Brand CEO Alan Green talks TYM, IMCP, TAP and CRAW on the VOX Markets podcast

Brand CEO Alan Green talks Tertiary Minerals (TYM), IMC Exploration (IMCP), Taptica (TAP) and Crawshaw (CRAW) with Justin Waite on the VOX Markets podcast. The interview is 52 minutes 30 seconds in.

Tertiary Minerals (TYM) – Chairman Patrick Cheetham adds to his shareholding

Tertiary Minerals plc (TYM), the AIM traded company building a strategic position in the fluorspar sector, announces that it was notified on 22 March 2017 that Mr Patrick Cheetham, Executive Chairman, acquired 735,200 ordinary shares of 1p at prices between 0.895p and  0.92p per share, on 21 and 22 March 2017, as disclosed below.

Following these purchases, Mr Cheetham has an interest in 12,612,113 ordinary shares representing 4.72% of the Company’s issued share capital, including 2,843,625 held by K E Cheetham.  435,200 shares were purchased in Mr Cheetham’s SIPP and 300,000 in his ISA.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further details on the acquisition of shares by Mr Cheetham.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Patrick Cheetham

2.     

Reason for the notification

a)

Position/status:

Executive Chairman

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 1 pence each

 GB0008854563

b)

Nature of the transaction:

Acquisition of shares

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.895p

235,200

 

Price(s)

Volume(s)

0.900p

300,000

Price(s)

Volume(s)

0.920p

200,000

d)

Aggregated information:

Aggregated volume:

Weighted Average  Price:

 

Price(s)

Volume(s)

0.9038p

735,200

 

e)

Date of the transaction:

21-22  March2017

 

f)

Place of the transaction:

London Stock Exchange, AIM

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat/Lindsay Mair

+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

+44 (0)20 7382 8300

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project). @Tertiaryplc

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

IMC Exploration Group (IMCP) – Implementation of comprehensive Zinc Work’s Programme

IMC announces the implementation of its work’s programme on its base metal licence area in the highly prospective South West Ireland. The comprehensive exploration programme consists of geochemistry, geophysics and drilling.

IMC holds numerous licences between the Tynagh and Silveriness deposits within this Irish Base Metal Province. These licences are highly prospective, lying proximal to the intersection of the ‘Navan-Silvermines Trend’ and ‘Limerick Trend’, the latter which hosts the deposits at Pallas Green and Kilbricken.

Since the opening of the Tynagh mine in Co. Galway, Ireland has become a significant producer of base metals ranking third in Europe and fourteenth in the world for zinc.  IMC also holds licences close to Tynagh.

Liam McGrattan, Chairman of IMC said ‘The zinc price soared in 2016 and many experts are predicting that 2017 will bring more of the same.  A Senior Analyst on Zinc Markets at Wood Mackenzie is predicting an average zinc price of $3,200 per tonne.  The Analyst sees the metal hitting $4,000 per tonne midway through next year.  The implementation of the works programme, concentrating on licence areas with previously indicated zinc deposits, makes absolute sense from a financial, strategic and asset enhancement point and represents a great opportunity to unlock significant value for IMC’s shareholders.’

Contact Details:

IMC Exploration Group PLC
Liam McGrattan
Tel. +353 872745427

Keith Bayley Rogers & Co. Limited
Hugh Oram
Tel: +44 207 464 4090

Brand Communications
Alan Green
Tel. +44 7976 431608

Redrow Expects “At Least” 22% Rise In Profit Before Tax

Redrow RDW as a result of its record order book, trading and performance in the second half of the current year continues to be robust and has enabled the company to increase its average selling prices more, or as they put it, “better” than expected. Profit before tax for the year to the end of June is now expected to increase by at least 22% to £306m.

Kingfisher KGF is increasing its total dividend for the year to 31st January by 3%, after sales and profit growth turned it into an important and productive year. Underlying profit before tax rose by 14.7%, adjusted sales were up by by 1.7%,  leaving group results ahead on all key metrics.

Savills pls SVS delivered another record performance in 2016, including what it describes as a highly resilient performance in the UK .Getting down to the nitty gritty though group profit before tax rose by only 1% after a 52% rise in continental Europe. Underlying basic earnings per share were up by 15% and total dividends for the year are increased by 12% to 29p per share, compared to 26p in 2015.

