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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.
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.
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%.
Health and community care property developer Ashley House (ASH) reported a decline in interim revenues from £10.7m to £7m and the company fell into loss. A second half recovery should mean that full year revenues will be flat at £18.7m but there will be a full year profit of £1.8m. The new joint venture with Morgan Sindall has a pipeline valued at £203m but the revenues of the joint venture will no longer be consolidated in the Ashley House revenues.
Property construction and development company Formation Group (FRM) increased revenues from £29.4m to £37m in the year to August 2017, but there was a swing from a pre-tax profit of £2.16m, thanks to the benefit of the Norwich House profit share agreement, to a loss of £152,000. The cash position has improved significantly. There was net debt of £3m but this became net cash of £4.23m at the end of August 2017. The NAV of £10.2m is four times the market capitalisation.
Gledhow Investments (GDH) increased its NAV from £486,000 to £714,000 in he year to September 2017. There was £103,000 in the bank. Since the balance sheet date, Gledhow has sold 6,500 shares in Coinsilium Ltd (COIN) and this generated a profit on the original investment of £115,000. Gledhow still owns 1.8 million Coinsilium shares. The share price has fallen back from its high but the value of the stake is still around £180,000.
Kryptonite 1 (KR1) has invested $443,000 in 4.72 million tokens in the Bluzelle project. Bluzelle is a scalable database service for decentralised applications. A further €167,000 has been invested in 2.2 million Rock tokens for the Gibraltar Blockchain Exchange (GBX) platform. Kryptonite 1 will become a sponsor for token-based projects listing on the GBX. Kryptonite 1 has also invested $174,000 in 12,800 tokens in the Elastos project, which is developing a virtual, digital smart economic zone.
Botswana-based coal mine developer Minergy, where Hot Rocks Investments (HRIP) invested $260,000 in March 2011, plans to join AIM later this year.
Property investor Ace Liberty and Stone (ALSP) has committed to property purchases totalling £20.1m. In the six months to October 2017, revenues were 24% higher at £1.47m but the pre-tax profit dipped from £598,000 to £352,000. That was because there was a £500,000 disposal project in the comparative period. After this period, Ace raised the £4.85m it was seeking from the issue of convertibles.
Healthcare information and clinical support systems provider DXS International (DXSP) continues to be hampered by the lack of NHS spending. In the six months to October 2017, revenues fell from £1.78m to £1.61m and there was a swing from profit to loss. Tax credits more than covered the loss.
Gunsynd (GUN) is assisting analytics software developer FastBase with its proposed AIM flotation in the second quarter and in return it will receive a consultancy fee of 0.75% of the market capitalisation of FastBase after admission. This fee will be paid in FastBase ordinary shares.
IMC Exploration Group (IMCP) has raised £75,000 at 1p a share. Each share comes with a warrant exercised at 2p a share. The cash will be used to finance the feasibility study for PL3850 in Avoca, County Wicklow.
First Sentinel (FSEN) is planning to raise up to £4m from a bond issue. The secured bonds have a 7% coupon and are repayable at a 5% premium on 28 February 2023. These bonds will be traded on NEX. The investment is partly protected by a credit insurance policy provided by Equinox Global. The cash will be invested in Perennial Enterprise, which will use it to fund its invoice discounting business.
Angelfish Investments (ANGP) is loaning £150,000 to YBOO Ltd, which operates a mobile app that enables customers to find the best mobile network deal. The loan is repayable in three years or convertible into 15% of YBOO. The conversion could be triggered by a flotation, fundraising or disposal.
EcoVista (EVTP) has written down its holding in Italian property business Cignella by £482,000, leaving it valued at £152,000.
Karoo Energy (KEP) has reported positive exploration news for its oil and gas assets in Botswana. In the six months to October 2017, the loss increased from £127,000 to £425,000, but most of the increase is due to the costs of trying to gain an AIM quotation. There is £187,000 in cash.
BWA Group (BWAP) says that its investee company Prego International is migrating from Guernsey to Norway and restructuring its shareholder base. Once this is completed there is a plan to apply for a Norwegian matched bargain dealing facility.
Doriemus (DOR) is leaving NEX Exchange and concentrating on the ASX listing it gained on 29 December 2017.
Via Developments (VIA1) has raised £175,000 from a further issue of 7% debenture stock 2020.
