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Andrew Hore Quoted Micro 25 November 2019

NEX EXCHANGE
National Milk Records (NMRP) says that revenues in the quarter to September 2019 fell to £5.25m. They were £5.54m in the previous quarter and £6.08m last year, although that was boosted by one-off projects. A cyber-attack hit business, but systems have been restored. Canaccord Genuity has been appointed as corporate adviser.
Western Selection (WESP) has acquired nearly 3.64 million shares in the Bilby (BILB) placing. That has more than doubled the number of shares owned by Western Selection and it owns 10.8% of Bilby, up from 6.66%.
Belvedere Leisure Resorts (www.belvedereleisureresortsplc.com) is expected to gain a quotation for £10m of its 6.25% secured bonds on 29 November. The company is a subsidiary of Belvedere Leisure Park, which owns a site in Dumfries & Galloway with planning permission for a lodge park resort of 444 holiday lodges. The park will be built by Landal GreenParks.
Formerly AIM-quoted SAPO (www.sapoinvest.com), which was known as South African Property Opportunities, plans to join the NEX Growth Market on 2 December. The plan is to use the Isle of Man-based company as a shell to invest in the UK rural broadband market, although Labour plans for the broadband market could affect this strategy. Executive chairman Michael Meyer will own 40.55% of SAPO and three shareholders will own 84.8%.
Bracken Trading (BRAC) has decided to withdrawal is preference shares from NEX trading on 18 December. Trading had started on 9 September. There have not been any trades.
Altona Energy (ANR) is acquiring a petroleum exploration licence application within the Arckaringa Basin in South Australia. This is close to the company’s existing exploration licences. There could be potential for a gasification project. Management has decided not to invest in the potential vanadium investment.
Tectonic Gold (TTAU) says that its subsidiary has received a tax refund of $279,275. Drilling at Specimen Hill shows gold bearing mineralisation in all holes. There are targets for follow-up drilling.
BWA Group (BWAP) has not received £80,000 of the £100,000 subscription funds for convertible loan notes issued when Kings of the North Corp was acquired. Alternative funding is being secured. Vilhjamur Thor Vilhjalmsson, chief executive of 23.75% shareholder SX, has resigned as a director of BWA and been replaced by Mark Billings.
Block Commodities (BLCC) has appointed Ian Tordoff as chief executive. He has experience in the healthcare sector and has been involved in assessing the potential cannabis-based compounds.
DXS International (DXSP) chief executive David Immelman’s wife acquired one million shares at 10p each from Ron Rhodes during September. That takes David Immelman’s interests to 13.3%.
The ten-for-one share consolidation has been approved by World High Life (LIFE) shareholders. Dealings in the new share started on 20 November.
AIM
A competing bid approach led Hanover Acquisition to increase its bid for Brady (BRY) from 10p a share to 18p a share, which values the risk management and commodity software company at £15m. Hanover has bought shares owned by Kestrel and Coltrane Master Fund and these stakes have taken its shareholding to 46.1%, so the bid is mandatory.
Feedback (FDBK) has secured its first pilot study for its Bleepa communications platform that can be used to securely access medical grade images via mobiles and PCs. The Pennine Acute Hospitals NHS Trust will use Bleepa for respiratory requests. Bleepa will be the main focus for Feedback and it offers the potential for significant recurring revenues. Less money will be spent on TexRAD.
Keeping up with tradition Immunodiagnostic Systems Holdings (IDH) released its interims at 4.35pm on Friday. This was the same time as the previous trading statement and earlier than the previous interims which were released at 5.04pm on a Friday. Revenues remain flat and there was a pre-tax loss. Cash was £28.1m at the end of September 2019.
Nick Develin is stepping up from chief operating officer of Naked Wine (WINE) to takeover from Rowan Gormley as chief executive. The company has sold its other operations and is purely an online wine retailer. UK trading ahs been weak, but the US is going well.
Kape (KAPE) is almost doubling its earnings per share by acquiring Private Internet Access, which expands the range of security software the group can offer. The acquisition will cost up to $95.5m in cash and shares, plus debt. Kape will have net debt following the acquisition, but this should be paid down over the next two years.
Litigation finance provider Manolete Partners (MANO) is building up its business having raised cash when it floated at the end of last year. Interim revenues rose by 15% to £7.5m, but most of those revenues were unrealised gains. That meant that there was a cash outflow in the period. This is due to the higher number (and higher value) of cases being taken on and many of these will be completed and generate cash in the second half. Manolete focuses on insolvency cases and this means that they tend to be settled much quicker than ones handled by Burford Capital.
Having failed to secure the financing for its proposed acquisition, Stirling Industries (STRL) is cancelling its AIM quotation and management plans to place the company in liquidation.
First Property (FPO) increased like-for-like interim revenues by 10% to £8.1m. The spare space at CH8 in Warsaw is being filled. The interim dividend has been edged up to 0.46p a share. The underlying NAV is 50.7p a share.
Nostra Terra Oil and Gas (NTOG) has sorted out its interest in Egypt at no cash cost. The stake is being transferred to the operator. The deal is expected to be completed by the end of 2019, although it can be terminated if it is not.
Social video company Brave Bison (BBSN) expects to make a full year loss on reduced revenues of £16m. That is worse than expected. Changing Facebook policies have made trading difficult. Management is trying to reduce the dependence on Facebook. There was £3.8m in the bank at the end of October 2019. Costs are being reduced. Robin Miller will step down as chairman at the end of 2019. CIP Merchant Capital (CIP) recently increased its stake in Brave Bison to 11.7%.
Digital TV software developer Mirada (MIRA) increased underlying revenues by 11% to $5.74m, but it is still losing money. However, contracts are being won with potential for more over the next few months. Net debt has fallen to $3.53m following the sale of Mirada Connect for £2.12m ($2.72m).
City of London Group (CIN) says that its subsidiary Recognise Financial Services has applied to become a bank. The plan is to offer financial services to smaller companies and savings products. The company hopes to be authorised later in 2020, but that may prove optimistic. City of London Group will have to raise cash to finance the development of the bank.
Shareholders took up 10.9% of the open offer shares in Xeros Technology Group (XSG) and this raised £217,000.
A general meeting requisition has been lodged with Plutus PowerGen (PPG) and the intention is to remove all the current directors. They would be replaced with Nicholas Lee, David Horner and Dr Nigel Burton.
Mporium (MPM) has appointed an administrator and the business has been sold to management. There is unlikely to be anything for shareholders.

