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Quoted Micro 9 March 2026
AQUIS STOCK EXCHANGE
Mendell Helium (MDH) says M3 Helium, which it has an option to acquire that has been extended to 30 April, will commence drilling of the next Fort Dodge well during March. This is near to the Rost 1-26 well. Further drilling permits are being sought for deeper helium prospects. A US investor group may co-fund the Rost twin well. There is also a potential deal to co-develop a shut-in well. The publication of the AIM admission document should be in March.
Ajax Resources (AJAX) has entered an option to purchase 100% of the Macacha copper and silver project, previously known as the Leon project, in Argentina. An initial $100,000 will be paid in shares. Ajax Resources will pay $3m when the option is exercised within 36 months of Environmental Impact Assessment publication. There is a mineral resource estimate of 6.6 million tonnes of Indicated and Inferred resources at 0.62% copper and 18 g/t silver. This equates to approximately 40,900 tonnes of contained copper and 3.8 million ounces of silver, representing an in-situ gross metal value of approximately $900m at prevailing market prices. The deeper mineralisation has not been tested. Former AIM company Alexander Mining had undertaken trial mining at the project. Management is talking with two potential buyers of its interest in the Eureka gold and copper project.
Delta Gold Technologies (DGQ) is advancing the University of Toronto C$259,000 from the year 2 sponsorship earlier than expected. This is part of the C$1m commitment. The cash will finance the addition of a second component to the Cryo-refrigeration system, which allows testing of nano-scale structures.
Astrid Intelligence (ASTR) director Siam Kidd acquired 23.9 million shares at 0.187p each, prior to his becoming chief executive. The company has increased its TAO token deployment into an over the counter partnership transaction with video intelligence infrastructure developer Score (Subnet 44), operating within the Bittensor ecosystem. This means Astrid has bought 78,740.05 alpha at an implied price of 0.0127 TAO per alpha. Astrid has launched Astrid Vault, an on-chain platform designed to improve liquidity and stability across the Bittensor AI network.
Digital assets developer Coinsilium (COIN) has confirmed that the balance sheet has been strengthened and the portfolio is maturing. A subsidiary owns 182 Bitcoin. The Yellow Network Token and Trading Platform launch is scheduled for 8 March 2026. Coinsillium wants to have broader participation in the network.
Tamar Minerals (TMR) has raised £1.7m at 3p/share and acquired Godolphin Mining for £350,000 of shares at the same price. Godolphin Mining owns the Duke of Leeds mineral rights in Cornwall, and it is owned by Tamar Minerals chairman Mark Thompson. This will eliminate rent and lease-based royalties.
Emission reduction products developer Sulnox Group (SNOX) has secured a distribution agreement with Egypt-based Pan Marine Petroleum Services and the first commercial order has been placed. This deal provides access to trade in the Suez Canal.
Stack BTC (STAK) has bought an initial 21 Bitcoin at £53,729 each.
Capital for Colleagues (CFCP) investee company Morris Commercial, which is developing the Morris JE electric van, has raised a further £1.5m in convertible notes and Capital for Colleagues has invested an additional £500,000. Deliveries of the van could start in 2027.
Crushmetric Group (CUSH) has raised £160,000 through a share issue at 8.5p/share.
Equipmake (EQIP) finance director Ian Selby bought an initial 375,000 shares at 1.39p each. Chairman Tim Metcalfe and his wife acquired 971,222 shares at 1.39p each.
AIM
Restaurants operator Various Eateries (VARE) is acquiring a portfolio of premium pubs from Grosvenor Pubs and Inns. The first four sites should be acquired for £11.25m by 23 March, and another site could be bought soon afterwards. Four of the five sites are freehold. The initial four sites generated revenues of £10.5m and EBITDA of £1.5m. These sites will operate under the brand The Linwood Collection. A £15m debt facility will fund the acquisitions. The company will change its name to Coppa Collective.
FRP Advisory has been appointed as administrator of video streaming technology group Aferian (AFRN) and it has sold the subsidiaries of the company to Sapphire Technology Group for $1.3m, plus $700,000 of deferred consideration payable in January 2027 if the annual revenues of the subsidiaries are at least $30.6m and annual recurring revenues are greater than $8.9m. The outstanding debt of Aferian is $16.5m.
CyanConnode (CYAN) has negotiated a revised non-binding proposal from Esyasoft, which recently acquired Good Energy. The offer is 10.44p/share, valuing CyanConnode at £37.5m. The original indicative offer was 9.75p/share. The share price has not been above 10p since April 2025.
FIH Group (FIH) is selling The Portsmouth Harbour Ferry Company for £11.6m. The ultimate buyer is Collins River Enterprises, which trades under Uber Boat by Thames Clippers. The ferry operator has a net book value of £7.59m and made a pre-tax profit of £530,000 under the ownership of FIH.
General Motors has informed Surface Transforms (SCE) that is re-sourcing supply of brake discs. This contract generated £15.3m in 2025, which was 84% of group revenues. The contract was expected to last until 2030. General Motors has provided advanced payments and financial support of £14.4m. The company has not yet spoken directly to General Motors. The contract loss is a major blow and Surface Transforms will employ corporate restructuring advisers.
