Small Cap Feast

8th February 2024

Dish of the day
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Dish Of The Day:


Admissions: 



Delistings:




Whats baking in the oven?

Potential Initial Public Offerings:

12 January: The London Tunnels PLC announces its intention to seek Admission to the Standard Segment of the Official List and to trading on the Main Market of the LSE. The Company plans to restore, adaptively reuse and bring back to life the Kingsway Exchange Tunnels in Central London, originally built in the early 1940’s, and designed to shelter people during the London Blitz. The Company has successfully raised approximately £10m from investors and aims to admit its Ordinary Shares at a price of £2.00 per share to the Main Market. The Company is expected to have a market capitalisation of approximately £123m on Admission. Delayed: Expected Admission was before the end of January 2024.


Reverse Takeovers:

30 January: Location Sciences Group Plc is proposing to acquire the entire issued share capital of Sorted Holdings Limited (Sorted) for a nominal consideration of £1.00 (Acquisition). Sorted operates a software-as-a-service (SaaS) business model providing delivery experience software which serves ecommerce retailers - from large, global enterprises to smaller, independent start-ups. Pursuant to Rule 14 of the AIM Rules for Companies, the Acquisition constitutes a reverse takeover. Capital to be raised on Admission is approximately £2.0m via a subscription for new Ordinary Shares. Anticipated market capitalisation on Admission is approximately £6.68m. Expected AIM Admission date is 19 February 2024.


Change of Market:


Banquet Buffet

Baron Oil 0.0825p £15.8m (BOIL.L)
The oil and gas exploration and appraisal company focused on assets in SE Asia and the UK announces that further to the Company’s announcements of 24 January 2024 and 1 February 2024, the Company confirms that the Farm-Up Agreement between Baron's wholly owned subsidiary SundaGas Banda Unipessoal, Lda. (SundaGas) and TIMOR GAP Chuditch Unipessoal Lda (TIMOR GAP) in relation to the TL-SO-19-16 Production Sharing Contract (offshore Democratic Republic of Timor-Leste, has completed. As part of the Farm-Up arrangements, TIMOR GAP will make a cash payment to SundaGas of c.US$1m to cover back costs within 30 days.

CMO Group 23.5p £16.9m (CMO.L)
The UK's online-only retailer of building materials, announces the promotion of Callum Tasker to Chief Commercial Officer of CMO and his appointment to the Board with immediate effect. Callum has approaching 20 years' experience in the industry, joining CMO in 2010, shortly after its inception, and has successfully carried out various significant roles within the Company. The Company further announce that Sue Packer, Chief Operating Officer, is retiring at the end of March and will step down from the Board today.

Eco Buildings Group 12p £8.4m (ECOB.L)
A modular housing company, announces that it has raised £827k via a subscription for new ordinary shares. The Subscription will be completed at a price of 12 pence per share (Issue Price), being a 4.3% premium to the closing market price of 11.50 pence per share on 7 February 2024 (the business day prior to the date of this announcement). The proceeds will be used to accelerate production of modular housing and help satisfy the existing EUR114m order book over 3 years. The Company anticipates that the first revenue is to be received in the current quarter (Q1 2024) and ongoing thereafter. In addition the Company will use funds to support growth in new geographic areas.

Golden Metal Resources 14p £12m (GMET.L)
A strategic development and mineral exploration company focused on Nevada, USA announces an update on the 100% owned, flagship, Pilot Mountain project (Pilot Mountain) located within the prolific Walker Lake Mineral Belt in Nevada, USA. Pilot Mountain hosts what the Company believes to be the largest undeveloped tungsten resource in the United States, with a Mineral Resource estimate (MRE) of 12.53Mt at 0.27% WO3 with significant copper-silver-zinc credits, published in 2018. Exploration work undertaken by the Company in 2023 identified five compelling target areas that show potential for significantly greater in-ground resources than currently stated. The Company is now seeking to appoint a garnet specialist to complete a detailed market and project specific analysis.

