Home » Posts tagged 'AGL'
Tag Archives: AGL
Quoted Micro 13 October 2025
AQUIS STOCK EXCHANGE
Music management and services provider All Things Considered (ATC) is paying an initial $520,000 for certain assets of Control Industry Inc, which owns a merchandise management business. Client relationships include Diana Ross and Billy Joel. The total payment could be $760,000 depending on revenues over the coming nine months. This business fits with the existing Sandbag subsidiary and its boss will take over sales and marketing in the US for the group.
Cooks Coffee Company (COOK) has completed a partnership agreement with Tesco in Ireland. Five Esquires stores will be opened in Tesco stores by the end of November.
Valereum (VLRM) raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. Tokenisation marketplace VLRM Markets has generated $135,000 in revenues in four months to September 2025. The share price jumped 86.3% to 4.75p.
Ananda Developments (ANA) has achieved a key milestone with the final participant receiving the final MRX1 dose in the pharmacokinetic. Final readouts will be in the first quarter of 2026.
Shepherd Neame (SHEP) executive director Jonathan Neame has bought 4,000 shares at 520p each.
Igraine (KING) has reduced its stake in Oscillate (MUSH) from 5.05% to less than 3%.
Global Connectivity (GCON) has raised £200,000 at 1.5p/share.
B HODL (HODL) has taken its Bitcoin holding to 136 at a total cost of £11.5m.
The Smarter Web Company (SWC) has raised £2.56m at 102p/share via subscription and £9.68m from a placing at 100p/share.
Hydrogen Future Industries (HFI) has raised £401,000 at 1p/share and settled £172,000 of creditors through a share issue.
Wishbone Gold (WSBN) has expanded the drilling programme at the Red Setter Gold Dome project.
WH Ireland (WHI) shareholders have voted against the sale of its wealth management division to Oberon Investments (OBE). The two companies are assessing options.
Diagnostics firm EDX Medical (EDX) has started marketing of the TC100 testicular cancer testing service. The blood test has shown 100% efficacy.
Stelios Panikos Michaelides has a 4.03% stake in Nyce International (NYCE).
ASSET MATCH
Tottenham Hotspur (TTNM) has received a £100m cash injection from majority shareholder ENIC.
AIM
HSS Hire (HSS) digital marketplace subsidiary ProService has agreed a five-year commercial hire and services supply deal with fully listed Speedy Hire (SDY). The deal is estimated to be worth at least £50m/year in revenues for Speedy Hire and improve HSS revenues and margins. Three HSS service centres and other assets will be transferred to Speedy Hire, which is taking a 9.99% stake in HSS Hire. Speedy Hire is paying a total of £35m. HSS is selling HSS Service Group, which will continue to supply power access equipment to HSS to Project Mansell Newco for £1, although HSS will contribute £26m to facilitate the separation. This means that HSS will purely be a digital business.
Fishing tackle retailer Angling Direct (ANG) increased revenues 17% to £53.6m with most of the growth in the UK. Like-for-like UK sales were 14% ahead. The average basket size has fallen slightly. MyAD has 496,000 members. The focus in Europe has been profitable sales, and the loss was reduced. Pre-tax profit was one-third higher at £3m. Net cash is still £12.5m after share buybacks and store investment.
Uruguay-focused oil and gas explorer Challenger Energy Group (CEG) is recommending a bid from Sintana Energy Inc, which is on the TSX Venture Exchange. The offer is 0.4705 of a Sintana Energy share for each Challenger Energy shares. This is currently equivalent to 16.61p/share and values the company at £45m. The share price has not been this high since January 2022. There are plans for Africa-focused Sintana Energy to join AIM.
Ariana Resources (AAU) says that the second gold mine at Tavsan in Turkey is fully operational. Ariana Resources has a 23.5% stake in this mine which could produce up 30,000 ounces of gold each year at a cost of $1,500/ounce. At the current gold price, the company’s share of EBITDA could be £14m, according to Zeus. Cash could be used to invest in the Dokwe gold project in Zimbabwe.
Panmure Liberum raised its target share price for pawnbroker Ramsdens (RFX) from 385p to 450p on the back of the full year trading statement. This is due to the strong gold price and an 8% increase in the pawnbroking loan book to £11.5m. Net cash is estimated at £2.5m.
