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Andrew Hore – Quoted Micro 30 March 2020

AQUIS STOCK EXCHANGE

AQSE and AIM-quoted Arbuthnot Banking (ARBB) improved its underlying pre-tax profit from £4.4m to £5.8m in 2019, while the second interim dividend is 5% higher at 21p a share. This does not have to be agreed at an AGM. NAV rose from 1283p a share to 1364p a share. The total capital ratio has edged up from 17.2% to 17.3%.

Newbury Racecourse (NYR) says that its insurers stipulated that COVID-19 was excluded from the insurance for the abandonment of race meetings. There will be a significant loss of revenues even if horse racing remains suspended until the end of April. Events, the hotel and the nursery will also be hit. There are bank facilities that should be enough to cover needs for the foreseeable future and the company is talking with its lenders. Management still expects David Wilson Homes to make a further payment of £10.9m for the development sites it has acquired.

Employee-owned businesses investor Capital for Colleagues (CFCP) believes that the value of its investments has declined by up to 15% since the end of February. NAV will have fallen from 50.17p a share to a range of 42.6p a share to 45.1p a share. That offsets the increase in the previous six months.

Hydro Hotel, Eastbourne (HYDP) is cancelling its interim dividend of 14p a share. The hotel has been temporarily closed.

KR1 (KR1) has invested $65,000 in the Acala Network project and will receive 866,666.67 tokens at 7.5 cents each. Acala will offer a stablecoin that can be transferred across different blockchains and collateralised with digital assets.

Cadence Minerals (KDNC) says that its 4.1%-owned investee company Macarthur Minerals is seeking a partner for its Lake Giles iron ore project in Western Australia. Another investee company, 16.7%-owned AIM-quoted European Metals Holdings (EMH), has secured a strategic investment by CEZ in the Cinovec project. CEZ will subscribe for a 51% stake in the company that owns the project, subject to EMH shareholder approval. The price payable has been reduced from €34.1m to €29.1m.

AFH Financial (AFHP) non-executive director has invested nearly £25,000 in the IFA at 198p a share.

Clean Invest Africa (CIA) says that subsidiary Coal Agglomeration South Africa has stopped activities until 16 April, which is in line with the government lockdown.

EPE Special Opportunities Ltd (ESO) has cash of £26.4m and it could defer the July repayment of £2m of its £3.9m convertible loans, so it is in a strong position to cope with the effects of COVID-19.

Eastinco Mining and Exploration (EM.P) has suspended mining in Rwanda because of COVID-19. This will be for an initial two weeks. Planning for continues exploration will continue.

NQ Minerals (NQMI) has employed consultants to prepare a mine reopening due diligence study on the Beaconsfield gold mine.

TechFinancials (TECH) is exercising its option to acquire shares in Cedex Holdings and the resulting stake will be 97.3% or 90.8% fully diluted. The company will consider disposing of the stake.

World High Life (LIFE) is holding a general meeting on 14 April in order to gain shareholder approval for each existing share to be sub-divided into ten new shares.

First Sentinel (FSEN) has issued a further £245,000 of bonds. This takes the total value of bonds in issue to £1.23m. Trading in First Sentinel 7% bonds, February 2023, First Sentinel preference shares and EPE Special Opportunities 7.5% unsecured loan stock, 2022 has started again after the market maker resumed activities.

AIM

Novacyt (NCYT) has signed a contract manufacturing deal with Yourgene Health (YGEN) for its COVID-19 test. The initial plan is for Yourgene to manufacture critical components. A global distribution agreement for the COVID-19 test has been secured with Bruker-Hain Diagnostics for use on its instruments. The Philippines has approved the test for commercial use.

Graphene materials supplier Applied Graphene Materials (AGM) has successfully reduced its cost base and it had £4.3m in the bank at the end of January 2020. This should last until the second half of 2021. Revenues remain small but a number of coatings products using the company’s graphene have been launched in the past year. There is a pipeline of additional products.

Cyber security services provider ECSC (ECSC) is still losing money, but it is generating cash. In 2019, ECSC revenues grew by 10% to £5.91m. Managed services revenues increased by 48% to £2.61m. Managed services has additional capacity and as more work is won margins could continue to improve. Consulting revenues dipped slightly to £2.9m, although they did grow in the second half. The other revenues come from third party products and other services.

Secure payments systems provider PCI-Pal (PCIP) is raising £5m at 30p a share. The cash will finance sales and marketing in North America and further product development. There will also be additional flexibility for any medium-term effects of COVID-19.

Georgia-focused oil and gas company Block Energy (BLOE) is acquiring two blocks adjacent to its own from Schlumberger. They include Block XIB, which is Georgia’s most productive block, although the peak production was in the 1980s. This will boost Block’s production by 245 barrels of oil per day. There is also another exploration block and a central production facility being acquired. There are 14 years remaining on the permits for the two blocks. Block is paying for the assets with 120 million options exercisable at nil cost. They are deemed to have a value of 5 cents each. The options can be exercised between 12 and 24 months from completion.

Replacement windows and doors supplier Safestyle UK (SFE) has temporarily ceased installations. Safestyle believes with cost reductions and government assistance it will be able to cope with the closure of activities until after the end of June.

Wynnstay Group (WYN) is still paying its 9.4p a share final dividend. Trading in the four months to February 2020 was subdued but in line with expectations. The company’s agricultural stores have been allowed to stay open. There may be some additional costs relating to COVID-19.

Geospatial software provider IQGeo (IQG) has secured an expansion to its contract with Tokyo Electric Power Company, which is worth £1.8m over three years.

MAIN MARKET

Trident Resources (TRR) is becoming a mining royalty company and moving to AIM. The first acquisition is a 1.5% free on board revenue royalty over part of the Koolyanobbing iron ore operation in Western Australia for a staged cash consideration of A$7m. There are plans to increase production from an annualised rate of 11Mtpa to 15Mtpa by the end of 2020. The initial payment is A$4m and the other A$3m is payable one year after completion. The most recent quarterly royalty was A$731,000. Further royalty interests are set to be acquired. A fundraising is planned and the company will change its name to Trident Royalties.

Dev Clever (DEV) says that COVID-19 restrictions have increased demand for its SaaS-based career guidance platforms. The US launch was in April.

Nanoco (NANO) says Merck has issued three-month notice of termination of its cadmium-free quantum dots licence agreement so that the licence can be renegotiated. The existing licence had minimum annual royalties. Merck continues to buy materials.