Frontier IP (FIPP) investee company MolEndoTech has secured a subsidiary of fully listed Halma as its partner for a test for faecal matter in marine bathing water. Frontier IP has a 19.6% stake in MolEndoTech with a book value of £10,000.
Trading in the shares of Utilitywise (UTW) has been suspended because it has been unable to complete its annual report and accounts by the end of January. The main problem is the change in the revenue recognition policy.
Mike McAuliffe surprised the market by resigning as chief executive of Seeing Machines (SEE) a matter of weeks after £35m was raised. Executive chairman Ken Kroeger will take control.
PCI-PAL (PCIP) has raised £4.95m at 45p a share. The cash will be used to grow the North American operations of the secure contact centre payments provider. There will also be higher marketing spending and investment in other markets.
PCG Entertainment (PCGE) has raised £675,000 from a share issue at 0.2p each. A company related to PCGE chairman Richard Poulden invested £125,000 of this money. This follows a settlement with the former chief executive that cost £286,350.
Veltyco Group (VLTY) will potentially acquire Ruleo Alpenland, which operates the BTTY sportsbook brand, for €6.5m. An exclusivity period lasts until 15 March. This would provide an opportunity to grow in Germany and Austria.
Tracsis (TRCS) has acquired Travel Compensation Services, which provides software for delay repay solutions on the railways, and Delay Repay Sniper, which runs a web portal for rail delay compensation. The combined businesses are profitable.
Fishing Republic (FISH) has raised £1.3m at 10p a share, the original placing price when the fishing tackle retailer floated. The cash will be invested in the e-commerce operations.
ASX-listed Newfield Resources is planning a potential all-share bid for Stellar Diamonds (STEL) which values the diamonds company at 12.7p a share. The offer is likely to be 0.76 of a Newfield share for each Stellar share. Newfield has diamond licences in Sierra Leone. This deal would provide access to the finance to develop the Tongo-Tonguma diamonds project. Newfield is undertaking a placing and non-renounceable rights issue and has loaned Stellar $3m.
Altus Strategies (ALS) has completed the acquisition of gold assets from TSX-V-listed Legend Gold in return for shares. These Altus shares will be distributed to Legend shareholders and this will provide a shareholder base when Altus achieves its TSX-V listing. The deal gives Altus six gold projects in western and southern Mali.
Book publisher Quarto Group (QRT) says that full year profit will be in line with expectations. Net debt has risen by $2.1m to $64m but this is still a £11.8m reduction on the June 2017 figure. The full year figures will be published on 29 March.
Sportech (SPO) has extended the timetable for seeking valid offers for the company.
SQN Asset Finance Income Fund (SQN) was involved in the purchase and onward sale of the business of the former AIM-quoted Snoozebox. The new owner is involved in modular accommodation for the oil and gas sector.
Supported housing developer Walls and Futures REIT (WAFR) has improved its net asset value by 4.4% to 94p a share in the six months to September 2017. Interim figures should be published within a fortnight.
African Potash Ltd (AFPO) has decided not to acquire investment company Onshore Energy Ltd and concentrate on its fertiliser business instead. Progress has been delayed but fertiliser trading has started in Zambia and a 21% stake was acquired in Advanced Agricultural Holdings, which is focused on South Africa. There were no revenues in the year to June 2017, although there was trading income of $9,000, and the loss was $2.27m. There was £11,000 in the bank at the end of June 2017. African Agronomix is earning a stake in the company’s potash interests. Trading will recommence in the shares on 23 October.
Black Sea Property (BSP) has €7m of debt, in the form of a mortgage, from UniCredit Bulbank. This will be used to complete the planned acquisition of the office building in Sofia. The loan lasts for three years from completion of the documentation.
Via Developments (VIA1) has completed the purchase of the development site in Latimer Road, Luton.
Belvoir Lettings (BLV) has approached The Property Franchising Group (TPFG) about a merger between the letting agents but the reaction has been negative. Belvoir believes that the market is consolidating and it makes sense for two of the major players to come together. The indicative offer is 0.715 of a Belvoir share and 52.2p a share in cash for each TPFG, although the amount of cash could be varied. This values each TPFG share at 130.5p.
eServGlobal Ltd (ESG) is raising £24m at 9p a share with existing retail investors given the chance to clawback £3.4m of the shares. Cash is required to be injected into the HomeSend joint venture so that the 35% stake can be maintained. There will also be costs to rationalising the core business in order to help move it into profit.
