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Kibo Energy #KIBO – Seven Mining Rights Granted for Mbeya Coal to Power Project

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce that it has been granted seven Mining Rights for its Mbeya Coal to Power Project (‘MCPP’) in Tanzania, further to the announcement dated 9 July 2019.

The Company continues to advance the MCPP in Tanzania, one of its four international power projects, which the board believes represents an exciting opportunity. Accordingly, the application process for seven Mining Licences covering the original Special Mining Licence (‘SML’) application area has been completed by the Mining Commission, and an Offer Letter for each application has been issued to Kibo’s 100% owned subsidiary, Mbeya Coal Ltd, each of which it has subsequently accepted.  This constitutes approval and grant of the Mining License applications, subject to Kibo remitting all required statutory payments related to the issuance of a Mining Right.

The MCPP has a 120.8 Mt NI 43 101 thermal Coal Resource covered by the seven Mining Licences now granted. A Definitive Feasibility Study confirmed the economic viability of the mining project with an indicated IRR of 69.2%.  Grant of the Mining Rights will enable commercial mining activity to commence.

Louis Coetzee, CEO of Kibo, commented, The successful delivery of the MCPP is gaining momentum.  Receiving these seven Mining Rights to enable commercial mining activity is another key milestone, which we anticipate will provide a better economic outcome for all concerned stakeholders and further clarity regarding the project’s ongoing development, especially when the continued progress that has been made recently in securing offtake for the Mbeya Power Plant is considered as well. As I mentioned in an earlier announcement, we are delighted with the excellent cooperation and support by the Mining Commission of Tanzania and look forward to providing further updates in due course.”

Gold Prices To Hit $1,575 In 3 Months, $1,600 In 6 Months – Goldman Sachs

(Kitco News) – Goldman Sachs Group upgraded its gold forecast for the first time this year, upping its 3-month and 6-month projections to $1,575 and $1,600 an ounce in light of escalating trade war tensions.

Gold prices were solidly above $1,500 an ounce on Monday — a level that was hit last week for the first time since 2013.

After rising nearly 4% last week, gold’s rally is far from over, according to analysts at Goldman, who see more upside in the yellow metal.

“Gold prices have increased further as a weaker CNY sparked substantial U.S. and global growth fears. With growth worries likely to persist, gold could rise further, driven by an increased ETF allocation from portfolio managers, who continue to under-own gold. We raise our 3, 6, 12 month gold price forecasts from $1,450, $1,475, $1,475/toz to $1,575, $1,600 and $1,600/toz, respectively,” Goldman analysts said in a note.

The U.S.-China trade war has entered stage two this summer as U.S. President Donald Trump announced a 10% tariff on the remaining $300 billion worth of Chinese imports starting September 1, the note said.

“With the U.S. and China taking a harder line on trade, our economists no longer expect a trade deal before the 2020 president election—a fundamental change in view,” the analysts including Sabine Schels wrote on Wednesday.

A currency war with depreciating CNY plays a key role in trade war tensions and Goldman’s outlook for the precious metals.

“Previously, China opted for stability and defended its currency in order to facilitate the ongoing trade negotiations in the background. Now, FX appears to be playing an increasingly central role in the trade tensions,” the analysts said. “We estimate that a 10% depreciation of CNY vs USD would spell as much as 13% downside to the S&P GSCI industrial metals sub-index.”

Weaker CNY, in this case, means higher gold prices due to increased global growth fears, added Goldman.

“The depreciation of the CNY led to an increase in ‘fear’, lower long term U.S. rates, and thus a higher gold price. Thus, a substantial depreciation of the CNY could lead to more ‘fear’ regarding U.S. and global growth akin to early 2016 and should be bullish gold,” the analysts stated.

Gold’s ETF demand is also on a strong uptrend, with Goldman upping its 2019 forecast from 300 tonnes to 600 tonnes.

“Now with the DM CAI persistently low, the trade war escalating, global equities selling off and volatility spiking, it looks like our risk scenario is playing out. Indeed, gold ETFs have recently built momentum almost as strong as in 2016 and we believe that can be maintained in the short term,” the analysts said.