MAIN MARKET
Semiconductors supplier CML Microsystems (CML) reported a decline in revenues and profit in the six months to September 2019. The storage products revenues fell by nearly one-quarter, while there was a 4% decline in communications revenues. However, an overall improvement on the first half is expected in the second half. Interim pre-tax profit fell from £2.4m to £900,000. A full year pre-tax profit of £2.6m, down from £3m is forecast.
Macfarlane Group (MACF) has increased revenues by 4% in the four months to October 2019. The packaging supplier has reduced overheads to offset price deflation. Full year performance is expected to be better than last year.
Fasteners supplier Trifast (TRI) has increased market share, but that has only partly offset the tough underlying markets. Interim revenues were 2% lower at £103.1m, while underlying pre-tax profit was 8.5% down at £10.6m.
Rainbow Rare Earths (RBW) has acquired ten mining claims in northern Zimbabwe and they cover carbonatite type bodies. The properties were previously explored for phosphates.
Kin + Carta (KCT) has made its first digital transformation acquisition in the form of Colorado-based Spire. The initial payment is $14.8m with a further performance-based payment next February and another after that. The company has raised £13.6m at 89p a share.
Specialist Fund Market-quoted Marwyn Value Investors Ltd (MVI) is returning £5.31m to realisation shareholders. That includes £5.28m from the takeover of BCA Marketplace and a small amount of liquidation proceeds from Gloo Networks. There will be a pro rata redemption of realisation shares. The shares will go ex-redemption on 6 December.
Andrew Hore

Alan Green CEO of Brand Communications discusses Feedback #FDBK and gives the bull case for Metro Bank #MTRO

Alan Green CEO of Brand Communications give the bull case for Metro Bank #MTRO and discusses Feedback #FDBK
(Interview starts at 25 minutes 39 seconds)

Andrew Hore Quoted Micro 21 October 2019

NEX EXCHANGE

Third quarter trading at Arbuthnot Banking (ARBB) shows a one-third increase in loans to £1.6bn, while deposits are 17% ahead at £2bn. Impairments are rising, though. The private bank is adding 40 new clients each month.

Although Vox Markets has called off merger discussions with PCG Entertainment (PCGE) the latter’s shareholders will have preferential rights to participate in the flotation of Vox. Shareholders have to be on the register on 11 October to benefit. PCG has released any claims it may have against Vox, although Vox has the right to sue Align Research, the third party in the merger plans. PCG says nothing negative was found about Align in due diligence. First Sentinel has resigned as corporate adviser to PCG and trading in the shares has been suspended.

Good Energy (GOOD) has launched One Point to offer electric vehicle charging. The company has also been awarded he green classification and mark.

The Home Office has awarded Sativa Group (SATI) a controlled drug licence to grow medicinal cannabis. This covers cannabis with a THC content of greater than 0.2%. Sativa already has a low-THC industrial hemp licence.

AfriAg Global (AFRI) says that its investee company Apollon Formularies has received its third medical cannabis licence in Jamaica. This is for experimental research and development.

World Health Life (LIFE) has completed the acquisition of Love Hemp and a £2m convertible debenture fundraising. A second tranche of debentures should be issued in the next few weeks. Love Hemp has product distribution agreements with supermarkets and health food stores.

Triple Point Investment Management is providing a £20m loan facility for Rutherford Health (RUTH) and this will be drawn down in phases. The loan terms improve as patient numbers increase at the three proton beam therapy centres.

Tectonic Gold (TTAU) has received the first quarterly interest payment from Silverstream. The 12-month note matures in August 2020.

Primorus Investments (PRIM) will consolidate 20 shares into one new share and trading will commence on 22 October.

Secured Property Development (SPD) had £537,000 in the bank at the end of June 2019, but it is finding it difficult to find a suitable acquisition.

AIM

Immunodiagnostic Systems Holdings (IDH) is as consistent as ever. It has published a trading statement related to its interims at 4.35pm on Friday. The 2018-19 trading update was published at 4.35pm on Thursday 18 April – the last day before a long weekend. There was no particular reason to hide the latest statement. First half revenues were flat compared with a first quarter decline of 2%. Cash fell £300,000 to £28.1m over a three-month period.

Murgitroyd (MUR) is recommending a 675p a share bid from a company set up by Sovereign Capital Partners LLP. This values the patent and trademark attorney at £62.8m. Murgitroyd joined AIM 18 years ago at 121p a share and has been a consistent dividend payer.

Fully listed logistic services provider Wincanton (WIN) is considering a bid for Eddie Stobart Logistics (ESL) and DBAY Advisers is also still assessing whether to bid.

Disinfection products supplier Tristel (TSTL) plans to grow its revenues by up to 15% a year in each of the next three years. This follows an 18% increase to £26m in the year to June 2019, while pre-tax profit grew by one-fifth to £5.6m. The dividend was 21% higher at 5.54p a share. International markets account for 55% of revenues. Tristel is waiting for a response from the FDA, which should be forthcoming by the end of 2019.

Power projects developer Kibo Mining (KIBO) has raised £1.99m at 0.45p a share. This will be used to fund the development of power generation projects in Africa. The portfolio includes 1,055MW of power generation capacity with 355MW having heads of terms power purchase agreements. Each new share comes with a warrant exercisable at 0.8p a share.

Filtronic (FTC) has agreed to pay a warranty claim of $2m (£1.6m) and change a faulty component in antennas supplied in 2016-17. The fault relates to certain bandwidths in hot countries. The cash is payable in four instalments up until December 2020. On 23 October, Filtronic is set to report sales from continuing activities of £15.9m, down from £21.6m, and a small positive EBITDA. Filtronic has already received more than £10m of orders for its 5G backhaul transceivers due for delivery in 2019-20.

Woodford Investment Management has cut its stake in GYG (GYG) from 19.98% to less than 5%. That appears to have been a relief to the market because the share price of yacht painting services provider has recovered since the disposal. UBS has taken a 11.2% stake.

Kestrel Partners continues to build its stake in Pebble Beach Systems (PEB), taking its stake from 25% to 26.1%. Kestrel owns 23 million shares in Brady (BRY) and, even if it makes a loss, it will be having a cash inflow. Hanover Acquisitions is offering 10p a share for the risk management software company, which values it at £8.3m.

Construction consultancy services provider Driver (DRV) says it will report underlying pre-tax profit of £3m for the full year, after £400,000 of rationalisation costs. That represents a strong performance in the second half. Net cash was £5m at the year-end, after share buy backs.

