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Andrew Hore – Quoted Micro 12 February 2018

NEX EXCHANGE   

Western Selection (WESP) maintained its NAV at 95p a share at the end of the six month period of December 2017. Net debt was £1.13m. A sharp upturn in the value of the stake in Bilby (BILB) and offset declines in other investments. The interim dividend is unchanged at 1.1p a share. The shares go ex-dividend on 8 March.

Gledhow Investments (GDH) has granted six million options to its directors and company secretary. Guy Miller and Brett Miller will receive 2.5 million options each and Geoffrey Melamet receives 1 million. The exercise price is 1p a share. They last for five years and would equate to 10.9% of the enlarged share capital if taken up. The current share price is 1p (0.75p/1.25p). Gledhow had a NAV of £714,452 at the end of September 2017, which is equivalent to 1.45p a share. Since the year end, a gain of £115,000 was achieved on the sale of Coinsilium shares and Gledhow retains a significant stake which in Coinsilium, where the share price is more than three times the level at the end of September 2017. That could add more than £100,000 to the Gledhow NAV but the Coinsilium share price is volatile. Directors and company secretary remuneration was £21,514 last year. There are 4.9 million warrants exercisable at 1.5p each but these expire on 6 March 2017. Bruce Rowan and related parties own 83.37% of the current share capital.

IMC Exploration (IMCP) is continuing with its plans to move to the standard list. IMC has signed heads of agreement with Trove Metals Ltd and this should lead to a joint venture for the project at Avoca, County Wicklow. The current Koza/IMC joint venture has been set aside. IMC has decided to focus on the 12 most prospective of its 15 licences.

Crossword Cybersecurity (CCS) says that its revenues more than doubled to more than £700,000 in 2017. There is customer interest in the Rizikon cyber security product and the General Data Protection Regulations will provide momentum when they come into force in May. Full year figures should be published by the end of April.

Sandal (SAND) says that radiators supplier Pitacs will be a distributor of the Energie MiHome range. Pitacs is launching a new boiler in April and the Energie MiHome thermostats and radiator valves can be sold with this. Pitacs supplies more than 2,000 independent plumbers’ merchants as well as Plumb Nation.

Angelfish Investments (ANGP) says that its investee company Rapid Nutrition plans to gain a quotation in London. Rapid, which is already quoted on the SIX Swiss Exchange, has developed a nutraceutical product range. One of the terms of the £150,000 loan to Rapid was that it should be admitted to the London market by the end of February but this date has been extended to the end of April because of delays in the flotation process. If admission to the market happens by 1 March, then the principal and interest will convert into Rapid shares. If it takes longer than the interest after the end of February is payable in cash.

BWA Group (BWAP) has issued £220,000 of 4% convertible loan notes, with £120,000 taken up by Bath Group, which is owned by BWA chairman Richard Battersby. Bath has taken £70,000 of the loan notes in lieu of cash owed by BWA investee company Mineralfields Group.

Trevor Lloyd has succeeded Philip Kirkham as chairman of National Milk Records (NMR).

Kryptonite 1 (KR1) has changed its name to KR1.

AIM    

Shield Therapeutics (STX) disappointed the market with phase III patient trial results for the use of Feraccru in the treatment of iron deficiency anaemia in patients with chronic kidney disease that did not meet statistical significance requirements. The results are being analysed in order to identify the reason the trial failed. The share price fell by two-thirds.

Diversified Gas and Oil (DGOC) expects to complete the acquisition of Appalachian producing gas and oil assets from CNX Gas by the end of March. This will cost $85m (£59.9m), while the acquisition of Alliance Petroleum will cost a further $95m (£66.9m). A placing at 80p a share has raised £133.1m. The group’s net working interest production will increase by 173% to 28,133 boed. Management expects annualised EBITDA to be $70m-$75m.

OnTheMarket (OTMP) joined AIM on 9 February having raised £30m at 165p a share. The share price ended the day at 148p. The online property portal operator will make significant investment in its business over the next two years and this will lead it to fall into loss for a couple of years.

