GCIHybridan Small Cap Feast: 15/10/2024
* 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 price range for the Offer has been set at 136 to 160 pence per Share, implying an estimated market capitalisation at Admission of between approximately £340m and £400m. It is currently expected that Admission will occur in October 2024.
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 Fundraising comprises a placing at a price of 25p. At the Issue Price, the Company’s market capitalisation on Admission would be c. £31.6m. Admission is expected to occur on 18 October 2024, under the ticker AIM:PLSR.
Banquet Buffet****
The Company in the field of cellular agriculture reports that portfolio company Liberation Labs Holdings Inc. has raised a further US$ 3.5m via a Secured Promissory Note, including a US$ 2.0m subscription from Agronomics using its own cash resources. The Note pays interest at 10% per annum and matures on 10 October 2027. Liberation Labs has also received a US$ 1.39m award under the US Department of Defense's Distributed Bioindustrial Manufacturing Program.
The global podcast Company announced a trading update for the quarter ended 30 September 2024. Record Q3 revenue of US$18.8m, up 34% on Q3 2023 (US$14.0m). Total revenue for the nine months to 30 September of US$52.9m, up 15% on the same period last year (US$45.8m), with September representing the second highest month ever for revenue.
Record Q3 adjusted EBITDA profit of US$1.0m, representing the fourth successive quarter of adjusted EBITDA profitability. Full year adjusted EBITDA expectations raised to US$2.5m (up from US$1.3m previously).
The private equity and venture capital firm announced its interim results to September 2024 saying progress has continued in activities of its portfolio companies. The Unaudited Net Asset Value of the portfolio is £3.4m and down from £9.8m as after a review of the valuations concluded this was the fair value of the Group’s unlisted investments. The Directors believe the listed strategic investments are the most likely driver of shareholder value and include Aukett Swanke 6.97%, Autins 26.95%, Image Scan 10.65% and since the year-end 29.5% of IQ-AI for £0.72m. The Group reports a profit after tax for the period under review of £43,000 (September 2023: loss of £732,000).
The UK-based green hydrogen technology and manufacturing Company announced a recommitment by its existing customers Northern Ireland Water and Fabrum Solutions Limited, with renewed contract terms for the provision of its flagship 1MW Membrane-Free Electrolyser, the MFE220. The Company has now moved to a new commerciality phase where the focus is on completing the three contracted MFE220s generating the Company's first revenues in 2025, activating licensees to facilitate further market growth and expanding the commercial pipeline.
The chip maker of mixed signal ASICs (Application Specific Integrated Circuits) has announced that it has been awarded a design and supply contract for a mixed signal controller ASIC to be used in automotive and industrial motorised actuators. The European based client is a supplier to most major automotive and industrial original equipment manufacturers. The total value, including Non-recurring Engineering (NRE) fees, is projected to exceed US$31m over seven years, based on quoted NRE fees and the Client's forecast production volumes.
The biotech Company co-developing therapeutics for mental health disorders announces that its partner, Awakn Life Sciences Corp. (CSE: AWKN, OTCQB: AWKNF), has entered a research agreement with the University of Nottingham. The research will be conducted in vivo and will evaluate the potential of the Company and Awakn's aminoindane new chemical entity co-lead series to enhance social cognition and pro-social behaviors, a critical step in developing a new class of medicines for treating trauma-related disorders such as Post-Traumatic Stress Disorder.
The investment Company announced that its subsidiary, Whale Head Minerals (Pty) Ltd, has been requested by the Department of Mineral Resources and Energy to furnish a guarantee in respect of its obligations to rehabilitate the mining area covered by its application for a Mining Right. The application for a Mining Right is for an area called 2a or Perdevlei which covers circa 3,095 hectares, of which approximately 170 hectares.
The Company focused on integrated technology that converts non-recyclable waste into low carbon energy with a revenue generating engineering consulting division, announced that it has been notified by the European Patent Office that the Company's European Patent EP3999257, "Method and Apparatus for the Treatment of Waste Material", was fully granted on the 11 October 2024. The patent is in relation to protection around the control of the heating of the waste within the Thermal Conversion Chamber over several zones to allow the optimum synthesis gas to be produced.
The investment Company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses, raised £625k at 1.25p which was a 42% discount. This is the same price as the recent open offer to Tern shareholders which raised £144k and closed for acceptances on 20 September 2024. The funds are intended to be used to invest further in Tern's portfolio companies and for general corporate purposes, including operating and legal expenses.
The international designers, manufacturers, and distributors of flooring provided a trading update for the six-month period ended 1 October 2024 ahead of publishing its half-year financial results in late-November. Flooring demand across Victoria's markets has continued to be soft, with H1 revenue expected to be circa £580m and Underlying EBITDA expected to be circa. £50m, which is a continuation of the lower demand environment experienced in H2 FY2024 (£64.9m). The wider market is witnessing an estimated 20-25% decrease in demand versus 2019 levels. The Board expects H2 trading to be stronger as a result of the actions taken by management alongside a small improvement in demand, although earnings are likely to be below consensus expectations.
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