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Aberdeen Frontier Markets Investment Company  has left AIM following a Members Voluntary Liquidation

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. 

 

TruSpine is a medical device company in the spinal device market. The Company is developing disruptive technologies to for use in the spinal stabilisation market, commencing with the following three devices: Cervi-LOK – for the cervical and upper thoracic spine Faci-LOK – for the lumbar and lower thoracic spine, and GRASP Laminoplasty – a treatment for decompression of the spinal cord. AQSE admission due 20 Aug.

      

                                    

 Banquet Buffet

Tracsis 640p  £186m (LON:TRCS)

The  provider of software, hardware and services for the rail, traffic data and wider transport industries, updated for the year ended 31 July 2020. Group revenues are expected to be around £48m (2019: £49.2m) and as noted previously, Covid-19 has had a negative impact of around £10m on overall revenues mainly in the Traffic & Data Services Division, though the impact was much less than originally feared. Under the circumstances, the Board is pleased with the overall revenue performance, which was assisted by a very strong performance from the Rail Technology & Services Division. Despite the impact of Covid-19, the Group expects to report a pre IFRS 16 EBITDA margin in the region of 20% (2019: 21%).   The Group aims to be in a position to provide further guidance on the outlook for 2021 and beyond at this point in time, though is mindful that there continues to be uncertainty across the transport sector. The Board remains confident that the Group is well positioned to navigate through this period of uncertainty whilst continuing to pursue and invest in future growth opportunities.

 

Oriole Resources 0.38p  £3.5m (LON:ORR)

Update on its wholly-owned Turkish subsidiary, Stratex Madencilik Sanayi ve Ticaret Limited Şirketi, which has continued to trade profitably during 2020 and has started to realise value across the portfolio. Year to date cashflows of approximately £162,000 from the Company’s Turkish consultancy work have exceeded the Company’s G&A in Turkey during the same period. Asset realisation continues with the recent US$300,000 sale of Karaağac net smelter returns (NSR) royalty to local partner, Anadolu Export Maden Sanayi ve Ticaret Limited Şirketi. Discussions to recover an outstanding US$425,000 success-based payment at Karaağac have commenced. Initial instalment of US$30,000 now received from local partner, Bati Toroslar Madencilik Sanayi ve Ticaret Ltd. Ști in respect of Hasançelebi and Doğala royalty sale agreement (announcements dated 30 July 2020 and 10 August 2020). Company is well placed to attract new buyers for the remaining royalties, including the EIA-stage Muratdere copper-gold porphyry project, and to benefit from the recent rises in the gold and copper prices respectively. Positive cash flows have enabled the settlement of historic employment liabilities.

 

IronRidge Resources 17.75p  £72.05m (LON:IRR)

The African focussed minerals exploration company is pleased to report additional drilling results from the second phase drilling programme at the Ebilassokro and Ehuasso targets, both within the Zaranou Gold Project area.  The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz). High-grade and broad low-grade 1m primary AC sample results (from the previously reported 4m composites on 30 July 2020) reported at a 0.1g/t cut-off and maximum 1m of internal dilution, including highlights:

o  4m at 9.79g/t gold from 4m in hole ZAAC0227

o  38m at 0.53g/t gold from 2m in hole ZAAC0285

o  29m at 0.55g/t gold from 30m in hole ZAAC0284

o  8m at 1.48g/t gold from 32m in hole ZAAC0282

Planning and access construction now underway for the third phase RC and AC drill programme, with drilling planned to commence end Q3 2020.

 

Kefi Gold and Copper 1.88p  £35.1m (LON:KEFI)

Maiden Mineral Resource for the Hawiah Project located in Saudi Arabia. Maiden Hawiah Inferred Mineral Resource Estimate  of 19.3m tonnes (Mt) at 0.9% copper, 0.8% zinc, 0.6 g/t gold and 10.3g/t silver. Mineralisation remains open at depth. High grade zones outside of current Mineral Resource, targeted in next drilling phase. Internal Preliminary Economic Assessment targeted for September 2020.

 

Water Intelligence 9.75p  £8.6m (LON:WATR)

The provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce the signing and launch of a formal national contract between its American Leak Detection (ALD) subsidiary and another of the leading insurance companies in the United States. Today’s contract represents the fourth national contract for ALD with a top US insurance company. ALD remains the only nationwide pinpoint leak detection specialist. Water-related damage claims by homeowners in the US remain the leading problem area for insurance companies, amounting to aggregate losses of greater than $13bn annually.