Molecular diagnostics company Novacyt (NCYT) has launched a preferential subscription rights issue to raise €785,000 at €0.40/share. Shareholders are offered one share for every 36 they hold. The subscription period ends on 17 March. This follows the acquisition of Southern Cross Diagnostics for £4.4m, which will enable entry to the Australian market as well as adding products that can be distributed in other countries. The previous owner of Southern Cross has committed to subscribe for shares, as have some members of the Novacyt board. The final subscriptions depend on the take up of other shareholders. Novacyt generated revenues of around £20m in 2025, but remains loss making, and cash was £19.2m at the end of 2025.
Business and healthcare software provider AdvancedAdvT (ADVT) has launched a £10m share buyback programme and is also considering a tender offer. This will depend on the potential for acquisitions. There was £96m in the bank at the end of February 2026.
Digital marketing services provider Silver Bullet Data Services (SBDS) expects to report flat revenues in 2025 because of a weak quarter four due to the US government shutdown and uncertainty over tariffs. Costs have been reduced and the company is making a positive EBITDA so far in 2026. Trading is improving and committed revenues are 73% of expected revenues for 2026.
Xeros Technology (XSG) says its filtration manufacturing partner has received an order from MediaMarkt, the largest consumer electronics retailer in Europe, for XF3 units that will be sold under its Koenic brand. Xeros receives a royalty on each unit. Russell Hobbs will launch XF3 in the second quarter of 2026.
Quantum Blockchain Technologies (QBT) has had a busy week. It has delivered its first Bitcoin mining rig to one of its three ASIC manufacturers that is a potential partner. The company is working on implementing the software version of Method C AI Oracle into the rig’s operating system. This follows progress with patent applications. Discussions have been held with interested parties at the Nashville Energy & Mining Summit in late January.
Beacon Energy (BCE) has been readmitted to AIM following the purchase of a 48% stake in Italian gas projects developer LN Energy, which holds 90% of the Colle Santo field in onshore Italy. The field has 2P gas reserves of 12mmboe and could start producing within 18 months. The rise in gas prices makes the field potentially even more strongly cash generative. This will cost $30m and be funded by debt. Beacon Energy has raised £3.75m at 3.9p/share.
Brave Bison (BBSN) has acquired a 22.9% stake in market research services provider System1 (SYS1) from the founder John Kearon in return for 9.81 million shares in Brave Bison (8.7%). He has stepped down from the System1 board. Brave Bison is supportive of System1’s strategy.
Investment company Onward Opportunities (ONWD) plans to move to the Main Market to broaden the potential investor base. This could happen in the second quarter. NAV was 136.9p/share at the end of February 2026.
MicroSalt (SALT) has received an order from a new flavours and ingredients customer in the UK.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) increased NAV from 118.5p/share to 142.3p/share in the six months to December 2025. The larger investments have all increased due to new contracts being won and some fundraisings at higher valuations in the period and they have continued to progress in 2026. This reflects the strong institutional interest in space investment. Increasing defence spending is increasing the potential market value of the space sector.
New Frontier Minerals (NFM) has identified tungsten at the harts Range project in Northern Territory, but significant concentrations or rare earth materials were not found.
Mears (MER) has sold education and health facilities management business Morrison Facilities Services for £18m. It generated a pre-tax profit of £2.8m last year.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 3 Bitcoin at £47,871 each. That takes the total holding to 2,692 Bitcoin. The company will become a constituent of the FTSE SmallCap index on 23 March.
Andrew Hore
Quoted Micro 16 February 2026
AQUIS STOCK EXCHANGE
Quantum computing IP developer Delta Gold Technologies (DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m.
Macaulay Capital (MCAP) will earn £330,000 in fees from clients that invested in inspection business ICA, which is being acquired by Germany-based Certania for an enterprise value of £30.45m. AIM-quoted CEPS (CEPS) is selling its stake in for an upfront payment of £14m, which includes the repayment of loan notes. The disposal requires CEPS shareholder approval.
All five requisition resolutions were defeated at the Lift Global Ventures (LFT) general meeting. There were 60.5% of the votes against each resolution. A vote on the waiver of pre-emption rights did not receive the 75% of votes required.
Marula Mining (MARU) has agreed terms for the acquisition of 50% in a special purpose vehicle that holds mining rights in South Africa that include the operation ready Derdepoort manganese mine, which has a processing plant. Proven ore reserves of approximately 4.38 million tonnes of manganese ore at an average grade of 34.78% Manganese Oxide. Marula Mining will pay £1m in shares at 5p each and provide £1m of initial funding. A further £1m will be paid after due diligence. A bankable feasibility study targeting one million tonnes of manganese each year, or when the project is thought to be viable, will trigger a £9m cash payment. A further 20% stake can be acquired for £100,000. Marula Mining has already acquired the nearby Tonto Tshipi manganese mine.
EPE Special Opportunities (EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched.
Valereum (VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.
Oscillate (SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due.
