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Good Energy (GOOD) continues to refocus on the small business market and services, such as electric vehicle charging. The renewable energy supplier increased revenues from continuing operations by 3% to £63.5m. Higher cost of sales were offset by lower overheads. Pre-tax profit edged up from £2.4m to £2.5m. Disposals helped to reduce net debt to £35.5m. The dividend was increased by 10% to 1.1p a share. There was a surge in feed in tariff (FiT) customers prior to the closure of the scheme earlier this year, but domestic supply customers declined.
IFA consolidator AFH Financial (AFHP) has made two more acquisitions. Twickenham-based Mulberry Independent Financial Advisers will cost up to £5.3m, while AE Garment Independent Financial Services will cost up to £1.9m. There is an initial total cash outflow of £3.3m. Following the deals, AFH has assets under management of £5.6bn.
World High Life (LIFE) joined NEX on 12 September. The investment company intends to acquire businesses involved in medicinal cannabis and related products, including nutraceuticals and cosmetics. There is enough cash in the company to assess acquisitions and undertake due diligence. Chairman and chief executive David Stadnyk has been involved in the cannabis sector in Canada since 2012 and he helped to develop the regulations for the sector.
Bracken Trading 1.5% preference shares (BRAC) have started trading on NEX. Bracken is involved in lending in the residential property sector and also operates two solar farms. The quotation is expected to provide finance through the placing of additional preference shares. So far £10,000 worth have been issued. Bracken has repurchased ordinary shares valued at £9m. A pre-tax profit of £1.46m was generated in 2018.
Rutherford Health (RUTH) is raising a further £12.5m at 176p a share from LF Woodford Equity Income Fund and Woodford Patient Capital Trust.
EPE Special Opportunities (ESO) increased its NAV by one-fifth to 245.5p a share, helped by a strong recovery in the share price of fully listed-Luceco (LUCE) and that business is continuing to improve its trading.
LED lighting and electrical accessories supplier Luceco increased interim revenues by 10% to £82.7m and gross margin improved from 26% to 35%. That enabled Luceco to return to profit in the period. Underlying pre-tax profit was £6.1m. An interim dividend of 0.6p a share was announced and the dividend payout percentage will be raised from 20% to 25%. There have been manufacturing efficiency improvements in China and UK retail demand has rebounded. The main profit improvement was in the wiring accessories division, but both LED lighting and portable power divisions returned to profit. There has been director share buying following the results.
Kyler Hardy has been appointed as chief executive of Imperial X (IMPP) and Emma Priestley and Kyle Hookey have also joined the board. Hardy has a 12.5% stake and Priestley owns 5.4%. Palace Trading Investments has sold 4,615,000 shares at 2p each, leaving it with 685,000 shares.
Equatorial Mining and Exploration (EM.P) has raised £500,000 at 0.01p a share, which includes £95,000 of shares to pay creditors. Director Michael Staten has converted £82,500 of convertible debt into shares. He subsequently sold 550 million shares at the 0.1p conversion price.
Vi Mining (VIM) says Jilde Zeitlin has stepped down as chairman and he will be replaced as non-executive chairman by David Summer. Allan Rowley will take over as chief executive from Summer and he will remain finance director.
Eddie Stobart Logistics (ESL) says that DBAY adviser has made a bid approach. The chief executive left last month after a review of accounting policies. Trading in the shares was suspended at 71p.
Pensions and financial services provider STM Group (STM) reported a decline in interim profit, but there should be a full year improvement from £4m to £4.4m. The Carey acquisition is being integrated and a new brand name will be announced soon. The balance sheet is strong and STM is seeking further UK-based acquisitions.
Cybersecurity consultancy and software company ECSC (ECSC) reported flat interim revenues of £2.6m because growth in managed services was offset by lower consultancy income. The loss was lower and ECSC could move into profit in the second half even though revenue forecasts have been trimmed. Consultancy revenues are growing again.
Filta (FLTA) is continuing to integrate the Watbio grease management services acquisition. The benefits are beginning to show through, but not as fast as hoped. The core fryer management services franchise business continues to prosper. There was a dip in interim profit and full year profit could be flat this year. Even so, the interim dividend was raised 39% to 1p a share. A jump to £3.1m is forecast for 2020 as the full benefits of the Watbio acquisition come through.
Property finance provider Urban Exposure (UEX) had a solid first half but the second half is always stronger. Deals in legal due diligence should mean that more than £700m of loans will be provided this year. The main uncertainty is timing. Loan to value is around 45%. There is 29p a share of cash in the balance sheet and loans worth 53p a share. Even excluding intangibles, NAV is 85p a share.
