Hybridan Small Cap Feast: 12/03/2025

* 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:  

RA International Group (RAI.L) delisted from AIM yesterday

What’s baking in the oven?

Upcoming Market Movers:

6 February: Creightons (CRL.L) has announced an intention to move to AIM from the Main Market. It is expected that the last day of dealings in the Ordinary Shares on the Main Market will be 28 March 2025. Dealing in the Ordinary Shares is expected to commence on AIM, at 8.00 a.m. on 31 March.

19 February: One Health Group (AQSE: OHGR) announced its intention to move from the AQSE Growth Market to AIM.  Admission is expected to commence on 20 March.

Potential**  Initial Public Offerings:

Media reports suggest that MHA, the UK arm of Baker Tilly International, is understood to be contemplating a possible listing on the AIM market. A valuation of more than £300m is being targeted.  MHA is the country's 13th largest accounting business and generated annual revenues of £180m in the year to last March.  Exact details TBC. 


Banquet Buffet****

The developer of novel Optimer binders to enable innovation in the life sciences industry yesterday reported Interims to December 2024.  Its revenue improved to £0.7m from £0.3m with an EBITDA loss of £1.1m down from £1.8m, while net cash is £2m after raising funds last year at 0.2p. The strategy is to create value through the development of high-value Optimer assets with licensing potential through commercial partners, while generating revenues from fee-for-service work, which has a 43% gross margin. The fixed cost base has been reduced to approximately £3m per annum. Optimer programmes include anticipated news of the Deodorant trials with Unilever and the agreement with AstraZeneca to explore a fibrotic liver delivery vehicle suggests a potential therapeutic approach. The CEO is confident its assets are advancing towards commercialisation.


The biopharmaceutical Company advancing therapies to enable healthier lives announces a formulation development collaboration with a clinical-stage biopharmaceutical company developing peptide therapies. The partnership aims to develop a differentiated formulation of the partner's peptide therapy using Arecor's technology platform, Arestat. The partner will fund Arecor's development activities with the option to license rights to the new proprietary formulation to further develop and commercialise the product. Peptides are an increasingly important class of therapeutics to treat a wide range of chronic conditions, and the global market is projected to reach more than $100bn by 2034, growing at a CAGR of 10.8%.


The  critical metal-focused exploration and development Company announces the terms of a new trade finance facility, marking a significant milestone on its expansion strategy. Aterian's strategy is centered  on a partnership-driven exploration and development model  for critical minerals, particularly copper and lithium assets, across Rwanda, Morocco, and Botswana, with eight high-priority exploration projects currently underway. There is a lithium joint venture with Rio Tinto in Rwanda.


The UK-based green hydrogen technology and manufacturing Company that has developed the IP-protected Membrane-Free Electrolyser (MFE) reports that Level 2 of the Site Acceptance Test for its MFE110 electrolyser at Northern Ireland Water's site in Belfast has been successfully completed. It
verified the functionality of the MFE110 electrolyser and included end-to-end checks of control loops, electrical and mechanical plant, instrument calibration, and electrical installations. The final commissioning  Level 3 SAT  is expected in Q2 2025, marking the first time CPH2's scaled MFE technology is fully operational and functioning at a customer's site.


The mineral exploration and development Company is advancing a potentially world-class ionic Rare Earth Elements (REE) discovery at its Boland Project South Australia. The remaining results from Stage-1 step-out aircore drilling further increase the palaeochannel mineralisation continuity demonstrated in the first batch of results announced in February 2025. This completed first phase of a fully funded drilling programme places Cobra on track to define a significant REE Mineral Resource Estimate at Boland later this year. The completion of Stage-1 drilling has continued to deliver mineralisation over an extensive footprint that remains significantly untested.


A technology led Company focused on the recovery of precious metals from mine tailings in Canada announces positive results for the Phase 2 high level conceptual study at its Teck Hughes Gold Tailings Project in Ontario. The Net Present Value is at $33m at a 7.5% discount with an Internal Rate of Return of 21.4% based on a 9-year operational life and an estimated 3-year payback period from production. There is additional upside potential from reducing leach times, additional reagent and water recycling, vacuum filtration of residue ,and recovery of other minerals held in the pregnant leach. The next stage is to focus on optimising all parameters and further evaluate the resource to enhance ore grade and volume to finalise the master licensing agreement.


The helium exploration and development Company with near-term production assets within the 'Montana Helium Fairway' provides an operational update. There is a binding Letter of Intent announced to acquire an additional production well for a cash-consideration of £230k. A ​drilling contract has been signed, scheduled to spud in April 2025​, with gas sample recovered and submitted for laboratory analysis. ​The primary focus is the existing well, Rudyard Field, which could be first to helium production and is targeted for summer 2025. Subject to the well acquisition, there would be two production wells drilled and a third production well planned. The Company will be set to begin commercial production from the Rudyard field and self-finance organic growth with additional production wells targeting Net Revenue of $115 - $220m over 12.5-year life of field and peak sustained post-tax cash flow of $15-25m per year.


The cybersecurity software Company specialising in digital identities reports continued business momentum with orders worth over $1.37m in aggregate for Q1 2025. These orders were received via partners and the largest  of $0.55m  is for  a 3-year subscription licence order for MyID SecureVault through a systems integrator for a government end client based in the Asia Pacific region. This is the second licence for the MyID SecureVault which is a new product  launched in December 2024.


A global manufacturer of utility-grade energy storage updates on new and existing commercial opportunities in Europe and the USA. After winning in a competitive bid process, an agreement has been  signed to supply a 10.8 MWh ENDURIUM battery system for a large-scale solar plus storage project in western Hungary.  The agreement is conditional on the project reaching financial close, which should occur during Q2 2025. It has also sold a 0.9 MWh vanadium flow battery to HITT Contracting, an American commercial construction firm, for installation as part of an integrated solar PV and energy storage project at their new headquarters project in Virginia. Shipping of Invinity VS3 batteries is expected to commence in late Q3 2025.  In a separate announcement by the Company this morning, Invinity said that Ofgem have also confirmed key final details of a Technical Decision Document. reinforcing the critical role long duration storage solutions like Invinity's could have in a future low-cost, highly reliable UK electric grid.


The commercial stage pharmaceutical Company specialising in iron deficiency has launched its lead product
ACCRUFeR into Canada with a partner. This follows approval in August 2024 from Health Canada for ACCRUFeR as a prescription drug and it is the only prescription only oral treatment option available. Iron deficiency is a public health concern with an estimated 6-7% of people living in Canada with it. STX receives further milestone payments upon the achievement of specified calendar sales targets and receives double-digit royalties on net sales. 


 

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