Hybridan Small Cap Feast: 04/10/2024
* 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
What’s baking in the oven?
ITF announced:***
Potential** Initial Public Offerings:
30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers reported revenue of £86m and EBITDA of £25.9m. Offer details TBC but it would comprise existing shares to be sold by certain existing shareholders of the Company.
Dual Listings:
4 October 2024: Pulsar Helium, a publicly traded company on the TSX Venture Exchange (TSXV:PLSR) and the OTC QB Venture Market (OTCQB:PSRHF) focused on helium exploration and development is planning to list on AIM also. The Company's primary focus is the exploration and development of helium at its appraisal-stage Topaz Project, located in Lake County, Minnesota in the United States of America. The Company also holds two exploration/prospecting licences in Greenland, comprising the Tunu Project. The Company's main country of operation is United States of America. Expected first day of trading mid October.
Banquet Buffet****
The sustainable building products, systems and solutions group announces a strategic hire to improve the depth and strength of its operational management team. David Adams will join as MD of Alumasc's Water Management division and a member of its divisional operating board on 16 December 2024. David brings significant senior leadership experience and a track record of successfully growing sales, including exports, and improving operational efficiency and customer service, most recently as CEO of Mabey Hire Ltd. David's previous experience includes Divisional MD roles at RMD Kwikform and Knauf Insulation. Water Management is Alumasc's largest division, comprising 48% of Group revenue, and has achieved 12% compound annual growth in underlying operating profits over the last five years
Further to the announcement made on 30 September 2024 regarding the Retail Offer, the Company announces that it is extending the time allowed for existing retail shareholders to participate in the Retail Offer. Under the revised timetable, the Retail Offer will now close at 4.30 p.m. on 17 October 2024 (previously 4.30 p.m. on 7 October). No other changes to the timetable have been made. The change in timetable does not impact applications already made in the Retail Offer, and these continue to have effect and remain binding.
The 100% renewable electricity supplier and leading innovator in clean energy services announces the acquisition of Amelio Enterprises Limited (Amelio Solar), a Lincolnshire based solar installation company with a strong presence in the commercial solar sector and extensive experience in education and public sector projects. The acquisition represents a further step in delivering on Good Energy's strategy to expand its capability in decentralised energy services by significantly expanding its geographical presence in the solar installation market. Amelio Solar has built a reputation for delivering rooftop solar solutions for businesses, education and public sector entities. Good Energy has acquired 100% of the issued share capital of Amelio Solar on a debt-free, cash-free, basis for an initial consideration of £5.5m, payable in cash upon completion.
An innovative biotechnology Company co-developing therapeutics for mental health disorders announces the selection of Eurofins Discovery (Eurofins) to carry out initial pharmacology testing for its co-lead aminoindane series. This testing will begin immediately. This programme is being developed under the collaboration agreement with Awakn Life Sciences Corp., which was first announced on 18 July 2024. The focus of this joint programme is the development of next-generation medicines targeting trauma-related mental health conditions, such as Post-Traumatic Stress Disorder, a condition affecting approximately 13m adults in the U.S. and 20m individuals across the US, UK, and key European markets. Eurofins Discovery, a leading global provider of drug discovery products and services, will conduct tests on Graft Polymer's co-lead aminoindane series, specifically assessing its potential for serotonin, dopamine, and noradrenaline reuptake inhibition. This phase marks a significant milestone in the programme, following the successful synthesis of the co-lead series, as announced on 28 August 2024.
The provider of full-flavour, natural salt with approximately 50% less sodium announces multiple developments in its patent portfolio worldwide. The Company received a Certificate of Invention Patent in China for its patent application entitled "Improved Low Sodium Salt Compositions," now issued as Chinese Patent No. CN114206133. In addition, on September 4, the Company received a Notice of Allowance in Mexico for its Mexican Patent Application No. MX2022001611, entitled "Improved Low Sodium Salt Composition." The Company anticipates a Mexican Patent to issue after payment of final issuance and initial annuity fees.
