Hybridan Small Cap Feast: 07/08/2024
* 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? **
Banquet Buffet***
The African critical raw materials producer with a portfolio of mining and exploration assets in Namibia, confirms that its subsidiary, Uis Tin Mining Company (UTMC) has concluded the NAD 175m (c.£7.5m) funding agreements with Bank Windhoek Limited. These facilities replace UTMC's current banking facilities with immediate effect. The proceeds will be allocated primarily to retirement of existing facilities, growth initiatives, and working capital. The loan term is 6 years. It is ranked as senior secured debt, pari passu with other comparative debt holders. Interest accrues at Namibian prime lending rate currently 11.50%, plus 1%. There will be no capital repayments for the initial 12 months from the date of drawdown, following which capital will be repaid quarterly.
The investment group announces that it has purchased a total of 5.5m ordinary shares in Image Scan (IGE.L) at an average price of 1.74 pence per share for a total cash consideration of £95,550. Following these purchases, Braveheart now holds 8.45% per cent. of the issued share capital of Image Scan. Image Scan offers a range of portable, rapid deployment and static security solutions to global security sectors, including government and private security organisations. In the year ended 30 September 2023, Image Scan made a profit before tax of £96,577 on revenue of approximately £2.96m and as at 31 March 2024 had net assets of approximately £1.39m.
The provider of software that leverages the power of AI and machine learning to revolutionize the manufacturing industry, announces a significant extension to an existing agreement with a global leader in beverage alcohol through its consulting division. Growing the existing relationship from a few sites, under the terms of the extended agreement, IntelliAM will provide its cutting-edge industrial asset management services across more than 35 maltings sites in the UK. The extended contract is valued at a minimum of £100,000 per annum over the next two years. The contract extension makes the Customer one of the consulting division's top customers by revenue.
The renewable energy-focused development company announces a business update by its subsidiary Mast Energy Developments PLC, a UK-based multi-asset owner, developer and operator in the rapidly growing flexible power market, regarding its Pyebridge flexible power generation asset. First refurbished genset achieved c. £56,689 revenue in first month of operation (inclusive of initial ramp-up period). Pyebridge site has 3x 2.7MW gensets operation (thus 8.1MW total), although only one of which has been full refurbished to date and is operating at optimum capacity. In addition to the PPA revenue, Pyebridge is also receiving its current Capacity Market contract's associated annual gross profit margin income of c. £308,000 from the government, as previously announced. It is expected that the Pyebridge site will achieve a gross profit margin of around 28%.
The cell-engineering focused company providing enabling platform technologies to advance the discovery, development, and commercialization of next-generation cell therapeutics, announces its financial results for the second quarter ended June 30, 2024. Revenue was $10.4m for the quarter, an increase of 15% over the second quarter of 2023. Net loss was $9.4m, compared to net loss of $10.5m for the same period in 2023. Cash, cash equivalents and investments were $199.8m as of June 30, 2024. MaxCyte continues to expect full year 2024 core business revenue to be flat to 5% growth compared to 2023. SPL Program-related revenue is now expected to be approximately $6m. The outlook for the full year does not include SPL Program-related revenue from Vertex/CRISPRÕs CASGEVYTM. MaxCyte expects to end 2024 with at least $180m in total cash, cash equivalents and investments, up from an expected $175m.
The leading provider of intelligent automation and customer engagement software, announces the acquisition of Govtech Holdings Limited, a digital process automation company, for an initial cash consideration of £9.6m, including £1.5m relating to cash retained by Govtech, with an additional earnout, resulting in a maximum consideration of up to £13.0m. For the financial year ended 31 March 2024, Govtech reported a 17% increase in revenue to £3.5m (2023: £3.0m) and a profit before tax of £0.73m (2023: £0.59m). The acquisition will significantly strengthen the Group's market share in the local government sector.
The luxury interior design and furnishings group announces its trading update for the six months ended 31 July 2024. The Company's trading update on 27 June 2024 stated that, owing to a deterioration in trading conditions in the UK, brand product sales in May and June had impacted Group turnover in the current financial year. Since then, trading has showed some signs of improvement in July. Group sales in the six-month period of £50.5m (comprising Brand product and external Manufacturing sales along with licensing revenue), down 11% in reported currency compared with the same period last year (H1 FY24: £56.7m). Net cash was approximately £9.6m as at 31 July 2024 compared with £16.3m on 31 January 2024. Whilst trading conditions continue to be challenging, the Board's expectations for the Group's full year cash and profits remain unchanged.
The global developer, owner and operator of sustainable energy projects, announced that on 6 August 2024, SAE completed a Share Purchase Agreement (SPA) with Enso Green Holdings Limited (EGHL), a joint venture between Cero Generation Limited and Enso Energy Limited, to purchase all the shares in a 120MW/240MWh BESS (Battery Energy Storage System) at its Uskmouth Sustainable Energy Park. SAE has paid EGHL an initial consideration of £299k, to acquire 100% ownership of the development vehicle, Enso Green Holdings E Limited, the vehicle which EGHL used to develop the BESS project and hold the grid connection, land option and planning application. SAE estimates that the BESS project will generate average annual revenues of £12m and annual average EBITDA of £9m in its first five full years of operation. The estimated capital cost of the project is £65m, which includes the deferred consideration and transaction costs.
The mineral exploration and development company with a focus on energy transition metals, announces that its newly incorporated Zambian subsidiary, Copernicus Minerals Limited, has signed a binding letter of agreement (BLA) with First Quantum Minerals Limited on the Mukai Copper Project in Zambia. Copernicus is 90% owned by Tertiary Minerals (Zambia) Limited, which is 96% owned by Tertiary Minerals plc. The BLA grants First Quantum an initial exploration due diligence period of 24 months during which First Quantum is committed to fund a minimum US$1.5m of exploration expenditure, including US$0.5m in Year 1. The BLA is subject to various conditions precedent including renewal and transfer of the licences from Mwashia Resources Limited to Copernicus which is currently in progress.
The provider of software and niche lending solutions to thousands of businesses across the UK, announces that its subsidiary Playstack Limited, a leading UK games publisher, has achieved a new milestone for its breakthrough hit, Balatro, with two million unit sales recorded worldwide. This news comes less than six months since Balatro's launch in February, when the poker-inspired game reached one million sales in its first month. Playstack's commercial results have gone from strength to strength in 2024, with the survival crafting game Abiotic Factor releasing in May and selling 600,000 units to date, and earning an "Overwhelmingly Positive" rating on Steam.
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