Fibre optic cable materials supplier Unigel Group (UNX) increased full year turnover from £29.2m to £38.2m, enabling a jump in pre-tax profit from £2.13m to £3.75m. There was a recovery in international demand. This is set to continue due to investment in AI and 5G. Production capacity has been increased in the US because of tariff uncertainties. Net cash was £2.3m at the end of 2025.
SuperSeed Capital (WWW) increased NAV to 133p/share at the end of 2025. Portfolio revenues nearly doubled.
Sulnox Group (SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients.
Wishbone Gold (WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer.
Ajax Resources (AJAX) has agreed to an extension to the period of exclusivity for the purchase of Pereira Velho Exploração S.A., which owns the Pereira Velho gold project in Brazil.
AI business investor Mollyroe (MOY) raised £350,000 at 0.25p/share. A convertible loan note issue is planned.
Roundhouse Digital (ETHL) has purchased 346.6 Ethereum at an average cost of $2,020 each. The total holding is 468.8 Ethereum. The financial year end date is being changed to March.
Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin.
BWA Holdings (BWAP) managing director James Butterfield bought one million shares at 0.25p each, taking his stake to 8.88%. NYCE International (NYCE) has corrected director shareholdings. Farzad Peyman owns 12.2%, Stelios Michaelides 3.86% and Harmen Breninkmeijer 21.3%.
JP JENKINS
Thrive Renewables (THRV) has launched a £10m bond offer, including a retail offer of £5m via the Triodos Bank Crowdfunding platform. The bond lasts for 5 years and offers an annual interest rate of 5.5%. This will finance two onshore wind farms in Wales and Scotland. The offer closes on 16 April.
AIM
Scientific instruments supplier SDI Group (SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products.
Digitisation services provider TPXimpact (TPX) has won two major contracts this week. The latest is a four-year contract with DEFRA worth £39m. That is the second largest contract TPXimpact has ever won. The contract covers digitisation of programmes across agricultural, environmental and sustainability areas. TPXimpact already has contracts with DEFRA. The company also won a £22m contract with NHS England.
Cosmetics supplier Warpaint London (W7L) has acquired the Barry M brand from the administrator for £1.4m, but 2025 figures will be just below expectations. Cavendish has cut its 2025 pre-tax profit forecast from £20.7m to £19.2m, although the 2026 figure is maintained at £26m. Net cash was better than expected at £16m. Barry M is a value cosmetics brand and had revenues of £15m. It is likely to be loss making.
Zanaga Iron Ore Company (ZIOC) has secured funding for its Jumelles subsidiary, which owns the Zanaga iron ore project in Congo. Red Arc Minerals is investing $25m for a 20% stake in Jumelles. This will fund the project up to final investment decision. There is then a $125m option for Red Arc Minerals to take its stake to 87.5%. Zanaga Iron Ore Company will retain a 1% net smelter royalty, and Red Arc Minerals can acquire a 0.5% net smelter royalty from the company for $50m. Zanaga Iron Ore Company has enough cash to get to final investment decision when it can decide whether to continue to invest in the project as it moves to production. Red Arc Minerals can be required to swap Jumelles shares for Zanaga Iron Ore Company shares at 15p each if it does not complete each part of the deal in a defined period. Shareholder approval is required.
Video streaming technology developer Aferian (AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility.
Interior furnishings brands owner Sanderson Design Group (SDG) says trading continued to improve in the second half, particularly in the US. Sales in the UK were lower last year. There has also been an improvement in manufacturing business, which should make a profit in the year to January 2026. Full year pre-tax profit is expected to improve from £4.4m to at least £5m. Cash is estimated to be £9.8m, which is more than one-quarter of market capitalisation.
Cora Gold (CORA) is raising £12.9m-£13.7m through a subscription by Singapore-based Eagle Eye Asset Holdings at 6p/share. There will be a retail offer to raise up to £2m. Eagle Eye’s investment will depend on the take up of the retail offer, so that it does not go above 29.9%. The definitive feasibility study for the company’s Sanankoro project in south Mali indicated a NPV8% of $221m, but that was at a gold price of $2,750/ounce. The money raised covers nearly 50% of the cash required to construct the mine.
Faron Pharmaceuticals (FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027.
Phoenix Copper (PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026.
Gift packaging and stationery supplier IG Design (IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds.
More positive new for Fulcrum Metals (FMET) concerning gold and other product recoveries at the Teck Hughes tailings project. Gold recovery has been increased to 78% with up to 95% silver recoveries. There are also high recovery rates for tellurium and copper and 20% recoveries of gallium – that could be improved. There is a potential recoverable value of more than $550m of all these metals. Further testing will be undertaken.
Wynnstay Group (WYN) is starting to see the benefits of its project genesis strategy. In the year to October 2025, revenues fell from £613.1m to £583.4m due to lower commodity prices, and pre-tax profit recovered from £7.6m to £9.2m. Efficiencies offset higher wage costs. The growth in profit was predominantly in feed and grain and arable divisions.
MAIN MARKET
Apax Partners has decided not to make an offer of 500p/share for motor dealer software provider Pinewood Technologies (PINE). It blames current market conditions.