Frontier IP (FIPP) has taken a 43% stake in Elute Intelligence Holdings, which is developing software to search complex documents and detect plagiarism. Frontier IP is providing some of its own IP to an existing business to form Elute with the rest of the stake coming from providing services to the company.

Blue Star Capital (BLU) is raising £900,000 at 0.1p a share and the cash will be equally split between six investments in esports companies.

Power transmission products manufacturer Renold (RNO) says that cost savings are offsetting a downturn in trading. It is still on track to report an underlying full year pre-tax profit improving from £10.1m to £10.4m. Order intake remains weak.

Rose Petroleum (ROSE) has announced a restructuring of the Paradox project. This will enable the oil and gas company to focus on the most prospective acreage.

MAIN MARKET

Quantum dots developer Nanoco (NANO) still has a cash buffer so that it can find a new manufacturing partner to replace the US one that has withdrawn from an agreement. There could still be net cash of £1.5m at the end of July 2020.

Zenith Energy (ZEN) is planning to raise cash at NOK0.35/share in Norway. That is equivalent to 2.95p/share, compared with a market price of 3.5p. The Azerbaijan-focused oil and gas company has a drilling rig that will be mobilised before the end of the month and well M-247 has been identified as a target. It was previously in production. Zenith has identified wells in the Muradkhani oilfield in which perforations of untapped intervals can generate additional production. This will happen in the next fortnight.

OTHER MARKETS

Former AIM company Getmapping has launched a strategic review and a formal sales process. Management of the believes that the geospatial services provider could grow faster with additional investment. A company taking a minority stake is another alternative. The process should be completed by the end of 2019. The shares are traded on the Britdaq matched bargains market.

Vienna-listed Fashion On Screen is moving into theatre by acquiring musicals producer Shaftesbury Avenue. The all-share purchase is valued at £2.5m. Fashion On Screen believes that some of the musicals could become film productions.

Andrew Hore

Andrew Hore Quoted Micro 7 October 2019

NEX EXCHANGE

Wines and beer maker Chapel Down Group (CDGP) increased interim sales by one-fifth to £6.74m with growth coming from all parts of the business. Gross margins improved, but the first half loss increased due to investment in developing brands. Cash has been spent on developing additional vineyards, a gin works and a new brewery, although there is still £5.19m in cash on the balance sheet. Bank debt is £6.45m and this is associated with the Ashford brewery, where there have been teething problems with commissioning the new equipment. The associated restaurant and retail store opened in May.

Property investor Ace Liberty and Stone (ALSP) increased revenues by 44% to £5.07m in the year to April 2019. There was a disposal gain of £284,000 and that contributed to the rise in pre-tax profit from £361,000 to £759,000. Total dividends doubled to 2.5p a share. Property assets have increased by 52% to £88.3m. NAV is £21.2m.

Net assets of Western Selection (WESP) have fallen by one-third to 64p a share. The investment in loss-making Tudor Rose International has been written off. The value of the stakes in Bilby (BILB) and Brand Architekts (BAR), formerly Swallowfield, has fallen sharply. There is no final dividend.

IFA AFH Financial (AFHP) has confirmed that trading has been strong in the year to October 2019 and there will be a renewed focus on organic growth following a period of acquisition activity. There could be some small purchases, but there will be no requirement for cash from share issues.

KR1 (KR1) generated a gross profit of £5m in the six months to June 2019, although £4.29m of that is unrealised gains. The reported pre-tax profit is £4.62m. The NAV is £10.7m.

Dozens Savings (DSO1/DSO2) has had its 5% secured bonds October 2020 admitted to the NEX Exchange Growth Market. The bonds are offered to customers of parent company Project Imagine.

Angelfish Investments (ANGP) says that investee company YBOO has been placed in administration and Quantuma appointed to handle the process. Angelfish invested £650,000 for a 35% stake and lent just over £1m for working capital, where a repayment demand led to the administration. Writing down this investment was predominantly behind the £1.72m loss reported for the year to June 2019. It has also meant that there are net liabilities of £2.27m. A capital raising was hit by the closure of SVS Securities.

Shareholders in SG Recruitment (SGRL) did not approve the AGM reappointment of Steven Howson as a director. David Sumner, who owns the majority of the shares in the company, has been appointed chief executive.

Healthcare company MiLOC Group (MLP) increased its interim revenues from HK$5.27m to HK$6.1m. The loss was still substantial, although it did decline from HK$25m to HK$19.4m. The launch of a traditional Chinese medicine-based body care product should happen in the coming months. MiLOC raised HK$652,000 at 30p a share.

Cannabis company Freyherr International Group (FRYR) generated revenues of £1.17min the first half of 2019 and it should reach more than £2m for the full year. There was a small profit in the first half, which was before Freyherr joined NEX.

MESH Holdings (MESH) has left NEX. Veni, Vidi, Vici (VVV), Global Capital (GCAP) and Secured Property Developments (SPD) have all had trading in shares suspended because of a failure to publish accounts. Trading in Queros Capital Partners 8% bonds 2025 (QCP) has been suspended because of a breach of rules. This involves the failure to appoint new independent non-execs.

DXS International (DXSP) has appointed Hybridan as broker.

AIM  

Directa Plus (DCTA) is paying €2.1m to acquire a 51% stake in Romanian waste management and remediation services company Setcar. A placing and one-for-38 open offer at 75p a share will raise up to £8.24m before expenses for the graphene business. GVC Investment Company, which has a business in offshore oil and gas services, will acquire 47% of Setcar with an existing shareholder retaining 1.97%. Directa Plus and Setcar have worked together on the development of Grafysorber mobile decontamination units. This is one of the two main focuses for Directa Plus. The other is textiles.

Linde is taking a 20% in energy storage and clean fuel products developer ITM Power (ITM) in return for £38m. The two firms are entering into a joint venture that will supply hydrogen to large scale industrial projects with an installed electrolyser capacity of 10MW and above. A further £14m is being raised at 40p a share, which is the same price that Linde is paying. An open offer could raise up to £6.8m.

Duke Royalty (DUKE) is raising up to £20m at 44p a share, including an offer via PrimaryBid.com. The cash will enable Duke to sign up another royalty partner and undertake five follow-on investments. The total cost will be approximately £25m. There will also be spare cash and facilities to sign up other royalty partners.

