Hybridan Small Cap Feast: 07/04/2025

* 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:  

On Friday 4th April, Quantum Base, the quantum science Company, announced its IPO on to AIM.
Quantum Base is a quantum science Company creating a new global standard in authentication through its patented Quantum Identities - near unbreakable and non-replicable authenticity tags that can be applied to a vast array of products, significantly mitigating counterfeiting, and can be authenticated with a smartphone.
The Company raised £4.8m through an institutional placing and retail offer at 23.1p.  At the Issue Price, the Company had a market capitalisation on Admission of approximately £14.8 m.

Delistings:  

What’s baking in the oven?

Potential**  Initial Public Offerings:

17th March: MHA, a professional services provider of audit and assurance, tax, accountancy, and advisory services and independent UK member of Baker Tilly International, announced its Intention to Float on the AIM Market.  The Group is seeking to raise up to £125m to provide growth capital for the Company as well as enabling a sell down by certain partners. Alongside the Placing, the Group intends to launch a retail offer to raise up to approximately £6m.

18th March: Uranium Energy Exploration, to be renamed The Smarter Web Company (AQSE:SWC) is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence. Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development. It is looking to do a fundraise of £2m on AQSE. Admission expected early April.

Banquet Buffet****

The independent music Company housing talent management, live booking, merchandising, talent services, and events, announced the acquisition of a majority interest (75%) in Easy Life Entertainment Limited, a music management and record label company. The acquisition provides additional scale and manager talent in core Artist Representation segment and will help drive music rights ownership bringing over 300 masters, giving the Group a broader foundation from which to build further IP.  The Net Acquisition consideration is £0.75m in cash, after netting off a post-completion dividend due to ATC of approximately £0.28m.  The target company had annual revenue of approximately £0.51m and EBITDA of approximately £0.24m for year to 31 March 2024.

The independent manufacturer of natural sustainable animal feed additives for health, nutrition, and biosecurity announces its intention to commence a share buyback programme with an aggregate value of up to £1m. As referenced in the Company's final results for the year ended 31 December 2024, announced 31 March 2025, the Company has a strong cash position of approximately £10.5m. The Company remains committed to continuing to invest in the business to deliver growth and returning surplus cash to shareholders following the return of £9.0m to shareholders by way of a Tender Offer in 2023.

The developer of international green fertiliser projects announced the signing of the US$465m fixed-price, lump-sum Engineering, Procurement, and Construction Contract with Casale for its 260,000 tonnes p.a. flagship green fertiliser plant at Villeta, Paraguay.  The Contract is believed to be the first entered into globally for a dedicated green fertiliser facility of this scale and confirms ATOME's position as the world's leader and frontrunner in specialist green fertiliser production.  ATOME's flagship project in Paraguay will produce 260,000 tonnes of low-carbon fertiliser per year using 100% renewable baseload power, significantly advancing decarbonisation of agriculture and food value chains in the Mercosur region.

The provider of digital media and technology provides an update on Klarian Ltd, a company to which Catenai provided a £450,000 unsecured convertible loan note facility as per the announcement of 25 April 2024.  Klarian has advised Catenai that it intends to repay the CLN and relevant fees, in total amounting to £567,500, by the end of June 2025. The Company will explore the possibility of deploying these funds into new AI opportunities.

The digital energy services Company announced a contract award worth £517,692 with University Hospitals Plymouth NHS Trust. Secured through the NHS Commercial Solutions framework, the project is further evidence of eEnergy's successful public sector framework strategy.  The project will see eEnergy deliver a full LED lighting upgrade across 19 wards at Plymouth Derriford Hospital.

The provider of digital, data, and technology services to the UK public sector announced continued robust sales booking momentum through the second half of FY25 with the announcement of UK contract wins. Sales bookings so far totalled £68.2m, a £26.2m increase on H125, and 89% higher than FY24. Recent contract wins include two call-off contracts with the Department for Business and Trade (DBT) for a combined £12m to provide expertise and support them to build long term capabilities. The second contract, worth £6m over a four-year period, is for Made Tech to continue developing and improving DBT's data platform and analytical tools. A third contract with the Ministry of Justice (MoJ) is worth c.£6m over two years and continues Made Tech's digital partnership on the MoJ's Electronic Monitoring programme.  This is in line with market expectations for double digit growth and will be free cash flow positive for the year. The continued sales momentum underpins the Board’s confidence for FY26.

The clean water and clean air technology Company provides an update on its trading and business operations. A water trial in the US was successfully completed in Q1 2025. The primary goals of the trial was to showcase the efficiency of removing residual oil from produced water, as well as measuring the quality level of the captured oil. The trial confirmed that the patented MYCELX solution achieves performance benefits with its two-stage system. It recovered over 99% of the oil in the water and the oil quality was well above the producer's sales specification. It anticipates starting further trials within the next 4-6 weeks and is working with channel partners to sell its systems.  The US Trade Tariffs make it a difficult forecast environment, and the Company is revising FY Dec 2025 revenue to be between $12.5m - $15.5m, but will be profitable at the lower end of the range. This will be helped by the inclusion of the gain on the sale of its Saudi Arabia branch assets in 2024, based on the earn-out for the second 12-month period.

The Company which has interests in gold mines in Peru provided an update on operations and business funding.  The Company is seeking to accelerate the Toma La Mano project by undertaking a feasibility study and has identified other suitable tailings dumps in northern Peru from historical or ongoing polymetallic mining which contain gold and silver, for which additional capital will be required.  The Company has entered into a subscription agreement with its Joint Broker, Peterhouse Capital, which the Company will issue and Peterhouse will subscribe for 12,000,000 ordinary shares of 0.15p in the Company at par value representing 19.37% of the Company's share capital as enlarged by the issue of the Subscription Shares. The Subscription Shares will be issued to Peterhouse to offset fees owed to it by the Company. Pursuant to the Subscription Agreement, Peterhouse has undertaken to use its reasonable endeavours to place the relevant Subscription Shares and to pay Nativo 95% of the gross proceeds of any such sales.

The provider of AI-enhanced cybersecurity services announced it has been appointed to a multi-year cybersecurity framework agreement with a major international airport in London. The Agreement has a total potential value of up to £7m across all four suppliers over its five-year term, with a further one-year extension available. While the Agreement does not guarantee minimum spend, it establishes Smarttech247 as a trusted provider to one of the UK's most high-profile transport hubs, offering a significant opportunity to generate meaningful revenues over the life of the agreement.

The developer of advanced clinical diagnostics for organ transplants provided an update on operations at quarter end.  In Q1 2025, Verici Dx recorded its highest Tutivia testing order rate of 292 tests. This represents a significant 68% increase in the testing order rate over the previous quarter (Q4 2024) and compares to a total test ordering figure of 334 for FY 2024.  Accounting recognition of revenues for Tutivia will continue to be pending a decision from Medicare contractor MolDX.  In addition, the Company notes that the milestone for a payment of $750k under the commercial contract for Pre-Transplant Risk Assessment (PTRA) was achieved in Q1 2025 and has been invoiced to Thermo Fisher which the Company expects to receive in Q2 2025.  As of 31 March 2025, the Company held a cash position of $1.63m. Cost controls are expected to provide sufficient cash runway, assuming receipt of the $750k milestone payment mentioned above, through to the end of June 2025. This funding should support the Company in reaching a MolDX insurance coverage decision before conducting an equity financing to continue its current commercial testing trajectory.

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