Hybridan Small Cap Feast: 19/05/2025

* 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:  

On Friday 16th, Bushveld Minerals left 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, confirmed its intention to raise approximately US$230m through its Global Offer and the 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 has confirmed its intention to 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.  Deal size TBC but timing is expected late June 2025.  

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 biopharmaceutical company announces a formulation development collaboration with Skye Bioscience (Nasdaq: SKYE), a clinical-stage biotechnology company focused on obesity and other metabolic health disorders. The partnership aims to develop a novel, higher concentration formulation of Skye's CB1 inhibitor, nimacimab, using Arecor's proprietary formulation technology platform, Arestat.  Under the terms of the agreement, Skye Bioscience will fund Arecor's development activities with the option to license rights to the new proprietary formulation of nimacimab and associated intellectual property to further develop and commercialise the product.

The international provider of transport technology solutions reports its full year results for the year ended 31 December 2024. Revenue increased by 34% to £8.9m, in line with expectations (FY 2023: £6.6m) and gross profit increased 146% to £3.6m (FY 2023: £1.5m).  The Company delivered an adjusted EBITDA loss of £1.6m (FY 2023: £3.2m), ahead of expectations and supported by increased sales, effective cost management, and a favourable sales mix, alongside R&D tax credits.  Aurrigo reported net cash of £3.1m at the year end (FY 2023: £3.5m). This position was further strengthened by the funding round that completed in January 2025.   Results for the full year are currently expected to be in line with the Board's expectations.

The West African focused gold Company announced its final audited results for the year ended 31 December 2024. Operational highlights include transitioning the flagship Sanankoro Gold Project in south Mali into a producing mine.  Sampling identified 4 primary and 4 secondary gold bearing structures, representing approximately 50km of highly prospective terrain for exploration targeting, giving good confidence on the ability to extend the resource inventory and life of mine at Sanankoro.  The 2024 Mineral Resource Estimate delineated a total of 31.4 Mt at 1.04 g/t gold for 1,044 koz, comprising Indicated 19.0 Mt at 1.13 g/t Au for 689 koz plus Inferred 12.4 Mt at 0.89 g/t Au for 354 koz. The Company is engaged in active discussions with the mining administration in Mali with a view to being issued a mining permit for Sanankoro.

The medical device Company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients announced its audited final results for the 12 months ended 31 December 2024, which are in-line with market expectations.  Total group revenues of £30.7m with £4.0m from continuing operations and £26.7m from discontinued operations, following a partial sale of Creo Medical Europe.  The remaining 49% stake in Creo Medical Europe is to provide cash inflows going forwards, via an ongoing share of profits.  The positive outlook for the year is underpinned by the full-year effects of the cost savings implemented in FY24 and visibility of growth in revenues. The Company is targeting 40%-60% Core Technology revenue growth in FY25

The provider of native (human interest) digital advertising services to premium clients in the Business, Finance and Lifestyle sectors reports FY December 2024 results. Revenue declined 7.3% to £28m, while the gross profit margin increased to 26.1% from 24.7% giving a slightly reduced EBITDA loss of £0.3m from an EBITDA loss of £0.4m. A PBT of £0.3m was reported compared to a £1.8m loss before tax. At the YE, the Group had no borrowings and cash of £8.8m up from £7.7m in 2023. The traffic across the Group's premium publisher base increased by 3.9% to 45.5bn impressions, although the average spend among the top 100 premium advertisers declining by 3.9%.  Progress is being made in transitioning from being a native advertising specialist into a comprehensive full-spectrum digital advertising platform.  The start to 2025 has been challenging due to macroeconomic headwinds and the near-term increase in the cost-base may have a temporary impact on profitability.

The specialist drug discovery and development Company announced its Final Results for the twelve months ended 31 December 2024.  The loss for the Period was £2.5m (2023:£2.9m) with cash balances of £0.2m at 31 December 2024 (31 December 2023:£0.2m). In January 2025, progress was made in the preclinical research program focused on P140 and the pathogenesis of autoimmune diseases. These findings pave the way for earlier and more accurate diagnostics; identifying patients most likely to respond to P140 therapy; and improved monitoring of the patient's response to treatment with P140.  Based on recent progress, active discussions continue with a number of global commercial partners.

The technology and software Company focused on risk management in capital markets reports results for the YE December 2024. Revenue grew 28.3% to £6.8m of which the Annualised Recurring Revenue (ARR) is £6.6m, an increase of 22.2% compared to the previous period. There is an EBITDA profit of £1m compared to a loss of £1.3m, while the Loss before Tax improved to £1.4m from £4.9m. The gross cash at the Y/E was £1m. During the period 12 new ARR contracts were signed which included 6 new customers and there are now 44 institutional customers. The restructuring and rationalisation have reduced costs by £1.2m. A new CEO Dan Carter has been appointed.  First sales have been received after the launch of a risk management application and a strong start to 2025 is reported.

The gold exploration Company focused on West and Central Africa provided an update on its 90% owned Mbe orogenic gold project in Cameroon, including further positive drill results.  Results from drillhole MBDD009 have increased the total mineralised gold intersections from the maiden drilling programme to 137 (using a 0.20 g/t Au lower cut-off grade).  The drilling programme is currently scheduled for completion in Q3-2025, and the Company anticipates publishing a maiden, pit-contained Mineral Resource Estimate  in Q4-2025.  Ahead of this, the Company plans for an independent consultant to produce a JORC Exploration Target estimation in Q3-2025 to provide earlier guidance on the resource potential of the Project.  The Company believes that the Project could be mined by open pit mining methods.

The buy and build Group focused on companies which design and manufacture specialist lab equipment, industrial & scientific sensors, and industrial & scientific products, provides a trading update for the year ended 30 April 2025.  The Company expects full year results to be in line with current market expectations.  SDI has continued to demonstrate solid cash generation during FY25 and retains sufficient headroom within existing debt facilities to support the Group's acquisition strategy. At 30 April 2025, the Group had net debt of £13.8m and £9.9m of undrawn bank facility and a further £0.6m of deferred consideration payable relating to previous acquisitions. The Group has a robust order book, buoyed by an uptick in orders in Q4 FY25, and looks forward to providing a further update at the full year results in late-July/early August.  Approximately 10% of revenues in FY25 were generated from sales directly to the US, and the introduction of tariffs on products sold to the US is not expected to have a material impact on the Group.

The engineering-led group focused on technology for the energy transition supply chain announced the successful result of the Subscription announced on 15 May 2025.  The Company has raised £274,000 at 40p per share.  The net proceeds will be used to fund the Company's business plan and for general working capital purposes. In addition to the Equity Fundraise, certain holders of existing loan notes with the Company have opted to convert a portion of their existing loans and accumulated interests, amounting to £60,618.94, at the price of 40p per share.

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