Hybridan Small Cap Feast: 23/05/2024

* 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, or it is a rumour

Dish of the day

Admissions:   

Delistings: 

What’s baking in the oven? **

Potential****  Initial Public Offerings:

ITF announced:

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 as at 31st March 2024.  The Company's application to the AQSE Growth Market is not conditional on it raising funds.  The Company is seeking to raise up to £1m to support organic growth and acquisition. Expected AQSE Admission date is 29 May 2024.

22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Company is looking to raise $40m, the net proceeds of which will be used by the Company for engineering capital expenditure, to enhance its supply chain resilience and for other general corporate purposes. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.

 Media speculation:

16th May: Media reports that Advanced Oxygen Therapy Inc (AOTI) is considering raising roughly £39.5m from an IPO on the AIM market. If successful, the flotation is likely to value AOTI at around £160m, the sources added. AOTI indicates that its wound care technology reduces the need for amputations in patients by more than two-thirds.

20th May: Applied Nutrition the producer of sports supplements, is considering a £500m float in London Q4 2024. Applied Nutrition is founded by Tom Ryder, backed by JD Sports, expects to see pre-tax profits of £25m in the 12 months to July 2024, supported by revenues climbing by a third to between £80m and £85m. Applied Nutrition sells protein products, collagen powders and pre-workout supplements, most of which are produced in Liverpool before being stocked in the likes of Asda, Holland & Barret and Tesco. It has also found a footing in the States, with its products sold across some 4,100 Walmart stores. Andy Bell, the Company’s chairman and the co-founder of AJ Bell, is believed to be looking for a valuation of a minimum of £500m. Ryder, who currently owns around 55% of the group, is believed to be wanting to sell down his stake to 30%. JD Sports Fashion PLC (LSE:JD.), which bought a 32% shareholding in 2021 for £25m, is also expected to sell down its stake to around 5% to 10%.

Reverse Takeovers:

13th May: Amur Minerals Corporation (AMC) Follow | AMC announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology Company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May. Expected first day of trading is 31 May 2024.

Change of Market:

Dual Listing:

Banquet Buffet***

Aptamer Group 0.8p £3.7m (APTA.L) Follow | APTA

The developer of novel Optimer binders to enable innovation in the life sciences industry announces further agreements for Optimer development with a combined value of up to £275k, including three of the top ten global pharmaceutical companies. Upon development success, several of the partnerships include the potential for additional follow-on fee-for-service development work and potential licencing. These agreements represent the latest round of conversions from the Company's expanded sales pipeline, which now totals £3.2m following the conversion of both the recently announced contract with Timser Group and the deals announced herein.

Block Energy 1.475p £10.7m (BLOE.L) Follow | BLOE

The development and production Company focused on Georgia announces its audited results for the year ended 31st December 2023. Revenue increased to $8.37m (2022: $8.23m), EBITDA  increased to $1.47m (2022: $158k) and cash and cash equivalents increased to $713k (2022: $450k). The Company reduced the cost of sales (before depreciation and depletion of oil and gas assets), administrative costs, and share-based payments, ending the year in a substantially stronger position than they entered it.

Cropper (James) 355p £33.9m (CRPR.L) Follow | CRPR

The Advanced Materials and Paper & Packaging group confirms the appointment of Andy Walton as Managing Director, James Cropper Advanced Materials, a non-Board position, with effect from 29 July 2024.  Andy will become a member of the Executive Committee and report directly to the Chief Executive Officer. Andy has over 30 years of experience in the chemicals, sustainable solutions, and advanced materials sectors. He has led multiple global businesses to deliver high performance solutions to OEMs and Tier 1 suppliers within Aerospace, Automotive, Energy and Industrial end markets. 

Eneraqua Technologies 36p £12.0m (ETP.L) Follow | ETP

A provider of energy and water efficiency solutions announces its audited full year results for the year ended 31 January 2024. Revenue has decreased to £53.8m (2023: £55.1m), adjusted EBITDA decreased to a loss of £3.3m (2023: profit £11.8m) and a net cash balance of £6.4m was reported (2023: £3.2m). Local authority domestic energy clients continue to see impacts of inflation affecting budgets and as a result a return to normal levels is not anticipated until FY26.

European Green Transition 17p £24.6m (EGT.L) Follow | EGT

The Company developing green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition announces it has entered into an exclusive option agreement to investigate the potential to develop a peatland carbon sink programme and in turn generate carbon credits at the Altan farm in Donegal, Ireland. The option offers EGT full, exclusive access to conduct additional due diligence on the proposed Carbon Credit Project over a 12-month period.  Should EGT exercise the Option, it would expect to monetise the project by generating revenue through carbon credits.

IXICO 7.125p £3.4m (IXI.L) Follow | IXI

The medical imaging advanced analytics Company delivering insights in neuroscience announces that it has signed a contract with the Global Alzheimer's Platform Foundation to support GAP's planned Bio-Hermes 2 trial. The contract value is worth over £1m over a 48-month term. The Company does not expect to adjust its expectations of performance for the financial year ending 30 September 2024 following the receipt of this contract. In the Bio-Hermes 2 trial, IXICO will apply its expertise to qualify approximately thirty participating imaging centres for the collection of PET molecular imaging and MR Imaging scans from approximately 1,200 volunteers over the age of 60. 

Metals Exploration 4.2p £88.4m (MTL.L) Follow | MTL

The gold producer in the Philippines announces its final audited results for the year ended 31 December 2023. Revenue increased 34% to $166.7m (2022: $124.4m), the profit before tax increased to $119.6m (2022: $8.7m) and the cash and cash equivalents decreased to $339k (2022: $861k) and net debt decreased to $23.6m (2022: $81.1m). FY2024 operations are expected to maintain the general operational results produced during FY2023, such that free cash flow is maintained from a stable consistent level of mining and gold production.

Pipehawk  8.25p £3.0m (PIP.L) Follow | PIP

PipeHawk announces that QM Systems Limited, a subsidiary of PipeHawk, has been awarded a contract with a major aluminium casting provider to deliver a range of assembly and leak testing systems that will be utilised to assemble and test aluminium diecast components. The project will generate revenues of approximately £1.2m and will take approximately nine months to deliver.

Ramsdens Holdings 200p £63.8m (RFX.L) Follow | RFX

The diversified financial services provider and retailer announces Board changes as part of its succession planning. Andrew Meehan, who has been Non-Executive Chair of the Group since September 2014, has notified the Board of his intention to step down and will not seek re-election at the Group's next AGM, expected to be in March in 2025. At the same time, the Company announces that Simon Herrick, currently the Group's Senior Independent Director, who joined the Board in 2017 will become Non-Executive Chair when Andy steps down next year.

Roquefort Therapeutics *  5.25p £6.8m (ROQ.L) Follow | ROQ

The biotech Company focused on developing first in class medicines in the immuno-oncology market announces the signing of a term sheet for the out-licensing of its Midkine antibody portfolio to PDC FZ-LLC, a leading MEA pharmaceutical research and development organisation. PDC will develop one or more of the Midkine antibodies within a new Special Purpose Vehicle (SPV) to complete the Phase 1 clinical trial and then seek a trade sale of the SPV. The total initial consideration is $10m (including non-dilutive equity in the SPV) and Roquefort will receive circa 24% from any successful trade sale proceeds. The Company also announces the issuance of unsecured Convertible Loan Notes to raise net proceeds of £584,915 (after issue discount and fees). The proceeds, in conjunction with cost cutting and existing cash reserves, provide sufficient funding for at least 12 months, during which time it expects to sign a further licencing agreement and further commercialise its pre-clinical portfolio. 

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