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Andrew Hore Quoted Micro 13 May 2019

NEX EXCHANGE

National Milk Records (NMR) improved revenues from £5.32m to £5.56m in the three months to March 2019. Disease testing revenues grew at the fastest rate. This quarter did not benefit from one-off revenues like the first two quarters of the financial year.

Gledhow Investments (GDH) reported a reduction in net assets to £735,000 at the end of March 2019. Gledhow has trebled its money in Block Energy and sold the stake, but most of the proceeds came after the end of March.

Primorus Investments (PRIM) believes that Sport:80 has missed the chance to float, but TruSpine still has a chance to become quoted. International payments and lifecycle software provider Zuuse could be ready for a flotation within 18 months.

Wheelsure Holdings (WHLP) has finally published its results for the year to August 2018. They show revenues falling from £226,000 to £96,000, although the loss was similar at £336,000. UK and Netherlands demand were weaker than expected.

Health and community care properties developer and modular buildings supplier Ashley House (ASH) says its joint venture Morgan Ashley has achieved financial close on two more projects. A further three could be closed in the current quarter. Even so, group pre-tax profit will be lower. There will be an update in July.

Sativa Investments (SATI) is changing its name to Sativa Group to reflect that it is a trading company with a greater focus on UK operations. The application for a Home Office research and development licence to grow medicinal cannabis is proceeding well. This is for its own requirements as well as growing some varieties for order.

Ace Liberty and Stone (ALSP) has acquired properties in Warrington and Middlesbrough for more than £10m. The Communities and Local Government department is the long-term tenant of both properties. The Warrington property cost £2.9m and the Middlesbrough property £7.125m.

In the first four months of 2019, NQ Minerals (NQMI) has produced 6,857 DMT of lead concentrate, 4,763 DMT of zinc concentrate and 29,389 DMT of pyrite concentrate.

Giles Brand has increased his stake in EPE Special Opportunities (ESO) from 23.1% to 30.5%. EPE has a NAV of 241.3p a share. Almon I Holding SA has a 3.16% stake in Coinsilium Ltd (COIN).

MetalNRG (MNRG) is delaying a move to the Main Market because of the uranium exploration ban in The Kyrgyz Republic, which means that the proposed farm-in agreement for the Kamushanovskoye uranium deposit has been suspended. Due diligence is progressing on the Thambani licence and the transaction agreement with Mkango Resources by the end of June. Once it has funding, MetalNRG will make progress with the Gold Ridge project.

Panther Metals (PALM) reported a doubled cash outflow from operating activities of £309,000 last year. There was £1,247 in the bank at the end of 2018.

AIM   

Begbies Traynor (BEG) says that trading was ahead of expectations. The business recovery and property services provider says both divisions performed well. Shore has upped its pre-tax profit forecast for the year to April 2019 by 6% to £7.1m, compared with £5.6m the year before. The full year figures will be published on 9 July.

Interactive Investor has decided not to make a bid for Share (SHRE).

RA International (RAI) has won two new contracts. A five year contract worth $9.8m has been awarded by the United Nations Support Office for vehicle and equipment fleet services in Somalia. This is for ten locations compared to one previously. There is also a contract for construction services relating to the US Embassy in Denmark.

Immupharma (IMM) intends to merge its two French subsidiaries and either get private equity backing or float the combined business on a European stockmarket. The business is developing the Nucant cancer programme (Elro) and the peptide platform (Ureka). Immupharma will concentrate on Lupus treatment Lupuzor and it is talking to potential corporate partners.

India-focused online fashion retail investment company Koovs (KOOV) has agreed a £10.5m cash injection at 15p a share by a subsidiary of Indian retailer Future Group.

Bidstack (BIDS) is raising £5m at 12.5p a share. This will finance the growth of the in-game advertising business. Bidstack reversed into Kin Group nine months ago and that that time raised cash at 6p a share.

Trading in contract research organisation Venn Life Sciences (VENN) shares is suspended ahead of the reverse takeover of Open Orphan DAC for £5.7m in shares. The strategy is to gain approval for and provide orphan drugs for the European market. Cash will be raised to fund the new strategy.

Keystone Law (KEYS) increased full year revenues from £31.6m to £42.7m and pre-flotation costs profit jumped from £2.54m to £4.75m. This year’s profit forecast had already been upgraded at the time of the trading statement and the figure is maintained at £5.6m. This year’s dividend is set to rise from 9p a share to 10.3p a share. The cash pile is expected to rise from £6.3m to £7m.

N+1 Singer has upgraded its profit forecasts for Cambria Automobiles (CAMB) following its interims. The pre-tax profit forecast for the year to August 2019 has been increased by 13% to £11m, up from £9.8m last year and not far off the figure for 2016-17. Capital investment is peaking and net debt is expected to rise to £9.1m by the end of August 2019. NAV is set to rise to 68p a share.

Vertu Motors (VTU) reported strong full year figures with growth in used cars and aftersales offsetting the downturn in new car sales. Pre-tax profit of £23.7m was higher than forecast but lower than the £28.6m reported for the previous year. Cash generation is also better than expected. This year’s forecast has been trimmed to £25.7m. The share price remains below its NAV of 44.9p a share.

