Hybridan Small Cap Feast: 16/12/2024
* 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
Admissions:
Canal+ S.A (CAN.L), the producer of the Paddington films, has separated from Paris-based conglomerate Vivendi and joined the Main Market of the London Stock Exchange. Reports are of a valuation of up to Euro 8bn (£6.7bn) in its public debut. Canal+ owns StudioCanal, a producer of the Paddington film series. Earlier this year, it agreed to take over South African pay-tv giant MultiChoice to grow its international operations.
On Friday 13 December, following a reverse transaction, Seplat Energy (SEPL.L), a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the LSE, following the completion of the acquisition of Mobil Producing Nigeria Unlimited, re-admitted to the equity shares (international commercial companies secondary listing) segment of the Official List and to trading on the main market of the LSE.
Delistings:
Atrato Onsite Energy (ROOF.L) has left the Official List and trading on the Main Market of the LSE.
On Friday 13 December, musicMagpie (MMAG.L) left the AIM market.
What’s baking in the oven?
Potential** Initial Public Offerings:
The specialist and diversified business assurance provider reports Interims to September. It operates across the Housing, Healthcare, Government, Education, Charities offering a wide range of services. There are two operational divisions, Risk & Assurance and the long-established Risk & Advisory. The Interims show a 19% increase in Revenue to £5.1m, its EBITDA jumped to £0.55m against £0.16m, with PBT of £0.33m from a £0.3m loss. This is evidence of the success of the new sector lead approach and investments made in upgrading and maintaining digital connectivity. It recently launched the Innovate UK funded AI project TIAA Insight, which will bring efficiencies to working practices and the potential for developing licenced software. Net cash increased to £0.77m from £0.37m allowing a 60% increase in Dividend to 0.786p. The second half has started positively, and the CEO is seeing strong momentum.
Metallurgy results are reported from this mineral exploration and development Company advancing a potentially world-class ionic Rare Earth Elements discovery at its Boland Project in South Australia. The positive results are a function of Boland's unique geology where ionic rare earth mineralisation is hosted within permeable sands. These results support the project's potential for efficient, low-cost extraction, positioning Boland as a highly competitive asset in the global REE market. The company is preparing to start drilling, aimed at testing the scale of the mineralisation and forming sufficient geological confidence to support an economic evaluation through a scoping study.
The provider of hybrid capital solutions for SMEs in Europe and North America reports interim results to September 2024. Since 2017 Duke has offered its Capital Partners unique long-term financing which eliminates re-financing risk and necessity for a short-term exit by providing a 'corporate mortgage,' while also aligning its returns to grow with the business. During the period it used over £15m of capital with existing Capital Partners. Its recurring cash revenue increased 4% to £12.7m although total revenue is 4% down at £13.5m and a 26% decrease in free cash flow to £5.9m reflecting comparatively fewer investment exits. Its operating expenses increased 9.7% to £2.6m. Post the period, £23.5m was raised to support its M&A portfolio and progress a third party, non-dilutive funding strategy to accelerate scale. The outlook is positive, according the CEO as there is a well-funded balance sheet and numerous growth opportunities under review.
The designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets reports a strong Trading Update. Its Interims to November are set to show significant growth in revenue and profits. Customer demand remains robust with the second half benefitting from pull-forward of customer orders. It therefore expects to deliver stronger results for the full year to June 2025 than current market expectations.
The neuroscience imaging, company using its AI-driven platform to help advance therapy research in neurological disorders announces a commercial agreement. It is with PETNET Solutions Inc, part of Siemens and it is to supply diagnostic imaging agents to IXICO. This new offering accelerates IXICO's expansion strategy to serve its growing customer base with the latest technologies in neuroimaging. It adds capability to the growing Tracer Management service providing customers with use guidance, logistics and seamless integration of PET tracers in neurological clinical trials. IXICO is continuing to develops its end-to-end imaging service for clinical trials.
The transition technology provider announces a Material Transfer and Trial Agreement with Sparkle Power SA of a thermal power producer in Colón, Panama that uses fuel oil. The purpose of the Agreement is to carry out a proof-of-concept programme and an emissions test on a 4-stroke engine. Quadrise will supply and install trial equipment including a 5 tonne per hour Multifuel Manufacturing Unit. MSAR and bioMSAR fuel will then be produced for a week-long diesel engine trial on site to supply power to the Panama electricity grid. QED expect the tests to demonstrate an economic case for switching the site to using its emulsion fuel solutions that can lower costs, emissions and greenhouse gases.
The media and technology platform delivering Key Video Moments and Video Commerce aimed at transforming its clients' video profitability issues an unsecured Convertible Loan Note. Gresham House Asset Management, a major shareholder has unconditionally subscribed for five-year CLN for approximately £315,000, with a 12% interest rate and converts at 3p. The funds are for investing in its sales team, developing training, product features and for its general working capital.
The investment Company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses has raised £0.4m. The price of 1.3p is at a c.16% discount to the mid closing price. The funds are intended to be used to invest in one or more of Tern's portfolio holdings and for general corporate purposes, including operating and legal expenses.
The sports and gaming digital media Company updates on its plans for an initial distribution to shareholders from the proceeds of the assets sales related to the Europe Disposal and the North America Disposal. It is an AIM Rule 15 Cash Shell and re-confirms that it has no plans to acquire that constitutes a reverse takeover under AIM Rule 14 or become an investing company. It therefore proposes to undertake an initial tender offer for up to £16m which represents around half the Company's current market capitalisation and approximately half the potential total available cash. This proposal is after taking account of reasonably expected costs and liabilities and expected further receipts due from the Disposals (both deferred consideration and projected earn out). The remainder could be distributed to shareholders after the Board oversee the efficient winding down.
The innovative fire suppression and temperature management solutions provider reports a restocking order from Robert Price Ltd, the largest building merchant in South Wales. This latest order, valued at £10,414, is for a pallet of 20-litre Zenova IP thermal insulating paint and is driven by strong customer demand. It is reported to reflect a consistent pattern of re-orders for Zenova's paint products, with restocking taking place at least every six months. The demand is being driven by strong interest from end customers.
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