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Gin and spirits supplier British Honey Company (BHC) is using spare capacity in its distillery to produce # alcohol sanitisers. There is a shortage of sanitisers due to the coronavirus and HMRC has given permission for British Honey to produce denatured alcohol. The sanitisers are made with 70% alcohol and extracts of honey and green tea. Longer-term, the strategy is to buy other spirits brands to use spare capacity. British Honey started off as a honey producer and moved into craft spirits infused with honey in 2017. It has a computer-controlled, 1,000-litre capacity still and bottling facility with a capacity of 1.5 million bottles a year. Ingredients can be tracked. There has been £4m invested in this infrastructure. The existing products use a small proportion of this capacity. The company also produces spirits on behalf of third parties. Discussions have begun with some potential acquisitions. British Honey joined Aquis Stock Exchange at the beginning of the week and raised £4.25m (£3.88m after expenses) at 110p a share. Advanced assurance of eligibility for the Enterprise Investment Scheme has been obtained. The initial market capitalisation was £10m. Cairn is corporate adviser and Stanford Capital Partners is broker.
Sativa (SATI) is launching a cannabigerol (CBG) and alcohol-based hand sanitiser. CBG is thought to be effective as an antibacterial product and could combat superbugs.
Energy supplier Good Energy (GOOD) reported better than expected 2019 pre-tax profit. Underlying pre-tax profit still dipped from £2.3m to £2.1m due to lower gross margins. Profit is expected to bounce back to £3.1m in 2020. Both business and domestic customers were higher last year. The total dividend has been increased from 3.5p a share to 3.7p a share. Net debt was £39.2m at the end of 2019.
Brewer Shepherd Neame (SHEP) has decided not to pay the interim dividend of 6p a share announced the week before. The sharp downturn in trading and subsequent closure of pubs due to COVID-19 means that Shepherd Neame is also cutting capital investment and the board is taking a one-fifth cut in pay. Rent receipts from tenants were suspended from 16 March.
KR1 (KR1) has generated $168,000 from selling ATOM, taking the total raised from disposals to $290,000. It still holds nearly 17,000 ATOM.
Sheltered housing developer Walls and Futures REIT (WAFR) has outperformed its benchmark for a third year in a row. The MSCI UK Residential index increased by 4.4% in 2019, while Walls portfolio increased by 23%.
BWA Group (BWAP) says that its subsidiary has been awarded an exploration licence for an area known as Dehane in central Cameroon. The focus is rutile sands and other minerals. The permit is for three years and the financial commitment in year one is £275,000, followed by £207,000 in each of the next two years. Tri Castle Investments is subscribing £100,000 at 0.5p a share.
First Sentinel (FSEN) has raised £389,000 at 20p a share for working capital. VI Mining (VIM) raised £56,000 via a placing at 15p a share that was curtailed because of COVID-19. Further cash will be raised in the future.
Eastinco Mining and Exploration (EM.P) has secured a $200,000 facility from Augustin Corp, which is owned by a trust related to Eastinco executive chairman Charles Bray. The annual interest rate is 6 percentage points above commercial lending rates and the facility lasts for up to 18 months.
SAPO (SAPO) is holding a general meeting on 14 April to gain shareholder approval for increasing the share capital. Executive chairman Dr Keith Harris has been issued 20 million shares at 1p a share. The consideration will be paid by the end of 2024.
Belvedere Leisure Resorts (BELV) believes that once normality is resumed it can accelerate its resort development and deliver phase one on time.
Dozens Savings (DS07) says that 795 investors have subscribed for company bonds.
Trading in Dana International (DANA) shares remains suspended. The property investor is still trying to gain full information about share transfers.
Christian Taylor-Wilkinson has become interim chief executive of Altona Energy (ANR) following the resignation of executive chairman Qinfu Zhang.
Sales of COVID-19 tests by Novacyt (NCYT) continue to accelerate. It has received orders worth more than £8.7m in a six-week period. Manufacturing capacity is being increased.
Synairgen (SNG) is about to start a phase II trial for SNG001 for the treatment of an initial 100 patients with mild-moderate COVID-19. Initial results should be available by the summer. SNG001 is inhaled interferon beta, which has shown benefits in the treatment of SARS. The existing COPD phase II trial has been paused, but initial results suggest that there is clinical benefit.
