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Primorus Investments (PRIM) says that investee company Sport:80 has delayed its flotation because it has been tidying up its shareholder register. Fintech company Engage Technology is also seeking to float later in 2019 following new product launches. Engage raised £2.6m at £22 a share at the end of 2018, whereas the average buying price by Primorus was £20.03 a share. Investee company, AIM-quoted Greatland Gold (GGP) has published results from the second drilling campaign at Havieron in Western Australia. Every drill hole intersected mineralisation and they extend the overall mineralisation. Drilling will recommence in March. Primorus has raised cash by selling most of the stake in UK Oil and Gas (UKOG) and Primorus was debt free at the end of 2018.
NEX has decided not to suspend trading in the shares of VI Mining (VIM) even though its corporate adviser Daniel Stewart is no longer a member of NEX. VI Mining had little or no notice of its adviser’s withdrawal. A new corporate adviser is being sought.
Milamber Ventures (MLVP) has acquired apprenticeship training provider Astara Training for £16,666 in shares at 9p each. Milamber lost £179,000 in the third quarter and there was £30,000 in the bank at the end of 2018.
Panther Metals (PALM) has announced the initial results of exploration activity at the Bear Lake project in Ontario. There was gold in soil anomalies at four of the five areas tested. Four areas have quartz vein sample assays above 5g/t gold. Two samples had large grade samples. The next phase of exploration is being planned and could start in the second quarter of 2019.
Auxico Resources Canada Inc (AUAG) has signed a deal that could enable it to earn a 70% interest in a joint venture that owns the Palha tantalum property in northern Brazil.
AIM (February 2019 AIM Journal available here)
DP Poland (DPP) is running short of cash and is more than doubling its share capital through a heavily discounted placing raising £5.3m at 6p a share, with the possibility of an additional £500,000. The Domino’s Pizza franchisee for Poland has found competition is getting tougher and growth has slowed. The cash is required to cover losses and open more outlets. Peter Shaw is stepping down as chief executive at the end of June, nearly a decade after founding the business.
Ticketing and queueing technology provider Accesso Technology (ACSO) is reviewing its investment priorities although it says that 2018 figures should be broadly in line with expectations. These will be published on 27 March. A deal fell through and this cost $1.7m. Tom Burnet is moving from executive chairman to a non-exec role. The share price is less than one-third of last year’s high. BlackRock has cut its stake below 5%.
Midatech Pharma (MTPH) has launched a placing and 0.318-for-one open offer to raise up to £4.75m at 3.85p a share on top of the £8m subscription by former AIM company China Medical System Holdings, which will licence products for the Chinese market. The clinical trial for cancer treatment MTD201 will cost up to £7m.
Duke Royalty (DUKE) is acquiring its UK rival Capital Step and this will double the size of the portfolio to eleven investments and diversify it in terms of sectors. There is an initial £10m cash payment and the assumption of debt of £11.65m. There is performance related consideration of up to £1.5m. The deal is immediately earnings enhancing.
Visa has increased its bid for Earthport (EPO) from 30p a share to 37p a share, which beats the Mastercard offer of 33p a share. The latest bid values Earthport at £247m.
Taptica (TAP) has launched a recommended bid for RhythmOne (RTHM) and this will create one of the largest video advertising companies in the US. The offer is 28 Taptica shares for every 33 RhythmOne shares. Taptica shareholders will own 50.1% of the enlarged group. A $15m share buyback programme is planned after the merger. Ofer Druker will become chief executive.
Polemos (PLMO) has finalised the details of its reverse takeover of Digitalbox Publishing for £10m in shares and it is also acquiring the owner of the Daily Mash satirical news website for up to £1.2m in cash and shares. The model for the Entertainment Daily website will be used to improve the performance of the Daily Mash. A placing will raise £1.02m at 14p a share. The company will change its name to Digitalbox.
Hardide (HDD) is raising £3.6m at 1.5p a share so that it can move to new premises in the UK and invest in additional equipment. The surface coatings company is experiencing increasing demand from the oil and gas sector and there is potential for orders from aerospace companies. It will take two years to fully equip and move into the new facility. Hardide also intends to consolidate 40 shares into one new share.
finnCap has raised its forecasts for Tracsis (TRCS) following recent acquisitions. There is a 3% increase in earnings per share for this year and an 11% rise to 30.5p next year.
Stride Gaming (STR) has traded in line with previously downgraded expectations. Cost cutting continues to cover higher regulatory and tax costs. The online gaming operator will report a lower profit in 2018 and it is set to fall again in 2019. Net cash was £22.1m at the end of 2018.