Overseas growth dominated the Tristel (TSTL) where full year revenues were one-fifth higher, or 7% excluding the acquisition of the Australian distributor. Tristel has already warned that regulatory approval has been delayed in the US but it can still continue to grow its infection control sales. Animal health and contamination control revenues fell but margins improved. House broker finnCap forecasts an improvement in profit from £4m to £4.4m this year.
Secure payments and contact centre technology provider Eckoh (ECK) continues to add contracts in the US while UK revenues are steady. Seven US contracts worth $5.1m have been won. Eckoh has moved into a net cash position of £1.7m. Interim figures will be reported on 22 November.
Telecoms software supplier Artilium (ARTA) has formed an alliance with NYSE-listed Pareteum Corporation, which involves the sharing of distribution, products and technology. The focus will be Latin America and Asia. A share exchange will mean that Pareteum will own 8.8% of Artilium, which will own 19.9% of Pareteum. Artilium is opening a new office in Germany.
Cloud-based communications software provider Cloudcall Group (CALL) is raising £5.7m at 143.5p a share and the cash will help to finance further growth. Cloudcall wants to take advantage of its partnerships with Microsoft Dynamics and Bullhorn and attract new partners.
Proteome Sciences (PRM) says that its deal pipeline is improving but the adoption of its proteomic services has been slower than hoped. This year the loss will be reduced but it will be higher than previously expected. Proteome has gained Good Clinical Laboratory Practice accreditation which will enable it to take on larger clinical projects.
Sula Iron and Gold (SULA) is evaluating the best way to develop the Ferensola gold asset as well as seeking to bring other assets into the group. There could be a joint venture or farm out at Ferensola and Sula intends to solicit interests from potential partners.
Hornby (HRN) is ending the discounting of its stock but it will still hit the figures for this financial year. New chief executive Lyndon Davies continues to review the business strategy and more will be revealed with the interim figures. The interim chairman is leaving the board.
BP Marsh (BPM) has increased its NAV from 273p a share to 304p a share in the six months to July 2017. Disposals brought in significant amounts of cash and this is being reinvested. One of the main focuses of the investment is the North American market.
Infinity Energy S.A. (INFT) is in talks to acquire Transgas Ltd from its own chief executive and its family. Transgas owns petroleum exploration licences in south west England. Infinity will issue shares for the purchase if it is agreed and it intends to change domicile from Luxembourg to Guernsey.
Molecular diagnostics firm Genedrive (GDR) has signed a distribution agreement with Sysmex Europe for the supply of the Genedrive hepatitis C (HCV) ID kit, which is designed to be used in a decentralised environment and produce results within 90 minutes. This is the first commercial partner and Sysmex will be responsible for marketing and distribution in the EMEA region. The initial focus will be African companies.
RNA therapeutics technology developer Silence Therapeutics (SLN) is claiming money in the High Court for income it believes it is owed on products sold by Alnylam. The High Court has to determine whether Silence is entitled to supplementary protection certificates, which can give up to five years of exclusivity after a patent expires
Seeing Machines (SEE) believes that it could treble its revenues this year to between A$38m to $A43m and revenues could double again next year. However, cash is in short supply so investment has been curtailed. New investment is being sought. Interest is building in the automotive sector for the FOVIO driver monitoring technology.
Jim Meredith has become executive chairman of Augean (AUG), following the resignation of Stewart Davies as chief executive, and Christopher Mills and Roger McDowell, who stepped down in June 2015, have joined the board as non-executives. Augean continues to have problems with the HMRC regarding its landfill tax assessment and profit will be lower this year and in 2018. A further £1.7m is being cut from annual overheads.
Futura Medical (FUM) has received positive market research from fellow AIM company Cello (CLL) for its MED2002 gel for erectile dysfunction. More than three-fifths of physicians canvassed in the US thought that MED2002 was better than existing treatments. The equivalent figures in Germany and France were 60% and 54% respectively.
Concepta (CPT) has signed up two distributors in China for its MyLotus fertility product. This takes the number of distributors to three and more will be signed up in the coming months. The product is being evaluated for use after a woman has got pregnant.
Sunrise Resources (SRES) has discovered a new deposit at the CS Pozzolan-Perlite project in Nevada. There have also been positive drilling results in the existing deposit areas.
Omega Diagnostics Group (ODX) has signed a three year agreement to supply food intolerance product FoodPrint to a US laboratory testing services provider.
