* A corporate client of Hybridan LLP
** Potential means Intention to Float (ITF) has been announced, or it is a rumour
***Arranged by type of listing and date of announcement
****Alphabetically arranged
Share prices and market capitalisations taken from the current price on the day of publication
Dish of the day
Admissions:
None
Delistings:
None
What’s baking in the oven?
Transferring markets:
8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market on 11 December and admit to the Access Segment of the AQSE Growth Market on the same day. Zentra Group is a UK-based residential developer, development manager and property manager focused on the North of England and on 22 November completed a series of transactions, after having changed the Company's name from One Heritage Group plc on 17 October.
Reverse Takeover:
18 November: Greatland Gold (GGP.L) has entered into an agreement with certain subsidiaries of Newmont Corporation (NYSE:NEM) to acquire, subject to certain conditions being satisfied, a 70% ownership interest in the Havieron gold-copper project (thus consolidating Greatland's ownership of Havieron to 100%), and 100% ownership of the Telfer gold-copper mine, and other related assets and interests. The acquisition constitutes a reverse takeover under Rule 14 of the AIM Rules and a Supplementary Admission Document was published on 3 December 2024. Admission is expected to occur at 8:00 a.m. on or around Wednesday, 4 December 2024.
Potential** Initial Public Offerings:
Rumours about December IPO
Canal+: the producer of the Paddington films, confirmed it would separate from Paris-based conglomerate Vivendi and is expected to float in London on the Main Market of the London Stock Exchange on 16 December, according to a newly published prospectus. The demerger is subject to a vote among Vivendi’s shareholders on 9 December and would come alongside the separation of advertising agency Havas and newly-named publishing business Louis Hachette from the group. Canal+ would trade in London using the ticker CAN. It was reported last week that the firm was seeking a valuation of up to Euro8bn (£6.7bn) in its public debut. Canal+ owns StudioCanal, a producer of the Paddington film series. Earlier this year, it agreed to take over South African pay-tv giant MultiChoice to grow its international operations.
Banquet Buffet****
Altitude Group 29p £21m (ALT.L)
The end-to-end solutions provider for branded merchandise announced its unaudited interim results for the six months to 30 September 2024 (HY25). Group revenues increased by 24.0% at constant currency to £14.2m (HY24: £11.8m), services revenue grew by 3.5% at constant currency. The gross profit increased 7.9% at constant currency to £5.2m (HY24: £4.9m). Net indebtedness was £0.6m (HY24: net cash £0.2m). The Group's facility headroom was $1.8m (HY24: $1.2m) which provides ample working capital for the Group's existing growth needs.
Ananda Developments 0.375p £16m (AQSE:ANA)
The Company focused on the development of cannabidiol (CBD) based therapies for the treatment of a range of complex inflammatory pain conditions announced that its MRX1 CBD drug candidate has successfully passed through a number of critical drug stability timepoints ahead of its use in two Phase II and one Phase I clinical studies. MRX1 now moves towards the final set-up preparatory works ahead of its use in two Phase II clinical trials for Chemotherapy Induced Peripheral Neuropathy and Endometriosis, and a Phase I Pharmacokinetic study.
The global specialist dispute avoidance and dispute resolution consultancy announced its Preliminary Results for the financial year ended 30 September 2024. Revenue from continuing operations increased by 0.9% to £43.0m (2023: £42.6m). Gross profit increased by 1.9% to £11.0m (2023: £10.8m) and gross profit margin by 0.9% to 26.6% (2023: 25.4%). Profit before tax increased 125.0% to £0.9m (2023: £0.4m) and Net cash of £4.3m (2023: £5.8m), a year-on-year decrease, this is after funding dividends of £0.8m (2023: £0.8m), share buy-back of £0.2m, tax payments and the planned cessation of a JV agreement in Canada and the Middle East. The Board has agreed to return to market guidance signalling their confidence in the future prospects of the Group.
