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Conroy Gold 12.4p £3.25m (AIM:CGNR)
· New Discovery of Gold Mineralisation Enhances Prospectivity of the Glenish Gold Target
· New Area of Gold Mineralisation Located Over 500m Northeast from Previous Gold-in-Bedrock
· Historical Data Identifies Other Areas of Possible Gold Mineralisation Within the Glenish Licence
ValiRx 11p £1.98m (LON:VAL)
The clinical stage biotechnology company, announces that Dr Satu Vainikka and Dr George Morris have ceased to be employees of ValiRx and affiliated companies.
On 14 April 2020 the Company announced that Dr Vainikka and Dr Morris were no longer directors of the Company. The Company has now completed the handover procedure.
The Board recognise the scientific and commercial contributions provided by Dr Vainikka and Dr Morris and wish them well in future endeavours.
Jarvis Securities 525p £57.38m (AIM:JIM)
Further to the announcement of 14 April 2020, in which the Company set out a more detailed update of its operations in light of COVID 19, Jarvis confirms that due to the volatile equity markets the Company has continued to experience higher trade volumes than originally forecast. Additional income from the higher trade volumes is also in excess of additional marginal trading costs. Whilst other income streams and costs remain in line with forecasts.
Accordingly, the Board of Jarvis is pleased to announce that the Company is trading ahead of market expectations for the current financial year.
GETECH 10.25p £3.85m (AIM:GTC)
“In line with general FRC guidance and reflecting practical delays that result from the exceptional circumstances of the Covid-19 pandemic, Getech (AIM; GTC) now expects to issue its audited financial results for the 12 months to 31 December 2019 in May 2020.
Getech is managing its Covid-19 business exposure through actions that preserve capital but that also maintain the Group's capacity to deliver our orderbook and maximise the impact of our sales conversations.”
“We expect 2020 to be a very challenging year. To date however we have not had any negative revisions to our orderbook; and Q1 2020 revenue, forward sales and profitability were all ahead of Q1 2019.
As well as a strong orderbook, Q1 2020 sales benefited from the signing of a new Globe customer, data purchases (including our new MultiSat 2020 product) and the renewal of a GIS service contract. April has been quieter in terms of sales closed, but in this month an important global license for our Exploration Analyst software product was renewed.”
ITM Power 159.6p £755m (AIM:ITM)
ITM has signed an agreement to supply an 8MW electrolyser in the UK. The agreement, including associated project costs, has a total value of £10m and funding will fall across FY2021 and FY2022. Further details will be announced in due course.
Thor Mining 0.33p £3.55m (AIM:THR)
Quarterly update. "Challenging market conditions prevail, & we have taken further steps to reduce overheads, along with taking advantage of Australian government COVID-19 initiatives aimed at meeting some employment costs. We expect also that we will be able to complete the sale of the Spring Hill royalty shortly, and we look forward to providing details of our exciting potential new asset acquisition when finalised."
"Our ISR copper investments continue to develop value with excellent outcomes from testwork at Kapunda. We hope to be able to advise final drill assays shortly. Critically however the real story at Kapunda is the ongoing buildup of evidence that the ISR process will work in practice".
"We have continued to add value to the Molyhil project with the release of resource estimates at Bonya in January, potentially adding materially to the life and economic outcomes of the project".
"In addition, recent renewed interest by the Australian government in critical minerals has resulted in increased support for projects of this nature, and we hope to be able to take advantage of this."
"Finally, the initial sampling program in our 100% owned Pilbara project produced some outstanding initial results, and we look forward to follow up work on these, once COVID-19 access restrictions are lifted."
Ethernity Networks 42.5p £13.9m (AIM:ENET)
New design contract with a North American tier-1 telecommunications OEM.
Summary of Key Terms
· Design win contract for Ethernity flow processor technology, including ENET Switch and Traffic Manager firmware, to support 200Gbps performance on customer's xPON optical light termination ("OLT") device;
· $495,000 upfront payment to Ethernity of in respect of design fee and prepayment of initial royalties;
· Annual revenue of up to $240,000 p.a. for continued product development and ongoing Ethernity engineering support of the previously licenced technology with the customer; and,
· Anticipated ongoing royalty payments to Ethernity based on expected scale of the deployment OLT platform by the OEM partner from H2 2021.
Ascent Resources 3.25p £1.54m (AIM:AST)
Execution of a binding Memorandum of Understanding directly with the Cuban national oil and gas company ('CUPET'), securing exclusive rights to three additional onshore licences.
Highlights
- Signature of binding MOU with CUPET granting exclusive rights to negotiate Production Sharing Contract ('PSC') terms on three additional onshore licences
- Issue of equity raising gross proceeds of £212,500 at nil discount to fund the initial technical work
Inland Homes 50.5p £104.8m (AIM:INL)
Proposed Placing and Subscription to raise up to £9.9 million at 47.5p.
Also from today’s trading update. “The impact and extent of COVID-19 is clearly uncertain at this stage as are its ramifications on our financial results for the year ending 30 September 2020. We are assuming that all planned sales of our homes are delayed by at least two months and that the majority of our land sales will be delayed by between two and six months. This includes the major land sales that were expected to be achieved for the half year ended 31 March 2020. These delays will result in revenues, gross and operating profit in the period being impacted significantly. The Partnership Housing revenues are expected to continue in line with our expectations as work on these sites are continuing at present.”
Live Company 12p £9.6m (AIM:LVCG)
Live Company has secured additional funding, via a loan of £250,000 from National Westminster Bank Plc , pursuant to the UK Government's backed Coronavirus Business Interruption Scheme. This additional funding will be used to provide further working capital and to continue the planned build programme for 2020.
David Ciclitira, Executive Chairman of LVCG, said : "I believe that the Loan provides us with additional funding to allow us to emerge from lockdown on the front foot and to continue with our growth strategy. While the current market conditions, due to COVID-19 remain difficult, we are starting to see some of the countries in which we operate begin to emerge from lockdown with zoos, for example, in Germany now allowed to reopen and Prague Zoo already open.
*denotes a corporate client of Hybridan LLP
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Derren Nathan
0203 764 2344
derren.nathan@hybridan.com