Draper Esprit (GROW) has made three new investments. Evonetix is developing the ability for parallel synthesis of DNA on silicon arrays. Droplet Computing has developed technology to decouple applications from the operating system for online and offline use. Kaptivo is developing products to provide whiteboard live streaming and image capture.

Seeing Machines (SEE) has published a trading statement to try to reassure investors following the unexpected departure of its chief executive. Interim revenues will be greater than the A$13.6m reported for last year. The fleet business is gaining revenues internationally. There is growing interest in the driver fatigue technology from Transport for London.

Recruitment software provider Dillistone (DSG) says that its 2017 figures will be much better than expected. This led to a pre-tax profit upgrade from £200,000 to £300,000. This is still a depressed figure due to the investment in GatedTalent and the future of the business depends on the take-up of this new product.

Engineering and technology recruiter Gattaca (GATC) says that weakness in the technology sector will hold back its progress and its chief executive has resigned. Underlying pre-tax profit is set to decline for a second year while the dividend could be halved to 11.5p a share in order for its to be twice covered.

Trading in the shares of BOS Global Holdings (BOS) remains suspended because of the resignation of RFC Ambrian as nominated adviser. BOS still does not have enough working capital so it cannot publish its 2016-17 annual report because the uncertainty over the AIM quotation scuppered a £1.2m placing.

Trading in Kennedy Ventures (KENV) shares will recommence on 12 February following the publication of its annual report. There was a cash outflow of £2.76m in the year to June 2017. The Namibia Tantalite Investment Mine run by African Tantalum has made its fourth shipment of tantalum to its North American customer and there are two more potential customers.

Croma Security Solutions (CSSG) says its first half figures will be much better than those reported for the first half of last year. The EBITDA will improve from £440,000 to more than £1.1m. The company’s largest ever contract was won at the end of the period. There has been an increase in demand for personnel from Croma Vigilant and it has won a five year contract. There is also improved demand for technology supplied by Croma Systems. The interims will be published in February.

BNN Technology (BNN) will lose its AIM quotation on 12 February. A matched bargain facility will be set up. The remaining board hopes to do at least one deal with the two US-listed companies it is in discussions with concerning the acquisition of all or most of BNN’s business.

Strategic Minerals (SML) has extended its access to the Cobre magnetite stockpile in New Mexico until the end of March 2019. This will provide cash to finance other projects.

Origo Partners (OPP) has sold 4.7% of Jinan Heng Yu Environmental Protection Co Ltd for the equivalent of $3m. This is in line with book value but it may take many months for the cash to be received. Origo retains a 7.2% indirect stake. The Origo NAV was $0.09 a share at the end of June 2017.

Alba Mineral Resources (ALBA) has secured additional exploration licences in Greenland. The 466 square km of land is in north west Greenland. Exploration work can be combined with existing licence areas.

Mercantile Ports and Logistics (MPL) says its port in Mumbai will receive its first revenues in a few weeks, following delays in the first customer sorting out its logistics. A further 200 metres is being added to the quay on the east flank of the facility.

Physiomics (PYC) has won a £70,000 contract from a major pharma company. The company’s Virtual Tumour computer model will be used for helping to predict outcomes in pre-clinical testing.

Warpaint London (W7L) says its 2017 results will be in line with expectations suggesting a pre-tax profit of £9.8m and a total dividend of 4p a share.

Polarean Imaging has relaunched plans to come to AIM. It had planned to float at the end of 2017 and the new proposed date is 22 February.

Fryer management services provider Filta Group Holdings (FLTA) says its 2017 revenues were 30% higher at £13.25m. The sale of the refrigeration business should increase the group margin.

TechFinancials Inc (TECH) has pulled out of the sale of non-core operations because the buyer had still not obtained regulatory approval.

MAIN MARKET    

Cadmium-free quantum dots producer Nanoco (NANO) has secured a material development and supply agreement with a major US firm that will provide funding to expand Nanoco’s manufacturing site in Runcorn. The deal covers the production of nano-particles for electronic devices. Commercial supply should commence in 2019.

