* 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:
Pulsar Helium (PLSR.L) announced its First Day of Dealings on AIM on Friday 18th October. The Admission follows the completion of the fundraising of £3.875m at 25p (c.$7m). Total gross funds raised by the Company pursuant to the Fundraising and the £1.125m pre-IPO investment as first announced on 21 August 2024, therefore amount to £5m. The net proceeds of the Fundraising are expected to be used primarily to accelerate the development of Topaz through undertaking further drilling to deepen the Jetstream #1 well, acquire further seismic studies and complete a preliminary economic assessment, undertake additional (as yet uncommitted) Topaz project related activities, and for general working capital uses.
What’s baking in the oven?
ITF announced:***
Potential** Initial Public Offerings:
30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand has confirmed its intention to float on the LSE Main Market. The Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers reported revenue of £86m and EBITDA of £25.9m. The Offer will compromise existing shares to be sold by certain existing shareholders of the Company. Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, will be disclosed in a Prospectus, if and when published.
17th October 2024: Selkirk Group, a newly incorporated company established with the primary objective of acquiring a company or business which the Directors believe is undervalued and providing them with their own listing on the AIM market to create shareholder value or acquiring an existing public company and providing a highly incentivised management team with strategic direction. The Company is focused on acquiring business which are headquartered in the UK. The Company is primarily focused on the small and mid-cap market, specifically within the Consumer, Technology and digital media related sectors. Expected first day of trading in late October with an expected size of primary offer of £7.5m.
1Spatial 69p £76.7m (SPA.L)
The Location Master Data Management (LMDM) software and solutions, has now entered into a 12-month contract valued at £1m with Surrey County Council for its 1Streetworks SaaS solution. 1Streetworks' cloud-based SaaS solution is the first in the market to fully automate the production of traffic management plans, diversion routing and asset inventory lists. The cloud-based system can also be effortlessly incorporated into existing operational processes with minimal disruption. The County Council intends to use the platform as a centralised hub to manage the execution of street works on traffic sensitive roads, improving efficiency, speed and safety of street works carried out.
Brand Architekts Group 25p £7.0m (BAR.L)
The developer and supplier of beauty and personal care brands announces its Full Year results to 30 June 2024. Sales for FY24 were £17.0m down 15% on (2023: £20.1m) due to a planned brand rationalisation programme, as well as challenging trading conditions in the UK caused by a cost-of-living crisis and an unseasonably wet spring and early summer. The decreased loss before taxation of £1.4m (2023: £6.8m) reflects a reduced operating loss of £0.8m, together with a reduction in exceptional items. The Group retains a net cash position of £7.0m at the year-end (30 June 2023: £8.2m).
Deltic Energy 4.85p £4.5m (DELT.L)
The natural resources investing company provided a strategic update. Over the next 12 months, Deltic's strategic focus will be on the extraction of value from its existing core UK assets, principally the Selene prospect, while eliminating or deferring expenditure on non-core UK assets, leveraging the Company's core subsurface skill sets, which have been deployed across a range of international territories historically, to identify and access opportunities in overseas arenas with an initial focus on projects with early cash flows. Deltic will continue to selectively pursue high impact exploration opportunities which The Company believes could provide significant upside for shareholders in the medium to longer term.
EnSilica 49p £47.3m (ENSI.L)
The chip maker of mixed signal ASICs (Application Specific Integrated Circuits) announces that it has been awarded an ASIC design services contract with a supplier of power and propulsion systems used in the air, at sea, and on land. The c.£2m contract will commence in November 2024, with revenues to run into the Company's next financial year, supporting market expectations for both those periods.
Hardide 5.375p £4.2m (HDD.L)
The provider of advanced (metal) surface treatment solutions has announced a year-end Trading Update for Y/E September 2024. Revenues are expected to decline 14.5% to £4.7m because of slower oil and gas markets and delayed new business from aerospace clients. The H2 was stronger, and the improved trading momentum has continued. This combined with the benefit of margin improvement and cost reductions, should produce a positive adjusted EBITDA of c.£0.4m in H2 making just about break-even for the year-end against a £0.1m loss. Hardide has begun trading at net cash positive levels and the cash breakeven point is just over £5m of revenue per year, and the net cash is £0.7m. The relatively new CEO’s strategy is to accelerate revenue growth by taking a more entrepreneurial and holistic approach in identifying and assessing market opportunities so to be well position to deliver profitable growth.
Helix Exploration 24p £29.7m (HEX.L)
The helium exploration and development company focused on helium deposits within the 'Montana Helium Fairway' provides an operational update on the Clink #1 well at the Ingomar Dome Project. Successful control of Mowry formation to 2,622ft (800m) by setting 7- inch intermediate casing through entire interval. Successful re-entry and deepening of wellbore to 8,550 ft (2606m). The Company will now complete the well with production casing and commence testing. If multiple formations are deemed suitable for testing, each zone will be tested independently from the bottom-up to allow for isolated tests over each interval.
Light Science Technologies 2.65p £8.6m (LST.L)
The Company comprising of three divisions: Controlled Environment Agriculture (CEA); Contract Electronics Manufacturing (CEM); and Passive Fire Protection (PFP), announces a follow on order from an existing customer in its PFP division, worth £1.17m. The customer, a construction services company based in Manchester, has placed a further order for Injectaclad cavity remediation in two additional residential tower blocks. This order, which will be completed in H1 2025, follows on from the first project with the same customer, where the PFP division has now completed c.£520k of an order worth c.£600k.
Nativo Resources 0.0027p £1.7m (NTVO.L)
The Company which has interests in precious metals mining and production in Peru, provides the following update on the Tesoro Gold Concession, in southern Peru, which is held by the Company's 50%-owned Peruvian joint venture, Boku Resources SAC. Boku continues with the mine development plan in preparation for production and has now increased operations at the Bonanza mine's first shaft to three shifts per day, which has seen progress accelerate. The principal shaft now extends to over 22m in depth, following closely the orientation of the Bonanza vein. The northwest and southeast sub level galleries, at 10m depth, have been developed and currently extend horizontally to over 14m to the NW and 20m to the SE, following the strike of the vein system respectively. Across Tesoro, Boku has identified three further vein corridors for ASM mining operations.
Sareum 27p £29.1m (SAR.L)*
The clinical-stage biotechnology company developing next-generation kinase inhibitors for autoimmune disease and cancer announces that, further to the fundraise announced on 11 October 2024, it has raised a further £1.0m (before expenses), from certain investors including the institution that participated in the 11 October 2024 fundraise, via a subscription at a price of 22.5p. This funding, alongside the funds from the subscription that was announced on 11 October 2024, will enable the Company to conduct further development of SDC-1801 to prepare the asset for Phase 2 clinical trials, and also undertake further translation and preclinical development on its SDC-1802 cancer/immunotherapy programme, thereby enhancing their potential values.
Tristel 387.5p £184.6m (TSTL.L)
The manufacturer of infection prevention products for hospitals announces its audited preliminary results for the year ended 30 June 2024. Turnover up 16% to £41.9m (2023: £36.0m), Adjusted pre-tax profit up 32% to £8.2m (2023: £6.2m) and cash and short-term investment balance of £11.8m (2023: £9.5m), with continued strong operating cashflow of £10.9m in the year (2023: £8.4m).
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