Alan Green discusses Bidstack #BIDS, Team 17 #TM17, Feedback #FDBK and IMC Exploration #IMC on the Vox Markets podcast

Alan Green discusses Bidstack #BIDS, Team17 #TM17, Feedback #FDBK and IMC Exploration #IMC. The interview is 10 minutes 56 seconds in.

Open Orphan (ORPH) CEO Cathal Friel joins Vox Markets for a Q&A session

Watch the interview here

Andrew Hore Quoted Micro 12 August 2019

NEX EXCHANGE

Imperial X (IMPP) non-executive director Melissa Sturgess has sold 4.615 million shares at 2p each and she retains an equal number of shares. The total stake was acquired at 1p a share, so she has effectively made her money back. Imperial X is moving into the cannabis sector. Charles Morgan, a relation of Melissa Sturgess, converted £46,150 of loan notes into 4.615 million shares.

NQ Minerals (NQMI) has invested a further £150,000 Tasmania Energy Metals through a convertible loan, taking the total investment to £450,000. The exclusivity period relating to the acquisition of an option over the company’s assets has been extended to the end of October 2019. NQ would have nine months to exercise the option in return for shares worth £5.5m. The latest investment will be used to develop a facility that would produce nickel and cobalt salts for electric vehicle batteries.

Founder Stephen Minion has resigned from the board of Ashley House (ASH) so that there are no conflicts of interest between his role as a director and his other interests. He is chairman and major shareholder of Invescare, which has provided a loan to Ashley House.

iGaming software developer Ganapati (GANP) says that its Malta-based subsidiary has signed a resale agreement with BetConstruct, which will provide the company’s slot games to its integrated operators via its platform. Another deal is with PG Entertainment and this will make Ganapati’s games available in Latin America via a smartphone platform.

Asia Wealth Group Holdings Ltd (AWLP) improved pre-tax profit from $150,000 to $268,000 in the year to February 2019, partly due to a reduction in impairment losses. The company is looking at fintech acquisitions.

The conversion of loan notes in Equatorial Mining and Exploration (EM.P) has led to the issue of just over nine billion shares. There are 24.2bn shares in issue.

Valiant Investments has changed its name to Eurocann International (BUD).

AIM  

Oil and gas company Amerisur Resources (AMER) has effectively put itself up for sale and multiple companies are interested in bidding. They are being provided confidential information. The formal sale process continues.

Execution only broker Share (SHRE) made a first half profit even though stockmarket trading conditions and volumes have been poor and the dividend from Euroclear was moved to the second half. Revenues increased 9% to £11.1m as interest income grew. Account fees have been increased. Share is benefiting from its digital investment. The 20,000 accounts being taken on from JP Morgan will contribute from September. A full year profit of £400,000 is forecast.

Credit hire and legal services provider Anexo (ANX) is trading more strongly than expected, even after previous upgrades. Management has managed to reduce insurance costs. The full year pre-tax profit forecast has been increased by 15% to £23m and next years by 14% to £25m.

Artificial intelligence-based physician platform DocDoc, where Adamas Finance Asia (ADAM) is an investor, has raised $13m. Adamas led the convertible loan note financing for the Singapore-based company. DocDoc operates in eight countries. Hong Kong-based CASIL Clearing has reduced its stake in Adamas from 6.9% to 2.9%. Pello Capital has been appointed joint broker.

Presidential Energy (PPC) is not making the progress it hoped to, but profit is improving. The share price of the Argentina-focused oil and gas company has been declining. finnCap describes its estimates for average production and EBITDA as “challenging” due to delays and disruptions. It has been forecasting EBITDA of $27.9m due to an oil price estimate that is above current levels, whereas the company believes it could be around $20m. There are no plans to change the forecast until the interims are released in September.

StatPro (SOG) increased organic annualised recurring revenues by 3.2% to £56.5m in the first half. The asset management performance software provider increased interim revenues £27.2m to £28.3m, while pre-tax profit improved from £2.37m to £2.66m due to flat operating costs. Net debt is £24.2m.

Richard Bernstein has increased his stake in Ultimate Sports Group (USG) from 27% to 29.8%. Bernstein has an agreement with Ultimate where he would receive 1% of the value of the first acquisition he introduces to the company as long as it is completed by 30 September. Matthew Farnum-Schneider has been appointed chief executive of Ultimate. He has been granted a range of options. Some are exercisable at 20p a share, which is just below the current share price, some at 40p a share and others at 60p a share. Geoffrey Simmonds has left the board.

