Admissions:
None
Delistings:
Woodside Energy Group Ltd (WDS.L)
Reverse Takeover:
18 November 2024: Greatland Gold (GGP.L) has entered into an agreement with certain subsidiaries of Newmont Corporation (NYSE:NEM) to acquire, subject to certain conditions being satisfied, a 70% ownership interest in the Havieron gold-copper project (thus consolidating Greatland's ownership of Havieron to 100%), and 100% ownership of the Telfer gold-copper mine, and other related assets and interests. The Acquisition constitutes a reverse takeover under Rule 14 of the AIM Rules and accordingly an AIM admission document was published on 10 September 2024. The Acquisition is subject to a number of conditions precedent. Satisfaction of the Acquisition conditions precedent, and following that Acquisition completion and readmission of Greatland's securities to trading on AIM, is targeted in Q4 2024.
Blackbird 6p £23.2 (BIRD.L)
The technology licensor, developer and seller of its cloud video editing platform, Blackbird, updates on users of its online collaborative video editing and content creation platform, elevate.io. There is a rapid international user uptake of elevate.io with over 40,000 users in November from 800 in September 2024. The products’ features and functionality seem to fill a gap in the content creator market which the management say has hundreds of millions of potential daily content creators around the world. This patented technology appears to provide defensible competitive advantages according to management, and the payment gateway is on track for delivery in Q1 2025.
Cropper (James) 215p £24m (CRPR.L)
The Advanced Materials and Paper & Packaging group reports Interims to September 2024. Revenue is 11% lower at £49.9m reflecting supply chain disruption across Paper & Packaging and lower demand. The loss before tax of £0.6m compares to a profit of £2.4m in the prior period. The Advanced Materials business is benefitting from a strong recovery in aerospace and defence demand, while maintaining gross margins. The luxury packaging market however remained challenging due to the slowdown in China and reduced demand from luxury brand customers. As a result of the weakness in the Paper & Packaging market, FY25 will be below its prior expectations and is now expected to be broadly unchanged from FY24. A new CEO David Stirling will join the Group in January 2025 following a short handover period.
HydrogenOne 25p £32.2m (HGEN.L)
A fund investing in clean hydrogen announces a new contract for its portfolio company which is c. 25% of its NAV. Sunfire GmbH won a new 50-megawatt electrolyser contract with Ren-Gas, Finland's hydrogen project developer. This follows Sunfire's successful funding round, which totalled more than EUR500m. Sunfire will be responsible for the design, production, delivery, supervision of installation and commissioning, and performance testing of the equipment. The Finnish project is expected to produce synthetic e-methane and green hydrogen to be used in the heavy road transportation sector and district heating. The project is currently in feasibility phase, having received an environmental permit. Once the project reaches a Final Investment Decision, Sunfire's advanced pressurised alkaline electrolyser technology could play a pivotal role in converting renewable electricity into green hydrogen.
ILIKA 16.625p £27.8m ( IKA.L)
The global expert in solid-state battery technology announces it has successfully reached its D6 milestone by testing 10Ah cells in its Goliath solid state batteries for electric vehicles. This follows compelling safety data from the testing of its Goliath D5 prototypes that was announced in October. Ilika is now progressing with development towards a D7 design freeze that will form the basis of a release of prototype cells to customers, which it expects to achieve in Q1 2025. Results show that the weight of the battery pack can be reduced materially by up to 100kg based on Goliath's benefits with the same energy output. This reduction in weight translates into an increased EV driving range on the same level of battery charge and reduced vehicle cost. This milestone takes its technology a step closer to market readiness, commerciality and the crucial Minimum Viable Product stage, which is targeted for the end of 2025. Ilika is engaged with a portfolio of potential manufacturing partners.
J. Smart & Co (Construction) 125p £49m (SMJ.L)
The construction group reports finals for the YE July 2024. Underlying profit before tax decreased substantially, mainly due to increased loss provisions in its private housing developments and it disregards the revaluation of the commercial property. The underlying profit before tax for the year was £1.25m, compared to £2.3m in the prior period as its construction sites suffer from delays in statutory, infrastructure and utility approvals. Trading margins are lower due to the continuing rise in the price of construction materials and labour. SMJ’s residential development at Clovenstone Gardens has been badly affected by delays and first completions are not until March/April 2025. Commercial property values have recovered, mainly due to rental growth rather than any significant improvement in investment yields and management finds it difficult to give guidance on profits, but are however recommending an unchanged dividend of 3.23p, yielding 2.6%.