Angle (AGL) chairman Dr Jan Groen has become executive chairman, and the company is changing its name to CelLBxHealth. This is designed to reflect the new focus on circulating tumour cells (CTC) intelligence. There are plans to integrate existing proteomics and genomic assays with the company’s Parsortix technology. Cash should last until the first quarter of 2026, and more cash will be required.
Beeks Financial Cloud (BKS) grew full year revenues 26% to £35.9m with the contribution from Proximity Cloud jumping from £1.6m to £7.8m. Annualised recurring revenues are £29.5m. Pre-tax profit improved from £3.9m to £5.5m. Beeks Financial believes that increasing cloud adoption, cybersecurity requirement, analytics and AI use in risk management mean that there are more opportunities. New contracts have been signed since the year end.
Reabold Resources (RBD) has entered an agreement with Beacon Energy (BCE) for the sale of its 46.2% stake in LNEnergy, which has a 90% interest in the Colle Santo gas field, for an earn-out that is valued at €16m in contingent consideration and €700,000 in shares. Beacon Energy will initially acquire 49% of the stake and the rest will be bought subject to the granting on the Colle Santo production concession. Contingent consideration is based on 25% of the acquired stake’s net cash flow from the project. First gas could be produced in 2027. Reabold Resources will take a 29% stake in Beacon Energy – the shares are currently suspended at 0.0039p. It needs to raise £3.5m to complete the deal and restart trading in the shares.
Washing machine technology developer Xeros Technology (XSG) has secured a joint development and product launch agreement with a global OEM that will use the technology in domestic washing machines in America. Commercialisation could be within 18 months. There are three more potential agreements like this one. A reduced loss of £2.8m is forecast for 2025.
Neo-natal medical devices developer Inspiration Healthcare (IHC) had already flagged the strong start to the year as phase one of the two phase Middle East order was finally recognised. There was also another large contact, but even without these two contracts there was underlying growth in the business. Interim revenues were 41% ahead at £24m and there was a swing from an operating loss to a small profit. Panmure Liberum expects a £600,000 pre-tax profit this year
Copper gold explorer Bezant Resources (BZT) says investee company Blackstone Minerals has gained regulatory approval in the Philippines for a two-year extension to the Mankayan copper gold project work programme. The drill rig has been mobilised.
Oil and gas producer Zephyr Energy (ZPHR) has announced results of a competent persons report for its assets in the Paradox Basin in Utah. Proved recoverable reserves have shot up from 160,000 net barrels of oil equivalent to 14.8 million net barrels of oil equivalent. This could generate up to $115m in cash.
Dekel Agri-Vision (DKL) is building up cashew production, and it has reached 500 tonnes/month, and additional equipment installations could increase that to up to 10,000 tonnes/month. Palm oil production fell 49% in the third quarter, although prices rose by 24%.
Sareum Holdings (SAR) has discontinued its 16-week GLP preclinical toxicology study for SDC-1801 following safety issues. The study was supposed to be a precursor to a phase 2 clinical development programme focused on psoriasis. However, the issues observed were predominantly in the control group, so it is unlikely it is due to SDC-1801 and Sareum plans to restart the study, and it can be completed within cash resources.
Premier Miton (PMI) assets under management slipped from £10.5bn to £10.3bn in the quarter to September 2025. Annualised cost savings of £2m, have been identified. Full year results will be published on 4 December.
Results from the Gazelle-1 well test are much better than Petro Matad (MATD) believes is commercial. The well could go into production by the end of October and should double the company’s production. This will generate revenues and help Petro Matad to secure a farm-out deal to fund development of the 100%-owned Block XX in Mongolia. Flow testing is due to start at the Heron-2 well. Shore has a share value estimate of 6.1p.
MAIN MARKET
Trading improved in the third quarter at online travel hostel agency Hostelworld (HSW) due to increases in bookings and average booking value. Net revenues for nine months were flat at €72.6m and margins have dipped due to investment for growth. Net cash is €6.6m. There are social media and budget accommodation initiatives that could further improve performance.
BATM (BVC) is selling it distributor of diagnostic laboratory equipment in Romania. Non-executive shareholder Dr Zvi Marom will swap his 22.2% stake in BATM in return for the business, which values it at £17.6m. This exceeded a competing offer. The deal requires shareholder approval.
Educational products supplier RM (RM.) has raised £13.5m in a placing at 95p/share. The cash will fund the development of the RM Ava platform and in sales and marketing for RM Assessment.