Bowmark Capital has offered 110p a share for Tax Systems (TAX) and discussions continue. Tax Systems reduced net debt from £20.5m to £13.9m by the end of 2018. Pre-tax profit of £5.8m is forecast for 2018.
Victoria (VCP) has sold surplus land in Kidderminster for £2m. The land was in the books for £100,000 but it has obtained planning consent for housing.
Starcom (STAR) has renegotiated its agreement with Xplosive in South Africa, having originally announced it in October 2017. Xplosive has signed a 36-month agreement to pay a monthly fee for each of the Kylos units supplied for the monitoring of cattle. The fees are higher in the first six months and then reduce. The agreement should be worth $500,000.
Strix Group (KETL) has offered to acquire most of the assets of HaloSource (HAL) for $1.3m. Strix has provided working capital of $100,000. Due diligence is being carried out on the water filtration technology and if the deal goes through the cash will pay creditors, but there will be nothing for shareholders.
Prospex Oil and Gas (PXOG) has announced that the Selva gas field in northern Italy has net 2P reserves of 13.3bcf and there are 2.26bcf attributable to Prospex, which has a 17% stake. Selva could start production in 2020 at a rate of up to 150,000 cubic metres/day.
Tau Capital (TAU) plans to raise cash via a placing through Peterhouse and then a capital distribution will be made to all shareholders. This will enable Tau to seek an acquisition. It has until 18 April to secure a deal or trading in the shares will be suspended. Armstrong Investments has increased its stake from 11.7% to 15.7%.
Evgen Pharma (EVG) says that the SFX-01 clinical trial for subarachnoid haemorrhage is on course having completed recruitment and the primary endpoints should be available in the second quarter. Partners Investment Company has acquired at 3.15% stake.
Sports Direct International (SPD) made a £15m offer to buy Patisserie Valerie from the administrator, but this was not deemed enough. Even a higher selling price won’t provide anything for Patisserie Holdings shareholders.
Solicitor DWF plans to raise £75m via a March flotation an some of the cash will repay members’ capital contributions as well as invest in the business. Existing shareholders will also sell shares and partners’ remaining stakes will be locked up until April 2024.
Two former AIM-quoted companies are coming together to join the standard list. Daniel Stewart Securities, which is closing its broking business, is making an offer for Atlantic Carbon, which was previously known as Atlantic Coal, where Adam Wilson, who has had connections with Daniel Stewart, is executive chairman. Singapore-based backer Epsilon Investments refused to put more money into the broker and that is why it is closing. Epsilon holds a majority stake in Hyde Park Holdings, which owns broker Novum Securities. Last October, SeeThruEquity research suggested that Atlantic had an equity value of $86.8m and $68m of debt. In 2017, Atlantic was the largest producer of anthracite in the US with a market share of one-third based on 1.18 million tonnes produced. Atlantic is expected to have moved into profit in 2018, although it did generate cash from operations in 2017. The owners of more than 50% of Atlantic shares have agreed to accept the bid of 1.5587 shares for each Atlantic share.
Thalassa Holdings (THAL) is offering 14.64p a share in cash and 0.26 of a share for each share in The Local Shopping REIT. Thalassa already owns 25.5% of the bid target, which is valued at 32.8p a share. The bid is an alternative to the winding up of The Local Shopping REIT.
Blockchain Worldwide (BLOC) is no longer acquiring blockchain technology developer Chorum Group because of political uncertainty affecting the UK equity markets. Former Avanti Communications boss David Williams is the director of Chorum. Blockchain Worldwide has more than £1m in the bank and is also looking at other technology sectors for acquisitions.
Drilling of the Colter appraisal well in Dorset has commenced and United Oil and Gas (UOG) has a 10% interest. The drilling should take three weeks. The Selva gas field in Italy has net 2P reserves of 2.7bcf attributable to United, which has a 20% stake. Selva could start production in 2020. United intends to move to AIM.
Oil and gas producer Zenith Energy (ZEN) has raised £607,000 in Canada and the UK at C$0.05 a share and 3p a share respectively.
Motor finance provider S and U (SUS) has confirmed that its figures for the year to January 2019 will be in line with expectations. The Aspen property bridging loan business had a loan book of £18m at the end of January 2019. Cautious lending criteria means that new business has slowed in recent months and this has led to a 5% 2019-20 earnings downgrade to 230.1p a share.
BATM (BVC) has won a $3.2m cyber security contract and this takes contracted revenues from this government customer to more than $10m. The latest contract will be delivered this year.