Urban Exposure (UEX) is not going ahead with a proposed issue of 6.5% secure sterling bonds 2026 because of market conditions.  

MAIN MARKET

S and U (SUS) says demand for motor finance has been strong in the first half, even though the quality of business has been increased. The Aspen property bridging finance business has net receivables of £24m and is growing gradually in a weak housing market. Borrowings are just over £125m and there are additional facilities of £35m. The interims will be published on 24 September.

Construction company nmcn (NMCN) increased interim revenues from £161.2m to £184m, while pre-tax profit improved from £2.5m to £3.5m. The former North Midland Construction had net cash of £15.6m at the end of June 2019. The order book is worth £456m with the main increase coming from the built environment division, which accounts for one-fourth of the order value. A full year profit of £7.4m is forecast.

Iconic Labs (ICON) is making its first acquisition since transforming itself from stem cell services provider WideCells into a social media marketing business. Iconic has agreed to acquire social media agency Social Alchemist. Iconic Labs is still in a poor financial state. There are £600,000 of legacy debts that have to be paid, plus £400,000 that is disputed. The European High Growth Opportunities Securitization Fund will provide up to £1.375m in six tranches in return for loan notes. This is dependent on a prospectus being issued within six months. This prospectus will enable warrants to be attached to the loan notes. There are also more shares to be issued under the previous financing agreement.

Argo Blockchain (ARB) generated 163 bitcoins in July and these are valued at £1.36m. They were mined at a margin of 80%. More mining machines have been ordered and will be up and running by the fourth quarter. This investment will quadruple capacity. Argo could be highly profitable in the second half with a full year pre-tax profit of £6m.

Andrew Hore

Tiziana Life Sciences #TILS – Proposed US Public Offering

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR
THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Tiziana Announces Publication of Registration Statement on Form F-1 and Proposed U.S. Public Offering of ADSs

New York and London, August 6, 2019 – Tiziana Life Sciences plc (NASDAQ: TLSA; AIM: TILS) (the “Company” or “Tiziana”), a U.S. and U.K. biotechnology company that focuses on the discovery and development of novel molecules to treat human disease in oncology and immunology, today announces the commencement of an underwritten public offering in the United States of American Depositary Shares (“ADSs”), representing ordinary shares of nominal value £0.03 each in the capital of the Company (“Ordinary Shares”) on the NASDAQ Global Market (the “Offering”). There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The price for the Offering has not yet been determined.

All ADSs to be sold in the Offering will be offered by the Company. The number of Ordinary Shares represented by ADSs comprised in the Offering will be within existing shareholder authorities.

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as the representative of the underwriters in the Offering.

The Offering is being made only by means of a prospectus, which, for the avoidance of doubt, will not constitute a “prospectus” for the purposes of the Prospectus Regulation (as defined below) and has not been reviewed by any competent authority in any Member State (as defined below).

When available, copies of the preliminary prospectus relating to and describing the terms of the Offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, or by email at prospectus@think-equity.com. Electronic copies of the preliminary prospectus will also be available on the website of the SEC at www.sec.gov.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The person who arranged for the release of this announcement on behalf of the Company was Tiziano Lazzaretti, Chief Financial Officer of Tiziana.

About Tiziana Life Sciences plc

Tiziana Life Sciences is a UK biotechnology company that focuses on the discovery and development of novel molecules to treat human disease in oncology and immunology. We believe Foralumab is the only fully human anti-CD3 mAb in clinical development in the world. This compound has potential application in a wide range of autoimmune and inflammatory diseases, such as NASH, primary biliary cholangitis (PBS), ulcerative colitis, MS, type-1 diabetes (T1D), inflammatory bowel disease (IBD), psoriasis and rheumatoid arthritis, where modulation of a T-cell response is desirable.

For readers in the European Economic Area

In any member state in the European Economic Area (each, a “Member State”), this announcement is only addressed to and directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. The term “Prospectus Regulation” means Regulation (EU) 2017/1129.