Trading in antimicrobial technology developer Byotrol (BYOT) shares has been suspended because it has not published its accounts for the year to March 2019. It blames the effects of revenue recognition policy IFRS 15 and the Medimark acquisition for the delay. The preliminary figures have been published and they were better than expected due to changes in revenue recognition related to IFRS15. Some revenues originally recognised in the year before has been moved to last year. Revenues increased from £1.8m to £5.7m, with £1.8m coming from Medimark, and Byotrol moved from loss to a pre-tax profit of £600,000. There was £2.8m in the bank at the end of March 2019. Even if there are no further licence deals this year, Byotrol should trade at around breakeven.

Evgen Pharma (EVG) says that the trial investigating the potential of SFX-01 to reverse acquired resistance to endocrine therapies. The data suggest that there are no safety concerns in patients suffering from ER+ metastatic breast cancer. In combination with endocrine therapy, SFX-01 helped to stabilise the disease and showed some anti-tumour activity.

STM Group (STM) says that the Pension Regulator has confirmed that Carey Workplace Pension Trust is an approved Master Trust for auto-enrolment. This means that STM is well-placed to become a consolidator in the market.

MAIN MARKET

Avation (AVAP) has repossessed two Airbus A321 aircraft from Thomas Cook and they are undergoing maintenance. They will subsequently be leased to other clients.

Flavourings supplier Treatt (TET) says it will achieve expectations in the year to September 2019 even though there has been a sharp fall in citrus raw material prices. Orange oil prices have halved, and this accounts for one-third of revenues. Non-citrus revenues are growing. Net cash is £15.8m. The full year results will be published on 26 November.

Andrew Hore

Andrew Hore Quoted Micro 9 September 2019

NEX EXCHANGE

BWA Group (BWAP) is acquiring Kings of the North Corp, which owns five groups of exploration licences in Canada. BWA will pay £4.66m for the business, which is owned by a Canadian Stock Exchange listed company. Management believes that there is significant upside in the licences. Nearly $C1m needs to be spent for the licences to be renewed.

World High Life plans to join NEX on 12 September. This is an investment company that intends to acquire businesses involved in medicinal cannabis. The company (www.worldhighlife.uk) has already raised £2.4m from subscribers and no additional cash will be raised on flotation.

Adnams (ADB) director Guy Heald has purchased 3,000 B shares at £95.21 each. That takes his shareholding to 15.1%. The shares were sold by Sidney Sussex College in Cambridge, whose interest has been reduced to 6.32%.

Better news from Ashley House (LSE: ASH) because a scheme in Romsey has reached financial close. There are still two other delayed schemes that have not completed. Funding sources are being explored.

Tectonic Gold (TTAU) is selling its 2.5% royalty interest in the Graphmada graphite mine in Madagascar for up to A$550,000 in cash and convertible notes in royalty business SilverStream.

Primorus Investments (PRIM) reported a decline in net assets from £5.16m to £4.74m in the six months to June 2019. Management believes there are plenty of opportunities in the pre-IPO market.

Capital for Colleagues (CFCP) has agreed the terms for a realisation of its investment in Cotswold Valves, because it no longer wants to focus on employee ownership. The equity interest is being sold for its £220,000 cost and loans totalling £450,000 have been rescheduled. The cash will be received over a three year period.

KR1 (KR1) has made investments in the Nym Protocol project, Alice Si, a blockchain-based social funding platform developer, and Nexus Mutual, which is a follow-on investment.

Resources-focused investment company Hot Rocks Investments (HRIP) increased its cash position from £17,000 to £47,000 in the year to March 2019, but net assets fell from £722,000 to £687,000.

AIM  

Good news from car dealers Cambria Automobiles (CAMB) and Vertu Motors (VTU). Cambria says that trading in the eleven months to July 2019 has been well ahead of the same period last year and the full year profit will be higher than market estimates. New car sales are lower but Cambria is making more profit on each sale because of the mix of franchises and greater exposure to the luxury end of the market. More profit was made on each used car sold as well. Vertu says that its trading is in line with expectations, helped by price stability in the used vehicle market since July.

Mirada (MIRA) has won a new contract for the deployment of its Iris multiscreen digital TV product with a new Spanish interactive TV services provider Plataforma Multimedia de Operadores. Mirada’s technology will be used to deliver content to Android set-top boxes, smartphones, laptops and other devices. The commercial launch will be early next year and the plan is to build up a subscriber base of 600,000.

Adamas Finance Asia (ADAM) says that its consolidated NAV increased by 3.5% to $96.3m (£78.4m) in the six months to June 2019. That includes cash of $5.4m. There was interest income of $677,000 in the period. Production at Future Metal Holdings’ dolomite magnesium limestone mine in China should restart before the end of the year.

A secured creditor has appointed voluntary administrators to five subsidiaries of Management Resource Solutions (MRS) but the businesses continue to trade. A creditors meeting is set for 16 September. The businesses will need to be recapitalised.

Filtronic (FTC) has decided to sell its antenna division.

Colin Harrington has switched from executive chairman to chief executive of Rose Petroleum (ROSE) following the departure of its previous chief executive Matthew Idiens. Rick Grant will become chairman. Gordon Stein is a new independent non-executive.

MAIN MARKET 

Avation (AVAP) reported full year results that were ahead of expectations. The commercial aircraft leasing company’s pre-tax profit was 15% ahead of forecasts and there was also a tax credit which further boosted earnings per share. The dividend was raised by 45% to 10.5 cents a share.

Packaging manufacturer and distributor Macfarlane (MACF) has acquired the Leyland Packaging Company for up to £3.25m, with up to £1m in the form of an earn-out based on performance of the distributor in the year to August 2020, in cash and shares. In 2018, Leyland made a pre-tax profit of £550,000 on revenues of £4.06m.

Fully listed shell Highway Capital (HWC) has published its accounts for the year to February 2019. They showed net liabilities rising to £781,000. There was cash of £245,000 in the balance sheet following the repayment of loans. Trading in the shares has been suspended for three years.

Standard list shell Boston International Holdings (BIH) is considering potential acquisitions outside of the foreign exchange sector.       

Argo Blockchain (ARB) has ended discussions about a partnership with Hive Blockchain Technologies. Argo believes that its investment in additional crypto mining capacity has provided it with the scale it needs.

Sure Ventures (SURE) is investing a further €2.5m in Sure Valley Ventures Fund.

Andrew Hore

Andrew Hore Quoted Micro 12 August 2019

NEX EXCHANGE

Imperial X (IMPP) non-executive director Melissa Sturgess has sold 4.615 million shares at 2p each and she retains an equal number of shares. The total stake was acquired at 1p a share, so she has effectively made her money back. Imperial X is moving into the cannabis sector. Charles Morgan, a relation of Melissa Sturgess, converted £46,150 of loan notes into 4.615 million shares.