Chesterfield Resources (CHF) is expanding its exploration programme in Cyprus. Initial drilling in an area near historic mining has shown gold, copper and zinc mineralisation. Chesterfield is also applying for licences to extend its licence area.
Dev Clever (DEV) has launched pay per play multi-player, virtual reality game Vanguard: Fight for Rudiarius in Harlow shopping centre. The game will be rolled out to other UK sites.
Bluebird Merchant (BMV) has applied for a grant to help finance drilling at the Kochang project in South Korea and there should be news by the end of the month. There has also been a permit application to develop Kochang.
Smart home products supplier Sandal (SAND) reported a decline in overall revenues from £3.75m to £3.62m for the year to May 2018, but this masks the 71% growth of the Energenie MiHome revenues to £1.01m. Sandal reduced its operating loss and there was nearly £51,000 in the bank, although net debt was £1.09m.. A small profit is forecast for 2018-19 with a small increase in net debt expected. Sandal may need additional cash to increase the marketing for the Energenie MiHome brand.
High Growth Capital (HASH) has raised £500,000 at 0.8p a share, which was a 77% premium to the market price. Malcolm Burne and Professor Michael Cain have left the board and been replaced by Jens Zimmerman, who becomes non-executive chairman. The investment strategy will be widened from medicinal cannabis, because of a lack of opportunities, to technology. The company intends to acquire a 9.8% stake in Belgium-based artificial intelligence software developer Sentiance. The software enables companies to understand user behaviour. The data comes from smart devices. The technology is used in areas, such as insurance, health and car driving.
Asia Wealth Group Holdings Ltd (AWLP) improved its interim revenues from $1.15m to $1.24m. The pre-tax profit fell from $162,000 to $66,000. There was $1.4m in the bank at the end of August 2018.
Equatorial Mining and Exploration (EM.P) has published its 2017 figures and interims to June 2018. The full year loss was £294,000 and the interim loss increased from £117,000 to £162,000. There was £53,000 in the bank at the end of June 2018. The company is beginning to ship coal from its mine in Nigeria.
Positive Healthcare (DOC) has appointed KSA Group Ltd to liquidate the company.
Shen Chaohuli has sold his 18.3% stake in TechFinancials Inc (TECH) to Ou Qiao.
Patisserie Holdings (CAKE) has received a cash injection to keep it going, after unknown overdraft facilities were discovered. The cash balance in the recent accounts does not appear to exist. A placing has raised £15.7m at 50p a share. Chairman Luke Johnson is also providing loan facilities of up to £20m.
EKF Diagnostics (EKF) has revealed details of the spinning off of Renalytix AI on AIM. Renalytix AI is raising cash at 121p a share as part of the flotation, which should happen on 31 October. EKF will distribute its near-21 million shares in the company to its own shareholders, although it will subscribe for new shares. EKF shareholders will also get the chance to invest up to £3.5m in new shares.
Diversified Gas and Oil (DGOC) is making another major acquisition. The oil and gas producer is paying $183m for Core Appalachia, which is funded by cash and shares issued at 115p each. The deal is immediately earnings enhancing.
Vertu Motors (VTU) has been hit by a lack of cars due to the newly installed testing procedures but it still has a strong balance sheet and it will make a significant full year profit. September registrations were the worst since 2011 and Vertu was not immune. That will hit the second half. There was an improved performance in the used car market to help offset the weaker new car sales in the first half. Pre-tax profit is expected to decline from £28.6m to £22.1m in the year to February 2019.
Marshall Motor Holdings (MMH) has reaffirmed that it is on course to make a full year pre-tax profit of £24.2m, down from £29.1m in 2017.
OnTheMarket (OTMP) has increased its spending on marketing and IT since floating on AIM and this has pushed it into loss. A full year loss of £14.7m is expected and there is not likely to be much of a reduction the following year. The online property platform has succeeded in doubling the estate agency offices using the service to more than 11,000 many of the additional offices are in a trial period and not paying to put their properties on the platform. The investment being made will only be justified if these offices start to pay fees. The IT investment will enable the company to offer more products and services and increase revenues that way as well.
Access Intelligence (ACC) is acquiring ResponseSource, which provides SaaS-based services to the PR and media sectors, for £5.5m. This company fits well with the group’s existing business. A ten-for-one share consolidation is planned.
Health monitoring equipment developer LiDCO Group (LID) is still going through the transition from a sales model to one based on regular income from hospitals. Interim recurring revenues increased by 11% but total revenues were 8% lower at £3.6m. Importantly, there should be enough cash in the bank to move the business towards profitability. That could happen in 2019-2020 but is more likely to be the following year.