The investment Company focused on European gas and power projects announces that it has qualified to apply for onshore open acreage hydrocarbon exploration licences in Poland. In March 2024, Prospex incorporated PXEN Tatra, a 100% owned subsidiary and on 21 May 2024 applied to the regulator in Warsaw for the pre-qualification to apply for licences. On 3 October 2024, Prospex officially secured the qualification to apply for licences in Poland. Prospex has identified and hopes to acquire prospective blocks in Poland, which meet the Company's stringent investment criteria; namely, areas which have proven gas production, high potential prospectivity in the targeted geological horizons, high potential for new reserves to be unlocked and can be brought onstream within two to three years. Details of the new licence areas will be made public when the official applications are publicly gazetted after the submission to the Ministry of Climate and Environment which is expected before the end of October 2024. Licence applications will be submitted initially based on a 100% working interest and if successful, Prospex expects the licences to be granted by Q1 2025.
The advanced materials engineering company of particularly graphene and related materials announces a comprehensive Corporate Update for the Y/E September. Highlighted is the significant growth in its business pipelines after the appointment of a new CEO last year. The pipeline has increased from £1.1m to £4.7m of which commercial opportunities in leisure wear, construction and licensing deals represent £1.6m and R&D grants £3.1m. Following the placing in July at 0.065p raising £0.55m, new equipment has been bought. This provides in-house construction testing capability helping accelerate the developments of graphene-based admixtures (Cementene) and quality control of 3D printed products used in construction. This helped close a contract valued initially at around £0.2m, for the construction of the first of five housing blocks and a community hub. Milestones are being achieved in its turnaround strategy with the disposal of AAC Cyroma and sale of CVD graphene assets and the pending sale of Total Carbide. Finals to September were reported in March last year.
A direct-to-consumer online wine retailers announces that it has agreed a strategic partnership with Ocado.com, the world's largest dedicated online supermarket. Starting on 2nd October 2024, Ocado customers will have access to an exclusive selection of 50 wines from the Virgin Wines portfolio, carefully curated by both the Virgin Wines and Ocado buying teams. Previously available only to Virgin Wines customers and sold as part of multi-bottle cases, this marks the first time these wines will be offered as individual bottles. Virgin Wines continues to deliver high-quality wines that combine exceptional value with innovation and small-batch production, while leveraging its unique customer-driven buying model to create value-accretive partnerships with leading brands.
A pub and hotel chain that operates in the UK and Ireland announces its preliminary results. Revenue increased 5.7% to £2,025.5m (2023: £1.925.0m), profit before tax increased 73.5% to £73.9m (2023: £42.6m) and free cash inflow per share 26.4p (2023: 211.4p). In the period, the Company sold eighteen pubs and terminated the lease of an additional nine pubs. This gave rise to a cash inflow of £8.9m. Interestingly, Wetherspoon opened its second franchised pub at Newcastle University in September 2023, and the third at Haven Primrose Valley Holiday Park, Filey, North Yorkshire in March 2024. Further franchise proposals are under consideration. Commenting on the results, Tim Martin, the Chairman of J D Wetherspoon plc, said: "Sales continue to improve. In the last nine weeks, to 29 September 2024, like-for-like sales increased by 4.9%.......The Company currently anticipates a reasonable outcome for the current financial year, subject to our future sales performance.”
The Company sourcing sustainable timber and timber products, efficiently supplying a global customer base announces the successful subscription of £1m from new and existing shareholders. The net proceeds of the fundraising will strengthen the Company's balance sheet whilst providing additional funding to accelerate exports of its product. The increase of working capital strengthens the Company's financial position, enhancing liquidity for timely operational needs. It supports growth initiatives (for example optimising export to 50 containers a month), funding expansions and innovation to drive future revenues. Increased working capital is expected to improve operational efficiencies and cost management. The Board believes this strategic move enhances stakeholder confidence by demonstrating robust financial management and reduces dependency on debt, providing the flexibility to seize market opportunities. The net proceeds will also help the Company fund the registration process of its carbon credits trading business. Gross proceeds of £1m (approximately $1.3m) have been raised by way of a subscription at a price of 0.28p.
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