Credit hire and legal services both grew strongly in the first half for Anexo (ANX) although the start-up costs of the new Bolton office reduced the profit contribution from legal services. It will take time for the new fee earners to get up to speed. Anexo is still on course to improve full year pre-tax profit from £16.1m to £23m.
Haynes Publishing (HYNS) increased revenues by 7% to £36.2m in the year to May 2019. Pre-tax profit improved from £2.9m to £3.5m. Net cash almost doubled to £4.9m and the dividend is maintained at 7.5p a share. Digital and technical data generates the majority of revenues. First quarter revenues are 9% ahead.
Icon Labs (ICON) has acquired the IP of Gay Star News, which runs a website focused on LBGTI news and events and it is number three in the market. The media business paid £1 to a company owned by Iconic Labs director David Sefton, who bought the asset after the previous owner went into liquidation. There is a further £33,000 payable to the liquidator, though. A management services agreement has been agreed with Medium Channel Marketing along with a £150,000 loan and in return Iconic has been issued a 24% stake in the company. The agreement will generate fees of at least £25,000 a month. MCM is acquiring student-focused publisher Tab Media. European High Growth Opportunities took advantage of the good news to reduce its stake from 5.79% to 4.29%.
Tex Holdings (TXH) wants shareholder approval to move from the premium list to the standard list. This means that it will no longer be eligible for the FTSE Fledgling index. A company associated with director ARR Burrows will provide Tex with up to £7m of loan facilities after the company failed to find an alternative funder to replace its overdraft facility.
Fashion On Screen has agreed a $55m loan facility with The Ambient Partnership Group that will help to finance its films and on acquisitions. The facility can be drawn down over The Vienna Stock Exchange-listed film company raised £100,000 when it floated and has also received an investment from Twickenham Studios. Some of the finance will be used to film REVolution, a film based on the kidnapping of racing driver Juan Fangio in Cuba before the 1958 Cuban Grand Prix. Pre-production is set to begin, and the film could be completed in time for a cinema release in 2020.
Open Orphan (ORPH) CEO Cathal Friel tells Alan Green why he expects 40 percent growth year on year.
SG Recruitment Ltd (SGRL) generated revenues of £777,000 in the 15 months to March 2019. The nursing staff provider lost £2.63m. Since the year end, more contracts have been signed with NHS hospitals, as well as with a hospital in the UAE. The staff offered to hospitals have all obtained qualifications in English and 76% end up being employed. Most of the previous debt has been converted into shares, so net debt was £91,000 at the end of March 2019.
Lombard Capital (LCAP) reported an increase in net liabilities from £234,000 to £537,000 at the end of March 2019. There were £750,000 worth of bonds issued during the period.
PCG Entertainment (PCGE) hopes that the acquisition of Vox Markets and Align Research should be closed in early October. Previous operations have been provided for in full and have been sold. There was £14,000 in the bank at the end of March 2019.
A new investor to Walls and Futures REIT (WAFR) has subscribed £100,000 for shares at 70p each, which is a one-third premium to the market price at the time. Westerby Trustee Services Ltd owns 3.8% of the company on behalf of Westerby Private Pension (R Prest).
Cadence Minerals (KDNC) says that the judicial restructuring plan for the Amapa iron ore project has been approved by the Sao Paulo commercial court. This will enable Cadence to acquire a 20% stake in Amapa. A further $3.5m investment will take the stake to 27%. Cadence plans to consolidate 100 existing shares into one new share. Shareholders will be asked to approve the proposal at the AGM on 20 September.
Paul Tuson is stepping down as finance director of Rutherford Health (RUTH) and the reappointment resolution was withdrawn from the AGM agenda.
Sativa Investments (SATI) has opened its third Goodbody CBD Wellness store in Bristol, following store openings in Bath and Cirencester. It is seeking franchisees to roll-out further stores around the country.
Panther Metals (PALM) chief executive Darren Hazelwood has acquired 18.87 million shares at 0.3p each. That takes his stake to 10.3%.
First Sentinel (FSEN) has raised £59,000 at 14p a share via a placing with D Beta One EQ Ltd.
