Small Cap Feast

14th April 2025

Dish of the day
No Joiners today
Off the menu
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Dish of the day

Admissions:

None.

Delistings:

None.

What's baking in the oven?

Potential** Initial Public Offerings:

17th March: MHA, a professional services provider of audit and assurance, tax, accountancy, and advisory services and independent UK member of Baker Tilly International, announced its Intention to Float on the AIM Market.  Up to £101.8 million to be raised, comprising a placing of £95.8 million as well as a retail offer of up to approximately £6 million new Ordinary Shares, raising new capital for the company as well as enabling a sell down by certain partners.  Anticipated market capitalisation on admission at the placing price (excluding any take up in the Retail Offer) will be £269m. Expected Admission date is 15th April. 

18th March: Uranium Energy Exploration, to be renamed The Smarter Web Company (AQSE:SWC) is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence. Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development. It is looking to do a fundraise of £2m on AQSE. Admission expected on or around 22nd April.   


Banquet Buffet

Ananda Pharma 0.45p £19.4m (AQSE:ANA)

The UK-based biopharmaceutical Company developing regulatory approved, cannabinoid medicines to treat complex, chronic conditions, announced that trading in the Company's ordinary shares on the OTCQB Venture Market in the US will commence today.  There is no associated capital raise with this cross trade and the Ordinary Shares will continue to trade on the Company's primary listing market, the Apex segment of the Aquis Stock Exchange.  Cross trading on OTCQB allows the Company to access one of the world's largest investment markets to expand its reach into a broader pool of investors and build brand awareness in the most important pharmaceutical market in the world.

Concurrent Technologies 156.5p £134m (CNC.L)

The designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions used in high-performance markets announces its audited final results for the year ended 31 December 2024.  The Company reported record financial performance in FY24, delivering revenue of £40.3m, up 27% on the prior year and Profit before tax increased by c.40% to £5.2m, including a significant investment of £1.1m in the Systems business, as planned. EBITDA increased by 30% to £7.8m (FY23 £6.0m) with closing net cash balances of £13.7m (FY23 £11.1m).  The Board will propose, at the Company's AGM to be held on 12 June 2025, a final dividend of 1.1 pence per Ordinary Share in the Company (FY23 1.0p).  The Board also expects trading for the full year to be in line with market expectations.

Cyanconnode Holdings 13p £45.2m (CYAN.L)

The global provider of narrowband Radio Frequency (RF) smart mesh networks announces its Indian subsidiary, DigiSmart Networks PVT, has been issued a Letter of Intent for a total contract worth approximately £70m from the Government of Goa's Electricity Department to deploy approximately 750,000 smart meters.  This follows the June 2023 report of its empanelment as an Advanced Metering Infrastructure Service Provider (AMISP) so it could bid for and lead smart metering projects in India.  DigiSmart is the lead consortium member responsible for installing the meters, communications (RF and cellular), cloud services and meter data management systems. The contract is expected to begin in the next few months and for 27 months thereafter.

Directa Plus 7.25p £7.6m (DCTA.L)

The producer and supplier of graphene-based products for use in consumer and industrial markets announces that Setcar, the Group's environmental subsidiary, has signed a EUR1.59m contract extension agreement with OMV Petrom, for the use of Directa Plus's patented Grafysorber technology to treat oil sludges, emulsions, and contaminated water.  This contract extends the original framework agreement, which commenced in 2021, and has generated over EUR1.0m in revenues to date. The contract runs to 31 December 2026, ensuring the continuity of services without interruption.

Distil 0.085p £1.2m (DIS.L)

The owner of premium drinks brands including RedLeg Spiced Rum, Blackwoods Gin and Vodka, and Blavod Black Vodka, announced that it has agreed a new partnership with a U.S. distributor to bring Blavod Black Vodka back into the U.S. market.  The partnership with AIKO Importers, Inc. - a nationally recognised importer and brand builder of premium wine and spirits - marks a significant step in the North American relaunch of Blavod. Leveraging AIKO's extensive distribution network of 185 partners across the U.S., Canada and Puerto Rico, as well as strong retail relationships with major accounts like Costco, Total Wine, and Spec's, Blavod will benefit from immediate national reach.

European Green Transition 7.5p £10.8m (EGT.L)

The Company developing green economy assets in Europe announced the appointment of Cathal Friel, the Company's co-founder, as non-executive Chairman with immediate effect.  Cathal co-founded EGT in 2021, listed it on AIM in April 2024, and he is its largest shareholder.  Daniel Akselson will remain on the Board as a non-executive Director, head of the Audit Committee and will continue to support EGT's strategy to monetise its exploration projects, specifically the Olserum Rare Earth project in Sweden.

Genflow Biosciences 1.15p £4.02m (GENF.L)

The Company focused on developing innovative biological interventions aimed at tackling the effects of aging announced that it has entered into a strategic partnership with Heureka Labs, Inc., a U.S.-based AI-driven discovery and analytics platform.  A Master Services Agreement (MSA) was signed by both parties on 11 April 2025, establishing a framework for long-term collaboration.  Under the terms of the MSA, Heureka Labs, a technology spin-off from Duke University, will provide Genflow with access to its proprietary AI platform, which specialises in the analysis of high-dimensional genomic data including RNA sequencing and gene expression profiles. The application of Heureka's AI technology is expected to enhance Genflow's ability to interpret complex biological datasets, enabling deeper insights into gene regulatory networks and systemic biological responses.

Scancell Holdings 10p £103.7m (SCLP.L)

The developer of novel immunotherapy products for the treatment of multiple cancers announces a partnership with the NHS Cancer Vaccine Launch Pad (CVLP) to fast-track access for NHS patients into the fourth cohort of the Company's Phase 2 clinical SCOPE study. This cohort will evaluate intradermal administration of Scancell's iSCIB1, potent, targeted "off-the-shelf" Immunobody second generation DNA cancer vaccine, in patients with advanced unresectable melanoma receiving standard of care immunotherapy treatments.

SpaceandPeople 101p £1.90m (SAL.L)

The Company engaged in marketing and selling promotional and retail licensing space on behalf of shopping centers announced its final results for the year ended 31 December 2024. Revenue increased by 15% to £6.7m (2023: £5.8m) and operating profit was up 33% to £0.3m (2023: profit of £0.2m).  Cash at the year-end was £1.9m (2023: £1.9m) after a further reduction in debt of £322k; net cash was up 46% to £1.04m (2023: £0.71m).  Operational highlights include a new five-year Network Rail contract win and a retail contract with ECE, Germany's largest shopping centre owner and manager, which was extended for a further 5 years. 

Zenova Group 0.21p £0.5m (ZED.L)

The innovator in fire suppression and temperature management solutions announced the formation of a joint venture with its local sub-distributor, AED Sh.p.K, to establish a new manufacturing facility in Albania. This strategic initiative is designed to support accelerating demand for Zenova's product suite in Albania and surrounding markets, following strong initial sales delivered by AED.  Zenova expects that this manufacturing facility will be fully operational by the middle of May servicing demand AED has developed in the region, and thus the joint venture is projected to generate revenues exceeding EUR2m in the first 12 months.  This early demand is expected to be supported by a strong and expanding pipeline of opportunities across key sectors including construction, infrastructure, and government.

14 April 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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