XAAR plc XAR Revenue for the year to the end of December was up by some 3% and profit before tax rose from £13.6m to £17.9m. Ceramic tile sales were disappointing.  Total dividends for the year have been increased from 9.45 p. per share to 10p.

Cello Group CLL Managed to turn earnings per share of 3.54p for 2015 into a loss of 3.23p per share for 2016. Revenue for the year to the end of December rose by 5.4% and like for like gross profit  grew “robustly” by 5.9%.  Dividends for the year grew even more robustly with a rise of 18.9% but headline profit before tax less so with a mere 0.8% rise. However a good start has been made to 2017.

Villas & Houses For Sale in Greece; http://www.hiddengreece

Buy Taptica (TAP) – Not without risk, but in serious growth mode, says VectorVest

Taptica International (TAP.L) offers data-focused marketing solutions that drive execution and brand insight in mobile, leveraging video, native, and display to reach the users for every application, service, and brand. The technology is based on artificial intelligence and machine learning at big data scale. The company works with more than 450 advertisers, including Amazon, Disney, Facebook, Twitter, OpenTable, Expedia, and Zynga, and more than 50,000 supply and publishing partners worldwide.

On March 20 2017, TAP published FY results for the twelve months ended Dec 31 2016. Adjusted EBITDA rocketed to $25.7m from $7.4m, on revenues 66% higher at $125.9m. Cash and bank deposits stood at $21.5m, up from $9.5m on June 30 2016, and after making three cash payments of $16.5m for the acquisition of AreaOne, a share buyback and dividend payment. The final dividend for 2016 of $0.0432 per share resulted in a total dividend for the year of $0.1011 ($0.00784 in 2015). CEO Hagai Tal said: “Taptica entered 2017 at a run rate significantly higher than at the equivalent period last year as it continues to benefit from the investment being made into mobile advertising by corporates and advertising agencies . . . As a result, the Board remains confident of delivering strong year-on-year revenue growth in the year ahead.”

While the latent growth potential in the TAP model is clear to see, VectorVest had initially identified the potential in the run up to the trading update in May 2016. TAP was flagged early across the GRT (Earnings Growth Rate) metric, which reflects a company’s one to three year forecasted earnings growth rate in percent per year. TAP currently has an excellent forecasted GRT of 24%. The VST (VST-Vector) is the master indicator for ranking every stock in the VectorVest database. Here TAP has a VST rating of 1.29, which is very good on a scale of 0.00 to 2.00. TAP.L has a low Relative Safety (RS) metric of 0.92 on a scale between 0 and 2. The opportunity should be considered by seasoned traders well versed in position sizing and risk management.

The chart of TAP.L is shown above with the price in candlestick format. The green line study is the VectorVest valuation which is significantly above the traded price on the 20th March 2017. Earnings per share (EPS) and volume traded are shown in separate windows below the price plot. The share has been on a BUY recommendation on VectorVest from the 9th March 2017. Since the Buy recommendation the price has risen strongly on high volume and then moved sideways on very low volume. Charles Dow wrote that the characteristic of a bull market was that prices advanced on rising volumes and pulled back on falling volumes. At the moment the price is breaking to new highs on high volume which is a strongly bullish sign.

Summary: TAP has already delivered spectacular growth for its early stage shareholders, and while it would not be unreasonable to expect a period of consolidation, it is clear the company is in serious growth mode, as indicated by the CEO in the results statement on March 20. VectorVest currently values TAP at 436.90p per share, and while not without risk, the stock continues to offer considerable upside potential from the current 295.00p per share.

David Paul

March 21st 2017

Readers can examine trading opportunities on TAP and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 5-week trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.

FREE! For free VectorVest analysis on any stock, go to this link here

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Link here for more info and to set up a trial. 

European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.com

Tertiary Minerals (TYM) successfully completes sale of Gold assets

Further to the RNS dated 05 December 2016, Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce the successful completion of the sale of its non-core gold assets, Kaaresselkä and Kiekerömaa, in Finland to TSX-V listed Aurion Resources Ltd.