Digital assets investor KR1 (KR1) has launched its financial infrastructure strategy. This includes starting to buy Bitcoin as well as Ethereum. Existing holdings will be actively managed.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has bought another 15 Bitcoin at a total cost of £785,773 and it owns 2,689 Bitcoin in total, which is an investment of £222.2m.
Panther Metals (PALM) has filed a prospectus for a proposed secondary listing on the Canadian Securities Exchange. PKF Littlejohn has been appointed as auditor. A placing raised £1.19m at 70p/share. This will be spent on a drilling programme for the Wishbone prospect at the Obonga project in Canada. The Winston mine tailings project is moving towards a mineral resource estimate.
Andrew Hore
Quoted Micro 3 June 2024
AQUIS STOCK EXCHANGE
Time to ACT (TTA) has joined the Aquis Stock Exchange and plans to develop a group of engineering-based energy transition businesses. Middlesborough-based Time to ACT has two subsidiaries. Diffusion Alloys is a long-established diffusion coating business. The technology provides an intermetallic layer that protects metal components at high temperatures. GreenSpur is a much newer business that is developing direct drive generator technology for use in wind power that does not require rare earths for magnets. It uses axial flux technology that utilises ferrite magnets, which are less expensive. It is also copper-free and uses aluminium instead. The share price ended the week at 50p.
Arbuthnot Banking Group (ARBB) has decided to pay a special dividend of 20p/share on top of its interim dividend of 20p/share, up from 19p/share in 2023. The two dividends will be paid at the same time on 20 June.
Digital assets investor KR1 (KR1) had net assets of 95.43p/share at the end of April 2024. Celestia accounts for 34.2% of the portfolio and Polkadot for 14.3%. There was £1.16m of income generated from digital assets during the month.
Marula Mining (MARU) has signed an offtake agreement with Fujax UK for manganese ore production from the Larisoro mine in Kenya. The agreement covers an initial 2,000 tonnes of manganese ore with further minimum monthly deliveries of 5,000 tonnes, but nominal monthly sales of 20,000 tonnes/month for 12 months. Deliveries have started. Assay results from Larisoro show an average grade of 35.73% manganese.
Unigel Ltd (UNX) increased full year pre-tax profit from £442,000 to £815,000 on revenues improved from £18.8m to £28.5m. Although this is not like-for-like. There was a like-for-like decline in profit. The manufacturer of telecom fibre optic cables materials says its market declined last year. There are signs of recovery.
Valereum (VLRM) chairman James Formolli has subscribed £2m for shares at 3.6p each. Instead of warrants he will receive 15 million GATE tokens. Valereum has signed a strategic partnership with Securities Trading Technology Mauritius to improve Valereum’s core technology. The focus is Bridge Digital FMI, the company’s blockchain digital financial markets infrastructure.
Apollon Formularies (APOL) shares slumped 70% to 0.0075p after shareholders voted in favour of leaving Aquis.
Capital for Colleagues (CFCP) reported an interim pre-tax profit of £985,000, up from £933,000. NAV was 87.32p/share at the end of February 2024. A 2p/share dividend has been subsequently paid.
BrightGrow SSAS has a 7.08% stake in investment company Gledhow Investments (GDH), which reported a decline in net assets from £1.6m to £1.3m, including cash of £217,000, at the end of March 2024.
Cooks Coffee (COOK) increased full year group revenues by 19% to NZ$4.7m. Growth was in the South and eastern England. Four new stores have opened in UK and one in Ireland in April and May. In the past eight weeks, UK store sales were 27.3% higher.
Vinanz Ltd (BTC) is launching a new Bitcoin mining centre in Iowa, where 85% of electricity supply will come from renewables. An order for 20 Bitmain Antminer S19J Pro+ 120TH bitcoin miners. More will be ordered once these are up and running efficiently. Vinanz generated income of £200,000 in the six months to February 2024, while revaluation of assets and disposal gains enabled Vinanz to make a pre-tax profit of £175,000.
Super Seed Capital (WWW) improved NAV by 5p/share to 116p/share in the first quarter of 2024. The company expects to make up to three new investments in the second quarter.
Chairman Geoffrey Miller has increased his shareholding in TruSpine Technologies (TSP) from 7.24% to 9.03% after he acquired 2.5 million shares at 1.5p each from LCS. AIM-quoted Vela Technologies (VELA) has cut its stake from 9.9% to 4.3%. Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 24.1%.
S-Ventures (SVEN) has delayed the announcement of its figures for the 15 months to December 2023 because the audit will not be completed by the end of June.
AIM
Cancer treatments developer Extruded Pharmaceuticals reversed into Amur Minerals Corporation to form CRISM Therapeutics Corporation (CRTX) on 31 May. According to the admission document, the estimated value of the company after the acquisition would be £7.5m at 23p/share following a one-for-160 share consolidation. That valued the all-share acquisition of Extruded Pharmaceuticals at £5.5m. The opening price was 24p, but it ended the day at 11.5p.
Digitisation services provider TPXimpact (TPX) says 2023-24 revenues were slightly above expectations at £84m. EBITDA margin was in the middle of the 5%-6% range. Net debt has fallen to just over £7m. There was £139m of work won last year. There could be some short-term disruption from the General Election.
