* 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:
Delistings:
Oxford Cannabinoid Technologies Holdings (OCTP.L) has left the Standard Segment of the Main Market.
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.
4th June: Advanced Oxygen Therapy Inc (AOTI): The medical technology group with a proprietary therapy for the reduction in hospitalisations and amputations caused by non-healing wounds, particularly diabetic foot ulcers, announces its Schedule One and expected first day of trading on the AIM market of the 18th June. The Group expects to raise $25m.
Media speculation:
2nd June: Online fashion firm Shein from China is preparing to file a prospectus ahead of a potential London float which could value it around £50bn.
Reverse Takeovers:
Change of Market:
Dual Listing:
Banquet Buffet***
BiVictriX Therapeutics 12p £9.9m (BVX.L)
The drug discovery and development company applying an innovative, proprietary approach to develop a new class of highly selective, next generation cancer therapeutics, bispecific antibody drug conjugates (Bi-Cygni® ADCs), which exhibit superior potency, whilst eliminating treatment-related toxicities, announces it has been awarded a grant for £0.37m from Innovate UK to accelerate the preclinical development of BiVictriX's second pipeline product, BVX002, a novel bispecific ADC targeting the treatment of ovarian cancer. The Innovate UK research and development project (funded for 18 months) will consist of two primary elements: selection of the optimal linker/payload and therapeutic format combination, followed by assessment of in vivo efficacy, selectivity and safety to move the best bispecific ADC molecules towards nomination of a clinical lead candidate for BVX002.
Brown (N) Group 17.85p £82.7m (BWNG.L)
A top 10 UK clothing and footwear digital retail platform, announced its results for the year ended 2 March 2024 (FY24). Revenue decreased 9.8% to £600.9m, reflecting the continued challenging market conditions and a focus on driving profitable sales. Statutory profit before tax was £5.3m, reflecting improvement of £76.4m, driven by lower adjusting items. Adjusted net debt of £236.3m reflects the securitisation borrowings and net cash. The Group anticipates product revenue will return to a moderate level of growth for FY25, alongside a modest improvement in the rate of decline in Financial Services revenue and a Group gross margin consistent with FY24. FY25 year end adjusted net debt is expected to be similar to FY24's closing position.
Camellia Plc £43.60 £120.4m (CAM.L)
The company engaged in agriculture and horticulture, engineering, food storage and distribution, provided a trading update. Despite reduced tea production expectations in India and further reductions in tea prices in Kenya and Malawi, the Company continues to expect revenue above that of 2023 for 2024. However, the outlook for the adjusted loss before tax for continuing operations has worsened from the previous guidance and is now at between £10-12m (2023: £2.5m loss). Camellia had net cash of £21.7m and investment portfolios with a market value of £38.1m at 31 March 2024.
Concurrent Technologies 105p £89.9m (CNC.L)
The designer and manufacturer of leading-edge computer products, systems and mission critical solutions used in high-performance markets by some of the world's major OEMs, has secured two important contracts via the recently acquired Phillips Aerospace with a total value of $518k. One contract is with a US based defence company to supply a rugged conduction cooled chassis to host the customer's own Plug-in-Cards. The second contract is to provide 2-slot systems that have been developed over the last year as part of a roadmap to align designs with the DoD "Sensor Open Systems Architecture" (SOSA) standard.
EnergyPathways 2.05p £3.3m (EPP.L)
The integrated energy transition company announces its results for the year ended 31 December 2023. Loss before tax was £1.9m, partly due to £1m reverse acquisition cost. Cash position was £0.5m as at 31 December 2023. The flagship Marram Gas Field Project is progressing the Front End Engineering and Design (FEED) and towards the Final Investment Decision. The Company is targeting first gas in 2025. The long-term strategy is to develop an energy storage hub in UK Irish Sea, incorporating other potential geo-storage reservoirs, storage infrastructure and hydrogen production facilities to support the UK energy market.
Mindflair plc 0.5p £1.4m (MFAI.L)
The company investing in next-generation technology focused on AI, notes the announcement made by Sure Valley Ventures (SVV) of a new investment by Sure Valley Ventures UK Software Technology Fund (SVV2), in which it has an investment. SVV and Mercuri, an early stage venture capital firm, have led a £1.5m funding round for Ittybit Ltd, a pioneering developer tools company. This funding will provide the necessary capital for Ittybit to further its mission of making world-class AI-led media pipelines accessible to developers worldwide. The funding round was also supported by Oxford Capital, angel investors and Baltic Ventures.
Oxford BioDynamics 8.09p £25.2m (OBD.L)
The biotechnology company developing precision medicine tests based on the EpiSwitch® 3D genomics platform, announces that its EpiSwitch® Prostate Screening (PSE) test will be utilized in correlative studies of a clinical trial, NCT05588128, organized and sponsored by the National Cancer Institute (NCI) of the National Institutes of Health, (Bethesda, MD, USA), to regularly monitor prostate cancer in patients with biochemically recurrent disease. OBD and NCI are collaborating on the evaluation of samples and data collected from NCI's clinical trial using the EpiSwitch® PSE test under a material transfer agreement (MTA).
TMT Investments* $3.56 $112.0m (TMT.L)
The venture capital company investing in high-growth technology companies, announces the following developments in the Company's portfolio. Positive revaluations: (1) OneNotary, an online notary service, has completed a new Series A equity funding round of US$5mn. The transaction represented a revaluation uplift of 85% (US$0.4m) in the fair value of TMT's investment in OneNotary, compared to the previous reported amount as of 31 December 2023. (2) Praktika.ai, a language learning app with personalised AI-powered avatar tutors, has completed a new US$35.5m Series A equity funding round. The Series A equity funding round represented a revaluation uplift of 1,144% (US$4.6m) in the fair value of TMT's investment in Praktika.ai, compared to the previous reported amount as of 31 December 2023. Negative revaluations: Backblaze: Based on the closing mid-market price of US$5.99 per share on 5 June 2024 (and adjusted for the US$4.0m net partial disposal proceeds received by TMT in 2024 to date), the current share price represents a reduction of US$3.7m in the fair value of TMT's investment in Backblaze, compared to the previous reported amount as of 31 December 2023.
Versarien Plc 0.0825p £1.2m (VRS.L)
The advanced engineering materials group announces its unaudited interim results for the six months ended 31 March 2024 (H1 FY24). Revenue was £2.50m (H1 FY23: £2.62m), including graphene revenues of £0.28m (2023: £0.09m). Loss before tax was £1.77m (H1 FY23: £3.40m). Cash was £0.70m as at 31 March 2024 (30 September 2023: £0.60m). The refocus on the core graphene technology combined with a manufacturing-light approach is beginning to bear fruit financially with losses continuing to fall. A number of parties are showing initial interest in licensing the Company’s technology. Meanwhile, the Company is progressing strategic relationships in core areas particularly construction including 3D concrete printing.
Zinnwald Lithium 11.6p £55.0m (ZNWD.L)
The lithium exploration company announce the publication of a further update to its independent Mineral Resource Estimate (MRE) for its 100% owned Zinnwald lithium project located in Saxony, eastern Germany. Additional 25.0Mt @ 2,090ppm Li (52kt contained lithium metal) in the Measured category represents an increase of 221% in tonnes and 133% in contained metal in the Measured category compared with the February 2024 MRE. The project now has sufficient material in Measured category alone to support over 20 years of production. This is a major milestone as it further de-risks the resource and adds a higher level of confidence in the detailed mine plan.
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