* A corporate client of Hybridan LLP
** Arranged by type of listing and date of announcement
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour
Dish of the day
Admissions:
Time to Act (AQSE: TTA): an engineering business focused on technology for energy transition announces the admission of its Ordinary Shares to trading on the Aquis Stock Exchange Growth Market. The Company reported a revenue of £2.6m and a net income of £209k in FY23, with £1.9m cash in the bank as at 31st March 2024.
Delistings:
What’s baking in the oven? **
Potential**** Initial Public Offerings:
ITF announced:
22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high-performance, low-cost single board computers and compute modules for industrial IoT customers and embedded uses, as well as for enthusiasts and educators, in markets worldwide. The Company is looking to raise $40m, the net proceeds of which will be used by the Company for engineering capital expenditure, to enhance its supply chain resilience and for other general corporate purposes. The Group's revenue was $140.6m, $187.9m and $265.8m and gross profit was $41.9m, $42.3m and $66.0m in the years ended 31 December 2021, 2022, and 2023, respectively.
Media speculation:
16th May: Media reports that Advanced Oxygen Therapy Inc (AOTI) is considering raising roughly £39.5m from an IPO on the AIM market. If successful, the flotation is likely to value AOTI at around £160m, the sources added. AOTI indicates that its wound care technology reduces the need for amputations in patients by more than two-thirds.
20th May: Applied Nutrition the producer of sports supplements, is considering a £500m float in London Q4 2024. Applied Nutrition is founded by Tom Ryder, backed by JD Sports, expects to see pre-tax profits of £25m in the 12 months to July 2024, supported by revenues climbing by a third to between £80m and £85m. Applied Nutrition sells protein products, collagen powders and pre-workout supplements, most of which are produced in Liverpool before being stocked in the likes of Asda, Holland & Barret and Tesco. It has also found a footing in the States, with its products sold across some 4,100 Walmart stores. Andy Bell, the Company’s chairman and the co-founder of AJ Bell, is believed to be looking for a valuation of a minimum of £500m. Ryder, who currently owns around 55% of the group, is believed to be wanting to sell down his stake to 30%. JD Sports Fashion PLC (LSE:JD.), which bought a 32% shareholding in 2021 for £25m, is also expected to sell down its stake to around 5% to 10%.
Reverse Takeovers:
13th May: Amur Minerals Corporation announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology Company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May. Expected first day of trading is 31 May 2024.
Change of Market:
Dual Listing:
Banquet Buffet***
Ariana Resources 2.8p £32.1m (AAU.L)
The mineral exploration and development company with gold project interests in Africa and Europe, announces a finance agreement to support ongoing developments of the Zenit Mining Operations in Türkiye. Zenit Mining Operations comprise the Kiziltepe gold-silver mine and the Tavsan mine construction programme in western Türkiye. A $20m credit agreement was completed with Türkiye Cumhuriyeti Ziraat Bankasi A.S, the largest bank in Türkiye. Loan repayments at an effective interest rate of 8.5% will occur over three years, with a one-year principal repayment holiday following drawn-down.
Beowulf Mining 0.725p £14.1m (BEM.L)
The mineral exploration and development company announces its unaudited results for the three months ended 31 March 2024. Administration expenses decreased to £397k (Q1 2023: £593k), loss before tax decreased to £429k (Q1 2023: £764k) due to lower administration expenses and a reduction in finance costs in relation to the bridging loan of £32,4k. Cash and cash equivalents was £851k (Q1 2023: £4.3m). Post period, the results of the capital raise were announced on 3 April with a total of approximately £4.3m raised before costs.
Directa Plus 19.5p £12.9m (DCTA.L)
The producer of pristine graphene nanoplatelets for use in consumer and industrial markets through a unique and patented chemical-free process, announces that the collaboration between Directa Plus and Iterchimica to develop and produce Gipave, a Green Asphalt embedded with G+ graphene, has achieved another important recognition. Gipave has been chosen for an extensive resurfacing operation in Rome, ahead of the 2025 Jubilee. Anas, the Italian public road company, has awarded the contract for a resurfacing operation to cover c.15 kilometres of historical routes, using Gipave technology. Gipave is enriched with Directa Plus' graphene and hard recycled plastics, which increases a roads lifespan by up to 61% compared to current market technologies.
