AQUIS STOCK EXCHANGE
Spinal medical devices developer TruSpine Technologies (TSP) has held the requisitioned general meeting where all the motions were rejected, other than for the re-convening of the AGM. Norman Lott was close to being removed with 47.5% voting for the resolution, while 45.9% voted to remove Laurence Strauss. The other two directors had much lower votes to remove them. There were three potential new appointments with Anthony Swoboda nearest to joining the board with 44.1% voting in favour.
Wishbone Gold (WSBN) has been granted A$220,000 by the Australian government to help fund the drilling programme for the Cottesloe project in Western Australia. There have been eight priority targets identified.
In the first quarter, technology investment company SuperSeed Capital (WWW) grew its NAV by 8% to 105p a share. The share price is 80p. There is available cash of £310,000. Lower technology company valuations mean that there are plenty of opportunities for investment. Portfolio companies have raised cash at higher valuations, though. The most recent investment was in Kluster Enterprises, which is a revenue analytics and forecasting platform for scaling B2B SaaS companies.
Cadence Minerals (KDNC) ASX-listed investee company Hastings Technology Metals says that a model review supports a staged development of the Yangibana rare earths project. That will reduce upfront capital spending and provide a way to reach positive cash flow in the first quarter of 2025. Stage one investment is around $470m. The stage one post-tax NPV11 is $538m. Investee company Evergreen Lithium, which is listed on ASX and Cadence Minerals owns 8.74%, has announced the results of a geochemical programme at the Bynoe lithium project. This has extended the lithium anomalies. There are also indications of other elements.
Clarify Pharma (LON: PSYC) reported a reduced annual loss of £1.01m, due to lower admin expenses. There was £435,000 in cash at the end of November 2022, following a cash outflow of £581,000 and net investments of £508,000.
Invinity Energy Systems (IES) is supplying nine Invinity VS3 vanadium flow batteries to Orcas Power and Light in the US. Delivery is expected in the first half of 2024.
Blockchain assets investor KR1 (KR1) announced net assets of £101.2m at the end of April 2023, which is 57.03p a share. There was more than £400,000 of income generated during April. At the end of May, KR1 invested $1m in Aroma, as part of a $25m financing. Aroma is developing technology for building decentralised infrastructure and a related new operating system.
Singer Capital Markets published a new analyst report on wines producer Chapel Down Group (CDGP) and it says that it believes the recent share price decline has been due to a lack of news and it has been overdone. The broker has an estimated NAV of 38p. This year’s growing season got off to a good start. A trading update is due in July.
Cooks Coffee Company (COOK) franchise store sales were 24% ahead at £27.6m in the year to March 2023. The fastest like-for-like growth is in Ireland. Group revenues were 10% lower at £3.4m, while the net loss was £1.7m, which was due to a write down relating to the Triple Two brand cafe business. There are 91 café sites in the UK and Ireland.
Precision health company Pangenomic Health (NARA) has signed a non-binding letter of intent for a licence of the CyberPatient AI Medical Education platform. The licence will cost C$5.25m in cash and shares. This will be a perpetual special purpose licence for public health, consumer and alternative medicine.
Capital for Colleagues (CFCP) says investee company Craft Prospect has been appointed to lead the OPS-SAT Versatile Optical Laboratory for Telecoms Mission with the European Space Agency.
Oscillate (MUSH) net assets increased from £3.12m to £3.46m at the end of November 2022. There were gains of £951,000, offset by the costs of running the company and tax.
Castlenau Group has converted its £1.5m loan into Silverwood Brands (SLWD) shares at 70p each.
IamFire (FIRE) has converted £4.5m of loan notes in Community Social Investments, formerly WeShop Ltd, into 2.45 million shares, equivalent to 23.5% of the enlarged share capital. The WeShop business was sold to WeShop Holdings. Community Social Investments is effectively a shell with 8.33 million shares in WeShop Holdings.
Hydrogen Future Industries (HFI) chairman Daniel Maling bought 200,000 shares at 6.5p each, taking his stake to 2.51%.
