GCIHybridan Small Cap Feast: 31/10/2024
* 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:
Quantum Exponential Group (AQSE: QBIT) has delisted from AQSE
What’s baking in the oven?
ITF announced:***
Potential** Initial Public Offerings:
17th October 2024: Selkirk Group, a newly incorporated company established with the primary objective of acquiring a company or business which the Directors believe is undervalued and providing them with their own listing on the AIM market to create shareholder value or acquiring an existing public company and providing a highly incentivised management team with strategic direction. The Company is focused on acquiring business which are headquartered in the UK. The Company is primarily focused on the small and mid-cap market, specifically within the Consumer, Technology and digital media related sectors. Expected first day of trading in early November 2024 with an expected size of primary offer of £7.5m.
Banquet Buffet****
The responsible and innovative Company sustainably producing critical raw materials, which includes iron ore, graphite, and base metals and its wholly owned Finnish subsidiary Grafintec Oy (Grafintec) announces the successful completion of the Business Finland funded project Spheronisation and Purification of Natural Graphite for the European Lithium-Ion Battery market. The grant funding of EUR 530k is equivalent to 50 per cent of the three-year EUR1.06m budget for the project, with the rest of the balance funded by Grafintec's cash reserves. The overall aim of the project was to develop a 'state-of-the-art' technological solution, utilising renewable energy, to spheronise and purify graphite for use in the manufacture of lithium-ion battery anodes within a Finnish industrial ecosystem.
The Artificial Intelligence platform for transport corridor analytics announces an extension to their existing contract with the Australian Rail Track Corporation (ARTC), taking the term of the engagement to 31 August 2025. 2024 marks the 5th year of successful partnership between ARTC and Cordel. This collaboration, which began in 2019, represents Cordel's first large-scale commercial deployment of its unattended infrastructure monitoring solution, setting a new standard in rail technology implementation. The new extension also includes network wide Light Direction and Ranging (LiDAR), Video and Clearance Assessments. Over the past five years, our partnership with ARTC has achieved: More than 250,000 kilometres of track scanned and analysed, automated processing across ARTC's extensive 8,500 km network, streamlined infringement and track clearance surveys and significantly enhanced safety by reducing the need for manual inspections
The designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets provides the following update ahead of its AGM. Manufacturing output has reached planned customer volume and quality requirements following strong order flow from SpaceX in H1 FY2025. The cadence of orders they enjoyed was to support new gateway link rollouts, in line with the growth of the Starlink constellation, and to retrofit the existing gateway links in the field with E-band Solid State Power Amplifiers to increase bandwidth and lower latency in the system. Consequently, they anticipate H1 to be stronger than H2, as the retrofit completes, and they revert back to supporting the extension of the network. This gives confidence of delivering results for the full year in line with market expectations.
Milas announce that it has signed an exploration and option agreement relating to three highly prospective gold projects in Queensland, Australia with EMX Broken Hill Pty Ltd and EMX - NSW 1 Pty Ltd (both wholly owned subsidiaries of EMX Royalty Corp. The Exploration Portfolio is intended to complement Mila's primary asset, the Kathleen Valley Gold Project, located in Western Australia. This is an option to purchase three highly prospective projects with proven gold mineralisation, each with the potential to materially expand Mila's mineral resource inventory. The Company is fully funded to undertake the exploration work, with A$450k (approx. £230k) to be committed within one year of executing the Option Agreement. The Company will initially pay A$25k in cash and issue 16m warrants exercisable at 1p per Ordinary Share for the Option Agreement. The Option must be exercised within 12 months. However, any further payments are subject to exploration and development success.
The helium, hydrogen and hydrocarbon exploration, development and production Company announces its final results for the year ended 30 June 2024. Its results include: Gross Project Production: 47,245 BOE 1 2; Net Production to Mosman: 16,340 BOE3; Revenue: AU$186,232;0 and the net loss for the year: AU$2.1m. Post period Mosman raised £1.5m by way of a placing and subscription of ordinary shares. This, combined with the Stanley sale, enables the Company to fund its share of Vecta drilling 5 wells, acquire seismic at EP-145 and business development seeking additional helium exploration projects.
The technology solutions provider to customers in selected industrial markets, today provides an update on trading for the year ending 31 December 2024. Since the H1 2024 results announced on 10th September 2024, the Group has continued to see ongoing, cross industry de-stocking, resulting in reduced order intake levels. In addition, while customer retention remains impressively high, Nexteq has seen certain customer product and project launches being delayed into Q1 2025, from Q4 2024, with customers opting to delay agreed new project expenditure into a new budget year. As a result, FY24 Group revenue is expected to be 10-12% below previous market expectations. Current gross margin performance is expected to continue through 2024, and there is a strong focus on cost management. The Board expects FY24 Group adjusted profit before tax to be at least $6.0m, driven by the lower revenues. The Group continues to generate healthy cash flow, with a net cash balance of $33m on 30 September 2024. To date the Group has spent approximately £4.6m on its share buyback programme, representing c.7% of the Group's issued share capital, and intends to continue with this programme. The Board expects year end net cash to be c$30m considering the impact of the anticipated share buyback up to the 10% authority granted by shareholders at the 2024 AGM.
A trading update has been provided on the commercial progress from this autoantibody profiling Company that provides research services to the pharmaceutical and biotechnology industries. Since the 9th September update, three new contracts have been won for a total value of £0.34m. This is continuing the positive recent commercial traction in which contracts with a value of £2.14m have been signed. Two of the contracts reported today are in a new area with an existing Top 10 pharma client. The third contract utilises a technological breakthrough, announced on 9 August 2024, and is also with a Top 10 Pharma company. These new contracts do not lead to a raise in outlook expectations, but give visibility of over 40% of the FY2025 revenue guidance of £6.9m and the management add that they represent a strong sign of the increasing commercial success as the Company becomes a profitable business.
The investment Company focused on European gas and power projects provides an update from the Selva Malvezzi production concession in Italy following the publication by Po Valley Energy Limited (PVE) of its Q3 2024 activity report. Po Valley Operations Pty Limited (PVO), a wholly owned subsidiary of PVE is the operator of the Selva Malvezzi production concession, which has a 63% working interest, while Prospex has the remaining 37% working interest. The Podere Maiar-1 well at Selva has continued to perform consistently during Q3 2024. Average daily production for the quarter Q3 2024 was 76,910 scm/d. Gross Quarterly production was 7.02 MMscm of gas (2.6 MMscm net to Prospex) and gross revenue for the quarter was EUR2.76m (EUR1.02m net to Prospex).
The advanced computer vision technology Company that designs AI-powered operator monitoring systems to improve transport safety has published its audited financial results for the year ended 30 June 2024. Revenue increased by 17% to US$67.6m (FY2023: US$57.8m), in line with market expectations, there was an EBITDA loss of US$17.9m (FY2023: loss of US$9.7m) and cash at 30 June 2024 of US$23.4m (FY2023: US$36.1m), in line with market expectations. Paul McGlone (CEO) “The business has had a good start to FY2025, and revenue is on track within the consensus range.”
The mining Company announces its audited final results for the 12-month period ended 30 April 2024. Revenues for the year ended 30 April 2024 were US$2.0m compared to US$3.7m for the year ended 30 April 2023. There was an increase in losses after taxation in the year ended 30 April 2024 to US$14.7m (2023:loss of US$10.5m). Cash balances at the end of the period were US$0.025m compared to US$0.530m at 30 April 2023. While this has been a highly challenging year for the Company, much work has been done and continues to be done by the management team and the Board to stabilise the business and originate new commercial opportunities.
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.