Spinnaker Opportunities (SOP) says that an investor commitment to provide £1.4m for the company when it acquires Kanabo Research has been terminated. This arrangement was made in July 2019 and the acquisition of the medicinal cannabis company has still not been completed.

Zenith Energy (ZEN) is amending the terms of the purchase of 80% of the Anglo American Oil and Gas (AAOG) subsidiary that owns 56% stake in the Tilapia oilfield in the Republic of Congo. The purchase price has been reduced by one-fifth to £800,000 and it will be paid in ten monthly instalments. Zenith will no longer issue any shares and it will not be providing a £250,000 secured loan facility.

Books publisher Quarto (QRT) says revenues fell from $149.3m to $135.8m in 2019 but it did return to profit. Banking facilities have been extended to July 2021.

Dukemount Capital (DKE) says the Wavertree project is at the final fit out stage, but work has been suspended due to COVID-19. There are 16 apartments and offices on the site in north west England.

Andrew Hore

Cadence Minerals (KDNC) – European Metals (EMH) Reaches Final Agreement with CEZ to make Significant Investment into Cinovec Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that it has today reached final agreement (“Final Agreement”) with CEZ Group (“CEZ”), one of Central and Eastern Europe’s largest power utilities, regarding a strategic partnership and significant investment into the Cinovec Project (“Cinovec” or “the Project”).

The Company announced on 20 November 2019 (“Potential Strategic Partnership with CEZ and Significant Investment into Cinovec Project”) the terms of a conditional agreement (“Conditional Agreement”) with CEZ under which CEZ had the option to subscribe to become a 51% shareholder in Geomet s.r.o. (“Geomet”), the Company’s Czech subsidiary and holder of the rights over the Project.

The Final Agreement reached today is now a binding commitment from CEZ to subscribe to become a 51% shareholder in Geomet, and is conditional only upon EMH shareholder approval, which will be sought at an EGM to be held in April 2020.

The amended terms of the Final Agreement (as compared to the Conditional Agreement) include:

  • in the context of the binding commitment to invest described above and current market conditions, a reduction of the price payable by CEZ upon completing of the subscription of Geomet shares from €34,061,265 to €29,100,000; and
  • allowing CEZ to elect to withdraw from funding of the Project at two separate milestones. The first withdrawal milestone is designed to coincide with completion of the front-end engineering design program and semi-industrial pilot testing of the lithium concentrate processing while the second withdrawal milestone is designed to coincide with completion of the definitive feasibility study. If CEZ elects to withdraw, Geomet will return to it an amount equal to its initial investment minus €250,000 and all costs and expenses incurred in relation to the Project up until the date of notification of the withdrawal. Following a withdrawal, CEZ will reduce its holding on a pro-rata basis to a minority position in Geomet.

The directors of EMH believe that the revised terms provide sufficient funding for the next stage of the development of the Project, setting it on sound footing to progress into production thereafter.

Further details of the Final Agreement will be set out in the supplementary circular to be posted to EMH shareholders shortly.

Cadence Minerals Holding in EMH

Cadence holds approximately 16.7 percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

Background to the Transaction

In July last year, EMH announced that CEZ was conducting due diligence on the Company and the Cinovec Project, and that the successful outcome of the due diligence process could result in CEZ potentially becoming the Company’s largest shareholder and co-development partner for the Cinovec Project. Since then, EMH and CEZ have held detailed discussions on the framework for CEZ’s participation in the Cinovec Project and in November 2019 EMH and CEZ entered into the Conditional Agreement, pursuant to which CEZ had the option to subscribe become a 51% shareholder in Geomet. The Conditional Agreement included conditions precedent that have now all been met.

In light of very significant changes in global markets and the successful completion of CEZ’s due diligence, EMH and CEZ have replaced the Conditional Agreement with the Final Agreement.

The Company considers that CEZ Group is an ideal strategic and financial partner for the Cinovec Project. In addition to CEZ’s financial strength, the Board believes that CEZ provides strong strategic relationships within the Czech Republic, the European Union and abroad. CEZ is a leader in power generation and distribution in the region and has plans to become heavily involved in the development of new energy systems. Through these battery industry activities, CEZ is expected to assist greatly in the securing of off take agreements for the Project.

Financial effects of the Transaction

The primary financial objective of the transaction is to secure the funding for the next stage of the development of the Cinovec Project and to provide a strong platform for the Cinovec Project to progress into production. Whilst the Board believes from the extensive PFS work undertaken to date that Cinovec is a robust project with strong economics, the funding of large mining and processing projects requiring significant capital expenditure is very challenging for smaller mining companies in current economic and market conditions.

The addition of a partner with the financial strength of CEZ, and the strong significant business relationships that it brings, significantly enhances the status of the Cinovec Project at this important stage of its development.

The subscription proceeds from the Final Agreement will be used by Geomet to develop the Cinovec Project through completion of the Definitive Feasibility Study (“DFS”), complete all permitting processes and advance the Cinovec Project to a construction decision. The DFS will bring together the detailed operational and financial implementation plan, including geological, technical, engineering, metallurgical, environmental and financial technical expert reports. The Company has prepared the detailed budget and business plan for the delivery of the DFS, together with the front-end engineering design programme, which is expected to take up to 18 months to complete. In order to facilitate the timely progressing of the DFS, Geomet will enter into a service contract with one or more third party contractors and, under the Geomet Shareholders’ Agreement (to be entered into at the completion of CEZ’s investment), EMH will be appointed to provide services of managing the Cinovec Project development.

On completion of CEZ’s investment pursuant to the Final Agreement, EMH’s ongoing interest in Geomet will reduce to 49%. Under the Geomet Shareholders’ Agreement (to be entered into at the completion of CEZ’s investment), Geomet will have a board of five directors. EMH will have the right to nominate two of the five Geomet directors Further, under the Geomet Shareholders’ Agreement, EMH will be appointed to provide services managing the Cinovec Project development

Accordingly, on completion of the Final Agreement, EMH will cease to consolidate Geomet’s results within the EMH’s consolidated accounts..

AIM Rule 15

The Final Agreement would constitute a fundamental change of business of the Company under Rule 15 of the AIM Rules. The Final Agreement is therefore conditional on, inter alia, Shareholder approval which will be sought at a General Meeting of the Company to be convened in due course. The Company will, however, as previously announced, remain an operating minerals company under the AIM Rules given its remaining material interest and ongoing involvement in the Cinovec Project after the Final Agreement has completed, as described above.

The completion of the Final Agreement will not result in any changes to the Company’s Board or management.