NQ Minerals (NQMI) has invested a further £150,000 Tasmania Energy Metals through a convertible loan, taking the total investment to £450,000. The exclusivity period relating to the acquisition of an option over the company’s assets has been extended to the end of October 2019. NQ would have nine months to exercise the option in return for shares worth £5.5m. The latest investment will be used to develop a facility that would produce nickel and cobalt salts for electric vehicle batteries.

Founder Stephen Minion has resigned from the board of Ashley House (ASH) so that there are no conflicts of interest between his role as a director and his other interests. He is chairman and major shareholder of Invescare, which has provided a loan to Ashley House.

iGaming software developer Ganapati (GANP) says that its Malta-based subsidiary has signed a resale agreement with BetConstruct, which will provide the company’s slot games to its integrated operators via its platform. Another deal is with PG Entertainment and this will make Ganapati’s games available in Latin America via a smartphone platform.

Asia Wealth Group Holdings Ltd (AWLP) improved pre-tax profit from $150,000 to $268,000 in the year to February 2019, partly due to a reduction in impairment losses. The company is looking at fintech acquisitions.

The conversion of loan notes in Equatorial Mining and Exploration (EM.P) has led to the issue of just over nine billion shares. There are 24.2bn shares in issue.

Valiant Investments has changed its name to Eurocann International (BUD).

AIM  

Oil and gas company Amerisur Resources (AMER) has effectively put itself up for sale and multiple companies are interested in bidding. They are being provided confidential information. The formal sale process continues.

Execution only broker Share (SHRE) made a first half profit even though stockmarket trading conditions and volumes have been poor and the dividend from Euroclear was moved to the second half. Revenues increased 9% to £11.1m as interest income grew. Account fees have been increased. Share is benefiting from its digital investment. The 20,000 accounts being taken on from JP Morgan will contribute from September. A full year profit of £400,000 is forecast.

Credit hire and legal services provider Anexo (ANX) is trading more strongly than expected, even after previous upgrades. Management has managed to reduce insurance costs. The full year pre-tax profit forecast has been increased by 15% to £23m and next years by 14% to £25m.

Artificial intelligence-based physician platform DocDoc, where Adamas Finance Asia (ADAM) is an investor, has raised $13m. Adamas led the convertible loan note financing for the Singapore-based company. DocDoc operates in eight countries. Hong Kong-based CASIL Clearing has reduced its stake in Adamas from 6.9% to 2.9%. Pello Capital has been appointed joint broker.

Presidential Energy (PPC) is not making the progress it hoped to, but profit is improving. The share price of the Argentina-focused oil and gas company has been declining. finnCap describes its estimates for average production and EBITDA as “challenging” due to delays and disruptions. It has been forecasting EBITDA of $27.9m due to an oil price estimate that is above current levels, whereas the company believes it could be around $20m. There are no plans to change the forecast until the interims are released in September.

StatPro (SOG) increased organic annualised recurring revenues by 3.2% to £56.5m in the first half. The asset management performance software provider increased interim revenues £27.2m to £28.3m, while pre-tax profit improved from £2.37m to £2.66m due to flat operating costs. Net debt is £24.2m.

Richard Bernstein has increased his stake in Ultimate Sports Group (USG) from 27% to 29.8%. Bernstein has an agreement with Ultimate where he would receive 1% of the value of the first acquisition he introduces to the company as long as it is completed by 30 September. Matthew Farnum-Schneider has been appointed chief executive of Ultimate. He has been granted a range of options. Some are exercisable at 20p a share, which is just below the current share price, some at 40p a share and others at 60p a share. Geoffrey Simmonds has left the board.

Urban Exposure (UEX) is not going ahead with a proposed issue of 6.5% secure sterling bonds 2026 because of market conditions.  

MAIN MARKET

S and U (SUS) says demand for motor finance has been strong in the first half, even though the quality of business has been increased. The Aspen property bridging finance business has net receivables of £24m and is growing gradually in a weak housing market. Borrowings are just over £125m and there are additional facilities of £35m. The interims will be published on 24 September.

Construction company nmcn (NMCN) increased interim revenues from £161.2m to £184m, while pre-tax profit improved from £2.5m to £3.5m. The former North Midland Construction had net cash of £15.6m at the end of June 2019. The order book is worth £456m with the main increase coming from the built environment division, which accounts for one-fourth of the order value. A full year profit of £7.4m is forecast.

Iconic Labs (ICON) is making its first acquisition since transforming itself from stem cell services provider WideCells into a social media marketing business. Iconic has agreed to acquire social media agency Social Alchemist. Iconic Labs is still in a poor financial state. There are £600,000 of legacy debts that have to be paid, plus £400,000 that is disputed. The European High Growth Opportunities Securitization Fund will provide up to £1.375m in six tranches in return for loan notes. This is dependent on a prospectus being issued within six months. This prospectus will enable warrants to be attached to the loan notes. There are also more shares to be issued under the previous financing agreement.

Argo Blockchain (ARB) generated 163 bitcoins in July and these are valued at £1.36m. They were mined at a margin of 80%. More mining machines have been ordered and will be up and running by the fourth quarter. This investment will quadruple capacity. Argo could be highly profitable in the second half with a full year pre-tax profit of £6m.

Andrew Hore

Andrew Hore Quoted Micro 15 July 2019

NEX EXCHANGE

AFH Financial Group (AFHP) has raised £15m from a placing of convertible unsecured loan stock in order to finance the acquisition of more IFAs. The loan stock offers a 4% annual interest rate and it matures in July 2024. The initial conversion price is 420p a share, which is a 17% premium to the market price. The annual interest cost is £600,000. Shore expects a pre-tax profit of £17m in the year to October 2019 and then a rise to £20m next year. That is before any acquisitions are made with the additional funds. There are already five potential acquisitions progressing towards completion.

Hydro Hotel, Eastbourne (HYDP) increased interim turnover by 3% to £1.55m. A decline in overheads in the six months to April 2019, due to a lack of repair work compared to the first half of the previous year. This meant that the interim loss fell from £200,000 to £101,000. There is £602,000 in the bank and NAV is £3.17m. Non-executive director CP Freeman has bought 600 shares at 750p each. He has a 1.2% stake.

Capital for Colleagues (CFCP) has invested in South Cerney Outdoor, a recently formed company that has acquired the outdoor experiences business from the Shaw Trust charity. Capital for Colleagues is lending up to £250,000 to the investee company, where the employee owned trust will become a major shareholder.