Jade Road Investments* 1.375p £4.9m (JADE.L)
The Company focused on providing financing globally, primarily backed by real assets, with a focus on income-production, confirms that completion of the disposal of the Legacy Assets to Eastern Champion Limited has occurred, qualifying Shareholders have been issued with shares in Eastern by way of the In Specie Dividend, and Noteholders have had their Jade Road Loan Notes replaced with the Eastern Loan Notes. As a result of the above transactions, JADE is now a vehicle looking to acquire a business via a reverse takeover. Discussions are continuing with a number of parties on this plan. Capitalised terms used in this announcement have the same meaning given to them in the Company's RNS announcement dated 13 May 2024.
Kromek Group 7.35p £47.1m (KMK.L)
The developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN (Chemical, Biological, Radiological, Nuclear) detection provides a trading update on the year ended 30 April 2024 (FY24). The Company started the second half of FY24 with increasing commercial momentum whilst delivering on multi-year contracts. Both the advanced imaging and CBRN detection segments showed increased commercial traction and the Group expects to report record revenues for FY24. The Company is also experiencing improvements in its gross margin due to product mix. The Group continues to exert tight cost control and drive operational efficiencies, particularly within its advanced imaging manufacturing process. Consequently, Kromek expects to report positive EBITDA for FY24, ahead of market expectations.
React Group 77.5p £16.7m (REAT.L)
The cleaning and soft facilities management services company announces its unaudited interim results for the six-month period ended 31 March 2024. Revenue increased 13% to £10,5k (H1 FY23: £9,3k), adjusted EBITDA increased 35% to £1,281k (H1 FY23: £951k) and cash and cash equivalents as at 31 March 2024 totalled £1,490k (H1 FY23: £650k). The strong pipeline for the remainder of the year provides the Board with a high degree of confidence in achieving full year consensus market expectations.
Silver Bullet Data Services Group 82.5p £14.4m (SBDS.L)
The provider of AI driven digital transformation services and products, announces its audited results for the year ended 31 December 2023. Revenue increased 44% to £8.36m (2022: £5.82m), loss before tax decreased 54% to £3.45m (2022: £7.54m) and cash and cash equivalents decreased to £677k (2022: £1.35m). Total Group bookings year to date are approximately £6.2m. The continued cost base control and the increase in revenues allows the business to continue to move towards profitability.
Sunrise Resources 0.065p £2.8m (SRES.L)
The mineral exploration and development Company with operations in Nevada, USA, and Western Australia provides an update on Tolsa's 2024 drilling plans for the Pioche Sepiolite Project in Nevada. The world's largest sepiolite producer, Tolsa S.A. has a right to purchase the Project for $1.4m by 28 December 2024 with future payments to Sunrise of a 3% revenue-based royalty on production. Drilling and trenching planned to start in early July to collect additional samples for testing and to test for extensions to the sepiolite deposit defined in 2023.
SysGroup 35p £17.1m (SYS.L)
The technology partner specialising in the delivery and management of cloud, data and security services to power Artificial Intelligence and Machine Learning transformation, announces a strategic partnership with Softcat plc, solidifying its position as one of their trusted Machine Learning Partners. As one of the UK's leading IT Solutions and Services Providers, Softcat's endorsement opens up new avenues for SysGroup in the AI/ML markets. An ongoing engagement with a prominent independent pension and investment management firm, underscores the potential impact and tangible benefits of this partnership.
Thor Explorations 15.5p £98.0m (THX.L)
The mining exploration Company provides an operational and financial review for its Segilola Gold mine, located in Nigeria
and for the Company's mineral exploration properties located in Nigeria and Senegal for the three months to March 31, 2024. Revenue decreased to $33.3m (Q1 2023: $40.3m), EBITDA increased to $23.3m (Q1 2023: $14.7m) and cash and cash equivalents decreased to $2.8m (Q1 2023: $4.5m). The outlook is to advance exploration programmes across the portfolio, including near mine and underground projects at Segilola, extension and infill programmes at Douta and the assessment of potential targets in Nigeria.
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