Hybridan Small Cap Feast: 28/10/2024
* 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:
Harland & Wolff Group Holdings plc (HARL.L) has delisted from AIM.
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 late October with an expected size of primary offer of £7.5m.
Banquet Buffet****
The medical device developer focused on lightweight and portable oxygen enrichment technology today provides a trading update. Group revenue has continued to grow through 2024, revenue in the first nine months of the year was better than expected at $3.3m (unaudited) (Q1: $0.1m. Q2: $1.2m, Q3: $2.0m). The Group also stated that prospects for FY24 Q4 were enhanced by the forthcoming release of the new DISCOV-R device, with FY24 Q4 sales of $4m expected, dependent upon two key factors: Timely receipt of Pricing Data Analysis and Coding (PDAC) codes that allow Durable Medical Equipment distributers to claim reimbursement from Medicare for sales of DISCOV-R to patients; and finalising further funding facilities to meet the significant increase in working capital requirements resulting from the anticipated strong Q4 sales demand in order for DISCOV-R. Although later than anticipated at the time of issuing the Interims, the Board is pleased to confirm that the Company has now received confirmation that the PDAC Codes have been issued. This is a significant milestone for the Company. As at 25 October 2024 the Group had cash reserves of $0.3 and receivables of $1.1m.
The Company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics announces its audited results for the year ended 30 June 2024. Revenue up 6% to £13.6m (2023: £12.82m), profit before tax up 5% to £10.6m (2023: £10.13m) and cash at year end of £6.0m (30 June 2023: £5.7m). The financial results for the year management state reflect steady growth in the use of established products in more mature diagnostic markets. The Board remains encouraged by the early signs of success for their Tau/Alzheimer's antibodies and they look forward to more progress into the future.
The provider of digital media and technology provides an update on Klarian Ltd (Klarian), a Company in which Catenai had provided a £450k unsecured convertible loan note facility (CLN) as per the announcement 25 April 2024. In the last couple of months, Klarian has raised approximately £660k at a pre-money valuation of approximately £10m. Part of this was raised on its recent successful Crowd Cube campaign which brought new shareholders to Klarian. A significant shareholder, Mr Donald Ross, is expected to shortly be joining its board as a NED having invested in the recent round. Mr Ross was a senior VP at SLB (Schlumberger) (NYSE:SLB) which is a global technology company.
The narrowband radio frequency (RF) mesh networks Company announces that it has received a follow-on order with a value in excess of $1m for cellular gateways in the MENA region. This contract builds upon the initial MENA order for this project, which was announced by the Company on 4 August 2022. The full order is scheduled for delivery, with revenue also recognised, within this financial year which ends on 31 March 2025.
The oil and gas exploration, development and production Company announces its final audited results for the 12-month period ended 31 July 2024. Revenue declined 46% to £3.6m, reflecting lower oil production (which included a three- month shut in period at Wressle) and lower realised oil prices (2023: £6.7m), pre-tax loss of £6.8m after non-cash exploration impairment loss of £5.0m (2023: pre-tax loss of £0.9m after non-cash impairment loss of £1.7m) and a cash balance at 31 July 2024: £1.5m( 2023: £5.2m). William Holland, CEO said: “Following the expected activity from our new-country entry into Equatorial Guinea, progress with our onshore UK projects at Cloughton and Wressle along with our Irish acreage, I believe we are well positioned to continue to grow the Company, and I look forward to updating shareholders over the coming twelve months."
The advanced materials group has completed a fund raising of £2.5m at 0.1325p, a 17.2% discount from Friday’s evening mid price, and issuing £0.5m convertible loan to Octopus Investments The Retail offer for £0.5m remains open until 4.30pm today. The funding is for general working capital and subject to an AGM and a share consolidation. Following the Fundraising, a significantly reconstituted Board will undertake a full and rigorous review of all aspects of the business with a view to reprioritising those areas offering up near term (as well as long term) profitability, positive cash generation, and other strategic options which align with Haydale's core strengths and accelerate commercial activities.
The helium exploration and development Company focused on helium deposits within the Montana Helium Fairway announces the completion of construction work on access road and drill pad (Civils) at the Rudyard project area in Montana. Mobilisation commenced utilising Treasure State Drilling Cardwell KB-150 D1D drilling rig and the drilling of Darwin #1 well is expected to commence this week. Appraisal well testing resulted in Contingent Resources of 484,193Mcf (0.48Bcf) of Helium with a gross in-situ value of >$250m at a price of $550/Mcf.
The developer of radiation and bio-detection technology solutions for the advanced imaging and Chemical, Biological, Radiological and Nuclear (CBRN) detection segments announces its final results and gives notice of the publication of its annual report for the year ended 30 April 2024. Revenue increased 12% to £19.4m (2023: £17.3m), the Company achieved positive adjusted EBITDA of £3.1m (2023: £1.0m loss) ahead of market expectations and cash and cash equivalents at 30 April 2024 were £0.5m (30 April 2023: £1.1m). Dr Arnab Basu, CEO of Kromek said: "Looking ahead, we anticipate demand for our CBRN products will continue to be driven by global geopolitical insecurity and the persistence of nuclear threats”.
The claims prevention technologist for home insurers announces increased production capacity at its UK contract manufacturing facility, as there is a significant increase in demand from key markets for LeakBot, particular in the US. Where new contract discussions are reaching conclusions with several large US insurance companies as well a significant expansion of existing partnerships, these will - it is expected - clearly demonstrate the need for a second production line and further details are likely to be announced shortly.
The cleaning and soft facilities management services provider announces the acquisition of 24hr Aquaflow Services Limited, the drainage and plumbing services company based in London and the South East, by its subsidiary, React SC Holdings Limited, for a total consideration of up to £7.4m on a debt-free and cash-free basis. The Company also announces a proposed placing to raise gross proceeds of up to £1.1m at a price of 81p per Placing Share to provide the Company with additional working capital. The Company is also providing an update on trading for the year ended 30 September 2024, which has continued to be strong despite headwinds in the current climate. The Board expects revenue should be £20.7m (FY23: £19.6m), a c.5.6% increase on the prior year, and gross profit to be £5.7m (FY23: £5.2m) demonstrating continual improvement in gross profit margin from 26.5% in FY23 to 27.5% in FY24. Adjusted EBITDA is expected to be at least £2.4m (FY23: £2.3m).
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