Mineral & Financial Invest 9.75p £3.45m (MAFL.L)
The Mineral and Financial investor reports Finals for the year-ended June 2024. After a series of challenging years for the metals and mining sector, 2024 is seen as a turning point. It generated Gross Income of £2.6m giving a Pre-Tax Profit of £2.1m for an EPS of 5.3p. The NAV increased 21.5% to £11.4m which fully diluted NAV per share of 29.1p, up 19.9%. It is effectively debt free, with cash of 1.2% of the £11.6m asset value. The strategy was to be overweight in precious metals and base metals, such as zinc, copper, lead, silver and gold. It concluded that the commodity prices will move before the underlying producer so invested in 660oz gold bullion at US$1,750/oz. It added copper producers to the portfolio, while avoiding exploration companies. There is increasing confidence that copper firstly, and base metals secondarily will provide metal price performance in 2025. The performance of the underlying mining companies has been very volatile, but are said to be on an upward trend.
Mirriad Advertising 0.225p £2.23m (MIRI.L)
The content advertising Company makes a trading update for its YE December 2024. Its US "Upfronts" negotiations have not been successful and it is therefore reliant on traditional routes to market which are slower than expected, added to which advertiser demand in the US was affected by election uncertainty, and further decreasing demand for advertising in linear TV. Several significant potential contracts have been cancelled and progress on others has been slow. Substantive discussions continue with large global agency to work in partnerships to give their clients access to virtual product placement content clusters packaged around seasonal events and specific contextual parameters. These discussions are active and could still result in substantial revenue, but are dependent on agreeing the terms. Progress has been made on cost savings and with new initiatives, the run rate cost base is now c. £8m annually, which compares to c. £11.7m in 2023. The cash at the end of October 2024 was just over £6.0m.
Poolbeg Pharma 7.9p £39.5m (POLB.L)
The clinical-stage biopharmaceutical Company announces that the US Patent Office has granted Poolbeg's US Immunomodulator I patent application. This patent further strengthens Poolbeg's robust IP portfolio on its lead development candidate, POLB 001. Strong IP is the foundation of value creation in biopharma, and with each new patent, it not only protects its assets, but also increase the commercial appeal of POLB 001 to prospective partners. Management is excited by the potential of POLB 001 to address critical unmet medical needs and remains focused on high value programmes and partnerships to develop and commercialise its assets. Further patent applications have been filed as the Company continues to expand its patent portfolio and there are patents in place covering p38 MAP kinase inhibitors for the treatment of severe influenza.
Silver Bullet 55.5p £9.7m (SBDS.L)
The AI driven digital transformation services and products Company makes a trading update ahead of the December YE as well as new contract wins and renewals worth £1.5m. As expected, Q4 began with positive trading EBITDA, which has been further strengthened by new brand partnerships. October 2024 was the best performing month on record and included a significant proportion of new bookings relating to 4D AI higher-margin data revenues with global blue chip clients including BMW and VISA. As at the end of October 2024, committed revenues for FY2024 stood at approximately £9.3m, more than £1m ahead of last year's total annual revenue. Management reiterates that the new working capital facility eliminates the need for any additional operational working capital.
Zinc Media 59p £14.4m (ZIN.L)
The television, brand and audio production group announces a trading update for the year ending December 2024. As well as the launch of a new entertainment television label headed by the former Executive Producer of Strictly Come Dancing and The Voice, it expects to report Revenues of £34m and a 50% Adjusted EBITDA of £1.5m. The increased NI Contributions are expected to add c. £0.4m to the annual cost base, some of which cannot be passed on by increasing prices. The outlook for FY25 is strong with its highest-level of secured revenue currently £14m for YE2025, with a further £8m at a highly advanced stage. As a result, the Group is confident of delivering further revenue and Adjusted EBITDA growth.
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