Coinsilium Group Ltd (COIN) says that its Gibraltar subsidiary has signed an agreement to support and promote RSK Smart Contract Network and RSK Infrastructure Framework blockchains in south east Asia. The 27.8%-owned start-up accelerator StartupToken is also involved in the deal.

EPE Special Opportunities Ltd (ESO) had a NAV of 260.29p a share at the end of June 2019. Since then 280,000 shares have been bought back by the company at an average share price of 205p.

KR1 (KR1) wants to buy back six million deferred shares at 0.2p each.

AIM

In the year to March 2019, Begbies Traynor (BEG) increased revenues by 15% to £60.1m, while pre-tax profit was £7.1m. Net debt was reduced from £7.5m to £6m. Increasing numbers of insolvencies is good news for the business recovery services provider. Pre-tax profit of £8.6m is forecast for this year.

Ultrasound simulation equipment supplier Intelligent Ultrasound (MED) says first half turnover was 25% ahead at £3.1m. This is before the recent AI contract win. There was £3.5m in the bank at the end of June 2019.

Tekcapital (TEK) is raising £750,000 at 8p a share in order to provide further financial backing for its IP companies. Medical devices developer Belluscura could receive FDA clearance for its advanced portable oxygen concentrator before the end of the year. It could be launched in the first half of next year. Nano-particle sized salt developer Salarius has been winning orders.

Ariana Resources (AAU) has reported positive drilling results at the Salinbas gold project in Turkey and there are indications that there is further mineralisation in the vicinity.  

Ilika (IKA) had £4m in the bank at the end of April 2019 and that should be enough for the next 12 months as the solid state battery technology developer makes progress with its Stereax battery technology. Projects that could yield deals in the coming months include, condition monitoring devices for wind turbines, track monitoring devices for Network Rail and batteries for miniature medical implants.

Mirada (MIRA) is on course to move into profit in the year to March 2021. The digital TV software provider reported a rise in revenues from $8.82m to $12.3m last year. Even so, the loss was $3.2m. There will be a loss this year, excluding the $1.75m gain on the disposal of the parking payment business. That will help net debt to reduce to $4.1m, despite the loss.  

Somero Enterprises Inc (SOM) has reassured investors that it remains on target to achieve previously downgraded forecasts for 2019. Revenues should be $87m and net cash should be $18m at the end of 2019. Interims will be published on 4 September.

Polarean Imaging (POLX) has received an order for the 9820 Xenon Polariser system from the University of Kansas Medical Center. This will be used as part of an imaging research programme. This is the 25th polariser installed or ordered.

Collagen Solutions (COS) has submitted its CE Mark application for the ChondroMimetic regenerative medical device and has received initial questions it has to address. The response is being prepared. Collagen generated revenues of £4.15m in the year to March 2019. The benefits of consolidating collagen manufacturing are coming through.

Woodford Investment Management has cut its stake in eve Sleep (EVE) from 46.8% to 31.2%. Jupiter Asset Management has taken a 15.6% stake.

Oil and gas company Wentworth Resources (WEN) intends to pay dividends based on free cash flow generation. An interim will be announced in September.

FIH Group (FIH) has taken out a £13.9m mortgage on its Leyton warehouse and the interest charge is fixed at 3% for ten years. A new commercial air link has been agreed between the Falkland Islands and Brazil.

MAIN MARKET

Challenger Acquisitions (CHAL) has received a further £18,000 from the owner of Star Sanctum, which takes the total paid to £93,000. Challenger has agreed payments with the developer of the wheel project in Dallas of $26,375 at the end of July and $25,000 at the end of August.

BATM Advanced Communications (BVC) has obtained a listing on the Tel Aviv Stock Exchange. Trading started on 11 July and it expects to become a constituent of the TA-90 index.  

Andrew Hore

BigDish Plc (DISH) – Brighton Goes Live on BigDish Platform  

 BigDish Plc (LON: DISH), a food technology company that operates a yield management platform for restaurants, is pleased to announce today that Brighton has gone live on the BigDish platform.

Further to the announcement on 2 July 2019, the Company believes that Brighton will be a significant location for BigDish. Initially, a select number of restaurants will be available on the platform, and it is expected that the number of restaurants will increase quickly.

The Company is also pleased to announce that a new Territory Manager covering the South East of the United Kingdom (Territory 3) will start on 5 August 2019. This is part of the Company’s recruitment drive for Territory Managers to cover the entire United Kingdom.

Sanj Naha, CEO commented:

“The addition of Brighton to the BigDish platform is incredibly exciting.  We expect the location to be a major hub of BigDish activity and are looking forward to seeing more and more restaurants added.

“It is also promising that our recruitment drive is progressing well.  We look forward to updating the market on further recruitment and operational developments.”

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (“MAR”)

Enquiries:

Zak Mir, Digital Communications Officer

+44 (0) 7867 527658

Notes to Editors

BigDish Plc is a London Stock Exchange listed food technology company that operates a yield management platform for the restaurant industry, including a mobile App.

The Company helps restaurants in the UK fill their spare capacity and optimise their revenues through smart and dynamic discounts. Consumers can access these via the BigDish App and website platforms. Restaurants pay BigDish a fee per diner seated.

BigDish is fully committed to delivering shareholder value to its stakeholders through this model and is actively seeking to expand across the UK. An expansion strategy has been outlined which divides the UK into territorial target areas.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

Andrew Hore – Quoted Micro 8 July 2019

NEX EXCHANGE

AIM-quoted Aquis Exchange (AQX) is acquiring NEX Exchange from CME Group Inc, which bought it as part of its £3.9bn takeover of NEX Group. Aquis will pay £1, plus £2.7m for working capital requirements. The deal requires FCA approval so it is unlikely to complete before the autumn.

Arbuthnot Banking Group (ARBB) is purchasing a residential mortgage portfolio for £258m. The loan portfolio has £266m outstanding and the yield is 3.6%.

Equatorial Mining and Exploration (EM.P) is raising £1.3m via a share issue at 0.1p a share and loan notes worth £904,000, which are convertible at the same share price. The cash will be used to acquire Rwanda-based Eastinco.

MESH Holdings (MESH) has reached an early agreement to exercise the option to acquire Sentiance. MESH will issue 4,000 shares for each Sentiance share. Sentiance will have €19m in cash when the deal completes. More than 404 million MESH shares will be issued, which is nearly two-thirds of the enlarged share capital. Trading in the shares is suspended until a circular is published in order to gain shareholder approval.

