Hybridan Small Cap Feast: 17/03/2025

* 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:  

Delistings:  

What’s baking in the oven?

Upcoming Market Movers:

6 February: Creightons (CRL.L) has announced an intention to move to AIM from the Main Market. It is expected that the last day of dealings in the Ordinary Shares on the Main Market will be 28 March 2025. Dealing in the Ordinary Shares is expected to commence on AIM, at 8.00 a.m. on 31 March.

19 February: One Health Group (AQSE: OHGR) announced its intention to move from the AQSE Growth Market to AIM.  Admission is expected to commence on 20 March.

Potential**  Initial Public Offerings:

17th March: MHA, a professional services provider of audit and assurance, tax, accountancy, and advisory services and independent UK member of Baker Tilly International, announced its Intention to Float on the AIM Market.  The Group is seeking to raise up to £125m to provide growth capital for the Company as well as enabling a sell down by certain partners.  Alongside the Placing, the Group intends to launch a retail offer to raise up to approximately £6m.

17th March: Quantum Base, the quantum science Company, announced its intention to apply for admission to trading on the AIM Market during April 2025.  Quantum Base is a quantum science company creating a new global standard in authentication through its patented Quantum Identities - near unbreakable and non-replicable authenticity tags that can be applied to a vast array of products, significantly mitigating counterfeiting, and can be authenticated with a smartphone.  The Company is seeking to raise between £3m - £5m through a placing, alongside a retail offer. 

Banquet Buffet****

The real-time technologies for networks and cyber solutions and medical laboratory systems Company announces its FY results for December 2024. A marginal increase in total revenue to $117.3m was achieved, with strong growth in the Cyber and Diagnostics divisions offsetting lower revenues in the Networking division. The Adjusted Profit Before Tax was $3m, down from $5.9m for FY 2023, and Cash and short-term investments were $31.6m (30 June 2024: $32.6m).  The Company reports the effects of the 2024 initiatives supported by its positive cash position, and confidence in its positive momentum continuing in the current year.

The cloud computing and connectivity provider for financial markets announced that it has signed a new Exchange Cloud contract with Kraken, one of the longest-standing, most liquid and secure cryptocurrency exchanges, based in San Francisco.  With Exchange Cloud already delivering results in the Tier 1 equity exchanges space, this collaboration marks the first cryptocurrency exchange partnership for Beeks. Together with Kraken, Beeks will offer low-latency, institutional-grade infrastructure from Kraken's European data centre. Kraken will rent cloud compute from Beeks' Exchange Cloud offering under the terms of the partnership.  This partnership is a revenue share deal, which brings various commercial benefits including shortened sales cycles and higher profitability; revenue recognition is set to commence in H2 FY25.

The SaaS and AI technology Company announced its unaudited interim results for the six months ended 31 December 2024.  Group revenue grew by 0.4% to £24.2m, with a profit before tax of £1.6m.
Adjusted net cash  at 31 December stood at £11.7m. There were continued renewals with major customers, including Greggs and Southeastern Grocers, with total renewals in the year to date representing £18.7m in ARR and £64.0m in total contract value.  Management is confident in achieving results for the year ending 30 June 2025 in line with current market expectations.

The Moroccan focused potash development Company announced that, further to the announcement on 2 January 2025, the Company has drawn down the first tranche of funding under the Capital Provision Agreement (CPA) which will provide the Company with up to US$11m in both litigation finance capital and working capital.  Alongside the draw down of the first tranche of funding from the CPA, the Company and its subsidiaries in the UK and Morocco provide notice that they have granted certain securities and charges over their assets to the funding counterparty in relation to amounts drawn down. The granting of such security is considered ordinary course for litigation funding arrangements and shall not be enforced so long as the Company continues to meet its obligations under the CPA as intended.

The Company focused on copper-gold-silver exploration in Chile reported further assay results from Phase I drilling at the Mostaza Mine, Cerro Negro.  Results included 7.0m of 5.08% Cu and 449.6 g/t Ag from 45m and 13.0m of 2.48% Cu and 198.1 g/t Ag from 39m. Assay grades were consistently significantly higher than reported results of historical drill program. Management states these results confirm that high grade Cu-Ag mineralisation is continuing to depth and along strike and demonstrate that the former Mostaza mine has the potential to be a high-grade high-value Cu-Ag deposit.

The UK-based investment trust investing in a diversified portfolio of utility-scale energy storage and renewable energy generation assets in Great Britain announced that they and Foresight Group have reached an agreement on the financial terms of a potential acquisition of the entire share capital of HEIT by Foresight under which HEIT shareholders would be entitled to receive 84.0 pence per share.
The Possible Cash Offer values the ordinary share capital of HEIT at £190.8m and represents a 29% premium to the closing share price of 65.2 pence on 14 March 2025, being the last business day prior to the date of this announcement.

The technology Company focused on comprehensive communication and radio frequency solutions across multiple sectors announced its audited results for the year ended 31 December 2024. Revenues were US$45.6m (Dec 2023: US$45.6m) with Profit before tax similar to last year at US$4.81m (Dec 2023: US$4.84m).  Net cash of US$6.0m at 31 December 2024 (Dec 2023: US$8.1m) following the purchase of 2.3m shares in the Company under the buyback programme. Management believes they are well placed for 2025, with an order backlog which stands at over US$25m and the anticipated global increase in defence spending.

The mathematical modelling, data science, and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions announced a contract award with a new UK-based biotech company developing antibody drug conjugates (ADCs) based therapies targeting hard-to-treat cancers.  This new project will see the Company develop a Pharmacokinetic (PK) Pharmacodynamic (PD) model to inform optimal dosing for the client's upcoming First-in-Human trial. The project is valued at £102,000 and is projected to run from April 2025 until August 2025.

The Jersey-based Oil and Gas Company with near-term hydrocarbon operations and production focussed on Morocco and Trinidad announced an update on the preliminary MOU-5 drilling results in the Guercif Licence onshore Morocco.  MOU-5 was successfully drilled within pre-drill budget forecast to the planned target depth and logged in ten days.  The top of the Domerian carbonate primary target was encountered significantly deeper than thought due to the presence of mobilised salt above. Encouragingly this increased the thickness and potential effectiveness of the topseal.  Good quality resistivity and sonic wireline logs were acquired over the top fifty meters of the Domerian carbonate.

The engineering consultancy for critical military platforms provides a trading update for the six months ended 28 February 2025.  Revenue was £3.8m which was in line with the Board's expectations, representing growth of 30% compared to the half year ended 31 August 2024.  Gross profit was £1.1m and margin increased to 29% from 25% in Full Year 2024.  The Company reports strong demand for defence engineering services due to increased investment in the defence industry.  The current pipeline underpins the Board's confidence in meeting current market expectations for the year ended 31 August 2025.
 

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