Hybridan Small Cap Feast: 15/05/2025

* A corporate client of Hybridan LLP

** Potential means Intention to Float (ITF)  or similar announcement has been made

***Arranged by type of listing and date of announcement

****Alphabetically arranged

Dish of the day

 

Admissions:  

None

Delistings:  

Alliance Pharma (APH.L) and  Zytronic (ZYT.L) delisted today from AIM.

What’s baking in the oven?

Potential**  Initial Public Offerings:

12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, announced its intention to raise approximately US$230m through its Global Offer and the possible Admission on to the Main Market in June 2025.  Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.

9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it is considering an IPO onto the Main Market.  The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds.  For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m.  The current intention is to maintain a progressive dividend policy, and the dividend for FY2025 is expected to be set at approximately 50 per cent. of adjusted profits.  Timeline and deal details remain TBC.

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.

Market Movers:

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. 
 

Banquet Buffet****



The pan Asian gold project development Company updates following its announcement on 6 May 2025 with regards to the permit renewal at its flagship Philippine project. On 17 February 2025, the Company announced that it was "…actively exploring avenues for potential early monetisation" given what the Directors believe is a value disconnect between the current market capitalisation and the Philippine gold project alone, particularly as the price of gold has now risen above $3,000 per oz since that announcement and the permit has subsequently been renewed as announced on 6 May 2025. The Company's local partner has, post the renewal of the permit, expressed an interest in acquiring all of Bluebird's remaining project interest in its flagship Philippine project.  The Company will now enter into discussions with a view to determining if this may potentially be the best path to create most value for shareholders. The Company wishes to place emphasis on the fact that no formal offer has been received and there can be no guarantee that an offer will be received or if it would result in an agreement being concluded.



The mid-market, challenger professional services licence network and owner of the Dow Schofield Watts and DR Solicitors brands, announced a trading update ahead of the Group's Final Results for the year ended 31 March 2025. Following the acquisition of DR Solicitors and an upgrade to FY2025 guidance resulting from supernormal levels of 'Beat the Budget' M&A activity, announced earlier in the Year, the Company reports  FY25 revenue to increase to £25.8m from £16m in FY24 and adjusted EBITDA to triple to £1.76m from £0.6m last year. The acquisition of DR solicitors was for a total consideration of £6.1m, satisfied by £4.3m in cash and £1.8m of new ordinary shares. The cash balance is £2.7m as at 31 March 2025, with net debt at £0.3m. The dividend is expected to be increased to 2p from 0.75p in FY24.



The explorer of copper and gold in Kazakhstan announced the results of the induced polarisation survey from the Talovskoye high priority drill target area in East Kazakhstan. This target area contains two distinct IP anomalies. The Western target shows a large, deep, high chargeability anomaly reaching amplitudes of up to 45mV/V. This anomaly is approximately 400 x 400m in size, located approximately 100m below surface, and is open at depth. The Eastern target shows a small, narrow, near surface, high chargeability anomaly associated with the historic Talovskoye Deposit. This response is open to the north and shows the potential to be associated with high-grade pipes, similar to those mined in the past. The flanks and surface of the anomaly contained historical drill results into unmined areas which are included in the announcement. The Company has started preparations for drilling, with the rig scheduled to mobilise to the Rulikha and Talovskoye targets within the next two weeks.



The longevity Company announced today that the Japanese Patent Office has advanced its SIRT6-related patent application to the national examination phase. The application, titled "Variants of SIRT6 for Use in Preventing and/or Treating Age-Related Diseases," was originally filed on 13 May 2022 and is jointly owned by the University of Rochester, The Trustees of Columbia University in the City of New York, and Albert Einstein College of Medicine. Genflow holds the exclusive license to this IP The invention covers novel SIRT6 gene variants that play a central role in genomic stability, metabolic regulation, and healthy aging.



The early stage mineral resources and hydrocarbon exploration Company today announced that Exploration Licence E08/3744 has been granted to its wholly owned subsidiary Juno Gold Limited by the Department of Energy, Mines, Industry Regulation and Safety in Western Australia. E08/3744 forms the western parts of the Juno project located in central Western Australia where the Company is conducting exploration for large Intrusion Related Gold Systems which host precious and base metal mineralisation. The Juno project currently comprises four licences covering a total of 644 square kilometres. Total granted tenure at Juno now increases from 275 square kilometres to 450 square kilometres with the addition of Exploration Licence E08/3744, which contains potential exploration targets that share geophysical similarities to the primary target within Exploration Licence E08/3497.



