Hybridan Small Cap Feast: 25/11/2024
* 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:
None
Delistings:
Centamin Plc (CEY.L) has delisted from the main market of the London Stock Exchange.
What’s baking in the oven?
Transferring markets:
8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market on 11 December and admit to the Access Segment of the AQSE Growth Market on the same day. Zentra Group is a UK-based residential developer, development manager and property manager focused on the North of England and on 22 November completed a series of transactions, after having changed the Company's name from One Heritage Group plc on 17 October.
Reverse Takeover:
18 November 2024: Greatland Gold (GGP.L) has entered into an agreement with certain subsidiaries of Newmont Corporation (NYSE:NEM) to acquire, subject to certain conditions being satisfied, a 70% ownership interest in the Havieron gold-copper project (thus consolidating Greatland's ownership of Havieron to 100%), and 100% ownership of the Telfer gold-copper mine, and other related assets and interests. The Acquisition constitutes a reverse takeover under Rule 14 of the AIM Rules and accordingly an AIM admission document was published on 10 September 2024. The Acquisition is subject to a number of conditions precedent. Satisfaction of the Acquisition conditions precedent, and following that Acquisition completion and readmission of Greatland's securities to trading on AIM, is targeted in Q4 2024.
Potential** Initial Public Offerings:
Rumours about December IPO
Canal+: the producer of the Paddington films, confirmed it would separate from Paris-based conglomerate Vivendi and is expected to float in London on the Main Market of the London Stock Exchange on 16 December, according to a newly published prospectus. The demerger is subject to a vote among Vivendi’s shareholders on 9 December and would come alongside the separation of advertising agency Havas and newly-named publishing business Louis Hachette from the group. Canal+ would trade in London using the ticker CAN. It was reported last week that the firm was seeking a valuation of up to Euro8bn (£6.7bn) in its public debut. Canal+ owns StudioCanal, a producer of the Paddington film series. Earlier this year, it agreed to take over South African pay-tv giant MultiChoice to grow its international operations.
“Santa's Wishlist” for 2025 IPOs
Shein: Rumours began again early October and are gathering pace that fast-fashion company Shein plans to list on the Main Market of the London Stock Exchange in early 2025. According to media reports, the IPO could value the company at £50.3bn (US$62.5bn), pending regulatory approval. Shein is collaborating with US investment banks Goldman Sachs, JP Morgan, and Morgan Stanley for the listing according to the press. Company leaders, including founder Chris Xu and executive chairman Donald Tang, are apparently engaging with UK investors to gauge interest. Shein initially considered a US listing but allegedly encountered issues with the SEC’s filing requirements according to newspaper coverage.
Banquet Buffet****
The mid-market, challenger professional services licence network and owner of the Dow Schofield Watts and DR Solicitors brands announces its half year results for the six-month period ended 30 September 2024 (H1 25), which were in line with management expectations. Network Revenue was 6.8% higher at £7.8m (H1 24: £7.3m), as M&A activity gradually improved across the period and gained momentum in September 2024. Statutory profit before tax of £0.1m (H1 24: loss of £0.1m), due to a lower share based payment expense in the Period. Cash of £2.3m (FY24: £2.6m), reflecting the lower level of profitability whilst the M&A markets were subdued, and a dividend payment of £0.2m in September 2024.
The exploration and development company focused on gold in Australia announces that it has raised, subject only to Admission, £950k before expenses through a subscription at a price of 0.33p per new Ordinary Share.
The Subscription Price represents a discount of approximately 20.5% to the closing middle market price of 0.415p per Ordinary Share on 22 November 2024. The net proceeds from the Subscription will primarily be used to advance ECR's projects in Victoria and Queensland during 2025.
The multi-asset, multi-jurisdiction gold producing Company, announces that the Kouroussa Gold Mine in Guinea has reached commercial production. The operation's four-week trailing average production has increased to approximately 1,900 ounces (oz), with an average selling price during that period of US$2,473 per oz, which is below the spot gold price as a result of the Company's existing hedging contracts, which are expected to expire at the end of Q1-2025. This four-week trailing average production figure is below the previously announced target of approximately 2,000-2,500 oz per week primarily due to a lower-than-expected mill feed grade, resulting from a shortage of high-grade ex-pit ore caused by ongoing mining capacity constraints.