Further information

European Metals expects to publish shortly a supplementary circular to shareholders setting our further details of the amended proposed subscription, the proposed amendments to the Exclusivity and Framework Agreement and Geomet Shareholders’ Agreement, together with notice of the General Meeting. A further announcement will be made in due course.

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14479989.html

European Metals Managing Director Keith Coughlan said; “We are very pleased to have concluded this agreement with CEZ which, subject only to EMH shareholder approval, provides certainty for the future development of the Cinovec Project. Given the current uncertain state of global markets, it is particularly affirming for us to have a partner with the corporate, technical and financial strength of CEZ investing in the Project.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School. 

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Andrew Hore – Quoted Micro 23 March 2020

AQUIS STOCK EXCHANGE

Gin and spirits supplier British Honey Company (BHC) is using spare capacity in its distillery to produce # alcohol sanitisers. There is a shortage of sanitisers due to the coronavirus and HMRC has given permission for British Honey to produce denatured alcohol. The sanitisers are made with 70% alcohol and extracts of honey and green tea. Longer-term, the strategy is to buy other spirits brands to use spare capacity. British Honey started off as a honey producer and moved into craft spirits infused with honey in 2017. It has a computer-controlled, 1,000-litre capacity still and bottling facility with a capacity of 1.5 million bottles a year. Ingredients can be tracked. There has been £4m invested in this infrastructure. The existing products use a small proportion of this capacity. The company also produces spirits on behalf of third parties. Discussions have begun with some potential acquisitions. British Honey joined Aquis Stock Exchange at the beginning of the week and raised £4.25m (£3.88m after expenses) at 110p a share. Advanced assurance of eligibility for the Enterprise Investment Scheme has been obtained. The initial market capitalisation was £10m. Cairn is corporate adviser and Stanford Capital Partners is broker.

Sativa (SATI) is launching a cannabigerol (CBG) and alcohol-based hand sanitiser. CBG is thought to be effective as an antibacterial product and could combat superbugs.

Energy supplier Good Energy (GOOD) reported better than expected 2019 pre-tax profit. Underlying pre-tax profit still dipped from £2.3m to £2.1m due to lower gross margins. Profit is expected to bounce back to £3.1m in 2020. Both business and domestic customers were higher last year. The total dividend has been increased from 3.5p a share to 3.7p a share. Net debt was £39.2m at the end of 2019.

Brewer Shepherd Neame (SHEP) has decided not to pay the interim dividend of 6p a share announced the week before. The sharp downturn in trading and subsequent closure of pubs due to COVID-19 means that Shepherd Neame is also cutting capital investment and the board is taking a one-fifth cut in pay. Rent receipts from tenants were suspended from 16 March.

KR1 (KR1) has generated $168,000 from selling ATOM, taking the total raised from disposals to $290,000. It still holds nearly 17,000 ATOM.

Sheltered housing developer Walls and Futures REIT (WAFR) has outperformed its benchmark for a third year in a row. The MSCI UK Residential index increased by 4.4% in 2019, while Walls portfolio increased by 23%.

BWA Group (BWAP) says that its subsidiary has been awarded an exploration licence for an area known as Dehane in central Cameroon. The focus is rutile sands and other minerals. The permit is for three years and the financial commitment in year one is £275,000, followed by £207,000 in each of the next two years. Tri Castle Investments is subscribing £100,000 at 0.5p a share.

First Sentinel (FSEN) has raised £389,000 at 20p a share for working capital. VI Mining (VIM) raised £56,000 via a placing at 15p a share that was curtailed because of COVID-19. Further cash will be raised in the future.

Eastinco Mining and Exploration (EM.P) has secured a $200,000 facility from Augustin Corp, which is owned by a trust related to Eastinco executive chairman Charles Bray. The annual interest rate is 6 percentage points above commercial lending rates and the facility lasts for up to 18 months.

SAPO (SAPO) is holding a general meeting on 14 April to gain shareholder approval for increasing the share capital. Executive chairman Dr Keith Harris has been issued 20 million shares at 1p a share. The consideration will be paid by the end of 2024.

Belvedere Leisure Resorts (BELV) believes that once normality is resumed it can accelerate its resort development and deliver phase one on time.

Dozens Savings (DS07) says that 795 investors have subscribed for company bonds.

Trading in Dana International (DANA) shares remains suspended. The property investor is still trying to gain full information about share transfers.

Christian Taylor-Wilkinson has become interim chief executive of Altona Energy (ANR) following the resignation of executive chairman Qinfu Zhang.

AIM

Sales of COVID-19 tests by Novacyt (NCYT) continue to accelerate. It has received orders worth more than £8.7m in a six-week period. Manufacturing capacity is being increased.

Synairgen (SNG) is about to start a phase II trial for SNG001 for the treatment of an initial 100 patients with mild-moderate COVID-19. Initial results should be available by the summer. SNG001 is inhaled interferon beta, which has shown benefits in the treatment of SARS. The existing COPD phase II trial has been paused, but initial results suggest that there is clinical benefit.

Best of the Best (BOTB) would have been in trouble a decade ago when it generated its competition entries from airports and other areas of high footfall. Having gone online, the competitions organiser has continued to prosper. Additional marketing investment has helped the 2019-20 performance to be above expectations. The pre-tax profit forecast for the year to April 2020 has been raised from £2.6m to £3m.

Payment systems provider PCI-Pal (PCIP) has won a contract for its Agent Assist product with a UK government organisation. The annual contract value is £565,500.

Manx Financial (MFX) is buying back the 12.94% shareholding owned by Aaron Banks. Manx intends to pay £1.61m for the shares and then cancel them. This cash will become a loan to Manx and an existing £483,500 convertible will be added to the sum. Banks has requisitioned a general meeting at iodine manufacturer Iofina (IOF) in order to remove Lance Baller from the board and become a director himself. Banks does not intend to make a bid for the company.

Mobile payment services provider Bango (BGO) is still set to move into profit in 2020. End user spend doubled last year.

Indigovision (IND) is recommending a 405p a share cash bid from Motorola Solutions. This values the video security technology company at £30.4m. In 2019, pre-tax profit was $1.3m.

MJ Hudson (MJH) grew organic revenues by 12.5% in the first half. The asset management services provider has net cash of £20.1m following last year’s flotation. The acquisition of Meyler will expand the range of services provided in the US. The customer base is predominantly long-term and closed ended funds. A full year pre-tax profit of £1.1m is forecast.