Cleaning services provider React (REAT) had a strong first half and it is well on the way to making the full year forecast. It continues to win new contracts and renew existing contracts at similar margins. Interim revenues grew from £9.3m to £10.3m, while pre-tax profit improved £800,000 to £1.1m. The integration and digitalisation of LaddersFree is progressing and that will improve efficiency. Net cash was £700,000 at the end of March 2024.
Video streaming technology provider Aferian (AFRN) reported a 21% decline in annual recurring revenues to $14.7m at the end of November 2023. Total 2022-23 revenues fell from $91.1m to $47.8m, although software sales improved, and Aferian moved from profit to loss. Underlying cash flow fell from $8.9m to $3.2m. Net debt was $6.1m at the end of 2023. Cost savings are being made. Chief executive Donald McGarva will leave in October.
Online building materials retailer CMO Group (CMO) reported a 14% drop in revenues to £71.5m with plumbing sales holding up better than other sectors. There was a swing from a pre-tax profit of £175,000 to a loss of £2.33m. Net debt was £600,000. The tiles market continues to decline, but there are signs of recovery in the overall market. Like-for-like sales orders were 18.2% lower, and the second quarter decline has slowed to 7.9%.
Oil and gas company Prospex Energy (PXEN) says current gross production of the PM-1 facility at the Selva Field – 37% interest – is 2.8mmcf/day. This is generating free cash flow of more than £6,000/day. The operator is Po Valley Energy. The Italian government has become more positive about oil and gas exploration. The permitting process for additional wells is progressing.
Revolution Bars (RBG) has moved its general meeting date to 14 June. This is to gain shareholder agreement to raise up to £12.5m via a placing and seven-for-eight open offer at 1p/share. The board does not believe that the approach from Nightcap (NGHT) can be delivered in a timely manner, so it is going ahead with its restructuring proposals.
Roebuck Food Group (RFG) has sold its dairy division for €1.3m net. This business is loss making. The remaining business is involved in milling and importation of food and ingredients.
Oil and gas producer Longboat Energy (LBE) says net production at the Statfjord satellites has been disappointing this year. Two out of five redevelopment wells are still not producing. Average production was 401boe/day in the first four months of 2024 rising to 544boe/day so far in May. Further capital expenditure is required. Longboat Energy is reducing costs and additional funds will be required. A share issue is an option.
Trading in Trafalgar Property (TRAF) shares was suspended after the company confirmed it is negotiating a reverse takeover of Ecap Esport. At the end of September 2023, Ecap Esport had net assets of £2.67m, including intangible assets of £3.94m, and its ultimate parent company was Esboz Ltd which sold the intangible assets to the company.
Insig AI (INSG) has taken a 5.45% stake in AI and blockchain company ImpactScope OU. Insig AI will sell its Greenwashing Identifiet technology to asset managers. The payment was 900,000 shares at 13.75p each and Insig Ai has an option to subscribe for more shares. New Insig AI executive chairman Richard Bernstein has subscribed £100,000 at 20p/share.
Premier African Minerals (PREM) has paused mining at the Zulu lithium and tantalum project in Zimbabwe. This will enable the installation of an additional conditioning cell and it should be completed by 10 July.
Low sodium salt developer MicroSalt (SALT) has made strong progress over the past year, including the flotation on AIM. The 2023 results announced today represent a period prior to flotation. MicroSalt was still in a period of building up its customer base and reported a loss of £3.5m.
MAIN MARKET
First Tin (1SN) has acquired exploration licence 9200 to broaden the area covered at Taronga in Australia. There has been tin production in the area in the past. Soil sampling results have extended the Pound Flat target area slightly.
Publisher National Word (NWOR) increased revenues by 18% in the first 21 weeks of the year. That includes contributions from Insider Media and Midland News Association that were acquired last year. There is net cash of £10m.
Andrew Hore
Quoted Micro 29 April 2024
AQUIS STOCK EXCHANGE
Marula Mining (MARU) says its partner NyoriGreen Mining was granted eight new graphite mining licences in the Nyorinyori and NyoriGreen projects in Tanzania. The licences last for seven years. One licence application is outstanding. Trading in the shares has commenced on the A2X stock exchange in South Africa.
Watchstone Group (WTG) had cash of £6.5m at the end of March 2024, which is an £800,000 reduction over three months. Net assets were 14p/share at the end of 2023, so this will be slightly lower now. Management is seeking to conclude its remaining litigation and return cash to shareholders. It can appeal the case it lost against PwC.
Ormonde Mining (ORM) investee company TRU Precious Metals, which is a gold and copper explorer in Newfoundland, will carry out an exploration programme at the Golden Rose project. TRU still has C$2.3m in cash and this will fund the programme. The timing of drilling is being decided.
Kasei Digital Assets (KASH) has increased its NAV to £3.68m at the end of March 2024 having closed its position in GBTC after the announcement of spot bitcoin ETFs and reinvested some of the cash in spot bitcoin.
Ora Technology (ORA) reported a £699,000 cash outflow from operations in the six months to January 2024. The company is developing a digital carbon trading platform. There was £314,000 of cash left at the end of January 2024.