Andrew Hore
Quoted Micro 15 September 2025
AQUIS STOCK EXCHANGE
Newbury Racecourse (NYR) increased interim turnover 4% to £9.67m and the loss reduced to £150,000. Hospitality, hotel and nursery revenues all increased. Higher attendances improved core revenues as well. Changes in betting tax rates could hold back racing revenues.
ProBiotix Health (PBX) increased interim revenues by one-third to £1.34m. This helped to reduce the loss. There is £1.3m in cash at the end of June 2025. The health supplements supplier says the market preventive cardiometabolic supplement products is expected to grow annually be more than 8%.
Richmond Hill Resources (SHNJ) plans to move to AIM in the next few weeks.
Shares in data centres operator HRC World (HRC) will stop trading on Nasdaq First North Copenhagen on 31 October and Aquis will be the only market they are traded on.
Shortwave Life Sciences (PSY), which is developing treatments for anorexia nervosa, is planning a clinical human feasibility study on impact of Psilocybin on the disease. This should lead to a phase 1 clinical study. A digital asset treasury strategy will help to fund the core business. The executive team is being changed.
Mendell Helium (MDH) says potential acquisition M3 Helium confirmed that the dewatering of the Rost project in Kansas is about to start. However, drilling in Nebraska has been delayed by wet weather and equipment problems.
The Smarter Web Company (SWC) has purchased another 30 Bitcoin taking the total holding to 2,470 Bitcoin at a total cost of £203.6m. A further £2.6m has been raised at 128p/share.
Ormonde Mining (ORM) investee company TRU Precious Metals has intersected a previously unknown broad mineralised sandstone unit in two drill holes at the Golden Rose project in Canada. This is over a strike length of 500 metres with assay results of up to 1.3g/t gold.
Marula Mining (MARU) has amended the agreement to buy Takela Mining Tanzania, which operates the Kinusi copper mine. Marula currently owns 75% and acquiring the rest is dependent on separate mining licences being combined into one mining licence. The Tanzania government will have a 16% free carried interest. The total payment will be £2.5m with £500,000 payable on signing and £750,000 on conversion of the mining licence. The rest is dependent on more than 100,000 tonnes of copper being sold. Marula Mining is in discussions with potential investors in projects and has secured a loan for the business in Kenya. There is also a new £1m shareholder loan from the chief executive.
EPE Special Opportunities (EO.P) had an NAV of 301p/share at the end of July 2025. There was an interim cash outflow of £1.82m. Cash was £6.58m at the end of July 2025.
SulNOx Group (SNOX) has signed an agreement with marine equipment distributor C-Quip Ltd to supply fuel emissions reduction product Sulnox Eco in the UK leisure marine market.
Astrid Intelligence (ASTR) has issued 575.2 million shares to Oak Securities at 0.1p each. Astrid Intelligence director Olivia Edwards bought 17.5 million shares at 0.147p each. There are plans to apply for an OTC quotation in the US.
Oscillate (MUSH) has appointed SP Angel as joint broker alongside corporate adviser Peterhouse.
Fintech company Amazing AI (AAI) raised £1.04m at 1p/share. This will fund the Bitcoin treasury policy.
Hub Affiliations Holdings has raised its stake in NYCE International (NYCE) from 10% to 19.9%.
ASSET MATCH
Marshall of Cambridge (MCH) had a tough year, and land systems and fleet solutions made losses. Ther are also large write offs. The total loss for 2024 was £123m. Fleet solutions has been sold, and land systems is being marketed for sale. Overheads have been reduced. Approval for the sale of the ex-RAF C-130 fleet should be received during September. A further loss is expected this year.
JP JENKINS
Mobile Tornado (MBT) cancelled its quotation on AIM on 9 September and joined JP Jenkins on 9 September.
Airline ecommerce services provider Datalex (DLE) cancelled its quotation on Euronext Growth Dublin and moved to JP Jenkins on 12 September.
AIM
Concrete levelling equipment supplier Somero Enterprises (SOM) is still suffering from uncertain conditions in the US, but sales are also declining in other markets. There is lower activity in larger scale projects. Interim revenues fell 23% to $39.8m, while pre-tax profit slumped 52% to $5.4m. Annual cost savings of $6m have been made. Full year pre-tax profit is forecast to fall from $25.4m to $15.3m.