Melissa Blau is stepping down as chief executive of Veltyco (VLTY) fewer than seven months after she was appointed. The shares price has fallen by three-fifths in the subsequent period.
Online women’s fashion retailer Sosander (SOS) has raised £3m at 32p a share, which is more than double the flotation price of 15.1p a share. First half revenues were £1.84m.
Titon (TON) has firmed up its plan to move to AIM. The window components manufacturer expects to join AIM on 10 December.
Toople (TOOP) says trading in the first week of its new financial year is ahead of expectations. The statement remains, as ever, light on proper financials and indications of losses. Toople raised £2.2m at 0.3p a share, so it has enough cash for the time being.
Sativa Investments (SATI) is acquiring a 51% stake in George Botanicals from Carbon Managers, where Sativa boss Geremy Thomas is 100% owner, for £200,000. Thomas was not involved in the decision making concerning this investment. He was the founder of former AIM company PNC Telecom and invested in George Botanicals before Sativa was set up. George Botanicals supplies cannabidiol (CBD) products, such as vape pens, balms and edible gels. Non-executive director Noel Lyons has sold 750,000 shares at 3p each. He still owns 2.25 million shares. This should have generated more cash than his initial investment, assuming he bought shares in the directors subscription at 0.5p each.
Mandicon (MECP) intends to return 250.125p a share in cash to investors via a solvent liquidation. An offer of £1.1m has been made for the remaining business, Nirvana Engineering, but the board believes it is worth £1.5m. Chairman Wilf Boardman will not receive the cash distribution and instead he will receive the balance of cash left after the liquidation costs and take control of Nirvana and have the right to potential deferred consideration of £400,000. Even taking Nirvana as being worth £1.5m, Boardman will receive the equivalent of slightly less than the cash distribution to the minority shareholders.
Primorus Investments (PRIM) says that investee company Sport:80 has commenced the preparation of documentation for a flotation that could happen in the third quarter. Non-executive chairman Jeremy Taylor-Firth has acquired an initial holding of 12.5 million Primorus shares at 0.1585p each.
Ganapati (GANP) says that iSoftBet will be integrating its Japanese-themed games to the Game Aggregation Platform. This means that these Ganapati games can be delivered to operators via the platform. Robert Dowling has been appointed as chief commercial officer.
All Star Minerals (ASMO) continues to review investment opportunities. The company owns 1.92% of NQ Minerals (NQMI).
National Milk Records (NMRP) chief executive Andy Warne has taken up the options for 85,000 shares at 28p each and then sold 27,200 shares at 87.5p a share. Two other managers, Jonathan Davies and Ben Bartlett, each took up 50,000 shares at 28p a share and each sold 16,000 shares at 87.5p a share.
Panther Metals (PALM) has changed the general meeting date to 11 May.
Etaireia Investments (ETIP) is investigating a number of transactions undertaken by Baron Bloom before his resignation as a director. These cover acquisitions totalling 16% of the company’s assets.
Immunodiagnostic Systems Holdings (IDH) is making a habit of putting out statements late in the day and sometimes at the end of the week. The latest is a trading statement released at 4.35pm last Friday. Full year revenues are 5% lower at £37.9m and also below the 2015-16 level, which was a previous low point when the reported loss was nearly as high as the revenues. There was around £28.5m in the bank at the end of March 2018, compared with cash of £29.7m (and debt of £1.33m) at the end of September 2017. The preliminary results are due to be announced on 20 June, possibly at an earlier time, although the interim figures were published at 4.30pm on Friday 24 November. Management will undoubtedly be bemused why the share price is so low, immune as they appear to be from a good sense of investor relations.
Aviva has sold its 3.92% stake in Vernalis (VER) and GAM cut its stake below 5%. Stockholm-based HealthInvest Partners has bought a 5.69% stake. Vernalis had £46m in the bank at the end of 2017. US commercial cough treatment activity should finish by the end of September and that will slow the rate of cash outflow. A formal sale process for the company has started.
Bad news from Immupharma (IMM) concerning the phase III trial of lupus treatment Lupuzor. The performance against the placebo was not good enough to meet the required target. There is still potential for a treatment targeted at specific sections of lupus sufferers. Lanstead Capital has sold its 5% stake and Aviva has cut its shareholding from 7.27% to 4.4%.