EMV Capital 48p £11.5m (EMVC.L)
The deeptech and life sciences VC investment group today announces its intention to raise up to £1.5m through a proposed subscription and WRAP retail offer to investors at an issue price of £0.50. The Issue Price represents a premium of approximately 15 per cent. to the closing mid-market price of 43.5 pence per ordinary share in the capital of the Company on 2 December 2024. The use of funds is designed to ensure EMV Capital remains well-positioned for sustained growth, operational efficiency and continued value creation.
Image Scan 2.65p £3.6m (IGE.L)
The specialist supplier of X-ray screening systems to the security and industrial inspection markets today announces final results for the year ended 30 September 2024. Order intake was up to £6.6m (2023: £2.9m) with sales of £2.9m (2023: £3.0m). Administrative expenses were down to £1.3m (2023: £1.4m) with a Pre-tax profit £0.2m (2023: profit £0.1m). Year-end cash balance stood at £0.91m (2023: £0.96m).
Invinity Energy Systems 13p £56.1m (AQSE:IES)
The global manufacturer of utility-grade energy storage today formally launches ENDURIUM, the Company's next-generation vanadium flow battery, for general sale. ENDURIUM, previously code-named "Mistral", is an evolution of the Company's proven vanadium flow battery technology optimised for use in large-scale energy storage projects of up to a gigawatt-hour and beyond. ENDURIUM is available in configurations optimised for discharge durations spanning 4 to 18 hours and offers a number of key product improvements. First shipments of ENDURIUM are on track to commence before the end of 2024. Confirmed customers include Gamesa Electric (announced 27 September 2024) and Everdura Technology Co (announced 9 June 2023).
KEFI Gold and Copper 0.515p £31.m (KEFI.L)
The gold and copper exploration and development Company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia provides an update on its Capital Raise. The Retail Offer via PrimaryBid has raised gross proceeds of circa £469k at the Placing Price of 0.55 pence. In total the Capital Raise is therefore expected to raise gross cash proceeds of approximately £6.0m through the Firm Placing, the Conditional Placing, Conditional Subscription and the Retail Offer and is expected to settle approximately £4.6m of outstanding liabilities. The fundraise remains subject to the passing of resolutions at the Company's General Meeting to be convened on 2 January 2025.
SulNOx Group 54p £63.3m (AQSE:SNOX)
The Greentech innovation Company helping industry reduce emissions, lower fuel costs and meet sustainability targets announced that it has raised £1,875,000 from new and existing shareholders, including a strategic investor and an existing warrant holder, at a price of 46.6 pence per Ordinary Share. Under the Subscription, Investors will also receive warrants to subscribe for further Ordinary Shares at a price of 58.8 pence. Investors will receive 1 Warrant for every 2.5 new Ordinary Shares subscribed for. The proceeds from the Subscription and the Exercise will be utilised for the working capital requirements of the Company.
The technology partner for delivery and management of cloud, data, and security services announces its unaudited half year results for the six months ended 30 September 2024 (H1 FY25). Revenue was £10.16m (H1 FY24: £10.96m), Managed IT Services recurring revenue increased to 86% of total revenue (H1 FY23: 84%) with Gross margins at 49.6% (H1 FY24: 49.9%). The Company had a statutory loss before tax of £1.09m (H1 FY24: loss before tax of £1.09m) with Net cash of £4.63m at 30 September 2024. As a result of the longer-than-expected sales cycles and the focus on core competencies and account consolidation process, the Board anticipates the year ending 31 March 2025 will be below current market expectations.
United Oil & Gas 0.13p £1.5m (UOG.L)
The oil and gas Company with a high impact exploration asset in Jamaica and a development asset in the UK provides an update. The CEO met with the CEO of Egyptian General Petroleum Corporation (EGPC) on the 12th November and received confirmation that the $620,000 receivable, as previously announced on 31 October 2024, was expected to be paid imminently. The Company is taking a prudent approach to costs. They are currently reviewing the cost structure and plan to implement significant reductions effective immediately. These measures are being taken in order to maximise existing cash balances in case there are further delays in receivables from EGPC and until a potential farm out has progressed.
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