Highlights:

  • The transfer of the Exploration Licences from Tertiary to Aurion have been successfully completed by the mining division of the Finnish Safety and Chemical Agency (Tukes) and exchange approval has been granted by the TSX-V
  • £100,000 initial consideration has been paid by Aurion: £15,000 in cash and £85,000 in Aurion shares (being 83,072 shares)
  • Tertiary retain pre-production and production royalty interests in the Kaaresselkä and Kiekerömaa projects
  • Aurion, www.aurionresources.com, is a Canadian listed (TSX-V: AU) precious metals exploration company  primarily focusing on the development of its Finnish gold projects, several of which are under a joint venture with B2Gold, a main board listed (TSX:BTO,NYSE MKT:BTG) gold producer and developer,www.b2gold.com
  • Aurion has recently announced the discovery of a new bonanza gold zone, called Aurora at its 100% owned Risti project. The Kaaresselkä project is located in the same regional deformation zone to the south of Risti: – 133 rock grab samples collected from predominantly large and angular sub-cropping quartz-tourmaline blocks assayed from nil to 1563.5 g/t Au, including 36 samples which assayed greater than 31 g/t Au (1 ounce per tonne). The average grade of all 133 samples is 74.3 g/t Au.
  • Further information can be viewed at:

www.aurionresources.com/news/2017/aurion-discovers-new-bonanza-gold-zone-at-risti

Commenting today, Managing Director, Richard Clemmey said: “We are delighted that the completion of the sale has gone smoothly and given Aurion’s exciting new discovery and strategic partnership with B2Gold in Finland, we are looking forward to potentially capitalising in the future through our retained shareholding in Aurion and royalty interest in Kaaresselkä and Kiekerömaa”.

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat/Lindsay Mair

+44 (0) 20 3470 0470

Beaufort Securities Ltd

Joint Broker

Elliot Hance

+44 (0)20 7382 8300

Brand Communications

Alan Green

+44 (0)7976 431608

Retained Royalty Interest Details

Tertiary will retain royalty interest in the Kaaresselkä and Kiekerömaa projects as follows:

  • Pre-production royalty of US$1.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Inferred Mineral Resource Estimate on either project;
  • Pre-production royalty of US$2.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Indicated Mineral Resource Estimate on either project
  • Pre-production royalty of US$3.00/ounce gold following the definition of a NI 43-101 (or equivalent) code compliant Measured Mineral Resource Estimate on either project
  • Net smelter returns royalty (NSR) of 2% on all future gold production from either property
  • Aurion can purchase 50% of the NSR from Tertiary for USD$1,000,000 at any time prior to  commencement of commercial production on either project

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project). 

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Advanced Oncotherapy (AVO) – Major Shareholder increases stake

NOTIFICATION OF MAJOR INTEREST IN SHARES

 

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Advanced Oncotherapy plc

 

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

 

 

3. Full name of person(s) subject to the notification obligation: iii

AB Segulah

4. Full name of shareholder(s)

(if different from 3.): iv

HSBC Global Custody Nominee (UK)

5. Date of the transaction and date on which the threshold is crossed or reached: v

20 March 2017

6. Date on which issuer notified:

20 March 2017

7. Threshold(s) that is/are crossed or

reached: vi, vii

5%

 

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of
shares


if possible using
the ISIN CODE

Situation previous
to the triggering
transaction

Resulting situation after the triggering transaction

Number
of
Shares

Number
of
Voting
Rights

Number
of shares

Number of voting
rights

% of  voting rights x

Direct

Direct xi

Indirectxii

Direct

Indirect

Ordinary Shares GBP 0.25

 

GB00BD6SX109

3,505,451

3,505,451

3,680,451

3,680,451

5.06%

 

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration
date
xiii

Exercise/
Conversion
Period
xiv

Number of voting
rights that may be
acquired if the
instrument is
exercised/ converted.

 

% of voting
rights

 

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise
price

Expiration
date
xvii

Exercise/
Conversion
period
xviii

Number of voting
rights instrument
refers to

% of voting rightsxix, xx

 

Nominal

Delta

 

 

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 3,680,451

 5.06%

 

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:
xxi

 

The 3,680,451 shares are held by HSBC Global Custody Nominee (UK) under direct control of AB Segulah.                                 

