GCIHybridan Small Cap Feast: 22/07/24
* A corporate client of Hybridan LLP
** Arranged by type of listing and date of announcement
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour
Dish of the day
What’s baking in the oven? **
Potential**** Initial Public Offerings:
ITF announced:
8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is expected to be 26th July 2024. The Primary Offer expected size is approximately £4.0m
Banquet Buffet***
The provider of products and services for real-time financial market data processing, provides a trading update for the year ended 30 June 2024 (FY24). Turnover is expected to be ahead of market expectations by approximately 4% as result of increased use of product by certain customers. Adjusted profit before tax is expected to be ahead by approximately 20%, as a result of the aforementioned increased product usage and certain planned staff costs only being incurred at the end of FY24. Expectations for the current financial year (FY25) remain unchanged.
The cloud computing and connectivity provider for financial markets, provides a trading update for the year ended 30 June 2024 (FY24). FY24 results are expected to be in line with consensus expectations, with Beeks having delivered double-digit growth on the prior year, driven by a strong performance across Beeks' Private, Proximity and Exchange Cloud offerings. Revenue for FY24 is expected to be approximately 27% higher than FY23, delivering underlying EBITDA growth of over 27% and underlying profit before tax growth of approximately 67% versus FY23. The conversion of Beeks' record pipeline across each of its offerings remains a core focus for FY25 and the new financial year has started promisingly, including the contracts already signed in FY24 for delivery and revenue in FY25.
The exploration company announces an equity raise for £1.9m at an issue price of 5p (representing a small premium to the 4.8p closing share price on 19 July 2024) to fund its Definitive Feasibility Study (DFS) for its Orom-Cross graphite project in Uganda. This funding round consists of £1.3m raised from several project partners including ADT (Ugandan drilling partners), Oriental Jinyuan (Asian graphite marketing partner), American Energy Technology Company (battery technology partner) and Minrom (technical resource partner); £459,639 raised via a Placing and £159,063 raised by through direct subscription with the Company. Blencowe has stated previously that it will deliver targeted capital raises with longer term investors to complete the DFS rather than deeply discounted raises into the retail market.
The oil and gas company with a focus on Africa announces that Mark Vermeulen has been appointed as a Non-Executive Director with immediate effect. Mark is a partner, Chief Investment Officer and fund manager at Ophorst van Marwijk Kooy Vermogensbeheer NV (OVMK), a value-oriented investment firm focused on both mid and small-cap equities in the UK, Hong Kong and Europe, and high-yield bonds. He has spent the last 15 years managing a range of international bond and value funds for OVMK, with significant exposure to oil & gas related investments. He has previously worked at Dresdner Bank as an analyst across a number of international equity funds.
The challenger British Beauty brand business provides a trading update for the year to 30 June 2024. FY24 sales are expected to be in line with market expectations at c. £17.0m (FY23: £20.1m). The Group continues to focus on reducing its operating losses, which were in line with both H1 and market expectations and are a significant improvement on the prior year. The Group retains a healthy net cash position of c. £7m at the year-end. Management expects to deliver revenue growth through international expansion, retain a keen focus on brand contribution and release working capital tied up in harvest brands.
The digital advertising and technology services company provides a trading update for the six-month period ended 30 June 2024. Net revenue was £10.1m, up 1% (H1 FY23: £10.0m), adjusted EBITDA was £2.1m, up 12% (H1 FY23: £1.9m) and net cash position at the period end was £6.8m, up 58% (H1 FY23: £4.3m). The Board remains comfortable with current market expectations for the FY24 full year, and notes that Brave Bison typically benefits from a second-half weighting as a result of seasonally higher digital media rates
The African focused transitional energy company announces that further to its announcement on 19 July 2024 (the Launch Announcement), the Company has conditionally raised net proceeds of £5m through a Placing and Subscription at the Issue Price of 6.5 pence per Ordinary Share, representing a discount of approximately 13.3% to the closing mid-market price of 7.5 pence per Ordinary Share on 18 July 2024. In addition to the Placing and Subscription, and as set out in the Launch Announcement, the Company proposes to raise up to a further £1.5m by the issue of New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders at the Issue Price on the basis of 1 Open Offer Share for every 46 Existing Ordinary Shares held on the Record Date. The net proceeds will be used to strengthen the balance sheet to continue to deliver value from Chariot's portfolio of projects, to secure a material new venture opportunity with multi-billion barrel potential, and to progress onshore gas commercialisation plans in Morocco.
The mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, announces that it has entered into a binding agreement with Elemental Altus Royalties Corp. for the sale of the royalty interests that the Company holds on the Mactung and Cantung tungsten projects located in Northern Canada for a total cash consideration of US$4.5m. This transaction follows Cornish Metals' recently announced sale of the Nickel King project and further demonstrates its focus on advancing the Company's wholly owned and fully permitted South Crofty tin project, in the UK, towards commencement of production in 2027.
The company that comprises three divisions: controlled environment agriculture (CEA); contract electronics manufacturing (CEM) and passive fire protection (PFP), announces continued strong momentum at its CEM division – underpinned by an expected record breaking year in the pest control market. Last week the Company added £628k in committed forward orders within its CEM division. As a result, pest control revenues forward orders received and to be satisfied in the current financial year are £825k (or 15%) higher than total revenues received from this segment during FY23. The Company anticipates full year revenues for the CEM segment to be between £9m to £9.5m. Trading in the Company’s other two divisions remains in line with management expectations and as reported on 04 July 2024.
The company investing in next-generation technology focused on AI, notes the announcement made by Forcepoint, a global leader in data-first cybersecurity solutions, that it has unveiled its comprehensive GenAI Security solution, offering visibility, control, and risk-based data protection across generative AI platforms, including integration with OpenAI's ChatGPT Enterprise Compliance API. Getvisibility, one of Mindflair's investee companies, works closely with Forcepoint, powering part of this overall solution. Mindflair has a direct interest in Getvisibility. Sure Valley Ventures Fund (SVV1) has a direct shareholding in Getvisibility and Mindflair has a 13% direct interest in SVV1 and a 5.3% indirect investment in SVV1 via its holding in Sure Ventures plc.
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