Best of the Best (BOTB) would have been in trouble a decade ago when it generated its competition entries from airports and other areas of high footfall. Having gone online, the competitions organiser has continued to prosper. Additional marketing investment has helped the 2019-20 performance to be above expectations. The pre-tax profit forecast for the year to April 2020 has been raised from £2.6m to £3m.
Payment systems provider PCI-Pal (PCIP) has won a contract for its Agent Assist product with a UK government organisation. The annual contract value is £565,500.
Manx Financial (MFX) is buying back the 12.94% shareholding owned by Aaron Banks. Manx intends to pay £1.61m for the shares and then cancel them. This cash will become a loan to Manx and an existing £483,500 convertible will be added to the sum. Banks has requisitioned a general meeting at iodine manufacturer Iofina (IOF) in order to remove Lance Baller from the board and become a director himself. Banks does not intend to make a bid for the company.
Mobile payment services provider Bango (BGO) is still set to move into profit in 2020. End user spend doubled last year.
Indigovision (IND) is recommending a 405p a share cash bid from Motorola Solutions. This values the video security technology company at £30.4m. In 2019, pre-tax profit was $1.3m.
MJ Hudson (MJH) grew organic revenues by 12.5% in the first half. The asset management services provider has net cash of £20.1m following last year’s flotation. The acquisition of Meyler will expand the range of services provided in the US. The customer base is predominantly long-term and closed ended funds. A full year pre-tax profit of £1.1m is forecast.
Big Sofa Technologies (BST) has put itself up for sale and trading in the shares is suspended. The video and data analytics technology developer needs additional cash and it is difficult to raise funds in the market when there is so much uncertainty. The company expects proposals by the end of April.
The Wressle oil field development in north Lincolnshire is set to commence production in the second half of 2020 and Egdon Resources (EDG) has a 30% stake and is operator. Europa Oil and Gas (EOG) and Union Jack Oil (UJO) also have interests. The breakeven oil is estimated at $18/barrel. Production could start at 500 barrels a day. An application has been allowed against North Lincolnshire council for costs relating to delays in gaining a permit.
Diagnostic and precision testing services provider Diaceutics (DXRX) boosted revenues by 30% last year following its flotation. Although gross margins improved, a significant increase in headcount meant that pre-tax profit dipped to £500,000. The initial benefits of the investment in the business are showing through growth in Asia and other regions.
Regional property investor Real Estate investors (REI) increased its dividend by 7% to 3.8p a share. Like-for-like rental income was slightly lower at £16.9m and the weak retail property market led to a 3% reduction in EPRA NAV to 67.4p a share. Loan to value is 46.7%. The Midlands property market is strengthening ahead of the Commonwealth Games in Birmingham. An improvement in NAV to near-69p a share is forecast for 2020.
Xeros (XSG) has signed a joint development agreement with a global commercial laundry business. XFiltra micro-particle filtration technology will be included in the partner’s commercial washing machines. The EU plans to have micro-particle filtration in use by 2026. Xeros is likely to need to raise more cash next year.
Oncimmune (ONC) says NICE has completed a positive review of EarlyCDT Lung and believes that it can help in the early diagnosis of lung cancer.
Trading in the shares of Boston International Holdings (BIH) has been suspended ahead of the proposed acquisition of invoice factoring company Alexanders Discount Ltd, which is based in the South East. Alexanders Discount accounts for the year to November 2019 are for a dormant company and the assets were worth £4. The standard list shell floated in October 2016.
Telecoms services provider Toople (TOOP) says that the integration of DMSL is ahead of plan and it has won two new contracts.
BATM Advanced Communications (BVC) is partnering with Novamed for an at-home COVID-19 diagnostic kit. The kit should be completed within four months.
AIQ Ltd (AIQ) has signed a conditional share purchase agreement for Alchemist Codes, a Malaysian IT services developer. AIQ is paying £2.3m in shares.
Wines maker Chapel Down Group (CDGP) says that its open offer at 50p a share was oversubscribed. Excess applications will be scaled back. The additional £1.47m raised takes the total to £20m. BlackRock holds a 5.79% stake and Nigel Wray owns 16.2%.
