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Andrew Hore – Quoted Micro 4 December 2017

NEX EXCHANGE

VI Mining is planning to join NEX this month. The Peru-focused miner is acquiring two gold mining assets in tandem with the flotation. VI will raise up to £10m in cash at 500p a share and issue a further £10m worth of shares as part of the initial payment, along with some of the cash, for the two mining assets at Rosario and Minaspampa. VI has debt facilities in place. There is a capital expenditure and working capital commitment of £30m for Minaspampa and the mine could be in operation by next August. Rosario requires £15m of capital spending and working capital and already has licences and infrastructure. Annual gold production of 83,720 ounces from the two mines could yield a $43.5m annual profit based on a $1,300/ounce gold price. That is expected to be the initial production and it could end up quadruple that level. Two tolling projects could also generate cash for the group and the first could be up and running in a few months time. VI would be valued at £535m at the flotation price. This is backed up by a Daniel Stewart estimated valuation of £557.8m. The board will retain 73% of the company. The plan is to move to the Main Market in 12 months or so. The free float will need to be increased in order for it to be at least 25% when the move is made.

NQ Minerals (NQMI) has published the competent person report on the Hellyer gold project in Tasmania. This indicates that the project has a NPV of $113.2m. The processing facilities are being refurbished and operations are expected to commence in 2018 following the approval of the environmental management plan.

Coinsilium Group Ltd (COIN) has acquired a 30% stake in Startup Token, which provides advice to start-ups undertaking token offerings. Coinsilium is paying £361,000 in cash and shares at 8.5p each. Coinsilium is also providing a six month loan of $100,000 that can be converted into a further 6.4% of Gibraltar-registered Startup Token.

IMC Exploration (IMCP) has started drilling on PL 3729 in County Clare, which adjoins the Kilbricken zinc deposit. A feasibility study has commenced on PL 3850 in County Wicklow. IMC’s partner Koza has completed an exploration targeting report on other licences and prioritised further exploration.

Ganapati (GANP) has agreed to supply online games to Bethard Group. Ganapati will initially supply eight games and then one each month.

Hearing and mobility products retailer DHAIS (DHAP) has delayed its figures for the year to June 2017 because it wants to ensure it has support from its main funder.

Welney (WENP) had a cash outflow of £19,000 in the year to June 2917 and most of that was covered by loans from related parties and a further £11,000 has been loaned since the year end. These loans will not be called in for at least 12 months. Net liabilities are £197,000. The board is assessing potential deals.

African Potash (AFPO) has entered into a joint venture with SG Inc to develop fertiliser opportunities in the Republic of Congo. A blockchain joint venture has also been announced with FinComEco Ltd and this will develop platforms for agricultural markets in Africa. There is a plan to offer microloans to farmers. The company intends to change its name to Block Commodities Ltd.

Forbes Ventures (FOR)

AIM

Pebble Beach Systems (PEB) continues to underperform and it is not likely to get the $1.75m it is still owed by xG Technology for the sale of Vislink. The broadcast software supplier requires its banks support and needs to appoint a new management team. Talks with potential bidders did not yield an offer. This year’s revenues will be slightly lower than last year

Versarien (VRS) has a strong balance sheet after the recent fundraising and it is generating interest for its Nanene graphene product. The carbide business has won a significant aerospace order. The 167% growth in revenues to £4.38m in the first half was mainly down to the acquisition of a plastics business. A US sales office has been established.

Mortice (MORT) reported strong revenue growth but cost pressures on a particular contract held back profit. The security and facilities management business reported a 17% rise in first half revenues to $106.3m. The contract is being sorted out and house broker finnCap still expects full year profit to improve from $5.4m to $7m.

Anti-microbial drugs developer Destiny Pharma (DEST) has secured a deal with former AIM company China Medical Systems Holdings Ltd (CMS), which is now listed in Hong Kong, for a £3m cash injection into the company and a strategic partnership that gives CMS rights to Destiny’s drug candidates pipeline in China and some other Asian countries. CMS will carry out research and development and the commercialisation of any drugs in its territories. Destiny will make a margin on manufacturing products and receive payments based on sales milestones.