 

Proxy Voting:

10. Name of the proxy holder:

 N/A

11. Number of voting rights proxy holder will cease to hold:

 N/A

12. Date on which proxy holder will cease to hold voting rights:

 N/A

 

13. Additional information:

 N/A

14. Contact name:

 David Navas, AVO plc

15. Contact telephone number:

 020 3873 2051

Bellway – Moderate Price Increases For 2017

Bellway Homes BWY claims another excellent financial performance for the half year to the 31st January but the effervescence and price rises, such regular features of previous years, appear to be moderating. Increases are well within single digit figures except for earnings per share which just managed to break through the 10% barrier. Revenue  rose by 5.9% and profit before tax by 9.3%. One good sign for the future is that as at the 12th March, the order book is 18% higher than a year ago and 5% more houses are expected to be sold in the current year as against 6.5% more completed. Average price increases for private sales  are expected to rise by over 4% but this is positively pedestrian compared to industry figures for previous years. Perhaps a sign of the times there.

888 Holdings 888 2016 was another year of outstanding progress, in fact “fantastic” is how the CEO describes it, with very strong organic revenue and profit growth. Revenue for the year to 31s December grew by 13%, or 18% on a constant currency basis. whilst basic earnings per share were up by 74%. Total dividends for the year are increased from 15.5 cents to 19.4 cents, after a final of 5.1 cents plus an additional dividend of 10.5%. trading for the current year so far, is already 11% ahead of a year ago.

Good Energy Group GOOD produced a robust performance in 2016 in an increasingly competitive UK energy market. Revenue rose by 41%, EBITDA by 39% and profit before tax was up from just above a break even point of £100,000 in 2015 to £1.4m. The total dividends for the year remain unchanged.

Mears Group MER produced strong organic growth in the year to the end of December, especially in the Housing Division. Like for like profit before tax rose by 13% and the dividend is being raised by 6% to 11.7p.

Fevertree Drinks FEVR enjoyed exceptional growth in the year to 31st December.  Revenue rose by 73%, adjusted EBITDA by 97% and diluted earnings per share more than doubled.  The final dividend of 4.71p per share makes a total for the year of 6.25p compared to 2015’s 3.08p.

Villas & Houses For Sale in Greece; http://www.hiddengreece

Finsbury Food Growth Halted

Finsbury Food Group FIF A successfull roll out of vision and values appears to have been the main feature of Finsbury’s second half and once you see management reduced to that level of jargon, you know that something is not quite right. Well revenue for one thing was completely flat, in fact it was so flat that the first and second half revenues were virtually identical – so much for meaningless empty phrases like vision and value. Profit before tax for the 26 weeks to the end of December rose by 5.3% and the interim dividend was increased by 7.5%. The CEO refers to the company’strack record of exceptional growth but offers no explanation as to why that should suddenly have come to a halt in the second half of 2016.

EKF Diagnostics EKF A successful restructuring helped to produce strong organic growth in the year to the end of December, with revenue rising by 28% and gross profits by 24%. EBITDA of £6.1m compared to 2015’s loss of £2.9m

Volution Group FAN is increasing its interim dividend by 12.5% for the half year to 31st January. Revenue grew by 26.1% or 2.3% on a like for like and constant currency basis. Reported profit before tax  grew by 10% compaed to the first half of 2016.  Further good growth is expected in 2017.

Taptica TAP A strong performance for the year to the end of December  saw revenue rise by 66% and gross profit more than double. Adjusted EBITDA more than tripled to $25.7m and an increase in the final dividend means an increase for the year from 0.00784 to $0.1011 cents per share.

Villas & Houses For Sale in Greece; http://www.hiddengreece

Quoted Micro 20 March 2017

NEX EXCHANGE

Health and care properties developer Ashley House (ASH) is widening its area of operations through the acquisition of a modular off-site construction business by its subsidiary F1 Modular, which already works with the company. The acquired business was in administration and assets have been acquired for £113,500 and a lease taken out on its premises – there is an option to acquire the premises. Ashley’s stake in F1 Modular has been raised from 52% to 76% for up to £250,000 depending on performance and the repayment of a previous loan. If F1 Modular makes more than £4m in profit over the next three years then the additional stake will be transferred to the minority shareholders. F1 Modular could win housing business and there are already potential housing deals with two local authorities, as well as a prospective customer for retail pods. Other potential markets are schools and student accommodation. There are also opportunities in Ashley’s core business. Ashley has reiterated it warning that the figures for the year to April 2017 because of contract delays due to a consultation on supported housing. This means a small full year profit is likely. Non-executive director John Moy acquired 2.4 million shares at 7.5p each from his son and then transferred his entire holding of 6.9millionshares to his wife, although he is still deemed to have an interest in this 11.6% stake.

