Hybridan Small Cap Feast: 09/10/2024

* 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

Delistings:

Ascential (ASCL.L) delisted from AIM.

What’s baking in the oven?

ITF announced:***

Potential**  Initial Public Offerings:

 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand has confirmed its intention to float on the LSE Main Market. 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.  The Offer will compromise existing shares to be sold by certain existing shareholders of the Company.  Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, will be disclosed in a Prospectus, if and when published.             

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****

1Spatial  Follow | SPA55p  £61.2m (SPA.L)

1Spatial has secured a new contract with the United States Forest Service (USFS) providing its Location Master Data Management software and solutions. It’s initially for five-years and valued at approximately $1.4m. The significance of this relatively small contract with another key federal department, the Department of Agriculture, is the opportunity for future expansion as the USFS is responsible for managing 193 million acres of national forests and grasslands. SPA’s innovative solutions eliminate the need for users to navigate separate systems so improving efficiency and productivity by streamlining workflows and enhancing the user experience.  This enables the new client to make better informed decisions on critical matters such as forest fire management and the preservation of healthy natural habitats.

Cleantech Lithium Follow | CTL8.75p £24.6m (CTL.L) 

An explorer and developer advancing lithium projects in Chile for clean energy transition completed a fundraising solution following the need to delay the planned listing on the Australian Securities Exchange, ASX.  The accelerated book build raised gross proceeds of £2.5m, which will be used to progress the capital programmes for the critical path process for the awarding of a Special Lithium Operating Contract to enter production at the Laguna Verde project to produce battery grade lithium carbonate. This licence when granted will allow substantive progress to be made in the funding discussions with strategic partners and process of the ASX listing.

Hercules Site Services Follow | HERC43.5p  £32.7m (HERC.L)

In a trading update for the year ended September 2024, this technology enabled labour supply company to UK infrastructure and construction sectors, expects another record year.  Hercules' revenue, adjusted EBITDA and Profit Before Tax are well ahead of market expectations. Revenue is expected to be over £105m, representing an increase of c. 24%.
In September £8m was raised at 49.5p strengthening its balance sheet to position it to take advantage of the many opportunities in the UK infrastructure and construction sectors to grow both organically and via selective acquisitions.
Hercules management believes the improving UK macro-economic environment will help the infrastructure and construction in the short to medium term.

Inspirit Energy  Follow | INSP 0.03p £0.25k (INSP.L)

Inspirit announces  that after completing a  strategic review it concluded to immediately become an Aim Rule 15 Cash Shell. The critical factor was the resignation of the Design & Development Director, for personal reasons.  The Board decided this will critically impact on its projects and previously announced agreements and discussion with potential commercial partners would be on hold. As an AIM Rule 15 cash shell,  a reverse takeover needs to be completed by Tuesday 8th April 2025 (6 months) or the Exchange will suspend its trading in the AIM. The Board are focusing its energies on preserving its existing cash balances whilst it pursues opportunities.

IXICO  Follow | IXICO9p  £4.35m  (IXI.L)

This medical imaging and advanced analytics Company delivers insights in neuroscience and announced a placing, subscription and retail offer for up to £4m at 9.5p.  Directors intend to participate for up to £75,000 in aggregate.  The funding is to develop additional biomarkers for the IXIQ.Ai platform that further unlocks the value provided to clinical trials and post market assessment.  There is a focus on delivering a differentiated service for the Alzheimer's disease and Parkinson's disease markets. It will also invest in reinforcing its IR across North America. These measures should accelerate revenue growth and global commercial reach of the technology platform, and help on its pathway to cash break-even/profitability over the medium term.

Norman Broadbent Follow | NBB 5.735p £.6m (NBB.L)

An Executive Search and Interim Management firm notifies the market that of several of its directors have brought shares.  Mehr Malik, the Chief Financial Officer is buying 88,440 shares at 5.64p each,  Kevin Davidson, Chief Executive Officer, 87,817 at 5.68p per share, Kate Kempster, a connected person to Jonathan Kempster, a Non-Executive Director, purchased 131,578 at 5.7p each and finally, Peter Searle, Non-Executive Chair of the Company, purchased 85,550 at 5.619p per shares taking his holding to 5.85%.

NetCall Follow | NET 85.5p £141m (NET.L)

NetCall provides intelligent automation and customer engagement software to the NHS, Legal & General and ITV and reported it finals for June 2024. Trading was ‘strong’ in FY24 with revenue increasing by 9% to £39.1m, including 19% revenue growth from Liberty Cloud solutions. These increasing cloud subscriptions improved the recurring revenue to 76% from 72%, consequently helping its net cash gain 37% to £33.5m.  Its adjusted EBITDA grew 5% to £8.4m with a PBT of £6.8m up 58% for an EPS of 3.61p and a token dividend of 0.89p from 0.83p. Since the year end, two relatively small but complementary acquisitions have been completed; Govtech, a  digital process automation company with Government contracts and Parble, with customer engagement software. Both should contribute to the current year.

One Heritage Group Follow | OHG3p £1.16m  (OHG.L)*

OHG, the rebranded Zentra Group, is a UK-based residential developer, development manager, and property manager focused on the North of England and announced the practical completion of its first housing development to be delivered under the newly launched brand at Victoria Road in Eccleshill, West Yorkshire. This development consisted of 24 high specification 2, 3, and 4-bedroom homes. The sales and marketing has commenced through estate agents WW Estates and William H Brown. The development is situated 3.5 miles from Bradford and 9.5 miles from Leeds, with excellent connectivity.

Pressure Technologies Follow | PRES31p £12m (PRES.L)

The specialist engineering group has completed the sale of PT Precision Machined Components to Raghu Vamsi Machine Tools, a manufacturer of precision engineered components based in India for an initial enterprise value of £6.2m with the potential for a performance related increase to £7.7m. PMC, is a non-core business as the strategic focus to the development and growth will be Chesterfield Special Cylinders (CSC).  The receipt of the £4.8m cash proceeds at completion repays a £1m loan with the balance providing increased working capital and investment to support in CSC, whose growth opportunities include the hydrogen energy sector and the global defence market.

Rosslyn Data Technologies Follow | RDT5p £1.97m (RDT.L)

A provider of cloud-based enterprise data analytics has raised circa £2.8m in total:  £1.64m at 5p (before expenses) of which 14% is from EIS/VCT investors and a £1.2m Convertible Loan Note (Canaccord Genuity a substantial shareholder took £0.4m). The funds from are to drive the business strategy and to provide working capital support to profitability. It reports significant market opportunities, particularly with its artificial intelligence solution, AiCE. The Company states that over the last 24 months, the business has been fundamentally transformed and has reached an inflection point as it sets to achieve positive adjusted EBITDA and cash generation on a monthly basis later this financial year and annualised from FY 2026.

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