Big Sofa Technologies (BST) has put itself up for sale and trading in the shares is suspended. The video and data analytics technology developer needs additional cash and it is difficult to raise funds in the market when there is so much uncertainty. The company expects proposals by the end of April.

The Wressle oil field development in north Lincolnshire is set to commence production in the second half of 2020 and Egdon Resources (EDG) has a 30% stake and is operator. Europa Oil and Gas (EOG) and Union Jack Oil (UJO) also have interests. The breakeven oil is estimated at $18/barrel. Production could start at 500 barrels a day. An application has been allowed against North Lincolnshire council for costs relating to delays in gaining a permit.

Diagnostic and precision testing services provider Diaceutics (DXRX) boosted revenues by 30% last year following its flotation. Although gross margins improved, a significant increase in headcount meant that pre-tax profit dipped to £500,000. The initial benefits of the investment in the business are showing through growth in Asia and other regions.

Regional property investor Real Estate investors (REI) increased its dividend by 7% to 3.8p a share. Like-for-like rental income was slightly lower at £16.9m and the weak retail property market led to a 3% reduction in EPRA NAV to 67.4p a share. Loan to value is 46.7%. The Midlands property market is strengthening ahead of the Commonwealth Games in Birmingham. An improvement in NAV to near-69p a share is forecast for 2020.

Xeros (XSG) has signed a joint development agreement with a global commercial laundry business. XFiltra micro-particle filtration technology will be included in the partner’s commercial washing machines. The EU plans to have micro-particle filtration in use by 2026. Xeros is likely to need to raise more cash next year.

Oncimmune (ONC) says NICE has completed a positive review of EarlyCDT Lung and believes that it can help in the early diagnosis of lung cancer.

MAIN MARKET

Trading in the shares of Boston International Holdings (BIH) has been suspended ahead of the proposed acquisition of invoice factoring company Alexanders Discount Ltd, which is based in the South East. Alexanders Discount accounts for the year to November 2019 are for a dormant company and the assets were worth £4. The standard list shell floated in October 2016.

Telecoms services provider Toople (TOOP) says that the integration of DMSL is ahead of plan and it has won two new contracts.

BATM Advanced Communications (BVC) is partnering with Novamed for an at-home COVID-19 diagnostic kit. The kit should be completed within four months.

AIQ Ltd (AIQ) has signed a conditional share purchase agreement for Alchemist Codes, a Malaysian IT services developer. AIQ is paying £2.3m in shares.

Andrew Hore

Tertiary Minerals #TYM – Afzal Valli Major Shareholding

TR-1: S tandard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i

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

Tertiary Minerals Plc 

1b. Please indicate if the issuer is a non-UK issuer   (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Afzal Valli

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.) v

Name

Afzal Valli

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

Friday 13 March 2020

6. Date on which issuer notified (DD/MM/YYYY):

Monday 16 March 2020

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuer vii

Resulting situation on the date on which threshold was crossed or reached

5.01%

5.01%

733,836,092

Position of previous notification (if

applicable)

4.13%

4.13%

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB0008854563

36,788,532

 

5.01%

SUBTOTAL 8. A

36,788,532

 

5.01%

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

N/A

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

UK

Date of completion

16 March 2020

 

Andrew Hore – Quoted Micro 16 March 2020

NEX EXCHANGE

Brewer Shepherd Neame (SHEP) edged up its interim profit helped by a strong performance from tenanted pubs and lower interest charges. In the six months to end December 2019, revenues were 3% higher at £79m, while underlying pre-tax profit improved 5% to £6.2m. Cost pressures held back the performance of the managed pubs. There was a fall in profit contribution from brewing. Net debt was £84m at the end of 2019. The interim dividend was increased by 2% to 6p a share. Brewing volumes have increased since the period end and like-for-like pub revenues continue to grow, although the rate is slower for managed pubs. Coronavirus has not had an impact yet but it is likely to.

Altona Energy (ANR) is raising up to £400,000 through an open offer to existing shareholders at 6.5p a share. That is a one-third discount to the previous mid-price. The cash is required to acquire a new petroleum exploration licence application in South Australia and the maximum will provide 12 months working capital. This will enable assessment of an in-situ gasification project. There is also potential for wind and solar projects in the area. There was an overdraft of £96,000 at the end of June 2019. The latest time for acceptance is 31 March.

European Lithium (EUR) reported a dip in interim income in 2019 from $23,817 to $3,365, while the loss was flat at $2.3m. There was $32,000 in cash at the end of 2019. There are convertible notes valued at $1.1m, some of which have been subsequently converted, but more have been issued.

KR1 (KR1) has been hit by weak Bitcoin and other cryptocurrency prices, but it had already banked some of its profit. The value of the remaining portfolio has dropped sharply. There will be an update shortly.

Rutherford Health (RUTH) has requested a subscription of £9.64m at 176p a share under the Woodford Commitment at the time of the company’s flotation. LF Equity Income Fund, formerly LF Woodford Equity Income Fund, will own 28.8% of the proton beam therapy company. This is the final subscription under the agreement.

Former investment banker Dr Keith Harris has been appointed as executive chairman of SAPO (SAPO) and Selwyn Lewis is joining the board as an executive director.

Fuel emulsification company SulNOx Group (SNOX) has filed an international patent application for its technology. It has already filed for the patent in the UK. The technology can be used for many fuels but the focus is diesel and heavy fuel oil.

Cannabis investment company World High Life (LIFE) has raised £2.36m from two issued of convertible loan notes with a 10% coupon. The conversion price is 100p a share.

Trading in First Sentinel 7% bonds, February 2023, First Sentinel preference shares and EPE Special Opportunities 7.5% unsecured loan stock, 2022 has been suspended because of the market maker temporarily withdrawing from market making activities.

AIM

OnTheMarket (OTMP) has ended its litigation with Connells and its subsidiary Gascoigne Halman. The property portal had already won a judgement in a Competition Appeal Tribunal and it was seeking the recovery of further damages. Earlier in the week, Ian Springett was dismissed as chief executive of OnTheMarket. He has a 12 month contract and earns £250,000 a year.

Geospatial software provider IQGeo (IQG) reported an increased loss last year, but that masks the progress made. Third party revenues declined. In 2019, total revenues fell from £9.98m to £7.81m, however, own product revenues increased from £4.74m to £5.55m, while recurring revenues contributed £1.63m, up from £918,000. More people were employed in sales and product development and operating expenses jumped from £6m to £9.5m. That is why the loss increased from £1.6m to £6.17m. There was still £13m left in the bank at the end of 2019, following £11m spent on buying back shares.

