Hybridan Small Cap Feast: 10/04/2025

* 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:  
 

Delistings:  

Hornby (HRN.L) and Good Energy Group (GOOD.L) delisted from AIM today.

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.  Up to £101.8 million to be raised, comprising a placing of £95.8 million as well as a retail offer of up to approximately £6 million new Ordinary Shares, raising new capital for the company as well as enabling a sell down by certain partners.  Anticipated market capitalisation on admission at the placing price (excluding any take up in the Retail Offer) will be £269m. Expected Admission date is 15th April.

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 on or around 14th April.  

Banquet Buffet****

The AIM-listed natural resource investing Company provided an update with respect to its investment in OFX Technologies LLC (OFXT), and its subsidiary, Efficient Oilfield Solutions LLC (EOS); the revenue generating software-as-a-service company focused on delivering technology solutions that increase efficiency, lowering costs and aiding in the management of regulatory requirements of the U.S. upstream oil and gas industry. The Company has a 42.2% economic interest in OFXT. Efficient Oilfield Solutions has signed a service agreement with the subsidiary of a major independent oil and gas company, Comstock Resources, Inc. (NYSE: CRK) focused on Haynesville Shale, as a new corporate client to its technology platform. ADM has also resolved to work with the management of OFXT to review the strategic options available to EOS which may include a full or partial sale of the business, in order to maximise its value for ADM shareholders.

The tin producer with a critical raw materials portfolio of mining and exploration assets in Namibia announced the initial batch of drill results for 13 proximal pegmatites located in the previously mined areas of the Uis mining licence.  These pegmatites are within a 3km radius from the existing processing plant at the Uis Tin Mine and constitute part of a swarm comprising approximately 180 mineralised pegmatites identified to date within the license area. The objectives of the drill programme are to validate the historical data and to investigate the by-product potential of the pegmatites within the previously mined areas. The on-going Programme covering the 13 pegmatites comprises 44 diamond and 177 reverse circulation drill holes. The results in this announcement are for 136 holes (61%) because the Company is awaiting analysis of the remaining 85 drill holes.

The digital media, marketing, and technology Company today announced that it has entered into a binding agreement to acquire the entire issued share capital of The Fifth Limited, which comprises the trade and assets of The Fifth Group from News UK & Ireland Limited, for a total consideration of up to £7.6m. The Acquisition will result in News UK, part of the global media company News Corp, becoming a Top 10 shareholder in Brave Bison, and see Brave Bison and News UK enter into a strategic partnership on marketing and technology.

The South East Asian energy Company today announced that it has conditionally sold its interest in the Duyung PSC. This represents the final stage of its strategic pivot to clean energy in South East Asia and enables the Company to now focus its resources on its renewables portfolios in Vietnam and the Philippines. The Company has now entered into an agreement in relation to the sale, by its wholly-owned subsidiary Coro Energy Duyung Pte Ltd, of its 15% participating interest in the Duyung PSC to West Natuna Exploration Ltd (WNEL), a subsidiary of Conrad Asia Energy Ltd. The terms include total cash consideration of US$300k to be paid by Coro to WNEL following Shareholder Approval. This payment represents a US$477k saving on the amounts Conrad maintains is outstanding by Coro Duyung as at the end of December 2024. Following receipt of Government Approval, Conrad will issue of 500,000 new ordinary shares at no par value in Conrad to the Company. The Conrad Shares had a value of approximately US$225k based on the AU$0.75 closing share price of Conrad on 9 April 2025. Within 45 days of the first commercial production in respect of the Duyung PSC, further new ordinary shares in Conrad will be issued to Coro equal in value to US$750k. To the extent that Conrad or WNEL's interest in the Duyung PSC falls below 20% at that time, then such payment may be reduced dependent on the extent of that reduction on interest.