Startup Giants (SUG) has made its first investment since floating. An undisclosed investment has been made in Go Show Ltd, which operates a brand marketplace designed to enable product placement deals (www.goshow.net), and it will be released when milestones have been achieved. Go Show initially applied for funding in 2015 and it has been mentored by Startup Giants. There is a target for revenue generation of up to £1m within 12 months. An accelerator round has also been launched by Startup Giants. It is aimed at early stage, UK-registered companies.
Coinsilium Group Ltd (COIN) has increased its shareholding in Indorse from 3% to 6.5% at cost of S$175,000. There is an option to acquire a further 3.5%, at the same cost, to take the stake to 10%. Indorse completed a token sales last September and those tokens are currently valued at $34m. The Indorse platform is designed to enable users to generate income from sharing their skills and validating the claims of others.
African Potash Ltd (AFPO) has entered into an agreement with Gibraltar-based TokenCommunities Ltd. This deal will help the blockchain joint venture that has also already been announced with FinComEco Ltd, which is developing platforms for agricultural markets in sub-Saharan Africa. TokenCommunities will advise on the deployment of tokens. The chain will link smallholder farmers, traders, brokers, storage, transportation and commodity buyers. There are plans for microloans to farmers at an annual interest rate of 12%, which is lower than existing rates. African Potash has completed the raising of £400,000 at 0.025p a share.
Black Sea Property (BSP) has completed the €2.76m purchase of four plots of land with permission to develop a camping complex. It has also invested €3.37 to help finance the development of the site, which could be completed by the middle of the year. Black Sea Property raised €3.53m at €0.01 a share late last year.
Lake Acquisitions (U.P) says that the contingent value rights holders will not get a distribution for 2017. The cumulative relevant revenues from the eligible nuclear power output was £41.1m. The cumulative base revenues were £41.9m.
UK Oil and Gas Investments (UKOG) has decided to drop its NEX Exchange quotation on 31 January. That is just over 27 months after it joined. The company says that there have been low levels of trading on NEX and it still has its primary quotation on AIM. Interestingly, oil and gas company UK Oil and Gas was formed many years ago out of the shell of a former technology equipment business, yet it is still classed under the technology hardware and equipment sub-sector of the technology sector in the AIM statistics.
Nexus Infrastructure (NEXS) reported maiden full year results as a quoted company that were slightly better than expected. The housebuilding infrastructure provider reported a dip in pre-tax profit from £10.8m to £9.1m on flat revenues of £135m. The total dividend is 6.3p a share. A 2017-18 pre-tax profit of £10.8m is forecast.
Ilika (IKA) reported a significant cash outflow in the first half but the outflow should be reduced in the second half. Interim revenues trebled to £1m and full year revenues of £2.9m are forecast. The loss is reducing. There are licensing proposals with a handful of potential customers and any one of these could transform the fortunes of Ilika.
EKF Diagnostics (EKF) has confirmed that trading was strong in 2017 and EBITDA will be much better than the £8.8m forecast. EKF plans to spin-off its sTNFR biomarker technology into a separate company. This technology has no value in the balance sheet.
Hormonal disease treatments developer Diurnal Group (DNL) says that its Akindi treatment has performed well in a food matrix study in the US and it will be able to move onto the next stage in the process of gaining US approval. European approval for Akindi is expected in a matter of weeks. There was £14m in the bank at the end of 2017. The interims will be published on 12 March.
Lombard Risk Management (LRM) is recommending a 13p a share cash bid, which was nearly double the market price. The bid from rival financial services technology supplier is valued at £52.1m.
Somero Enterprises (SOM) has sparked another forecast upgrade with the 2017 pre-tax profit forecast rising 8% to $25.9m. Net cash should be at least $18.5m and that could rise by around $10m by the end of 2018. That leaves room for another special dividend as well as growth in the ongoing dividend. The tax changes in the US had already led to a one-fifth increase in the 2018 earnings per share forecast to 34.4 cents, which has been raised again to 36.8 cents.
Engineer Avingtrans (AVG) says that trading is on track and the integration of Hayward Tyler continues. A pre-tax profit of £2.2m is forecast for the year to May 2018 and this should generate nearly enough earnings to cover the forecast dividend of 3.6p a share.