Mass spectrometry instruments developer Microsaic Systems (MSYS) continues to add to its partners. Last year, revenues rose 51% to £870,000 with the benefit of the newer agreements still to come. Higher development spending meant that the loss edged up to £3.1m. There was £2.62m in the bank at the end of 2019 and management admits it is assessing its options in terms of raising more cash.

Concrete levelling equipment supplier Somero Enterprises Inc (SOM) had a stronger second half, following the profit warning in the first half due to bad weather. The outcome in 2019 was slightly better than the previously downgraded expectations. Even so, revenues fell 5% to $89.3m and pre-tax profit was down by a similar percentage. The dividend was reduced by 1% to 18.75 cents a share. The additional dividend relating to excess cash (net cash was $23.8m) is 7.7 cents a share. Increased costs mean that there could be a further decline in profit this year.

Mark Greenwood has further increased his stake in Richland Resources (RLD) by buying the market and acquiring shares in a placing at 0.12p a share, which raised £100,000 for the company. Greenwood’s stake is 18.5%. The share price is one of the few AIM risers this month.

The Panoply Holdings (TPX) has acquired consultancy Ameo Professional Services, which generates 9-% of its revenues from the public sector. Ameo made a pre-tax profit of £1m last year and is being acquired for £7m in cash and shares, plus the distribution of £1.3m in excess cash.

Molecular diagnostics developer Yourgene Health (YGEN) is acquiring its French distributor and this will be immediately earnings enhancing. Yourgene will still make a loss in 2020, but the following year earnings per share will improve from 0.18p to 0.23p.

Open Orphan (ORPH) has reported positive results for the phase IIb field study of FLU-v vaccine, which has been developed by a 49%-owned joint venture. The results have been published in a journal. IP Group has cut its stake to below 3%.

Redx Pharma (REDX) says it has received a bid approach from Yesod Bio-Sciences, which is considering offering 15p a share. Redmile Group is making a mandatory offer of 15.5p a share, following its purchase of the 39.5% stake owned by Moulton Goodies, which obtained most of its shares at 5.25p each when it capitalised its £2.5m loan. Redmile owns 45.5% of Redx, which is valued at £29.5m. The board recommends the bid.

Brickability (BRCK) has made its second acquisition in one month. It is paying £6m for plastic fascia and guttering merchant U Plastics, which made a pre-tax profit of £1.3m in 2019.

MAIN MARKET

Moss Bros (MOSB) has agreed a 22p a share bid that values the suit hire and retail company at £22.6m. The bid vehicle is owned by people involved in the apparel sector, including Michael Shina of Crew Clothing. The main executives will be retained.

Motor dealer Lookers (LOOK) has discovered accounting irregularities. The fraudulent transactions in one of the operating divisions mean that the 2019 figures will be delayed until late April. These transactions should not be significant for the group. Chief operating officer Cameron Wade has resigned.

Standard list shell Hertsford Capital (HERT) has agreed the acquisition of oil services provider OTAQ Group for £12.4m through an issue of shares at 57.5p each (post-consolidation). A placing will raise £1.5m at the same price. OTAQ designs and supports products for the aquaculture and offshore oil and gas sectors. The focus is on growing the aquaculture operations. The company will change its name to OTAQ and be readmitted on 31 March.

Sure Ventures (SURE) is raising £250,000 at 100p a share, which is a premium to NA of 95.74p a share. This followed news of an investment by 25.9%-owned Sure Valley Ventures in AI security company Getvisibility. The fund has invested €750,000. The cash will be used to expand the business internationally.

Spinnaker Opportunities (SOP) has spent more than one year trying to finalise the acquisition of cannabis processor Kanabo Research and a commitment to invest £1.4m has been secured. At the end of 2019, there was £597,000 left in the bank.

Dev Clever (DEV) is acquiring Phenix Digital, a digital agency focused on the educational sector. It is paying £100,000 in cash and 3.57 million shares. There is an existing relationship between the two companies.

Andrew Hore

Quoted Micro 9 March 2020

NEX EXCHANGE

Eight Capital Partners (ECP) has a 40% stake in Finance Partners Group, which owns an investment in Italy-based Avantgarde Group. Avantgarde owns inventory finance fintech company Supply@Me (www.supplyme.tech), which is being acquired by former AIM company Abal. Last week Abal published the document for the acquisition and admission to the standard list. There will be a placing of Abal shares valued at £42.18m. That includes shares issued to the vendors of Supply@ME. The placing of new shares will raise £2.24m for Abal at 0.6756p a share.

Ashley House (ASH) is getting into more and more financial difficulty and trading in the shares has been suspended. It still has not received the £1m it is waiting to be paid and its modular building business F1 has gone into administration because it can’t pay its debts. Two parties are interested in acquiring F1. Ashley House management is still trying to raise cash.

IFA group AFH Financial (AFHP) is maintaining the rate of growth of revenues and fund inflows in the first quarter of the new financial year and cash generation has improved.

NQ Minerals (NQMI) has secured a $60m debt refinancing agreement. This is a six year facility with an interest cost of five percentage points above LIBOR. Final documentation has to be completed. NQ has raised £177,000 at 7p a share.

The Department of Health and Social Care and the Home Office have announced that patients will get faster access to cannabis-based medicines. Sativa (SATI) is well-positioned to benefit because it has a controlled drug licence to cultivate, produce and supply cannabis for research.

EcoVista (EVTP) had net assets of £842,000 at the end of August 2019. The subsidiary that owned the investment property in the books has been subsequently sold for £1.

European Lithium (EUR) is drawing down a further A$2m from its facility with Winance Investment. This cash will be spent on the definitive feasibility study for the Wolfsberg lithium project. The company has yet to draw any funds from the H120 AG finance facility because a security agreement has to be completed.

Forbes Ventures (FOR) is establishing a securitisation cell company in Malta in order to securitise litigation funding assets that have been issued in the UK. ME Group will supply distributed ledger technology and manager the platform. The first securitisation should be complete and generating revenue within six months.

Gunsynd (GUN) is changing its investing policy “to invest in and/or acquire companies and/or projects within the natural resources sector, life sciences sector (concentrating on but not being limited to, plant-based nutrition and environmentally friendly alternatives to food sources) and the alcohol beverage sector, (concentrating on but not being limited to, ingredients used within the production of such beverages including sugar cane, agave, and molasses)”. The geographic focus is Europe, Australia, the US and the Caribbean.