The gold producer in the Philippines, provides an operational update on activities at its Runruno Project. FY2024 gold production is expected to exceed the Company's 2024 upper guidance target of 80,000 ounces (oz), with forecast annual production of 82,500 oz. All-in sustaining cost (AISC) for FY2024 is expected to surpass the 2024 lower guidance target of US$1,175 per oz, with the forecast AISC of US$1,125 per oz. The most recent typhoon to make landfall in the Philippines, Super-Typhoon Pepito has caused significant damage in the Philippines.
The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors announces its financial results for the nine-month period ended 30 September 2024. Revenues for the Period were stable at $33.7m (nine months to 30 September 2023: $33.7m). Net cash of $4.9m as at 30 September 2024 (30 September 2023: $6.4m) after using $1.1m to repurchase shares of the Company under its buyback programme.
The supplier of innovative cleaner energy solutions announces the signature of a Collaboration Agreement with Auramarine Oy, a fuel supply systems pioneer for the marine and other industries. The purpose of this Agreement is to leverage the respective resources of Quadrise and Auramarine in emulsion fuels, biofuels and fuel systems to seek to offer innovative solutions that help to improve operational efficiencies and decarbonise energy-intensive applications, with a focus on the marine sector. Under the Agreement, Quadrise and Auramarine will work together, combining their expertise and networks, to jointly develop and promote new sales opportunities that offer a comprehensive value proposition to the shipping industry to comply with new environmental regulations.
The oil company with operations in Romania and Tunisia announce its Interim Financial Results for the nine months ended 30 September 2024. Revenue for the nine months ended 30 September 2024 was $12.2m (30 September 2023 - $13.3m) and EBITDA for the nine months ended 30 September 2024 was $1.9m (30 September 2023 - $1.2m). The Group realised a net price of $78.24/boe for the nine months ended 30 September 2024 comprising: Realised oil price - $81.52bbl and Realised natural gas price - $11.19/Mcf. The Group continued its excellent safety record with no Lost Time Incidents in the first nine months of 2024.
The specialists in technologies that make plastic and rubber products smarter, safer and more sustainable announces a new natural and biodegradable resin, branded NbR. It is suitable for a wide range of packaging products and for agricultural mulch-films. This technology was first developed by Symphony in 2011, but due to increased focus on reducing fossil resources in plastics, their early formulations have been upgraded during 2024. NbR is made with natural minerals to reduce the amount of fossil-derived polyethylene or polypropylene used for making plastic products. The products will also biodegrade safely in nature without leaving microplastics if they escape recycling and end up as litter in the open environment.
The advanced security and surveillance systems Company announces the award of two contracts, totalling £2.3m, for oil and gas projects in Qatar and Brazil. The contract in Qatar, which is worth approximately £1.8m, will see Synectics supply North Oil Company (NOC), which is responsible for 45% of the country's oil production, with its innovative security camera station technology. NOC is preparing to increase production at the offshore Ruya Project, as part of the expansion of the Al-Shaheen field, Qatar's largest oil field. The COEX camera stations will be supplied in two phases, expected to occur in 2025 and 2026. Separately, Synectics has been selected to provide its specialist security and surveillance solutions for a Floating Production Storage and Offloading (FPSO) vessel in Brazil with a contract value of approximately £0.5m.
The innovation leader in fire suppression and temperature management solutions announces its first order for the recently launched Zenova CS ceiling sprinkler units, which has arrived just one month after the product's launch announcement. This debut order includes Zenova FX fire extinguishers and will be deployed at a newly constructed casino property in Albania to help ensure the buyer's need for the highest standards of customer safety. The order is expected to total over EUR20k for the new building. Unlike traditional water-based sprinklers, the Zenova CS uses Zenova's proprietary fluid, capable of addressing a much wider range of fire sources-including cooking oil and lithium batteries.
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