The West African agriculture Company focused on building a portfolio of sustainable and diversified projects
provided its Q1 2025 production update for the Ayenouan palm oil project in Côte d'Ivoire and the substantial positive step-change in the performance of its cashew processing plant at Tiebissou, Côte d'Ivoire. For Q1 2025, Palm Oil Operation revenue is expected to exceed Q1 2024 by over 45%, driven by strong Crude Palm Oil and Palm Kernel Oil pricing, coupled with stable production volumes. Crude Palm Oil production was 10,982 tonnes, reflecting a modest decrease of 4.6%, while the extraction rate increased by 4.7%, reaching 22.2%, which are robust levels historically. Palm Oil sales was up by 11.0% with local demand robust and local inventory levels remaining relatively tight due to lower FFB (Fresh Fruit Bunch) stock levels over the past 6-9 months. Palm Kernel Oil had a significant 217% increase in sales volumes, coupled with a 66% surge in Kernel Oil sales prices.

The chip maker of mixed signal Application Specific Integrated Circuits announces it has signed a binding Memorandum of Understanding with a major European satellite operator to support its chipset requirements. The MoU includes a contract for the feasibility study for a high-value satellite payload ASIC. The feasibility study contract will commence this month, with non-recurring engineering revenues falling into EnSilica's current and next financial years. A positive outcome in the feasibility study is likely to lead to the significant development of an ASIC used in the payload of a communications satellite. EnSilica has a specialist business unit focused on radio frequency and communications, with key differentiated technology and experience for chips used for satellite payloads, user terminals, modems, and receivers for positioning and timing. The Company expects increased market activity across these areas as the technologies, critical for defence and government applications, are growing in importance given the ongoing geopolitical tensions.

The licensor and innovator of syngas technology for clean conversion of waste into sustainable energy and biofuels announces a £1.5m subscription at 0.85p, with 1 for 2 warrants at 1.5p, with a strategic investor, who will own 28.87%.  The  collaboration with  CompactGTL (CGTL) has evolved from a joint venture towards a direct equity investment. CGTL is seeking a structure that captures both the individual and consolidated value of the intellectual property  of both companies. This investment allows the acceleration of the deployment of integrated waste-to-liquid fuel solutions at scale. A new joint venture in the United Arab Emirates will serve as the dedicated vehicle for integrated WTL business operations in the MENA region. This approach aligns with the long-term vision of scaling up commercial deployment and driving synergies between both companies' technologies. The aim is to attract local investors and strategic partners into the UAE entity.

The supplier of compound semiconductor wafer products and advanced material solutions, and X-FAB Silicon Foundries SE, the leading analog/mixed-signal and specialty foundry, announced a Joint Development Agreement to create a European-based GaN Power device platform solution. With an initial two-year scope of work, IQE and X-FAB will collaborate to develop a 650V GaN device. The Agreement will leverage IQE's GaN epitaxy design and process expertise along with X-FAB's proven technology development and device fabrication capabilities to offer an optimised technology-substrate combination for automotive, data centre and consumer applications.

The researcher, developer, and supplier of proprietary blended seaweed products as functional additives for the global animal feed industry announced continued progress since the Trading Update on 27 January 2025, with Q1 revenues expected to be +65% year-on-year and ahead of Q4 2024. Positive momentum is a result of existing large OceanFeed blend customers returning to normal order patterns and the addition of new OceanFeed and single seaweed customers. As part of the sales and marketing strategy launched in H2 2024, the Company is currently registering OceanFeed products in then new markets across Latin America and the Middle East to support ongoing geographic expansion. Regarding the recent import tariff measures announced by the US, effective 9 April 2025, the Company confirms that the U.S. market is expected to account for less than 2% of the Group's forecasted revenue for the year. As such, the financial impact of these tariffs is anticipated to be minimal.

The developer of advanced clinical diagnostics for organ transplant announced a Technical Assessment by Palmetto GBA, a Medicare Administrative Contractor that assesses diagnostic technologies through its Molecular Diagnostic Services Program allowing for Medicare coverage of its Tutivia assay, a diagnostic test for acute rejection.  Patients with a high-risk Tutivia score are nearly six times as likely to experience acute rejection over those with low-risk results.  Tutivia already has a Medicare code and price of $2,650. Verici Dx had already seen a strong acceleration in 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.

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