5 August 2020
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Georgia Healthcare as left the main market following a share exchange with Georgia Capital.
What’s cooking in the IPO kitchen?
Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC ('MED'), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times.
Falanx Group 1.125p £4.5m (LON:FLX)
The provider of cyber security and strategic intelligence services, announces a trading update for the year ended 31 March 2020 together with a Q1 update.
The Company expects to report revenues for the year ended 31 March 2020 in the region of £5.8m (2019: £5.2m). The Cyber division won 42 new customers in the period and the Assynt strategic intelligence division benefitted significantly from the rollout of major contracts.
The Company also updates on its trading for the quarter ended 30 June 2020. Despite the disruption caused by COVID-19 and its impact on the delivery of certain aspects of consultancy work, as well as wider economic factors, revenues were approximately 5% ahead of those for the same period last year. Sales orders were lower in April and May but began to accelerate from June onwards as organisations respond to Cyber security issues of working from home and its increased risk profile. The Board is pleased that this increase in sales has continued into the second quarter of the financial year.
MediaZest 0.045p £0.63m (LON:MDZ)
The creative audio-visual company, announces that it has raised £150,000 (before expenses) via the issue of unsecured convertible loan notes to new and existing investors . The CLNs have a maturity date of 5 August 2023 and can be converted into ordinary shares of 0.01p in MediaZest . The net proceeds of the Fundraise will provide the Group with additional working capital. The terms are as follows.
· 3-year CLN (the “Term”), with interest of 7% per annum, payable quarterly in arrears;
· MediaZest will make a bullet repayment to each investor at the end of the Term if the CLN (in whole or in part) remains unconverted;
· The Company may repay in full the CLN at any time, including accumulated interest on a pro-rata basis;
· Each investor can convert the CLNs (in whole or in part) into new Ordinary Shares in MediaZest by serving written notice 14 days after each annual anniversary during the Term;
· The CLN conversion rate will be calculated by dividing the principal amount of the CLN by the mid-market price of the Ordinary Shares, on the last business day before the relevant anniversary date of the CLN, less a discount of 10%; and
· If the CLN is repaid at the end of the Term then warrants over new Ordinary Shares will be granted to each investor (the “Warrants”). The number of Warrants granted will be calculated by dividing a sum equal to 10% of the principal amount of the CLN by the mid-market price of the shares in MDZ at on the last business day before the closing of the CLN. The Warrants’ exercise price will be the mid-market price of the shares in MDZ on the last business day before the closing of the CLN and the Warrants will expire 12 months from the date of grant.
W Resources 0.1375p £9.2m (LON:WRES)
The tungsten, tin and gold mining company with assets in Spain and Portugal, has drawn down a £500,000 tranche from the £4.0 million Atlas Capital Markets convertible bond facility, which was secured on 30 March 2020.
This convertible bond tranche has a 5% coupon and 3-year term. As part of the agreement, Atlas can convert the bond to W shares by issuing a conversion notice with the price set at 95% of the selected 3-day VWAP in the 15 days leading up to the issue of a conversion notice by Atlas.
Gfinity 2.97p £21.9m (LON:GFIN)
The esports and gaming solutions provider, and Abu Dhabi Motorsport Management (ADMM) have today launched a new digital motorsport competition, the V10 R-League. The V10 R-League is launched as part of the Global Racing Series, the first stage of the activation of the 5-year agreement between ADMM and Gfinity announced on 4 June 2020. The Global Racing Series will feature a range of internationally focused virtual motorsport leagues and competitions, designed to provide commercial opportunities with brands, broadcasters and teams.
Adamas Finance Asia 26p £26.8m (LON:ADAM)
Announcement regarding its asset, Future Metal Holdings Limited. FMHL is a natural resources company which operates an open-pit dolomite quarry in Shanxi Province, China.
FMHL is the largest quarry of its kind in the local region, encompassing a total area of 2.3 km2. Its major end products are Dolomite and Wall Rock. Importantly, Wall Rock, is a key building material used for roads, bridges and other construction projects in the country. Dolomite is used in the production of the metal, Magnesium, which is present in countless products used in daily life including personal computers, airplanes and automobiles.
