Small Cap Feast

8th December 2023

Dish of the day
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Dish Of The Day:


Actual Experience Plc (ACT.L) has left AIM.

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

Christie Group 90p £23.9m (CTG.L)
The professional business services group catering to its markets in the hospitality, leisure, healthcare, medical, childcare & education and retail sectors, announces a trading update. As anticipated, invoicing levels have improved markedly since the end of the summer period and as such the Group expects to report an improved second-half performance compared to H1. However, a number of transactions previously expected to exchange in the last few weeks will not now reach that stage until early 2024. Hence, full year results are now likely to be below current market expectations.

eEnergy Group 5.45p £21.1m (EAAS.L)
The net zero energy services provider announces that it has entered into a new contract with Utility Data Intelligence Limited (UDI) for the provision of Bureau Services. The new contract has an estimated annual value of £240k. Under the terms, UDI will provide the following services to eEnergy: utility bill cost & consumption auditing; utility cost simulation & budget management; and utility bill issue resolution. UDI has been a supplier to Beond Group Limited, acquired by eEnergy in December 2020. Gary Worby, Non-Executive Director of eEnergy, is Executive Chairman of and a 23.5% shareholder in UDI.

Eleco 83.5p £69.5m (ELCO.L)
The software provider for the built environment, announces the appointment of Alyson Levett to the Board as an independent Non-Executive Director and Chair of the Audit and Risk Committee, with immediate effect. Alyson, a Chartered Accountant, has over 20 years of leadership experience spanning various sectors such as software, telecommunications, consumer services, FMCG, and manufacturing.

Engage XR Holdings 2.35p £12.3m (EXR.L)
The virtual reality technology company announces that following his retirement from HTC, Praveen Gupta, who has served on the board since 6 July 2020, has stepped down with immediate effect and the Company wish to thank him for his diligence, commercial acumen and wise counsel. HTC, who have 62,780,087 shares in the company and a shareholder agreement, have the right to appoint a replacement and this process is well underway.

Landor Resources 3.33p £4.5m (LND.L)
The exploration/development company focusing on precious and battery metals projects in eastern Canada announces an update. As announced on 9 November 2023, the Company launched the Offering seeking to raise gross proceeds of up to C$5m to facilitate the dual listing application on TSX Venture Exchange. Since that announcement, turbulent market conditions worldwide have created significant fund raising challenges. Accordingly, the Company has decided to terminate the Offering and defer its fund raising efforts. The Board has postponed its dual listing application as a result.

Lexington Gold 3.8p £14.2m (LEX.L)
The gold exploration and development company with projects in South Africa and the USA, announces that its 2023/24 drilling programme at the Bothaville Project in the Witwatersrand Gold Basin, South Africa is now underway. The planned 2,000m+ drilling campaign comprises 4 mother holes plus wedging at the Bothaville Project located in the Witwatersrand Gold Basin, South Africa The campaign is aimed at confirming and expanding the area of gold mineralisation intersected in historic third party drilling. The drilling programme is expected to take 2 to 3 months to complete.

Longboat Energy 17.75p £10.1m (LBE.L)
The full-cycle E&P company active in Norway and Malaysia, announces that Longboat JAPEX Norge AS (Longboat JAPEX) has farmed down two exploration licences on the Norwegian Continental Shelf through an agreement with Concedo AS. (i) In PL1182S, the Company has farmed down from 30% to 15% in return for a full carry of the Lotus exploration well, up to an agreed cap above the dry well budget, which is expected to spud in Q3 2024. (ii) In PL1049 which contains the Jasmine and Sjøkreps prospects, Longboat JAPEX has farmed down from 40% to 25% in return for Concedo carrying 15% of the Company's 2024 exploration expenditure. The Company remain fully focussed on delivering the plans to grow production and reserves in high quality assets in Norway and in SE Asia.

Powerhouse Energy Group 0.27p £11.0m (PHE.L)
The company focusing on integrated technology that converts non-recyclable waste into low carbon energy, announces that Ben Scott Brier has been appointed as Chief Financial Officer of the Company. Ben is a qualified management accountant and has over 25 years of experience in managing financial and commercial operations while delivering on strategic leadership and guidance.

SulNOx Group 26p £27.3m (AQSE: SNOX)
The company focusing on responsible solutions towards decarbonisation of liquid hydrocarbon fuels, announces its unaudited financial results for the six months to 30 September 2023 (1H FY23). Revenue increased to £135.7k (H1 FY22: £74.8k) as a result, gross profit increased to £57k (H1 FY22: £10k). Loss for the period decreased to £(869.8k) (H1 FY22: Loss of £964.7k). While sales are still behind the Company’s initial projections, the recent evaluation results and interest, particularly in the maritime sector, should provide an upward push in terms of revenue and profitability.

UK Oil & Gas 0.027p £6.3m (UKOG.L)
The UK-based oil and gas exploration and production company announces that the continued profitability of the Horse Hill oil field has enabled the field's operator, Horse Hill Developments Limited (HHDL), to make a payment of approximately £675k to the Company, representing partial repayment of shareholder loans. The Company holds an effective 85.635% interest in the field and surrounding PEDL137 licence and a 77.9% direct shareholding in HHDL.

8 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


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