Small Cap Feast

9th January 2024

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Dish Of The Day:



Whats baking in the oven?

Potential Initial Public Offerings:

Reverse Takeovers:

Change of Market:
05 December: AdvancedAdvT Limited (ADVT.L): Intends to delist from its Standard Listing of the Main Market on 9 January and apply for the Admission of its shares to trading on AIM on 10 January 2024. The Company will not raise additional capital on Admission. Anticipated market capitalisation on Admission is c.£109m (based on the pre suspension price of 82 pence per share).

Banquet Buffet

Chamberlin 2.05p £2.8m (CMH.L)
The castings and engineering group, announces that it has conditionally raised £830k, pursuant to a placing of new Ordinary Shares at a placing price of 2.00 pence per share. The Placing Price represents a discount of approximately 29.82 per cent to the closing mid-market price of 2.85 pence per Ordinary Share on 8 January 2024. The net proceeds from the fundraising will provide working capital to support the continued delivery of the Group's growth strategy across all three of its business divisions and to strengthen the Group's balance sheet.

Futura Medical 42.45p £127.9m (FUM.L)
The pharmaceutical company developing innovative sexual health products, announces the appointment of Roy Davis as a Non-Executive Director with immediate effect. Roy brings a wealth of commercial experience in medical devices companies and has a proven track record of successfully scaling companies and delivering substantial value for shareholders. He has held leadership positions at a number of publicly quoted med tech companies, including CEO of Optos plc, and CEO of Gyrus Group plc,

Intelligent Ultrasound Group 9.25p £30.2m (IUG.L)
The 'classroom to clinic' ultrasound company, specialising in AI software and simulation, announces a full year trading update. FY2023 revenues have increased by 10% to £11.2m (2022: £10.1m), with simulation related revenue declining slightly to £9.1m (2022: £9.4m) and clinical AI related revenues increasing to £2.0m (2022: £0.7m). The Group holds cash at bank on 31 December 2023 of £3.0m. The Company further announces that GE Healthcare's SonoLyst software, which is powered by Intelligent Ultrasound's AI software, launched as a standard feature on the new Voluson Expert 22 and 20 range of women's health ultrasound machines in Q4 2023 and the Group remain positive about the outlook in 2024.

Kooth 300p £109.1m (KOO.L)
A Company focusing on youth digital mental well-being announces that further to its announcement on the 4 July and 21 September 2023, the Company confirms the launch of its digital mental health platform and mobile app in California on 1 January 2024 as Soluna. Soluna offers California's six million 13-25 year olds free access to one-to-one professional support, self-guided tools, content, and activities, and peer support communities moderated by trained behavioral health professional. The contract has an expected value of $188m through to June 2027 with possible revenue upside based on usage levels and product development.

Microlise Group 103p £119.4m (SAAS.L)
A provider of SaaS based transport technology solutions to fleet operators, announces the acquisition of the assets of K-Safe Limited, parent company to the road safety products Flare and Flare Aware for a total consideration of £140k. Flare is a platform with over 3.5 million regular users, helping brands such as Deliveroo, Just Eat as well as 2 wheeled vehicles (cyclists, motorcyclists, e-scooters), to better understand and react to mobility risk and safety issues. The acquisition will now enable Microlise to exclusively offer Flare Aware to its customers, with dynamic hazard warnings only being made possible due to the Flare mobile app user network.

Sabien Technology Group 9.75p £2.1m (SNT.L)
The company focused on a green aggregation strategy, announces its pre-close trading update for the six-month period ended 31 December 2023 (H1 24). During H1 24, M2G, Sabien's Cloud-enabled gas boiler energy saving solution, has generated further improvements in its key performance indicators including savings for customers exceeding 1.41 million KgCo2e outperforming initial estimates. In line with the above performance, in H1 24 the Company has won orders, in aggregate, of £0.39m (31 December 2022 (H1 23): £0.21m) and Sabien expects to recognise revenues of £0.37m for H1 24 (H1 23: £0.24m). Overall, M2G's revenue generation has accelerated materially giving the Company confidence in further material growth in the 2023/24 year.

SDX Energy 4p £8.2m (SDX.L)
The company in transition from an oil & gas business into an integrated, hybrid energy-provider in Morocco, announces a corporate update. Gas prepayment agreement rolled over with CITIC Dicastal subsidiary, DIKA MOROCCO AFRICA (DMA), for a further $2.1m for Q1 2024 gas deliveries. The Company continues to work with CITIC Dicastal on a long-term prepayment for future gas deliveries in Morocco and the latest well, KSR-21, is tied-in and ready to supply SDX's offtakers. SDX confirms that it has agreed with the buyer the terms of the sale and purchase agreement (SPA) for its West Gharib assets. Proceeds from the sale of the West Gharib assets are expected to be approximately $6.9m. Approximately $3.8m will be paid immediately. The remaining $3.1m, which is subject to certain post close events, is expected to be paid during Q1 of 2024.

Shield Therapeutics 7.15p £55.9m (STX.L)
A commercial stage pharmaceutical company that delivers Accrufer®/Feraccru® (ferric maltol), a pharmaceutical product, to address unmet needs for patients suffering from iron deficiency (with or without anemia), announces the appointment of Santosh Shanbhag as Chief Financial Officer (CFO). Mr. Shanbhag, who will assume the position on 16 January 2024, and serve as a member of the Executive Leadership Team. Mr. Shanbhag is a senior financial executive with 20+ years of experience leading financial operations for both U.S. and international organisations, has completed fundraisings for both private and public companies.

Shoe Zone 230p £106.3m (SHOE.L)
The seller of footwear for the whole family from over 380 stores nationwide and online, announces its audited results for the 52 weeks to 30 September 2023. Revenue increased 6.1% to £165.7m, as a result, profit before tax increased by 19.1% to £16.2m (2022: £13.6m). Total capital expenditure was £11.4m (2022: £5.2m), and the Company holds net cash of £16.4m (2022: £24.4m). The Company achieved rent reductions on 53 store renewals of £0.7m (2022: £0.6m) on an annualised basis, an average reduction of 31%. The Directors have reviewed forecasts and consider that the Group has adequate banking facilities and cash resources to meet its operational and capital commitments.

Tekcapital 8p £14.3m (TEK.L)
The UK intellectual property investment group focused on creating valuable products that can improve people's lives announces that MicroSalt Inc continues the expansion of its low sodium solutions with the introduction of MicroSalt shakers on Amazon UK. To facilitate this regional expansion, local distribution within the UK has been established with Reliable Express in Southampton. This also includes storage and distribution of our bulk packed products to meet the B2B market demand. Tekcapital owns approximately 87% of the share capital of MicroSalt plc and 92% of MicroSalt Inc. its U.S. subsidiary.

9 January 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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