Small Cap Feast

16th June 2025

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What's baking in the oven?

Potential**  Initial Public Offerings:

Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.  A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company's Registration Document, requires additional time to enable finalisation ahead of the IPO. The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable.  The Company reports the IPO has received strong investor interest and based on firm orders received to date, the institutional offer is heavily oversubscribed.  Deal size and timing remains TBC. 
 

Market Movers:

Updated 4 June 2025: Ajax Resources (AJAX.L) is planning to move to the Aquis Stock Exchange Growth Market Access Category from the Main Market of the London Stock Exchange.  The Company expects cancellation to take place at 08:00 BST on 18 June 2025, with Admission to trading on AQSE to occur concurrently.  Ajax is pursuing a strategy as a natural resources investment company, with a focus on Copper, Gold, Zinc, Uranium, and Lead. The Company completed its first acquisition on 21 May 2025. The Company’s first acquisition was the purchase of Puna Metals S.A., holding the mining rights for 12 licences, collectively forming the Eureka Gold and Copper project in the north-west corner of the Province of Jujuy in Argentina.

13th June: Tap Global Group plc (AQSE:TAP), the digital finance hub that brings money payments and cryptocurrency settlement services together in a single user-friendly app, announced its intention to apply for Admission to trading on AIM and cancel the Admission of its Ordinary Shares to trading on the AQSE Growth Market.  Expected Admission will become effective on AIM, at 8.00 a.m. on 27 June 2025. Cancellation of the trading of the Ordinary Shares on the AQSE Growth Market will take place simultaneously with Admission.


Banquet Buffet

 

Coinsilium Group Limited 15.05p £53.26m (AQSE: COIN)

The investor, advisor, and venture builder provided an update on its Bitcoin treasury activity and that of its wholly owned Gibraltar subsidiary, Forza Gibraltar Limited, established to implement the Company’s dedicated Bitcoin-focused treasury operations. Details of the latest Bitcoin acquisition are as follows: Number of Bitcoin Purchased is 6.5577, Average Purchase Price of £77,770.36 per Bitcoin ($105,572.30 per Bitcoin) with total Purchase Amount of £510,000.  Forza’s total Bitcoin holdings stand at 25.2392 Bitcoin with a total value of £1,962,695.09 ($2,662,609.40).

EDX Medical Group 12.25p £45.6m (AQSE: EDX)

The Company which develops digital diagnostic products and services supporting personalised treatments for cancer, cardiovascular disease, and infectious diseases, announces today it has signed a memorandum of understanding with Spire Healthcare Group plc (LSE: SPI).  Under the terms of the memorandum of understanding, EDX Medical and Spire Healthcare will explore opportunities to utilise new diagnostic products and patient testing services.

Falcon Oil & Gas Ltd 9.65p £109.4m (FOG.L)

The international oil & gas Company announced that Shenandoah S2-2H ST1 achieved an average 30-day initial production flow rate of 7.2 million cubic feet per day over 1,671 metres (5,483 foot) across a 35 stage stimulated length within the Amungee Member B-Shale in the Beetaloo Sub-basin, Northern Territory, Australia, making it the highest IP30 result in the Beetaloo to date.
The results demonstrate the commercial deliverability of gas from the Amungee Member B-Shale in the Australian East Coast gas market that typically sells at a premium to Henry Hub in the US and under long term CPI-linked contracts.

Ondine Biomedical 10.50p £46.56m (OBI.L)

The Canadian life sciences Company announces that Dr. Stuart Bond, Consultant Antimicrobial Pharmacist and Director of Innovation at Mid Yorkshire Teaching NHS Trust, has been awarded the President's Award at the 19th World Congress of the International Photodynamic Association (IPA) in Shanghai. This prestigious award is one of IPA's highest honours, reserved for individuals whose work is making a transformational impact on healthcare through photodynamic therapy.  Dr. Bond was honoured for his pioneering leadership in implementing antimicrobial photodynamic therapy (Ondine's Steriwave photodisinfection) in the UK's National Health Service, a groundbreaking antimicrobial innovation used to prevent surgical site infections.

Physiomics 0.5p £1.5m (PYC.L)*

The mathematical modelling, data science, and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions announced the recruitment of Mr Jesse Thissen as Head of Biometrics, as well as the signing of the Company's first ever two Biometrics contracts.
The two new contracts are with a UK headquartered clinical-stage biopharmaceutical company developing immunotherapies that target a range of diseases. The combined estimated value of both contracts is £111,000.  In addition, Mr. Jesse Thissen will be joining the team as Head of Biometrics, effective 1 July 2025. As an experienced biostatistician with a background of working across Large Pharma (AstraZeneca), Biotech, Consumer Health and Contract Research Organisations, Jesse will lead the Company's new Biometrics service-line.

Safestay 23.5p £15.3m (SSTY.L)

One of Europe’s largest hostel groups announced that it has been awarded a business interruption insurance claim totalling £1.4m (net of associated professional fees).  The claim relates to the business interruption experienced by the Group during the Covid-19 pandemic. Payment of the claim will be received by the Group within the next 21 days and will be recognised as a post-balance sheet event in Safestay's forthcoming 2024 financial results, which the Group plans to release later this month.

Seeing Machines Limited 2.375p £113.5m (SEE.L)

The advanced computer vision technology Company that designs AI-powered operator monitoring systems to improve transport safety announces that it has signed an agreement to supply additional Guardian Backup-driver Monitoring Systems (BdMS) to a world-leading North American self-driving car company.  The agreement, valued at around US$1.2m, will see Guardian BdMS deployed into the autonomous mobility company's test vehicles as they seek to expand across new sites and locations.

Sunda Energy 0.027p £7.8m (SNDA.L)

The AIM-quoted exploration and appraisal Company focused on gas assets in Southeast Asia announces that the planned Chuditch-2 appraisal well on the Chuditch field in the TL-SO-19-16 Production Sharing Contract, planned for drilling by the Company's wholly owned Timor-Leste subsidiary SundaGas in H2 2025, is now expected to be drilled in H1 2026.  The delay is due to the absence at the present time of certain essential logistical services in Timor-Leste that are mutually acceptable to the joint venture partners, and that meet the required international operational and safety standards.

The Artisanal Spirits Company 50.0p £35.4m (ART.L)

The owner of The Scotch Malt Whisky Society (SMWS), the curator and provider of premium single cask Scotch malt whisky and other spirits for sale primarily online to a discerning global membership, announced the successful launch of a new franchise in Vietnam.  The launch of the franchise allows SMWS to serve members in one of the world's top 10 markets for Ultra-Premium Scotch Whisky, based on value, with an estimated total addressable market of $239m (source: IWSR 2024). It marks another milestone in the Group's strategic expansion in Asia, complementing the more recent 2023 franchise launches in Korea and subsidiary in Taiwan respectively, alongside the longer established China and Japan subsidiaries.

The Mission Group 28.5p £25.5m (TMG.L)

The Brand Performance Group, comprising of digital marketing and specialist communications Agencies, updates in an AGM trading statement to 16 June 2025. Despite macro-economic uncertainty, the Group has remained focused on maintaining operating income and margin with full year performance expected to be second half weighted. Client retention has remained strong and new wins including Google, TikTok International, Bata, and the Federal Reserve Bank of Chicago. The restructuring of operations to become more agile and decentralised is progressing with an AI strategy and a new Chief Transformation Director appointed. The search for a new CEO continues and an update is anticipated in H2.

16 June 2025
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour

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