Admissions:
None
Delistings:
None
Transferring markets:
8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market on 11 December and admit to the Access Segment of the AQSE Growth Market on the same day. Zentra Group is a UK-based residential developer, development manager and property manager focused on the North of England and on 22 November completed a series of transactions, after having changed the Company's name from One Heritage Group plc on 17 October.
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.
Potential** Initial Public Offerings:
Rumours about December IPO
Canal+: the producer of the Paddington films, confirmed it would separate from Paris-based conglomerate Vivendi and is expected to float in London on the Main Market of the London Stock Exchange on 16 December, according to a newly published prospectus. The demerger is subject to a vote among Vivendi’s shareholders on 9 December and would come alongside the separation of advertising agency Havas and newly-named publishing business Louis Hachette from the group. Canal+ would trade in London using the ticker CAN. It was reported last week that the firm was seeking a valuation of up to Euro8bn (£6.7bn) in its public debut. Canal+ owns StudioCanal, a producer of the Paddington film series. Earlier this year, it agreed to take over South African pay-tv giant MultiChoice to grow its international operations.
“Santa's Wishlist” for 2025 IPOs
Shein: Rumours began again early October and are gathering pace that fast-fashion company Shein plans to list on the Main Market of the London Stock Exchange in early 2025. According to media reports, the IPO could value the company at £50.3bn (US$62.5bn), pending regulatory approval. Shein is collaborating with US investment banks Goldman Sachs, JP Morgan, and Morgan Stanley for the listing according to the press. Company leaders, including founder Chris Xu and executive chairman Donald Tang, are apparently engaging with UK investors to gauge interest. Shein initially considered a US listing but allegedly encountered issues with the SEC’s filing requirements according to newspaper coverage.
Agronomics 3.9p £39.7m (ANIC.L)
An investment company in cellular agriculture announces its portfolio company, the Australian based biotech All G Co Holdings, All G, is the first ever to receive regulatory clearance for the sale of recombinant bovine lactoferrin in China. All G is using precision fermentation to develop high-value, animal-free proteins for use in a variety of markets ranging from functional foods, medical nutrition and infant nutrition. Lactoferrin, a whey protein found in human and cow milk, is highly sought-after for its numerous functional benefits, including enhancing gut function, iron absorption and providing antimicrobial and anti-inflammatory benefits. It is expensive to produce and yields only limited quantities, creating a major opportunity for alternative protein producers. The approval allows for the sale of All G's product into a specific target market which will be disclosed closer to the time of market entry. All G has raised AU$45m and the regulatory approval in China comes after only three years of operations. Jim Mellon, the executive chair, stated it provides a platform for other key products, and it is testament to the strength of the Agronomics portfolio.
Botswana Diamonds 0.225p £2.7m (BOD.L)
This diamond explorer also listed on the Botswana Stock Exchange has received environmental authorisation to drill its two targets in the Kalahari, Botswana. The new kimberlites targets have great potential to upgrade the existing resources in the area, including at the Ghaghoo Mine, which is currently under care and maintenance and 60km away from the 100% owned KX36 diamond discovery. The pipe has resources of 17.9Mt at 35 carats per hundred tonnes, cpht, indicated and 6.7Mt at 36 cpht, inferred at $65/ct. The modelled grade range is 57-76 cpht at an estimated diamond value of up to $107/ct. The work to date and ongoing analysis has identified anomalies in the vicinity and with the necessary approval its able to drill these targets. Subject to securing the necessary funding, the drilling programme is targeted to start in between April and October 2025 which is during the Kalahari dry season.
DG Innovate 0.1025p £11.3m (DGI.L)
The advanced research and development Company developing pioneering solutions in sustainable mobility and energy storage announced a Joint Venture Agreement, which follows the MOU in March and is with EVage Automotive Pvt. an Indian electric vehicle maker to manufacture and supply a range of DG Innovate's Pareta e-drives. On completion, DGI will own 60% which remains subject to the execution of ancillary documentation to be completed before the year end. DGI will provide the designs for a range of electric motors and licence the associated technology and related IP to the JV. Three initial ranges of Pareta motor are being developed by DGI for manufacture and the cumulative projected production volumes of approximately 100,000 units over the first four years of production, of which c.32,500 units have been committed to by EVage. The establishment of the JV provides DGI with a quick and cost-effective route to volume supply in a major electric vehicle market. The CEO described this as a momentous day for DGI.
