* 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:
Delistings:
What’s baking in the oven?
Upcoming Market Movers:
6 February: Creightons (CRL.L) has announced an intention to move to AIM from the Main Market. It is expected that the last day of dealings in the Ordinary Shares on the Main Market will be 28 March 2025. Dealing in the Ordinary Shares is expected to commence on AIM, at 8.00 a.m. on 31 March.
19 February: One Health Group (AQSE: OHGR) announced its intention to move from the AQSE Growth Market to AIM. Admission is expected to commence on 20 March.
Potential** Initial Public Offerings:
Media reports suggest that MHA, the UK arm of Baker Tilly International, is understood to be contemplating a possible listing on the AIM market. A valuation of more than £300m is being targeted. MHA is the country's 13th largest accounting business and generated annual revenues of £180m in the year to last March. Exact details TBC.
Banquet Buffet****
Botswana Diamonds 0.105p £1.3m (BOD.L)
The diamond exploration Company recently announced securing Polymetallic Acreage following a comprehensive artificial intelligence driven exploration programme in Botswana. Eleven prospecting licences were applied for to secure the key polymetallic targets identified, with the licenses including Copper, Silver, Cobalt, Gold, Nickel, Zinc and PGM targets. The initial focus was on diamonds, however, this has been expanded to look for hidden polymetallic deposits. The assessment has reached an advanced stage where eleven Prospecting Licenses have now been applied for, covering 7,322 square kilometres.
Coro Energy 1.55p £7.5m (CORO.L)*
The South East Asian energy Company with a natural gas and clean energy portfolio yesterday noted the announcement made yesterday by Conrad Asia Energy Ltd, an operator of the Mako Gas Field in Indonesia where Coro holds a 15% operating interest in the Duyong Production Sharing Contract. In its announcement, Conrad notified that it has received a Directive from the Indonesian Ministry of Energy and Mineral Resources in respect of revised Mako gas sales arrangements. Whilst the Directive does not amount to a binding gas sales agreement, Conrad considers that the MEMR Directive is anticipated to support potential farmout arrangements in Duyung and Financial Investment Decision for Mako. Due to the very strong growth in domestic demand for gas in Indonesia, the Indonesian MEMR has directed that all Mako gasbe made available for the Indonesian domestic market in Batam with the gas to be purchased by PT PLN Energi Primer Indonesia, a wholly owned subsidiary of PT Perusahaan Listrik Negara.
Essensys 37p £23.94m (ESYS.L)
The provider of software and technology to the flexible workspace industry reports Interims to end January 2025. Its revenue is 11% lower at £10.4m and the strategic shift away from lower margin network services is set to continue. Reflecting the improved revenue mix a reduce loss of £1.8m was reported compared to £2.8m. There is an adjusted EBITDA profit of £0.8m compared to a loss of £0.5m and Essensys is expecting to deliver a run rate of cash generation with net cash was £2.2m. A new product, elumo, is a dynamic bookings and access platform to give landlords and operators a new way to manage and monetise shared meeting rooms and flexible space and is expected to drive growth for the next five years.
Ethernity Networks Ltd 0.075p £0.3m (ENET.L)
The supplier of data processing semiconductor technology for networking appliances provided an update on the $1.05m contract signed with a Tier 1 U.S. based aerospace system products provider. As previously disclosed, this involves the Company delivering its silicon-tuned software to enable specific networking functionalities on the Customer's unique platform. The Company obtained U.S Government approval for the project in September 2024, and has invoiced $890,000 to date. It is anticipated that the contract will be extended by an additional $290,000 to allocate dedicated development resources for additional functionalities beyond the original scope, with implementation planned over the next three months. Combined with the remaining $160,000 from the original contract, the additional $290,000 will bring the total anticipated collection to $450,000 in the near term.
Haydale Graphene Industries 0.1125p £4.1m (HAYD.L)
The advanced materials group announced its unaudited interim results for the six months ended 31 December 2024. Following the conclusion of the Business Review, announced in December 2024, and the securing of an additional £3.1m (gross) of funding in November 2024, the new Board and management team have taken decisive steps to refocus the Group and reduce cash burn aligned to the revised strategy by divestment of the Group's loss-making operations in South Korea and discontinuation of the Group's loss-making operations in Thailand. The Group exited loss-making operations in the US in a way most likely to realise value back to the Group and consolidated the Group's activities onto a single site in Ammanford and closed its Loughborough premises. Revenues decreased by 50% to £1.25m reflecting persistent US under performance while gross profit margin increased to 57.8%. The Cash at the period end was £1.99m. New commercial contracts have been secured with a funder of new heating systems to vulnerable households, Affordable Warmth Solutions, to develop a further graphene heater ink product, and with the national gas grid, National Gas Transmission, for the use of the Group's technology in upgrading the gas network.