Tri-Star Resources (TSTR) is investing a further $6m in its Oman joint venture. This is in the form of a mezzanine loan to the company where Tri-Star has a 40% stake. The interest rate is 15% and payable on redemption – the loan term is five years. The cash will help to finance the development of the antinomy roaster in Oman. The capital budget was recently increased to $96m.

Recruitment has started for a pharmacokinetic study into the Futura Medical (FUM) erectile dysfunction treatment, MED2002. This will help to determine dosages for a phase III study. The UK and Netherlands regulatory agencies have been supportive concerning a possible switch from prescription to over the counter.

Veltyco (VLTY) has yet again announced that its figures will be better than forecast. The online gaming marketing business says that profit is likely to be much higher than expected.

ECSC Group (ECSC) is the perfect example of how a share price can get carried away on the back of general news. The share price is one-quarter its peak after publicity about cyber security and hacking. Trading is in line with previously reduced expectations following cost cutting and the securing of two managed services contracts.

Belluscura has pulled its flotation after failing to gain the EIS/VCT approvals in time and because it could not get the valuation it wanted.

The founder of Focusrite (TUNE) and a relation have sold eight million shares at 315p a share. They still retain a 38.3% stake in the audio equipment supplier.

Active Energy Group (AEG) expects its Utah-based Coal Switch plant to be completed this month. The production capacity is five tonnes of the coal replacement fuel per hour. Once the plant is up and running and proves the viability of the process there should be other plants built in 2018. The plant is modular so it is easy to increase capacity.

Trading in the shares of Graphene NanoChem (GRPH) has been suspended ahead of the proposed acquisition of CG TekBuild, which is involved in modular buildings. The deal is dependent on £18.2m of debt being converted into shares. The proceeds of the sale of non-core activities will be used to pay other creditors. The company believes the acquisition will help it to apply it graphene technology in building materials.

ITM Power (ITM) has £20.2m of projects under contract and a further £22.4m in negotiation. The figure under contract is similar to two months ago but the under negotiations figure is one-third higher.

Defence and petrol stations structures supplier MS International (MSI) reported sharply increased interim profit from £610,000 to £1.64m as revenues increased by two-fifths to £34.6m. Net cash is £14.5m. Most of the growth came from the petrol station branding business and this more than offset the decline in profit from defence. The interim dividend was increased from 1.5p a share to 1.75p a share.

Precision optical components supplier Gooch and Housego (GHH) reported slightly better than expected full year figures. Revenues were 30% ahead at £112m and underlying pre-tax profit improved from £14.2m to £16.1m. Acquisitions helped to fuel significant growth in aerospace and defence. There was also increased demand from the subsea telecoms market and other industrial applications. The life sciences division still needs bulking up.

Timber supplier James Latham (LTHM) reported a 7% increase in interim revenues to £107.3m but a decline in margins meant that pre-tax profit was 12% lower at £6.7m. The interim dividend was unchanged at 4.5p a share and net cash declined to £11.6m due to capital spending. The pension deficit has fallen from £16.6m to £8.5m. A slight fall in full year profit to £13.4m is expected.

MAIN MARKET

Ingredients supplier Treatt (TET) is raising £21.6m at 410p a share to speed up its growth in the US and finance the relocation of facilities in the UK. The new facility will help to improve efficiency. In the year to September 2017, revenues were one-quarter higher at £109.6m and pre-tax profit improved by 46% to £12.9m.

Torotrak (TRK) has been unable to secure the finance it requires. The vehicle technology developer is considering selling its technology and IP or it may have to appoint an administrator.

Andrew Hore

Quoted Micro 4 July 2016

ISDX

Employee-owned businesses funder Capital for Colleagues (CFCP) has invested £500,000 in Anthesis Consulting, a sustainability services consultancy with operations in Europe, North America and Asia. The investment includes £350,000 of shares, which is part of a £1.3m share issue, giving Capital for Colleagues a 3% stake with employees owning 80%. The other £150,000 is in the form of a loan repayable in five years. Anthesis will use the cash to make international acquisitions. Capital for Colleagues had an NAV of 53.66p a share at the end of May.

