* 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:
Accrol Group Holdings (ACRL.L) has left AIM.
China Nonferrous Gold Limited (CNG.L) has left AIM.
What’s baking in the oven? **
Potential**** Initial Public Offerings:
ITF announced:
7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange Growth Market. The Company reports it is revenue generating, profitable in FY23, with £1.9m cash in the bank as at 31st March 2024. The Company's application to the AQSE Growth Market is not conditional on it raising funds. The Company is seeking to raise up to £1m to support organic growth and acquisition. Expected AQSE Admission date is 29 May 2024.
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.
Media speculation:
16th May: Media reports that Advanced Oxygen Therapy Inc (AOTI) is considering raising roughly £39.5m from an IPO on the AIM market. If successful, the flotation is likely to value AOTI at around £160m, the sources added. AOTI indicates that its wound care technology reduces the need for amputations in patients by more than two-thirds.
20th May: Applied Nutrition the producer of sports supplements, is considering a £500m float in London Q4 2024. Applied Nutrition is founded by Tom Ryder, backed by JD Sports, expects to see pre-tax profits of £25m in the 12 months to July 2024, supported by revenues climbing by a third to between £80m and £85m. Applied Nutrition sells protein products, collagen powders and pre-workout supplements, most of which are produced in Liverpool before being stocked in the likes of Asda, Holland & Barret and Tesco. It has also found a footing in the States, with its products sold across some 4,100 Walmart stores. Andy Bell, the Company’s chairman and the co-founder of AJ Bell, is believed to be looking for a valuation of a minimum of £500m. Ryder, who currently owns around 55% of the group, is believed to be wanting to sell down his stake to 30%. JD Sports Fashion PLC (LSE:JD.), which bought a 32% shareholding in 2021 for £25m, is also expected to sell down its stake to around 5% to 10%.
Reverse Takeovers:
13th May: Amur Minerals Corporation announced that the Company has executed a sale and purchase agreement to conditionally acquire the entire issued and to be issued share capital of Extruded Pharmaceuticals, a UK-based drug delivery technology Company focused on the local delivery of chemotherapy drugs, for an aggregate consideration of £5.5m. The reverse takeover is awaiting the approval of Shareholders at a General Meeting on 29 May. Expected first day of trading is 31 May 2024.
Change of Market:
Dual Listing:
Banquet Buffet***
Challenger Energy Group 0.15p £15.7m (CEG.L)
The Atlantic margin focused energy Company announces that the investment in the Company by Charlestown Energy Partners LLC (Charlestown) has completed on terms and conditions as previously announced, and that Mr Robert Bose, Managing Member of Charlestown, has joined the Board of the Company. Charlestown has advanced a £1.5m loan to the Company. On closing of the farm-out of the Uruguay AREA OFF-1 licence to Chevron, this loan (and interest) shall convert into new ordinary shares in the Company at 0.168 pence per share, being a c. 15% premium to the current share price. On Conversion Charlestown's shareholding will represent a c. 8.7% interest in the Company, thus making Charlestown one of the Company's largest shareholders.
EQTEC 1.425p £2.8m (EQT.L)
The global technology innovator powering distributed, decarbonised, new energy infrastructure through its waste-to-value solutions for hydrogen, biofuels, and energy generation announces a fundraise of c. £850,000 (gross) at 1.4 pence per ordinary share, being a c. 18% discount to the closing price of 1.7 pence on 24 May 2024. The board intends to use the proceeds for working capital and, alongside existing cash balances and the Logik settlement proceeds (as announced on 1 May 2024 and expected to be received by 28 June 2024), to support the execution of the previously announced strategic pivot.
Ingenta 146p £21.2m (ING.L)
The software and services provider to the publishing and media industries announces its audited results for the year ended 31 December 2023. Revenue increased 3% to £10.8m (2022: £10.5m), adjusted EBITDA was £2.2m (2022: £2.3m) and the 2022 adjusted EBITDA figure was previously reported as £2m. This has been adjusted by a reduction of direct costs by £0.3m. All significant lease obligations have been repaid. Cash balances at the year end were £2.7m (2022: £2.4m). Ongoing implementations are on track, with two further Ingenta Content go lives in Q1 2024. Trading is in line with expectations.