Tough market conditions and adverse currency movements have not stopped motor dealer Marshall Motor Holdings (MMH) trading ahead of expectations. Forecasts had already been upgraded and the 2017 pre-tax profit estimate has been raised a further 2% to £28.8m. However, a decline in pre-tax profit to £23.5m is forecast for 2018.
Smart meter communications technology provider CyanConnode (CYAN) continues to progress but the timing of orders has been delayed. The order book is worth $100m but 2017 revenues were £1.2m and the loss more than £10m. This year’s revenues are forecast to be £10m and the loss £7m. There should be enough cash to last the whole of 2018.
Strategic Minerals (SML) generated fourth quarter revenues of $2.14m from magnetite ore sales at Cobre. The 2017 total revenues of $5.64m were quadruple the previous year. Strategic had $3.8m in the bank at the end of 2017.
Online Blockchain (OBC) has taken advantage of its rising share price to raise £1m at 100p a share.
Fashion retailer Footasylum (FOOT) increased revenues by one-third to £89.8m in the 18 weeks to 30 December 2017. The fastest growth came from e-commerce. The revenues for the 44 weeks to 30 December 2017 also improved by one-third to £173m. These are not like-for-like increases and six stores were opened in the past 18 weeks.
There was a small decline in the full year revenues of Shoe Zone (SHOE) from £159.8m to £157.8m. The shoes retailer did improve its gross margin from 62% to 63.2% but higher admin and distribution costs offset this and pre-tax profit fell from £10.3m to £9.5m. The total dividend was edged up from 10.1p a share to 10.2p a share. Net cash was £11.8m at the end of September 2017. The pension fund liability has fallen from £13.1m to £7.1m. Consumer demand and currency movements remain the main challenges.
BNN Technology (BNN) directors Harry Keiley and Lord Mancroft are following the nominated adviser out of the door. Mark Hanson becomes non-executive chairman.
Film completion contracts provider FFI Holdings (FFI) has acquired the motorsports entertainment insurance book of business from All Risks for $1.825m. The acquisition has been made by Reel Media, which itself was acquired before Christmas for $7.25m in total.
Background checking services provider ClearStar (CLSU) traded in line with expectations in 2017. Revenues were 11% higher at $17.8m and the loss was reduced. There was net cash of $1m. The loss should be further reduced in 2018.
Masawara (MASA) and Kimberly Enterprises (KBE) both plan to leave AIM. Two shareholders own 90% of Masawara. Minority shareholders are being offered 25p a share or the chance to convert the shares into preference shares. Eastern European property investor Kimberly has net liabilities of €24.1m and sold most of its property assets. The lease agreement for the Marina Dorcol project has been terminated.
Allergy Therapeutics (AGY) has completed the enrolment of its 560 plus patient phase III trial for a treatment for patients with allergic rhino conjunctivitis due to birch pollen. The results of the trial should be available before the end of this year. The potential market is worth around £3bn.
Two large clinical trial contracts have been delayed and this means that Cambridge Cognition (COG) 2017 revenues will be 18% lower than expected. This means that there will be a loss for the year.
Telematics equipment and services provider Quartix (QTX) pleased the market by growing its 2017 revenues by 5% to £24.4m. This means that earnings per share forecasts have been raised from 11.8p to 12.3p.
Geospatial software company 1Spatial (SPA) has won a five-year contract from the state of Michigan in the US worth $766,000. Liontrust has sold all its 9.35% stake.
Xeros Technology Group (XSG) has launched its domestic washing machine that can cut the use of water, detergent and energy by up to 50%. A second development agreement has been signed with a commercial washing machines manufacturer.
Oracle Power (ORCP) is acquiring the minority stake in coal mining lease owner Sindh Carbon Energy for up to £3.6m in shares.
APC Technology Group (APC) has acquired electronic components distributor First Byte Micro for £1.2m. In 2016, First Byte made a pre-tax profit of £194,000 on revenues of £1.3m.
Reconstruction Capital II (RC2) has acquired stakes in two funds that own 60% of Romanian paints and coatings supplier Policolor. This will mean that Reconstruction Capital II has an effective stake of 55.36% in Policolor and make it easier to liquidate the investment.
BOS Global (BOS) wants to raise £1.2m at 1.25p a share to settle debts and provide working capital. The software company says the directors will not be paid until April and one of them, William Giles, will subscribe up to £300,000 in the placing and open offer.
