Small Cap Feast

8th March 2024

Dish of the day
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Dish Of The Day:


Belvoir Group Plc (BLV.L) has left AIM

Whats baking in the oven?

Potential Initial Public Offerings:

Reverse Takeovers:

Change of Market:

Banquet Buffet

Coinsilium Group 2.9p £3m (AQSE:COIN)
An investor, advisor and venture builder at the forefront of Web3 convergence, announces a strategic financing, with director participation. The Financing done via a combination of a placing and subscription, raised £472.5k through the issue of 18.9m new ordinary shares at an issue price of 2.5p per share. The issue price represents a discount of 16% to the closing price of 3 pence per share on 7 March 2024 being the last practical trading date. The Financing enables an acceleration of certain operational and investing activities at a time when AI and Web3 are rapidly advancing and Coinsilium wishes to remain at the forefront of various Web3 technology initiatives.

Essentially Group 45p £23.09m (AQSE:ESSN)
A holding and development of companies active in the health food and beverages market announces that its wholly owned subsidiary, Essentially Holdings Limited, a company registered in Abu Dhabi Global has signed a share purchase agreement for the acquisition of Best of Latin Foodstuff Trading LLC for a total consideration of £1.945m, satisfied by the allotment new ordinary shares each at a price of £0.525. The acquisition is expected to complete by Friday, 3 May 2024. There will be a 7.22% dilution to existing Essentially shareholders. This acquisition is in line with Essentially's long-term strategy.

Ethernity Networks 0.825p £1.2m (ENET.L)
A supplier of data processing semiconductor technology for networking appliances, announces that, following the conclusion of his initial three-year term, Joseph Albagli will remain as Non-Executive Chairman of the Company. Joseph has been re-appointed as Non-Executive Chairman for an interim period until his compensation and re-appointment for an additional three-year term are approved by the Remuneration Committee.

Kinovo 39.5p £24.8m (KINO.L)
The property services group that delivers compliance and sustainability solutions, provides the following update on its discontinued operations. The Group continues to make positive progress towards concluding the remaining projects relating to DCB Kent, its former construction division, with a further four sites having their build completed. A total of seven of the nine projects will be concluded and before the end of Kinovo's financial year. The Board has assessed that the pre-tax net cost to complete all the DCB projects has now risen by a total of £2.9m from the £5.72m highlighted at the Interim Results issued 28 November 2023.

Minoan Group 0.725p £6m (MIN.L)
The resort development company announces that Professor George Mergos, for personal reasons, has resigned as a Director of Minoan and Chairman of Loyalward Limited, the Group's wholly owned subsidiary. Professor Mergos joined the Board in February 2022 and the Board thanks him for his hard work. The Company has appointed a new external Greek advisory team and additional legal support to complete the negotiations with the Foundation and in preparation for the next stage in the development of the Project.

NAHL Group 62.25p £29.7m (NAH.L)
A marketing and services business focused on the UK consumer legal market confirms that it has renewed its banking facilities with Clydesdale Bank/Virgin Money. The term of the Revolving Credit Facility (RCF), which was set to expire on 31 December 2024, has been successfully extended to 31 December 2025 and the limit on the facility has been reduced by £5m to £15m, in line with the Group's medium-term plans and the 27% reduction in net debt to £9.7m at 31 December 2023. The interest rate on the facility remains at 2.25% above SONIA.

SRT Marine Systems 30.25p £67.3m (SRT.L)
The developer and supplier of maritime surveillance systems and navigation safety products provides a business update. In December 2023, the Company completed a £10.5m equity cash raise which strengthened the balance sheet and has endowed SRT with a strong cash position. The Company reports that there has been progress across all their system project opportunities, both existing and new prospects, including the Company recently releasing a new version of the GeoVS maritime surveillance system. The Company confirms that it has maintained its revenue expectations for the full year.

Tirupati Graphite 5.35p £6.7m (TGR.L)
The flake graphite company and supplier of the critical mineral for the global energy transition, notes the recent report by Benchmark Mineral Intelligence (BMI) on the global graphite producers. BMI notes that China currently dominates today's supply chain, but is expected to shift and more production will have come from North America, Africa and Australia. Importantly for Tirupati, Africa is set to become a key producer of natural flake graphite, specifically in Mozambique, and Madagascar where the Company has a significant footprint in. It is estimated that Africa will produce 38% of the world's mined supply by 2030.

Tlou Energy 2.15p £22.2m (TLOU.L)
A developer of energy solutions in Sub-Saharan Africa through gas-fired power and ancillary projects announces its interim results for the six months ended 31 December 2023. The Company announces that the 100km 66kV transmission line, connecting Tlou's Lesedi project directly to both Botswana's power grid and the Southern African Power Pool is complete and connection to Serowe substation has been achieved, therefore Lesedi is no longer isolated from primary Botswana electricity market. Generation and sale of power remains on track for later this year.

Tortilla Mexican Grill 56.5p £21.8m (MEX.L)
The UK's fast-casual Mexican restaurant brand, confirms that further to its announcement on 22 February 2024 and the subsequent completion of the appropriate due diligence, Maria Denny, Chief Financial Officer of Tortilla, has been appointed to the Board as an Executive Director with immediate effect.

8 March 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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