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Quoted Micro 11 August 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) raised £8.1m from a placing and subscription at 205p/share early in the week. It subsequently launched Smarter Convert, a capital raising structured as a convertible bond denominated in Bitcoin. Asset management firm TOBAM has subscribed $21m through three of its funds. The reference share price is 195p and the conversion price is a 5% premium to that price. After an initial six months, the company can force the conversion if the share price is 50% higher than the conversion price for ten trading days. If the bonds are not converted within 12 months, then the holders will receive 98% of the bond value, although that figure depends on the movement in Bitcoin.
EDX Medical (EDX) is developing a pneumonia test for critically ill NHS patients. It is partnering with the Intensive Care Unit at Cambridge University Hospitals NHS Foundation Trust to develop a test that identifies the DNA or RNA of microbes that cause lung infection. Results should be available in 60 seconds. EDX Medical has licenced the IP for the test from the trust. A kit version will be developed to sell to other hospitals.
Macaulay Capital (MCAP) has an investment portfolio of seven companies, and they are valued at £1.03m. Macaulay Capital made a loss of £226,000 on interim revenues of £157,000. There was £779,000 in cash in the balance sheet at the end of June 2025. Management believes that there are plenty of opportunities.
Incanthera (INC) says the Skin + CELL skincare range launches on 11 August. It will be available through www.skinandcell.com.
Igraine (KING) has entered into a collaboration with Homerun Energy, the European subsidiary of Canada-based renewable energy and critical metals projects developer Homerun Resources Inc. The two companies will work together on UK alternative energy projects focused on electric vehicle charging and integrated battery storage. There is an initial pilot for a UK automotive manufacturer.
Asia Wealth (AWLP) generated revenues of $962,000 in the year to February 2025 and a foreign exchange gain enabled it to move back into profit.
Valereum (VLRM) has raised £400,000 from subscriptions from its chairman and chief executive at 3.1p/share. A retail offer to raise £100,000 at 3.1p/share will launch in the coming week.
TruSpine Technologies (TSP) has published a document to gain shareholder approval for a Bitcoin treasury policy and the new strategy to acquire intellectual property assets. The company also plans to change its name to TSP Advanced Technologies.
Vault Ventures (VULT) holds 771.37 ETH, 2,200.32 SOL and four Bitcoin.
Coinsilium (COIN) has invested a further £5m and owns 181.9596 Bitcoin and the total value is £15.7m.
Vaultz Capital (V3TC) has taken its Bitcoin holding to 117.853279 and the total cost is £10m.
Yorkshire AI Labs has reduced its stake in IntellAM AI (INT) from 18% to 15.4%.
WeCap (WCAP) chairman Tom Richardson has been issued 5.11 million shares, via his company TDR Enterprises, for consultancy between December 2024 and June 2025. They are worth £50,000.
Daniel Thwaites (THW) director Ann Yerburgh has sold her entire holding of 3.67 million shares. Amazing AI (AAI) chief executive Paul Mathieson bought 1.32 million shares at 0.75p each. NYCE International (NYCE) director Farzad Payman bought a further 25.83 million shares. Directors of Capital for Colleagues (CFCP) have bought a total of 147,550 shares at 56.5p each.
EPE Special Opportunities (EO.P) is no longer going to buy back shares, having acquired 1.38 million shares since the beginning of April.
Hot Rocks Investments (HRIP) has bought an additional 3.125 million warrants in fully listed Hamak Gold (HAMA) taking its holding to 15.625 million warrants exercisable at 0.8p each.
JP JENKINS
The JP Jenkins-15 index of the fifteenth largest companies rose 3% to 1094.4 in the four weeks to 1 August. Brewer and bars operator Powder Monkey was a strong performer. The index will next be calculated using closing prices from 29 August.
Celadon Pharmaceuticals (CEL) chairman Alexander Anton has stepped down after the cannabis medicines developer moved from AIM to JP Jenkins on 8 August.
AIM
Restaurants operator Tasty (TAST) raised £9.25m from a placing at 0.5p/share and a retail offer generated a further £870,00o. The Kaye family invested £500,000 in the retail offer. There will be £3m invested in the existing restaurants and a further £1m on operational efficiency. There will be £3.6m set aside to acquire restaurant brands.
Laumann Group is making a recommended bid for uPVC windows supplier Epwin (EPWN). The 120p/share cash offer values Epwin at £167.3m. Laumann wants to expand the range of building products it offers in the UK, and it already has relationships in the construction sector. There is minimal overlap between the companies.
Fiinu (BANK) has published the document for the reverse takeover of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m will be satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. A subscription has generated £801,000 at 10p/share.
Interior furnishings brands owner Sanderson Design Group (SDG) has reassured the market that it is on course to achieve 2025-26 forecast pre-tax profit of £5m, up from £4.4m. In the first half there was growth from licensing and in North America, but overall brand revenues fell 7% although the performance was better at the end of the period. Overall revenues were 4% lower at £48.3m. Cost savings have reduced annualised costs by £1m.
Automotive interior components manufacturer CT Automotive (CTA) is on track to meet full year expectations. Interim revenues fell from $60.5m to $54.2m, but the second half should be stronger. New contracts worth a total of $37m annually have been won in the first half. This provides a strong base for growth over the next three years.
SIMEC Atlantis Energy (SAE) has reached financial close on the AW1 BESS project in South Wales. This is a 120MW generation project and construction has begun at Uskmouth. A global renewable energy partner is taking a 24.7% stake in the project. Zeus has increased the 2025 revenues forecast from £7.4m to £11.4m and the 2026 estimate from £7.5m to £12.5m. In each year the expected loss has been more than halved to around £3m. Net debt is expected to be £65.1m at the end of 2025 and rise to £99.9m one year later.
Energy storage technology developer Gelion (GELN) has made a breakthrough in Lithium-Sulfur (Li-S) performance. The cells retain 90% of theoretical capacity at a 10-hour charge and 10-hour discharge. The cells have 75% of theoretical capacity after a six-minute discharge. This means that they could be used in drones and electric vehicles.
Media analysis business Ebiquity (EBQ) says 2025 interim revenues were flat at £37.9m. North American, where economic uncertainty has hit client spending, revenues fell and that was offset by growth in the rest of the world. Operating profit is expected to improve from £2.3m to £2.6m. Net debt is slightly lower at £15m. North America remains a focus for the company despite the short-term problems. Trading is in line with expectations.
