* A corporate client of Hybridan LLP
** Potential means Intention to Float (ITF) or similar announcement has been made
***Arranged by type of listing and date of announcement
****Alphabetically arranged
Dish of the day
Admissions: None
Delistings: None
What’s baking in the oven?
Potential** Initial Public Offerings:
12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market on 10 June 2025. Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market. The Company developed and operates a proprietary online and mobile CFD trading platform, allowing primarily retail clients to trade CFDs across 870+ financial instruments, including currencies, commodities, indices, stocks, cryptocurrencies and exchange traded funds. For the year ended 31 December 2024, trading income was $50.1m, adjusted EBITDA of $9.7m and adjusted profit before tax of $7.6m. The current intention is to maintain a progressive dividend policy, and the dividend for FY2025 is expected to be set at approximately 50 per cent. of adjusted profits. Deal size TBC but timing is expected late June 2025.
Admission via a Reverse Transaction:
Updated 28 May today from 8 May announcement: Riverfort Global Opportunities (RGO.L) has acquired certain subsidiaries of Aquis listed S-Ventures and by a reverse admitted to AIM, is to be renamed Tooru Plc and become a health and wellness operating company. The Company raised £0.5m at 0.75 pence giving an anticipated market capitalisation on Admission tomorrow of £12.5m. The Acquisition Agreement will become unconditional, and Admission will become effective at 8.00 on 29 May 2025.
Market Movers:
12th May: Sundae Bar Plc, formerly Kondor AI Plc, a technology Company mainly operating in the UK, announced its intention to move to AIM from the Access Segment of the Aquis Stock Exchange Growth Market. The Company's objective is to create a unified marketplace for businesses and AI agents that will address the growing demand for scalable, accessible AI solutions while simplifying the end-to-end process of bringing AI agents to market. The Company's securities are currently suspended on AQSE and concurrently with the Admission to AIM, the Aquis listing will be cancelled. £2m is expected to be raised with an anticipated market capitalisation on Admission of circa £33m at the Placing Price of 8p.
Banquet Buffet****
Angle 8.00p £31.46m (AGL.L)
The liquid biopsy Company with innovative circulating tumour cell (CTC) solutions for use in research, drug development, and clinical oncology, reports results for the FY December 2024. The business has been re-shaped and streamlined with a major focus on large pharma companies. The revenues increased 31% to £2.9m and the operating costs were reduced by 27% to £16.9m for a Loss Before Tax 29% lower at £14.2m. After a fund raise in June 2024 of £9.3m, the Year End cash is £10.4m (Dec 2023: £16.2m), excluding R&D tax credits of £2.3m, which is expected to give a cash runway to Q1 2026. The focus on large pharma resulted in four services agreements and discussions are progressing with existing and potential new clients that are major medtech diagnostics companies. Demand is growing as there is an unmet demand for CTC analysis to support drug discovery and development.
Avingtrans 420p £132.36m (AVG.L)
The designer, manufacturer and supplier of critical components, modules, systems and associated services to the energy, medical, and industrial sectors, makes a trading update for Full Year May 2025. The Company expects to report results ahead of market expectations for an EBITDA of £15.1m. This is driven by better than anticipated performance within the Advanced Engineering Systems division. The Company intends to provide a more detailed update in a trading update to be published in mid-June 2025.
Brave Bison Group 2.65p £33.96m (BBSN.L)
The digital media, marketing, and technology Company has been appointed by Primark following a competitive pitch process. Brave Bison's social strategy and creative agency, SocialChain, will work with Primark's in-house team to shape the brand's global social media strategy, community management, and reactive content creation. SocialChain’s CEO considers this to be a new era defined by sharp thinking, inclusive storytelling, and big-stage creative made to drive both culture and commerce.
Cora Gold Ltd 8.25p £40.00m (CORO.L)
The West African focused gold Company reports on the recent metallurgical test work undertaken with a view to achieving process flow sheet optimisation at its flagship Sanankoro Gold Project in south Mali. The objective of the test work has been to identify improvements to reduce operating costs over the life of the mine. The results confirmed that a scrubbing circuit can be effectively integrated with expected positive implications on the power consumption. There is ongoing work to update the 2022 Definitive Feasibility Study, including updated Probable Reserves, which in 2022 based on a $1,750 gold price showed a +50% IRR. It expected that with further operational improvements plus a higher gold price this should improve, and it is due to be completed during Q3 2025.