President Energy (PPC) insists that it will continue to be profitable even though the Argentinian authorities are attempting to fix the price that producers can sell oil and the dollar exchange rate used for the price for a 90-day period. President has decided to delay its well drilling programme until the first quarter of 2020 and the focus will be gas wells. Gas sales from four wells in Estancia Vieja and Las Bases will commence production by the end of September. A new gas pipeline should be completed by the end of the year. finnCap has withdrawn its forecasts.
Order books and production volumes are ahead of last year at gift wrap and greetings products supplier IG Design (IGR) thanks to a combination of organic growth and last year’s US acquisition. IG is on course to increase pre-tax profit from £30.3m to £36m.
Online musical instruments retailer Gear4Music (G4M) says that it has taken actions that are already helping to improve gross margin.
Cambridge Cognition (COG) says sales are lower than expected. The digital neuroscience services provider says that full year revenues will fall from £6.13m to around £5.5m. The loss will be around £2.8m. First half revenues were £2.1m and the loss was £1.74m. There is a strong order book, so this augurs well for next year.
Adamas Finance Asia Ltd (ADAM) has funded the second tranche of the investment in Infinity Capital Group. The $2m is being funded equally by Adamas and a Hong Kong family office.
Blockchain Worldwide (BLOC) intends to move to AIM if its acquisition of media-focused artificial intelligence and machine learning company Entertainment AI goes ahead.
At a general meeting, shareholders in Tex Holdings (TXH) approved the 2018 report and accounts and directors’ remuneration report, but they did not approve the reappointment of Scrutton Bland as auditors.
Argo Blockchain (ARB) is reaping the benefits of its investment in crypto mining equipment. The cost of 1,000 machines has already been recouped and Argo is on course to recoup the cost of a further 2,267 machines.
Ross Group (RGP) did not generate any revenues in the six months to June 2019 and the loss was £3.15m. Ross acquired start-up operations during the period. They will supply Chitin.
Asian consumer businesses investor Symphony International Holdings (SIHL) increased its NAV by 14% to $560.4m in the six months to June 2019.
George Bennett has become chief executive of Rainbow Rare Earths (RBW) and Martin Eales has left the board. In the year to June 2019, Rainbow sold 850 tonnes of concentrate from the Gakara project, although bad weather hampered production in the fourth quarter. Sales prices have declined.
China-focused healthcare investment company Cathay International (CTI) reported a decrease in revenues from $49.2m to $38.3m. There was a $7.9m gain on the sale of shares in Zhejiang Starry Pharmaceutical, but that was not enough to cover the operating loss and interest costs.
Britdaq-quoted Staminier Ltd has secured a three-year option over 13 acres of land near to the south terminal of Gatwick Airport and it wants to build a car park with 2,200 spaces. In July, Staminier acquired a majority stake in eco-friendly housebuilder Eco-Space 41 Ltd. There is a four-year option to acquire the other 49% for £750,000. The strategy is to acquire businesses at a discount to their intrinsic value. There are plans to move to a more liquid stockmarket.
Asset Match will provide a trading facility for shares of former AIM company Albert Technologies Ltd. The first auction will be during September.
US Oil and Gas (USOP) has raised $382,000 at 31p a share. This follows a fundraising in July of $577,000 at 30p a share. The cash will be spent on exploration.
Walls and Futures REIT (WAFR) grew revenues by one-third to £136,000 but the ethical housing provider moved from profit to loss. In the year to March 2019, revenues improved from £103,000 to £136,000. The main reason behind the reported loss was a reduction in the gain on revaluation of assets from £198,000 to £145,000. The NAV still increased from £3.25m to £3.31m. These figures were prior to the acquisition of a property in Didcot. There is a pipeline of other potential transactions.
Barkby Group (BARK) has appointed finnCap as its corporate adviser.
Peterhouse has resigned as corporate adviser to Gamfook Jewellery (GAMF) and that follows the resignation of its auditor Crowe and the continued delays to the publication of the accounts for 2018. Peterhouse took over as corporate adviser from Daniel Stewart in March. Gamfook floated in December 2018.
Rutherford Health (RUTH) has opened its latest centre in Reading. The company was previously known as Proton Partners International Ltd.
Henry Lees-Buckley is taking on the chief executive role at Sativa Group (SATI) and Geremy Thomas has moved to deputy chairman.
Injection moulded plastic products Coral Products (CRU) returned to profit in the year to April 2019, although the underlying pre-tax profit only edged up from £568,000 to £580,000 because of a decline in exceptional costs. The second half was not as good as the first half, but cost cutting enabled a recovery at the end of the year. Net debt was £8.2m at the end of April 2019. There is no final dividend following the interim of 0.25p a share. Continuing problems at a major customer could continue to hamper progress. Equipment enabling recycling of plastic products is up and running. New products will be launched later this year, including roof tiles and road highway sound barriers.