Connemara Mining (CON) has announced drilling results from the Mine River gold project in Wicklow and Wexford. Most of the intersections contained gold at grades of less than 1g/t but two were more positive with 4.53g/t over eight metres and 16.1g/t over two metres.
Versarien (VRS) is collaborating with an Asia-based global textiles manufacturer on incorporating graphene into fabrics via yarns and finishes.
E-commerce-focused cash shell AIQ Ltd (AIQ) soared as trading commenced on the standard list and trading in the shares had to be suspended after three days. There appear to have been nearly 1.4 million shares traded over three days, which is 2.8% of the shares in issue. Cayman Islands-based AIQ, raised £3.6m after expenses, at 8p a share. The suspension price is 125p. That means that the quotation and £3.6m in cash are valued at £62.5m. The plan is to seek an e-commerce acquisition, which has a strong management and is near to cash generation.
Bio-decontamination products supplier Bioquell (BQE) has completed the £122,000 disposal of the UK AirFlow parts and manufacturing business and received the final £70,000 for the sale of the service business. There was already net cash of £14.5m at the end of 2017. Full year revenues were better than expected at £29.3m, up from £26.8m and pre-exceptional profit will be much better, even before the £250,000 gain on the Airflow disposals. The 2017 figures will be published on 7 March.
Software supplier Gresham Technologies (GHT) says 2017 revenues were 24% ahead to £21.3m and more of these revenues are coming from Clareti enterprise data integrity software. There is £8.5m in the bank. Kestrel has trimmed its stake from 14.9% to 12.5%.
BATM Advanced Communications (BVC) has won a cyber communication technology contract with a government worth $4m over 12 months. Delivery will start in the second quarter of 2018.
Thomas Charlton has further increased his stake in North Midland Construction (NMD) from 7.24% to 8.2%. This appears to have sparked a recovery in the share price.
Avocet Mining (AVM) has deferred the completion the sale of its Burkina Faso assets for $5m. The buyer, the Balaji group of companies, wants more time to settle a claim from International Royalty Corporation, a creditor of the holding company of the assets. Avocet has received a deposit of $500,000.
Bluebird Merchant Ventures Ltd (BMV) has announced the results of preliminary grab samples from the Gubong gold mine. The majority of samples had gold grades of more than 1g/t and silver grades of 10g/t or more.
Zenith Energy Ltd (ZEN) has entered an exclusivity agreement for the acquisition of production and exploration licences in a Central Asian country. Azerbaijan-focused Zenith would be acquiring assets in a proven petroleum system and they produce 250 barrels of oil per day.
Rainbow Rare Earths (RBW) has started drilling at the Gakara project in Burundi. Gakara has an estimated in situ-grade of 47%-67% total rare earth oxide. The drilling is focused on the production area at Gasagwe and anomalies that have been identified. The first results will be in April. A second phase of drilling is planned later in the year and this could produce a JORC-compliant resource before the end of 2018. Production is building up and the run rate target for the end of 2018 is 5,000tpa. In December, Rainbow raised £2.8m at 14p a share in an oversubscribed placing. The cash will be used to acquire capital equipment.
Commercial property investor Ace Liberty and Stone (ALSP) has launched an open offer of convertible notes and warrants to raise up to £4.85m. The conversion price is 25p a share, while the warrants are exercisable at 80p a share. The closing date is 22 January.There are already commitments for £3.01m. Additional cash is required to make more property purchases.
Good Energy (GOOD) chairman John Maltby has invested £100,000 in the renewable energy supplier. He acquired 58,000 shares at 173p a share.
In the six months to September 2017, Via Developments (VIA1) increased its operating income from £309,000 to £557,000 but still made a small loss. There were net liabilities at the end of the period.
Positive Healthcare (DOC) made a maiden profit of £64,000 on revenues of £4.67m in the six months to September 2017. The year end is being changed to March. The healthcare staffing business continues to control costs.
Technology company incubator Milamber Ventures (MLVP) reported an increase in interim loss from £196,000 to £263,000. Milamber has launched the Milamber Education Technology Fund and has completed the acquisition of healthcare training company Essential Learning. The education sector will be increasingly important to Milamber.