Specialist staffing company Gattaca (GATC) says that full year figures are ahead of expectations. Net fee income was 3% lower at £38.8m. Permanent recruitment income has steadied, and second half income was much better than a weak comparative. Pre-tax profit guidance has been raised from £3.1m to £3.3m, which is higher than the £2.9m reported for the previous year because of cost reductions. Cyber security recruiter Infosec has been bought for an initial £1.5m, which is equal to net fee income in the year to March 2025. Operating profit was £400,000.
Automotive connection systems supplier Strip Tinning (STG) reported interim revenues dipping from £4.8m to £4.5m, but the loss was reduced from £2.73m to £1.56m. There was cash generated from operations. Battery technology sales quadrupled to £1.2m. The automotive market is tough, but management is confident about long-term prospects.
Drug developer ImmuPharma (IMM) reported a reduction in loss from £2.78m to £1.95m in the six months to June 2025. The underlying improvement is masked by a loss on a derivative asset. Studies have helped to strengthen the commercial viability of the P140 technology platform and discussions continue with potential partners.
Floorcoverings distributor Likewise (LIKE) has raised £1.4m at 25p/share through a share issue to AIM-quoted investment company Onward Opportunities (ONWD) because it wanted more shares and could not buy them in the market.
Premier African Minerals (PREM) is implementing the changes identified for the plant test at the Zulu lithium and tantalum project. In the next week a decision will be made on whether to purchase the secondary spodumene float section. The original sorters still have to be replaced, and the tantalum recovery circuit needs to be completed.
The IFX Payments bid for Argentex (AGFX) has lapsed after it went into administration.
Goldplat (GDP) is reinstating its dividend for the first time since 2013. This is despite a decline in pre-tax profit from £6m to £2.6m. That was partly down to a foreign exchange loss. Zeus forecasts a 0.1p/share dividend. Net cash is estimated at £5.5m.
MAIN MARKET
Financial software provider Aptitude Software (APTD) reported a dip in interim revenues from £35.3m to £32.8m, due to lower non-recurring income and currency movements. Annualised recurring revenues reached £49.8m. Fynapse is an increasingly important contributor, which offsets the decline in legacy revenues and helps to improve operating margins. Cash was £23.7m at the end of June 2025. The dividend is maintained at 1.8p/share.
Foam manufacturer Zotefoams (ZTF) increased interim revenues by 9% to £77.4m with a strong performance around the world. Pre-tax profit was 37% ahead at £11.4m, helped by the exit from the loss-making business and higher margins. The interim dividend is 5% ahead at 2.5p/share. Net debt was £21.1m at the end of June 2025. The Asian business is small, but that will change when the Vietnam factory, part of a joint venture with footwear manufacturing specialist Seoheung, opens.
Andrew Hore
Quoted Micro 21 July 2025
AQUIS STOCK EXCHANGE
Probiotics developer ProBiotix Health (LON: PBX) increased interim revenues by one-third to £1.34m and the loss was reduced. The first orders have been delivered to Kemin China Technology. The current order book is at record levels. There was £1.3m in cash at the end of June 2025. The full interims will be published on 8 September.
Hydro Hotel Eastbourne (HYDP) increased interim turnover by 9% to £2.13m. Increased repair costs meant that the loss increased from £77,000 to £97,000. There is £2.18m in cash and deposits.
Fintech Amazing AI (AAI) wanted to raise £200,000 via a book build and ended up raising £150,000 at 0.5p/share. The cash will be used to buy Bitcoin. Chief executive Paul Mathieson bought shares in the book build and converted debt at the same price. There were more than 86 million shares issued to him. He also bought 70,000 shares at 1p each in the market. He owns 54.75%.
Digital assets company Vaults Capital (V3TC) completed a placing raising £1m at 16.5p/share. New director Sarah Gow bought 236,000 shares at 16.5p each.
Coinsilium Group Ltd (COIN) has purchased 112.0009 Bitcoin, and the total cost of the holding is £9.99m.
The Smarter Web Company (SWC) has raised another £17.5m at 295p/share, having sought a minimum of £15m. The company held 1,600 Bitcoin which had a total cost of £127.25m. The 30-day BTC yield is 419%. There was £4m in cash available at the beginning of the week.
Vault Ventures (VULT) holds 4 Bitcoin, 711.93 Ethereum and 2,200.32 Solana. The market capitalisation is greater than NAV.
Valereum (VLRM) entered into a non-binding agreement with fully listed First Class Metals to explore asset-backed tokenisation of mineral exploration projects in the latter’s portfolio. This could generate non-dilutive capital for projects and enhance liquidity.
RentGuarantor Holdings (RGG) is moving to AIM on 15 August. No fundraising is planned.
Majestic Corporation (MCJ) is launching a 50,000 square foot recycling facility in Wrexham. This will produce precious metals, base metals and critical materials.
Capital for Colleagues (CFCP) investee Bright Ascension has concluded a £2.35m fundraising. Capital for Colleagues has switched a £1m short-term loan into new convertible loan notes in the space software company. The interest rate is 10%. Capital for Colleagues is also providing a revolving credit facility of £200,000 up until the end of January.
Igraine (KING) investee company Fixit Medical has received grants for its advanced catheter securement solutions, as well as being selected for several national programmes. Igraine owns 19.8%.
Hot Rocks Investments (HRIP) has sold six million shares in Hamak Gold (HAMA) at an average price of 2.61p/share. This raised £156,600 after costs. They were bought for 0.8p each.
EPE Special Opportunities (EO.P) had net assets of 321.56p/share at the end of June 2025.
Zentra (ZNT) will transfer to the newly launched Aquis Real Asset Market on Monday 21 July.
ASSET MATCH
Fintech investment company VP Fintech (VPF) say investee company Valens Pay is joining with MSTRpay to offer its banking services. The partner is required because of the international nature of customer base and the services will be offered to more than 700,000 MSTRpay customers.
Macdonald and Company (MAC1) is paying an interim dividend of 4p/share.
JP JENKINS
Powder Monkey (PMGL) is acquiring the brands of Wayward Brewing Company and Akasha Brewing Company, two Sydney breweries.
AIM
Advanced materials and paper manufacturer James Cropper (CRPR) is starting on a revised strategy under new chief executive David Stirling. In the year to March 2025, revenues fell from £103m to £99.3m, while pre-tax profit improved from £800,000 to £1.3m. The company plan to deliver more sustained growth from advanced materials by focusing on markets with the best potential. There are also plans to improve margins and profit for paper and packaging by not chasing sales and becoming more efficient.
