Hybridan Small Cap Feast: 14/10/2024
* 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
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****
The Location Master Data Management (LMDM) software and solutions company announces its interim results for the six months ended 31 July 2024. Group revenue up 5% to £16.2m (H1 2024: £15.5m), Adjusted EBITDA increased 18% to £2.0m (H1 2024: £1.7m), growing pipeline for 1Streetworks, with notification of an award of £1m (subject to contract) with a County Council. Post-period-end and strong new business and renewals pipeline provides the Board with confidence in achieving results for FY 2025 in line with market expectations.
The Company that manufactures plastic injection and extrusion molded products announces that the challenging trading conditions referenced in the results announcement of 17 September 2024 are continuing into the autumn. In particular, reduced order levels from core customers in both the Telecoms sector affected by the sustained reduction in housebuilding and infrastructure projects in the UK and the FMCG and automotive markets, which appear to have been impacted by a general reduction in consumer spending. The impact on revenues from the reduction in orders from these long-term customers is expected to be partially offset by contract wins on the back of the £3.0m investment in new machinery albeit delivering a reduced gross margin mix. Consequently, revenues for FY25 are expected to be in line with the prior year.
The Moroccan-focused potash development company provides an update regarding the approval of its updated Environmental and Social Impact Assessment (ESIA) for the Khemisset Potash Project. As previously announced, Emmerson had been invited to submit the updated version of its ESIA application supported by the new benefits of Khemisset Multi-Mineral Process (KMP) to the Centre Regional d'Investissement of the region Rabat-Sale-Kenitra (CRI) for review by the Commission Regionale Unifiee de l'Investissement. Emmerson has been made aware that the CRUI has made an unfavourable recommendation regarding the approval. Emmerson has not received formal notification of a decision and is seeking clarification regarding both a decision and the unfavourable recommendation. Emmerson is reviewing the available regulatory and legal options with respect to an appeal and assessing its next actions.
The engineering-driven differentiated electrification technologies, products and solutions across the automotive, truck, bus and speciality vehicle industries announces it has signed a manufacturing and supply agreement with Textron Ground Support Equipment Inc., a manufacturer of airport ground support vehicles. Equipmake will supply its Zero Emission Drivetrain (ZED) for use in Textron's Safeaero 220 airside de-icing vehicle. Following delivery of the ZED, Textron will add its new Safeaero 220E electrified de-icing vehicle to its aviation ground support equipment product line. Equipmake's electrification technology will assist Textron in achieving its sustainability targets as it transitions its product range to zero emission. Following successful trials by Textron in early 2024 of an initial ZED equipped vehicle, Equipmake expects to now move to agree production volumes with Textron and commence ongoing supply to be used in Textron's new Safeaero 220E electrified de-icing vehicle that will be added to its aviation ground support equipment product line.
The EV app and data provider which Good Energy Group is the largest shareholder in, has announced that it has entered into a strategic partnership with Hive, the energy-saving technology company owned by Centrica. Hive is an eco-tech company with a number of technology products such as energy-saving light bulbs, smart meters, EV charging, solar panels and heat pumps. The strategic partnership will allow Hive customers to charge their EVs at or away from home. To mark the first phase of the partnership, starting in 2025, new Hive EV customers will receive £20 of charging credit to use Zap-Pay-enabled EV chargers at thousands of locations across the UK across 250,000 miles. Hive's SmartCharge product, accessible via the app, allows users to benefit from a 4p/kWh saving on all their EV charging which is automatically credited to their energy bill each month. SmartCharge automatically charges an EV when energy is at its cheapest during that charging session.
The precision clinical diagnostics company bringing specific and sensitive tests to the practice of medicine based on OBD's EpiSwitch 3D genomics platform today issues a commercial update following its financial year ended 30 September 2024. The Company has also commenced steps to reduce the cost base and maximise the cash runway through a comprehensive review of the strategic options open to the Company. CiRT orders in the second half of the financial year were 25% increased on the first half. The final financial quarter ended with 95 tests for September, bringing the total number of tests ordered since launch to 1,266. A total of 671 tests were ordered in the financial year. The Board acknowledges that access to capital in the UK market is limited and the burn rate of the Company has been high in order to get to its current position. In this context, the Board and management recognises the need to maximise the Company's cash runway, both in the short and longer term, and is initiating a series of cost-saving actions that will materially reduce the business's monthly cash cost base.
The oil and gas company with key interests in the North Falkland Basin (NFB) announces it has put in place an insurance policy to cover the event that the Italian Republic succeeds in its attempt to have the Rockhopper Ombrina Mare Arbitration Award annulled and has also signed a share purchase agreement with Zodiac Energy Limited to exit its other Italian assets. Whilst both the Company and its advisors remain confident of its position it has decided, in line with normal market practice, that insuring to protect shareholders against loss resulting from an annulment of the Award to be the most prudent course of action. The SPA is for the sale of Rockhopper Civita Limited (a wholly owned subsidiary of Rockhopper Exploration Plc). Rockhopper Civita Limited holds all Rockhopper's Italian assets and liabilities with the exception of the Ombrina Mare Arbitration Award.
A Malaysia-based investment holding company announce the following trading update for the third quarter ended 30 September 2024. All numbers referenced below are unaudited. Steppe Cement generated revenue of KZT 15,085m (approximately USD 32m) in Q3 2024, which was 7% higher than the revenue achieved in Q3 2023 of KZT 14,116m (approximately USD 31m). Production levels have increased due to the increased efficiencies resulting from the capex spent over the previous last two years. Higher production levels helped to stabilize the cost base as well as to increase the clinker stock available for the fourth quarter. Steppe Cement has cash and cash equivalents of USD 11m, as at 7 October 2024.
The international provider of walk-through security technology today publishes a trading update for the six months ended 30 September 2024. Revenue is expected to be £1.9m (H1 2024: £3.5m). The current order backlog is £0.3m and is forecast to be delivered during the second half of the year (H1 2024: £1.0m). The sales pipeline contains significant tenders, some of which are expected to contribute to second half revenues. Cash at 30 September 2024 was £1.8m (30 September 2023: £2.4m) and trade receivables were £0.9m (30 September 2023: £2.6m). The Group has an undrawn overdraft facility of £0.95m available for working capital requirements. Looking forward, they have a healthy pipeline across all their markets, with particularly significant near-term opportunities in Entrance Security and Retail Distribution.
The mining Company announces that it has raised £750k gross through a placing at a price of 0.1p per Ordinary Share representing a 19.3% discount to the 5-day VWAP. The net cash raised from the Placing will be used to maintain the business to comply with the reorganisation plan at Baita Plai and to have sufficient funds available to see the Company maintain its corporate obligations while the Company awaits the proceeds from concentrate deliveries and incoming funds from the delivery of the Second Agreement as announced and defined on 11 September 2024
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