VI Mining (VIM) issuing nearly 4.9 million shares at 15p each in order to pay debts of £730,400. Most of the shares were issued to VI Mining chief executive David Sumner. First Sentinel (FSEN) is raising £183,000 at 20p a share. This will provide working capital.

Dozens Savings 5% bonds (DSO7), maturing on 2 March 2021, have been admitted to NEX.

Trading in Wheelsure Holdings (WHLP) shares has been suspended because the accounts for the year to August 2019 have not been published.

AIM

Hormonal disease treatments developer Diurnal (DNL) has raised £11.2m at 32p a share. These shares will be just short of one-third of the enlarged share capital. The cash will go towards the roll-out of Alkindi in Europe and marketing of Chronocourt ahead of anticipated European approval early next year. Licensing discussions continue for both drugs.

EasyHotel (EZH) has raised £11m at 95p a share, which is a 36% premium to the market price. This follows a mandatory bid by ICAMAP at the same price level last year. The cash will be used to expand the budget hotel network.

Nostra Terra Oil and Gas (NTOG) agreed to board changes and the proposed general meeting requisition withdrawn. Andrew Morrison has become chairman for 12 months and newly appointed non-executive Stephen Staley will take over after that. Matt Lofgran remains on the board and says that he will remain as president of the New Horizons subsidiary for six months after he ceases to be a director.

Ilika (IKA) is taking advantage of a 40% increase in the share price this year in order to raise more cash. The advanced materials developer will receive £15m gross at 40p a share. There is also an open offer at the same price to raise up to £2m more. The cash will be invested in the development of battery products. There is £4m required to move the Stearex technology into a third-party fabrication facility. Given the potential demand for the battery technology, there may be more cash required to increase capacity. The new facility will not be up and running until 2022 and in the following financial year revenues from the facility could be more than £12m. The rest of the cash should cover the period until this happens.

Urban Logistics REIT (SHED) has raised £136m at 137.5p a share in order to invest in logistics properties.

The 2019 revenues of Starcom (STAR) were in line with expectations at $6.8m. Revenues come from product and recurring services revenues. The security products developer has a range of remote tracking and monitoring products that have been developed and are building up revenues. CubeMonk has signed a three-year supply agreement for Kylos air cargo tracking units and this should lead to a significant increase in orders. The deal with Zero Motorcycles for Helios tracking products and revenues should build up from this contract later this year. Revenues could increase to $8.5m this year, which should be enough for Starcom to make a pre-tax profit.

Urban Exposure (UEX) is in talks to sell its loan book to Pollen Street Capital and then dispose of the asset management business. At the end of 2019, net tangible assets were 82.7p a share. The share price is 66p.

Giftware supplier IG Design (IGR) has completed the acquisition of CSS Industries and it says that group factories in China are operational.

Adamas Finance Asia Ltd (ADAM) has raised £203,500 via a placing of shares at 16.1p each. This is the same price per share that Adamas paid when it bought the shares from an existing investor that wanted to exit last December. Adamas paid £386,000 and it still holds the rest of the shares.

Oncimmune (ONC) says that its partner Biodesix has launched the EarlyCDT Lung test in the US under its own Nodify brand.

Destiny Pharma (DEST) says recruitment for the phase IIb trial assessing XF-73 for the prevention of post-surgical infections caused by Staphylococcus aureus has been slower than hoped, but it should be completed by mid-2020. Data should be available soon afterwards.

Xeros Technology (XSG) has sold its Marken specialist cleaning business for £265,000. There is likely to be a £1.6m loss on disposal. Xeros has become a technology cleaning licensing business.

Arron Banks has increased his stake in iodine producer Iofina (IOF) to 12.7%. He may consider requisitioning a general meeting, but there is no official news about this.

Mark Greenwood increased his stake in Richland Resources (RLD) from below 5% to 10.8%.

MAIN MARKET

CML Microsystems (CML) has acquired Plextek RFI for an undisclosed amount in cash and shares. Plextex designs and develops RF, microwave and mm-wave ICs and modules. This expertise will be useful for the group and it can also generate consultancy revenues.

Fandango Holdings (FHP) has agreed heads of terms to acquire an oil well services provider. A prospectus is being prepared.

Argo Blockchain (ARB) increased cryptocurrency mining income by 56% in February compared with January. The £2.56m was achieved at a margin of 50%. A further 1,000 Bitmain Antminer machines have been ordered at a cost of £1.17m. This will be delivered by the end of April. There will be a halving of Bitcoin mining reward in May.

Nanoco (NANO) has not received any firm proposals that would lead to an offer for the company. Some discussions have been terminated, while other talks continue.

Cash shell daVictus (DVT) has published a supplementary prospectus for the acquisition of restaurants developer Typical Dutch NV.

JP JENKINS

Former NEX company MESH Holdings holds 16.8% (16,333 shares) of AI and machine learning technology developer Sentiance, where AIM-quoted Asimilar (ASLR) is subscribing for 10,000 shares at €750 each and has been granted options to acquire 32,225 shares at €650 a share and 10,000 shares at €750 each. MESH was originally going to engage in a share swap with Sentiance, which would have given it an 80% stake in the company. The existing stake was acquired for 125 million MESH shares. MESH has an option over 48,337 shares, which would cost £26.2m to exercise. There is another option to acquire 6,667 Sentiance shares from RRNB Capital. MESH intends to take on a financial adviser. It will need to raise a lot of cash in order to take up its options.

Andrew Hore

Andrew Hore – Quoted Micro 2 March 2020

NEX EXCHANGE

Incanthera (INC) raised £1.21m at 9.5p a share prior to joining NEX on 28 February. The price at the end of the first day of dealings was 10.5p (9.5p/11.5p). There were no trades. Incanthera is developing Sol, a topical product for the treatment of solar keratosis and prevention of skin cancer, which could be licenced to a partner within 18 months.

Mechanical and electrical installation services provider Field System Designs Holdings (FSD) continued to be hit by problems with its energy from waste customer in the first half. Revenues dipped from £11.8m to £11.5m, but it went from profit to loss due to litigation costs. The water sector is the main focus of the company. The new AMP7 water investment period starts in April. There was cash of £4.38m at the end of November 2019. The NAV was £3.28m compared with a market capitalisation of £2.4m.

Employee-owned business finance provider Capital for Colleagues (CFCP) broadly maintained its NAV at 43.44p a share at the end of August 2019. A £800,000 investment valuation gain plus a £126,000 write back of provisions was offset by loan impairments of £908,000. Management believes that several investee companies will have encouraging developments this year.