International staffing provider Empresaria (EMR) had a tough first half, but despite this the company still expects to maintain its full year profit at £11.4m. Interim net fee income was 7% ahead but underlying pre-tax profit was one-fifth lower at £3.7m. That suggests a much stronger second half even though the German and Japanese businesses remain subdued, although they could start to recover. The diversification of the business in terms of sectors and geographies helps to offset the weakness in parts of the group. New chief executive Rhona Driggs is putting in place a new strategy, which should help next year’s figures.
Adamas Finance Asia Ltd (ADAM) has maintained its NAV at $1.10 a share (88p a share). Investee company Hong Kong Mining Holdings is still on course to restart mining operations and it is acquiring additional land for mining activities. Fook Lam Moon is assessing opportunities to expand its catering operations. The internal fit out for Infinity Capital’s Tellus Niseko project should be completed before the end of September.
MySale Group (MYSL) has raised £11.2m at 2p a share, which is a 58% discount to the market price. There will be £5.5m used to pay down bank facilities. The number of shares in issue is trebled. This follows a strategic review by the retailer, which is refocusing on Australasian operations and the selling down of stock. The cost base will be reduced.
Transport optimisation software and equipment supplier Tracsis (TRCS) grew its cash pile to £24m at the end of July 2019, even after paying around £9m on acquisitions. Pre-tax profit is in line with expectations at £9.4m, up from £8.5m.
Breedon Group (BREE) intends to change its tax domicile from Jersey to the UK. The company will still be incorporated in Jersey. The general meeting to gain approval to change the article of association will be held on 9 September.
Packaging supplier Robinson (RBN) improved gross margins by 12 percentage points to 19.7% in the first half, but that was partly offset by higher overheads. Pre-tax profit improved from £478,000 to £684,000. Net debt was £9.1m. The interim dividend is unchanged at 2.5p a share.
IT services provider Adept4 (AD4) is in talks to acquire CloudCoCo, which was set up by former sales directors of Redcentric. The deal would involve the issue of new shares that would nearly double the number in issue. The Business Growth Fund has agreed to sell £5m of unsecured loan notes to MXC Capital for £3.5m.
Data software and services provider D4T4 (D4T4) says that the figures will be second half weighted this year but not as much as last year.
Science Group (SAG) has increased its stake in Frontier Smart Technologies (FST) by subscribing £1m at 25p a share. This takes the stake to 52.3% (costing £6.9m) and this means that Frontier’s results will be consolidated. A standby facility is also being provided. Frontier’s cost base is being reduced.
Commodity trading and risk management software provider Brady (BRY) expects 2019 revenues to be around one-fifth lower than previous forecasts. That means that revenues are expected to decline from £23.2m in 2018 to £19m and this will lead to a loss of more than £4m.
Three directors have been removed from the board of Management Resource Solutions (MRS) and they have been replaced by John Copley and Robert Wall following a requisitioned general meeting.
Cancer therapies developer Scancell (SCLP) has initiated the UK SCIB1 phase 2 clinical trial for advanced melanoma, where SCIB1 is used in conjunction with the checkpoint inhibitor Pembrolizumab.
The financial director of Maestrano (MNO) has resigned to take up a role in Australia. The software company continues to undertake due diligence on a potential acquisition. An Australian bank client has decided not to go ahead with a new banking platform. There should be enough cash to last into next year.
Cyber security company Osirium Technologies (OSI) has signed up the first customer for its Opus privileged process automation software, plus two customers for the PxM platform. The Opus client is an asset manager that is already a user of PxM.
Cellcast (CLTV) has called a general meeting on 6 September in order to approve the sale of its operations. The company will change its name to Vintana.
BATM (BVC) reported an improved interim profit, but that was due to a one-off unrealised gain after an investment in the Ador diagnostics joint venture. Revenues dipped from $58.2m to $56.2m. The second half performance will be more important. Revenues are expected to grow from $119.6m to $128.5m, with pre-tax profit jumping form $2m to $6.7m. There is further longer-term growth to come from both the biomedical and networking divisions. The recent fundraising means that there is plenty of cash to finance growth.
Argo Blockchain (ARB) is further increasing its capacity and this could make it the largest quoted cryptocurrency miner by next year.
