Good morning, it's Paul & Jack here, with the SCVR for Friday.

Timings - it's Friday, so I'm taking things at a leisurely pace. Finish time estimated at 3pm.
Update at 14:50 - today's report is now finished.

Agenda -

Kape Technologies (LON:KAPE) - interesting, large fundraising at no discount

Renold (LON:RNO) - overlooked trading update from 16 Oct

Minds Machines (LON:MMX) - Jack's contribution, re accounting investigation

Tekmar (LON:TGP) - (I hold) - savage market reaction to a profit warning

Altitude (LON:ALT) - Full year results

I dropped Dp Poland (LON:DPP) from the running order, once I realised its shares are suspended (and it's a complete crock anyway!)


In case you missed it, here is the link to yesterday’s completed SCVR, which included a reader request section on Redde Northgate (LON:REDD) - which I (Paul) think might be potentially very interesting, so it’s worth a look, and a debate. I very much want to hear your informed opinions, if you’ve done proper research and have some insights. Hunches, or that you happened to have bought or sold at this or that price, is not of interest!

Good podcast - I really enjoyed this podcast from PIWorld, with Andy Brough and Richard Leonard, hosted superbly by the unflappable, charming, and highly knowledgeable/experienced Tamzin. It felt like sitting in the pub with a couple of experienced old hands, who’ve been in the market for decades, and full of insights. A reminder that mere striplings like myself, who’ve only been doing small caps for 20 years or so, still have much to learn!

Firstly let’s start with a couple of stragglers from previous days;


Kape Technologies (LON:KAPE)

Share price: 160p
No. shares: 158.5m (before placing) +59.2m new shares = 217.7m after fundraise
Market cap: £348.3m (after fundraising)


I’ve not looked at this company before, and don’t have a view on it, but a large fundraising caught my eye, so just thought I’d flag it up, as this could be interesting maybe?

Proposed placing to raise $100m - c. £77m, a big fundraising of about 30% of the existing market cap. Use of proceeds is unusual, mainly $72m to buy out the shareholdings of the founders of…

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