Dukemount Capital (DKE) has secured a two month extension to its option on a property in north west England while talks with a housing association continue. Plans for the refurbishment of the building will be presented to the housing association. Gary Carp has increased his stake from below 3% to 5% in the past fortnight.

Flying Brands Ltd (FBDU) is negotiating to buy a North American medical imaging software developer, which owns FDA-approved medical imaging software that fits well with Flying Brands; own software. The cost of £500,000 would mainly be financed through a share issue.

Avocet Mining (AVM) has completed the sale of Resolute (West Africa) for $5m.

Path Investments (PATH) is still intending to raise cash and move to AIM in the first quarter of 2018. The farm-in deal to acquire 50% of Alfeld-Elze II licence and gas field in Germany is expected to go ahead in the near future.

Chuk Kin Lau has increased his stake in book publisher Quarto Group (QRT) from 20% to 25.6%. Cavendish Asset Management nearly halved its stake to 3.69%.

Andrew Hore

Andrew Hore – Quoted Micro 11 December 2017

NEX EXCHANGE

First Sentinel (FSEN) has bought a 80% stake in Perennial Enterprises in Australia in an all share deal. Perennial is a profitable debtor finance business and it is purchasing A$5m of invoices each month. Shane Perry of Perennial will join the First Sentinel board.

Primorus Investments (PRIM) has sold its investment in Gold Mines of Wales to Alba Mineral Resources (ALBA) in return for 83.3 million shares in Alba (3.6% of the company). That was worth £317,000 at an Alba share price of 0.38p.

NHS-focused software systems supplier DXS International (DXSP) has been hit by budget cuts but management is hopeful that NHS restructuring will have a positive effect. A tender has been won for a pilot of a new product range. The NHS will launch the GPSOC3 tendering in 2018 and this could provide opportunities for DXS.

Block Energy (BLOK) has delayed its move to AIM until mid-January. It was originally expected to make the move on 7 December.

Etaireia Investments (ETIP) had net assets of £1.88m at the end of September 2017. Since then, two buildings in Peterlee have been acquired and more acquisitions are promised in the near future.

Early Equity (EEQP) impaired two investments in the year to August 2017. The full year loss was £139,000. Further cash has been raised since the year end.

Commercial property investor Ace Liberty and Stone (ALSP) has completed the purchase of the New Majestic Bingo Hall, Middlesbrough for £4.15m and it generates rent of £313,000 a year.

All Star Minerals (ASMO) has raised £30,000 at 0.075p a share.

AIM

Sula Iron and Gold (SULA) is acquiring a controlling interest in a cobalt licence in the Democratic Republic of the Congo (DRC) for $100,000. This is near to existing cobalt and copper mines. A holding company will be 70% owned by Sula and 30% owned by the vendor. A placing is raising £1.75m at 0.05p a share. This will provide cash for the exploration of the new licence and finance the development of the assets in Sierra Leone. Sula will assess other opportunities in the DRC. The Riverfort facility will be terminated and shares bought back from D-Beta. The company is changing its name to African Battery Materials.

Evgen Pharma (EVG) has raised the cash to finance the completion of the phase II studies for SFX-01, which uses its synthetic sulforaphane called Sulforadex. There is a phase II trial assessing the treatment of metastatic breast cancer and there should be an interim reading in the first half of 2018 and it will report fully before the end of the year. There is also a phase II trial for subarachnoid haemorrhage stroke, which should also report by the end of 2018. Evgen has raised £2.3m at 12p a share. Hardman says that cash burn is £300,000 a month.

Mirriad Advertising (MIRI) has reset its flotation date to 19 December and it is raising £25.4m, before costs of £1.2m, at 62p a share. Numis is nominated adviser and broker, while Baden Hill is joint bookrunner. Mirriad, which has developed technology to enable product placement in existing TV and film content, will be valued at £63.2m. Management is raising £800,000 from the sale of existing shares. IP Group is a major shareholder and is investing a further £3.7m, leaving it with a 27.2% stake. Amati VCT, Amati VCT 2, Edge Performance VCT and Oxford Technology 4 VCT, which acquired its shareholding around a decade ago, also have stakes, although it does not appear that the VCTs will generate much of an increase in the value of their holdings at the placing price.