Osirium Technologies (OSI) is considering raising additional funds in order to fully exploit its new product. Opus is a cyber security product for IT process automation. Additional business development managers and distribution partners have been taken on and additional cash would enable further geographic expansion. Osirium is good at retaining clients and Opus provides an additional product to sell to them.

Packaging manufacturer Robinson (RBN) has increased its revenues by 15% in the first four months of the year and most of that is due to higher volumes. This means that it is well on its way to growing full year revenues from £32.8m to £36.1m even though second quarter revenues may be lower due to destocking. Further capital spending has been funded by cash from operations.

MAIN MARKET 

Ingredients supplier Treatt (TET) increased interim revenues by 6% to £56.6m and pre-tax profit was 7% higher at £6.2m. Additional shares in issue mean that earnings per share were slightly lower. The core citrus business revenues fell slightly but other areas grew. Net cash was £9.4m at the end of March 2019. This will be spent on the relocation of UK operations and there will be net debt by the end of September 2019.

Air Partner (AIR) slipped out its figures for the year to January 2019 well after the market closed on Thursday. Even so, there was a positive share price reaction and there were no real disappointments. Underlying pre-tax profit was flat at £5.8m. The total dividend was edged up to 5.6p a share.

Macfarlane (MACF) has acquired protective packaging distributor Ecopac for £3.9m. A pre-tax profit of £500,000 was generated in 2017-18. Macfarlane will provide additional products for Ecopac to distribute.

Argo Blockchain (ARB) will hold the requisitioned general meeting on 16 May. Frank Timis is hoping to change the strategy of the company and conserve the cash pile for other uses. He wants Jonathan Bixby and Mike Edwards removed from the board. Argo expected to generate £220,000 in cryptoassets in April, which is similar to cash operating costs. These costs are expected to rise to £300,000 in May but the month should still be cash neutral.

Cardiff Property (CDFF) increased its NAV from 21.78p a share to 21.84p a share in the six months to March 2019. The interim dividend has been raised by 5% to 4.6p a share. Activity in the Thames Valley area has slowed in the first half.

Andrew Hore

Andrew Hore – Quoted Micro 3 December 2018

NEX EXCHANGE        

European Lithium (EUR) joined NEX on 26 November. European Lithium is the 100% owner of the Woflsberg lithium project in Austria and it is already quoted on the ASX. The plan is to produce battery grade lithium hydroxide for the European market. Capex of $390m is required for the project. WH Ireland estimates the NPV at $223m.

Crossword Cybersecurity (CCS) has confirmed its move to AIM in the middle of December. The cyber security systems developer plans to raise up to £2.25m.

Wheelsure Holdings (WHLP) raised £125,000 at 1p a share. This will finance product development. Wheelsure has established a project with Haydale Graphene Industries (HAYD) and the University of Manchester. This will develop a product combining graphene with Wheelsure’s failsafe locking system.

Ace Liberty and Stone (ALSP) has completed the acquisition of the Mecca bingo hall in Chesterfield for £4m. The property has a ten year lease and generates annual rent of £388,000. Ace has issued 147,070 shares at 100p each covering the conversion of convertible loan notes and payment of related interest.

Sandal (SAND) says that it needs more to cash in order to fully exploit the potential for Energenie MiHome products. Revenues in the first five months of the new financial year are higher than in the same period last year, even though there was a stock overhang at one Energenie MiHome customer.

IMC Exploration (IMCP) is relinquishing two licences in order to focus on its three main projects. They are the tailings project in Avoca, Wicklow, the north Wexford gold project and the zinc project in County Clare. There was €212,000 in the bank at the end of June 2018.

TechFinancials Inc (TECH) has launched the Beta version of its CEDEX blockchain diamond exchange.

Barkby Group (BARK) has taken on a ten-year lease for The George at Burpham in Sussex.

Primorus Investments (PRIM) has purchased 27 million shares in Greatland Gold (GGP) at an average price of 1.67p a share. The investment totalled £450,000. This is on the back of positive drilling results. At the Havieron gold/copper project in Western Australia.

Dana Group International Investments (DANA) reduced its underlying loss in the year to June 2018 and it ended the period with a NAV of 21 cents a share. There was a sharp decrease in NAV due to the write-down in the value of investments.

Imperial Minerals (IMPP) is still seeking a resources acquisition. There was £20,000 in the bank at the end of June 2018 and subsequently a further £50,000 was raised by a convertible issue.

AIM   

Active Energy Group (AEG) has raised nearly £1.5m at 1p a share and there is one warrant with every four new shares. The warrant is exercisable at 1.75p a share over a 12 month period. Creditors have been issued 15.5 million shares for the money they are owed. The cash will be used to finance the plans for a CoalSwitch plant with its joint venture partner and the working capital for the newly awarded cutting permits in Newfoundland.

Financial services provider STM Group (STM) expects a significant release from the London and Colonial Assurance of at least £500,000 before the year end. Last year, the release was £1.3m. There have also been one-off costs, but overall pre-tax profit should be in line with expectations.