Medical device developer Belluscura (BELL) has appointed Guy Peters as a director. He advised Omaha Value which previously proposed funding for the company. The period of exclusivity for a potential buyer of US business Belluscura LLC has expired. Omaha Value and a partner have reapproached Belluscura for another funding proposal. Trading in the shares remains suspended.
Scotch whisky supplier Artisanal Spirits Company (ART) was hit by tariff uncertainty in the first half. The way whisky is exported to the US has changed to minimise the impact of any tariffs. Revenues dipped 4% to £9.68m due to the delayed shipments to the US. There was growth in European subscribers, helped by a deal with AMEX, but a decline in North America and the rest of the world. The loss increased to £3.6m. Net debt was £29.5m at the end of June 2025.
Fulcrum Metals (FMET) says the Teck-Hughes tailings project drilling has started and initial assays ae up to 1.2g/t gold. This is producing data for a mineral resource estimate. Phase 3 testing of the Extrakt technology will provide processing data. This will go towards the preliminary feasibility study.
There has been another upgrade for embedded computer products manufacturer Concurrent Technologies (CNC) following its interims. Revenues were one-quarter higher at £21.1m and pe-tax profit was £2.7m. Cavendish has upgraded its 2025 pre-tax profit forecast from £6m to £6.2m. The fastest growth was in systems. The US facility move has happened and the move to the new UK facility is on course. First half design wins were worth £90m.
Franchised lettings and property sales business The Property Franchise Group (TPFG) has continued its progress with organic growth on top of the benefits of acquisitions. Interim revenues were 50% ahead at £40.3m, while the pro forma increase was 8%. Pre-tax profit was 59% higher at £14.5m, while underlying earnings were 29% ahead at 16.7p/share. The interim dividend is 17% higher at 7p/share. Net debt was £10.9m at the end of June 2025. The fastest growth was in financial services, but even the core property business was 7% ahead on a pro forma basis. The number of lettings properties has declined, as the market becomes tougher for individual landlords.
UK regulatory changes hit UK revenues at Gaming Realms (GMR), but the mobile games developer continues to grow strongly in North America. Interim revenues were 18% ahead at £16m, helped by an increase in brand licensing from £300,000 to £2.4m – that is lumpier in terms of generating revenues. The UK games will be adapted for the new regulations by the end of the year, and revenues should recover.
Floorcoverings distributor Likewise (LIKE) reported interim revenues rising from £70.7m to £77.9m in a weak market. Margins are improving and pre-tax profit jumped from £330,000 to £740,000. Tax losses are still being used up.
Cosmetics supplier Warpaint London (W7L) had a tough first half with the administration of a major customer of the Technics brand and volatile US tariffs making it difficult to price potential orders in the US. An initial contribution from Brand Architekts helped group revenues to grow 8% to £49.3m. Pre-tax profit fell by 41% to £6.4m, although earnings we 13% down to 8.5p/share due to reduced tax charge. There was a gain on the Brand Architekts puchase, but that was more than offset by foreign exchange losses. The interim dividend was raised by 14% to 4p/share.
Interim figures from cross-border payments services provider Finseta (FIN) were disappointing due to customers delaying US dollar transactions due to foreign exchange volatility. Revenues were 16% higher at £5.9m and gross margins declined from 65.7% to 62.7%. Operating costs increased due to expansion plans. The newer offices will not make much of a contribution this year and will hold back profit.
It is still early days in the transformation of Gaming machines hardware and displays supplier Nexteq (NXQ) and interim revenues dropped from $48.2m to $40.7m, while pre-tax profit slumped from $5m to $900,000. Second quarter trading showed some improvement. More mid-level gaming equipment was sold, so that hits margins. Net cash was $28.1m. Share buybacks continue.
Angle (AGL) chief executive Andrew Newland and finance director Ian Griffiths have stepped down from the board following discussions with investors. There are no immediate replacements. This follows the latest interims from the cancer diagnostics company. Interim revenues fell by one-fifth to £800,000. Net loss increased from £7.7m to £9.3m. Net cash was £5.3m at the end of June 2025. Cash lasts until the first quarter of 2026. Cavendish has been appointed as nominated adviser and broker. A new management team may make it easier to raise cash from investors in the coming months. The current strategy could be changed.