The forecast 2018-19 loss for health and community care properties developer and modular buildings supplier Ashley House (ASH) has been increased from £1m to £1.6m following clarity about what deals were signed prior to the year end. A return to profit is expected this year.

Ace Liberty and Stone (ALSP) has announced a third interim dividend of 0.84p a share. The ex-dividend date is 11 July.

NQ Minerals (NQMI) has extended its A$4m loan facility to 5 September. The two month extension cost A$160,000.

Gunsynd (GUN) has invested a further $130,000 in Oyster Oil and Gas, taking its stake to 30%.

Trading in Ganapati (GANP) shares has been suspended because accounts for the year to January 2019 have not been published.

Wheelsure Holdings (WHLP) has appointed Cairn as its corporate adviser.

AIM

Science Group (SAG) has launched a 35p a share cash bid for Frontier Smart Technologies (FST) and that is higher than the indicative offer of 30p a share. Frontier advises that shareholders take no action and says that it has received approaches from other parties and there are discussions with one of them about the structure and pricing of any deal.

Independent directors of FFI Holdings (FFI) are recommending a bid of 25p a share, which values the film completion insurance provider at £39.5m. The mandatory offer comes two years after FFI floated at 150p a share.

IMImobile (IMO) continues to grow strongly in the Americas and Europe with 42% growth in revenues last year. The cloud and mobile services provider increased total revenues by 28% to £142.7m, with organic growth of 14% on a constant currency basis. Net debt was £7.5m at the end of March 2019 and cash generation is strong. Thee was £14.6m generated from operating activities last year.

Plastic components and packaging producer Synnovia (SYN) has refinanced its debt. The maximum amount available is £25.3m. The maturity has been extended from June 2021 to June 2023. The full year results will be published on 9 July.

Bango (BGO) has partnered with appScatter (APPS) in order to help the latter’s app development clients to grow in-app revenues.

Gfinity (GFIN) has generated better than expected revenues in the year to June 2019. The esports company expects to breakeven by 2021.

Mirriad Advertising (MIRI) is raising £14.18m via a placing at 15p a share, while an open offer could raise up to £3.94m. Revenues remain modest and the cash is required to cover continuing losses. Cash consumption is running at £1m a month and 2019 revenues of £1.1m are anticipated.

Churchill China (CHH) has generated higher than expected revenues in the hospitality sector, particularly in Europe. Full year trading will be ahead of expectations. The interims will be announced on 29 August.

Mirada (MIRA) is raising £2.1m from the sale of its Mirada Connect car park payment services business to part of VW. The business generated revenues of £633,000 and pre-tax profit of £122,000 in the year to March 2019. This will enable Mirada to concentrate on its digital TV business, where annual revenues are approaching $12m. Mirada had net debt of $4.9m at the end of March.

LightwaveRF (LWRF) has signed an agreement with Google to jointly market Lightwave compatible smart speakers that provide voice-controlled lighting.

Intelligent Ultrasound (MED) has secured its first OEM agreement for its AI-based imaging software and the share price nearly doubled on the back of the deal. The technology will be integrated into ultrasound systems. Initial royalties are expected in 2021.

Cellcast (CLTV) plans to sell its operating subsidiary to its management team, but it is unlikely to generate a good price because of its poor performance. The company will become a shell. Fraser Cropper of e-cigarette company Totally Wicked has taken a 3.7% stake.

MAIN MARKET

InnovaDerma (IDP) has reassured investors that it is on course to more than double pre-tax profit to £1.5m in the year to June 2019. The pharma and beauty products supplier had £1.7m in the bank at the end of June 2019, which is better than expected. It is still down from £1.9m one year earlier.

Associated British Engineering (ASBE) has appointed FRP Advisory to find a buyer for loss-making British Polar Engines Ltd. There is a deficit of £1.35m on the pension scheme.

Argo Blockchain (ARB) has announced further outperformance by its crypto mining activities as the bitcoin price continues to recover. The company had £3.07m of crypto assets in the balance sheet at the end of June 2019, which is more than £200,000 more than expected. Additional equipment is being acquired.

Rainbow Rare Earths (RBW) is raising £4.3m at 3p a share. The money will finance production growth at the Gakara rare earth project. There should be some cash left to pay for additional drilling.

Papillon Holdings (PPHP) has revised its 2018 accounts. The original version did not reflect two transactions with director James Longley.

Gulf Keystone Petroleum (GKP) has paid an initial dividend of 5.68p a share with a further dividend double that level (depending on exchange rates) due to be paid after the interim figures are published.

Boston International Holdings (BIH) has returned from suspension following the termination of the reverse takeover of Cornhill FX, which was first announced in August 2017. Boston could not raise the cash required. Management is assessing future strategy. The costs of the proposed transaction mean that cash is below £150,000, which is less than 50% of share capital.  

Andrew Hore

Salt Lake Potash #SO4 – Appendix 3B and Issue of Placement Shares

Salt Lake Potash Limited (the Company) has today released the following information on the Australian Securities Exchange (ASX), in accordance with the ASX Listing Rules.

The 25,476,000 ordinary shares of no par value (Ordinary Shares) represent the first tranche of the placement of 37.5 million Ordinary Shares (Placement) that was announced on 6 June 2019.

The balance of 12,024,000 Ordinary Shares are expected to be admitted to ASX and the full number of the Placement shares admitted to AIM on 18 June 2019.

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following issue of the 25,476,000 Ordinary Shares, the Company will have 232,496,581 Ordinary Shares in issue with voting rights attached. The Company holds no shares in treasury. This figure of 232,496,581 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

 

For further information please visit www.so4.com.au or contact:

Tony Swiericzuk / Clint McGhie

Salt Lake Potash Limited

Tel: +61 8 6559 5800

Jo Battershill

Salt Lake Potash Limited

Tel: +44 7540 366000

Colin Aaronson / Richard Tonthat / Ben Roberts

Grant Thornton UK LLP

(Nominated Adviser)

Tel: +44 (0) 20 7383 5100

Derrick Lee / Beth McKiernan

Cenkos Securities plc (Joint Broker)

Tel: +44 (0) 131 220 6939

Rupert Fane / Ingo Hofmaier / Ernest Bell

Hannam & Partners (Joint Broker)

Tel: +44 (0) 20 7907 8500

 

Important Information 

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 01/07/96  Origin: Appendix 5  Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

 SALT LAKE POTASH LIMITED

ABN

 98 117 085 748

We (the entity) give ASX the following information.