Injection moulding and engineering company Tex Holdings (TXH) says net assets per share have fallen from 168p to 140p after it swung into loss last year. There is no final dividend. The plastics division is trading profitably and orders have improved at the engineering division.
Path Investments (PATH) plans to acquire FineGems Extraction Corporation, which has a 75% stake in a company that holds the Jagoda licence in Zambia. The assets are near to production. They are manganese ore and tourmaline deposits. The acquisition would leave existing shareholders with 50% of the enlarged share capital.
Gold explorer IMC Exploration (IMC) has raised £150,000 at 1p a share and has paid £27,000 of professional fees in shares. The cash will be spent on exploration and geological work on a tailings project in Avoca, County Wicklow.
Dev Clever (DEV) has appointed Novum Securities as joint broker and raised £436,000 at 3.4p a share. The consumer engagement systems company has secured a three-year agreement with Toshiba Global Commerce Solutions, which will offer Dev Clever’s Engage gamification platform and its learning and development platform to retail customers.
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 firstname.lastname@example.org. 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.
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.
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
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
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.
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.
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.
Cathal Friel, CEO of Open Orphan (ORPH) discusses the appointment of David Kelly as an Independent Non-Executive Director on the Vox Podcast
Cathal Friel, Chief Executive Officer of Open Orphan (ORPH) talks about the appointment to the board of David Kelly as an Independent Non-Executive Director.
Open Orphan plc is a European-focussed, rare and orphan drug consulting services platform. The Company consists of four elements: a European clinical research organisation and consultancy; an orphan drug services business; a Virtual Rep and Data Access Platform consisting of physicians and key opinion leaders; and a Health Data Platform to partner with Patient Advocacy Groups. The Company is targeting rapid growth in one of the fastest growing sectors in the global pharmaceutical industry targeting under-supplied treatment for life threatening or very serious diseases and rare disorders.
Colin Bird, Executive Chairman of Xtract Resources (XTR) provides a general update on operations after their recent fundraise.
Xtract Resources (AIM: XTR) is a resource, development and mining company whose focus is and will be to acquire brown field resource projects with a view to release value for its shareholders. The projects targeted will be in regions where mining and infrastructure is prevalent and the mining regulations transparent. Their current operations are the Manica Gold and Alluvials projects in Mozambique.
LocoSoco (LOCO) is pleased to provide a progress and trading update ahead of full year results due to be published in October 2019. The Company has been building its offering for independent retailers and communities, and has been working closely with Social Enterprise, FairShares and a growing list of partner companies.
With a focus on sustainability, eco-friendly products and independent brands, the first half of 2019 has seen LocoSoco management and sales teams focused on developing manufacturer and service partners, along with growing the product range. As such, the Company is pleased to announce the launch of a branded product in partnership with Delphis Eco, a small refill station for household and professional cleaning products, which include 500 refills of Anti-Bacterial Spray, Multi-Purpose Cleaner and Washroom Cleaner.
LocoSoco service partners to date include:
Delphis Eco – Professional eco-cleaning products
Bio-D – Household eco-cleaning products
Rude Health – Dairy Free Milk Drinks
Kilner & Rayware – Glassware
Twipes – Bio-degradable wet wipes
Suma – Wholesaler of bulk foods
The Right Roast – Speciality Coffee from around the U.K.
Singolovino – Online wine club
Torti Wines – Multi-Award Winning Italian Wines
London Houseguards Gin – Multi-award-winning Gin brand.
Suma Wholesalers – Bulk products for refill stations
Ceem – Personalised Video Communications at Scale
Currently the Company is working with shops, schools, places of worship, community centres and local businesses, many of whom are starting to see fivefold returns from a modest initial outlay. In doing so, these entities are now providing a valuable eco-refill service for their respective communities.
LocoSoco are continuing to work on a number of distribution partnerships ahead of a wider UK wide rollout of services. These will be announced in due course.
LocoSoco CEO James Perry commented: “The year to date has presented LocoSoco with numerous challenges and opportunities. It is gratifying to see that our management and sales teams have delivered such rapid progress in a relatively short space of time. We look forward to updating the markets as the year progresses.”
LocoSoco Group PLC
James Perry, Chief Executive Officer
Simon Rendell, Non-Executive Chairman
+44 (0)203 538 0716
Via Brand Communications and Novus Communications Ltd
Alan Green / Jacqueline Briscoe
+44 (0)7976 431608
+44 (0)207 448 9839
Capital Market Coach
Keswick Global AG
Tim Curle, Klaus Schwerdtfeger
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