Builders merchant Lords Group Trading (LORD) grew interim revenues by 8% to £232.1m with like-for-like growth of 7%. This is before the acquisition of online building products retailer CMO. Net debt was £20.9m at the end of June 2025. Cavendish forecasts a recovery in 2025 pre-tax profit from £3.8m to £6.7m.
Sylvania Platinum (SLP) produced 104,233 ounces of platinum group minerals in 2024-25 and this should increase significantly this year. Revenues increased from $81.7m to $104.2m. EBITDA rose from $13.5m to $29.3m, while cash reached $60.9m. There is an undrawn overdraft facility. The Thaba chrome joint venture will ramp up production this year.
Public affairs services provider Public Policy Holding Company (PPHC) grew organically by 8% in the first half of 2025. Acquisitions helped revenues increase 24% to $87.9m. Net income was one-fifth higher at $15.6m, helped by a lower tax rate. Net debt is $42.2m. Full year forecasts have been tweaked, but operating profit is still expected to rise from $36m to $44.5m. There are plans for a Nasdaq listing and a share consolidation. A general meeting will be held on 29 September.
Distribution Finance Capital (DFCH) is growing faster than expected and it is taking market share with its inventory financing product. Underlying interim pre-tax profit, excluding last year’s one-off gain, improved from £7.5m to £9m. New loan originations were £828m in the first half and the loan book grew to £728m at the end of June 2025. Bad debt provisions were 0.63%. The first half growth was before any contribution from the new asset finance product, where the first loans were in the second half. The new business will be loss making in the second half. Even so, Panmure Liberum has upgraded its 2025 pre-tax profit forecast from £14.5m to £18m, helped by a higher than anticipated net interest margin. Net tangible assets are 70.2p/share.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew interim revenues from £109.6m to £125.7m, helped by acquisitions, but pre-tax profit was flat at £8.9m. Like-for-like sales growth was 2%. The acquisition had lower margins and that is why the overall margins fell.
James Fisher (FSJ) reported flat underlying interim revenues of £191.9m, while underlying pre-tax profit was 5% ahead at £4.5m. Higher taxes meant that earnings were lower. Energy services did well, and defence returned to profit. Marine transport profit declined, but the outlook is positive. Disposals have put James Fisher in a stronger position, and it is likely to benefit from higher defence spending. Full year pre-tax profit is expected to be flat at £11.9m before sharp improvements in 2026 and 2027.
Centaur Media (CAU) has agreed to sell The Lawyer for £43m.
Roquefort Therapeutics (ROQ) plans to buy Coiled Therapeutics Inc, a spin-out from A2A Pharmaceuticals that holds the rights to AO-252, which targets the TACC3 protein for cancer. This treatment is in phase 1 clinical trials in the US. The payment for the company would be £30m in shares and the company’s name would be changed to Coiled Therapeutics. Exclusivity lasts until the end of January. Lyramid Pty Ltd and the MK Cell programme will be spun out of the group.
Andrew Hore
Quoted Micro 2 June 2025
AQUIS STOCK EXCHANGE
Probiotic ingredients developer ProBiotix Health (PBX) reported that it had a strong first quarter in 2026 with growth of 50%. This was at the same time as reporting a 13% increase in 2024 sales to £1.883m. Gross margins are more than 50%. There is £1.65m in the bank after a cash outflow of just over £1m. The cost base is broadly in line with requirements so the majority of additional revenues should drop through to profit. New deals have been signed with Kemin China and TopHealth in South Korea. There are also new product launches in the second half. This should help revenues to grow this year. Currently, North America dominates revenues. There are already 24 customers and more than 100 leads. The target is revenues of £10m in 2028 and that should produce £2m of EBITDA. Chief executive Steen Andersen bought an initial 125,450 shares at 7.83p/share and chairman Adam Reynolds acquired 50,000 shares at 7.88p each.
In the year to March 2025, café chain Cooks Coffee Company (COOK) increased revenues by 49% to NZ$7m, including an initial contribution from Dairygold cafes in Ireland. Total franchise stores sales were one-third higher at NZ$79.6m. Cooks Coffee and a regional partner have acquired two Black Goo cakes and food stores. The target remains 300 stores by 2034.
AIM-quoted RiverFort Global Opportunities has completed the acquisition of the healthy snacks businesses of Aquis-quoted S-Ventures (SVEN) and changed its name to Tooru (TOO). S-Ventures becomes a cash shell and may decide to distribute the Tooru shares received in the deal to its shareholders.
