Hybridan Small Cap Feast: 14/08/2024
* 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 company that offers a range of cyber security solutions announces the resignation, with immediate effect, of Rose Clark as Chief Financial Officer. As announced on 16 April 2024, Rose was appointed as CFO with a view to joining the main board in due course and her initial remit was to help carry out a number of major projects. Having completed these projects, Rose has decided to resign her position. A search is underway for a replacement. Meanwhile, the Company has recently implemented a cost reduction programme. This has involved both staff and other overhead cuts, taking over £1.2m out of the Company's cost base on an annualised basis. The Company is continuing to focus on achieving EBITDA and cash breakeven in H2 2024.
The owner of premium drinks brands RedLeg Spiced Rum, Blackwoods Gin and Vodka, TRØVE Botanical Vodka and Blavod Black Vodka, provides a trading update for the current financial year. Based on unaudited year-on-year results year to date (4 months from April - July 2024) revenues decreased 55% to £204k (2023: £453k). The Board's full year expectations have been reduced. Despite the disappointing performance year to date, the Company still anticipate revenue growth versus 2023. This backdrop has created an immediate short-term funding need the Board is currently exploring funding options.
The exploration and development Company focused on gold in Australia announces initial gold results from soil sampling at the Company's Lolworth Project in Queensland, Australia. Soil sampling was undertaken at prospective locations in the central region of the project area. A total of 41 samples returned results equal to, or greater than, 0.05 ppm Au (Gold) at the 'Dagwood Prospect' including 4 results above 1.00 ppm Au; 15 samples returned results greater than 0.05 ppm Au from the 'Gorge Creek Diggings' Prospect' with a best result including 16.85 ppm Au. The focus is now on the Eastern part of the tenement area to test for Gold, Niobium and Tantalum mineralisation. ECR remains fully funded for its planned operations in Queensland and Victoria in 2024.
The global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation updates on progress on the settlement agreement with Logik Developments Limited and its wholly-owned subsidiary Logik WTE Limited. As previously announced, the timing of the payment of the settlement sum is subject to and conditional on the sale of a site at Weighbridge Road in Deeside Industrial Park (the Land), with payment expected following completion of a sale. The Company has now been notified by the buyer that the Sale parties have executed an amendment to the existing agreement such that the exchange for the sale of the Land is now unconditional with no further conditions to be met and have set a long stop date of 16 August 2024 for completion funds transfers to be initiated following contractual closing. On the basis completion does occur in accordance with the indicated timetable, the Company would be due to receive £2m under the settlement agreement.
The specialist in commercialising intellectual property welcomes the following announcement from its portfolio company Pulsiv Limited (Pulsiv) that it has launched the world's most efficient 65 Watt USB-C reference design. Pulsiv's 65W USB-C fast charger works at temperatures 30% lower than equivalent technologies on the market today, based on thermal measurements taken after 30 minutes running at full load. It operates at 96% efficiency, meaning only 4% of the converted electricity is lost through heat, a number which has been independently verified.
The exploration Company focusing on critical minerals reports its interim results for the six months ended 31 May 2024. The net loss after tax was £399k (May 2023: £417k) and at the end of the reporting period, the Group's cash was £70k. In June 2024, the Company completed equity placings which raised gross proceeds of approximately £438k and the proceeds are not included in the above cash balance. The Company’s Amitsoq Graphite Project is located in the Nanortalik region of southern Greenland, in year-round ice-free waters and on the same latitude as far northern Scotland. GreenRoc remains focused on fast-tracking the development of Amitsoq into a producing mine in the shortest possible timeframe to meet critical demand from Electric Vehicle manufacturers in Europe and North America.
The investment Company focusing on the natural resources sector announces recent updates from its investee company Aberdeen Minerals Limited (Aberdeen), a UK based Nickel-Copper exploration company. Drilling program is underway at Arthrath Central within the Arthrath Project. Following the completion of the equity fundraise, Aberdeen commenced its next round of drilling at Arthrath as part of its mineral exploration programmes for deposits of nickel, copper and cobalt in North East Scotland. The current campaign will see 2,650 metres of core drilling over six holes between July and September 2024, as the first stage of an overall 6,300 metre program. The aim of the current six hole program is to explore deeper within the large Arthrath conduit-related sulphide system and test the potential for massive sulphide deposits in a geological setting which appears to be comparable to several global nickel sulphide orebody analogues.
The 'classroom to clinic' ultrasound company, specialising in artificial intelligence (AI) software and simulation, announces its unaudited half year results to 30 June 2024. Revenue declined by 22% to £4.5m (H1 2023: £5.8m). The majority of the decline in simulation revenues was partly attributable to the UK market, with NHS budget availability still constrained. The loss after tax was £2.0m (H1 2023: £1.2m), of which £1.3m relates to continuing operations and £0.7m relates to discontinued operations. Post period end on 18 July 2024 the Group announced that it had entered into a conditional sale and purchase agreement for the sale of its Clinical AI business to GE HealthCare for an enterprise value of £40.5m on a cash free/debt free basis. The proposed sale was approved by shareholders on 6 August 2024 and is now subject to regulatory approval expected by the end of September. The completion of the sale is expected in October.
The medical imaging advanced analytics Company delivering insights in neuroscience announces a trading update for the year ending 30 September 2024 (FY24). FY24 financial performance is expected to be ahead of market expectations following new contract wins worth £5.8m in the period since 31 March 2024. FY24 revenue is expected to be between £5.5m and £5.9m (2023: £6.7m). The year-end order book is expected to increase and return to prior year end levels (FY23: £14.8m; H1 FY24: £12.7m) following the signing of contracts and contract extensions. This expected increase in revenues and contract wins will improve cash and EBITDA performance as compared to the existing market expectations of £1.4m cash and £2.1m EBITDA loss respectively.
The digital asset technology Company announces that VLRM Markets is using Fireblocks' enterprise-grade technology as a key part of its Real World Asset (RWA) infrastructure. Fireblocks will be used for various functions, including to deliver a secure infrastructure for sending, storing, and issuing digital assets through VLRM Markets' RWA platform. Fireblocks provides leading wallet security technology by combining the latest breakthroughs in Multi-Party Computation cryptography with hardware isolation.
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document is sent to you as market commentary only. As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook).
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.