on track to meet market expectations. The pipeline of potential new business now stands at over £1.5m (not risk weighted and excluding Biostatistics).

Strategic Minerals 0.25p £5m (SML.L)
The mineral company announce that the February sales tonnage of 4,898 tons recorded at Cobre was a 6-year high for February sales. Meanwhile, Southern Minerals Group LLC (SMG), the Company's wholly owned subsidiary and operator of the Cobre magnetite stockpile, is acquiring a Caterpillar Excavator (Trackhoe 320) to assist with expected volume increases. Current expectations are for sales of c.13,000 tons per quarter after March 2024. Revenue from Cobre for 2024 expected to be circa US$3.5m.

Sylvania Platinum 54p £142.2m (SLP.L)
The platinum group metals (PGM) producer and developer with assets in South Africa, announces that it has, on 6 March 2024, acquired 150,000 Ordinary Shares in the Company from the market at an average price of 53 pence per Ordinary Share, placed into Treasury pending cancellation. The Company's issued share capital is 275,375,725 Ordinary Shares. Following the above purchase, a total of 12,215,211 Ordinary Shares, including 450,000 pending cancellation, are held in Treasury. Therefore, the total number of Ordinary Shares with voting rights in Sylvania is 263,160,514 Ordinary Shares.

Zinnwald Lithium 6.6p £31.3m (ZNWD.L)
The European focused lithium company developing the integrated Zinnwald Lithium Project in Germany, provides an operational update. The Mineral Resource Estimate (MRE) confirmed a 445% increase in tonnes and a 243% increase in contained lithium. MRE and mineral processing test work confirmed the feasibility of including Albite Granites in production plans. Completed mineral processing pilot-scale tests in December 2023 confirming good lithium recoveries and mainstream front end flowsheet design. The Company announced its current cash position of EUR12.3m and it has continued to advance other targets within our 100% owned highly prospective exploration license areas totalling almost 10,000 hectares that surround the Zinnwald Project.

7 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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