Part 1 ‑ All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1

+Class of +securities issued or to be issued

Ordinary Shares

2

Number of +securities issued or to be issued (if known) or maximum number which may be issued

25,476,000

3

Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Fully paid ordinary shares

 

4

Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

If the additional +securities do not rank equally, please state:

·    the date from which they do

·    the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

·    the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

Yes

 

5

Issue price or consideration

$0.54

6

Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

Proceeds from the issue will be used to fund ongoing construction of the Lake Way Project, including the development of on-lake infrastructure, the payment of deposits on certain process plant long-lead items, completion of feasibility studies, and general working capital. 

6a

Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b – 6h in relation to the+securities the subject of this Appendix 3B, and comply with section 6i

Yes

6b

The date the security holder resolution under rule 7.1A was passed

30 November 2018

6c

Number of +securities issued without security holder approval under rule 7.1

4,822,231

 

6d

Number of +securities issued with security holder approval under rule 7.1A

20,653,769

6e

Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

Nil

 

6f

Number of +securities issued under an exception in rule 7.2

Nil

6g

If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3?  Include the +issue date and both values.  Include the source of the VWAP calculation.

Yes

 

Issue date: 14 June 2019

Issue price: $0.54

15 day VWAP: $0.6144

 

 

6h

If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

Not Applicable

6i

Calculate the entity’s remaining issue capacity under rule 7.1 and rule 7.1A – complete Annexure 1 and release to ASX Market Announcements

7.1 – 11,201,537

7.1A – Nil

 

7

+Issue dates

Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12).  For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A.

Cross reference: item 33 of Appendix 3B.

14 June 2019

Number

+Class

8

Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)

232,496,581

Ordinary Shares

Number

+Class

9

Number and +class of all +securities not quoted on ASX (including the +securities in section 2 if applicable)

 

 

 

7,500,000

 

10,000,000

 

750,000

 

 

1,000,000

 

 

250,000

 

 

500,000

 

 

750,000

 

 

400,000

 

 

1,700,000

 

 

 

2,750,000

 

 

 

3,000,000

 

 

 

21,095,016

 

Class B Performance Shares

 

Class C Performance Shares

 

Incentive Options exercise price $0.50, expiry date 29 April 2020

 

Incentive Options exercise price $0.60, expiry date 29 April 2021

 

Incentive Options exercise price $0.40, expiry date 30 June 2021

 

Incentive Options exercise price $0.50, expiry date 30 June 2021

 

Incentive Options exercise price $0.60, expiry date 30 June 2021

 

Incentive Options exercise price $0.70, expiry date 30 June 2021

 

Incentive Options exercise price $0.60, expiry date 1 November 2023

 

Incentive Options exercise price $1.00, expiry date 1 November 2023

 

Incentive Options exercise price $1.20, expiry date 1 November 2023

 

Performance rights which are subject to various performance conditions to be satisfied prior to the relevant expiry dates between 31 December 2018 and 1 November 2023

10

Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Not Applicable

Part 2 ‑ Pro rata issue

11

Is security holder approval required?

Not Applicable

12

Is the issue renounceable or non-renounceable?

Not Applicable

13

Ratio in which the +securities will be offered

Not Applicable

14

+Class of +securities to which the offer relates

Not Applicable

15

+Record date to determine entitlements

Not Applicable

 

16

Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

Not Applicable

17

Policy for deciding entitlements in relation to fractions

Not Applicable

18

Names of countries in which the entity has security holders who will not be sent new offer documents

Note: Security holders must be told how their entitlements are to be dealt with.

Cross reference: rule 7.7.

Not Applicable

19

Closing date for receipt of acceptances or renunciations

Not Applicable

 

20

Names of any underwriters

Not Applicable

21

Amount of any underwriting fee or commission

Not Applicable

22

Names of any brokers to the issue

Not Applicable

23

Fee or commission payable to the broker to the issue

Not Applicable

24

Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders

Not Applicable

25

If the issue is contingent on security holders’ approval, the date of the meeting

Not Applicable

26

Date entitlement and acceptance form and offer documents will be sent to persons entitled

Not Applicable

27

If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders

Not Applicable

28

Date rights trading will begin (if applicable)

Not Applicable

29

Date rights trading will end (if applicable)

Not Applicable

30

How do security holders sell their entitlements in full through a broker?

Not Applicable

31

How do security holders sell part of their entitlements through a broker and accept for the balance?

Not Applicable

32

How do security holders dispose of their entitlements (except by sale through a broker)?

Not Applicable

33

+Issue date

Not Applicable

Part 3 ‑ Quotation of securities

You need only complete this section if you are applying for quotation of securities

34

Type of +securities

(tick one)

(a)

+Securities described in Part 1

(b)

All other +securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

 

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35

If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

36

If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1 – 1,000

1,001 – 5,000

5,001 – 10,000

10,001 – 100,000

100,001 and over

37

A copy of any trust deed for the additional +securities

 Entities that have ticked box 34(b) 

38

Number of +securities for which +quotation is sought

Not Applicable

39

+Class of +securities for which quotation is sought

Not Applicable

40

Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

If the additional +securities do not rank equally, please state:

·    the date from which they do

·    the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

·    the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

Not Applicable

41

Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another +security, clearly identify that other +security)

Not Applicable

Number

+Class

42

Number and +class of all +securities quoted on ASX (including the +securities in clause 38)

  

Quotation agreement

1           +Quotation of our additional +securities is in ASX’s absolute discretion.  ASX may quote the +securities on any conditions it decides. 

2          We warrant the following to ASX.

·          The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

·          There is no reason why those +securities should not be granted +quotation.

·          An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

·          Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

·          If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

3          We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

4          We give ASX the information and documents required by this form.  If any information or document is not available now, we will give it to ASX before +quotation of the +securities begins.  We acknowledge that ASX is relying on the information and documents.  We warrant that they are (will be) true and complete.

Sign here:            …………………………………………………..            Date: 14 June 2019

                             (Director/Company secretary)

Print name:         Clint McGhie

== == == == ==

Notice Under Section 708A

Salt Lake Potash Limited (the Company) has today issued 25,476,000 fully paid ordinary shares. The issued shares are part of a class of securities quoted on Australian Securities Exchange (“ASX”). 

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Corporations Act 2001 (Cwth) (the “Act”) that:

1.            the Company issued the securities without disclosure to investors under Part 6D.2 of the Act;

2.            as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company, and section 674 of the Act; and

3.            as at the date of this notice, there is no information that is “excluded information” within the meaning of sections 708A(7) and (8) of the Act.

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