EDX Medical Group (EDX) is eligible for the Apex segment of the Aquis Stock Exchange and trading will start on the segment on 29 April.
Hydrogen Future Industries (HFI) withdrew resolution four from its AGM. This was designed to gain shareholder approval for the 2024 incentive plan. Some shareholders were against the plan. Timothy Blake, who owns one-quarter of the company, has become chief executive but he will not be on the board. Fungai Ndoro has left the board.
Vinanz Ltd (BTC) has installed the first ten S21 Bitmain Antminer 200 Terahash/second miners. These are some of the fastest miners in the world. More of these machines will be acquired.
Equipmake Holdings (EQIP) has appointed Tony Ratcliffe as finance director, replacing Steven McGillivray.
Investment Evolution (IEC) has raised £160,000 at 20p/share. This will fund US consumer loans while the company makes progress with issuing its bonds.
Supernova Digital Assets (SOL) non-exec bought six million shares at 0.19p each. Saral Global VCC – Aftermarket Investments cut its stake from 11.5% to 10.4%.
Winforton Investments increased its stake in Good Life (GDLF) from 17.9% to 18.6%. Odd Asset Management raised its stake in skin treatments developer Incathera (INC) from 11.8% to 16.4%. Harry Hyman has raised his stake in Oberon Investments (OBE) from 4.98% to 5.29%. Peter Mills has taken a stake in Oscillate (MUSH) that is just above the 3% reporting level. Barry Hersh has reduced his shareholding in Global Connectivity (GCON) from 7.98% to 6.97%.
AIM
In the year to January 2024, geospatial data company 1Spatial (SPA) improved underlying pre-tax profit from £1.8m to £2.1m. The SaaS-based products are at an early stage of commercialisation, and it will take time for growth in business to show through in recognised revenues. The 1Streetworks product has already been taken up by UK Power Networks. The company generates cash from operations, but this did not cover capitalised development spending, which meant that 1Spatial’s net cash was reduced to £1.1m. Capital spending should have peaked. This year there should be enough cash generated to cover the development spending.
US-based uranium and critical minerals producer Energy Fuels is offering 0.026 of a share and an unfranked dividend of A$0.065 for each Base Resources (BSE) share. That is currently equivalent to A$0.302/share. This is a recommended bid and values Base Resources at A$375m. Two major shareholders owning 51.3% in total intend to support the bid. This will help to fund the development of Base Resources’ Toliara rare earth project in Madagascar.
Filtronic (FTC) has secured a £15.8m order for E-band amplifiers from SpaceX, which is part of a five-year strategic partnership. SpaceX is receiving warrants over up to 10% of the telecommunications technology developer. The first tranche is exercisable when £30m of orders have been made for E-band amplifiers and the second when there is a similar level of orders for other products. This sparked an upgrade by Cavendish, which raised its 2023-24 pre-tax profit forecast by one-third to £3.3m and the 2024-25 figure by 180% to £6.4m.
Donald McGarva is stepping down as chief executive of Aferian (AFRN) and leave the video streaming technology developer in October. This follows a trading statement revealing that 2023-24 revenues and EBITDA would be at the lower end of the previously suggested ranges of $47m-$48m and $1.6m-$2.6m respectively. There are delays in purchases of Amino video streaming devices. Costs have already been reduced and a further $3m will be cut. Management hopes to extend the borrowing facility of $16.5m that matures in November.
Vehicles provider for film and TV productions Facilities by ADF (ADF) was hit by the writers’ strike in 2023 and pre-tax profit fell from £4.8m to £900,000. Capital spending was delayed, although net debt increased to £12.9m. There has been a slow start to 2024 as schedules are rearranged. Pre-tax profit could still bounce back to £5m this year.
Audio products supplier Focusrite (TUNE) had already warned that the interims would be weak. In the six months to February 2024, revenues fell from £86.2m to £76.9m and pre-tax profit slipped from £10.9m to £3.4m. Working capital movements led to a large cash outflow so net debt increased to £27.3m, but that should partly unwind in the second half. The decline was in content creation equipment, whereas there was growth in revenues in audio reproduction equipment used for live events.
Sanderson Design Group (SDG) was boosted by growth in high margin brand licencing revenues and that helped to offset the decline in brand sales. Morris & Co was the only brand that did not contract during the year to January 2024. In 2023-24, revenues dipped from £112m to £108.6m and pre-tax profit edged down from £12.6m to £12.2m. North America was the bright spot. Costs have been reduced in the manufacturing operations. Net cash is £16.3m. Pre-tax profit is likely to be flat this year as most markets remain difficult.
Destiny Pharma (DEST) is exploring strategic options for post-surgical infection prevention treatment XF-73, including licensing and securing finance for the phase 3 trial. Potential partners have been put off by the cost of the phase 3 trial and management is reducing the planned cost. There was cash of £6.4m at the end of 2023 and that should last until early 2025.
i3 Energy (I3E) has published annual production guidance of 18,000-19,000 barrels of oil equivalent/day. Capital expenditure is expected to be $50.9m in 2024 and this means that production should be much higher at the end of year. Earnings are set to fall from £11.8m to £4m because of a decline in the gas price – although a recovery is expected. The annual dividend will be lower at 1.026p/share. WH Ireland increased its fair value estimate from 16.2p/share to 21.2p/share.
