11 July 2022
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What’s cooking in the IPO kitchen?
Georgina Energy, an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia intends to join AIM. Georgina Energy has two principal onshore interests. The first, the Mount Winter Prospect is located in the Amadeus Basin in Northern Australia, which the Company has a right to earn an initial 75% interest. The second interest, the Hussar Prospect is 100% owned by the Company and is located in the Officer Basin in Western Australia. Expected late July.
Macaulay Capital is due to join the Aquis Growth Market on 22 July. The Group was formed to originate and manage corporate transactions, raise funds from third parties, invest the Group’s own funds alongside those of external investors and to manage the Group’s investment portfolio with the aim of maximising its value.
Ming Yang Smart Energy Group Limited, a leading wind turbine manufacturer in China, intends to admit global depositary receipts to and trade on the Shanghai-London Stock Connect segment of the Main Market of the LSE. Each GDR represents 5 A shares of the Company, each with a fully paid nominal value of RMB1.00 each. The Group's mission is to provide accessible green and smart energy, and it aims to become a full lifecycle renewable solutions provider. Through technological and business innovations, the Group has developed into a leading smart energy enterprise in China with global influence, gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions. The Offering is expected to raise approximately USD550m. Due 13 July.
Banquet Buffet
7Digital Group PLC (AIM:7DIG) 0.2p £5.4m
The B2B end-to-end digital music solutions provider announced that it has won a new two-year contract with Singapore-based social video-sharing platform Lomotif. Lomotif will stream licensed music and clips directly from 7digital's music-as-a-service platform to their end users. 7digital's platform will automatically filter for label clearances so that the app will access only their fully licensed catalogue. Lomotif will also utilise 7digital's full-service back-end label and publisher reporting solutions. Lomotif is majority-owned by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation and Vinco Ventures, Inc (NASDAQ: BBIG).
AFC Energy PLC (AIM:AFC, OTC:AFGYF, ETR:QC8) 22.7p £166.4m
The hydrogen power generation technology company announced an agreement for the deployment of a further Power Tower fuel cell generator system at a construction site in London. The Power Tower hydrogen power generator will be leased to the Mace Dragados Joint Venture (Mace Dragados) for deployment at a high-profile UK infrastructure project in 2H 2022. AFC Energy is commercialising scalable "fuel flexible" fuel cell systems. The technology, pioneered over the past twelve years in the UK, is now deployable in electric vehicle chargers, off-grid decentralised power systems and data centre applications.
Cornerstone FS PLC (AIM:CSFS) 11.8p £2.8m
The cloud-based provider of international payment, currency risk management and electronic account services to SMEs, provided a trading update for the six months ended 30 June 2022. The company expects its revenue for H1 2022 of approximately £1.9m, up 129% year-over-year. Gross margin is expected to improve to 61% for H1 2022 from 38.1% for H1 2021. As noted in the results announcement on 30 June 2022, bank balances were approximately £0.28m and convertible loan note facilities of a further £0.45m is available. The company believes that it has sufficient access to funding to continue as a going concern until the end of the current year.
Dekel Agri-Vision (LON: DKL) 3.2p £16.9m
The West African agriculture company provided a update for the six months ending 30 June 2022 (H1 2022) on the 100%-owned Ayenouan palm oil project in Côte d'Ivoire (the Palm Oil Operation). Due to record high prices of Crude Palm Oil and Palm Kernel Oil, H1 2022 financial results of the Palm Oil Operation have remained strong with increased gross margin percentage largely offsetting 36% lower volumes. The company expects the international CPO prices to continue above historical averages and hence a sustained period of operating profitability for the Palm Oil Operation.
Distribution Finance (LON: DFCH) 35.5p £63.7m
The specialist bank providing working capital solutions to dealers and manufacturers across the UK, announced a trading update for the six months ended 30 June 2022 (H1 2022). New loan origination during the period exceeded £439m, 49% higher from H1 2021 and 11% higher from H2 2021. The loan book ended the period at c£308m, up 85% year-over-year. The speed of product sales across sectors remains consistent with prior periods, with average stock turn slowing marginally to 110 days (31 December 2021: c.105 days). Should dealer sales slow further later this year due to reduced discretionary spend, the company expects this to positively impact its loan book.
Omega Diagnostics Group PLC (AIM:ODX) 3.5p £8.2m
The specialist medical diagnostics company focused announces the receipt of a payment from Abingdon Health in relation to the manufacture and supply of AbC-19™ Rapid tests, a COVID-19 lateral flow antibody test. The payment was due under the Supply of Goods contract announced on 19 October 2020, and was made following confirmation from Abingdon that a cash payment had been received from the Department for Health & Social Care (DHSC) on 7 July 2022, as part of a settlement agreement relating to outstanding invoices due from DHSC to Abingdon.
Quartix Technologies (LON: QTX) 325p £157.3m
The supplier of subscription-based vehicle tracking systems, software and services provided a trading update on 1H 2022. New unit subscriptions are up 26% from the same period in 2021. Management expects to report revenue of £13.3m, adjusted EBITDA of around £2.6m and underlying free cash flow of c. £2.0m for the period, in line with the consensus. The consensus forecasts for 2022 prior to this announcement were as follows: £27.4m in revenue; £5.7m in adjusted EBITDA and £4.1m in underlying free cash flow. The company is confident that it will achieve the market expectations for the full year.
Scotgold Resources Limited (AIM:SGZ) 77.50p £46.1m
The first commercial gold producer in Scotland provided an update for the quarter ended 30 June 2022 (Q2 2022) for its Cononish Gold and Silver Mine. Q2 2022 gold concentrate shipments totalled 415 tonnes with a sales value of £5.0m. The record high output exceeded Q2 2022 guidance and marked the achievement of commercial production. The 2022 focus is to enhance resource model/mine plan management to further increase gold grade/ recoveries. Scotgold also plans to continue exploration activities in and around its current Cononish mine and within its licenced 2,900km2 area in preparation for exploratory drilling in 2023.
Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) 0.5p £9.6m
The exploration and development company announce the completion of the drilling program at its 100% owned Ragged Range Project in Eastern Pilbara, Western Australia. Thor drilled 48 reverse circulation holes totalling 3,120m at Ragged Range over the last three weeks. Drilling tested both structural and geochemical targets along the Sterling Prospect 13km gold corridor, with 11 drill traverses completed. The drilling program also included 1 drillhole at the Krona Prospect to test the electromagnetic (EM) conductor recently identified beneath the nickel gossan. Assays have been expedited to a laboratory in South Australia, with results anticipated in August - September 2022.
Woodbois Ltd (AIM:WBI) 5.5p £114.3m
The producer and the trader of African hardwood products provided a trading update. H1 2022 revenue was up 38% to $11.3m and the gross margin improved to 23% from 20% in H1 2021. The growth was underpinned by production increase of 49% at the veneer factory and by 28% at the sawmill. Management has observed that pricing and demand for its products remains robust, particularly from the Middle East and growth economies of North Africa. The company believes that it is on track to deliver strong revenue and profit growth in 2022.
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