Ganapati (GANP) says that it failed to achieve its revenue forecasts in the year to January 2016 because of increasing competition. Revenues were £3.45m, while the loss was £7.82m after a £4.56m write down of intangible assets. Ganapati develops software for social media and consumer games but it has decided to move into offering online gambling software. The company continues to try to gain a licence from the UK Gambling Commission but there are issues that need to be sorted out and there is no guarantee that the application will be successful.

Equatorial Mining & Exploration (EM.P) continues to seek additional funding but it is confident enough to spend money on further surveying of its exploration licences in Nigeria. The interim figures will be published in September.

Blockchain technology investor Coinsilium (COIN) has appointed Mrs Pier Thomas as finance director. She has been awarded options over 2 million shares at a cost of 10p a share – a premium of 156% to the market price at the time of appointment. The options last until 28 June 2019.

Investment company Globe Capital Ltd (GCAP) has refocused its investment policy on the retail and menswear sectors. A 25% stake has been acquired in Sterling Craig, an online retailer of men’s fashion. The investment cost £12,500. The company was incorporated on 11 December 2015 and Sterling Craig’s only director is Terry Burnett. Earlier this year £100,500 was raised and Globe intends to raise more cash in the near future to fund additional investments. There was £19,000 in the bank at the end of March 2016.

A director has acquired a £400,000 convertible loan to Gowin New Energy Group Ltd (GWIN). Chen Chih Lung paid face vale for the loan which is convertible at 0.2p a share.

Energy efficient products supplier Sandal (SAND) has cancelled 130,000 shares that were issued at the time of its flotation because the buyer did not come up with the cash.

AIM

Omega Diagnostics (ODX) says that its Allersys diagnostic instrument is nearing commercial launch with 41 allergens available. The current operations put in a mixed performance in the year to March 2016. Food intolerance sales grew and helped group revenues improve from £12.1m to £12.7m. Pre-tax profit dipped from £1.4m to £1.3m and there is likely to be a further fall to £800,000 this year as the cost base is increased for product launches. Management believes that it has enough cash in the bank for its requirements but it will have to choose what opportunities it focuses on.

Surgical Innovations (SUN) says that sales are growing and it is manufacturing more of the equipment sold. Interim revenues should be at least 10% ahead, suggesting they will be around £2.9m. Growth is coming from the US. That is helping to improve gross margins to more than 25% – they were 8.4% in the first half of 2015 but they had reached 47.3% at the interim stage in 2014. New product ranges will be launched in the second half. At the same time inventory levels are likely to reduce by £500,000 in the first half. Net debt was £2.26m at the end of 2015 and this will reduce further.

Servoca (SVCA) is paying up to £3.1m for Classic Education in a deal that should be earnings enhancing. The initial payment for the Gravesend-based education recruitment business is £1.2m and Servoca believes that the sustainable level of pre-tax profit is more than £400,000. In the year to September 2016, pre-tax profit is forecast to improve from £3m to £3.5m.

 

Fishing Republic (FISH) has raised an additional £3.75m at more than double the share price at which it floated just over one year ago. Fishing Republic floated at 15p a share and subsequently raised more cash at 16p a share but the latest fundraising was at 35p a share. The cash will help to expand the retail chain and fund further development of the online operation. The share issue does initially dilute earnings but this should change when the cash is invested. The subscribers to the share issue include former Tesco boss Sir Terry Leahy and associates, who will have a combined stake of 15.9% in the company.

Corporation tax software provider Tax Computer Systems is reversing into Eco City Vehicles (ECV) in a deal that places an enterprise value of £73m on the transaction. A placing will raise £45m at 67p a share – after a 50-for-one share consolidation – and MXC Capital is subscribing £8.7m for 20% of the enlarged group, which will be renamed Tax Systems. There are plans for international expansion and a broadening of the product range.

DJI Holdings (DJI) is raising £29m at 95p a share in order to pursue new revenue opportunities. DJI has struck a deal with Xinhuatong, which provides content to the Xinhua News App owned by China’s national news agency, and this provides exposure to mobile. DJI sees itself as an internet technology provider having originally positioned itself as a developer of online lottery products. The share price has strengthened in the past three months but it has only just gone back above the July 2014 flotation price of 100p a share.