Creo Medical Group 14.00p £56.72m (CREO.L)
The medical device Company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients announces that the American Medical Association has established two new Category reimbursement codes for Endoscopic Submucosal Dissection (ESD) procedures. These dedicated codes provide a clear framework for U.S. healthcare providers to offer this advanced, organ-preserving procedure to a broader patient population. It allows for more accurate pathology and has been associated with lower recurrence rates, faster recovery, and fewer complications. It is estimated that around 5% of the U.S. population over the age of 50 could potentially benefit.
Inspiration Healthcare Group 19.5p £17.48m (IHC.L)
The medical technology Company pioneering, specialist neonatal intensive care medical devices report finals for Full Year January 2025. Revenue improved 1.7% to £38.3m while the gross profit margin declined to 42.8% from 47.5%. EBITDA fell to £0.2m from last year’s £2m and the Operating Loss increased to £14.7m from an Operating Loss of £4.9m in January 2024. The new CEO Raffi Stepanian was appointed in January 2025 and the restructured commercial team with a back-to-basics strategy delivered stronger H2 sales. It received a $4.3m order for SLE6000 ventilators from a Middle East customer and a $6m contract win with an international humanitarian aid organisation. The net debt (excluding lease liabilities) increased to £8.3m from 2024’s £6.0m. The CEO stated that the improving sales levels provided good momentum to the new financial year.
Jubilee Metals Group 4.15p £131.82m (JLP.L)
The diversified metals producer with operations in South Africa and Zambia updates on the implementation of its copper projects in Zambia. The extension processing trials of its Roan Concentrator has been concluded confirming Jubilee's technical capabilities to process high-grade shallow transitional copper reefs, previously deemed as waste or too complex. As a result of this trial, the Company has entered into a long-term feedstock supply agreement at Roan with production commencing this week. The former chairperson has been issued 5.96m shares to settle a £200,000 payment in lieu of his services to Jubilee and in conclusion of his performance incentive, which are subject to a twelve-month lock in.
Kromek Group 6.15p £37.53m (KMK.L)
The developer of radiation and bio-detection technology solutions for the advanced imaging and chemical, biological, radiological, and nuclear (CBRN) detection segments has received two orders. The orders, valued together at approximately $900k, are for immediate delivery and are to supply its D3 series of detectors for use by a European and a US customer. The US customer is a leading supplier of integrated products working in the defence and security sector with a history of implementing innovative security solutions. In an environment marked by ongoing geopolitical uncertainty, demand for the Group’s solutions should continue to grow.
Petards Group (PEG.L) 7.50p £4.70m*
Petards, the AIM quoted developer of advanced security, communication and surveillance systems, announced that Petards Rail recently received an award at the Alstom UK & Ireland Corporate Social Responsibility Awards. Petards Rail was announced as the winner of Alstom's Fighting Climate Change SME Award. This follows an engagement exercise run by Alstom, in partnership with the Supply Chain Sustainability School, accessible to all Alstom UK and Ireland's suppliers, 125 of which took part. In making the award to Petards, the jury noted that "Petards Rail Technology' has a strong policy and CSR commitment. Their KPIs were well reported and validated externally. The Chairman of Petards commented that Alstom is a key customer of Petards and one the world's largest rail manufacturers and that this award demonstrates Petards Rail is considered a leading supplier to the UK rail market operating to the high standards demanded by global OEMs.
Shearwater Group 45p £10.36m (SWG.L)
The cybersecurity, advisory, and managed security services Group, reports that its subsidiary, Brookcourt Solutions Limited, has become one of the first organisations in the UK to achieve certification against ISO 42001, the pioneering international standard for Artificial Intelligence Management Systems. It’s a comprehensive framework for organisations to manage AI systems responsibly, ethically, and effectively and the certification demonstrates the Group’s commitment to transparent and accountable AI governance. This reflects the deep expertise within the Group in setting industry standards for cybersecurity and digital governance as AI continues to transform business.
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