Integumen (SKIN) plans to acquire Cellulac via an all share reverse takeover. Cellulac provides the group with operations involved in biodegradable plastic ingredients and food supplements. The shares issued for the acquisition will account for 84% of the enlarged share capital. There are also plans to raise £7.5m. Gerard Brandon and Camillus Glover will become chief executive and chief operations officer respectively. Declan Service has resigned as chief executive. The current business will focus on existing products.
ClearStar, Inc (CLSU) is regaining the confidence of investors with further growth in revenues and progress towards profit. In 2017, revenues improved $16m to $17.8m and the loss was reduced from $2.11m to $1.95m. In 2018, the loss is expected to halve to $1m and it could breakeven in 2019. Net cash is $1.3m.
N4 Pharma (N4P) has commenced the proof of concept clinical trial for sildenafil, which should take eight to ten weeks. Initial results should be available in July with the final study at the end of August. This will show whether the reformulation is successful and how the performance compares to Viagra.
Connemara Mining (CON) says that the maiden mineral resource estimate for the Stonepark zinc lead project is 5.3mt at 8.55% zinc and 2.6% lead. The mineralisation is relatively shallow. Connemara has a 23.44% stake in the Stonepark project and Group Eleven Resources owns 76.56%.
SkinBioTherapeutics (SBTX) says that the cream formulation of its SkinBiotix technology has proved effective on skin models. Stability testing is underway.
Property fund manager First Property Group (FPO) says its full year pre-tax profit will be in line with expectations. Funds under management have reached £625m. The Universities Superannuation Fund has sold its 8.58% stake.
Production grades declined in the third quarter at the Uruguay mines of Orosur Mining Inc (OMI) and production was lower than expected at 6,859 ounces of gold. Full year production should be more than 27,000 ounces. Orosur generated $6.3m of cash from operations in the nine months to February 2018.
Filta Group Holdings (FLTA) reported growth in continuing revenues from £8.5m to £11.5m with the grease management business making an initial contribution. The figures exclude the refrigeration activities which have been sold. Underlying pre-tax profit improved from £831,000 to £1.73m. The main growth came in the North American franchised fryer management operation. Filta has bought the German master licence and this will provide a base from which to grow in Europe. The strategy is the same as in North America. The total dividend for the year is 1.3p a share.
Rose Peteroleum (ROSE) believes that the total cost of the first well on its project in the Paradox Basin in Utah will be in the range $7m-$8m, which is lower than previously thought, and it could be less than that.
Ascent Resources (AST) is reviewing its strategic options. A partner could be sought to help to exploit the existing gas assets. There is already interest from potential partners. Ascent still has cash of more than £1m.
Draper Esprit (GROW) has more than doubled its gross portfolio value to £244m in the year to March 2018 as it invests the cash it raised in the period. There is still £56m to invest and the funds managed by the group have a further £50m.
Profit has bounced back at Christie Group (CTG) thanks to a sharp recovery in the professional business services division. The stock and inventory systems division made a larger loss. Overall pre-tax profit improved from £1.8m to £3.15m, although the outcome as flat excluding the previous year’s exceptional pension-related charge.
In the six months to January 2018, Egdon Resources (EDR) produced 17,962 barrels of oil equivalent. That was higher than the previous year but revenues were flat at £513,000. There is £4.1m in the bank.
Full year pre-tax profit fell from £908,000 to £730,000 at Tex Holdings (TXH) but NAV increased from 155p a share to 168p a share. The NAV improvement came from a reduction in the group pension deficit. Net debt increased from £3.75m to £4.87m. The plastics division improved its profit but the engineering division was hit by relocation costs. The dividend has been maintained at 8.5p a share. Chris Gray, who is in his seventies, is replacing Richard Burrows as chairman. David Redhead has switched from non-exec to executive director.
Sanity has not taken over when it comes to the share price of standard list shell AIQ Ltd (AIQ) following the return from suspension. The suspension price was 125p a share and it ended the week at 130p a share, having fallen to 92.5p a share the previous day. AIQ raised £115,000 at 20p a share in order to help to improve the limited liquidity of the shares. A one-for-40 open offer at the same share price could raise up to £253,000 more. In January, £4m was raised at 8p a share.
Sealand Capital Galaxy Ltd (SCGL) is selling SecureCom Media Holdings to Creative Alpha Ltd for £10,000, having acquired the business for £1m plus 10 million shares at 20p a share just over one year ago.
Boston International Holdings (BIH) had £811,000 left in the bank at the end of 2017. There was a £400,000 cash outflow during the year. Spinnaker Opportunities (SOP) had £1.18m in the bank on 13 April 2018.