Mariana Resources (MARL) should have an updated mineral resource estimate for its 30%-owned Hot Maden gold copper project in Turkey. The current estimate is 3 million ounces of gold equivalent at a grade of 11.2g/t. The preliminary economic assessment should be completed before the end of the year.

Constellation Software has launched its 105p a share bid for recruitment software provider Bond International Software (BDI) but the target’s board has not recommended the bid. The deal vales Bond at £44.2m and Constellation already has a 29.6% stake and 100% of the convertible non-voting shares. In 2015, Bond reported a loss of £2m on revenues of £39.7m, while net assets were £34m. Bank debt has subsequently been repaid from the proceeds of the Strictly Education disposal. The other parts of the business are also up for sale.

Medical devices company Tissue Regenix (TRX) has secured a deal with a national US group purchasing organisation for hospitals and physician offices for the supply of wound care product DermaPure, the company‘s first commercial product. The three year contract covers 43 states.

Nostra Terra Oil & Gas (NTOG) is selling its 20% stake in assets operated by Ward Petroleum in the Chisholm Trail prospect in Oklahoma for $2.1m. The book value was $1.7m. These assets generated the majority of 2015 group revenues of £594,000. The cash can be used to acquire other oil and gas assets.

MAIN MARKET

Trading in shares of shell company Flying Brands Ltd (FBDU) has been suspended ahead of the potential purchase of medical technology business Stone Checker Software. The deal is still dependent on due diligence. The share price had halved to 3.25p since the beginning of June.

Global Resources Investment Trust (GRIT) is hoping to raise up to £2.5m through a subscription and open offer at 5p a share. RDP Fund Management is subscribing for £2m worth of shares while the terms and dates for the open offer have yet to be announced. The cash will be used to reduce gearing.

 

ANDREW HORE

Quoted Micro 2 November 2015

ISDX 
Leni Gas Cuba (CUBA) starts trading on the ISDX Growth Market on 2 November, having raised £200,000 at 5p a share. Directors Donald Strang and Jeremy Edelman invested £50,000 and £25,000 respectively, while a further £50,000 was raised via the Teathers app. This cash paid for part of the £326,000 of admission and fundraising costs. LGC had already raised £4.525m prior to the flotation. Most of this cash was raised at 2p a share but the majority of shares in issue at the end of July 2015 were issued at 0.01p a share. Pro forma cash is £3.29m and investments of £829,000 give a NAV of £4.1m, compared with a market value of £24.7m at 5p a share. The board have total annual salaries of £340,000.

Another Lenigas company Rare Earth Minerals (REM) has gained an ISDX quotation on top of its AIM quotation, while UK Oil & Gas, where Rare Earth chief executive Kiran Morzaria is finance director, is expected to join on 12 November.

Via Developments (VIA1) is raising up to £3.5m via an issue of 7% debenture stock, which lasts for five years, and trading should commence on 5 November. Manchester-based Via, which is a 100% owned subsidiary of Pyramid Court Investments, will focus on residential developments and has already identified two development sites. The strategy is to acquire projects with planning permission.

Additional contracts in the energy to waste area have more than offset the cyclically weak revenues from the water sector for Field Systems Designs Holdings (FSD). In the year to May 2015, revenues improved from £12m to £14.4m, while pre-tax profit increased from £157,000 to £207,000. There is £1.32m in the bank and net assets are £2.34m. At 15.5p (14p/17p) a share, Field is valued at £900,000 – less than cash in the bank.

Energy efficiency products supplier Sandal (SAND) reported a 14% increase in annualised revenues in the year to May 2015.  Sandal made a loss of £317,000 on revenues of £3.34m. Overheads have been cut but marketing and development spending has increased. There was £348,000 in the bank. Sandal has introduced a 20% discount scheme for shareholders.

Trading in BWA (BWAP) shares has been suspended ahead of a potential logistics acquisition. It appears that the acquisition will require much more cash than BWA currently has so additional funds will be required.

