Vox Markets Logo

Hybridan Small Cap Feast: 24/05/2024

15:03, 24th May 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









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 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***


Cambridge Nutritional Sciences  4.0p £9.5m (CNSL.L)

The specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, announces that it has appointed James Cooper to the Board as Chief Operating Officer (COO) and Executive Director with immediate effect. James graduated from the University of Cambridge in 2014 and, prior to joining CNSL as Operations Director in January this year, has spent the previous 10 years at Chartwell Consulting Limited, a global operations consultancy firm, working most recently on assignments in the medical and pharmaceuticals sectors.


Emmerson plc 2.0p £22.8m (EML.L)

The Moroccan-focused potash development company announces its 2023 audited results ended on 31 December 2023. Operating loss was US$3.0m (FY22: a loss of US$3.2m). Cash balance was US$1.9m as at 31 December 2023. Post period, the Company raised US$2.5m in April 2024 for additional funds to continue work at Khemisset. In early April 2024, the Company submitted the latest version of the ESIA (environmental and social impact assessment) to the Commission Régionale Unifiée de l'Investissement for approval. Upon receipt of this approval, the Company will move forwards with completing the remaining studies, such that it can then be incorporated into an updated BFS (Bankable Feasibility Study), based on the original 2020 Feasibility Study. 


Frontier IP Group 41.5p £23.3m (FIPP.L)

The specialist in commercialising intellectual property, announces that portfolio company Alusid Limited has launched its first range of floor tiles through Parkside Architectural Tiles, the commercial arm of Topps Tiles Plc. This range is called Mas, made from between 95% and 98.5% recycled content, depending on the colour, and has one of the lowest carbon footprint of tiles in the market. Alusid raised £1.13m from new and existing investors in January 2024, including a £500,000 investment from Octopus Investments.  Alusid is now progressing with plans for an initial public offering later this year.


genedrive plc 1.85p £2.9m (GDR.L)

The point of care pharmacogenetic testing company, announces that initial orders have been received for the Genedrive MT-RNR1 products from a further five UK hospitals in the Greater Manchester region as they progress towards the sustained deployment in clinical practice in these Neonatal Intensive Care Units (NICU). The total value of the orders is in excess of £100,000 and the NICUs of the five hospitals, The Royal Oldham Hospital, Stepping Hill Hospital, Royal Bolton Hospital, Royal Albert Edward Infirmary and Tameside General Hospital admit approximately 1,900 babies per year.  These additional sites more than double the number of NICUs in the UK using the test in routine practice.


Kinovo plc  59p £37.1m (KINO.L)

The specialist property services Group that delivers compliance and sustainability solutions, provides a trading update for the year ending 31 March 2024 (FY24). As reported on 2 May 2024, subject to audit, the Group expects to report a full year performance ahead of prior expectations. Revenue grew to £64.1m (FY23: £62.7m). EBITDA (adjusted to include lease payments) rose by 23% to £6.7m (FY23: £5.5m), ahead of prior expectations of £6.2m. Adjusted At 31 March 2024, the
net cash position was £0.4m. 


Pennant International Group  26.5p £9.8m (PEN.L)

The Integrated Product Support (IPS) software and services company, announces that, further it has conditionally raised a total of approximately £1.36m at the Issue Price of 25 pence per Ordinary Share, a discount of approximately 16% to the closing mid-market price on 22 May 2024. Certain members of the Company's management team have confirmed their intention to potentially subscribe for an additional £200,000. As the Company is currently in a close period until the publication of its FY23 results, the Directors are not permitted to enter into a subscription agreement until after publication of the results. The net proceeds will be used inter alia to provide further working capital, including to support the development and marketing of Pennant's proprietary software suite.


Pulsar Group 74p £94.5m (PULS.L)

The audience intelligence business delivering Software-as-a-Service (SaaS) solutions for the global marketing and communications industries, announces its results for the year ended 30 November 2023. Revenue for the year was £62.4m, down 5% (2022: £65.7m), with recurring revenue comprising 95% of total revenue (2022: 93%). Adjusted EBITDA for the year was £7.3m, up 217% (2022: £2.3m). Pulsar Group headcount has reduced from 1,110 FTE in November 2022 to 940 FTE in March 2024, alongside the delivery of improved renewal rates and growing annual recurring revenue (ARR).  At 31 March 2024, the net debt position was £1,252,000. The Group remains confident in its ability to deliver growth, improved margins and cash flow in 2024 and beyond.


Reabold Resources 0.0775p £7.9m (RBD.L)

The investing company focussed on developing strategic gas projects for European energy security, announces the publication of the positive conclusions of a Carbon Intensity Study on the West Newton gas development, located within PEDL183 onshore UK in East Yorkshire, undertaken on behalf of Reabold and Union Jack Oil plc by GaffneyCline & Associates Limited, an international petroleum and energy consultancy. Reabold holds a ca. 56% economic interest in West Newton and PEDL183 via its 16.665% licence interest in PEDL183 and a 59% shareholding in Rathlin Energy (UK) Limited, the operator of the Joint Venture, which, in turn, has a 66.67% interest in PEDL183.  


Sunrise Resources 0.06p £2.6m (SRES.L)

The company focusing on the CS Pozzolan-Perlite Project in Nevada, provides an update on its royalty interest in the Crow Springs Diatomite Project in Nevada, USA. The Project was recently sold to Dicalite Management Group for US$150k (plus royalty), of which half is already paid and half is payable on submission of a mine Plan of Operations to the US Bureau of Land Management. Dicalite has advised that documents are being readied for submission of a Plan of Operations to the BLM which will trigger the further payment to Sunrise. Sunrise retains the right to royalty payment of $6/dry ton of ore delivered to Dicalite's nearby processing plant. Royalty income could start within 12 months, mine permits allowing.


Trident Royalties 40p £117.2m (TRR.L)

The diversified mining royalty company notes the recent positive announcement by TSX- and NYSE-A listed Equinox Gold in relation to its Greenstone Gold Mine in Ontario, Canada. Trident holds an offtake for 100% of the gold produced at Greenstone up to 58,500 ounces per annum until 1 March 2027. Greenstone has achieved its inaugural gold pour on schedule, producing 1,800 ounces of gold from the full recovery circuit, with all equipment operating as expected. Greenstone will be Equinox's flagship asset and largest, lowest-cost producer. When operating at capacity, the Greenstone open-pit is expected to produce approximately 400,000 ounces of gold annually for the first five years, and average 360,000 ounces of gold per year for its initial 14-year mine life, making Greenstone one of Canada's largest gold mine.




Status of this Note and Disclaimer

This document has been issued to you 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 such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own 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, they have not been independently verified and are not guaranteed 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, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on 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, directors, 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 is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II       Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook).

This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document 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.

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.

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.



Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.