Hybridan Small Cap Feast: 24/03/2025

* 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:  

On Friday, Wellnex Life Limited (WNX.L) announced its Admission on to the AIM Market.  Wellnex Life is an Australian incorporated company based in Melbourne, Victoria, Australia, and is in the business of developing, licensing, marketing and distributing consumer healthcare and pharmaceutical products, available in leading retailers and wholesalers across Australia, including Coles, Woolworths, Chemist Warehouse, Sigma and Symbion. One of the Company's brands (Mr Bright) is also available in the UK through retailers Superdrug and TK Maxx. £5.22m (A$10.68m) was raised (before expenses) via a placing at a price of £0.317.  

Delistings:  

On Friday, Biome Technologies (BIOM.L) left AIM.

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.

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.

18th March: Uranium Energy Exploration, to be renamed The Smarter Web Company (AQSE:SWC) is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence. Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development. It is looking to do a fundraise of £2m on AQSE. Admission expected 2 April.

18th March: Supersearch Plus (ASQE:SUP) The holding company of a Hong Kong-based frozen seafood importer and wholesaler which specialises in offering a diverse and wide range of frozen seafood products with more than fifty product varieties. Admission expected 25 March.

Banquet Buffet****

The developer, manufacturer, and distributor of high quality and effective rapid tests reports interim results to December 2024. Financial highlights include a £5.2m placing, a 28% increase in Revenue to £3.1m, but with an Operating loss of £2.6m up from a loss of £1.2m in H123 as a result of investments in growth initiatives. The adjusted EBITDA loss was £1.9m and an improved EBITDA performance is expected in H2 due to forecast revenue growth as key strategic milestones are passed, such as the acquisition of CS Lifesciences, the opening of Abingdon Analytical in Doncaster, and the commencement of work in April from the new US site. The  Board is confident in meeting market expectations for revenue of £8.6m for FY2025 and is targeting being cash-flow positive in calendar year 2026, without the need for additional funding.

The minerals exploration and development Company announced that it has entered into a conditional joint venture agreement with Errawarra Resources in respect of the Elizabeth Hill Silver Project and surrounding tenements totalling 180km2 located in the West Pilbara, and certain rights to explore for, and mine, silver from the Pinderi Hill tenements.  Errawarra, via its wholly owned subsidiary Crest Silver Pty Ltd, will acquire a 70% interest in the Elizabeth Hill tenement (M47/342) as well as 70% of  the rights to explore for, and mine, silver from the Pinderi Hill tenements and together with the Elizabeth Hill Assets. In conjunction with the Transaction, Errawarra has received firm commitments for a capital raising of A$3m at a placement price of A$0.027 subject to approval.

The Company engaged in the exploration and development of uranium, vanadium and gold and base metals provided an update on the ongoing development of its Tiris Uranium Project in Mauritania. Aura has confirmed the availability of sufficient water resources to support future operations. Management reports significant progress with potential financiers and strategic partners to secure funding for the development of the Tiris Project.  Aura, along with its debt and strategic investment advisors, Orimco and Macquarie, continues to actively pursue these funding opportunities. At this time, the proposals remain non-binding, confidential and not yet at a stage where they can be announced to the market.
Engineering activities at Tiris remain on track for delivering the Project in early 2027.

The smart buildings group announces finals for FY September 2024. Its revenue from continuing operations is up 38% to £19.5m with the smart buildings revenue exceeding architecture revenue for the first time. The post tax loss was £1.71m (2023: profit £92,000) and included £1.24m of exceptional items and the net debt is 88% lower at £0.25m.  The Company made the first sale of Smart Core Enterprise Licence for a six-figure sum, with ongoing support revenues. The ecoDriver business was acquired whose proprietary software identifies waste energy in commercial buildings. It launched EDDIE, an ecoDriver's Retrieval Augmented Generative (RAG) AI chatbot which links to users' own building energy usage data for highly tailored support on saving energy.

The Company involved in sustainable biopesticide and biocontrol technology announced the appointment of Andermatt Kenya as the Company's exclusive distribution partner for Mevalone in Kenya. Mevalone is Eden's flagship biofungicide developed to prevent and treat outbreaks of fungal pathogens on high-value crops, initially targeting Botrytis cinerea, but with an ever-widening list of disease targets. Mevalone is formulated using Eden's proprietary natural terpene chemistry and yeast-based microencapsulation technology.
The appointment of Andermatt is a result of the Company's commercial drive to increase sales of Mevalone in Kenya, where it already has regulatory approval.

The provider of energy efficiency and renewable energy solutions announced two new LED lighting contracts with a combined Total Contract Value of £571,965. Both projects are being delivered through eEnergy's fully funded, off-balance sheet operating lease model in partnership with NatWest. The Group also confirmed its appointment to the LASER Public Sector Framework for LED Lighting, enhancing its public sector delivery credentials.

The chip maker of mixed signal ASICs (Application Specific Integrated Circuits) announced that it has been awarded a multimillion-pound design and manufacturing services contract by a well-funded pioneering optical computing systems company. The Contract includes substantial design services, engagement, and additional manufacturing services. Following the completion of an initial study phase, activity will now increase significantly, with revenues contributing to EnSilica's current and the following two financial years.

The Company focused on commercialising intellectual property notes the following announcement from 2D Photonics SpA, a new company established to own and manage CamGraPhIC's activities in the UK and Italy, that it has raised EUR25m in a Series A funding round for its wholly-owned Italian subsidiary CamGraPhIC Srl.  As part of the funding round, Frontier IP has converted all the loans it previously made to the Company totalling approximately £2.7m plus accrued interest into equity in the Company at the price of the Series A funding round.  On completion of the funding, and following the debt conversion, Frontier IP's equity stake in 2D Photonics will have an unaudited value of £3.1m which was substantially reflected in the audited financial statements of Frontier IP as at 30 June 2024 based on the agreed non-binding terms of the Series A financing at that date.

The Company that integrates software, data science, and cloud computing to help asset managers make decisions provided the following trading update for the second half of the financial year ending March 2025.
Revenue for the third quarter ended 31 December 2024 increased by 64% to £131k, compared to the second quarter of £80k. Revenue for the fourth quarter ending 31 March 2025 is expected to be approximately £224k, equivalent to 71% higher than the third quarter and 180% higher than the second quarter.  The company has also raised gross (and net) proceeds of £0.35m by way of an equity subscription at 16p.

The sustainable circular economy solutions provider specialising in recycling precious and non-ferrous metals announces a trading update for the period ending 31 December 2024, subject to audit. Revenue from continuing operations increased 66.7% to USD$49m (FY 23 USD$29.4m), reflecting strong underlying organic growth and the expansion of the Company's operational base.  Volumes of materials containing recyclable precious and non-ferrous metals increased 43.3% to 43,000 tonnes (FY23 30,000 tonnes).  Majestic's strong performance in FY 2024 has continued into FY25, with the Company seeing growth across all recycled material volumes within its core business. The Company anticipates issuing its FY24 Audited results before 30th May 2025.

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