* 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:
Following its demerger from Anglo American, Valterra Platinum (VALT.L) announces that its entire issued share capital has today been admitted to the Equity Shares (International Commercial Companies Secondary Listing) category of the Official List and to trading on the London Stock Exchange's Main Market.
Delistings:
Enteq Technologies has left AIM.
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.
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. Ora Technology (AQSE:ORA) will also delist from AQSE, following their acquisition by Sundae Bar as part of the transaction.
£2m is expected to be raised with an anticipated market capitalisation on Admission of circa £33m at the Placing Price of 8p. Expected AIM admission date is 3rd June 2025.
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Banquet Buffet****
Abingdon Health 7p £13.3m (ABDX.L)
The international developer, manufacturer, and distributor of high quality and effective rapid tests, announces that it has entered a co-development, manufacturing, and commercialisation agreement with Okos Diagnostics B.V., a Netherlands-based diagnostics company specialising in innovative lateral flow technologies. Under the terms of the agreement, Abingdon Health and Okos will collaborate to adapt Okos' prototype avian flu lateral flow test for specific applications in both animal and human health. The partnership will initially focus on two key use cases: bovine health testing via milk samples and human health applications via nasal pharyngeal fluid. The agreement grants Abingdon Health exclusive rights to distribute the final test kits globally, with a profit share agreement between both companies.
Ananda Pharma 0.335p £14.4m (AQSE:ANA)
The UK-based biopharmaceutical Company developing regulatory approved cannabidiol (CBD) medicines to treat complex, chronic conditions, announced that its lead investigational product, MRX1, has now successfully achieved twenty four months of stability data in accordance with ICH (International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use) guidelines. This stability data is a key differentiator between MRX1 and any unlicenced product (including a cannabis-based medicine prescribed via a cannabis clinic or available via a dispensary), any UK Food Standards Agency approved CBD product, and any CBD product produced in accordance with the Farm Bill in the USA where the reliability of product is not verified
Cordel Group 7.625p £16.5m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announced a new 5 year term contract with one of the leading Class 1 freight railroads in the United States. The agreed full term base contract is for over US$3.7m and includes an additional US$3.8m provision for Cordel's latest PTC Asset Management SaaS following its anticipated launch in July. Cordel will deliver its full suite of capture, processing and delivery of rail corridor data and insights. The client's complete network will be captured and analysed on an annual basis, utilising Cordel's unique ability to deliver significant volumes of processed rail corridor data at high frequency with high levels of accuracy.
CyanConnode Holdings 8p £27.8m (CYAN.L)
The provider of IoT communication and smart metering solutions announced that further to its announcements on 14 April 2025 and 12 May 2025 regarding the Government of Goa's Electricity Department's contract award for its smart meter project valued at approximately £70m, it has now signed the formal contract agreement for this project, to deploy approximately 750,000 smart meters. Following an initial kick-off meeting held with the utility to commence the contract, the Company is now engaging with subcontractors and planning the rollout of the smart meter deployment.
Eagle Eye Solutions Group 218p £64.8m (EYE.L)
The SaaS and AI technology announces that the Company has been notified by Neptune Retail Solutions (NRS) of the termination of a contract with an annual value of between £9m and £10m in revenue, for the provision of digital promotional services to a national US grocer, with effect from 2 August 2025. This follows NRS's acquisition of Quotient Technology Inc, a digital promotions and content provider, in 2023. The contract loss is not expected to meaningfully impact the Company's financial performance in the financial year to 30 June 2025 and the Board expects to report results for FY25 in line with current market expectations.
Light Science Technologies Holdings 3.9p £12.6m (LST.L)
The technology and manufacturing business providing real-world solutions targeting issues including global food security and fire safety, announces that it has been granted a patent for its environmental sensor, sensorGRO, covering its air and root zones measurement capabilities. These sensors enable existing customers - including Jepco, Bridge Farm Horticulture and Dyson Farming Research, to measure the key cardinals of plant life in both air and root zones, to help them grow more with less in indoor and broadacre environments. The Company also announces that is has received an inaugural order through one of its distribution agreements for a new LED toplight installation. The Company will supply lighting, customised to the client's specifications, in a glasshouse with coverage of over 0.8 hectares, incorporating over 400 lights. It will be used to grow lettuce on a bench height moving gutter system and is expected to become operational in Q1 2026. The Company has a pipeline of over £44m.
MicroSalt 65.5p £33.9m (SALT.L)
The manufacturer of full-flavour natural salt with approximately 50% less sodium announced its first set of full-year results following its Admission to AIM in February 2024. FY 2024 revenue was US$ 0.75m (2023: US$ 0.6m) reflecting primarily B2C sales, with a material ramp up in B2B sales commencing in Q4 2024 into 2025. The net loss was US$ 5.8m (2023: US$ 3.5m) reflecting the one-off nature of IPO costs ($1.3m), as well as a non-recurring R&D spend in 2024 related to the launch of Microsalt Premium in January 2025, and finally preparation for the launch of the first two major food manufacturing customers within the Company's B2B solution. The Company also expects significant improvement to its gross margins in 2025, as the sales mix is becoming much more reliant on bulk sales at the expense of lower margin consumer sales of its B2C products which made up most of our FY 2024 sales mix.
Synergia Energy Ltd 0.0215p £3.4m (SYN.L)
The Company focused on responsible gas production announced an update with respect to its Cambay PSC (Production Sharing Contract) (WI: 50%), onshore India. Further to the Company's 4 April 2025 announcement, Synergia's joint venture partner, Selan Exploration, has now secured a drilling rig and related drilling services from DEEP Industries Limited to drill the first of three new wells under the $20m work program on the Cambay PSC, where Synergia is fully carried by Selan in exchange for a 50% working interest in the Cambay PSC. Selan anticipates the drilling will commence in September 2025. Additionally, Selan has now contracted a 50 tonne workover rig and workover operations on existing legacy wells will re-commence during June 2025. Production has been intermittent from these legacy wells since production recommenced in April 2022.
Tekcapital 7.4p £16.1m (TEK.L)
The UK intellectual property investment group announces that it has raised a total of £1.25m before expenses in a fundraise comprising of a placing from existing and new shareholders, at a price of 7 pence per share. Funds raised will be deployed to rapidly expand its sales staff to onboard additional clients for its Remote Monitor and Control Centre and for costs related to the preparation of Guident's planned IPO in 2025. The remainder of the funds raised will be used primarily to broaden the Company's GenAI-focused investments and for additional working capital.
Trellus Health 0.95p £1.5m (TRLS.L)
The finals for the FY December 2024 are reported from the healthcare Company delivering innovative, scientifically validated programs and technologies to improve the management of chronic conditions. Revenue is $114k and Admin costs increased 17.6% to report an operating loss of $8.9m up from an operating loss of $6.8m in the prior period. Cost reductions netted a decrease in average monthly burn from $635k to $500k, beginning in January 2025. At 31 December 2024, the Group had available cash resources of $4.3m (2023: $12.2m). The Group's present cash position, assuming only currently contracted revenue, will provide a runway to October 2025 and that expectation remains unchanged.
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