Admissions:
Delistings:
Argo Group (ARGO.L) left AIM today.
On Friday 21st February, both Deltex Medical (DMG.L) and Tribe Technology (TRYB.L) left AIM
Potential** Initial Public Offerings:
Upcoming Market Movers:
6 February: GlobalData (DATA.L) has announced an intention to move to the Main Market from AIM. An update on the timing and process to seek Admission will be provided in due course.
6 February: Creightons (CRL.L) has announced an intention to move to AIM from the Main Market. Timing is subject to various approvals, but for 31 March.
Adsure Services 23.5p £2.5m (AQSE:ADS)
The provider of audit and assurance services announced that its operating subsidiary, TIAA Ltd, has signed a contract with K10 Vision to implement its audit working paper software. Following a competitive selection process, K10 Vision was chosen as the preferred supplier due to its platform's innovative solutions. This move marks a key milestone in Adsure's digital transformation and growth strategy, particularly in the development of proprietary Large Language Model (LLM) AI tools targeted at improving the operational efficiencies of government-funded organisations, including NHS trusts, housing associations, and local governments.
Arcontech Group 108p £14.4m (ARC.L)
The provider of products and services for real-time financial market data processing and trading reports Interims to December 2024. Its Revenue increased by 4.3% to £1.5m, of which 97% is recurring. The EBITDA however decreased by 12.1% to £447k reflecting the expected increase in staff costs, while PBT decreased by 3.8% to £518m. Net cash of £7.2m increased 24.9% even after paying a record dividend last year. This cash position allows for continued investment in sales and products and for the Company to remain alert to opportunities to acquire small complementary businesses. Despite many customers being cautious about increasing their cost base, trading is in line with market expectations.
Corcel 0.195p £7.5m (CRCL.L)
The pan Angola-Brazil focused energy Company announced the successful completion and initial results of the EI-1 well workover as reported by the operator, Petroborn Óleo e Gás S.A, in the IRAI field, where the Company holds an Option to acquire an initial 20% interest, as previously announced on 18th November 2024. EI-1 well workover in the IRAI field, Brazil, confirms sustained gas production at 20,000m cubed per day (120 BOEPD / 706 Mscf), aligning with historical production rates. The well is set to be brought online within the next seven days, reinforcing Corcel's strategy of acquiring cash-generating assets.
Croma Security Solutions Group 89p £12.22m (CSSG.L)
The innovation and service-focused security solutions provider reports Interims to December 2024. Revenue improved 4% to £4.6m, with PBT up 26% to £0.56m. There is £4.2m of cash following a disposal, with a further £2.5m due within 18 months. The Company intends to declare a single final progressive dividend with the FY25 results. Good demand was reported from education, utilities, health, and leisure sectors with a similar mix of both repeat and new business. The strategy is to accelerate the organic growth with acquisitions and there is a pipeline of potential deals to acquire independent locksmiths and transform them into full-service security centres with an expanded product offering, operational efficiencies, and enhanced profitability. The Chairman is confident this well drive sustainable long term growth.
EnergyPathways 8.15p £13.7m (EPP.L)
The energy transition Company announced the progress on its MESH energy storage project. The Company has signed a non-binding memorandum of understanding with a clean energy fund for a cornerstone equity financing that is priced at multiples to the current share price. The funding complements the existing Global Green Asset Financing loan facility and, along with other debt financing, provides capital for MESH's growth plans in gas storage, hydrogen, and decarbonised gas power generation. The Company has also commenced discussions with a FTSE 100 company regarding an agreement for MESH long term gas storage capacity and gas sales off-take as well, as providing project debt financing for the MESH natural gas storage development. MESH is a new large scale energy storage facility that is expected to provide a secure and dependable supply of natural gas and green hydrogen for the UK market for over 20 years.
Hemogenyx Pharmaceuticals 355p £12.8m (HEMO.L)
The clinical-stage biopharmaceutical group developing new medicines and treatments to treat blood and autoimmune disease has announced the administration of its first-in-human dose of HG-CT-1, its proprietary CAR-T cell therapy, for the treatment of relapsed or refractory acute myeloid leukemia (R/R AML) in adults. This marks a major milestone in the Company's clinical development program, demonstrating progress toward delivering a potentially life-saving treatment for AML patients with limited therapeutic options.
Nostra Terra Oil and Gas Company 0.0335p £1.6m (NTOG.L)
The oil and gas exploration and production Company focused on its Pine Mills producing asset in Texas, USA, announced that total oil production is currently averaging ca.130 bopd net, with three of the five Pine Mills Phase 2 well workovers now complete. Since the start of the Phase 2 work-over program, production at Pine Mills recently hit a new peak rate of 106 bopd (WI 100%), a near doubling since workover programs commenced. Production at the Fouke area continues to produce at 100 bopd gross (WI 32.5%), with no decline since May 2024. The Company continues to be cashflow positive.
Oncimmune Holdings 2.25p £2.5p (ONC.L)
The autoantibody profiling Company to the pharmaceutical and biotechnology industry enabling precision medicine notes the recent fall in the Company's share price. As previously announced on 10 February 2025, the Company has been exploring strategic partnerships and business synergies to build its critical mass, whilst in parallel seeking additional financing to extend its limited cash runway in light of the slower than expected conversion of certain contracts. The Company has appointed Alvarez & Marsal to undertake a targeted outreach to potential partners and investors for the Company's trading subsidiary and announces it is also in active discussions regarding a fundraising.
Synergia Energy Ltd 0.0315p £4.2m (SYN.L)
The Company focused on responsible gas production announces an equity capital raising comprising of a placing and a subscription with existing and new institutional investors, and a director, for a total of £750,000 before expenses at GBP0.03 pence per share. Net proceeds from the Fundraising will be used to bridge the Company's ongoing general, administrative and technical costs prior to an expected increase in revenues from its 50% working interest in the producing Cambay gas and condensate field in India where it is carried on a US$20m field development programme that is underway.
Technology Minerals 0.12p £2.8m (TM1.L)
The Company involved in the circular economy for battery metals announced that its 48.35% owned battery recycling business, Recyclus Group, has secured a Transfrontier Shipment of Waste (TFS) licence for the transportation of black mass to Europe under its offtake agreement with Glencore plc, announced on 17 December 2024. Recyclus will commence shipping the black mass in March following the agreement to sell black mass to Glencore's European network and operations. The TFS licence is required under government regulations to allow companies to legally move waste across borders internationally. This is to ensure that the management, transportation, disposal, and recovery of waste is addressed in an environmentally friendly approach
Status of this Note and Disclaimer
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.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or 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 any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information 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. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of 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. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, 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.
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 each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (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 purposes of clarity, 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.
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, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
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.
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.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
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.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