Womenswear retailer Sosandar (SOS) reported a lower than expected underlying pre-tax profit of £200,000 in the year to March 2025, because of stock adjustments. There was a loss in the previous year. Revenues fell from £46.3m to £37.1m as the move to reduce online price promotion activity hit sales but improved margins. Six stores have been opened. The four store in market town are trading well, but the two in shopping centre have not been as successful. Online sales have benefited in the areas where there are stores. No new stores are planned for this year. There is a strong start to this financial year with first quarter revenue 15% ahead. Initial licensing revenues will come through later in the year. Net cash is £7.3m.
Egg-free celebration cakes supplier Cake Box (CBOX) continues to grow in a tough retail environment and the acquisition of Indian sweets supplier Ambala provides further potential. In the year to March 2025, revenues improved 13% to £42.8m, while underlying pre-tax profit was 17% better at £7.08m. There was a £840,000 contribution to revenue from Ambala. System sales for franchisees were nearly 10% higher at £86.3m. Like-for-like growth was 3%. Net debt was £9m following the acquisition of Ambala. The total dividend was raised from 9p/share to 10.2p/share.
Iodine supplier Iofina (IOF) increased iodine production was 11% higher at 305.5 ton in the first half, which was better than expected. That was after a one-fifth increase in the second quarter. This shows the weak performance early in the year was a blip. The iodine price remains strong and should remain above $70/kg. IO#10 has been commissioned, which will boost second half production. Iodine production guidance for the second half of 2025 is 400-440 tons.
Primorus Investments (PRIM) has been accused of beaching the lock-in agreement by selling shares in Pri0r1ty Intelligence (PR1). The lock-in period lasts until 30 December 2025. In June, Primorus Investments sold its 8.05% stake raising £977,000.
Investment company Seed Innovations (SEED) plans a tender offer for up to 45% of the shares and change its investing policy to focus on robotics and AI. Jim Mellon and Denham Eke will join the board and Ed McDermott and Alfredo Pascual will step down. Existing investee company Litte Green Pharma generated cash in the latest quarter. Seed Innovation owns 2.4% of the ASX-listed company, which made profit after tax of A$3.3m in the year to March 2025. The Seed Innovations NAV was 6.1p/share at the end of March 2025.
Alba Mineral Resources (ALBA) is acquiring a majority stake in Motzfeldt critical metals project in south Greenland. Motzfeldt is a niobium tantalum zirconium rare earth project, and it has very large deposit status. The inferred resource is 340Mt, containing 41,000t of tantalum, 629,000t of niobium, 1.56Mt of zirconium and 884,000t of total rare earth oxides. The 51% stake will cost £30,000 in cash and £945,000 of shares at 0.02414p each. A placing has raised £550,000 at 0.017p/share.
Ceramic products manufacturer Churchill China (CHH) says that there is reduced demand from hospitality and May and June were materially below target. Market share is being maintained. That will hit profit. The UK and US are holding up better than other markets. There is also trading down from dearer products. Replacement business is at expected levels. Production has been reduced, thereby hitting operating levels and margins.
Building components manufacturer Alumasc (ALU) is on course to meet expectations this year. Cavendish forecasts a rise in pre-tax profit from £13m to £14.2m. Organic growth was 7%, whereas the market grew 2%. Exports increased. Net debt was £6m at the end of June 2025, but this still provides scope for earnings enhancing acquisitions. The results will be announced on 2 September.
AFC Energy (AFC) raised £23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to £5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex.
Eco Animal Health (EAH) reported a drop in full year revenue from £89.4m to £79.6m, but non-core disposals helped pre-tax profit improve by one-third to £4m. Net cash was £25m at the end of March 2025. North America was the only region where sales increased.
Oxford BioDynamics (OBD) says Pfizer has published information on its use of EpiSwitch biomarkers as a liquid biopsy in evaluating tumours and treatment outcomes for the JAVELIN bladder 100 trial. The EpiSwitch test can determine whether a tumour has high or low immune activity. This confirmation of efficacy will help to grow EpiSwitch sales.
Audioboom (BOOM) is acquiring podcast network Adelicious for up to £4.5m and has raised £3m through a placing at 270p/share. Podcasters on the Adelicious network include Frank Skinner and Jeff Stelling. The UK market is less developed than the US market.
Cybersecurity service provider Corero Network Security (CNS) has increased annual recurring revenues by one-quarter to $21.6m because of demand for managed services, but recognised revenues are lower in the first quarter. Canaccord Genuity has cut its 2025 forecast revenues from £28.7m to £24.1m and that would mean the company returning to loss. Software and equipment sales are lower, and visibility of orders is poor.
Digital loyalty and promotions platform operator Eagle Eye (EYE) did better than anticipated in the year to June 2025 with revenues 1% higher at £48.2m and EBITDA is 9% ahead at £12.2m. A recent contract loss led to the downgrading of 2025-26 forecasts. Annualised recurring revenues are £32m after that contract loss.
MyHealthChecked (MHC) is supplying lateral flow tests under the Boots own brand. This covers 13 tests, and the initial term is 12 months.
Argentex (AGFX) is appointing administrators after the FCA ordered it to stop all regulated activity. The company was not able to secure additional finance.
Mulberry (MUL) raised £105,000 in a retail offer. There was up to £1.25m on offer.
Logistics Development Group (LDG) is investing £15m as part of DBAY’s acquisition o 78.3% of The Alternative Parcels Company, the largest independent delivery network. LDG will effectively have a 50.2% stake in the acquisition, which made an operating profit of £7.1m. There are also plans to acquire William Stobart.
MAIN MARKET
Structural steel supplier Severfield (SFR) has agreed an option with its joint venture partner in India. Severfield can choose to sell its partner up to 24.9% of the 50/50 joint venture for up to £20m.
Andrew Hore
Quoted Micro 28 April 2025
AQUIS STOCK EXCHANGE
Smarter Web Company (SWC), which was formerly Uranium Energy Exploration, joined Aquis on Thursday and it raised £1m at 2.5p/share. Smarter Web Company provides web design, development and marketing services. It generates income from an initial fee, annual hosting and optional marketing charge. Bitcoin payments are accepted. There are plans to grow through acquisition.
Marula Mining (MARU) is acquiring up to 70% of the Boteti lithium brines project in Botswana. There are three licences within the Makgadikgadi Desert Salt Pan. Marula Mining will issue 250,000 shares at 4p each to acquire the initial 50% interest, plus £10,000 worth of shares once due diligence is completed. Marula Mining will finance 100% of spending up until production. Once a feasibility study is successfully completed a further £250,000 of shares will be issue and e is the option to increase the interest to 70% through a further issue of £100,000 worth of shares.