Hardide 7.5p £4.4m (HDD.L)
The developer and provider of surface coating technology, announces its preliminary annual results for the year ended 30 September 2023. Revenue increased by 10% £5.5m due to strong oil & gas sector demand, new aerospace work increasing in Q4 and successful recovery of cost inflation in selling prices. EBITDA of (0.1)m close to break-even performance delivered (FY22: £0.9m loss) reflecting higher revenues and the loss before tax of £(1.2m) (FY22 (2.3m)). The Board now anticipates FY24 revenue to be broadly in line with FY23 and, given cost mitigations, to be EBITDA positive with trading expected to gather momentum as the year progresses.

Light Science Technology Holdings 2.4p £8.0m (LST.L)
The Company involved in the design, manufacturing, and installation of products and customised solutions spanning various industry sectors, announces that its Contract Electronics Manufacturing (CEM) division, UK Circuits and Electronics Solutions Limited (UKC), has received an order from a new client in the sports entertainment market segment valued at £130k and anticipated for delivery to the customer in April. In addition, UKC has secured orders since the start of the current financial year totalling c.£1.4m in the pest control sector, predominantly due for delivery in Q2 of the current financial year. The forward order book for the CEM division stands at c.£4.1m, and when combined with orders already invoiced it is expected to meet internal sales expectations for the first half of the current year.

One Heritage Group* 14p £5.4m (OHG.L)
The UK-based residential developer focused on the North of England, announces the appointment of Stuart Ormisher as Chief Financial Officer and Executive Director of the Board with immediate effect. Stuart has over 13 years’ experience in real estate, with his most recent position being CFO at Property Alliance Group where he oversaw group reporting and commercial finance, including development transactions and funding options ranging from traditional debt finance to forward funding. The Company announces that following their announcement on the 29 September 2023, Anthony Unsworth, current CFO, will resign as Executive Director and CFO with effect from 16 February 2024.

Seeing Machines 5.12p £212.8m (SEE.L)
The computer vision technology company that designs AI-powered operator monitoring systems provides a trading update for the six months to 31 December 2023 (H1 2024). Underlying Revenue growth for H1 FY2024 of 28% to US$25.6m excluding one-off Magna exclusivity payments, as a result Annualised Recurring Revenues increased by 22% year on year to US$14.5m. The Company holds cash at 31 December 2023 of US$22.2m with cash burn of US$13.9m, receivables and inventory balance of US$31.1m with working capital unwind of $5-6m expected in H2 FY2024. The Company is well positioned to meet FY2024 expectations and cash break even run rate during FY2025.

TruFin 50p £52.9m (TRU.L)
The fintech company delivering social value announces a trading update. Revenue for the 12 months ended 31 December 2023 is expected to be no less than £20.2m (FY221: £15.3m), representing growth of 32%. Adjusted EBITDA loss is expected to be ahead of prior expectations at no more than £(3.0)m, representing an improvement of 47% (FY221: £(5.7)m). The Company announced cash at year of £9m, of which unrestricted cash is no less than £5.5m, and the Group is fully funded to profitability. Oxygen Finance Group Limited grew 2023 revenue by 18% to £6.2m (FY22: £5.3m) and Satago Financial Solutions Limited grew 2023 revenue by 72% to £3.8m (FY22: £2.2m).

XLMedia 6.6p £17.2m (XLM.L)
A digital media company, provides the following trading update ahead of the publication of its results for the twelve months to 31 December 2023 (FY 23). The Group expects FY 23 revenues expected to be c.$50m and FY 23 Adjusted EBITDA of c.$12m; both in line with market expectations. During the Period, the Group saw the return to growth of its premium European assets and also made further progress in replacing legacy technology and implementing further cost reduction measure. The Company will continue to focus on growing its premium European brands and maximising existing opportunities in the US during 2024.

8 February 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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