Thor Mining (THR) is moving to a phase of progressing the commercialisation of its exploration interests. There has been a resource upgraded at Pilot Mountain and there will soon be a resource estimate at Kapunda. The options for progressing with the development of the Pilot Mountain and Molyhil projects are being considered. A placing will raise £565,000 at 0.8p a share. There is a warrant with each share which enables the holder to subscribe for a new share at 1.2p.
Strategic Minerals (SML) has entered into a binding term sheet to acquire the owner of the Leigh Creek copper mine project, which is the northern Flinders Ranges in South Australia. It will cost A$1.8m to restart production at the mine. Strategic has to inject A$1m into the holding company, pay A$250,000 in cash and A$750,000 in shares to the current owner and agree a royalty agreement with them which will be capped at A$3.65m. The Cobre magnetite ore operation in New Mexico had a record quarter to September 2017. Revenues were $2.04m, which was more than the first six months of 2017 and for 2016 as a whole. Annual sales should exceed $5m and this provides cash flow for other projects. Strategic had $1.63m in the bank at the end of September 2017. Shareholders have agreed to a new option programme for management.
Sportech (SPO) has put itself up for sale, although the strategic review continues. There have already been four preliminary proposals but no detailed discussions have commenced.
InnovaDerma (IDP) has been criticised by the Advertising Standards Authority for some of its online advertising for Skinny Tan. Trading is in line with expectations.
AB Foods ABF Markdowns at Primark have fallen even more since the third quarter, further improving the outlook for the full year to the 16th September. Good growth is now expected in both adjusted operating profit and earnings per share. The weakness of sterling has also played its part and will provide a currency windfall of some £85m.
Restore plc RST has produced strong organic growth across the group for the half year to the 30th June and the interim dividend is to be increased by 26% to 1.67p pr share. Like for like revenue rose by 57%, EBITDA and profit before tax were both up by 59% and earnings per share by 38%. It is anticipated that the full year performance will be slightly ahead of previous expectations.
Pennant Group PEN managed to deliver a pre tax profit for the six months to the 30th June with revenue rising from £6.6m. to £9m. Profit before tax rose from a lowly £10,582 in the first half of 2016 to £935,353 and earnings per share showed a similar sharp rise from 0.04 to 2.84p per share. Delays in a major UK contract however, mean that for the full year revenues will be below current market expectations. in the longer term, the company has a strong order book and an encouraging pipeline for the three years to 2020 and beyond.
Seeing Machines Ltd. SEE saw second half sales rise by 250% over the first half and full year Fleet business at A$9.1m almost tripled that of 2016. The Fleet business is described as being a tremendous success with strong growth in the markets in which it participates. The strong momentum is expected to continue in 2018. However continuing major investment has meant that the net loss before tax has soared from last years A$1.6m to A$28.5m.
Science in Sport plc SIS has reached agreement with Team Sky for the renewal of its contract for a further three years.
Residential property developer St Mark Homes (SMAP) is bidding for related company St Marks Contracts Ltd. The recommended offer is a one-for-one share swap. That looks fair as the adjusted NAV of each of the companies is around 128.5p a share. That is after St Mark Homes pays its interim dividend of 5p a share. The directors that the two companies have in common were not involved in the negotiations. The idea behind the deal is that the enlarged group should be able to participate in larger projects.
Equatorial Mining & Exploration (EM.P) says that it has engaged a contract mining company to open up an access road into a planned mining lease in Nigeria in anticipation of its imminent grant, which is subject to a final fee of £15,000. Equatorial needs additional funding for exploration and working capital and it is talking to investors. The company’s activity has been limited in order for it to be able to keep going until finance can be obtained. A half year trading update will be published at the end of this month
Hellenic Capital (HECP) director Gavin Burnell has more than doubled his stake in the investment company, taking it to 29.9%. The recent purchase of 9.5 million shares was at 0.137p each. That is below the current bid price of 0.2p.
African Pioneer (APPP) is asking its shareholders to approve its withdrawal from ISDX. The vote will be held at the AGM on 30 June. If the resolution is passed then trading will end on 1 July.
Wireless control technology developer Cyan Holdings (CYAN) is acquiring Connode, which supplies wireless-based technology for smart meters and the internet of things, for £6.8m – £4.3m in cash and £2.5m in shares. This deal provides a European customer base and an opportunity to generate revenues from the smart meter roll out in the UK. Cyan is raising £10.1m at 0.18p a share and this includes a £2m subscription by JS Technical Services, a Thailand-based distributor of Cyan products. The share capital will be doubled following these share issues. Directors and some of the senior management will take their income and bonuses in shares at the same price – expected to be equivalent to £730,000.
