Small Cap Feast

9th January 2024

Dish of the day
No Joiners today
Off the menu
No leavers today


Dish Of The Day:


Admissions: 



Delistings:



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

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