Potential**** Initial Public Offerings:
ITF announced:
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 drawing up plans to raise roughly £39.5m from an initial public offering on the junior 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 :
Arrow Exploration Corp 20.25p £58.6m (AXL.L)
The operator with a portfolio of assets across key Colombian hydrocarbon basins announces its Interim Condensed unaudited Consolidated Financial Statements for the three months ended March 31, 2024. Revenue from natural Oil and Gas net of royalties increased to $14.4m (Q1 2023: $6.9m), adjusted EBITDA increased to $10m (Q1 2023: $4.4m) and a cash position of $11.6m (Q1 2023: $12.1m) was reported. Management remains confident that the Arrow team can execute on the planned exploitation campaign pursuing their opportunity rich portfolio and getting shareholder value to the next level.
Cambridge Cognition Holdings 40.5p £14.2m (COG.L)
The Company which develops and markets digital solutions to assess brain health announces the completion of the Bookbuild, following the announcement of the proposed Fundraising made on 29 May 2024. The Company has conditionally raised approximately £2.5m before expenses by way of a Placing and a Subscription at the Issue Price of 40p per share. The Issue Price represents a discount of approximately 10.1 per cent. to the closing middle market price of 44.5p per ordinary share on 28 May 2024. The Company intends to use the proceeds for growth, technical and business development activities to explore healthcare opportunities and working capital purposes, including expansion of the Company's commercial team to support greater reach and management of key relationships.
GreenRoc Mining 1.9p £3.2m (GROC.L)
A Company focused on the development of critical mineral projects in Greenland announces its audited results for the year ended 30 November 2023. The loss before tax increased to £1.69m (2022: £1.23m), cash and cash equivalents increased to £152k (2022: 126k) and GreenRoc raised a total of £1.9m during the year to fund additional testing and work programmes to build on the highly successful second phase drilling programme and fast-track the further development of the Amitsoq Project.
Insig AI 12p £13.2m (INSG.L)
The data science and machine learning solutions Company announces the following changes to its board of directors. With immediate effect Colm McVeigh will be stepping down from the Board and his role as CEO to pursue other opportunities. Richard Bernstein has been appointed as Chief Executive Officer with immediate effect. The Company also announces that Warren Pearson, Chief Technical Officer is stepping down from the Board, but staying within the business as a full-time employee. This change will allow Warren to focus time on product development and deployment of Insig's machine learning solutions. Finally, Insig AI announces the appointment of John Wilson as Independent Non-Executive Chairman with immediate effect.
Novacyt 58.6p £40.3m (NCYT.L)
An international molecular diagnostics Company with a broad portfolio of integrated technologies and services announces its audited results for the year ended 31 December 2023. Revenue decreased to £11.58m (2022: £21.04m), the loss before tax increased to £28.57m (2022: £20.05m) and cash and cash equivalents decreased to £44.05m (2022: £86.97m). The revenue for the first four months of 2024 totalled £6.9m, 73% of which was generated by Yourgene. On a proforma basis, year-on-year revenue is down £1.3m, or 16%, of which £0.7m is as a result of reduced COVID-19 product sales.
Ocean Harvest Technology Group 14.5p £18.2m (OHT.L)
A researcher, developer and supplier of proprietary blended seaweed products as functional additives for the global animal feed industry announces the appointment of Gerina Eberl-Hancock and Riaan Van Dyk to the Board as Non-Executive Directors of the Company. Gerina has worked in business development, sales and marketing leadership roles in the consumer goods industry at multinational corporations and SMEs for over 20 years. Riaan has over 24 years of experience in sales, marketing and business development in the global animal nutrition and life sciences industries.
Springfield Properties 95p £112.7m (SPR.L)
A housebuilder in Scotland focused on delivering private and affordable housing announces that it has signed a new contract, worth £6.3m with the Wheatley Group for the delivery of affordable housing. Construction will commence immediately and is expected to complete by October 2025, with the majority of the revenue to be recognised in the Group's next financial year.
Tern 2.5p £10.8m (TERN.L)
The investment Company specialising in supporting high growth, early-stage, disruptive Internet of Things technology businesses announces its audited results for the year ended 31 December 2023. Net assets of the Company at 31 December 2023 were £12.3m (31 December 2022: £24.9m), this is due to movements in investments held at fair value through the profit or loss of £11.0m, and a reduction in the Company's cash balance of £0.6m. All sectors, excluding energy, saw a decline in venture investing and valuations during 2023 from higher valuations and catch-up investing post Covid in 2021.
TPXimpact Holdings 39.5p £36.1m (TPX.L)
The technology-enabled services Company focused on people-powered digital transformation provides an update on its Q4 and full-year trading for the year ended 31 March 2024. Trading in the fourth quarter of FY24 continued to be strong, based on the Company’s unaudited management accounts for the year. The Board expects to report revenue growth from continuing operations of over 20%, which would equate to revenue of c.£84m (compared with a target of £80-85m). Adjusted EBITDA margins are expected to be in the middle of the guidance range of 5-6%. The new financial year has started well, with a strong pipeline of new opportunities and committed (or backlog) revenues in respect of FY25 amounting to £67m, which equates to around 70% of target full-year revenues.
Verici Dx 7.75p £18.8m (VRCI.L)
A developer of advanced clinical diagnostics for organ transplant announces its audited final results for the year ended 31 December 2023. The adjusted EBITDA loss decreased to $7.6m (2022: loss of $10.5m) and the cash balance at 31 December 2023 decreased to $2.6m (2022: $9.8m) and the Company post period raised a total of £6.5m in gross proceeds (£6.0m net) via a Placing and Retail Offer in early 2024. The steps the Company has taken to bolster its financial position means that it is now very well positioned to progress its strategic ambitions. The focus this year will be to advance multiple growth and value creation initiatives over the short, medium and longer term, whilst maintaining a strong financial discipline.
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