Helix Exploration 16.75p £21m (HEX.L)
An update has been provided by the helium exploration and development company focused on helium deposits within the Montana Helium Fairway. The completed test work on the Amsden formation showed a target containing less than approximately 6% of the project resource of 2.3Bcf as defined in the CPR. The results imply that the high grade helium could be confined beneath the Amsden formation, with gas present migrated from a different source. This result is less than was hoped for, but further testing at Darwin #1 in the Rudyard project is due to commence on 2 December 2024 where commercial grade helium has been found with high flow rates in historical drilling.
Intelligent Ultrasound 11.5p £37.6m (IUG.L)
The ultrasound simulation and education Company has completed all the necessary administrative steps for the reduction of capital to become effective. It remains subject to Company House registration to become effective which is expected shortly. A material return of capital to shareholders can then be made. The strategic plans for its remaining Medical Simulation Business, which for 11 months to November made unaudited revenue of £8.1m, will be announced and then the exact amount of money to be returned should be known in December 2024. There is £39.6m cash in the bank.
Karelian Diamond Resources 1.35p £1.7m (KDR.L)
The diamond exploration company focused on Finland reports its finals for YE May 2024. It is looking to open a diamond mine in Finland and in Northern Ireland there is potential Nickel, Copper and Platinum deposits. The long-awaited decision regarding mine boundaries for the Lahtojoki diamond deposit were finalised, post year end. So, the Company can progress its search for the source of the green diamond pipe and the discovery area has been narrowed with samples from two locations. In Northern Ireland, KDR holds three prospecting licences, totalling an area of approximately 750Km². The loss after taxation from continuing operations is EU .24m compared to EU0.29m and the net assets is little changed at EU9.7m. During the year £0.25m was raised at 2.5p and post year end a further £0.33m was raised at 1.5p. The management suggests that the sheer size of the Karelian Craton in Finland creates the potential for a world class diamond deposit.
One Media Group 3.75p £8.3m (OMIP.L)
The digital media content owner and manager monetising music and video intellectual property rights has completed the disposal of its wholly owned copyright protection technology company TCAT Limited. The consideration will be 5% equity in the purchaser Round Group which is a tech-enabled digital agency. Round uses content, creators and communities for brands and artists in marketing campaigns driven by proprietary technology. One Media will also be lending Round £175,000 which is repayable by March 2027. TCAT is a SaaS platform, developed over four years by OMIP to protect its own music rights. In the 2023 Financial Year, it made an operating loss of £0.57m and had become a distraction. The Board consider Round are better equipped to develop TCAT and so it can focus on its core licensing activities.
Strix Group 55.3p £127.1m (KETL.L)
A trading update for the year to December 2024 is made by this international provider of innovative sustainable water technologies, controls and complementary small domestic appliances. The lower trading at the Kettle controls Division, reported at the Interims has continued and an improvement in the sales trend is not apparent. Strix retains a stable market share, but the macroeconomic and geopolitical environment has remained challenging. This has been particularly the case in higher margin and regulated areas such as the UK, Germany and the US. As a results Strix expects to report adjusted profit before tax for FY24 in the range of £18m to £19m. Reducing debt is a management priority with latest reported net debt leverage at c. 2x. and it remains the intention to reinstate the FY24 final dividend in 2025.
Transense Technologies 190p £28.9m (TRT.L)
The provider of specialist sensing solutions and measurement systems gives an AGM Statement and Trading Update for the first four months of the year to June 2025. Its revenues are 48% higher, with the Bridgestone iTrack contribution increasing by 23%, and revenues from the combined ongoing trading operations of Translogik and SAWsense more than doubled. Gross margins were consistent with the prior year at more than 85%, net profit increased by around 10%, reflecting the costs added in preparation for scale-up of both Translogik and SAWsense businesses. The move to bring Translogik production in-house has been completed successfully without any significant disruption, delivering the anticipated benefits in quality and unit costs. The total headcount now exceeds 30 people, compared with 18. Trading continues to be cash generative, with net cash increasing by £0.4m to £1.72m. Directors believe results are at least in line with market expectation and are optimistic of prospects thereafter.
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