Hybridan Small Cap Feast: 30/04/2024

* 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

Dish of the day

Admissions:   

Delistings: 

Wincanton (WIN.L) has left the Premium list of the Main Market

Byotrol (BYOT.L) has left the AIM Market

What’s baking in the oven? **

Potential****  Initial Public Offerings:

Reverse Takeovers:

16 April 2024: Electric Guitar (ELEG.L)  Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for a consideration of approximately £1.3m, payable by the issue of new ordinary shares in Electric Guitar. The Acquisition constitutes a reverse takeover under the Listing Rules and therefore shareholder approval for the Acquisition is being sought at a general meeting of Electric Guitar to be convened for 1 May 2024.

Change of Market:

8 April 2024: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated proposition as a value alternative to full price specialist retailers. The Company is listed on the premium segment of the Main market of the London Stock Exchange. The Company has announced its intention to change to the AIM  market on 3 May 2024. Currently the market capitalisation of TheWorks is £16m.

Dual Listing:

Banquet Buffet***

Avacta Group 47.5p £170m (AVCT.L)

The life sciences Company developing innovative, targeted cancer treatments and powerful diagnostics announces that Christina Coughlin, MD, PhD, has been appointed as the new Chief Executive Officer of Avacta, effective 1 May 2024. Dr Coughlin has served as a Board member since March 2022, was a consultant in clinical development and was Head of Research & Development since February 2024, driving the development of the preCISION platform from the bench to the bedside. After 19 years as CEO, Dr. Alastair Smith will be stepping down today.

CloudCoCo Group 0.45p £3.2m (CLCO.L)

The provider of Managed IT services and communications solutions to private and public sector organisations announces its full year results for the year ended 30 September 2023. Revenue increased 7% to £26.0m  (2022: £24.2m),  Trading Group EBITDA increased 19% to £1.9m  (2022: £1.6m), and cash and cash equivalents decreased to £794k (2022: £1.5m). While the current economic climate will continue to present near-term challenges, the work that has been completed to streamline and focus the Group  and positions it well for continued progress in FY24, particularly in the areas of Cyber Security and Multi-cloud.  

KIBO Energy 0.0375p £1.7m (KIBO.L)

The renewable energy-focused development Company, announces the publication by its subsidiary, Mast Energy Developments, developer and operator in the rapidly growing flexible power market, of its audited financial results for the year end 31 December 2023. Revenue decreased to £341k (2022: £1.04m), the loss for the period increased to £3.54m (2022: £2.73m), and cash and cash equivalents decreased to £252 (2022: £132k). Post year-end, the Company secured alternative funding under a funding facility for up to £4m with RiverFort further to an agreement signed with MED subsidiary Pyebridge. 

Kooth 278p £101.4m (KOO.L)

The youth digital mental well-being Company announces the appointment of Sherry Beth Husa to the Board as an independent non-executive Director with immediate effect. Sherry Beth Husa has more than 35 years' experience in building and improving the performance of managed care organisations in the USA.  Sherry has extensive experience of leading and improving the operations, growth and profitability of significant US health insurance programmes. 

Poolbeg Pharma* 11.75p £58.8m (POLB.L)

The biopharmaceutical Company focussed on the development and commercialisation of innovative medicines targeting diseases with a high unmet medical need announces its audited results for the year ended 31 December 2023.  Cash and cash equivalents was £12.17m (2022: £16.19m) at the period end. During the period, the Company reported positive results from POLB001 LPS human challenge trial which revealed potent target inhibition and major reductions in key inflammatory markers. The period saw the strategic expansion of POLB001 as a preventative therapy for cancer immunotherapy-induced Cytokine Release Syndrome. 2023 was an exceptional year for Poolbeg. The Company also separately announced that it had entered into an exclusive 12-month option agreement with Silk Road Therapeutics Inc,  for a nominal fee, to acquire a novel topical muco-adherent formulation of Pentoxifylline for the treatment of oral ulcers in patient's suffering from Behçet's Disease. There is a clear unmet medical need for an effective treatment for this rare disease, which has no cure. Behçet's Disease causes inflammation of blood vessels and tissues, resulting in debilitating symptoms, the most common being oral ulcers which impact essential functions like eating, drinking and speaking. A Phase 2 trial has been successfully completed, demonstrating superiority over standard of care,  it has Secured Orphan Drug Designation and Fast Track Designation from the FDA.  With the growing focus on the rare and orphan disease space, Poolbeg is poised to capitalise on the significant opportunities presented by this attractive market. 

Northcoders Group  150p £12m (CODE.L)

The technology training Group based in the UK announces its Final Results for the year ended 31 December 2023. Group revenue increased 27% to £7.1m (2022: £5.6m), adjusted EBITDA decreased to £0.1m (2022: £0.9m) and the Company had a cash balance of £1.6m (2022: £2.8m). Both B2C and B2B divisions started FY24 strongly, with record B2C applications and a growing pipeline for B2B contracts. Northcoders is trading in line with market expectations for FY24.

Smarttech247 22p £25.0m (S247.L)

The multi-award-winning provider of AI-enhanced cybersecurity services providing automated managed detection and response for a portfolio of international clients today announces its unaudited interim results for the six months ending 31 January 2024. Revenues increased 17.4% to EUR 5.4m ( H1 2023: EUR 4.6m), adjusted EBITDA was EUR 125k (H1 23: EUR 1.15m); this is due to investments made to support future growth. The period ended with a cash balance of EUR 4.5m (H1 2023: EUR 6.0m). Cyber-attacks are on the increase with serious consequences for the companies involved. Smarttech247's combination of artificial intelligence-led managed detection and response capabilities can help to significantly reduce the impact and help manage the situation.

Strip Tinning Holdings 46p £8.4m (STG.L)

The supplier of specialist connection systems to the automotive sector announces its full year results for the year ended 31 December 2023.  Revenue increased to £10.8m (2022: £10.2m), adjusted EBITDA increased to £0.1m (2022: loss £2.2m) and there was a cash balance of £0.3m (2022: £1.3m). Strong momentum has already been demonstrated in 2024 with two significant new wins announced in the emerging "smart" glass market, in which Strip Tinning benefits from first mover advantage, with sales growth coming in 2025 once serial production commences.

Transense Technologies 101.5p £15.4m (TRT.L)

The Company  announces that it has formally joined an Aerospace Technology Institute supported project, LANDOne, with Airbus to provide SAWsense technology and support the development of next generation landing-systems technology. LANDOne is a £37.8m project looking into new lighter, lower maintenance landing gear systems. Officially launched in 2022, Transense has joined the project due to the SAWsense technology potentially allowing critical measurements to be made that were not possible with other technologies.

Vox Valor Capital* 0.2p £4.7m (VOX.L)

The marketing technology, digital content, mobile games/apps and digital marketing Company announces its audited final results for the financial year ended 31 December 2023. Revenue decreased to $5.6m (2022: $13.8m), due to the disposal of  the Russian subsidiary. There was an operating loss of $90k (2022: Profit $29k), total comprehensive income of $469k (2022: loss $5.5m) due to forex gains of $653k and cash balance of $144k (2022: $911k).   The Company is continuing to identify potential acquisitions that are complimentary to the Group’s strategy where it can generate meaningful synergies from its mobile marketing expertise and technology. The organic growth plans of the Group include the expansion of the Group’s mobile marketing services and technology offer (Mobio) in the UK, Europe and the United States.

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