Chrysalis Investments has issued draft particulars of a claim against Revolution Beauty (REVB) that amounts to £39m plus additional consequential loss of £6.2m. This claim has not yet been filed with the court and relates to buying shares in the company when it joined AIM in July 2021. Chrysalis Investments was unsatisfied with the response it had got from the cosmetics supplier.
Musical instruments retailer Gear4Music (G4M) is benefiting from a focus on margins and reducing net debt. UK sales continue to grow, but they have declined in the rest of the world. Gear4Music returned to profit in the year to March 2024 and pre-tax profit is estimated at £1.4m and it could double next year. Net debt nearly halved to £7.3m. Chief executive Andrew Wass will become executive chairman and Gareth Bevan will take over his previous role.
Trellus Health (TRLS), which develops programmes for managing chronic conditions, still had net cash of $12.2m at the end of 2023 and this should last into the middle of 2025. Revenues were modest at £19,000, but a large-scale pilot was signed with United Healthcare earlier this year and patients are being enrolled. This and other contracts will initially generate modest revenues, but they are important in proving the effectiveness of the company’s technology.
MBU Capital is requisitioning a general meeting at metallurgical coal miner Bens Creek (BEN). It holds 22.1% of the company and wants the general meeting to discuss operational and strategic challenges. The Chapter 11 process continues to be progressed by the US subsidiaries of Bens Creek.
MAIN MARKET
First Tin (1SN) has updated the mineral resource estimate for the Tellerhauser tin project in Germany. Indicated and inferred tin mineral resource has risen by 35% to 138,600 tonnes. Total indicated tin is 37% higher at 45,000 tonnes. Test work at the Taronga in project in Australia indicates improving recovery levels.
Life sciences and aerospace components supplier Carclo (LON: CAR) had a particularly strong fourth quarter, which reflects the focus on improving margins and the financial status of the business. The benefits of the restructuring are starting to show through. Net debt fell from £34.3m to £30.4m at the end of March 2024. The current focus is the US restructuring, and this will benefit profitability this year.
Seraphim Space Investment Trust (SSIT) has sold its early-stage investments to new venture fund Seraphim Space Ventures II, which has the same manager, in return for an investment in the new vehicle. The portfolio cost £3.5m and is valued at £3.8m. That is 1.7% of the NAV at the end of 2023.
Chill Brands (CHLL) has suspended chief executive Callum Sommerton because of allegations about the misuse of inside information. Fieldfisher will carry out an investigation.
Andrew Hore
Quoted Micro 13 March 2023
AQUIS STOCK EXCHANGE
Ananda Developments (ANA) is acquiring MRX Global, which has invented a method to formulate cannabis medicines, for £2.02m in shares at 0.3p each. The first formulation is MRX1, which will be used in two phase II randomised controlled trials to investigate the effectiveness of cannabidiol in chemotherapy induced peripheral neuropathy and in patients with endometriosis. These trials have £1.55m of grant funding. Directors of Ananda are shareholders in MRX, so the deal requires shareholder approval. These directors will a 3% royalty on net sales of any commercial products sold by MRX. Ananda has raised £326,000 through a subscription at 0.3p a share and there is a broker option that could lead to the issue of 33.3 million shares at the same price. Charles Morgan has converted convertible loan notes into 747.3 million shares at 0.3p each. Charles Morgan and Melissa Sturgess will own 53.8% of the company.
Altona Rare Earths (ANR) has raised £2m at 5p a share, which is more than the £1.25m it was initially seeking. This is part of the move to the standard list on 20 March. A maiden JORC compliant mineral resource estimate and a scoping study for the Monte Muambe rare earths project in Mozambique. Altona is increasing its stake in the project from 20% to 51%.
Vulcan Industries (LON: VULC) is acquiring Forepower Lincoln (250) Ltd, which has a 240MW lithium-ion battery storage project, for £2.6m in shares at 1p each. This means that Britt Foreman of Forepower Lincoln (250) Ltd has a 29.9% stake in Vulcan. The two companies have been working together for the past year and Vulcan can help to raise the finance for the project. There are plans to raise more cash to settle liabilities of £250,000 and continue to develop the project.
Invinity Energy Systems (IES) has sold a 220KWh VS3 flow battery to Dawsongroup, following a sale earlier in the year. STS Group and project partner Ideona have been appointed to deploy Invinity Energy batteries in Hungary, primarily for co-located solar and grid support projects.
Hot Rocks Investments (HRIP) published 2021-22 figures and interim figures to September 2022 and trading in the shares was restored. Net assets are £526,000. On 3 March, cash was £70,000. Optiva has been appointed as corporate adviser.
CBD products supplier Yooma Wellness Inc (YOOM) continues to restructure its operations, but it is still trying to find a way of moving the business forward. Following the exit from many businesses, the remaining businesses are in Europe. Yooma Wellness may have to sell other businesses if additional funds are not secured.