Fenikso (FNK) has renegotiated the $11.5m loan from Savannah Investments. It will be settled for $5.76m and $2.5m will be made when the deal is signed. The other $3.26m will be paid by the end of the year. There should still be cash left on the balance sheet after the payments.
Valereum (VLRM) is not going to receive the £19m investment by DMC Markets. VLRM Markets will commence operations, open its Real-World Asset (RWA) Platform and launch its V-Wallet. This operation has a licence in El Salvador. Management has been involved in a delegation to the SEC concerning proposals to regulate digital assets.
Wishbone Gold (WSBN) is preparing to drill the main undrilled gold target at Red Setter Dome, near the Telfer gold miner. A major dome-like structure is similar to Telfer.
Adsure Services (ADS) says there is strong demand for its audit and assurance services.
Mendell Helium (MDH) has increased the subscription from £796,000 to £834,000. The subscription price is 2p/share.
TruSpine Technologies (TRU) has issued shares at 1.5p each to pay creditors totalling £107,000.
Nicholas Fairfax sold 27,900 shares in SulNOx Group (SNOX) at 80p each.
ASSET MATCH
Greenshields Agri (GAH) says UK farmland values are holding steady. Current net asset value is 162p/share.
AIM
Major shareholder Regent Gas Holdings has set up a company to make an offer of 68.5p/share in cash for energy assurance and optimisation services provider Inspired (INSE). Gas supplier Regent is the second largest shareholder with 29.4% and it owns convertible loan notes and warrants. Regent would prefer the focus to be reducing debt, which has already been cut following the December fundraising. This includes ending dividend payments. A strategic review will be started, so that debt can be eliminated by the end of 2026. Gresham House owns 29.7% of Inspired plus convertibles and warrants. It says that it will not accept the offer.
Selkirk Group (SELK) has made an approach to THG to acquire its MyProtein business for £400m-£600m, subject to due diligence, payable in cash and shares. THG has rejected the offer because of the valuation and the structure of the offer. Talks are not ongoing, but Selkirk could return to the potential deal if circumstances change. Management is assessing other reverse takeovers.
Foreign exchange services provider Argentex (AGFX) ran into financial problems because of currency volatility. IFX Payments is offering 2.49p/share in cash and the board is recommending the bid. It is also providing a £6.5m bridging loan. IFX Payments is interested in the technology that Argentex has developed.
Payment services provider Finseta (FIN) performed as anticipated in 2024, but higher costs for start-ups have hit the share price in recent weeks. In 2024, revenues were18% higher at £11.4m and pre-tax profit improved from £1.4m to £1.5m. There was no contribution from Canada or UAE, which start trading this year. There have been concerns about the problems at Argentex, but Finseta is a different business and is not allowed to take the type of risks taken by Argentex.
Rail software and services provider Tracsis (TRCS) had already warned of tough trading conditions prior to the interim results. Pre-exceptional and share-based payments profit fell from £1.8m to £235,000. The data, analytics and events division fell into loss because costs were higher than anticipated when work was won. This will hamper the full year contribution, although the second half is always stronger. Action will be taken to improve margins. The main concern is the continued uncertainty surrounding GB Railways. This could hold up spending in software and there was a reduction in investment in remote condition monitoring equipment due to delays in the CP7 spending period.
Software company Celebrus Technologies (CLBS) says 2024-25 revenues will be lower than expected at $38.6m, down from $40.9m last year, but pre-tax profit was in line with expectations at $8.7m, up from $7.6m. Net cash was $31m at the end of March 2025, following a property sale generating $3.9m. Celebrus Technologies is changing its revenue recognition policies to a monthly basis, rather than annually in the month of signing the contract. Annual recurring revenues will rise by 14% to $18.8m this year.
Productivity efficiency software provider ActiveOps (AOM) generated higher than expected revenues for the year to March 2025. The estimate has been raised 4% to £30.4m. Net recurring revenues were 108%. Annualised recurring revenues were 15% ahead despite the loss of a major customer. Net cash was £20.6m at the end of March 2025, which is nearly one-third of the market capitalisation. Pre-tax profit will be flat at £2.1m, with £2.3m forecast for this year.
Concrete levelling equipment supplier Somero Enterprises (SOM) is cautious about this year because of global uncertainties affecting buying decisions and the starts of projects. It is cutting 15% of its workforce. Cavendish has cut its 2025 pre-tax profit estimate by 18% to $21.3m, down from $25.4m in 2024.
Marketing data analysis company Ebiquity (EBQ) did better than expected in the second half, but pre-tax profit still fell from £9.7m to £6.5m. The first quarter of 2025 was ahead of management expectations. A modest recovery in pre-tax profit to £7.1m is forecast for this year and there is potential for further outperformance.
Enteq Technologies (NTQ) says that there is no likelihood of a bid for the company, and it has ended its formal sales process. Management will still talk to potential buyers for parts of the business. Spending is being reduced, and the energy services equipment supplier is seeking additional finance. There is $602,000 in the bank and that will last until mid-May. SABER equipment has been prepared for further testing.
Software training services provider Northcoders (CODE) returned to profit in 2024, but it has revealed that the 18-month Department for Education contract, worth £10m, will not be renewed. There will be a move to a regional model. Management is ready for this and believes it will win business.
The board of credit hire company Anexo (ANX) advises no action should be taken by shareholders following the announcement of a potential bid by DBAY Advisers, Alan Sellers and Samantha Moss. These shareholders already own 63%. The offer could be in loan notes or shares in a new holding company.
Great Western Mining Corporation (GWMO) says the mill construction is substantially complete at the 50%-owned Western Milling joint venture in Nevada. Initial trial production should start soon. There are already plans to expand capacity. This will require some third-party finance, and a specialised mine engineering company will be brought in.
Vast Resources (VAST) says the historical diamond parcel has been released by the Reserve Bank of Zimbabwe, which held it for 15 years. The contents of the parcel exceeded expectations, and the sales process should start in one month. Vast Resources is in talks with third parties about an investment in the Baita Plai polymetallic mine. The diamond sale proceeds will help to pay off debt.
Premier African Minerals (LON: PREM) has raised £1.575m at 0.035p/share. This will be invested in plant at the Zulu lithium and tantalum project so that grades and tonnage can be improved. That will help in the attempt to reach a binding agreement for future development.