Hot Rocks Investments (HRIP) reported a decline in NAV from £901,000 to £853,000 in the year to September 2017. Hot Rocks has 14 investments in oil and gas, mining and pharma companies.
Stanley Gibbons (SGI) put out its interim results just before the end of the year, thereby avoiding suspension. In the six months to September 2017, revenues fell from £17.3m to £16.6m, while the loss fell from £6.36m to £3.09m. The stamps business continues to lose money and the profit from coins was lower.
Avanti Communications (AVN) was another company bringing out results just days before trading in shares would have been suspended. The satellite communications operator’s revenues fell from $82.8m to $56.6m. There was net debt of $562m at the end of September 2017, which was before the refinancing plans. David Williams will step down as chief executive after March.
Telit Communications (TCM) says that its main bank has granted a waiver for breach of covenants at the end of 2017.
Parallel Media has completed the acquisitions of Brick Live and Parallel Live for £10m and changed its name to Live Company Group (LVCG). The previous businesses have been sold. There was £1.26m raised at 30p a share and £2.03m of debt was capitalised.
A net gain on its investment portfolio enabled Legendary Investments (LEG) to report an interim pre-tax profit of £248,000. The gain was on the stake in business services software supplier Virtual Stock Holdings. There was a net cash outflow from operations of £28,000. The NAV was £5.22m at the end of September 2017.
Clear Leisure (CLP) is injecting its 4.53% stake in 3D mapping company Geosim Systems Ltd into a new subsidiary company that will also be launching a joint venture called Miner One to develop bitcoin mining blockchain data centre. Clear Leisure will invest €200,000, lent by Eufingest, a 10% plus shareholder in Clear Leisure, for 50% of the joint venture. The new subsidiary will be used to acquire other IT business and could eventually be spun-off in order to gain its own quotation.
Thor Mining (THR) has appointed exploration manager Richard Bradley to the board. The definitive feasibility study for the Molyhil tungsten/molybdenum project should be finalised in the first quarter of 2018. A mineral resource estimate is expected for the Kapunda copper project is due early in the year.
Clean water technology company HaloSource (HAL) says that the Chinese government has halted production facilities in the region that supplies its glass pitchers so fulfilment of orders for JiuBan will be delayed. This means that 2017 revenues will be up to $3m and the loss will be up to $5.5m. There should be revenues of at least $840,000 from JiuBan in 2018.
Alliance Pharma (APH) has completed the purchase of Vamousse from TyraTech Inc (TYR) for an initial $13m plus additional payments of up to $4.5m. The human head lice treatment has been developed by TyraTech and it has built up Vamousse as an international brand. The deal is earnings enhancing for Alliance and provides TyraTech with the cash to develop animal health products. TyraTech launched a tender offer of up to $8.5m. The tender offer price is 3p a share. Alliance will be able to distribute Vamousse through its existing European and international partners.
Kestrel Partners is building up a shareholding in STM Group (STM) and just before Christmas it took its stake to 3.72%.
Oil re-refiner HydroDec Group (HYR) has extended the repayment date of three facilities to the end of 2018 and one of them has been increased by £500,000. The facilities are provided by director Andrew Black.
Oracle Power (ORCP) has raised £621,000 at 2.3p a share and broker Brandon Hill has exercised warrants at 0.65p each, which raised £150,000.
Silence Therapeutics (SLN) has sold further shares in Arrowhead Pharmaceuticals, taking the total sale proceeds to £17.2m ($23m). The total cost of the Arrowhead stake was £9.2m ($11.3m) and Silence still owns 472,509 shares.
TechFinancials Inc (TECH) will invest $200,000 for a fully diluted 2% stake in Cedex Holdings, a Blockchain-based diamonds exchange. There is also an option to acquire a further 90%, fully diluted, stake at an exercise price of $40,000. These stakes could be diluted by other share issues.
Copper and gold producer Rambler Metals and Minerals (RMM) has amended its offtake agreement with Transamine Trading, which is making a $4m advanced payment in return for a right of first refusal on any offtake agreement for five years from January 2022. The advance payment plus interest is repayable over 18 months. The phase II expansion is nearly complete and this will extend the mine life by 20 years.
EQTEC (EQT) has completed the acquisition of Eqtec Iberia for £14m in shares just over five months after it was announced. The acquisition owns the EGT gasification technology. EQTEC also raised £1.6m at 0.65p a share.