For readers in the United Kingdom

This announcement, in so far as it constitutes an invitation or inducement to enter into investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended) in connection with the securities which are the subject of the Offering described in this announcement or otherwise, is being directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments who fall within Article 19(5) (“Investment professionals”) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (iii) certain high value persons and entities who fall within Article 49(2)(a) to (d) (“High net worth companies, unincorporated associations etc.”) of the Order; or (iv) any other person to whom it may lawfully be communicated (all such persons in (i) to (iv) together being referred to as “relevant persons”). The ADSs offered in the Offering are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such ADSs will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements including with respect to the creation of a trading market for ADSs representing the Ordinary Shares in the United States. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as ‘anticipates,’ ‘expects,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates,’ and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company’s control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

END

For further enquiries:

Tiziana Life Sciences plc

Gabriele Cerrone, Chairman and founder

+44 (0)20 7495 2379

ThinkEquity, a division of Fordham Financial Management, Inc.

Ramnarain Jaigobind / Priyanka Mahajan

(877) 436-3673

Cairn Financial Advisers LLP (Nominated adviser)

Liam Murray / Jo Turner

+44 (0)20 7213 0880

Shore Capital (Broker)

Andy Crossley / Antonio Bossi

+44 (0)20 7601 6125

Andrew Hore – Quoted Micro 5 August 2019

NEX EXCHANGE

Netalogue Technologies (NTLP) increased its revenues by 26% to £1.35m in the year to March 2019. Pre-tax profit jumped from £82,000 to £300,000 thanks to the ecommerce technology provider keeping overheads flat. There is £770,000 in the bank. Netalogue will consider paying a dividend when it reports its interim results. Netalogue focuses on the B2B market and it continues to win new customers.

European Lithium Ltd (EUR) has secured a A$10m finance facility in the form of convertibles from Winance Investment, which replaces the existing facility. The company is still seeking a strategic investor to help finance the development of the Wolfsburg lithium project.

None of the three Morgan Ashley extra care schemes that Ashley House (ASH) was expecting have closed. They could close over the next couple of months, but Ashley House was hoping to get the cash and it is investigating additional funding.  

Trading in the shares of Equatorial Mining and Exploration (EM.P) was restored after the annual report was published. There was a £221,000 loss in 2018 but the business is very different now. A placing has raised £400,000 at 0.01p a share. The date for completing the acquisition of tantalum business Eastinco has been extended until the end of September. This is a part of the strategy to consolidate mining operations in Rwanda. Align Research believes that Equatorial could generate revenues of £1.19m this year, rising to £9.19m in 2020, which would enable it to make a pre-tax profit of £1.77m.

Social impact company Inqo Investments Ltd (INQO) increased its revenues from R23m to R23.8m in the year to February 2019, while additional finance income and fair value adjustments meant that the loss was cut from R5.99m to R2.5m. There was also an increased share of revenue from Bee Sweet Honey in Zambia. Trading is improving at Kuzuko Lodge with room rates and occupancy rising thanks to the weak Rand.

Coinsilium Group (COIN) says that its Gibraltar-based blockchain consultancy has signed a new advisory agreement with IOV Labs Ltd. This involves supporting the RSK Smart Contract Network and RSK Infrastructure Framework blockchain services. These are focused on Asia.

Eight Capital Partners (ECP) has launched a bond to raise up to €5m and it will be traded on the Vienna Stock Exchange. The interest rate is 7% and the redemption date is 26 July 2022.

AIM  

Transport services provider Xpediator (XPT) has not performed as well as hoped this year and earnings estimates have been cut by one-quarter. There has also been some additional investment in the business, which will double central costs.

Information management software provider IDOX (IDOX) has raised £7m via a placing at 28.5p a share, which will be used to finance the acquisition of Northern Ireland-based Tascomi for up to £7.15m. Tascomi is a cloud-based software supplier to local authorities.

Beximco Pharmaceuticals (BXP) has launched a fifth product in the US. Blood pressure drug Nadolol is the generic equivalent of Corgard tablets. The market is worth $63m.

Elektron Technology (EKT) is selling its original Bulgin electricals business for £105m, £94m after costs, and intends to return a substantial amount of the cash to shareholders. Net cash will be £95m after the transaction. The company will change its name to Checkit and become a Software-as-a-Service business.

