Small Cap Feast

9th May 2024

Dish of the day
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Off the menu
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Dish Of The Day:


Admissions: 


Delistings: 

E-Therapeutics (ETX.L) has left AIM. 
Advanced Oncotherapy (AVO.L) has left AIM.





Whats baking in the oven?

Potential Initial Public Offerings:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank at 31st March 2024. The Company's application to the AQSE Growth Market is not conditional on it raising funds. However, the Company is seeking to raise up to £1m of new money to de-risk growth and in support of its strategy of coupling organic growth and acquisition.


Reverse Takeovers:


Change of Market:

Dual Listing :


Banquet Buffet

Arecor Therapeutics 136.5p £41.8m (AREC.L)

The biopharmaceutical group advancing today's therapies to enable healthier lives, announced a research collaboration with Medtronic plc (NYSE: MDT) to develop a novel, high concentration, thermostable insulin for use by Medtronic's Diabetes business in a next-generation implantable pump. This new insulin has the potential to bring significant advancements in the current insulin treatment options for a small population of patients who have limited options for controlling their diabetes with traditional therapy.

Artemis Resources 0.825p £14.3m (ARV.L)

The company engaged in exploration and development of mineral properties in Australia, announces high-grade assay results from Mt Marie Prospect (100% ARV): 24AR04-07 - 4.63% Li2O; o 24AR04-14 - 4.52% Li2O; 24AR04-13 - 4.28% Li2O; 24AR04-12 - 3.63% Li2O and 24AR04-04 - 3.45% Li2O and Osborne East Prospect (100% ARV): Further multiple rock chip assays >0.50% Li2O. The recent ground reconnaissance program continues to demonstrate consistency, growing the strike length and grade of its lithium prospects in the Pilbara region of Western Australia.

Aura Energy 9.5p £71.0m (AURA.L)

The Australian-based mineral company with major uranium and polymetallic projects in Africa and Europe, provides an update on the restructuring of the Curzon Uranium Ltd. uranium offtake agreement. The restructured offtake agreement improves the NPV by US$22m to US$388m and increases the IRR by 2% to 36% compared to Front End Engineering Design (FEED) study economics delivered in March 2024. Curzon has elected to receive the US$3.5m restructuring fee in Aura shares priced at A$0.18 per share, in lieu of a cash settlement. Curzon will also take a US$3.5m placement of Aura shares at A$0.18 per share. In sum, Curzon will be issued 59,829,060 new shares in Aura and will hold approximately 8% of the issued stock in Aura.

Blackbird plc 5.65p £21.9m (BIRD.L)

The technology licensor, developer and seller of market-leading cloud native video editing platform, Blackbird, and developer of the multiplayer editor in a browser, elevate.io, announces that Dawn Airey has notified the Company of her intention to step down as a Non-Executive Director of the Company, with effect from 31 May 2024, in order to focus on her other business commitments. The Company has initiated a process to appoint a new Non-Executive Director and a further announcement will be made in due course.

Character Group 300p £56.6m (CCT.L)

The UK-based company engaged in the design, development and international distribution of toys, games and giftware, announces its unaudited six-month results ended 29 February 2024 (1H FY24). Revenue was £57.6m (1H FY23: £57.9m) and profit before tax was £2.2m (1H FY23: £0.2m). Cash and cash equivalents totalled £12.9m (£10.7m cash as at 28 February 2023). On the back of the first half-year's performance, the Group anticipates profit before tax and highlighted items in respect of the full year to 31 August 2024 to exceed current market expectations.

Eckoh plc 39p £113.3m (ECK.L)

The global provider of Customer Engagement Data Security Solutions, announces a trading update for the year ended 31 March 2024 (FY24). The Board expects to report revenues of approximately £37.2m (compared to FY23 £38.8m), slightly behind market expectations, due to ongoing transition of client deployments to the cloud and the elongated sales cycles. However, Eckoh expects to report adjusted operating profit of approximately £8.3m (FY23 £7.7m), marginally ahead of market expectations. As a result of margin improvement and strong cash generation, the cash position increased to £8.3m at the end of FY24 (FY23: £5.7m), also marginally ahead of market expectations.

Frontier Developments 309.5p £122.0m (FDEV.L)

The developer and publisher of videogames based in Cambridge, UK, announces the signing of a licence with Universal Products & Experiences for a third Jurassic World game. Following the success of Jurassic World Evolution and Jurassic World Evolution 2, which released in June 2018 and November 2021 respectively, Frontier and Universal Products & Experiences have signed a licence for a third Jurassic World game which is scheduled for release in Frontier's financial year 2026, between 1 June 2025 and 31 May 2026. In February 2024, Universal Pictures and Amblin Entertainment announced an all-new Jurassic World event film currently scheduled for release on 2 July 2025.

Light Science Technologies 3.15p £10.5m (LST.L)

The company operating in three divisions: controlled environment agriculture (CEA); contract electronics manufacturing (CEM) and passive fire protection (PFP), announces an exclusive distribution agreement with agricultural automation provider AgriLogiq Technical Systems (PTY) LTD for marketing and sale of the Company’s nurturGROW lights in South Africa. This agreement is for an initial period of five years.

Metals Exploration 4.85p £102.1m (MTL.L)

The gold producer in the Philippines provides an update on its mezzanine debt facilities. Further to the announcement on 27 March 2024, Runruno Holdings Limited and D&A Holdings Limited have written to the Company disputing the Company's position that a 7% (as opposed to 15%) interest rate should apply under the Company's mezzanine facilities since 3 November 2022. MTL (Luxembourg) S.à r.l. (Nick Candy's investment vehicle, holding 70.7% of the mezzanine debt) is also seeking to receive this interest rate on its own loans to the Company. Hence, the Company will make pro-rated settlement payments of US$2.2m to MTL Lux and US$0.91m to the RHL Group, being approximately 50% of the amount that would be due to MTL Lux and the RHL Group (respectively) were the rate of 15% (as opposed to 7%) to be applied up to 31 March 2024.

Water Intelligence 365p £63.5m (WATR.L)

The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and
non-potable water, announces two transactions in its American Leak Detection (ALD) subsidiary: reacquisition of its
franchise in Fresno, California for the purchase price of $2.9m in cash spread over two years; (2) sale of a
new franchise for Albany and Saratoga, New York, for an upfront consideration of $0.1m. ALD expects to
receive royalty income from sales starting in July after the completion of training.

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9 May 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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