Hybridan Small Cap Feast: 19/06/2025

* 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

***** Closing Price on prior day to Publication.

Dish of the day

 Delistings:    

Induction Healthcare Group (INHC.L) delisted from AIM.

What’s baking in the oven?

 Potential**  Initial Public Offerings:

Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.  A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company's Registration Document, requires additional time to enable finalisation ahead of the IPO. The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable.  The Company reports the IPO has received strong investor interest and based on firm orders received to date, the institutional offer is heavily oversubscribed.  Deal size and timing remains TBC. 

Market Movers:

13th June: , the digital finance hub that brings money payments and cryptocurrency settlement services together in a single user-friendly app, announced its intention to apply for Admission to trading on AIM and cancel the Admission of its Ordinary Shares to trading on the AQSE Growth Market.  Expected Admission will become effective on AIM, at 8.00 a.m. on 27 June 2025. Cancellation of the trading of the Ordinary Shares on the AQSE Growth Market will take place simultaneously with Admission.

Banquet Buffet****

The independent manufacturer of natural sustainable animal feed additives for health, nutrition, and biosecurity held its AGM today. The Chairman statement highlighted that the Company had achieved a strong H1 performance. Particularly encouraging is the performance in India and the US. There was a recovery in the US swine sector and continued growth of the organic egg layer and young cattle segments. The business development initiatives include preparation to launch several Bio-Vet products, in various territories around the world. Anpario's global sales team report that initial customers discussions are very encouraging and product registration work is now underway.

The life sciences Company developing innovative, targeted oncology drugs, announces a new partial response observed in a patient with salivary gland cancer. The patient’s, with metastatic salivary gland cancer, previous therapy included surgery and radiation with no prior systemic therapy. The Groups AVA6000 drug reduced the patients combined tumour diameter at the first scan by almost 50%, qualifying as a partial response. The unmet need in this rare tumour type is very high, with metastatic salivary gland cancer having no preferred standard therapy. The Company is thrilled to see the antitumor activity and plans to publish the final data from the AVA6000 Phase 1a in the second half of 2025.

The exploration and development Company focused on gold in Australia updates on its Queensland operations, with significant progress at the Blue Mountain gold project, where the drilling rig is to be mobilised. Bulk sampling and prototype wash plant testing are ongoing, with the objective to demonstrate recovery and revenue potential. Additionally,  a drilling programme is to start in July at the Lolworth gold and rare earths project. The Board believes that the next two months are pivotal for ECR as these developments mark key milestones for future exploration and production objectives. ECR remains on budget and on schedule across its operations, and results from the antimony drilling programme at Bailieston are expected in the shorter-term.

The fertiliser producer provides an update on the latest REE (Rare Earth Elements) exploration activities at its 100% owned Arapuá Project in Brazil. The exploration is being conducted in consultation with PVW Resources Ltd and a further 36 historical samples were selected and sent for analysis. The encouraging results showed the average total concentration of rare earth oxides ranged from 2,110.53 to 2,656.99 parts per million  confirming the presence of REE. Further drilling is being planned to accelerate the programme.

The provider of information systems and technical services to transport operators and local authorities reports its subsidiary Infotec has received a $2.7m order. The order is supply display systems to the New York City Metropolitan Transportation Authority. This is America's largest transportation network, comprising 472 stations, 665 miles of track and has an annual ridership of over 2bn. This is the first purchase for the supply of Journeo’s innovative station platform displays. Installation is due to commence in the fourth quarter of this year and continue throughout H1 2026.

The acquisitive innovation-led engineering specialist in electronic and electro-mechanical components and systems, reports Interims to March 2025. Revenue declined to £9.5m from £11.6m despite the increased order book from £28m to £32.8m. This is due to a delay in rail customer contracts. The Loss Before Tax increased to £0.5m from £0.4m and net debt increased to £3.8m from £2.1m. H1 was impacted by the indecision in the UK passenger rail market. The enquiry levels for Aerospace and Aviation products have generally been strong. The acquired Red Box sales programme did not meet budgeted sales aspirations. The integration is complete, with four sites across the UK, selling to customers in the UK and overseas and the Group is considering its outsourcing options. Despite the challenges, the CEO is confident in delivering a profitable second half and long-term growth in line with expectations.

The gold exploration company focused on West and Central Africa updates on the JORC Exploration Target for the Faré prospect within the 354.50km2 Senala orogenic gold project in eastern Senegal. The target range increased to 17m - 24m tonnes at a grade of 0.69 to 0.84g/t Au for 380,000oz to 650,000oz contained Au. In 2021, the Company published a maiden JORC-compliant Mineral Resource Estimate (MRE) for the Faré prospect of 155,000oz. Senegal is a richly endowed gold mining country and the update shows considerable upside potential to host a significant sized gold deposit.

The exploration Company focused on mineral projects in Canada has agreed a collaboration with Fulcrum Metals (FMET.L) to investigate the potential commercialisation of a historical mine processing tailings storage facility. This is located on the Winston Project in Ontario, Canada where the required access and power infrastructure is already in place. A modern, sustainable approach to mine waste reprocessing and precious metal capture potentially offers Panther a shorter pathway to significant cashflow, which could be deployed towards extending the 8.5 year mine life envisaged in the 2021 Feasibility Study. This could be a low-cost, high-impact opportunity with upside potential for both parties.

The cloud-based spend intelligence platform updates on trading for FY April 2025. The Company expects to report revenue growth of 14% to £3.3m and a reduced EBITDA loss to £1.7m from the £2.5m loss in FY24. The cash and equivalents increased to £1.7m in April 2025 compared to £0.6m and the cash burn rate significantly reduced to £142k per month from £218k. A three-year contract worth £200k has been signed with a British train operating company. The Company is in advanced negotiations with several potential new and existing customers regarding new contracts. There is further planned development work for the major new client won last year. The monthly cash burn rate is expected to be further reduced and become cash generative monthly by the end of FY 2026.

The onshore hydrocarbon producer in the UK delivering natural gas and crude oil to Britain’s energy market makes an AGM Trading Update. Production is in line with full year guidance at 2,000 boepd. At the end of May 2025, cash balances were £10.5m and net debt was £1.9m. World events support the increasing strategic value of secure, domestic energy production and the Group’s onshore operations provide safe, reliable, domestic energy. This generates the cash flow that underpins the reinvestment in the long-term growth strategy to develop a high-quality, geothermal platform (harnessing the energy of the earths core) with scalable, de-risked opportunities in the UK and Croatia. This will build a broader, more resilient business that can generate sustainable returns across energy cycles and policy environments.

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