Small Cap Feast

8th December 2023

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

Joiners: 

Leavers: 
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

STAY INFORMED

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

Disclaimer

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 enquiries@hybridan.com 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