Hybridan Small Cap Feast: 12/05/2025

* 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

Dish of the day

 

Admissions:  

None

Delistings:  

On 9th May, London Finance & Investment Group (LFI.L) left the Main Market.

Today, Toople (TOOP.L) and Care REIT (CRT.L) both left the Main Market.

What’s baking in the oven?

12th May: Sundae Bar Plc, formerly Kondor AI Plc, a technology Company mainly operating in the UK, announced its intention to move to AIM from the Access Segment of the Aquis Stock Exchange Growth Market.  The Company's objective is to create a unified marketplace for businesses and AI agents that will address the growing demand for scalable, accessible AI solutions while simplifying the end-to-end process of bringing AI agents to market. The Company's securities are currently suspended on AQSE and concurrently with the Admission to AIM, the Aquis listing will be cancelled. £2m is expected to be raised with an anticipated market capitalisation on Admission of circa £33m at the Placing Price of 8p.

8th May: Riverfort Global Opportunities (RGO.L) has entered into a sale and purchase agreement to acquire certain subsidiaries of Aquis listed S-Ventures.  The Proposed Acquisition constitutes a reverse takeover under the AIM Rules for Companies.  On completion of the Proposed Transaction, the Company will be renamed Tooru Plc on Admission and become a health and wellness operating company traded on AIM.  The Company expects to raise between £0.5m to £1m at 0.75 pence giving an anticipated market capitalisation on Admission between £12.5m to £13m.
Expected Admission date is 28th May 2025. 

Banquet Buffet****

The strategic communications Company announces that it intends to conduct on-market purchases under a share buyback programme to repurchase ordinary shares, up to an aggregate amount of 5 per cent. of the Company's issued share capital, pursuant to the authority obtained at the Company's AGM on 12 December 2024.  The Buyback Programme reflects the Board's confidence in the long-term outlook for the Group by reducing the share capital of the Company.

The publicly listed fintech fund announces that it has led a funding round of £4.5m into RetailBook.
RetailBook addresses the challenge of limited retail investor access to primary capital markets by providing a platform for participation in investment opportunities, including IPOs, follow-on placings, and bond offerings, on the same terms as institutional investors. The service is accessed through established retail investment platforms.  Augmentum joins existing investors Peel Hunt, Jefferies, Rothschild & Co, and Hargreaves Lansdown.

The global provider of IoT communication and smart metering solutions confirmed that, further to its announcement on 14 April 2025 regarding the Government of Goa's Electricity Department's intention to award a contract worth approximately £70m to its Indian subsidiary, DigiSmart Networks Pvt. Ltd., it has now received a formal Letter of Award by the Government of Goa's Electricity Department for this contract, to deploy approximately 750,000 smart meters.  This confirms the contract award and the next step is for a formal work order to be issued, after which the project will commence.

The global learning and skills development partner announces its final results for the year ended 31 December 2024. Underlying revenue, excluding agent commission income, increased 38.4% to £14.74m (2023: £10.65m). Underlying operating profit of £0.22m (2023: £0.51m), with strong performance from Higher Education and Juniors, was reported.  The Statutory loss before tax for the year was £0.15m (2023 loss: £0.14m).  Group debt reduced from £2.24m to £1.86m in 2024 due improved cash flows with the remaining balance expected to reduce monthly across 2025.

The technology Company focused on comprehensive communication and radio frequency solutions across multiple sectors announced that its subsidiary Mottech Water Solutions has secured a significant contract worth approximately Euro 1.0m from a long-term customer in Italy to be delivered within 2025. MTI's CEO, Moni Borovitz, commented: "We are extremely proud of this order, as this is an extensive project with a large water consortium in Italy with whom we have worked for many years….Once the first phase is successfully completed, we expect the contract will be extended to cover the next phase."

The clean water and clean air technology Company announces its audited results for the year ended 31 December 2024.  Revenue was $4.9m (2023: $10.9m). The decrease in 2024 is due to the sale of
the Saudi Arabia business operations.  The loss before tax was $2.6m (2023: loss before tax $3.3m) and Cash & cash equivalents of $1.3m (2023: $0.4m), which reflects the $0.9m fundraise in August 2024.  The Company sold its Saudi Arabia operations to a Saudi Arabian-led consortium transitioning the established MYCELX business into an exclusive MYCELX distributorship lead by the legacy MYCELX team.

The mineral exploration Company reports geochemical assay results from the Harts Range Project, located 140km north-east of Alice Springs in the Northern Territory, Australia.  Assay results from the April 2025 field programme have confirmed two new drill targets and identified promising new prospects.
High-grade assay results at two new prospects, 'Paddington' and 'Westminster' confirm significant heavy rare earth element targets.  The Company is actively validating and reviewing all targets with plans to drill test priority targets once suitable contractors have been appointed.

The provider of technology enabled corporate health and wellbeing solutions announces its unaudited trading update ahead of publication of the Group's full year results for the year ended 31 March 2025. The Company reported strong performance in the year with revenue of approximately £105m, in line with market expectations.  FY25 adjusted EBITDA is also expected to be in line with market expectations. The Group's unaudited net debt position (excluding leases) at 31 March 2025 was £2.2m, comprised of a cash balance of £14.8m less drawdowns from the revolving credit facility of £17.0m.  Optima expects to report its Preliminary Results for the twelve months ended 31 March 2025 by mid July 2025.

The AIM quoted gold exploration Company focused on West and Central Africa provided an update on its 90% owned Mbe orogenic gold project in Cameroon, including positive drilling results. Results from the latest holes drilled, MBDD007 and MBDD008, have returned a further 31 gold mineralised intersections. The results are significant for the Project and continue to demonstrate wide zones of bulk-tonnage and near-surface gold mineralisation, which could be mineable by open pit.

The supplier of advanced composite material kits to the aerospace market announced that it has renewed its relationship with the UK's biggest defence contractor, BAE Systems, for a further three years.  In line with the Company's other most recently renewed contracts, this contract includes a price increase to account for the increased costs of labour, energy, and finance since it was last renewed. This renewal supports the Company's existing FY25 revenue expectations.

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