MAIN MARKET
Structural steel supplier Severfield (SFR) reassured investors that trading is in line with expectations, although trading conditions is likely to remain tough and margins are under pressure. The UK and Europe order book has risen to £440m, but that includes work at Fenchurch Street that will not contribute until 2026-27. Generally, decisions are slow. Management believes that there could be annual cost savings of up to £4m. Insurance will cover some of the costs for the bridge remediation. Chair Charlie Cornish bought 103,125 shares at 24p each.
Investors have reacted positively to the appointment of David Brown to the newly formed Investment Advisory Board of Fragrant Prosperity Holdings (FPP). He has experience in fintech and AI and could help to secure an acquisition for the shell. David Brown will work with directors Simon Retter and Richard Samuel to identify acquisition targets. He was a founder of AI-based supplier payments company Previse and payment platform Oxygen Finance.
Andrew Hore
Quoted Micro 7 April 2025
AQUIS STOCK EXCHANGE
Automotive electrification technology developer Equipmake (EQIP) has secured a £5m cash injection from Caterpillar Inc via convertible loan. This has an annual interest charge of 10% and lasts until the end of March 2029. The conversion price is the lower of 3.125p and 80% of the average trailing 30-day share price. There is also a development agreement for electric drivetrain products. This concludes the strategic review. An agreement with wave energy technology company CorPower Ocean will generate £650,000 for the first phase of the development of a generator and SiC (silicon carbide) inverter system to accelerate the commercialisation of the wave energy equipment.
Invinity Energy Systems (IES) has reached agreement to proceed with the LODES project, which is a 21MWh VS3 system co-located with a solar array. The total cost of the project is £20m. Planning permission has to be adjusted before the project can commence construction and the project could be completed and operating in the second half of 2026. There should be some revenues recognised in 2025. A loss is still forecast for this year despite a jump in forecast revenues to £35.5m.
Samarkand (SMK) is asking for shareholder approval to leave Aquis. The ecommerce technology provider has adapted its strategy to focus on its own brands and is less dependent on the Chinese market for growth. The costs of being quoted will be saved. The plan is to leave on 7 May and move to a JP Jenkins matched bargains facility. Even before the announcement, the lack of liquidity meant that the board does not believe the share price reflects the value of the business.
AIM-quoted drug discovery company ImmuPharma (IMM) has agreed to extend the period of warrants in Aquis-quoted skincare technology developer Incanthera (INC). The 7.27 million warrants are exercisable at 9.5p each – the current share price is 9p – and they will be extended until the end of September. ImmuPharma will pay Incanthera a profit share of 30% of the difference between exercise and market prices. Incanthera has agreed to pay creditors £380,000 in shares at 8.5p each.
KR1 (KR1) had net assets of 58.2p/share at the end of February 2025. During February there was £462,000 of income generated from digital assets.
Consumer and beauty products supplier Silverwood Brands (SLWD) reported revenues of £9.28m in the six months to December 2024, compared with £6.88m in the previous six months. Excluding acquisitions the performance was flat compared to the second half of 2023. There was a £359,000 loss compared with a £263,000 pre-tax profit. There was cash of £3.08m at the end of 2024. The new financial year end is June 2025. The Balmonds Skin Salvation product is available in Boots.
Investment Evolution Credit (IEC) is not going ahead with the UK FCA lending application process and is no longer focusing on US loan book acquisitions or adding to licences. The existing US lending operations will be the focus, helped by AI. A confidential introducer agreement has been secured with a large UK consumer finance group for introducing its products around the world.
Vulcan Industries (VULC) has sold sheet metal fabrication company Aftech for £1. This will stop the cash outflow. There will be a £718,000 goodwill write down. Vulcan Industries is in discussions with secured creditors concerning obligations that are due in the second quarter of 2025. The remaining asset is the Lincoln battery energy storage project.
Ride video capture technology provider Visum Technologies (VIS) has extended its contract with the Children’s Day Foundation Linnanmaki in Finland for a further three years. This should generate a total of £100,000 in revenues. In the six months to December 2024, revenues fell from £130,000 to £71,000. The loss was $325,000.
Oscillate (MUSH) has entered into non-binding heads of terms for a joint venture with Evolution Energy Minerals to develop the Chikundo copper, lead and zinc prospect, which is within the Chilalo graphite project.
Tectonic Gold (TTAU) says farm-in partner White Energy has completed stage 1 of its spending commitment and earned a 51% interest in Specimen Hill. A further $1m of spending will earn a further 25%. White Energy can then pay $2m to buy the minority shareholding, although Tectonic Gold will retain a 3% perpetual net smelter royalty.
Ananda Pharma (ANA) has received approval from the Alfed Hospital Human Research Ethics Committee in Australia for its phase 1 pharmacokinetic study of the lead cannabinoid drug candidate MRX1. The first patient should be dosed in the third quarter of 2025. The data can support regulatory filings in other countries.
BWA Group (BWAP) says preliminary kyanite product specification test work at the Dehane heavy mineral sands project in Cameroon has proved highly satisfactory. Kyanite is used in refractory and ceramic products.
Marula Mining (MARU) has received the first revenues from sales of copper concentrate from the Kinusi copper mine in Tanzania.
Mendell Helium (MDH) says the option to acquire Kansas-based M3 Helium has been extended to the end of June 2025.
Ormonde Mining (ORM) investee company TRU Precious Metals Corp is going to drill test a pipeline of exploration targets at the Golden Rose project that has been optioned by Eldorado Gold Corporation.
Jonathan Neame bought 4,000 shares in Shepherd Neame (SHEP) at 490p each. Richard Oldfield acquired 20,800 shares at 485p each and 5,000 shares at 484p each. Newbury Racecourse (NYR) chairman Dominic Burke bought 7,500 shares at 503.36p each.
EPE Special Opportunities (EO.P) has launched a share buyback programme of up to 2% of the shares in issue.
ChallengerX has changed its name to Nyce International (NYCE).
ASSET MATCH
Asset Match has secured a strategic partnership with financial services provider Monex Europe, which will help companies with their foreign exchange requirements.
Engineering and technology firm Marshall of Cambridge (MCH) has sold its business distributing Thermo King transport temperature control systems to Trane Technologies, the owner of Thermo King. Trading was tough last year, and Marshall of Cambridge lost money. This loss was made worse by write-offs on legacy contracts and delays to the sale of ex-RAF C-130s. The total order book had improved to £663m by the end of 2024. Disposals enabled a return to a net cash position. There are plans to sell the composites business by the summer. The company also has a 900-acre property at Cambridge airport and it is assessing options. A catch-up dividend payment is possible this year.
Brewer Wadworth and Company (WAD) says it should report a 15% increase in EBITDA for 2024. January and February have been tough. Planning permission has been granted by Wiltshire council for the scheme on the old brewery site.