The Property Franchise Group (TPFG) says that its lettings brands grew revenues by 3% in the first half. Online estate agency EweMove increased revenues by 11%. Group revenues were £5.5m in the first half. Net cash was £2.8m at the end of June 2019. Ian Wilson will step down as chief executive at the end of 2020.

Property adviser Fletcher King (FLK) reported an improvement in full year pre-tax profit from £274,000 to £282,000 on slightly lower revenues. Management says that market conditions will make it difficult to maintain profitability, although there are substantial funds available for investment when the uncertainty ends. The total dividend is maintained at 1.75p a share. There is £2m in the bank.

Digitalbox (DBOX) subsidiary Daily Mash will publish video content from NextUp on its site. This will enable the company to generate advertising on the back of the videos.

MAIN MARKET

A US customer has released Nanoco (NANO) from the obligation to pay back £4.25m of capital funding. This relates to the investment in the Runcorn facility where demand for nanomaterials has not come through from the customer. The book value of the facility, after depreciation, is £3.7m and may be written down further, along with the value of some materials. The facility is available if Nanoco can secure demand from customers.

BATM (BVC) has completed the sale of its stake in a new fibre optic network being developed in Israel. This should generate cash of $3.4m and add $3m to profit. Net cash could be $38m bythe end of 2019.

Oil and gas company Zenith Energy (ZEN) has secured the financing it requires for its drilling programme. A placing in Canada has raised the equivalent of £1.2m at C0.04 a share.

Trading in the shares of Associated British Engineering (ASBE) has been suspended because it has not published its accounts. This should happen this week.

Standard list shell Landscape Acquisition Holdings (LAHL) still has more than $496m in cash and it has done well to preserve the cash it raised when it floated at the end of 2017. There is a broad remit, but the main focus is a property-related/backed business in Europe or North America.

Stranger Holdings (STHP) is still seeking to close a reverse takeover after its first deal fell through. The shell is in talks to acquire local government supplier HCS. There is no cash in the bank and Stranger has net liabilities.

Andrew Hore

Alan Green covers Thomas Cook #TCG, Volga Gas #VGAS, Feedback #FDBK, Open Orphan #ORPH and European Metal Holdings #EMH on Vox Markets podcast

Alan Green covers Thomas Cook #TCG, Volga Gas #VGAS, Feedback #FDBK, Open Orphan #ORPH and European Metal Holdings #EMH with Justin Waite on the Vox Markets podcast

India looks to lead electric vehicle race with latest push in budget

  • The finance minister announced tax rebates of up to 1.5 lakh on interest paid on loans to buy EVs
  • India, though, like China or countries in the EU, has not set a target for automakers to convert a certain part of their total vehicle production to electric or other electrified offerings

New Delhi: With a host of incentives unveiled in the Union budget for electric vehicles, India has joined governments in China and Europe that have backed the development of the nascent EV industry by offering extensive fiscal incentives and a favourable regulatory environment.

Pushing ahead with its goal to have more electric vehicles to curb rampant pollution afflicting major cities and trim costly oil imports, the government has started from 1 April 2019, the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) scheme, with an outlay of 10,000 crore. Although this sum may not be significant compared to some developed countries, the incentives announced in the budget for this sector will go a long way in restoring the confidence of investors and customers alike.

In her maiden budget, finance minister Nirmala Sitharamanannounced income tax rebates of up to 1.5 lakh to customers on interest paid on loans to buy electric vehicles, with a total exemption benefit of 2.5 lakh over the entire loan period. The minister also announced customs duty exemption on lithium–ion cells, which will help lower the cost of lithium-ion batteries in India as they are not produced locally. Makers of components such as solar electric charging infrastructure and lithium storage batteries and other components will be offered investment linked income tax exemptions under Section 35 AD of the Income Tax Act, and other indirect tax benefits.

Most of these steps are similar to the one taken by the governments in China and Europe.

India, though, like China or countries in the European Union (EU), has not set a target for automakers to convert a certain part of their total vehicle production to electric or other electrified offerings. The NITI-Aayog is considering a policy proposal to ban all internal combustion engine two-wheelers under 150cc by 2025 and three-wheelers by 2023.

China, the world’s largest electric vehicle market, has already imposed restrictions on investment in new manufacturing plants for traditional vehicles and the local government has also mandated a quota for EV production for all manufacturers.

