* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and Closing Price on prior day to Publication.
Dish of the day
Admissions: None
Delistings:
Maxcyte Inc (MXCT.L) left AIM.
Walls & Futures REIT (AQSE:WAFR) left AQSE
What’s baking in the oven?
Potential** Initial Public Offerings:***
Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed. A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company's Registration Document, requires additional time to enable finalisation ahead of the IPO. The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. The Company reports the IPO has received strong investor interest and based on firm orders received to date, the institutional offer is heavily oversubscribed. Deal size and timing remains TBC.
Market Movers:
13th June: Tap Global Group plc (AQSE:TAP), the digital finance hub that brings money payments and cryptocurrency settlement services together in a single user-friendly app, announced its intention to apply for Admission to trading on AIM and cancel the Admission of its Ordinary Shares to trading on the AQSE Growth Market. Expected Admission will become effective on AIM, at 8.00 a.m. on 27 June 2025. Cancellation of the trading of the Ordinary Shares on the AQSE Growth Market will take place simultaneously with Admission.
Banquet Buffet****
Alba Mineral Resources 0.0225p £2.7m (ALBA.L)
The explorer with projects in Greenland and Wales provides an operational update in respect of the Company's 100% owned Clogau-St David's Gold Mine in north Wales. Due to the availability of the Company's principal blasting contractor, the next phase of underground blasting at the main gold target at the Mine, the Llechfraith Target, is now anticipated to commence in late July 2025. The Company continues to make the detailed preparations for the blasting programme in preparation for the scheduled start date, including implementing modifications in order to achieve greater penetration and faster progression through the blasting sequences.
Ariana Resources 1.2p £23.3m (AAU.L)
The mineral exploration and development company with gold project interests in Africa and Europe, announced an updated economic model and Strategic Options Study for the 100% owned Dokwe Gold Project in Zimbabwe.
Revised Dokwe North Pre-Feasibility Study (PFS) economic model on Reserves at a gold price of US$2,750/oz provides a Net Present Value (NPV) of US$354m and an Internal Rate of Return (IRR) of 75%. At the time of acquisition in 2024, the NPV and IRR amounted to US$69m and 24% respectively. Annual production of up to 100,000 ounces of gold over 10-year Life of Mine is targeted for the Definitive Feasibility Study.
Atome Energy 57.5p £29m (ATOM.L)
The only international industrial-scale green fertiliser project development company on the London Stock Exchange, with large-scale projects in Latin America, announces its audited results for the year ended 31 December 2024 and provides an operational update for 2025 year-to-date. Total comprehensive loss for the year ended 31 December 2024 was US$7.3m (2023: US$6.6m), with US$6.4m of development costs capitalised as at 31 December 2024 (2023: US$4.8m). The company raised a further US$6.3m during the year from the issue of ordinary shares to institutional and private investors and in settlement of amounts owing to Directors and various suppliers.
Built Cybernetics 2p £7.1m (BUC.L)
The Smart Buildings group announce its interim results for the six months ended 31 March 2025. Revenue from continuing operations increased 12% to £10.6m (2024: £9.5m). Trading loss for the period reduced to £0.1m (2024: £0.8m). Smart Buildings revenues were up 30% to £6.0m on organic growth, aided by cross selling from architecture.
Blue Star Capital 5.875p £8.15m (BLU.L)
The investing company with a focus on blockchain, esports and payments, announces that it has entered into agreements with Danny Masters, Non-executive Director of SatoshiPay Ltd, and Meinhard Benn, Chairman and founder of SatoshiPay and a director of the Company, to acquire shares in SatoshiPay held by them for shares in the Company. As a result, the Company has increased its holding in SatoshiPay to approximately 50.0%.
Made Tech Group 35p £52.3m (MTEC.L)
The provider of digital, data and technology services to the UK public sector, announced a trading update for the year ended 31 May 2025. The Board expects to deliver revenue of c.£46.4m(FY24: £38.6m), representing an annual increase of c.20%. This is ahead of consensus expectations which were increased at the time of the half year results on 5 February 2025. Adjusted EBITDA is expected to be c.£3.4m (FY24: £2.4m), ahead of consensus expectations and c.42% up on prior year, representing an increase in margin from 6.2% to c.7.3%. Net cash was £10.4m (FY24: £7.6m), ahead of consensus expectations, representing a c.37% increase on the prior year. Made Tech remains debt free.
Manolete Partners 93.5p £40.9m (MANO.L)
The UK-listed insolvency litigation financing company announced its audited results for the year ended 31 March 2025. Record total revenues were announced of £30.5m, an increase of 16% (FY24: £26.3m). EBIT increased by 19% to £3.0m (FY24: £2.5m) and the Company's net cash income from completed cases (after all legal costs and payments to Insolvent Estates) was £15.2m, an increase of 40% (FY24: £10.8m). As at 31 March 2025, the Company had cash balances of £0.7m and net borrowings of £11.8m resulting in a net debt of £11.1m (FY24: £12.3m resulting from £1.4m cash balances and £13.7m net borrowings).
The marketing and services business focused on the UK consumer legal market, will hold its Annual General Meeting today where Tim Aspinall, Chair, will make the following statement. "The momentum experienced in Q1 has continued into Q2 and, as a result, the Board is confident in delivering a full year outturn in line with market expectations”. The Group expects to provide a trading update for the six months ending 30 June 2025 in July 2025.
Roadside Real Estate 51.25p £73.6m (ROAD.L)
The roadside real estate business announces that it has signed a put-option agreement with CGV Ventures that will enable the Company to realise a minimum of £48m from the future sale of its remaining 48.2% interest in Cambridge Sleep Sciences (CSS). This follows the announcement on 18 February 2025 of the successful results of a second clinical trial of CSS's SleepEngine technology, demonstrating its effectiveness in helping to improve the quality of adult sleep. Under the agreement, Roadside has the right to sell its remaining 48.2% interest in CSS to CGV Ventures in certain periods.
The provider of technology and services for the global offshore energy markets, announces its interim results for the 6-month period ended 31 March 2025. Revenue was £12.3m (HY24: £16.2m) at a 29% gross margin and adjusted EBITDA of £(0.7)m (HY24: £1.8m). Trading for the Period reflects the anticipated lower activity levels in H1. As the company previously guided, profit delivery is expected to be weighted towards the second half of FY25. Order intake during the Period was £10m (HY24: £21m) at a blended gross margin of 32%. The visible pipeline remains in excess of £50m of projects scheduled for award in the second half of this calendar year. Net debt was £1.8m as at 31 March 2025 (£3.6m as at 31 March 2024). The Group has taken out a 3-year £2m Growth Guarantee Scheme term loan, supported by the British Business Bank.
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