Football club Tottenham Hotspur (TTNM) reported a rise in revenues from £549.6m to £528.2m in the year to June 2024 and it reduced its loss to £26m, helped by a £82.3m gain on player trading.
Shares in RA International (RAI) moved from AIM to Asset Match on 2 April.
AIM
Online gaming company Gaming Realms (GMR) improved underlying pre-tax from £6.4m to £9.6m on revenues 22% ahead at £28.5m, and the momentum continues. Net cash increased to £13.5m. A £6m share buyback programme has been announced. The expansion into new countries and launching new games has helped Gaming Realms to grow. North America is doing particularly well and generates more than 50% of licensing revenues.
Automotive and battery connectors supplier Strip Tinning (STG) is expecting a lower than forecast loss in 2025 because of strong trading in the battery division. This is a higher margin part of the business, and it will help to reduce the EBITDA loss from £1.6m to £900,000. The anticipated lifetime value of an existing US battery connectors client has been raised from £43m to at least £56.8m. The overall market remains difficult, though. A £520,000 R&D tax credit should be received in April and another payment of £250,000 should be received in the second half of 2025. Strip Tinning is on course to make a pre-tax profit in 2027. A grant is being applied for from the Automotive Transformation Fund. Strip Tinning will require more cash to fund growth.
Plant-based polymers developer Itaconix (ITX) reported a dip in 2024 revenues from $7.9m to $6.5m because of the loss of a low margin contract, but underlying revenues are higher. The pre-tax loss increased from $1.2m to $1.8m. Cash was $6.7m at the end of 2024 and this is enough for the current requirements. Cleaning, hygiene and beauty ingredients are all growing revenues with a good start to 2025.
Cyber security hardware and software provider Corero Network Security (CNS) increased annualised recurring revenues by 15% to $19.5m. This is a good indication of the progress being made. Recognised revenues were 10% ahead at $24.6m in 2024 and that enabled a move from loss to a pre-tax profit of $600,000. Net cash is $5.3m. The position in Latin America has been enhanced by an expansion of the partnership with TechEnabler in Brazil. This year has started well.
Automotive brake discs developer Surface Transforms (SCE) has received total cash advances of £8m and help from its customers and it has also increased the price of discs. Long-term supply agreements are being discussed. Gross cash is currently £1.2m. Manufacturing yield remains inconsistent.
Currency services provider Argentex (AGFX) reported full year figures showing positive momentum in the second half and into the new financial year. The outcome for 2024 was better than expected. Cash generated from operating activities improved from £13.6m to £16.7m. However, Argentex still fell into loss for 2024 and may not return to pre-tax profit this year. The new digital infrastructure should be launched in the second half. This should help to grow long-term profit.
Executive search firm Norman Broadbent (NBB) is performing well in the tough recruitment market. The additional fee earners are beginning to boost the figures, although income has declined in the past year. Full year net fee income fell by 11% to £9.3m with international business holding up with the decline happening in the UK. The company slipped into a loss of £158,000. The figures were still better than for 2022 and 2023 was a strong year.
Ceramic and fragrance products supplier Portmeirion (PMP) still finds trading difficult. In 2024, revenues fell from £102.7m to £91.2m, while pre-tax profit slumped from £3m to £1.1m. Net debt is £12.1m, while the dividend has been slashed from 5.5p/share to 1.5p/share.
K3 Business Technology (KBT) intends to return £29m – equivalent to 64.8p/share – to shareholders via tender following a recent disposal and it is consulting with shareholders about whether to remain on AIM. The software company will still have £6m in cash and remaining software businesses that are a Microsoft Dynamics fashion industry partner and a supplier of software to IKEA.
Zinnwald Lithium (ZNWD) says the Saxony state government has recognised the company’s eponymous lithium project as a project of outstanding importance. The company recently published a pre-feasibility study showing a pre-tax NPV of €3.3bn with a mine life of 40 years.
Minoan Group (MIN) says trading in the shares is likely to be suspended because it does not have enough cash to complete the audit of its accounts to October 2024. The suspension is expected on 1 May, but it may come earlier because of the lack of cash. Minoan has not been able to extend the secured loan, totalling £1.19m, provided by DAGG. A proposal from DAG includes the conversion of the loan into shares and an additional £4.44m cash injection in return for shares. Some members of DAGG would also write off £1.1m they are owed. DAGG wants to nominate management to take the company forward.
Electric Guitar (ELEG) returned from suspension during the week after creditors agreed to the company voluntary arrangement and a £300,000 subscription at 0.034p/share. The company liquidated its operating subsidiary and is seeking a new business to acquire.
MAIN MARKET
New Frontier Minerals (NFM) reported results from the geophysical survey for the Harts Range heavy rare earths, uranium and niobium project in Australia and drilling should commence in April. New Frontier Minerals owns 85% of the project, where 46 priority targets have been identified, of which 18 are priority one targets. The results exceeded expectations.
Cybersecurity company Narf Industries (NARF) revealed the progress it is making towards commercialising its expertise. The plan is to integrate AI and the Social Cyber product, and the enhanced product will be launched in the summer. This will be the platform to develop a SaaS-based Software Supply Chain Security offer. Narf is seeking partners with direct customer bases.
Andrew Hore
Quoted Micro 30 October 2023
AQUIS STOCK EXCHANGE
Natural language processing company Cykel AI (CYK) joined the Aquis Stock Exchange on Wednesday. It raised £1m at 3p/share and the shares ended the week at 10.25p. There was initially significant buying of the shares, but trading levels dwindled over the week so there was only one sale of 100,000 shares at 10p each on Friday.
Healthcare provider One Health Group (OHGR) generated 12% higher revenues of more than £11m in the first half. There was £3.6m in the bank at the end of September 2023. There is additional surgical capacity, and two new contracts were awarded in the first half. A new surgical hub could open in 2025. The second half is normally stronger.
Valereum (VLRM) says that US funding it secured in August is no longer available. The talks with the Gibraltar Financial Services Commission concerning the purchase of the Gibraltar Stock Exchange are dragging on. Richard Poulden, Jack Sun, Patrick Young and Alan Gravett have resigned from the board. James Formolli, who has links with Gibraltar, has been appointed chairman. Patrick Lyle Young has rejoined the board as chief executive. These changes may make it easier to gain regulatory clearance for the acquisition.
