Hybridan Small Cap Feast: 15/05/2024

What’s baking in the oven? **

Potential****  Initial Public Offerings:

7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank at 31st March 2024.  The Company's application to the AQSE Growth Market is not conditional on it raising funds.  However, the Company is seeking to raise up to £1m of new money to de-risk growth and in support of its strategy of coupling organic growth and acquisition. 

15th May: Raspberry Pi,  a company involved in low-cost, high-performance computing announces that it is considering an IPO onto the premium listing segment of the Main Market.  Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. In the years ended 31 December 2021, 2022, and 2023, the Group's revenue was $140.6m, $187.9m and $265.8m, respectively. Gross profit was $41.9m, $42.3m and $66.0m. 

Reverse Takeovers:

13th May: Amur Minerals Corporation announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May. 

Banquet Buffet***

4Global 54p £14.2m (4GBL)

The data and technology company focused on providing customers in the sport and fitness sector with business-critical insights about their customers, operations, and investments announces a trading update for the year ended 31 March 2024. The Company is expected to report revenues up 15% to £6.4m (2023: £5.6m), EBITDA expected to increase 30% to £1.6m (2023: £1.2m) and the cash balance at 31 March 2024 is £0.2m.  Market guidance for FY24/25 will be given at the time of our final audited results announcement, expected in July in line with previous years. Follow | 4GBL

Atlantic Lithium 22.4p £145.5m (ALL.L)

The African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine announces the appointment of Edward Nana Yaw Koranteng to the Company's Board of Directors as Independent Non-Executive Director, effective immediately. Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years of experience. He has held the position of Chief Executive Officer of the Minerals Income Investment Fund, Ghana's sovereign minerals wealth fund, since 2021. As CEO, he oversees the management of Ghana's equity interest in mining companies, manages all royalties paid to the state from mining activities and supports the growth of the mining industry through long-term, sustainable investments in the sector. Follow | ALL

Creo Medical Group 32.5p £117.5m (CREO.L)

The medical device company focused on the emerging field of surgical endoscopy announces its audited final results for the 12 months ended 31 December 2023. Revenue increased to £30.8m (2022: £27.2m), operating loss was reduced to £24.8m (2022: £30.7m) and the cash balance was £17.4m (2022: £13.1m). Over the next six to 12 months, the Company looks forward to another year of strong growth in  core technology from both existing and new users, helping them drive towards the goal of self-sustaining cashflows. Follow | CREO

DSW Capital 47p £10.3m (DSW.L)

The challenger professional services licence network and owner of Dow Schofield Watts brand, announces the following trading update ahead of its final results for the year ended 31 March 2024. Revenue expected to be £16.0m (2023: £18.3m), Adjusted pre-tax profit expected to be £0.5m (2023: £1.4m) and cash balance of £2.6m (2023: £4.6m). The Board remains confident in the long-term prospects for the business and continues to add new Partners and new licensee businesses to fuel future growth. Follow | DSW

European Green Transition 16.25p £23.5m (EGT.L)

The Company developing green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition announces further results from recent channel and grab sampling at the Djupedal prospect within the Olserum Rare Earth Elements (REE) project located in south Sweden. Channel samples taken over a 100 metre zone at Djupedal confirm REE mineralisation including three metres grading 1.58% TREO and one metre grading 2.27% TREO with c. 30% HREO average. Encouraging results support Directors' belief that the Company's fully permitted low-cost drill programme scheduled for H2-2024 could confirm project upside, supporting the aim of attracting a partner to fund a larger scale, fully permitted programme. Follow | EGT

Global Connectivity * 0.65p £2.4m (AQSE: GCON)

The Company focused on communication services and technologies that enhance connectivity announces its final and audited full year 2023 financial results to 31 December 2023. Cash balances were up to £0.46m, bolstered by the full and final settlement of the intercompany debt paid early and in full by Rural Broadband Solutions Holdings Limited in which Global Connectivity has a 15% stake. Current assets including cash were up by £0.88m to £1.5m largely because of unpaid share subscriptions relating to three individuals who brought Rural Broadband Solutions plc as an entity together reversing it into SAPO plc in October 2021, which are now falling into the current assets' category. In September 2023, Macquarie Capital, the Israel Infrastructure Fund and Tiger Infrastructure Partners merged SWS Broadband and Cadence Networks with Voneus Broadband, and simultaneously acquired Broadway Partners. SWS Broadband, Cadence Networks and Broadway Partners all began operating as part of Voneus. The combined group will be funded with up to £250m in new capital from the three institutional shareholders and senior credit lenders to advance the Company's growth. Follow | GCON

Griffin Mining 149.5p £275.5m (GFM.L)

The mining Company announces its annual report and accounts for the year ended 31 December 2023. Revenues have increased to $146.02m (2022: $94.40m), profit before tax increased to $24.49m (2022: $15.27m) and a cash balance of $60m (2022: $34.14m). Plus a record amounts of ore were mined, hauled and processed in 2023, with throughput reaching mill name plate capacity of 1.5m tonnes per annum, resulting in record zinc metal in concentrate production. Follow | GFM

itim Group 39.5p £12.3m (ITIM.L)

The SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance announces that it has signed a five year multi-million-pound contract renewal with Majestic Wine, the UKs largest specialist retailer with over 200 stores. The subscription renewal for itim's UNIFY platform supports retail, B2B and direct to consumer sales covering processes such as EPOS, e-commerce, PIM, stock management, merchandising, supplier management, pricing and promotions, customer order management, customer management, B2B customer accounts and website & business intelligence. UNIFY provides a single view of customer, product and real time stock across all channels. Follow | ITIM

Titon Holdings 75p £8.4m (TON.L)

The international manufacturer and supplier of ventilation systems and window and door hardware, today announces its unaudited interim results for the six months ended 31 March 2024. Revenue declined 24.6% to £9.1m (2023: £12.1m), EBITDA loss of £0.25m (2023: profit £0.1m) and a cash balance of £2.2m (2023: £1.6m). The Board remains committed to developing and executing its strategy to turn around performance and continues to focus on managing the cost base and improving efficiency. Follow | TON

* 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

ValiRx 2.2p £2.9m (VAL.L)

The life science company focusing on early-stage cancer therapeutics and women's health announces its audited results for the year ended 31 December 2023. Research and developments costs decreased to £383k (2022: £551k), total comprehensive loss of £2.04m (2022: £2.37m) and a cash balance of £174k (2022: £1.1m). 2024 will see another year of significant evolution, with the changes to the Board composition providing an opportunity to harness new expertise and skills into the Group, enabling further honing of the strategy to promote growth and development across all strands of the portfolio.  Follow | VAL

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