Sundae Bar (KNDR), which was formed by the merger with Ora Technology, plans to move to AIM. The company is developing a platform that will be a marketplace for AI agents. There is a conditional fundraising of £2m at 8p/share. The expected admission date is 3 June.
Helium Ventures (HEV) has signed a strategic deal with NewQube Holdings to establish a Bitcoin treasury function. There has been £1.2m raised at 2p/share and this will be invested in Bitcoin. The company name will be changed to VaultZ Capital.
Hot Rocks Investments (HRIP) is also planning to become an investor in digital assets, and it will change its name. Disposal proceeds from the existing portfolio will be invested in Bitcoin.
KR1 (KR1) had net assets of 47.79p/share at the end of April 2025, down from 52.16p/share at the end of March 2025. The digital assets generated income of £394,091 during the month.
Brewer Adnams (ADB) grew 2024 sales by 3% to £68.1m and the loss was reduced. The only part of the business that declined was retail. Contract work helped the brewing and distillery operations. Net debt edged down to £15.3m and asset disposals will enable further reductions. The business will try to offset rising costs.
Flow batteries supplier Invinity Energy Services (IES) reported a fall in full year revenues from £22.1m to £5m, but the loss was lower and the increased number of shares in issue meant that the loss per share fell from 14.7p to 5.3p. Net cash is £32m. Revenues should rebound this year, and the loss fall again. Breakeven is possible in 2026 and net cash could still be £7m at the end of 2026.
Coinsilium (COIN) has raised £2.5m from a placing at 6p/share and more will come from a retail offer. The cash will be invested in Forza (Gibraltar) for Bitcoin-based treasury activities. It currently owns 10.0021 Bitcoins at an average purchase price of £81,696.90.
Capital for Colleagues (CFCP) had a small dip in interim revenues to £404,000. The NAV has fallen from 87.32p/share to 74.27p/share at the end of February 2025. General economic uncertainty led to the decline in valuations.
Smarter Web Company (SWC) has increased its Bitcoin holding to 83.24 and the average purchase price was $78,567 for each Bitcoin. Andrew Smith has increased his stake from 8.6% to 11.2%.
Residential property developer Zentra Group (ZNT) has completed the sale of five properties in Eccleshill and along with freehold land generated £1.19m. This cash will go towards acquiring a site in Manchester. The value of the 30% stake acquired in One Victoria in Manchester has been raised from £3m to £4.1m. Zentra will generate fees for development and sale of the properties.
Valereum (VLRM) says VLRM Markets has gone live. A memorandum of understanding has been signed with Blubird Global Inc, which operates a platform that administers more than $55bn of token assets. Valereum will have access to Blubird tools, and it will promote Valereum to selected customers. There is also potential for Valereum to offer the Blubird suite under its brand. Valereum has entered a tokenisation partnership agreement with football team Club Deportivo Futbolistas Asociados Santanecos.
Lift Global Ventures (LFT) investee company Trans-Africa Energy hopes to agree a cash injection by the end of June and the loan has been extended by a further month.
Tap Global Group (TAP) has received an income boost from recoupment of Bitcoin rewards. There are approximately five Bitcoins that will be added to assets.
Shares in File Forge Technology (FILE) returned from suspension after the acquisition of Amirose London and a 24-for-one share consolidation.
Marula Mining (MARU) has terminated its subscription agreement with AUO Commercial Brokerage. Instead, an unsecured debt facility will be put in place. As part of the deal 50% of the shares issued to AUO will be cancelled, so 27 million shares will be issued. A company associated with chief executive Jason Brewer bought 16.5 million shares at 3.75p each.
IntelliAM AI (INT) chief executive Tom Clayton bought 10,962 shares at 82p each.
ASSET MATCH
In 2024, brewer Wadworth and Company (WAD) grew revenues 6% to £41.3m, while pre-tax profit was 13% higher at £923,000. January and February were tough, but trading improved in March and April, and profit is improving this year. A refinancing is due by September.
C4X Discovery (C4XD) says a Euro8m milestone payment from Sanofi has been triggered by pre-clinical progress for the oral IL-17A inhibitor programme for the treatment of inflammatory diseases. So far Euro18m has been received out of a possible total of Euro414m of milestone payments and royalties.