Fox Marble Holdings (FOX) has been readmitted to AIM following the reverse takeover of Eco Buildings. The company’s name will be changed to Eco Buildings Group. The new business supplies prefabricated modular housing. The main geographic focus is the Balkans, where Fox Marble operates. North Eco, a third party, is licensing the IP for the UK market. As part of the deal there was £2.7m raised at 55p a share.
First quarter revenues of Duke Royalty (DUKE) were at a record level. Total cash revenues are around £7.5m, including the buyout premium for investee company Instor. The 0.7p a share quarterly dividend is covered by free cash flow. Net assets could be more than £155m by the end of September 2023.
Empire Metals (EEE) has confirmed that there is a giant-scale hydrothermal titanium and copper mineral system at its Pitfield project in Western Australia. The maiden drilling programme indicated a metal-rich 40km by 8km system. Titanium mineralisation is between 4% and 10% titanium oxide. There are also anomalous copper values. So far, 2% of the system has been drilled.
Energy supplier Yu Group (YU.) is trading well above expectations and Liberum has upgraded its earnings expectations by 42% to 61.1p a share – double the previous year. That is similar to the previous 2024 forecast which has been upgraded by 10% to 68.4p a share. Net cash could reach £34.9m by the end of 2023.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has secured a £7m credit facility. The facility lasts for two years and is being provided by a shareholder with a stake below 3%. The interest rate is 10% on the amount drawn down. Celadon Pharmaceuticals has agreed to supply £3m worth of product over three years and has expressions of interest from other potential customers – another customer could be worth more than £7m.
Oil and gas company Challenger Energy Group (CEG) has updated the market on its OFF-1 licence offshore of Uruguay and the related prospects. The prospective recoverable resources for three prospects based on the mean have been increased to 1,986mmbls. A discovery of 150-200mmbls is required to be economic. Each of the three prospects has the potential for this. Cash generated from producing wells in Trinidad can cover ongoing costs.
DP Poland (DPP) like-for-like growth has been strong in the four months to April 2023 and cost inflation is abating. Total Dominos Pizza system sales in Poland are 15% ahead with takeaway growth particularly rapid. The group loss is forecast to fall by around one-third to £900,000.
Legal services provider Gateley (GTLY) says that full year figures are in line with expectations with revenues 17% ahead. Net cash is expected to be £4.3m at the end of April 2023. Profit is expected to improve but earnings will be flat.
Digital marketing service provider Silver Bullet Data Services (SBDS) grew revenues by 53% to £5,82m in 2022, but there was a flat underlying loss before tax. The cash outflow from operating activities did fall from £7.22m to £5.14m and capitalised development spending was reduced from £1.46m to £1.1m. This meant that Silver Bullet Data Services moved into net debt of £487,000. A convertible loan note issue raised £500,000 last week. There is an 8% cash interest payment with a 4% payment in additional loan notes. The conversion price is 50p.
Origin Enterprises (OGN) is acquiring British Hardwood Tree Nursery, a supplier of bare root plants and shrubs. This enhances the environmental operations of Origin Enterprises.
Amur Minerals Corporation (AMC) went ex-dividend last Thursday ahead of the payment of the 1.8p a share special dividend. Ascent Resources (AST) subsequently bid one share for every 21 Amur Minerals shares. At an Ascent Resources share price of 3.55p, each Amur Minerals share is valued at 0.17p. Amur Minerals is considering the offer.
Edenville Energy (EDL) is raising £1.47m at 5p a share from Q Global Commodities Group, which will take its stake to 29.95%, and Gathoni Muchai Investments, which will own 20.1%. The two shareholders will also receive warrants exercisable at 35p until 25 May 2024. The cash will fund reviews of potential new and strategically complimentary projects in Africa. Jason Brewer of Gathoni Muchai Investments has been appointed as an executive director.
Critical Minerals (CRTM) has raised £600,000 at 25p, which was a premium to the market price. Two new anomalies have been identified at the Molulu copper cobalt project in the DRC. Drilling will begin in the middle of June.
Carclo (CAR) has gained a compensation award for the cancelled healthcare order. The ten-year contract was expected to generate between £10m and £15m. The settlement is expected to “largely offset” the company’s financial exposure from early termination.
Trading in the shares of Net Zero Infrastructure (NZI) has been suspended pending the potential acquisition of LINE Hydrogen. The Australian business is a hydrogen producer.