Admissions:
On Friday 31st January, Cardiogeni (AQSE: CGNI) announced its IPO onto AQSE. The Group’s platform technology is developing a new class of life-saving cellular medicines that enables the creation of unique (living) cells that are engineered with a therapeutic function. The commencement of trading of the Company's Shares follows a £1.4m subscription pre-admission at £1.47 per Share to satisfy accrued debt which was conditional on Admission, equating to a market capitalisation of approximately £125m.
Delistings:
On Friday 31st January, DG Innovate (DGI.L) left the Main Market.
Neometals (NMT.L) has left AIM today.
Potential** Initial Public Offerings:
21 January 2025: RC Fornax, the UK-based engineering consultancy for critical military platforms, announced its intention to IPO onto the AIM market. The Company was founded in 2020 by Paul Reeves and Daniel Clark, two Royal Air Force veterans with a combined service of over 24 years. The Company generated revenue of £6.5m in 2024, resulting in £0.9m of EBITDA. £5.15m is expected to be raised for the Company through a placing and £1m to be raised for selling shareholders.
Anticipated market capitalisation on Admission is £18.15m on 5th February.
.
Croma Security Solutions 86.5p £11.9m (CSSG.L)
The Company engaged in providing security services announced that it has completed the acquisition of Meridian Securities System, a well-established, family run locksmith business based in Horsforth, Leeds for a total cash consideration of £150,000, of which c.£135,000 is payable immediately, with a deferred element of c.£15,000 payable over the first 9 months. In a separate transaction, the Company acquired a freehold retail property for a total cash consideration of £275,000 from the vendor's pension fund. For the 12 months to 31 December 2023, Meridian generated revenues of £836,000 and profit before tax of £46,000. The net asset value of the assets acquired from the Meridian is £15,000.
Eco Buildings Group 7.125p £6m (ECOB.L)
TheUK-listed modular housing Company announced that it has achieved CE marking for its products for use throughout the EU. CE marking is a regulatory standard that verifies a product has been assessed by the manufacturer and deemed to meet EU safety, health and environmental protection standards. It is required for products manufactured anywhere in the world that are then marketed in the EU. The CE mark allows its products to be made commercially available within the EU and opens up these markets where there is considerable demand already generated.
EnSilica 44.5p £43m (ENSI.L)
The chip maker of mixed signal ASICs (Application Specific Integrated Circuits) announced that it has been awarded £10.38m funding over the next three years from the UK Space Agency for a development project under its Connectivity in Low Earth Orbit programme. EnSilica’s application included letters of interest from potential lead customers to develop a family of semiconductor chips to support future generations of best-in-class, highly integrated, mass market satellite broadband user terminals. The terminals will be capable of connecting with various satellite constellations and will leverage advanced semiconductor technology.
GreenRoc Strategic Material 1.5p £2.9m (GROC.L)
The Company focused on the development of critical mineral projects in Greenland has announced that it has completed a placing and subscription to raise a total of £735,000. The Fundraise comprises a placing of £500,000 from institutional investors, £165,000 from existing shareholders, £50,000 from it largest shareholder Alba Mineral Resources (ALBA.L) and £17,500 from directors of the Company at a price of 1.3 pence per share. The Placing Price represents a discount of approximately 31.57 per cent. to the previous day's closing mid-price. For every two New Ordinary Shares issued, investors in the Fundraise will receive one warrant. These warrants will have an exercise price of 2p per ordinary share and will expire two years after the date of admission of the new shares.
The proceeds of the Fundraise will provide general working capital
MicroSalt 77.5p £37.4m (SALT.L)
The provider of full-flavour, natural salt with approximately 50% less sodium announced it has closed an oversubscribed fundraising of £2.3m through a subscription at £0.70 per Subscription Share.
The Company also granted a total of 6,875,102 warrants at a premium to the subscription price. The use of proceeds will be to build inventory to support expected growth in orders from leading snack manufacturers, sales and marketing, R&D and general working capital purposes.
Mosman Oil and Gas 0.043p £8.4m (MSMN.L)
The helium, hydrogen and hydrocarbon exploration, development and production Company announced the completion of the acquisition of 82.5% working interest in the Sagebrush Project in Colorado, announced on 30 December 2024. This 82.5% interest will be held by Mosman Helium LLC (a wholly owned subsidiary). The effective date of this transaction was 1 January 2025. The Sagebrush-1 well drilled in 1984 tested non-flammable gas (but was not tested for helium) below the salt layer and made an oil discovery above the salt layer. The well's initial production was in excess of 600 bbls/day of oil and it has cumulatively produced over 300,000 bbls of oil (gross) since coming into production across nine wells, seven of which are producing and two of which are shut-in.
RUA Life Sciences 12.5p £7.76m (RUA.L)
The holding Company for medical device businesses primarily developing long-term implantable biostable polymer (Elast-Eon) made a December Y/E update on its new subsidiary ABISS, which was acquired in September 2024. The supply chain challenges were overcome post-acquisition resulting in trading income being weighted heavily towards Q4 2024. ABISS saw annual revenue growth of 7% to Euro2.3m, a PBT of Euro46k compared to a loss of Euro352k, and a 147% increase in EBITDA to Euro457k. Y/E net asset value amounted to Euro1.6m. Expectations are being set for further revenue growth which is driven by European demand for ABISS's Cyrene product range.
Safestay 23.5p £15.26m (SSTY.L)
The European Hostel Company updated on Trading for the Y/E December 2024. Its Revenue grew 2% to £23.5m, with a slightly lower EBITDA at £6.5m from £6.8m. Its debt was refinanced with HSBC to £16m five-year Term loan with a £2.5m Revolving Credit Facility. Its forward Bookings are 27% higher at £4.7m and occupancy rate continued to strengthen to 75.2%, a 3.8% increase year on year. During FY24, the Group accelerated the strategic expansion of its portfolio, adding four new properties in popular European travel locations (Costa Blanca and Cordoba; Brighton; and Budapest) and successfully opened a new hostel in Edinburgh following the acquisition of the site in 2023.
Speedy Hire 19.39p £89.2m (SDY.L)
The UK tools and equipment hire services Company provides the following trading update for the ten months to 31 January 2025. The business achieved year on year growth in the quarter to 31 December 2024, with hire revenue for December 5% ahead on the prior year. The final quarter has been negatively impacted by the widely reported economic downturn. This has resulted in a slower post December shutdown recovery across the majority of the customer base. Further, the delay in CP7 rail works has also had an impact on trading in the final quarter. Net Debt at 31 January 2025 is expected to be c.£123m (January 2024: £113m). The increased level of net debt will result in a higher than expected interest charge for FY2025. With a challenging start to the final quarter and ongoing macroeconomic uncertainty, the Board expects lower than anticipated profitability for the full year.
Zanaga Iron Ore 9.11p £61.1m (ZIOC.L)
The iron ore exploration and development Company announced that ZIOC, and its 100% subsidiary MPD Congo, have today signed a memorandum of understanding with Centrale Electrique du Congo (CEC) SA to evaluate potential solutions to supply the Zanaga Iron Ore Project's power demand, leveraging CEC's existing assets. CEC is a private power producer based in the Republic of Congo, owned by the Government of the Republic of Congo (80%) and Eni Congo (20%). Under the terms of the memorandum, the parties will assess the technical, economic, and legal aspects required for power generation and distribution for the Zanaga Project's needs for its Stage One operations, allowing it to reach a production capacity of 12 millions tons per annum of iron ore with a view to further expansions.
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”.