Ashley House (ASH) has decided to withdraw from NEX on 26 March and maintain its AIM quotation. Cash remains in short supply due to the failure to receive more than £1m owed by two debtors. More cash needs to be raised. Non-core assets could be sold. There are good prospects for the business. Three memoranda of understanding / framework agreements have been signed with institutions. There is a pipeline of nine potential affordable housing schemes, four of which have planning permission.

AfriAg Global (AFRI) says it intends to bid for the rest of Apollon UK, which has the right to 95% of net profit of Apollon Formularies Jamaica and the right to acquire a 49% stake in that business. AfriAg owns 2.68% of Apollon UK and is trying to satisfy regulatory requirements for the offer to go ahead.

PCG Entertainment (PCGE) had less than $24,000 left in the bank at the end of September 2019. A proposed deal fell through last year and management is considering a new strategy which could be announced in a few weeks. Trading in the shares remains suspended.

Eastinco Mining and Exploration (EM.P) has signed a joint venture agreement with Dynasty Construction, which owns 600 hectares of land in Rwanda, to explore for tin, tungsten and tantalum. Eastinco says the operation of the wash plant at the Kuaka mine has been delayed. It should be in operation by the end of April.

Dozen Savings 5% secured bonds 1 March 2020 have been withdrawn from NEX.

AIM

Netcall (NET) increased its total annual contract value by 10% to £16.6m at the end of 2019. The customer engagement software provider has been increasing the sales of its low-code products, which represent one-third of group revenues just a couple of years after the products were launched. The Liberty Connect conversational messaging platform has generated the first orders.

Fashion retailer Quiz (QUIZ) has been performing poorly almost since it joined AIM and many investors have lost patience. Fidelity sold its 5% stake, but one investor that believes it is a good time to buy the shares is Cavendish Asset Management, which has more than doubled its stake from 5.24% to 11.8%.

Redx Pharma (REDX) has terminated merger discussions with Yesod Bio-Sciences because the offer was not high enough. Redmile Group will provide up to £26.3m of funding to Redx. Redmile will subscribe for 11.5 million shares at 11.2p each, which is higher than the market price in the past six months. There will also be a £5m short-term loan and a £20m convertible loan. The share subscription will provide enough cash until April while the terms of the loans are agreed.

Cora Gold (CORA) has announced further drill results for the Sanankoro gold project in the Yanfolila gold belt in southern Mali. The results confirm significant additional mineralisation with some grades above 2g/t. There are more results to come.

finnCap is not changing its forecast for Surface Transforms (SCE) following its seven month figures. The carbon fibre brake discs developer is changing its year end from May to December. In the 17 months to December 2020, revenues of £3.3m and a loss of £1.7m are forecast.

Empire Metals (EEE) has raised £600,000 at 1p a share in order to invest in its assets in Georgia and identify other assets.

United Oil and Gas (UOG) has completed the acquisition of Egyptian oil and gas assets from Rockhopper Exploration (RKH) and it was readmitted to AIM on 28 February.

Eden Research (EDEN) is raising up to £10.6m at 6p a share via a placing and open offer. The biopesticides developer will spend the cash on gaining regulatory approval and registration for its products, as well as on further development.

AssetCo (ASTO) had cash of £17.1m at the end of September 2019 and since then a further £11m has been received. There are also bonds of £3.5m. Grant Thornton is appealing the judgement for negligence and the decision of the Court of Appeal should be made in the summer.

Billing Services Group (BILL) has completed the sale of its business and will distribute cash to shareholders by the end of March.

Mereo BioPharma (MPH) says it received positive feedback from the FDA following an end of phase 2 meeting for Setrusumab, a treatment for osteogenesis imperfecta in the young. A phase 3 study programme has been agreed.

STM Group (STM) has confirmed previous expectations for its 2019 figures which will be reported on 24 March. An underlying pre-tax profit of £2.5m is forecast.

Firestone Diamonds (FDI) wants shareholder permission to leave AIM. The general meeting is on 13 March. A weak diamond market and lower recovery levels than expected have made it difficult to finance the debt burden. Leaving AIM will reduce costs and there has been little liquidity anyway.

MAIN MARKET

Packaging supplier Macfarlane (MACF) increased its pre-tax profit by 10% to £12m. The full year dividend was raised by 7% to 2.45p a share. Both distribution and manufacturing made higher profit contributions. This year’s profitability is ahead of 2019, so far.

Personal care products supplier InnovaDerma (IDP) has a lot to do to make its full year forecast. Interim revenues increased from £3.9m to £5.4m and there was a slightly lower loss. There is £ in the bank but that could recover to more than £2m by the end of June 2020.

Chief executive George Bennett has leant $1m to Rainbow Rare Earths (RBW) to fund exploration and operations. He already has a 8.6% stake and there are warrants over 2 million shares exercisable at 4.55p each that have been issued in return for the loan, which does not have an interest charge.

Commercial aircraft leasing company Avation (AVAP) trebled its interim profit to $45.2m, including an unrealised gain of $37m on aircraft purchase rights, and the net asset value was 15% higher at $4.29 a share. This is equivalent to 325p a share. The dividend was raised by 5% to 2.1 US cents a share.

Trading in the shares of Mila Resources (MILA) has been suspended following an agreement to progress with the purchase of E-Tech Metals in a share deal. The transaction is subject to due diligence. The attraction is high grade neodymium and praseodymium mineralisation, which are important rare earths, in the Eureka rare earth project in Namibia.

BATM Advanced Communications (BVC) has won a $4m cyber contract from an existing government customer. This customer has and will generate contracted revenues of more than $18m.

Investment company London Finance and Investment (LFI) increased net assets by 7% to 63p a share at the end of 2019, although it fell to 62.6p a share by the end of January. An increase in the value of the stake in AIM quoted cake maker Finsbury Food (FIF) more than offset declines elsewhere in the six months to December 2019.

Andrew Hore

Tertiary Minerals #TYM – Publication of Annual Report & Accounts, and Notice of AGM

Tertiary Minerals plc, the AIM-traded mineral exploration and development company building a multi-commodity project portfolio is pleased to announce that the Annual Report for the year ending 30 September 2019, including the Notice of Annual General Meeting (“AGM”), is now available on the Company’s website at   https://www.tertiaryminerals.com/investor-media/financial-reports and will be posted to shareholders today.