Through its New Energy Vehicle mandate, the Chinese government wants carmakers to shift a tenth of their capacity to electric, rising to 12% by 2020. It has also offered major incentives for manufacturing and lithium-ion batteries.

According to a report by the International Energy Agency (IEA), China was home to half of the world’s electric vehicles in 2018, followed by EU countries and the US. China plans to sell 4.6 million electric vehicles by 2020, according to an article published by the World Economic Forum in December.

Japan and South Korea, too, have significantly increased incentives for electric vehicles.

While Japan plans to reduce 80% of green house gas emission from vehicles by 2050, South Korea has extended its National Subsidies to 57,000 electrified vehicles in 2019, compared to 32,000 vehicles in 2018, according to the IEA.

Despite the government incentives, India still lags behind China in setting up an EV ecosystem, according to analysts.

“In developed nations, government subsidies provide for 20-25% of the vehicle cost. Just offering tax breaks would not have much impact unless they are accompanied by non-fiscal incentives. Also, there should be a mandate that leading manufacturers should have a certain share of their sales from EVs after a particular time period,” said Puneet Gupta, associate director, vehicle sales forecasting at IHS Markit

“In major cities in developed markets such as Frankfurt and others, EVs are given free parking space and in certain parts of the cities only such eco-friendly vehicles are allowed. All we can say is that the Indian government has shown some intent from its side to develop India as a potential market for such vehicles,” he added.

EU countries are trying to evolve into a hub for developing batteries and other spare parts for electric vehicles through the Strategic Action Plan For Batteries.

The continent hosts the countries with the largest base of electric car sales. Norway, for instance, leads the electric vehicle market—EVs comprised 46% of the total vehicles sold in the country in 2018. Its figure was over 2.5 times more than the next highest country, Iceland (17.2%), and six times higher than Sweden (7.9%), which comes third in Europe.

In terms of sales volumes, Norway is followed by Germany, the UK and France, the report further notes.

The government in Norway removed import taxes on electric vehicles and cut taxes on their purchase and lease.

The Indian government’s move to reduce goods and services tax on EVs to 5% from the existing 12%—compared to the tax range of 29% to 45% on internal combustion ones—can spur demand for such vehicles here as well.

In the US, California has taken a lead over other states when it comes to legislating tough emission norms for vehicles and providing fiscal incentives for plug-in hybrid and battery electric vehicles.

Andrew Hore Quoted Micro 29 July 2019

NEX EXCHANGE

Inqo Investments Ltd (INQO) is investing in the South Lake Medical centre in Kenya. Other investors include Johnson and Johnson’s social impact fund. The total investment is $950,000, but Inqo’s contribution is not quantified. The medical centre was previously owned by a flower growing business and it caters for its workers.

Clean Invest Africa (CIA) has issued £130,000 worth of 8% convertible loan notes. They expire on 24 July 2020. The conversion price is 2.75p a share. Creditors have also agreed to accept payments of £54,000 in shares.

Sport Capital Group (SCG) had nearly £22,000 in the bank at the end of June 2019. There is also a 15% stake in Mighty Oak Exploration, which has exploration licences for cobalt and lithium in Uganda, and 2.4% in KKME, which has nickel and platinum prospecting licences in Botswana. A freehold property is in the books for £204,000.

Panther Metals (PALM) has raised £130,000 at 0.3p a share and the cash will help to finance the development of the company.

AIM  

Parcel delivery business DX (DX.) says that figures for the year to June 2019 will be in line with expectations. That means that there will still be a small, but much reduced, loss. Revenues were 8% ahead at £322.5m. The loss of the passport delivery contract will hit this year but that will be offset by growth in the courier market. Net debt was £1.3m at the end of June 2019.

Cyber security services provider GRC International (GRC) has postponed its full year results because it is calculating deferred consideration payable for DQM Holdings. The expected deferred payment is £3.7m, which is higher than the original range. The deferred consideration should be 60% cash and 40% shares at 116.5p each. The share price has fallen to 49p. GRC wants to change the terms. GRC is loss-making and it wants to spread the cash payments. It may need to raise more cash.

