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Quoted Micro 29 August 2016


Yujin International (YUJ/HPR) intends to switch from AIM to ISDX following the proposed acquisition of Healthperm Resourcing and also change its name to Healthperm Resourcing Ltd. Yujin joined AIM in February 2009 when it operated a maritime business that has subsequently been sold. Healthperm supplies nurses from the Philippines, where there are estimated to be 200,000 unemployed nurses, to healthcare providers in the UK and UAE. Potential customers want to employ around 1,000 nurses, while the current pipeline of 180 candidates for the NHS could generate £970,000 for the company. There will be a 91-for-two share consolidation and £275,000 will be raised after consolidation at 150p a share. Healthperm will cost an initial £11.2m in shares at the subscription price and if pre-tax profit is at least £2.9m in 2017 a further £4m will be paid in shares at the same price. There were no revenues up until the end of 2015.


Former AIM company Black Sea Property plans to join ISDX on 31 August. Black Sea Property originally joined AIM on 14 March 2005 but the property portfolio was completely disposed of by July 2014 and cash returned to shareholders. Trading on AIM was cancelled in January but the shareholders voted to continue as a property company and domicile was moved from Jersey to the Isle of Man. The strategy is to build up a portfolio of Bulgarian property assets. This could be residential, commercial or hotel properties, or it could be investments in distressed companies that need to be restructured. AG Asset Management will be investment adviser and its holding company owns 28.7% of Black Sea Property and has provided a loan facility of £350,000.


Secured Property Developments (SPD) still has £760,000 in the bank following the sale of its property asset.  There was a £17,000 loss in the first half of 2016. The board is seeking investments, which include the possible funding of property developments.


Early Equity (EEQP) says that 32.1%-owned Malaysian business Yicom Global made a profit in its most recent financial year and Early Equity will receive a dividend totalling £26,000. The Chinese healthcare products supplier reported a net profit of RM 850,000 (£161,000) on revenues of RM4.06m (£768,000). Yicom started trading in February 2015.


Australia-based explorer NQ Minerals (NQMI) has raised £113,000 at 8.4p a share. Geologist Roger Jackson has joined the board. He has options over 4 million shares at 6p each.


Tracsis (TRCS) says that full year underlying profit will be in line with expectations thanks to strong second half revenues helping full year revenues to grow by one-quarter to £32m. The stated profit will be reduced by acquisition and disposal costs. There was more than £11m in the bank at the end of July 2016. Tracsis has made a joint investment in Nutshell Software with the former majority shareholder in Ontrac, which was acquired last year. Nutshell develops apps for transport, utility and energy businesses. Tracsis is investing £500,000 for a stake in Nutshell of up to 37.8%.


Call centre services and technology supplier IPPlus (IPP) says that it will make a modest pre-tax profit in the year to June 2016. The Ansaback call centre services provider won a substantial call centre contract. The secure payments business also won new contracts and transaction volumes rose by 46%. There were lower revenues from software. There was £900,000 in the bank at the year-end.


Capital equipment manufacturer Molins (MLIN) made a small underlying profit in the first half of 2016 but it is still paying a dividend even though it has been halved to 1.25p a share. There are continued delays in receiving orders and that could hamper the normally strong second half. Tony Steels became chief executive in June.


Mass spectrometry instruments developer Microsaic Systems (MSYS) has raised £5.4m at 5p a share in order to progress the commercialisation of instruments and make manufacturing more efficient. There was £1.95m in the bank at the end of June 2016 but there was a cash outflow of more than £1.6m in the previous six month period.


Cash shell Flying Brands Ltd (FBDU) continues to work on the reverse takeover of medical technology business Stone Checker Software. There was a £125,000 cash outflow, including a £62,000 loss from fraudulent activity, in the six months to June 2016. Directors’ fees have been accrued since 1 April 2016. There is still £196,000 in the bank. Tweeter Leon Hogan has built up a 5.1% stake.

Andrew Hore


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