* 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
Delistings:
BowLeven (BLVN.L) has left AIM
Iqgeo Group (IQG.L) has left AIM
Whats baking in the oven?
Potential**** Initial Public Offerings:
ITF announced:
GenIP aims to list on the AIM market on 2 October 2024. It is targeting to raise £1.5m and anticipating a £6.5m market cap. GenIP is a portfolio company of London-based intellectual property investor Tekcapital PLC (TEK.L). GenIP is using Generative Artificial Intelligence (GenAI), whose mission is to empower organisations to better evaluate and commercialise technology discoveries through two distinct, yet complementary, services namely; providing bespoke enhanced research reports assessing the market potential for new technological innovations by using the Company's GenAI driven proprietary software, InventionEvaluator; and providing executive recruitment services to match technology organisations with experienced executives and business leaders using the Company's GenAI-driven proprietary software, Vortechs.
Following its spin-off from Marlowe PLC, Optima Health plans to IPO onto AIM which is expected on 26 September. Optima is a provider of technology enabled corporate health and wellbeing solutions in the occupational health sector. In the 12 months ended 31 March 2024, the Group reported revenue of £110.9m (FY23: £115.3m) and adjusted EBITDA of £18.0m (FY23: £21.0m). Anticipated market capitalisation on Admission will be approximately £190m.
Banquet Buffet***
Clontarf Energy 0.0485p £3.5m (CLON.L)
The energy company focused on lithium brines and petroleum projects announced that the Company has raised £450,000 via a placing at a price of 0.045p. The net proceeds of the Placing will be used to advance Clontarf Energy's next steps in the anticipated lithium negotiations in Bolivia, including any necessary expenditure for collection, transport and processing of bulk samples, as well as the further development of a pilot-plant to be deployed to a suitable salar (a salt-encrusted depression that may be the basin of an evaporated lake) and for general working capital purposes.
The West African focused gold company announced an update on recent exploration work conducted at the Company's Sanankoro Gold Project in southern Mali. Sampling completed as part of a targeted exploration programme aimed at identifying priority targets to expand Sanankoro's current 920koz Resource and Reserve inventory, which is contained within 5 main deposits. The work identified 4 primary and 4 secondary gold bearing structures, representing approximately 50km of highly prospective terrain for exploration targeting. Grab samples included 16.5 g/t gold, 9.64 g/t Au and 4.39 g/t Au.
A mobile-first digital media business which owns Entertainment Daily, The Daily Mash, The Tab, The Poke and tvguide.co.uk, websites announced its interim results to June 2024. The Company reported 32% growth in revenue to £1.6m with an EBITDA of £222k and an operation loss of £8k. It is cashflow positive and net cash reduced to £1.9m after investing £1m. The H1 performance exceeded management’s expectations. The global digital advertising market continued to move cautiously as publishers and major platforms deal with the AI opportunity.
European Green Transition 11.25p £16.3m (EGT.L)
The company developing green economy assets in Europe which aims to capitalise on the opportunities created by the green energy transition announced its unaudited interim results for the period ended 30 June 2024. Key highlights include the AIM IPO in April 2024, raising gross proceeds of £6.5m and signing of an exclusive 12-month option to potentially acquire the Cyprus Copper Tailings Recycling project at Limni in west Cyprus. A 12-month exclusive option was also signed to potentially acquire the rights to generate carbon and biodiversity credits at the Altan Carbon Credit project, a peatland carbon sink programme in Donegal, Ireland. The company’s cash position was £4.9m as at 30 June 2024, providing capital to implement EGT's strategy of targeting revenue or near-revenue stage green economy assets.
Hummingbird Resources 8.6p £69.7m (HUM.L)
The multi-asset, multi-jurisdiction gold producing Company announced its unaudited results for the six months ended 30 June 2024. The Group recorded revenue of US$62.8m at the Yanfolila Gold Mine in Mali during the Period (H1-2023: US$98.6m), from the sale of 30,687 ounces of gold at an average price of US$2,048 per oz (H1-2023: 51,149 oz sold at an average price of US$1,927 per oz). An additional US$2.3m(H1-2023: US$4.6m) of revenue was generated from the sale of single mine origin gold. The Group reported an adjusted EBITDA loss of US$8.9m for H1-2024 (H1-2023 gain of US$33.1m), At the end of H1-2024, the Company held a net bank debt position of US$153.5m (US$150.1m including gold inventory value).
itim Group 41p £12.8m (ITIM.L)
The SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance announced its unaudited interim results for the six months ended 30 June 2024. Group revenue increased by 19% at £8.8m (HY23: £7.4m), driven by both new contract wins and higher levels of service with annual recurring revenue of £13.2m. An increase in adjusted EBITDA to £1.2m (HY23: loss of (£0.2m), FY23: £0.7m) and a loss before tax (£0.1m) (HY23: (£1.1m), FY23: (£1.1m). Cash generation in the period resulted in net cash of £3.0m (FY23: £1.9m, HY23: £2.7m). As a consequence of the positive momentum, including new contract wins, in addition to encouraging trading since the beginning of H2, the Board anticipates delivering full year results ahead of current market expectations.
MTI Wireless 53.5p £46.4m (MWE.L)
The technology group focused on a range of communication and radio frequency solutions has received an initial order, worth approximately $0.7m. The order is for a 5G backhaul antenna solution from an Indian cellular service provider.
The customer has indicated further orders will be forthcoming which could be considerably larger multi-million US Dollar orders.
Ondine Biomedical 7.125p £19.8m (OBI.L)
The Canadian life sciences company pioneering light-activated antimicrobial treatments announced that it has agreed to a private placement financing from a new third-party private investor in Canada to support commercial growth. The Company has raised C$5m (circa £2.8m) at an issue price of 12.5p. The proceeds from the Private Placement will be used for general working capital purposes and to support commercial growth.
Scancell 13.5p £125.5m (SCLP.L)
The developer of novel immunotherapies for the treatment of cancer announced its final audited financial results for the year ended 30 April 2024. SCIB1 reported positive data in combination with checkpoint inhibitors (CPI) from the first stage of its Phase 2 SCOPE trial for advanced melanoma, with an objective response rate exceeding the 70% target set for continuation of the study. Modi-1 completed dose escalation and safety cohorts of the Phase 1/2 ModiFY trial and continues in the expansion cohorts. Active discussions ongoing with global pharmaceutical and biotech companies for further licensing deals. Group cash balance at 30 April 2024 was £14.8m (30 April 2023: £19.9m) with cash runway through to the third calendar quarter of 2025 beyond near-term clinical milestones.
Time To ACT 65p £9.1m (AQSE: TTA)
The engineering-led group focused on technology for the energy transition supply chain announced its audited full year results for the year ended 31 March 2024. Underlying revenue grew 68% to £1,891,065 (2023: £1,127,198) which was driven by the Large Parts business of Diffusion Alloys and supported by growth at GreenSpur. Gross profit margin increased to 43% (2023: 32%) and cash as at 31 March 2024, stood at £1,887,904 (2023: £3,105,699).
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