Good news from Shield Therapeutics (STX) which has gained FDA approval for Feraccru in the US. The approval covers the treatment of iron deficiency, with or without anaemia, thanks to its high tolerability. This doubles the potential market for the treatment. Shield is in discussions with potential commercial partners. finnCap increased its target share price from 200p to 350p.

Safe credit card payments technology provider PCI Pal (PCIP) says that its full year loss will be in line with expectations of £4.6m. Total contract value in the US is £1.4m, which indicates that progress is being made in that important market. Net cash was £1.5m at the end of June 2019, although PCI Pal is awaiting a tax credit and some additional contract payments in the first quarter of this year. There could be scope to raise funds on the back of recurring revenues.

Document management software provider GetBusy (GETB) is growing its revenues internationally and its eponymous new software product GetBusy is reaching the point of a commercial launch. Net cash is £1.95m, which is plenty for the immediate requirements of the group.

Polarean Imaging (POLX) is raising £2.1m at 18p a share. Last December’s placing was at 14p a share. The medical imaging technology developer will use the cash to finance the phase III clinical trial for its technology, where patient enrolment should be complete in the third quarter of 2019, and preparations for a product launch. There will also be working capital to build polarisers for future orders.

Judges Scientific (JDG) says that order intake was 4% higher in the first half of 2019. Delivery times have also been reduced so the order book has fallen from 14 weeks to 132 weeks.  

Tristel (TSTL) has acquired 80% of its Italian distributor for an initial £600,000. This should be earnings neutral this year. The disinfection products supplier generated revenues of £26m in the year to June 2019, which were 17% higher than last year. Underlying pre-tax profit will be £5.5m. Management is waiting for a response from the FDA in the US for the usability and human factors pilot.

Tri-Star Resources’ (TSTR) 40%-owned SPMP has produced the first antimony metal from its plant in Oman. There is expected to be a slow ramp up of production until full production is reached in 2020. The gold recovery circuit has yet to produce commercial levels of gold. SPMP needs to raise additional debt in order to cover the upcoming months prior to antimony production reaching breakeven levels. There are negotiations concerning the conversion of mezzanine debt into interest-free shareholder loans or shares. Tri-Star is expected to lose £500,000 this year. Although SPMP is not being consolidated, there will be a share of profit. That could eventually be as much as £10m a year.

CCTV technology provider Synectics (SNX) says that results will be second half weighted this year. Interim profit fell from £1.5m to £1.2m, but Shore still forecasts a rise in full year pre-tax profit from £2.9m to £4m. Net cash was £5.3m at the end of May 2019. The interim dividend was increased by 8% to 1.3p a share.

Trading in United Oil and Gas (UOG) shares has been suspended ahead of the conditional acquisition of the Egyptian oil and gas business of Rockhopper Exploration (RKH) for $16m, with an initial cash payment of $11m. The main asset is a 22% working interest Abu Sennan and share of production was 813 barrels of oil equivalent per day in 2018. Net book value was $13.8m at the end of 2018. United needs to raise cash for the deal and it is not expected to complete until the end of this year.   

MAIN MARKET 

At the AGM of Trifast (TRI) the chairman said that the industrial fasteners supplier was growing strongly in the US, particularly in the electronics and automotive sectors. Debt facilities have been increased and management is seeking acquisitions. The uncertain economic environment in Europe has led to some delays in the production schedules of clients.

Pembridge Resources (PERE) says that its subsidiary Minto Explorations is getting a working capital facility from Sumitomo Corporation as part of an offtake agreement for 55,000 tonnes of copper concentrate. That lasts until the 55,000 tonnes is delivered or the end of 2020. There will be an advanced payment for 90% of the value of concentrate each month. There is an interest charge.

Zen Global has decided not to make a bid for World Trade Systems (WTS) because it could not come to an agreement with major shareholder Suzhou Weibao about buying its shares and convertibles in return for coins issued by ultimate holding company Zen Ltd. Zen wanted to use WTS to use as a shell in which to reverse its blockchain operations.

Spinnaker Opportunities (SOP) had cash of £880,000 at the end of June 2019. The company subsequently received a commitment to invest up to £1.4m from a single investor conditional on the deal to acquire medicinal cannabis company Kanabo Research. The deal documentation is being prepared.

Andrew Hore

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