The AGM will be held on Thursday 19 March 2020 at 2:00 p.m. at the Company’s offices at Silk Point, Queens Avenue, Macclesfield, Cheshire SK10 2BB.

For more information please contact:

Tertiary Minerals plc:

Richard Clemmey, Managing Director

+44 (0) 1625 838 679 

Patrick Cheetham, Chairman

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

 

 

Alan Green talks Tertiary Minerals #TYM, Watches of Switzerland #WOSG, JD Sports #JD & CVS Group #CVSG on Vox Markets podcast

Alan Green discusses Tertiary Minerals #TYM, Watches of Switzerland #WOSG, JD Sports #JD & CVS Group #CVSG with Justin Waite on the Vox Markets podcast. Interview is 10 minutes 50 seconds in.

Andrew Hore – Quoted Micro 24 February 2020

NEX EXCHANGE

The costs of a cyber-attack meant that National Milk Records (NMRP) interim pre-tax profit fell by two-thirds to £375,000. Revenues also declined from £11.7m to £10.7m, although that was mainly due to one-off revenues in the corresponding period. Disease testing services was the only part of the group where revenues improved. Underlying trading is within expectations. Net debt increased from £2.1m to £2.4m. Lower milk prices may reduce milk volumes from their high levels last year.

GP software supplier DXS International (DXSP) has raised just over £1m at 8p a share. The shares equate to more than one-quarter of the enlarged share capital. The cash will provide working capital required to market the company’s new products. The latest framework agreement has included a modest price rise. NHS accreditation of the company’s new software should be complete in April.

Cancer treatments developer Incanthera is planning to join NEX this week. Manchester-based Incanthera is developing Sol, a topical product for the treatment of solar keratosis and prevention of skin cancer, which could be licenced to a partner within 18 months. There is a pipeline of cancer therapeutics which have come through the Institute of Cancer Therapeutics at Bradford University, which owns 12.3% of the company. AIM-quoted Immupharma (IMM) will hold a 11.9% stake and has 7.27 million warrants, where the exercise price is being rebased to the issue price. Cairn is the corporate adviser and Stanford Capital Partners is the broker. The expected admission date is 28 February.

NQ Minerals (NQMI) is paying A$2m for 100% of the Beaconsfield gold mine and processing plant in Tasmania. This was a major gold mine up until 2012 and it could go back into production. The gold price has risen by 50% since production stopped. The initial payment is A$100,000.

NAV fell from 64p a share to 59p a share at Western Selection (WESP) in the six months to December 2019. The lack of a dividend from AIM-quoted Bilby (BILB) meant that dividend income nearly halved, although it was the one core investment that increased in value. There will be no interim dividend. Share disposals mean that net cash was £2.45m at the end of 2019.

Gunsynd (GUN) has decided not to take up its option to acquire a further 22.33% stake in the Kolosori nickel prospect in the Solomon Islands. Previously £45,000 was paid for a 7.76% stake. Gunsynd has received £20,000 of the £260,000 it is due to be paid for its stake in Oyster Oil and Gas.

Primorus Investments (PRIM) says that investee company SOA Energy UK hopes to join AIM by the fourth quarter of 2020. Drilling is due to commence at the Ofek well in Israel during May and it could last 40 days with a further 40 days of testing. The results will be known before the flotation. Primorus owns 14,977 SOA shares.

Belvedere Leisure Resorts (BELV) is still waiting for cash to cover the full subscription promised just after flotation and it does not appear likely that the investor can come up with the cash. Other investors may come up with the funds in the next six weeks.

Investment company First Sentinel (FSEN) has raised £196,000 from an issue of Green Finance preference shares at 100p each. There is a fixed interest rate of 5.05% a year and then a variable rate of up to 10.15% depending on whether certain conditions are met. The preference are convertible into ordinary shares. The focus is investments in the ethical, sustainable and renewable energy sectors.

Sativa Group (SATI) says subsidiary Goodbody Botanicals will have its products stocked in 100 of WH Smith Travel’s UK stores.

Angelfish Investments (ANGP) has appointed Novum Securities as its corporate adviser.

AIM

Rail optimisation software and equipment supplier Tracsis (TRCS) had a strong first half. Interim revenues increased from £18.8m to £26m. There were two acquisitions in January 2019, so they contributed for a full period this time. There is cash of £26m and it should reach £31.6m by the end of July.

Medical technology supplier Inspiration Healthcare (IHC) says it did better than expected in the year to January 2020. Revenues should be 15% ahead at £17.8m, which is equivalent to like-for-like growth of 12%. EBITDA should be one-fifth higher at above £2m.

4D Pharma (DDDD) is raising £22m at 50p a share, which is half the level that 4D floated at in June 2014. This cash will provide the additional funds required to support ongoing studies for IBS and oncology. The clinical study data is important when it comes the next step for the group.

Urban Logistics REIT (SHED) plans to raise up to £106.7m at 137.5p a share and this will be used to acquire logistics properties. The cash will be raised via a placing, offer for subscription and open offer. The share price equates to adjusted NAV and is a discount to the market price. A special dividend of 3.85p a share will be paid.

Stanley Gibbons (SGI) is acquiring trading inventory from 58.1% shareholder Phoenix SG Ltd for £1.07m. This will be paid as the inventory is sold, net of sales commission.

AdEPT Technology (ADT) raised £4.25m at 320p a share, which was more than it was initially seeking. This will reduce debt and provide funding for acquisitions.

Chris Pullen has resigned as chief executive of Staffware (STAF) and a search for a replacement is about to commence. The recruitment and training company continues to talk with its lenders. Net debt is estimated at £60m at the end of 2019.

Toys supplier Hornby (HRN) is raising up to £15m via a placing and one-for-3.006268641288 open offer at 36p a share. The cash will be invested in the company’s brands, digital marketing and corporate systems.

MAIN MARKET

Nanoco (NANO) has filed a patent infringement lawsuit against Samsung relating to Nanoco’s synthesis and resin technology for quantum dots. There was a collaboration with Samsung, but it ended without a licence agreement.

Stevia supplier PureCircle (PURE) has secured a waiver and amendment to its bank facility. This covers all previous defaults and provides an additional $8.6m of funds.

Career development platforms developer Dev Clever (DEV) has delayed the roll-out of its platform and that hit interim revenues. Management hopes to secure a partnership with a worldwide technology manufacturer that will enable an international roll-out. Chris Akers has increased his stake from 6% to 7.15%.

World Trade Systems (WTS) intends to cancel its listing on 27 March in order to save costs.

Andrew Hore

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