Bulgaria property investment company Black Sea Property (BSP) has successfully tendered for a Sofia office building called the UniCredit Building. UniCredit is the current occupier and owner. Black Sea Property bid €10.52m and €7.6m of this will come from a loan, while the rest will have to be raised from shareholders. A deposit of €1.04m has been paid. That deposit will be forfeited if the deal does not go ahead. UniCredit can remain in the building for six months after the transaction is completed, expected to be May assuming the fundraising is successful, and will not have to pay rent. The property is more than 100 years old, has five floors and covers 98,000 square feet.

Capital for Colleagues (CFCP) has been taken on by cosmetics firm LUSH to help it introduce employee ownership. An initial stake of 10% will be held by the employee benefits trust.

AIM

There could be a bid battle for FIH (FIH), formerly known as Falkland Islands Holdings. Staunton, which is backed by the Rowland family, has bid 300p a share and has acceptances of just over one-third of the shares in issue – it owned 25% prior to the bid. Eduardo Elsztain has entered the fray via Dolphin Fund, which says it is willing to offer even more. Elsztain is an Argentinian who has built up significant property and agricultural interests having initially been backed by George Soros in 1990. FIH has refused requests for further information because it was not provided with answers to its request about ownership and control of Dolphin. There has been a change to the current bid which no longer require 90% acceptances to go unconditional. The figure has been reduced to 50%.

Audio visual products distributor Midwich Group (MIDW) grew its 2016 revenues by 18% to £370.1m via a combination of acquisitions, currency movements and organic growth. Gross margins are strong for a distribution business but they still edged up from 14.9% to 15.3%. Underlying pre-tax profit was 23% higher at £17.9m. Net debt was £15m at the end of 2016, while the dividend for the eight months that Midwich was quoted on AIM was 8.62p share. Displays and technical products are becoming more important and there was also growth in projection products sales although not as fast as the main parts of the business. Sales of scanners and other document-related products fell. France, Germany and Australasia made significantly better contributions. Further acquisitions are likely to supplement continued organic growth.

Crossrider (CROS) has refocused its business on apps and a mobile security acquisition further boosts this side of the business. CyberGhost will cost an initial €6.2m in cash and shares with up to €3m more payable dependent on performance. The acquisition should be earnings enhancing in 2017. Last year, Crossrider group revenues fell from $84.6m to $56.5m but the core apps business grew both its revenues and its profit contribution. Net cash was $72.1m at the end of 2016. Next year, revenues and profit should start to grow again and Crossrider may even pay a dividend.

University technology commercialisation business Frontier IP (FIPP) has raised £3m at 40p a share in order to finance existing investments and make new ones.

Igas Energy (IGAS) wants to raise £45.2m via a placing and up to €5m through an open offer as part of its financial restructuring. There is also a proposed debt for equity swap and the majority of these bondholders have indicated that they will accept this proposal.

Software provider Cerillion (CER) has won a €2.4m (£2.1m) with a European wholesale telecoms company. So far this financial year, £13.2m of work has been won. That will not necessarily all be delivered this year but, along with the year-end order book, this provides backing for the £16m revenues forecast for 2016-17.

Trading and risk management systems provider Brady (BRY) is restructuring its business but the 2016 figures do not show the benefits. The company has grown by acquisition and the strategy is to fully integrate them all into one platform. Revenues increased 11% to £30.3m, mainly due to currency changes, and Brady returned to profit before exceptional charges.

Recurring revenues continue to grow at performance measurement software provider Statpro (SOG) and they were running at a rate of £39.7m at the end of 2016. House broker Panmure Gordon expects an increase in underlying pre-tax profit from £2.7m to £3.3m in 2017. The dividend is being maintained at 2.9p a share in order to build up earnings cover and invest in software development.

Training technology and services provider Pennant International (PEN) has already secured orders that underpin the 2017 revenues forecast by house broker WH Ireland, although the timing of orders can be delayed. Revenues are expected to grow from £17.2m to £18m and pre-tax profit should edge up from £2.2m to £2.4m. There was £3.5m in the bank at the end of 2016. Two additional facilities have been secured to help cope with demand for the group’s services. Defence clients dominate the business but there are plans to increase exposure to other markets. Phil Walker has taken over permanently as chief executive.

