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Frontier IP 70.5p £35.7m (AIM:FIPP)
Portfolio company Pulsiv Solar Limited has been granted a p455atent in Japan, further strengthening its intellectual property position. The University of Plymouth spin out has also successfully integrated its technology into a standard battery charger, used by a host of devices such as power tools, significantly improving its energy efficiency and attracting strong interest from potential industry partners. In laboratory conditions, Pulsiv improved the power factor of the charger to over 90 per cent, and reduced the heat generated by the charger.
Solid State 450p £38.4m (AIM:SOLI)
Trading update for the 12 months to 31 March 2020 and a further update on the impact of COVID-19 on the business. The Board expects to announce revenue close to the consensus forecast of £68m and adjusted profit before tax is expected to be approximately 10% ahead of current consensus forecast of £4.2m, which is a record year for the Group. COVID-19 is affecting the business in contrasting ways: On the plus side, Solid State has been notified by numerous customers in both its Manufacturing and VAD divisions that the Group has been designated a critical supplier under the government's critical industries and key workers guidance. Converselythe Group is experiencing softness in the demand for batteries for the commercial aerospace market and in computing products for certain niche applications in the industrial sector.
Strategic Minerals 0.5425p £7.34m (ASX:SML)
Update on the Company's cash position and ore sales at the Cobre magnetite operation in New Mexico
· Magnetite sales maintained with organic growth
· Underlying sales revenue growth of 8.8% year on year
· Sales activity continuing during copper mine suspension
· Protocols have been established to ensure effective zero contact between on-site personnel and trucks arriving at the site
· Arbitration verdict for dispute with major client expected no later than 30 May 2020
· Group cash balance of US $0.351m as at 31 March 2020
Ariana Resources 3.45p £36.56m (AIM:AAU)
Preliminary production results for the quarter ended 31 March 2020 for the Kiziltepe Mine (50%).
· Gold production for the quarter was 5,129 ounces (Q4 2019: 7,318 ounces#), exceeding average annualised quarterly guidance by 14%.
· Total ore processed for the quarter was 53,840 tonnes (Q4 2019: 54,735 tonnes) at an average head grade to the plant of 3.22 g/t gold.
· Quarterly open-pit ore mined was 92,482 tonnes, breaking a new record, at an average mined grade of 2.54 g/t gold, and total material movement for the quarter was 1,030,697 tonnes.
· Average metallurgical recovery of gold for the quarter remains high at 92.5%.
Power Metal 0.295p £1.63m (AIM:POW)
Conditional acquisition of a 51% interest in the highly prospective Ditau Project, located in Botswana.
Subject to satisfactory completion of due diligence POW is to acquire 51% of the Ditau Project from Kavango Resources PLC, (LON:KAV) for £150,000 payable through the issue of 35,714,286 new ordinary shares of 0.1 pence each in POW at an issue price of 0.42p per POW Share;
The Acquisition is subject to due diligence for which the parties have agreed due diligence period of 30-days which will commence from removal of COVID-19 related international travel and work restrictions, or 1 September 2020, whichever is earlier;
The highly prospective Ditau Project is targeting the discovery of commercial deposits of Rare Earth Elements
Diurnal 32.5p £39.5m (AIM:DNL)
Business update in relation to clinical, regulatory and commercial operations in the context of the current global coronavirus (COVID-19) outbreak. · Clinical study participation - Participating centres in Diurnal's currently ongoing clinical trial, the DIUR-006 Chronocort® (modified release hydrocortisone) European safety extension study, have arranged for remote monitoring of subjects and plans are in place to ensure that patients have access to the drug. No subjects have been required to leave the DIUR-006 study to date as a result of restrictions imposed by virtue of the COVID-19 outbreak. Drug supply -
To mitigate the impact of potential closure of state borders and protect patients from any consequential reduction in supply of Alkindi®, the Company has ensured that enough drug stock is available to meet foreseeable demand across all key European territories. Alkindi® revenues in Europe continue to track in line with the Board's expectations. The Company has not experienced any material delays to the regulatory processes for Chronocort® in Europe and Alkindi® Sprinkle in the US. Diurnal will continue to work with the European Medicines Agency (EMA) and US Food & Drug Administration (FDA), respectively, during the review processes and remains confident in the regulatory pathway timelines previously provided. The Board believe that the Company has enough cash to take it through to profitability based upon current plans and assumptions, including expectations regarding the timing of product approvals and sales projections.
Brand Architekts 135p £23.1m (LON:BAR)
Mr Tom Carter will be appointed as Chief Finance Officer with effect from 22 June 2020. He is currently Group Finance and Operations Director at Technetix Group Limited, a market leading technology company. Previously, he has been Regional Business Controller at Alliance Boots, Financial Controller at Sky Media and Finance Manager at Procter and Gamble. Tom trained as a Chartered Accountant with PwC.
Castleton Technology 94p £76.8m (AIM:CTP)
Recommended cash acquisition of Castleton., the software and managed services provider to the public and not-for-profit sectors .95p per share. A premium of approximately· 42.9 per cent. to yesterday’s close. Castleton expects to report revenue of not less that £23.3 million for the year to 31 March 2020. This level of revenue would be marginally behind management expectations and, accordingly, it is expected that adjusted EBITDA will also be marginally behind management's expectations. Cash generation for the period remained solid and this facilitated a continued reduction in the Company's net debt. The Company's contracted backlog has increased by £1.6 million over the course of the year to £32.5 million
Renalytix 230p £136.6m (AIM:RENX)
The developer of clinical grade artificial intelligence in vitro diagnostics for kidney disease, announces that it has executed a provider network agreement with Three Rivers Provider Network, Inc. ("TRPN") to cover KidneyIntelX testing for kidney disease patients. Under the agreement, KidneyIntelX tests processed on eligible patients through the RenalytixAI Salt Lake City Utah clinical laboratory facility are now available to both TRPN members and clients.
Founded in 1996, TRPN is the largest and fastest growing proprietary provider organisation (PPO) network in the United States. A PPO contracts with providers, such as RenalytixAI and health insurance plans, to provide better healthcare value for their members.
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Derren Nathan
0203 764 2344
derren.nathan@hybridan.com