Inspirit Energy Holdings 0.0175p £1.2m ((INSP.L)
The developer of micro combined heat and power boilers and waste heat recovery announces that it has secured an order to develop and sell an Inspirit Waste Heat Recovery engine (WHR002) to EQTEC plc, a technology innovator and licensor of waste-to-value solutions. The contract is to supply one initial unit for £150,000 and an option for a further 10 units at £150,000 each from three years of the date of the agreement. EQTEC is evaluating offering these units as part of its industrial decarbonising solutions for combined heat and power (CHP) to industrial clients and utility companies.
Keras Resources 3.1p £2.5m (KRS.L)
The owner of the Diamond Creek organic phosphate mine in Utah, United States, announces that it has on 24 May 2024 restructured its short term liabilities of US$900k incurred in the 2022 acquisition of the outstanding 49% in Falcon Isle Resource Corp and Falcon Isle Holdings LLC (Falcon Isle) into a US$1,525k, 4 year loan and convertible loan, comprising US$1,325k in new cash funds and US$200k in capitalised Directors outstanding fees. The additional funds will be used to pay US$800k consideration due to the vendor of Falcon Isle on 1 July 2024, US$100k for a final severance payment to the former CEO of Falcon Isle, and for growth projects and general working capital.
Landore Resources 2.525p £3.7m (FIPP.L)
The Company focused on the development of its 100% owned BAM Gold Project, located on its Junior Lake Property in Northwestern Ontario, provides an update with respect to its subsidiary, Landore Resources Canada Inc.'s, pre-existing option agreement with Storm Exploration Inc. (Storm) over 100% of the Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining district, Northern Ontario. The Company has agreed to extend the next scheduled Cash Payment of CAN$262,500 and Convertible Cash Payment of CAN$525,000 from 24 May 2024 to on or before 28 June 2024. A further update will be provided in due course.
Shield Therapeutics 2.35p £18.4m (STX.L)
The commercial stage pharmaceutical Company that delivers Accrufer/Feraccru (ferric maltol), an innovative and differentiated specialty pharmaceutical product, to address a significant unmet need for patients suffering from iron deficiency (with or without anaemia), announces that its Accrufer partner for Korea, Korea Pharma Co., Ltd has submitted a New Drug Application to the Korean Ministry of Food and Drug Safety or the review and approval of Accrufer to treat patients with iron deficiency anaemia in Korea. Pending a successful review, approval of Accrufer in Korea is anticipated in 2025. Shield is eligible to receive a development milestone payment of c.$1.9 upon the first sale of Accrufer in the territory.
Quadrise 1.55p £27.4m (QED.L)
The supplier of innovative energy solutions for a cleaner planet announces the signature of a Commercial Framework Agreement with its client in Morocco, OCP S.A., an international manufacturing and mining group. Under the Agreement, Quadrise and OCP will commence commercial discussions with third parties for MSAR supply to OCP. Simultaneously, the parties have agreed to work together on a paid-for commercial trial at OCP's Jorf Lasfar site. Quadrise is the supplier of MSAR and bioMSAR emulsion technology, fuels and biofuels.
TheraCryf 0.70p £3.0m (TCF.L)
Formerly known as Evgen Pharma plc, the clinical stage drug development Company focussing on oncology and neuropsychiatry, announces its audited results to 31 March 2024 (FY24). The net loss was $3.1m (FY23: a net loss of £4.0m),
and cash and cash equivalents totalled £2.0m as at 31 March 2024. In April 2024, the Company raised gross proceeds of £0.9m. The focus this year is the SFX-01 program on glioblastoma (GBM) in Rotterdam, an EUR1.1m project supported by the Dutch government. Management expects the start of clinical read outs in in GBM during 2026.
ZOO Digital Group 56.5p £55.3m (ZOO.L)
The provider of end-to-end cloud-based localisation and media services to the global entertainment industry announces the establishment of ZOO dubbing studios in Milan. This strategic move follows the successful acquisition of long-time partner LogoSound, positioning ZOO as a key player in providing exceptional dubbing services in Italy. Founded in Milan in 2006, LogoSound has been a trusted provider of Italian dubbing services to companies such as de Agostini Editore; Boing; Malvista Entertainment; Turner Broadcasting system Europe; and CDI Camera Distribuzion. The studio will play a pivotal role in ZOO's global end-to-end offering for major studios and streaming services.
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