EPE Special Opportunities (EO.P) had an NAV of 334p a share at the end of January, which was a 27% decline. The decline in the Luceco (LUCE) share price was a major factor even though this stake has been reduced in recent years. Rayware was another poor performer. Quoted shell company Epic Acquisition Corp is reviewing acquisitions. An investment in dog snacks company Denzel’s was completed in October. Investments in Atlantic Credit Opportunities Fund and Prelude Structured Alternatives Master Fund.
Guanajuato Silver Company Ltd (GSVR) says a US institutional investor has acquired 24 million shares from Great Panther Mining and its other shares were bought by other investors.
Rogue Baron (SHNJ) says Shinju premium Japanese whisky won a gold medal at the 2023 LA Invitational Wine and Spirits Challenge.
Pioneer Media (PNER) has left the Aquis Stock Exchange.
Marula Mining (MARU) has appointed Peterhouse as broker, replacing OvalX.
Music artists and events company All Things Considered (ATC) won the agent of the year award at the International Live Music Conference Gala Dinner.
Begbies Traynor has been appointed administrator to Love Hemp.
AIM
A positive trading statement by NWF (NWF) has led to a forecast upgrade for 2022-23. Peel Hunt increased its pre-tax profit forecast by 42% to £17.5m, compared with £20.9m last year thanks to a bumper year for fuel distribution. The expected downturn in fuels profitability has not been as sharp as previously thought and the food distribution and feeds divisions are also doing better than expected. Net cash of £5.5m is anticipated at the end of May 2023 and there are borrowing facilities of £65m. This leaves plenty of scope for further add-on acquisitions of fuel businesses.
Franchise Brands (FRAN) reported better than expected 2022 pre-tax profit up from £6.5m and £12.8m and it plans to sell its B2C franchise businesses. The Filta business made a 10-month contribution last year. Net cash was £8m at the end of 2022 and the B2C businesses, which could be sold separately or in one disposal, will generate more cash. The next acquisition will be in the B2B area, and it is likely to be significant.
Gelion (GELN) is acquiring Johnson Matthey’s lithium sulfur and silicon anode patent portfolio for £4.25m. This will help Gelion to increase gravimetric energy density for its batteries and enable faster commercialisation of lithium sulfur technology. Gelion plans to sell the silicon anode patents and could receive around £1.25m for them.
Data analysis technology provider WANdisco (WAND) was considering a US listing, but it has discovered accounting problems leading to a suspension of share trading.
Steel structures supplier Billington (BILN) sparked a forecast upgrade with its trading statement. Not only were 2022 profit and cash better than expected, 2023 momentum is ahead of estimates. The 2022 pre-tax profit has been upgraded from £5.3m to £5.8m, while the 2023 figure is increased by £1m to £8m. The 2022 dividend is expected to be 15p a share.
In The Style (ITS) has completed a strategic review and is proposing the sale of its operating business for £1.2m and the cancellation of the AIM quotation. The online retailer is losing money and running out of cash. The purchaser is Baaj Capital, which has other fashion-related investments, including Officers Club. Chief executive and founder Adam Frisby will continue to run the business and take a stake. The company will change its name to Itsum.
Aferian (AFRN) says customer destocking of streaming devices has hit sales and they will be significantly lower than expected for this part of the business. Streaming video services provider 24i continues to grow. There should still be a positive EBITDA this year. The annualised cost base is being reduced by $5m. Annual results to November 2022 will be delayed while discussions with banks continue over future covenant compliance. At the end of 2021, Aferian secured a $50m loan facility from three banks, including Silicon Valley Bank, which lasts until 23 December 2024. BLOE
Gold explorer Panthera Resources (PAT) has entered into a conditional arbitration funding agreement with a subsidiary of Litigation Capital Management (LIT) for the damages claim against the Republic of India for breaches of its obligations under the Australia-India bilateral investment treaty. Up to $10.5m will be provided to cover the costs of the claim.
Amur Minerals (AMC) has completed the sale of the AO Kun-Manie project in Russia to Bering Metals. The $35m consideration should be received soon. A 1.8p a share dividend is planned, and Amur Minerals will become a cash shell.
Purplebricks (PURP) has received approaches for the acquisition of the company, or its businesses and the ongoing strategic review has been widened to include a formal sale process.
MAIN MARKET
Networking and biomedical company BATM (BVC) reported a dip in full year revenues from $132.8m to $116.1m, partly due to a slump in Covid-related diagnostics income. Operating profit slumped from $11.3m to $3.7m. This was slightly better than expected. The networking and cyber division made a lower loss in 2022. There should be a recovery in revenues and profit this year. Moti Nagar has become chief executive.
Lookers (LOOK) has acquired vehicle hire and brokerage business Fourways Vehicle Solutions, which had revenues of £3.8m last year. This business could provide Lookers own rental requirements at lower cost.
Bluebird Merchant Ventures (BMV) has raised £1.22m at 2p a share to finance proof-of-concept funding at the Kochang gold and silver mine in South Korea. That is the same price as the previous placing. Production could eventually reach 5,000 ounces per annum. SI Capital has been appointed broker.
Andrew Hore