Gunsynd (GUN) investee company Omega Oil and Gas estimates maiden gross 2C contingent resources of 1.73 trillion cubic feet of gas in its area in Queensland’s Taroom Trough. The next phase of exploration includes a horizontal well. The $21m raised in August will finance this next stage of exploration.
Vulcan Industries (VULC) has sold 49.9% of Lithium battery storage project developer Forepower Lincoln (250) Ltd for £1.5m, which is payable on the sale of the project or on the fifth anniversary of the agreement. The buyer will loan £500,000 and this will be offset against the consideration when it is due. This will be drawn down as the project progresses.
Ananda Developments (ANA) made an interim loss of £990,000. There was cash of nearly £12,000 at the end of July 2023. Since the end of the period, operations at the cannabis cultivation facility were paused to reduce cash burn.
Cadence Minerals (KDNC) reported a reduction in loss from £5.05m to £1.95m. Net cash was £580,000 at the end of June 2023, while NAV was £19.5m.
Cooks Coffee (COOK) has appointed RSM as administrator to its Triple Two coffee shop franchise business. There are currently eleven stores, which are trading poorly. The Esquires chain is trading well and will not be affected.
SulNOx Group (SNOX) says that fuel savings of more than 5% have been verified for seagoing vessels with a two-stroke engine when fuel conditioner SulNOxEco. This will help to increase interest from shipping companies.
Arbuthnot Banking Group (ARBB) non-exec Jayne Almond has acquired 3,000 shares at 895p each and her husband bought 5,617 shares at 890p each.
AIM
After the market closed on Friday evening, SafeStyle (SFE) said that it intends to appoint administrators to three subsidiaries. Potential buyers of the replacement windows operations have withdrawn their interest and management already revealed it would not be able to raise additional finance. This means there is unlikely to be anything left for shareholders.
Fire Angel Safety Technology (FA.) has agreed a 7.4p/share bid from fire safety products manufacturer Siterwell Electronics, which already owns 17.5%. The share price has not been at that level for six months. The offer values FireAngel Safety Technology at £27.7m.
Mining investment company Starvest (SVE) plans to cancel the AIM quotation and commence a voluntary liquidation. This would involve the distribution of stakes in Greatland Gold (GGP) and Ariana Resources (AAU) to shareholders, while the other stakes will be sold. The share price improved by 77.8% to 8p, valuing Starvest at £4.7m. This is still a discount to the March 2023 NAV of £6.75m, although for one the Ariana Resources share price has fallen since then. Shareholder approval will be sought on 21 November and the AIM cancelation could happen on 29 November.
Northern Bear (NTBR) intends to launch a tender offer to buy up to five million shares (26.7% of share capital) at 62p each. The building services provider will ask for authorisation at a general meeting on 15 November and the tender will be funded by the company’s cash and an additional £1m of debt. This will be earnings enhancing. Some shareholders say they will not tender shares, which means that other shareholders can tender at least 35.6% of their holding. Shares have to be tendered by 22 November. Jeff Baryshnik will retire as chairman after the general meeting. Trading is ahead of the previous year and a trading update will be published in the next few days.
Angling Direct (ANG) improved UK sales and European online sales recovered. The fishing tackle retailer has plans to open its first store in Europe. Interim revenues rose 11% to £43.3m, while pre-tax profit recovered from £1.1m to £1.7m. Like-for-like store sales were 4.9% ahead. Net cash reached £17.6m at the end of July 2023, helped by a reduction in working capital. August and September sales were 14% higher than the same time last year, although the comparative was a weak period. Market share is still growing.
Argentex (AGFX) has appointed Jim Ormonde as interim chief executive. He replaces previous chief executive Harry Adams, who is the second largest shareholder with 12.3%. A strategic review has identified areas of the payments sector to focus on. Jim Ormonde was boss of Cardsave, which was bought by WorldPay, and he has been a consultant to Argentex. Current trading is in line with expectations even though activity levels have been lower.
Security products supplier Thruvision (THRU) has raised £3.2m at 23.5p/share. The money has been invested by Pentland Capital, which has taken a 10% stake, and existing shareholders. The cash will be invested in sales and marketing. Earlier this month, Thruvision revealed that it had not received the expected order from US Customs and Border Protection due to budgetary problems. Forecast revenues for 2023-24 were slashed by two-fifths to £8.1m – £3.5m has been generated in the first half. A full year loss of £3.2m is expected.
Bradda Head Lithium (BHL) interims show a $6.24m cash outflow leaving $1.5m in the bank at the end of August 2023. Since the year end, an updated mineral resource showing contained metal of more than one million tonnes triggered a Lithium Royalty Company payment of $2.5m to Bradda Head Lithium, which was received in October.
Fourth quarter trading at The Mission Group (TMG) has got tougher with clients spending less. This follows a relatively upbeat trading statement at the time of the interims. The cost base was raised in anticipation of additional demand and cost cutting will not be done until next year. Canaccord Genuity slashed its pre-tax profit forecast from £7.9m to £3.1m and net debt is set to rise to £24m, which contravenes debt limits. The interim dividend is cancelled. Interest will be covered just over two times.
Sustainable fuels technology developer Velocys (VLS) has launched its new technology facility in Ohio. Velocys contributed $2m of the $10m capital investment with the rest invested by a subsidiary of The Pagura Company. The equipment will be fully up and running by mid-2024. There should be enough capacity for projected orders stretching out to 2028.
Piling contractor Van Elle (VANL) has Rock and Alluvium for an initial £1.8m and agreed a new five-year trading deal with Galliford Try, which could add more than £10m/year to revenues. This increases the group’s presence in the residential market in Greater London.
MAIN MARKET
BATM Advanced Communications (BVC) investee company ADOR Diagnostics has secured funding of $7.5m and BATM is providing $3.5m of this cash. This is payable in two tranches, one immediately and the other after the achievement of milestones over the next six months.
First Tin (1SN) has published a definitive feasibility study (DFS) update for the Taronga project in Australia. The DFS should be completed in the first quarter of next year. It is already clear that the resource is significantly larger than previously estimated due to additional mineralisation and lower cut-off grade and that means processing capacity will need to be larger. The additional capital investment should improve recovery rates.
Cash shell Mining, Minerals and Metals (MMM) has entered into heads of terms with Georgina Energy, which is exploring for helium, hydrogen and hydrocarbon the Amadeus and Officer Basins in Australia. The transaction to acquire Narnia Mauritius Gas will not go ahead until the renewal of the company’s licences.