Kropz (KRPZ) began trading on AIM on Friday. The share price ended the day at a 3.5p premium to the 40p placing price. The plant nutrient producer raised £27.3m to finance the Elandsfontein phosphate project.

Inland Homes (INL) has a land bank of 7,000 plots and 1,700 of them have planning consent with a further 2,000 in the planning pipeline. The sale of 386 plots in Buckinghamshire has generated a management fee of more than £7m. There should be 80 houses completed in the first half. The Rosewood Housing business has obtained approval to become a provider of affordable housing.

Argentina-focused oil and gas producer and explorer President Energy (PPC) has completed the acquisition of additional assets. Incremental production will start in December. Drilling of the third well at the Puesto Flores field has started.

Gift wrap supplier IG Design Group (IGR) has grown in the first half via a combination of acquisition and organic growth. The interim figures have led Progressive Equity Research to raise its 2018-19 earnings forecast from 25.9p a share to 27p a share.

Babestation broadcaster Cellcast (CLTV) says that revenues are declining and this is likely to continue. There is £700,000 in the bank and management is trying to collect money owed in Kenya.

IDOX (IDOX) says that full year revenues, excluding the former digital division, fell from £73.5m to £67.2m. The information management software provider generated adjusted EBITDA of £14.4m, down from £16.7m. Annualised recurring revenues are running at £32.4m. The annual results will be published in February.

Safestay (SSTY) is raising up to £11m via a placing and one-for-12 open offer at 34p a share. This cash will finance the conversion and refinancing of two hostels as well as investment in other existing sites and acquiring new ones.

Faroe Petroleum (FPM) has rebuffed a bid approach by DNO. Faroe says that the 152p a share cash offer, which values the oil and gas company at £607.9m, undervalues the business and its prospects. DNO already owns a 28.2% stake in Faroe.

Rose Petroleum (ROSE) has been paid around $300,000 in shares for providing its uranium database to enCore Energy Corp. The shares have to be retained for four months.

Timber merchant James Latham (LTHM) reported a 10% increase in interim revenues, while underlying pre-tax profit was £7.6m, prior to a £1.1m gain on the sale of the Yate site. The order book is strong, but it is more difficult to pass on price rises. There is £12.9m in the bank.

Maistro (MAIS) has launched a one-for-7.28423264 open offer at 1p a share. That could raise up to £250,000, which could take the total raised to £2.2m.

TLA Worldwide (TLA) is planning to sell its US operations to major shareholder Gatemore and may also sell its Australian activities. This may raise enough to pay off debt and leave a small amount of cash in TLA.

Gaming demand continues to be strong for security technology provider Synectics (SNX) but UK bus demand means that the full year profit forecast has been cut from £3m to £2.8m. The £4m profit forecast for the following year has been maintained.

The optimism about the Wressle oil project proved false and the planning permission was not approved as had been recommended. The original application was refused two years ago and an appeal is planned. Operator Egdon Resources (EDR) owns a 30% interest in Wressle, Europa Oil and Gas (EOG) has a 30% interest and Union Jack Oil (UJO) has a 27.5% interest. Humber Oil and Gas owns the other 12.5%.

Altona Energy (ANR) has temporarily suspended its activities at the Westfield Tenement in Australia. Management believes that other coal deposits may be more suitable for its pyrolysis technology.

Realm Therapeutics (RLM) has selected a shortlist of potential transactions, including a potential sale of the company. Further news will be published in the first quarter of 2019.

Fishing Republic (FISH) is still trying to raise additional funds for the business and it is also assessing options for selling the business.

Webis (WEB) improved its pre-tax profit from $5,000 to $103,000 in the 12 months to May 2018 and this is before any benefit from legalised online sports betting in the US.

MAIN MARKET  

Bioquell (BQE) is recommending a 590p a share cash bid from US-based Ecolab. That values the bio-decontamination business at £140.5m. The bid is nearly four times the level of the share price three years ago.

Standard list shell Hertsford Capital (HERT) has raised £3mat 10p a share. The technology-focused investment company has £2.8m in cash after costs. The share price ended the week at 11.75p.

Interim revenues declined from £666,000 to £498,000 at Associated British Engineering (ASBE) although the loss fell from £377,000 to £342,000 due to an improved performance at British Polar Engines as annual cost savings of £150,000 start to show through. There is around £1m of cash and available for sale financial assets, which is similar to the NAV.

PV Crystalox Solar (PVCS) has received the final payment of €14.3m in settlement of claims against a customer.

Flavour and fragrance ingredients supplier Treatt (TET) increased its revenues by 11% to £112.2m in the year to September 2018. Pre-tax profit improved from £11.7m to £12.6m. US capital investment should be completed next year.

Vertically integrated gemstone explorer Shefa Yamim (SEFA) is set to begin trial mining early next year. The latest exploration results have increased the volumes of mineralised placer gravels at three target sites from 1.1 million tonnes to five million tonnes.

Cardiff Property (CDFF) increased its net assets from 2126p a share to 2178p a share at the end of September 2018. The property investor has no debt and there is cash and financial assets of £5.8m. The dividend has been increased from 15.5p a share to 16.6p a share.

Andrew Hore

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