Potential**** Initial Public Offerings:
ITF announced:
8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make financial progress on its “Bisie North Tin Project”. The Company’s first day of trading on AIM is expected to be 26th July 2024. The Primary Offer expected size is approximately £4.0m.
Caspian Sunrise 3.25p £73.3m (CASP.L)
The Central Asian oil and gas company with a focus on Kazakhstan announces its audited results for the year ended 31 December 2023. Total revenues was $36.7m (Restated 2022: $40.9m) and operating profit was $15.5m (Restated 2022: $12.9m). The cash balance at the year-end was approximately $0.4m (2022: $3.7m). The current BNG work programme commitments are now largely satisfied. Block 8 is expected to start contributing in the near future and significant income is expected from the Caspian Explorer in the coming months. In the event the Company completes the proposed sale of the BNG shallow structures for the proposed $83m, it would have large cash balances to invest or to return to shareholders via special dividends or buybacks.
Concurrent Technologies 102p £87.4m (CNC.L)
The designer and manufacturer of leading-edge computer products, systems and mission critical solutions used in high-performance markets by some of the world's major OEMs provides a trading update on the six months to 30 June 2024 (H1 FY24). The Company expects to report record results with revenue of approximately £16.8m (H1 FY23: £12.1m) and profit before tax of approximately £2.0m (H1 FY23: £1.0m). The order intake for the period was £17.8m (H1 FY23 £14.5m). The cadence of major design wins continues to improve, with eight major design wins secured in H1 FY24. The Board believes that the Company remains well positioned to deliver full year results for 2024 in line with current market expectation.
ECR Minerals 0.31p £5.8m (ECR.L)
The exploration and development company focused on gold in Australia announces that Non-Executive Director and former Chairman David Tang has informed the Board that he has decided to step down as a non-executive director in order to pursue his other interests. David will depart from the board with immediate effect. David chaired the board of ECR through a difficult period for the Company and has been a committed supporter of changes over the past year.
Equipmake Holdings 4.5p £38.61m (AQSE: EQIP)
The market leader in engineering-driven differentiated electrification technologies, products and solutions across the automotive, truck, bus and specialty vehicle industries announces a trading update for the year ended 31 May 2024 (FY24). Revenue is expected to be approximately £8.1m, up 60% (2023: £5.1m) and the cash balances at 31 May 2024 totalled £2.5m. The Company had no debt, other than in relation to items held under finance leases. Equipmake expects to announce further partnership deals in due course, which are expected to provide multi-year product volume visibility for the supply of components and drivetrain solutions.
genedrive 3.275p £17.8m (GDR.L)
The point-of-care pharmacogenetic testing company announces that it has received Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) for the Genedrive MT-RNR1 ID Kit. The Genedrive MT-RNR1 kit is the world's first rapid point-of-care test to screen infants in an urgent care setting for a genetic variant that can cause life-long hearing loss when carriers of the variant are given certain antibiotics. Those infants identified as carrying the variant can then be given alternative antibiotics. genedrive intends to pursue the FDA De Novo regulatory pathway for entry into the U.S. market.
Longboat Energy 21.5p £12.3m (LBE.L)
The Southeast Asian focused E&P company announces that it has completed the sale of its 50.1% holding in Longboat Japex Norge AS (LJN) to its joint venture partner Japan Petroleum Exploration Co. Ltd (JAPEX). Longboat has received the full cash consideration of US$2.5m and JAPEX has now assumed all future financial obligations associated with LJN, including existing debt in LJN. Proceeds from this transaction, along with Longboat's existing cash resources and savings from continued cost reduction measures are forecast to provide sufficient capital through the end of Q1-25.
Mkango Resources 5.25p £13.0m (MKA.L)
The Canadian mineral exploration and development company focused on rare earth elements announced, along with CoTec Holdings Corp. (TSXV: CTH), the findings of the mid-project review for the bankable feasibility study for HyProMag USA, LLC. Feasibility Study is now 50% complete and will be concluded during Q4 2024. HyProMag USA has the potential to supply the U.S. market with a sustainable, long term domestic supply of neodymium/iron/boron (NdFeB) permanent magnets. Targeted production capacity is a minimum of 500 tonnes per annum NdFeB magnets with the option to expand to 800 tonnes per annum NdFeB magnets.
MediaZest 0.0875p £1.5m (MDZ.L)*
The creative audio-visual solutions provider announces it has secured an additional £500k of new business over the past two months, with existing key customers continuing to roll-out digital signage installations across multiple sites in the UK and Europe, and a new client initiating a “proof of concept” project to supply digital currency screens in UK high street locations. As a result of these wins, the Company remains on track to deliver year-on-year organic revenue growth and continues to target a return to profitability. The substantial increase in recent project wins has also significantly improved cash generation in the second half of MediaZest’s financial year.
Spectra Systems 275p £117.6m (SPSC.L)
The leader in machine-readable high speed banknote authentication, brand protection technologies, security printing and gaming security software, announces that on 12 July 2024 it was selected to provide lottery gaming software to a major western state lottery in the US. The five-year contract renewal's base value is for $636,000. Gaming is a part of the expected renewed growth under the leadership of its director, Christopher Lal.
Zenova Group 1.6p £2.2m (ZED.L)
The innovative fire suppression and interdiction solutions company announces that Zenova FX range of six and nine litre extinguishers are now approved as marine equipment according to the Merchant Shipping (Marine Equipment) Regulations by the British Standards Institution (BSI) for use on onboard UK flagged ships and vessels. This latest designation follows on quickly from other important certification awards for the Group's extinguisher range in both the UK and Europe, for high-performance specification duty on both land and sea.
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