Hybridan Small Cap Feast: 01/08/24
* 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
Delistings:
I(X) Net Zero (IX.L) has left AIM.
What’s baking in the oven? **
Banquet Buffet***
The B2B video streaming solutions company announces its unaudited results for the six months ended 31 May 2024 (H1 FY24). Revenue decreased as expected by 48% to $12.2m (H1 FY23: $23.4m), adjusted EBITDA was a loss of $2.4m (H1 FY23: $0.1m) and net debt at 31 May 2024 was $14.9m (30 November 2023 $6.1m). This is expected to decrease by circa $1m during the second half of the financial year. Since 31 May 2023, the Company has reduced annualised operating costs by $14.5m and annualised capital expenditure by $5.0m. The adjusted EBITDA for FY24 is expected to be lower than the FY23 adjusted EBITDA of $1.6m (though still positive).
The liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, announces the results of an independent study in melanoma patients comparing gene mutations in tumour tissue, circulating tumour DNA (ctDNA) and CTCs. The authors state that the genomic analysis of CTCs has the potential to provide additional and complementary information on clinically relevant mutations compared to those found in tumour tissue and/or ctDNA. The integration of a multi-analyte approach has the potential to further the evolution of personalised medicine in the field of cancer care.
The drug discovery and development company applying an innovative, proprietary approach to develop a new class of highly selective, next generation cancer therapeutics, bispecific antibody drug conjugates (Bi-Cygni ADCs), announces its unaudited interim results for the six months ended 30 June 2024. The loss for the period was £1.3m (1H FY23: £1.2m in loss), and cash and cash equivalents were £1.7m as at 30 June 2024 (£1.9m at 30 June 2023). With the strong fundamentals BiVictriX has built, the Company plans to expand its IP portfolio and target discovery activities to build a robust library of commercially attractive novel therapeutic leads, while continuing to progress BVX001 and BVX002 towards the clinic.
The exploration and development company focused on gold in Australia announces results from trenching and bulk concentrate sampling at the Blue Mountain Project in Queensland. A total of eight trenches were completed across strategic alluvial flats on the upper reaches of South Kariboe Creek; and 15.4 cubic metres of alluvial gravel processed yielded 9.95 grammes of visible gold. Average recovered visible gold was 1.55 grammes per bank cubic metre - significantly higher than previous estimates. Best results include 192.15 g/t, 97.40 g/t and 33.19 g/t Au within these concentrates. ECR remains fully funded for its planned operations in Queensland and Victoria for 2024.
The consumer healthcare company behind Eroxon that specialises in the development and global commercialisation of innovative and clinically proven sexual health products announces that Haleon has confirmed that it expects Eroxon to be available in the US before the end of this year. The Company also confirms that trading remains in line with current market expectations for FY2024. Current market expectations do not include any contribution from the US launch in FY2024.
The owner of the Diamond Creek organic phosphate mine in Utah, US announces the commencement of commercial production of PhoSul granules at its Integrated Delta Processing facility, Utah. Several upgrades and optimisations were implemented progressing from hot commissioning to commercial production, with the contractor Burningham Enterprises Group operating on a single shift basis to maintain and improve upon nameplate saleable product output of 5 tons per hour. This milestone was achieved materially smoother with on-site input from the Company's joint venture (JV) partners PhoSul LLC. The JV will spend the coming months operating on a single shift basis ironing out early production improvements, progressing to double shift operations during the fourth quarter of 2024 and progressively to continuous operations during the first quarter of 2025.
The African focused mining and development company announces that the Company's wholly owned subsidiary, Muchai Mining Kenya Limited (MMK), has entered into a Manganese Ore Supply Agreement with Kenyan incorporated and 100% female owned mining, mineral processing and logistics company, Kitmin Holdings Limited. The Ore Agreement is for an initial period from 1 August 2024 to 31 December 2026 and may be extended by a further three years thereafter. Kitmin will supply a minimum 10,000 tonnes per month of manganese ore at a minimum grade of 20% manganese (Mn), to the Kilifi Manganese Processing Plant. MMK will make an advance cash payment to Kitmin for the first 5,000 tonnes of manganese ore, with the funds to be used to mobilise equipment and meet Kitmin's funding requirements to allow for the commencement of production and delivery of manganese ore.
The South American-focused development and exploration company provides an update on the transaction announced on March 25, 2024, pursuant to which Orosur would re-acquire a 100% ownership interest in its flagship Anzá gold project in Colombia. Further to the update provided on July 1, 2024, the parties continue to work in good faith on the finalisation of the share purchase agreement and the negotiation of ancillary agreements that form the basis of the transaction as well as seeking regulatory approval from the TSXV.
The technology innovator delivering SaaS solutions for the global marketing and communications industries announces that Max Royde has been appointed to the Board as a Non-Executive Director with immediate effect. Max Royde is the managing partner and CEO of Kestrel Partners LLP, an investment management company specialising in business-critical software companies, which has a beneficial holding in Pulsar Group of 27.95% of the issued share capital of the Company.
The company that focuses on growth and innovation within the food and agribusiness sectors announces the sale of its animal protein business to Plunkett Matthews for a consideration of £0.736m. The consideration is made up of an equity value of £0.2m (£0.1m payable on completion and £0.1m within 2 years of completion) and following the settlement of indebtedness and the operation of a completion accounts adjustment mechanism in the Share Purchase Agreement, this will also result in a reduction in Group indebtedness of £0.636m. In addition, a further £0.3m may become payable within 5 years, subject to certain conditions.
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