Intuitive Investments Group (IIG), which recently moved from AIM to the Specialist Fund Segment, is issuing 1.91 billion shares to acquire Hui10, a Chinese company that owns 33% of Beijing Huishi Dehua IT, which has a digital payment platform for the Chinese lottery and 60% of Lucky World, which has developed a platform that enables China’s lottery shops to access a wider range of consumer goods. The businesses are losing money. Hui10 will not be consolidated in the company’s figures. Investments Group currently has 86.9 million shares currently in issue and, at 11p/share, it is valued at £9.6m. A ten-for-one share consolidation is planned. There is already permission to issue more shares. Chief executive Rob Naylor bought 100,000 shares at 9.5p each.
BSF Enterprise (BSFA) has formed a separate subsidiary called Kerato to develop lab-grown corneas. This company can focus on advancing clinical trials.
Andrew Hore
Quoted Micro 17 April 2023
AQUIS STOCK EXCHANGE
PanGenomic Health (NARA) joined the Access segment on 12 April. The shares were already listed on the Canadian Stock Exchange. No new money was raised. The share price has stayed at 4.5p during the week and no trades have been reported. The Canadian share price is C$0.07 and it has fallen from C$0.25 since trading commenced last July. PanGenomic Health has three digital health platforms. NaraApp is a mobile app provides information tailored to an individual and their treatment regimen. Mindleap.com provides holistic mental wellness information and access to professional services. Mujn Diagnostics is a digital therapeutics platform. This is used by professional to access individual information from the Nara App to monitor a patient’s treatment.
After the market closed on Friday Arbuthnot Banking (ARBB) announced a £12m share issue at 925p a share. Chairman and chief executive Henry Angest will invest £6.75m of that money. The cash will be used to grow the loan book.
Goodbody Health (GDBY) is asking shareholders permission for cancelling the Aquis quotation. It has already delisted from the Canadian Stock Exchange. Management wants to reduce costs and complains that the market valuation is below NAV. The quotation on OTC QB will also not be retained.
Guanajuato Silver Company Ltd (GSVR) announced positive drilling results at the San Ignacio mine Some of the drilling has encountered high grades. There could be a new area of thick mineralisation. This will help to extend the mine life.
Invinity Energy Systems (IES) has been awarded an £11m grant from the UK government under phase 2 of the Longer Duration Storage Demonstration competition. This will deploy a 30MWh vanadium flow battery.
Cannabis supplier Ananda Developments (ANA) says preparations are underway for a medicinal cannabis flower processing facility. The MRX1 cannabidiol medical cannabis oil will be launched commercially in June and it may be used in two randomised controlled trials.
NFT Investment (NFT) has announced a general meeting on 26 May to gain shareholder approval for a proposed tender offer by April 2024. The tender will be for up to 857.1 million shares and the price will be the greater of 3.5p a share or NAV for each share.
Gunsynd (GUN) investee company Omega Oil and Gas (ASX: OMA) says initial results from the Canyon-2 well in Queensland have exceeded expectations. Cadence Minerals (KDNC) investee company Evergreen Lithium joined the ASX on 11 September. Cadence Minerals has a 8.74% stake in Evergreen Lithium and the share price nearly doubled to A$0.57 during the week.
Watchstone Group (WTG) had £11.5m in cash at the end of March 2023. NAV was 29p a share at the end of 2022.
S-Ventures (SVEN) has filed for insolvency of Lizza in Germany. Lizza was losing money when it was acquired last September. The losses are continuing, and sales have dropped. Alternative European distribution partners will need to be found. There will be a Euro1m write-off.
EPE Special Opportunities (EO.P) had an NAV of 309.57p a share at the end of March 2023.
Mark Horrocks has increased his stake in Lift Global Ventures (LFT) from 11% to 12.3%.
AIM
Spectral MD (SMD) is merging with Nasdaq-listed SPAC Rosecliff Acquisition Corp 1. The share price improved to 44p. The deal values Spectral MD at $170m, or 101p a share. In June 2021, the AIM flotation price was 59p. The AIM quotation will be cancelled. There is likely to be a $15m placing. This will provide additional cash to finance the commercialisation of the DeepView woundcare analysis technology. The transaction should complete in the third quarter.
Consumer electronic and electrical appliances retailer Marks Electrical (MRK) has beaten expectations in the fourth quarter and the full year forecast has been upgraded along with those for the following two years. Revenues in the fourth quarter to March 2023 were one-fifth higher at £24.8m and this means that full year revenues are 21% ahead at £97.8m. This has led to a 2022-23 pre-tax profit upgrade from £5.8m to £6.2m, which is still below the £6.4m reported for the previous year. Net cash is £10m.
Footwear retailer Unbound Group (UBG) has received a proposal from Marwyn Investment Management, which wants to inject £10m into the business at a placing price of 10.5p. That is the same level as the potential offer from WoolOvers Group (the offer also includes a contingent value right relating to the proceeds of an insurance claim). The shareholders would get an opportunity to invest at the same price and Unbound says it prefers the new proposal.
Womenswear retailer Sosandar (SOS) reported improving revenues and margins, although pre-tax was lower than expected in March. Full year pre-tax profit is still expected to be £1.6m and it could be more than £3m in 2023-24. More partnerships with other retailers are likely to be secured.
Currency and payment services provider Argentex (AGFX) says nine months revenues were 63% ahead at £41m, although the underlying operating profit fell from £11m to £9m. # Net cash is £26.2m. The final dividend will be 2.25p a share. The year end is being changed from March to December.
Legal services provider Ince (INCE) is appointing Quantuma as administrator after a major creditor will no longer support the business.
It does not appear that there will be anything left for shareholders when the sales of the remaining subsidiaries of MJ Hudson (MJH) are completed.
MAIN MARKET
Property investor Town Centre Securities (TOWN) has sold part of the Whitehall Riverside development in Leeds and reinvested some of the cash to acquire the 50% it does not own in build to rent company Belgravia Living. The disposal raised £13m, compared with a book value of £10m. There was £3.5m spent to acquire the rest of Belgravia Living. Along with the initial investment, the book value of Belgravia Living is £10m and the net annual rental income is £920,000.
First Tin (LON: 1SN) still had £13.8m in the bank at the end of 2022 and this is enough to pursue the development activities at the two main tin projects until the end of 2023. Progress is being made with the definitive feasibility study at Taronga in Australia. A resource statement is expected in the next couple of months. There should be a resource update for Tellerhauser in Germany by July. This project is eligible to move straight to construction and the operational permitting process. This will reduce the development timeframe by up to 18 months.
A CVA has been approved for Mode Global Holdings (MODE) subsidiary Mode Global. The winding down of trading operations is progressing.
Andrew Hore