Seeing Machines (SEE) has supplied an initial 1,000 Guardian on-road driver fatigue units to a distributor set up by VSI Berhad, the Malaysian business that recently took a 12% stake in the company at 5.2p a share – a significant premium to the current market price. The units will be sold in Malaysia and Singapore. According to finnCap, Seeing Machines should have net cash of A$5m by the end of June 2017 and there are $10m worth of further payments to come from the Caterpillar deal.
Risk management and compliance software developer Lombard Risk Management (LRM) is raising up to £8.76m through a placing and one-for-35 open offer at 8.75p a share. The cash will be invested in developing existing and future software products. A trebled loss of £6.6m is forecast for this year but Lombard is expected to move into profit next year – after capitalised development spending.
Hydro International (HYD) has recommended a £28m bid from Ely Acquisitions. The Hanover Active Equity Fund-backed acquisition vehicle is offering 194p a share in cash for the stormwater and wastewater equipment supplier.
Dekeloil (DKL) is buying out most of the minority interests in the Ayenouan palm oil mill in the Ivory Coast. This will take the Dekeloil stake to 86% and it will be financed by a £12.75m placing at 1.325p a share. The purchase price effectively values the mill at €42.9m and the deal should be earnings enhancing. The rest of the minority interest will eventually be acquired. Cantor Fitzgerald forecasts a 2016 profit of €4.9m, rising to €7.5m next year.
CML Microsystems (CML) is showing signs of benefiting from a recovery in demand thanks to new contracts. In the year to March 2016, revenues improved from £21.8m to £22.8m, while underlying pre-tax profit moved ahead from £3.17m to £3.44m. The dividend was increased from 6.9p a share to 7p a share. The recently announced Chinese acquisition will not be completed for around three months.
A pre-feasibility study for the Batangas gold project, where Bluebird Merchant Ventures (BMV) has an option to increase its 25% stake to 50.1%, shows that it could generate $34m of free cash during its first seven years of production (assuming a gold price of $1,250/ounce). The upfront capital costs are $16m. Estimated operating costs are $735/ounce of recovered gold. Recovered gold production is forecast at 116,000 ounces and there are an additional 320,000 ounces of inferred gold resources. A definitive feasibility study should be completed by the end of the year.
Highlands Natural Resources (HNR) is reversing its recently acquired helium prospects in Montana into fellow standard list shell Opera Investments (OPRA), which previously had a reversal deal that fell through. The purchase price is £4m in Opera shares valued at 15p each. Opera plans to raise at least $750,000 to finance investment in the assets. Highlands will be the majority shareholder in the company.
IMC Exploration (IMCP) has published its prospectus for the proposed switch to the standard list. The prospectus has been approved by the Central Bank of Ireland. The switch should happen by the end of May. At 1.5p (1p/2p) a share, IMC is valued at £1.6m.
St Mark Homes (SMAP) is trading at a discount of one-fifth to its NAV at the end of 2015. At 105p (90p/120p) a share, St Marks is valued at £3.1m, compared with the latest NAV of £3.95m. In 2015, pre-tax profit dipped from £579,000 to £549,000. The regional house builder has three projects in Surrey which will contribute to profit in 2016 and 2017, while the final two sales at Cheltenham were made earlier this year and there have been initial sales in Richmond. St Mark has already paid a dividend of 4.5p a share. Obtaining sufficient capital is difficult and it is holding back progress.
FT8 (GFT) has raised £173,000 at 0.7p a share in order to provide working capital following the news that a $1.5m finance package that was revealed last year has not become available. At 0.65p (0.6p/0.7p) a share, FT8, which was formerly Ezybonds, is valued at £4.8m. Last week, 65,000 shares were traded at 0.6p each – the first deal since March.
Seeing Machines (SEE) has signed a term sheet with a US investment fund which should mark the start of the process of spinning off the automotive technology operations of the company into a separate company, which will focus on the development of this technology. Seeing Machines will retain a significant stake. A product has already been provided to a customer and it will be in cars launched in 2018 – slightly later than hoped.