 

Live Company 9.75p  £8.6m (LON:LVCG)

LVCG announced that a new contract with its partner Brick Live Lab Limited in Korea for Animal Paradise Mini has been signed. The Company is a live events and entertainment group and was admitted to trading on the AIM market in December 2017 following the reverse acquisition of Brick Live Group and Parallel Live Group by Live Company Group PLC (previously Parallel Media Group plc). LVCG owns the BRICKLIVETM brand. BRICKLIVE is a global content provider for brick-based events, focused on creating an environment that encourages interactive play, fosters creativity, collaboration and physical experiences in an inclusive and safe environment. BRICKLIVE is independent of, and not associated with the LEGO Group of companies. This has been completed on a joint venture basis as part of a longer term initiative. The models will stay in Korea to build up the business further going forward. Chairman David Ciclitira said:  “In Korea there is an appetite for Bricklive outdoors and we have been quick to take up that appetite. Our partner in Korea Mr Kim has created a long term initiative – a precursor to create a bigger tour going forward as a result of market demand demonstrating his ongoing belief in our business strategy.”

 

Verona Pharma  82.5p  £342m (LON:VRP)

Initiation of the second, multiple dose, part of a Phase 2 trial to evaluate the pressurized metered-dose inhaler (pMDI) formulation of ensifentrine in patients with moderate to severe chronic obstructive pulmonary disease (COPD). Results from the study (Part B) are expected in the first half of 2021. Positive efficacy and safety data from the first, single dose, part of the study (Part A) in 40 patients with moderate to severe COPD were announced by the Company on March 31, 2020. The results demonstrated a statistically significant and clinically meaningful increase in lung function as measured by forced expiratory volume in one second compared to placebo. Verona Pharma decided to postpone initiation of Part B of the study due to concerns for the safety of patients and study staff because of the COVID-19 pandemic. Following an assessment of local infection rates and control measures in addition to procedures put in place by the UK clinical sites, the Company has now initiated Part B, which will evaluate the pMDI formulation.

 

Wishbone Gold 2.08p  £1.9m (LON:WSBN)

Following a major corporate restructuring exercise that has made the Company debt free and with cash at bank, it now intends to commence an active exploration and drilling programme at its Wishbone II gold project in Queensland Australia. As previously reported regarding Wishbone II, high-grade surface rock-chip samples with assays at surface up to 25.2 grams per tonne gold (g/t Au) at the Hanging Valley prospect have been recorded and 7.32 g/t Au were recorded at the Oaky Mill prospect on the licence. The Wishbone II, III and IV Projects are a sizeable 14,700 hectare 100% owned group of Exploration Licences in the Mingela area located about 80km south of the major Queensland port city of Townsville. As previously reported by the Company, the area is bounded by a large shear zone structure along which historical gold mineralisation has been encountered. The Wishbone II project is situated between two producing gold projects, Charters Towers Gold Project to the west and Ravenswood to the east which was recently sold for up to AUD 300m. These have combined inferred reserves of over 10m (Au) ounces.

 

Quixant 128.9p  £83.4m (LON:QXT)

The provider of innovative, highly engineered technology products principally for the global gaming and broadcast industries, announced the appointment of Andrew Jarvis, FCCA to the business as Interim CFO. Andrew is a strategic finance business leader with significant and broad global experience across a number of industries as well as a strong background in commercial business partnering.  Prior to Quixant, Andrew led an international finance team as Finance Director at Mars Horsecare, a $60m business operating within the Mars Group. Before this he spent seven years in Dubai working in senior finance roles; as Regional CFO for technology business Picsolve International and Head of Project Accounting at WS Atkins, a design, engineering and project management consultancy business. Andrew is a chartered certified accountant.

 

World High Life 6.75p  £11.4m (AQSE:LIFE)

Wholly owned subsidiary, London-based CBD brand, Love Hemp Limited  reports a 57% growth in sales in July 2020 over June 2020. “The wellness industry isn’t showing any signs of slowing down. What we have witnessed is an increased consumption of CBD during the pandemic, and we expect this to continue post-Covid. We believe that people who continue to feel anxious or have trouble sleeping and are increasingly turning to more natural health and wellness solutions to add to their self-care routines,” says Tony Calamita, CEO at Love Hemp.