Hybridan Small Cap Feast: 03/03/2025

* A corporate client of Hybridan LLP

** Potential means Intention to Float (ITF) has been announced, or it is a rumour

***Arranged by type of listing and date of announcement

****Alphabetically arranged

Share prices and market capitalisations taken from the current price on the day of publication

Dish of the day
 

Admissions:  

Delistings:  

RBG Holdings (RBGP.L) has left AIM.

Hummingbird Resources (HUM.L) has left AIM.

What’s baking in the oven?

Potential**  Initial Public Offerings:

Upcoming Market Movers:

6 February: GlobalData (DATA.L) has announced an intention to move to the Main Market from AIM.  An update on the timing and process to seek Admission will be provided in due course.  

6 February: Creightons (CRL.L) has announced an intention to move to AIM from the Main Market. It is expected that the last day of dealings in the Ordinary Shares on the Main Market will be 28 March 2025. Dealing in the Ordinary Shares is expected to commence on AIM, at 8.00 a.m. on 31 March.


Banquet Buffet****
 

The blockchain technology Company announced that it entered into a non-binding term sheet for up to $40m in senior secured convertible loans on 25 February 2025. The initial tranche of the Financing would be $15m with follow on tranches of up to $25m advanced over the next 18 months.  The proceeds of the Financing are to be used to refresh Argo's Baie Comeau, Quebec mining fleet, to strengthen the balance sheet, and to assess a pipeline of merger and acquisition possibilities.  The Financing will be non-amortising, will carry an interest rate of approximately 8% and will have a conversion premium of 25% to the closing price of Argo's shares the day before the definitive documents are signed.

The provider of alternative super-fast and ultra-fast broadband services announced an update regarding the completion of the disposal of its Australian subsidiary, SkyMesh, to a newly formed BidCo SKM Telecommunication Services Pty Ltd. Pursuant to the terms of the disposal, on completion the Company received a cash payment of AUD$30.0m (c.£14.9m).  The Company announces that it will shortly be posting a circular setting out the details of a proposed return of capital to Shareholders by way of a Tender Offer which will be conducted at a fixed price of 40 pence per  Share, representing a premium of approximately 42.9 per cent to the mid-market closing price on the 28 February 2025.  

The designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions, announces the launch of Kratos; a compute-intensive plug-in card delivering more than twice the computing power of any prior product from the Company. Kratos is also one of the most powerful rugged computing solutions, delivering unmatched processing power, network efficiency, and cybersecurity for defence, aerospace, and industrial applications.

The exploration and development Company focused on gold in Australia announced that it has entered into an exclusivity arrangement and non-binding agreement to potentially acquire the entire share of capital of Maximus Minerals Ltd.  The Proposed Acquisition is subject to the satisfactory conclusion of ECR's due diligence and completion of underlying transaction documentation by 31 May 2025.  Maximus is the owner of three properties in Ontario, Canada and has an option to acquire a license over a fourth property also in Ontario.  The Proposed Acquisition of Maximus is for £500,000 which owns 100% of three base metal projects in Ontario, Canada with copper, zinc, and gold showings.

The foreign exchange and payments solutions Company announced the commercial availability of the Finseta Corporate Card, a payment card scheme for corporate customers.
The Finseta Corporate Card offering is expected to provide the Group with an additional, repeatable revenue stream from business customers and will expand its addressable target market. The Group will receive a proportion of the value of each customer card transaction and initial revenues are expected from corporate cards from H1 2025.  Finseta anticipates that the corporate card scheme, which carries a higher gross margin than its existing service offering, will begin to contribute to operating profits from 2026.

The primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, announced an update on its southern Rukwa Helium Project in Tanzania. The Company has received an offer letter from the Mining Commission in Tanzania for the grant of a Mining Licence (ML) for the southern Rukwa Helium Project.  The potential ML will be for an area of approximately 480km squared and will cover all of the southern Rukwa Helium Project in the Momba, Sumbawanga Districts in the southern Rukwa Basin and is consistent with the area that was applied for under the application.

The supplier of subscription-based vehicle tracking systems, analytical software, and services announced its audited results for the year ended 31 December 2024. Group revenue increased by 8% to £32.4m (2023: £29.9m) and profit for the year was £4.8m (2023: (Statutory Loss) £0.9m).  A final proposed dividend payment of 3.00p per share (2023: 1.50p) was announced with no supplementary dividend (2023: none) giving a total dividend for the year, including the interim dividend, of 4.50p per share (2023: 3.00p).

The structural steel Company announces a trading update for the current year ending 29 March 2025.  Market conditions have shown no signs of improvement, with pricing remaining at tighter levels for longer than expected in a competitive market and project opportunities continuing to be either cancelled or delayed. This includes a large project for which production was expected to commence in January and which has been recently delayed until early FY26. The Group now expects underlying profit before tax for the full year to be in the range of £18m - £20m.  Underlying profit before tax for FY26 is now expected to be below the Company’s revised expectations for FY25.  Severfield also announced this morning it has terminated its £10m share buyback programme.

The wealth, asset management, and complementary financial services Company announced a fundraising round with new strategic investors VT EPIC MA Growth Fund and VT EPIC Wealth Fund.  The Company is issuing shares at a price of 10 pence per share, being the Company's most recent fundraising price.  The proceeds of the Subscription amounting to £0.57m will be used to provide cash for working capital and general corporate purposes.

The advanced materials engineering Company announced an update on the sale of its Korean plant and equipment to MCK Tech Co. Ltd.  Versarien has now received the final payment due from MCK Tech of £92,000, plus accrued interest, and therefore the sale of its Korean plant and equipment has completed, with title to the assets transferred to MCK Tech.  In total, Versarien has now received £611,000, including the interest payment, after a £6,000 warranty deduction, from MCK Tech for its Korean plant and equipment.

The iron ore exploration and development Company announced an equity fundraise for gross proceeds of US$21.5m, with potential to upsize to US$23.0m, conducted by way of subscriptions. The Company also announces that it has entered into an agreement with Glencore Projects Pty Limited to repurchase Glencore's equity shareholding in ZIOC, completion of which will result in the cancellation of the existing Relationship Agreement between the Company and Glencore. As part of the transaction and as a condition of Greymont Bay's cornerstone subscription, marketing rights over 20% of the iron ore products from the Zanaga Project will be allocated to Gulf Iron and Steel, a consortium of strategic industry entities seeking to develop integrated steel facilities supplied by high-grade pellet feed iron ore to the Americas and the Middle East.

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