Brighton Pier Group (PIER) has agreed to buy mini golf site operator Paradise Island Adventure Golf for an initial £10.5m. The business made an EBITDA of £1.21m on revenues of £3.49m in the most recent financial year. Six sites are being operated with two to be added. This is less seasonal than Brighton Pier. A placing raised £3m at 95p a share, with executive chairman Luke Johnson investing £850,000.

Delays with a project at Hinckley C hampered last year’s figures from Redhall (RHL) but the underlying business has been put on a much firmer footing. The order book is higher and so are the gross margins on the work.

Collagen Solutions (COS) has been hit by a delayed order from a major tissue customer which is launching a new product incorporating the tissue. This will hamper full year revenues. Interim revenues were flat at £1.86m and the full year revenues are expected to still rise from £3.95m to £4.31m but this is around £800,000 lower than previous forecasts. There should still be £6m in the bank at the end of March 2018. The long-term prospects for the ChondroMimetic cartilage repair product are positive.

Vianet Group (VNET) is switching its revenue model for its smart machines division to focus increasingly on regular recurring revenues from contactless payment technology sales. This held back interim revenues. Since the end of the first half, Vianet has completed the acquisition of Vendman and this should make a small profit contribution in the second half. Full year group revenues are expected to rise from £14.3m to £15.4m, while pre-tax profit should move from £2.5m to £2.8m. Vianet is changing its sector to telecommunication equipment.

Accounting software supplier FreeAgent Holdings (FREE) grew its interim revenues by 28% to £4.6m without any significant contribution from its partnership with Royal Bank of Scotland. Growth was slowed by regulation changes relating to public sector contractors. The policy of moving towards digital tax returns will provide a future boost to demand for the company’s software from small businesses. House broker N+1 Singer has trimmed its forecast revenues for the next two years and does not expect FreeAgent to make a full year pre-tax profit over that time scale.

Sovereign Mines of Africa (SMA) ran into regulatory and tax issues relating to its proposed reverse takeover of an Indian eyewear manufacturer. Trading in the shares was suspended on 21 July so it has until 27 January to find a potential acquisition.

Pennant International (PEN) is partnering with Capewell Aerial Systems, a producer of military and law enforcement equipment. The two companies will develop opportunities and an initial product is already under development. The news that BAE is selling Typhoon aircraft to Qatar is also good for Pennant.

Wind measurement technology developer Windar Photonics (WPHO) has received an order for 300 WindEYE LiDAR systems from a Chinese distributor. There will be 50 delivered this year and the rest in the first half of 2018.

Software supplier Pelatro plans to join AIM on 19 December. The mViva software is developed in India and used for marketing by telecommunications companies.

Video games developer Sumo Group plans to float by the end of December. Video games industry veteran Ian Livingstone is a non-executive director.

MAIN MARKET

Hemogenyx Pharmaceuticals (HEMO) has made good progress since it reversed into a standard list shell. Hemogenyx continues to work with contract research organisation LakePharma Inc, whose holding company invested £350,000 in Hemogenyx, to develop its therapies for bone marrow or blood stem cell transplants. This collaboration should help to progress the CDX technology towards clinical studies in 16 months time and preparatory work has started on a submission to the US FDA. The company has recently announced a collaboration with Oxford University that could generate work that will significantly improve the efficiency and safety of bone marrow transplants. A reliable supply of human tissue has been secured from a US research university.

Rainbow Rare Earths (RBW) has shipped the first load of rare earth mineral concentrate and it is currently on the road Mombasa. Production has commenced on time and within budget. Gasagwe is the only producing rare earths mine in Africa. Arden believes that Rainbow could make a profit of $3.4m in the year to June 2018, rising to $4.2m in 2018-19.

Deloitte has been appointed as administrator to Torotrak (TRK) because of a shortage of cash. Trading in the shares has been suspended.

Andrew Hore

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