In early 2020, quarry operations paused temporarily due to the COVID-19 pandemic but resumed in mid-March as China gradually recovered from the crisis. Due to China's continuing rapid urbanisation, demand for FMHL's products is expected to remain robust.
For the remainder of 2020, the quarry is expected to operate at full production and the Company expects to provide its first financial guidance for the quarry for the 2020 year in late August or early September of this year.
The clean technology company announces, following the recent major restructuring of the Company, including the appointment of Rob Richards as new CEO, that The Board of directors have accepted the resignation of Tim Lord as Finance Director. Moving from R&D stage to full commercialisation has resulted in the requirements of the Company changing. The Company now has over 15 international sales people in order to meet demands of its international commercialisation and sharply growing order book. To facilitate the smooth transition to a new appointee, George Katzaros (Non-Executive Director) has agreed to act as interim Finance Director. Further announcements will be made upon the appointment of the new permanent position in due course. All necessary provisions have been made to ensure the proper finance functions are in place.
Yourgene Health 17.5p £109m (LON:YGEN)
Further to the announcement made yesterday at 5.13 p.m., the Bookbuild has now closed and following strong demand, the Company expects to raise gross proceeds of £16.15 million (approximately £15.0 million net of expenses) through the issue of 95 million shares at the Placing Price of 17 pence per Placing Share.
Placing to fund the initial cash consideration for the Acquisition and for general corporate and working capital purposes. Additional funds may also be used to accelerate the Company's commercial activities, including new products and services such as the IONA® Nx NIPT workflow and our COVID-19 testing capacity. Any excess funds will be used to support further M&A activity. Acquiring Vancouver based, Coastal Genomics, a sample preparation technology company which will enable the Company to extend its offering and IP portfolio in the DNA sample preparation sector.
Ethernity Networks 16.5p £6.6m (LON:ENET)
The supplier of networking processing technology ported on FPGA (field programmable gate array) for virtualised networking appliances, announces it has signed a new contract with an existing OEM customer, based in St Petersburg, to upgrade an existing hardware platform with new FPGA-firmware. The hardware will be deployed as an enterprise 1Gbps/10Gbps customer premises equipment (CPE) router appliance supporting tens of thousands of flows with integrated security. The customer plans to deploy these appliances for SD-WAN in schools, hospitals and medical clinics, post offices and social facilities, as well as in state-funded digital development programs.
The agreement provides for stage payments totalling $190,000 on a milestone basis during 2020 and 2021, followed by ongoing product sale revenues anticipated at between $80 to $150 per Ethernity ENET System-on-Chip (SoC). Based on the nature of the appliance as an Enterprise router CPE, pending successful execution the customer anticipates shipment of c. 10,000 units during 2021, which would lead to additional product revenue in excess of $1m to Ethernity.
The specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces that Alkindi® (hydrocortisone granules in capsules for opening) has received approval from the Ministry of Health in Israel as a replacement therapy of adrenal insufficiency (AI) in infants, children and adolescents (from birth to <18 years old).
Israel represents a significant potential market opportunity, given the estimated higher than global average prevalence of paediatric AI and congenital adrenal hyperplasia (CAH). There are approximately 1,000 patients in Israel (paediatric AI and CAH), providing a total market opportunity for Alkindi® and Chronocort® estimated by the Company to be approximately $7 million per annum. Diurnal anticipates the first sales in Israel will be in H1 2021 following completion of pricing and market access activities.
Gaming Realms 16p £45.75m (LON:GMR)
The developer and licensor of mobile focused gaming content, has entered into a three-year licensing and distribution agreement with Oryx Gaming , a BRAGG Gaming Group company and leading content aggregation, player engagement and data services platform for gaming operators globally.
Under the terms of the agreement, Oryx will have access to Gaming Realms' entire Slingo Originals portfolio. The ever growing and popular Slingo games including Slingo Rainbow Riches, Slingo Centurion and Monopoly Slingo will be distributed via the Ory x Hub platform.
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