Social media software developer Ganapati (GANP), which switched from GXG to ISDX, has reported figures for the year to July 2015. The loss of £178,000 was slightly lower than the year before. Puzzlingly, Ganapati claims to have net assets of £12.2m, but this does not include non-current liabilities/loans of £12.6m so there are really net liabilities.

All Star Minerals (ASMO) has relinquished its remaining exploration asset and 55.21%-owned Blue Doe Gold is being liquidated. All Star will receive its share of Blue Doe’s stake in ISDX-quoted NQ Minerals, which is 5.521 million shares. This is currently worth £704,000. At 0.15p (0.1p/0.2p) a share, All Star is valued at £1.2m. All Star has amended the terms of the £20,000 convertible loan note provided by Valiant Investments so that the loan matures in May 2016 and has an annual interest charge of 20% and a conversion price of 0.14p a share. All Star subsequently issued 4.55 million shares (at 0.1p and 0.14p a share) to Valiant in lieu of £5.565 interest.

Former Globo boss Konstantinos Papadimitrakopoulos resigned as a director of Hellenic Capital (HECP) soon after his departure from Globo, following revelations about its accounts. It is unclear whether he still owns 16.2% of Hellenic, which floated as a shell in April 2008 but has never managed to secure a reverse takeover deal. The remaining director is Sanlam Securities corporate finance director Gavin Burnell, another former director of Globo. There was £86,000 in the bank at the end of June 2015 – Hellenic raised £419,000 after expenses when it floated. At 0.3p (0.2p/0.4p) a share, Hellenic is capitalised at £186,000.

AIM 
Cancer drugs developer Sareum (SAR) had £1.48m in the bank at the end of June 2015 and this will be enough to finance operating costs and the phase I trials for potential cancer treatment Checkpoint Kinase 1 (CHK1). Two clinical trials are planned to assess the safety and determine dose levels. The first trial will assess the effectiveness in combination with chemotherapies and the other will assess the compound on its own as a treatment for various cancers. Prior to the start of the clinical trials, Sareum will pay £797,500 to cover their cost. There are two other programmes which are not as advanced. A £140,000 grant has been obtained for a one year project based on the TYK2 inhibition-based potential cancer treatment.

Residential property developer Telford Homes (TEF) is raising £50m at 360p a share so that it can finance the acquisition of additional development sites. The cash should be spent over the next two years. In the six months to September 2015, a profit of around £19m is expected. The new shares will dilute short-term earnings and Telford says that it will pay more than one-third of earnings as dividends to offset dilution. The plan is to be making a profit of £45m a year by 2018-19.

Pantheon Resources (PANR) has successfully completed its flow testing of the VOBM#1 well in Polk County, east Texas. Pantheon has a 50% working interest in the well, which flowed natural gas at a stabilised rate of 6,145 Mcf per day and 504 barrels of oil per day. This equates to gross production of more than 1,500 barrels of oil equivalent per day. Pantheon believes that the prospective resource could be higher than the current estimate of 1.4MM barrels of oil equivalent. Environmental and other permissions are required before any sales are made and this could take until next February. Operating costs are relatively low so this should be a good cash generator.

Skin cancer treatment developer Biofrontera AG (B8F) intends to launch a one-for-four open offer and placing at a maximum price of €2.50 a share. This will raise up to €14.7m. The final share price will be determined by the volume-weighted average price through the XETRA electronic trading system between 28 October and 4 November, minus a discount. The cash will be used for clinical studies and marketing.

MAIN MARKET 
Oil and gas shell Upland Resources (UPL) has joined the standard list, having raised £1.3m at 1p a share. This raised £1.11m net of £190,000 expenses. Upland had previously raised nearly £400,000 after expenses and there was £169,000 left in the bank at the end of March 2015. Derbyshire-based Upland has already applied for UK onshore exploration blocks and is seeking acquisitions. Chief executive Dr Stephen Staley previously founded Fastnet Oil & Gas and Independent Resources. He receives a salary of £125,000 a year based on 108 hours worked each month. The share price rose to 1.3p but ended the week at 1.08p, which values Upland at £2.3m – slightly less than twice the cash pile.

ANDREW HORE

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