HCM UPDATE - 13.08.18 (HVN.L; PAGE.L)

Harvey Nash Group plc (HVN.L, 132.5p/£97.3m) Recommended cash offer (06.08.18) | PageGroup plc (PAGE.L, 599p/£1,964m) Half year results (08.08.18)

Small Cap Breakfast

Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Vitesse Media (VIS) — To be renamed Bonhill Group. RTO of the trade and assets of InvestmentNews, a Business Information and Data & Insight brand supporting the US financial adviser and wealth manager community Due 17 Aug. Raising £18.6m at 80p. Mkt cap £26.7m. Jadestone Energy (JSE.TO)—an independent oil

Small Cap Breakfast

Anexo -specialist integrated credit hire and legal services group. Offer TBA. Due 19 June. i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply

Allenby Capital HCM Update 21.05.18 (HVN.L; NBB.L; STAF.L)

Harvey Nash Group plc (HVN.L, 103p/£75.8m) Acquisition | Norman Broadbent plc (NBB.L, 11p/£5.8m) Final results to 31 December 2017 | Staffline Group plc (STAF.L, 970p/£270m) AGM Statement

HCM Update 30.04.18 (FDM.L; HVN.L)

FDM Group plc (FDM.L, 1,010p/£1,086m) Q1 trading update to 31 March 2018 (26.04.18) | Harvey Nash Group plc (HVN.L, 101p/£74.2m) Preliminary results to 31 January 2018 (27.04.18)

Allenby Capital HCM Update 05.03.18

Harvey Nash Group plc (HVN.L, 88.6p/£65.1m) Full year Trading Update to 31 January 2018 | RTC Group plc (RTC.L, 61.5p/£9.0m) Full year results to 31 December 2017 | Robert Walters plc (RWA.L, 650p/£489.5m) Full year results to 31 December 2017

Small Cap Breakfast

VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money | Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd | Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. D

HCM Update 02.10.17 (DSG.L, HVN.L, NBB.L)

Dillistone Group plc (DSG.L, 58.5p/£11.5m) Interim results to 30.06.17 (28.09.17) | Harvey Nash Group plc (HVN.L, 89p/£65.4m) Interim results to 31.07.17 (28.09.17) | Norman Broadbent plc (NBB.L, 11p/£4.6m) Interim results to 30 June 2017 and £1.23m placing (29.09.17)

HCM UPDATE - (EMR.L, HVN.L, HYDG.L,KLN.L, NAK.L, PTY.L)

Empresaria Group plc (EMR.L, 134p/£65.7m) Appointment of COO | Harvey Nash Group plc (HVN.L, 87.125p/£64m) Acquisition of Crimson Limited | Hydrogen Group plc (HYDG.L, 31.5p/£10.4m) Interim results to 30 June 2017 | The Kellan Group plc (KLN.L, 0.65p/£2.2m) Purchase of Secured Fixed Rate Loan Notes | Nakama Group plc (NAK.L, 1.675p/£2.0m) Resignation of CEO | Parity Group plc (PTY.L, 10.25p/£10.5m) Interim Results | SThree plc (STHR.L, 337p/£437m) Q3 Trading Update

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

LIBERUM: Ilika: CMD confirms operational progression

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$