Wealth adviser Brooks Macdonald (BRK) has increased its discretionary funds under management by 19% to £9.33bn. Underlying interim pre-tax profit were one-quarter higher at £8.87m. New chief executive Caroline Connellan will start work in April.

Investment manager Miton (MGR) has grown its funds under management despite a large decline in its value fund due to the departure of its manager. The funds under management increased from £2.78bn to £2.91bn with a recovery in multi-asset funds and growth in other funds covering the loss of value investment funds and growth coming from market improvements. Miton is seeking a new chairman and it will then find a permanent chief executive. On 23 March, Miton is launching its new global infrastructure fund, which is aiming for a 4% yield.

C4X Discovery (C4XD) has raised £7m from a placing at 85p a share. The cash will be used to strengthen the balance sheet while c4X is negotiating with potential partners and strategic collaborators.

EMIS (EMIS) has managed to grow its business even though there is continued uncertainty in the NHS. The GP, pharmacy and health-related administrative software provider reported a 2% increase in 2016 revenues to £158.7m, while operating profit was 6% higher at £38.8m. Net debt fell to £400,000. The total dividend was increased by 10% to 11.7p a share, which is covered more than four times by earnings.

Somero Enterprises Inc (SOM) continues to benefit from the global upturn in construction activity, particularly in North America and Europe, although the revenues from the latter are still not back to their peak levels. The dividend payout level has been raised from 30% of earnings to 40% of earnings but there is still more than $20m in the bank so a special dividend is possible later in the year.

Ilika (ILK) admits that it is unlikely to generate any licence income until the next financial year. The advanced materials developer still has plenty of cash in the bank. Development deal revenues should still double revenues to £1.2m in the year to April 2017. A £1m bioelectronics deal and an additional agreement with Toyota mean that there is a good revenue base going into the new financial year, which should reduce the annual loss even without licence deals.

Active Energy (AEG) has raised £11.6m via a convertible loan note issue. The five-year convertibles will be quoted on the Channel Islands Securities Exchange. The yield is 8% and the conversion price is 3.3p a share. The cash is required to build a commercial scale plant to produce CoalSwitch biomass fuel for use in coal-fired power stations.

Sunrise Resources (SRES) has identified additional potential for the CS project in Nevada. New zones of pozzolan and perlite have been discovered in the Tuff zone and another zone. A project development concept study is due in the next few months.

Haydale Graphene Industries (HAYD) has secured a four year deal to supply silicon carbide micro-fibre to a manufacturer of tooling and wear-resistant parts. The deal has been won by the US subsidiary acquired last September. The minimum annual order quantity should generate revenues of $600,000 a year.

MAIN MARKET

Sportech (SPO) is investing £100,000 in 123gaming Ltd as part of a £1m fundraising via crowdfunding platform Seedrs (www.seedrs.com/123bet). The offer is eligible for EIS relief. The cash will be used to update the US betting platform and to launch an online site in the UK. Sportech already provides technology for the US online wagering site and the pari-mutuel-type offering, which combines traditional wagers and fantasy elements as part of the game. Several US racecourses licence 123gaming’s free-to-play contests as a marketing tool. Sportech is selling its football pools business for £83m – that is lower than the £97.25m offer that fell through last year. Sportech plans to return £20m to shareholders via a tender offer. The result of the tender will be announced on 21 March. There could be a further tender offer after the disposal proceeds are received.

Avation (AVAP) has decided to sell six of its turboprop aircraft at a price above book value. This could generate $31m after related debt repayments. A deposit of $3m has been received and the deal should be completed by the end of June. A further 16 turboprop aircraft are being retained and the additional cash can be used to widen the portfolio of aircraft. House broker WH Ireland estimates an underlying value for Avation of 270p a share.

PRE-IPO / OTHER TRADING FACILITIES

Former ISDX and GXG company US OIL & Gas (USOP) has raised £1.18m at 27p a share via a ten-for-63 open offer to existing shareholders. That is 54% of the amount that the oil and gas company was seeking. A placing had already raised £470,000.

Andrew Hore

 

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