Greka Engineering & Technology Ltd (GEL), one of the spin offs from China-focused coal mine methane producer Golden Dragon Gas, plans to leave AIM. Trading in the shares of the s-making gas engineering and technology business has been limited since the spin off in September 2013. The board already has the backing of the owners of more than 75% of the shares so this will go ahead. Charles Stanley has been given the job of acquiring shares in the market at 0.8p each up until the quotation is cancelled.
Storm and waste water treatment equipment manufacturer Hydro International (HYD) has received a bid approach from major shareholder Hanover Investors. Hanover took a 17.5% stake in the middle of January and the share price has risen by one-third since then. The order book continued to grow in the first quarter, with orders in the North American wastewater market recovering. However, the orders will not contribute significantly until the second half of 2016.
HML Holdings (HML) has acquired Essex-based residential property lettings firm Homes & Watson Partnership for £360,000. The deal adds 1,400 units taking the group total to around 60,000. Trading is in line with expectations so pre-tax profit for the year to March 2016 should be £1.6m.
Karelian Diamond Resources (KDR) has raised £250,000 at 0.8p a share and this will help to fund development of the Lahtojoki diamond project. Each new share has a warrant attached that provides the opportunity to subscribe for another share at 1.6p each. They have to be exercised if the share price is at or above 5p for at least ten days.
TV and digital publishing company Ten Alps (TAL) has warned that recovery is taking much longer than expected. The television programme production business is doing well despite commissioning delays but publishing remains a problem area and it continues to lose money. The group loss for the year to June 2016 is likely to be lower than last year. Parts of the publishing division will be sold and the rest restructured.
Residential property developer Formation Group (FRM) fell into loss at the interim stage but there should be significant profits in the second half. There is £3.9m of profit share to come from the Norwich House development and there will be profit from the Iverson Road development. An interim profit was reported due to the writing back of a loan previously provided for but higher admin expenses meant that there was an operating loss. NAV rose from £7.6m to nearly £10m.
Latest edition of AIM Journal available here.
North Midland Construction (NMD) continued to be profitable in the first quarter of this year having returned to profit in 2015. The order book for 2016 is around £200m with more to come from framework contracts. Only one costly legacy contract remains to be sorted out. The utilities division remains loss-making and existing contracts being reviewed. Civil engineering made a small first quarter profit. The main improvement came in the water-infrastructure business even though the latest AMP6 capital spending regulatory cycle is still building up. The main focus of the group is improving margins plus better cash collection.
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London
|ST Rec. changed|
|Michelmersh Brick Holdings||Buy||Neutral|
|Impax Asset Management Group||Buy||Neutral|
|Food & Beverage|
|Asian Citrus Holding (London)||Sell||Neutral|
|M P Evans Group||Buy||Neutral|
|Omega Diagnostics Group||Buy||Neutral|
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|The Kellan Group||Buy||Neutral|
|Oil & Gas – Explorers|
|Oil & Gas – Producers|
|Stanley Gibbons Group||Buy||Neutral|
|SQS Software Quality Systems||Buy||Neutral|
|Travel & Leisure|
|KSK Power Ventur||Buy||Neutral|
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|Oil & Gas|
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Fastjet (FJET) It seems only yesterday that Fastjet was rapidly extending its network and Sir Stelios had a wide beam on his face. Now, all that can be forgotten and rationalisation of the newly built network has become an urgent necessity. 2016 results will be materially below expectation, the year will not be cash flow positive and the company may need to raise further funds during the course of the year. The source of the problems is that the challenges facing the African aviation industry have been far more prolonged than management envisaged. The shares have been marked down 26% to 49p, prior to the start of trading this morning.
Seeing Machines (SEE) produced record revenue and profits for then half year to 31st December. sales and service revenue grew by 594% Last years loss of A$14.2m has been turned into a profit of A$11.2m. The partnership with Caterpillar proved to be a milestone event, producing a A$21m licence fee which helped to create the record profit.
Clarkson (CKN) has put in a robust performance in what it describes as an incredibly challenging year. Revenue for the year to the end of December and profit before tax both rose by some 25%. despite all the doom mongering in which the media engaged in 2015, overall sea born trade actually grew and the company continues to see signs of a healthier shipping market which is at least one indication that the world economy is perhaps not as bad as pundits proclaim.
Stobart (STOB) Overall performance for the year to 29th February was in line but Infrastructure exceeded expectations with a strong performance. Biomass and Southend airport are seen as the two main driving forces for the future
Petroceltic (PCI) Oil woes spread as trading in shares of Petroceltic International has been suspended as from this morning pending clarification of the company’s financial position.