The specialist brick manufacturer will report on Trading at its AGM today. Despite a small price increase, the forward order intake is stable and well balanced underpinned by robust demand across its markets. The full year expectations are unchanged, but the Group will remain watchful of the pricing environment and customer demand dynamics particularly in the important Repair, Maintenance, and Improvement markets. The medium-term demand fundamentals across UK and Benelux markets remain highly supportive and the Group is well positioned for market recovery.



The provider of essential infrastructure solutions announces its interim results to March 2025. Group revenue increased 18.5% to £30.6m in line with management expectations, with a reduced operating loss before exceptionals to £1.1m from £1.3m. There is cash of £9.6m (HY24 £9.3m) and an  Interim dividend of 1p is to be paid. The integration of the Coleman acquisition made for an initial £3.1m is producing operational efficiencies as well diversifying into new high potential sectors. Its focus on the water sector is producing  projects starting in FY26 and there is also engagement in the CP7 rail sector delivery plan, which runs until March 2029. Both initiatives  enhance Nexus' long-term revenue  visibility. New contract awards were also encouraging in the housebuilding sector and Tamdown secured several new contracts, growing its order book to £80.8m (HY24 £72m). Despite the economic uncertainties which have evolved in recent months, the CEO states it’s a positive performance  and progress is being made on its core strategic objectives.



The developer of light-activated antimicrobial technologies announces results for the year ended December 2024. Revenues increased by 70% to (Canadian) c$2.0m (2023: c$1.2m), driven by an 81% increase in hospital deployments despite a 40% reduction in sales and marketing spend. The Operating loss was c$19.4m reflecting increased and upfront investment in clinical trials, FDA audit readiness, and operational infrastructure to support future growth. The gross margin improved to 64% (2023: 58%) because of operational efficiencies. In the UK, Steriwave became the first light-activated antimicrobial listed on NHS Supply Chain, enabling streamlined access for hospitals. It successfully raised c$21.7m net during 2024, with a further c$5.7m in strategic investment from a leading US healthcare entity shortly after the 2024 financial year-end, providing essential funding to initiate the Phase 3 clinical trial and support continued commercial expansion of Steriwave. The four-month ICU pilot trial began patient recruitment post-period, in March 2025. The CEO, reports progress has been achieved commercially, clinically, and operationally and is confident of delivering significant value.



The AIM quoted gold exploration Company focused on West and Central Africa updates on its 90% owned Bibemi orogenic gold project in Cameroon, including an increased JORC Code Mineral Resource Estimate for the Bakassi Zone 1 prospect and an additional JORC Exploration Target range. Independent consultant Forge International Limited has produced an updated total MRE for the BZ1-MRE zone of 460,000oz of contained gold (Au), using a US$2,750/oz gold price. This is a 23% increase on the BZ1 MRE published in January 2024. The new MRE achieved 100,000oz at 2.05 g/t Au in the Indicated and 360,000oz Au at 2.06g/ t Au in the Inferred JORC categories. The Indicated Resources occur as a unified block in the centre of the deposit and could provide a suitable location for a starter pit if mined.  



The independent energy company with assets in Vietnam and Egypt today provides an unaudited trading and operations update ahead of the Company's annual general meeting on 22 May 2025 at 14.00 (BST). Group working interest production for the four months ended 30 April 2025 was 5,757 boepd net, in line with Group working interest 2025 production guidance of 5,000 - 6,200 boepd. Vietnam productions was at 4,216 boepd, with 2025 guidance at between 3.6k and 4.6k boepd net. The Egyptian production was at 1,541 bopd, with 2025 production guidance between 1.4k and 1.6k bopd. Cash balances as at 30 April 2025 reported at around $22m alongside a debt free position. The company also has a receivable balance in Egypt of $31.7m, having received $4.9m in the four months to 30 April 2025.


 

This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor 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. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. 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.

As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.

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.

This document is not intended to be an invitation or inducement to engage in investment activity. 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 categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (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 avoidance of doubt, 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.

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. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. 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.

References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results.  Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however 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.

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 losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).

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 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.

Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. 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.