China New Energy Ltd (CNEL) is holding general meeting on 17 January In order to gain permission to buy back up to 20% of the shares in issue. This could benefit the share price, which currently has a modest rating given the profitability of the business.
New Trend Lifestyle Group (NTLG) is selling its remaining China-focused business for £100 and concentrating on Singapore. The Feng Shui business continues to trade poorly and is seeking acquisitions in Asia.
Xeros Technology (XSG) has completed its £25m placing at 225p a share. The polymer technologies developer will use the cash to further develop cleaning, tanning and textile technologies.
Gresham House (GHE) is selling its Newton-le-Willows property for £2.1m. The completion of the sale of legacy assets will have raised more than £18m. Gresham House should qualify for IHT exemption.
Summit Therapeutics (SUMM) is acquiring Discuva, which is a developer of antibiotics using a bacterial genetics based platform. Summit is paying £5m in cash and £5m in shares for Discuva but no employees will be taken on. Summit will still have enough cash to last it until the end of 2018.
Aquatic Foods Group (AFG) has been unable to publish its accounts and it has lost its AIM quotation.
URU Metals Ltd (URU) had £1.84m in cash at the end of September 2017. The first drill results for the Zebediela nickel and copper project in South Africa have been published and the drill results for the most recent three holes are due in January. URU also has a 9.7% stake in AIM-quoted Management Resource Solutions (MRS).
Draper Esprit (GROW) has made a gain of £7.2m on its stake in Clavis Insights, having originally invested £8.1m in December 2016. This gain will add 3p a share to NAV. Clavis, which is an e-commerce data analyser, was acquired by Ascential for $119m.
Windar Photonics (WPHO) has received a new order from its Chinese distribution partner for five WindVision LiDAR systems. Windar has already delivered 50 systems.
World Trade Systems (WTS) has reached agreement with Germany-based Naturemed and related companies about the commercialisation of its personal hygiene and healthcare products and it will also help to obtain Chinese registration for them. WTS has signed a five year lease on a London office. Shares in WTS are still suspended.
Over the top video streaming business Falcon Media House (FAL) made initial revenues of £232,000 in the six months to September 2017. The interim loss was £2.71m. Since then, £3.4m has been raised from a convertible loan note issue.
Rockpool Acquisitions (ROC) still has nearly £385,000 in the bank. Negotiations are continuing concerning the possible acquisition of Greenview Gas Ltd.
Even though Daniel Thwaites (THW) has sold most of its brewing and related assets to Marstons it still managed to increase its profit in the six months to September 2015. Pre-tax profit before interest swap movements rose from £4.8m to £4.9m with the contribution from discontinued brewing activities down from £1.3m to £100,000. Revenues from continuing activities improved from £40.1m to £41.8m. Net debt was £29.1m at the end of September 2015, while the NAV is £177.6m. At 117p a share, Daniel Thwaites is valued at £70.5m. The interim dividend is unchanged at 1.1p a share. The hotels, pubs and inns businesses have grown revenues with inns growing the fastest. Central costs have been reduced.
A contribution from the bull semen business bought last year helped National Milk Records (NMRP) to grow revenues by 4% to £10.1m in the six months to September 2015. However, overall trading has been tough due to the reluctance of dairy farmers to invest in the company’s newer services when the milk price is low. The traditional milk recording and payment testing services are trading ahead of the same time last year. Pre-tax profit fell from £850,000 to £599,000 as the new genetics operations made a loss and there was a goodwill amortisation charge. At 71.5p (70p/73p) a share, NMR is valued at £5.4m. There is a pension liability of £8.4m.
IP Group is providing a loan facility of up to £1.5m to Green Chemicals (GNCP), which is developing cleaner and safer consumer and cleaning products. This could be converted into shares. IP Group already owns 8.1% of Green Chemicals and along with two other associates IP Group has a total interest of 29.5%.
Ecovista (EVTP) has raised £269,000 at 0.05p a share, which is the mid price, and the cash will be used to make further property investments. The new shares equate to 35% of the enlarged share capital. Ecovista has completed the acquisition of the remaining 49% of Willow Cottages, which owns a cottage and 2.25 acres near to Stanstead. There is also an option to acquire a nearby cottage for £300,000 – the option cost £10,000.