ImmuPharma 4.2p £13.97m (IMM.L)
The specialist in peptide based drug discovery and development announced a milestone in evidencing the unique mechanism of action (MoA) of its P140 autoimmune technology platform. The results provide direct evidence for the first time of a major key hypothesis of the unique MoA of P140. Unlike the most advanced therapies currently available for the treatment of autoimmune diseases, these findings indicate that P140 does not reduce or block the body's ability to mount a specific immune response. These findings confirm P140's potential as a safe and effective treatment for patients suffering from systemic lupus erythematosus. While detailed data will be released in due course, these findings allow ImmuPharma to further expand its intellectual property portfolio, with additional new patents, strengthening the commercial viability of the P140 technology platform.
Kistos Holdings 120.5p £93.6m (KIST.L)
The independent energy Company focused on generating value across the upstream and midstream markets, noted the announcement made today by Vår Energi, the Operator of the Balder Area, regarding the tow-out of the Jotun FPSO from the Worley Rosenberg yard in Stavanger, Norway. With all 14 production wells completed and associated subsea equipment installed, the tie-up and final commissioning of the Jotun FPSO is expected to be undertaken over the coming months, with first oil targeted for the end of Q2. The Jotun FPSO sail away represents progress in the Balder Future project and redevelopment of the Balder Area, extending the life of th field beyond 2045. Once online, the project is expected to increase the area's peak daily production by 80,000 boepd (gross), which is expected to occur approximately three to four months following first oil. Kistos, alongside the Operator, is progressing with further development and exploration projects across the Balder Area with a view to converting 2C resources to 2P reserves in the short to medium term.
Oxford BioDynamics 0.55p £9.3m (OBD.L)
The precision clinical diagnostics Company bringing specific and sensitive tests to the practice of medicine based on its EpiSwitch3D genomics platform today announced an expanded strategic agreement to give its health insurance customers access to OBD's EpiSwitch PSE prostate cancer detection test with Bupa. Bupa UK insurance customers with a raised PSA level and no additional high risk factors or symptoms will now be covered for PSE, a smart blood test which accurately predicts the presence or absence of prostate cancer. The expansion of the OBD Bupa UK insurance partnership beyond existing coverage of CiRT enhances access to PSE in the UK.
Petro Matad 1.55p £23.4m (MATD.L)
The AIM quoted Mongolian oil Company today announced an operational update with its Heron 1 production continuing with approximately 25,000 barrels now in storage in Block XIX. The Block XIX operating committee has today confirmed acceptance of the oil sales agreement and execution copies are being uploaded to their online system for sign off. Evaluations are now underway to support a set of low-cost activities for 2025 in Block XX focused on operating cost reduction and production increases at Heron 1 and the potential to conduct workovers and well tests at Heron 2, Gazelle 1 and Gobi Bear 1. With oil now flowing from Block XX and the investment environment improving under the current government, the Company is stepping up efforts to secure a partner to accelerate its oil development activities. Discussions with three entities are ongoing. Sunsteppe Renewable Energy is progressing four exclusively held projects with strong government support for the sector.
Sareum Holdings 15.25p £20.61m (SAR.L)*
The clinical-stage biotechnology Company developing next-generation kinase inhibitors for autoimmune disease and cancer has announced that it has acquired the licence for SRA737 following the programme's return from a US-based biopharma company. SRA737 is a clinical-stage oral, selective Checkpoint kinase 1 inhibitor that targets cancer cell replication and DNA damage repair mechanisms. The Company has now acquired the licence and renegotiated the economic terms under which it will receive a net 63.5% of all future revenues, compared to 27.5% under the former agreement. The remaining interest is divided between CPF and Cancer Research Technology, the commercialisation arm of Cancer Research UK. Ongoing costs associated with SRA737 will be limited to material and data storage, as well as intellectual property management. Sareum will provide further updates as it evaluates options for the programme. The Company has also announced today that it has raised gross proceeds of £1.07m by means of a subscription at a price of 12.5 pence. The net proceeds from the Subscription will be used to support the development of the expanded portfolio and for general working capital purposes.
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