UK Oil & Gas Investments (UKOG) started trading on the ISDX Growth market on 12 November.
Panmure Gordon has upgraded its forecasts for AB Dynamics (ABDP) on the back of the better than expected full year figures from the automotive testing business. In the year to August 2015, revenues grew from £13.8m to £16.5m, while pre-tax profit jumped from £2.68m to £3.82m. The interim dividend was raised to 2.75p a share. AB benefits from a strong international spread of revenues and growth is coming from track testing services. Cash flow is strong and net cash was £7.97m. This means that AB has plenty of cash to finance the construction of its new facility in Bradford-on-Avon. The facility should be completed by early 2017 and AB will still have a cash pile after this additional investment. The 2015-16 earnings per share forecast has been raised from 18.8p to 20.8p and for 2016-17 from 21.3p to 23.6p.
Blackstone Funds have set up a vehicle to acquire Japan Residential Investment Company Ltd (JRIC) for £152.6m. The offer is 72p a share in cash and is recommended by the board although it says there is a potential rival offer at the same share price. At the end of May 2015, the JRIC NAV was 56.3p a share. JRIC floated on AIM at 100p a share back in October 2006 – during a period when a number of property investment companies joined the junior market. In July 2013, the life of the investment company was extended to 2018. Blackstone has been building up its Japanese residential property interests since 2013.
Fully listed-Volution (FAN) is making a recommended 345p a share bid for Energy Technique (ETQ), which values the manufacturer of heating, ventilation and air conditioning components at £9.25m. Energy Technique has complementary technology and a customer base that are potential customers for Volution products. The deal should be earnings enhancing in the first full year.
Security and facilities management services provider Mortice Ltd (MORT) has acquired 51% of Singapore-based security services and products supplier Frontline for up to £1.89m (S$4.03m). The initial payment was £600,000 (S$1.28m) and the rest is dependent on the level of EBITDA for 2015. If the performance is poor then the vendor may have to pay back some of the initial payment. There is an option to acquire a further 25% of Frontline within three years. This is the first operational business acquired in Singapore even though Mortice has its corporate base there. Frontline provides services to 73 sites in Singapore and takes Mortice into selling surveillance equipment. In 2014, Frontline made a pre-tax profit of S$590,000 on revenues of S$4.25m.
Mariana Resources (MARL) has reported further positive drilling news from Hot Maden in Turkey and it expects to more news flow over the coming year. Two more drilling holes have been completed on the Turkish gold project and one of them shows 39 metres @ 5.8 grams of gold/tonne and 0.7% copper. This is from 88 metres downhole. There is further potential to extend the resource. Mariana is assessing drill prospects for the Dona Ines gold-silver project in Chile so that drilling can commence in the first quarter of 2016. Asset Chile can earn-in to a 50% stake in the project in return for $1.65m of funding.
Xeros Technology (XSG) has raised £40m at 225p a share in order to boost marketing to commercial laundries of its polymer bead-based cleaning technology that reduces the use of water. The cash will also be used to finance a move into new markets. Xeros will have pro forma cash of £55m and this should last for more than two years. By the end of July, there were 106 machines installed in commercial laundries and growth has been helped by subsidies in North America but last year’s revenues were a modest £466,000. Cash burn is £1.25m/month and this could rise with additional R&D. Xeros is developing a domestic product and a leather processing version. The year end is being changed to December.
Rurelec (RUR) has launched an open offer to raise up to £3.54m at 1p a share. If the cash is not raised then the South America-focused electricity generator will not be able to pay its creditors. The offer price is lower than the 2p a share par value so there will have to be a capital reorganisation, which requires shareholder approval. Rurelec intends to sell its Peru hydro electricity assets. The one-for-1.58800245 open offer closes on 7 December.
Silver Falcon (SILF) is the latest small shell to float on the standard list. The board includes Peter Redmond and Geoffrey Dart who have been involved in a number of shells, predominantly on AIM. The focus is on fintech and financial services businesses. Silver Falcon raised £1.3m at 3p a share. Initial share issues were at 1p a share. After expenses, there is about £1.4m in the bank. By the end of the week the share price had risen to 3.25p, which values the shell at £1.95m. The cash in the bank may covers less than three-quarters of that market value.