AIM
Energy assurance and optimisation services provider Inspired (INSE) has received an indicative offer of 81p/share from HGGC managed funds. The Inspired board has indicated that it would be minded to recommend the bid at this level. Regent Gas Holdings is offering 68.5p/share in cash and says it wants Inspired to stay on AIM. That offer was rejected, and acceptances have been minimal.
Reduced frequency of services hit the ongoing business of cleaning services provider React (REAT) hit ongoing interim revenues. There were also two paused contracts. In the six months to March 2025, revenues rose from £10.6m to £12.1m, but that was after a £2.8m contribution from 24hr Aquaflow Services, which was acquired in October last year. It also helped gross margin improve from 27.1% to 32%, which should be sustainable because contracts have been in cost increases from higher National Insurance rates. Admin expenses have increased ahead of growth and because of running two systems at LaddersFree while business is transferred to a new online platform. Underlying interim pre-tax profit was flat at £1.1m, excluding acquisition costs of £220,000.
Video games publisher Frontier Developments (FDEV) published a trading statement showing revenues ahead of expectations. There was 3% growth in the second half and Panmure Liberum has raised its forecast revenues from £85.9m to £90m, compared with £89m the previous year. A loss had been expected, but this is now a pre-tax profit of £3.3m, although that includes a £3.5m gain on the sale of rights to one of its games.
Engineering company Avingtrans (AVG) revealed in an unexpected trading statement that has led to a profit upgrade. Although forecast revenues are unchanged at £161m, the pre-tax profit estimate has been raised from £6.5m to £8.1m due to the product mix and cautious forecasting.
IG Design (IGR) has sold its American division to a company set up by Hilco Capital. The upfront payment is a nominal $1 and 75% of any proceeds from sale or realisation of assets after the disposal, after agreed adjustments. There may be no additional consideration, especially if the business is not sold. Money owed by the American division will be assigned to the buyer for $1. This business had net assets of $245.4m at the end of September 2024, but it has fallen into loss since then. There will be a considerable write-down of this asset value in the 2024-25 accounts. The risk of further losses is avoided. New financing is being arranged.
A surprise trading statement from contract research business hVIVO (HVO) reveals two contracts have been cancelled, including one large human challenge trial, and one has been postponed, triggered by fears about drug pricing in the US. Contracted revenues are still £47m, but Cavendish expects a loss this year.
Poolbeg Pharma (POLB) has been granted orphan drug designation by the FDA in the US for POLB001 for treating cytokine release syndrome caused by T cell engager bispecific antibodies. This is a side effect of cancer treatments. POLB001 is ready for a phase 2 study. The status provides seven-year exclusivity after US approval, plus tax credits for development spending. This is a $10bn market. There is potential for securing a partner for clinical trials.
Synthetic binders developer Aptamer (APTA) has signed a second deal with Unilever for the to develop a panel of Optimer binders for an additional biological pathway associated with body odour formation. This is a fee-for-service deal that will be worth a six-figure sum. On-person trials are planned for the previous programme should commence later this year.
Diagnostics company Angle (AGL) increased 2024 revenues by 31% to £2.9m, although the product mix and early discounts to pharma customers meant that gross margins declined. The loss was reduced by 29% to £14.2m after cost savings. Net cash was £10.4m at the end of 2024 with £2.3m of tax credits due, of which £1.4m have been received. The cash should last until the first quarter of 2026. There is uncertainty about timing of new deals that will help to further improve revenues.
In the first quarter of 2025, Arrow Exploration (AXL) produced 4,100 barrels of oil equivalent/day. Colombia production declined, but Canada more than made up for that. Production should grow further after a second drilling rig arrives in early June. Up to four wells will be drilled. Net cash was $24m at 1 May. Cash generation will contribute to the $50m of capex in 2025. There is a two-year crude pre-payment agreement with an energy company to market the oil in Colombia.
Cyber security company Smarttech247 (S247) has secured renewals and a new contract worth a total of €3.7m. The three renewals are in a range of sectors and the new customer is a US industrial business. Two of the contracts are for three years. This helps to underpin an improvement in full year revenues from €13.2m to €14.2m, rising to €15.3m in the year to July 2026.
Environmental technology supplier Metir (MET), formerly Microsaic Systems, currently has cash of £151,000 and the company is dependent on timely collection of receivables. The Qatar project payment of £228,000 is not expected until after June, which is later than anticipated because of technical changes. If most of this is not paid in the third quarter, then additional finance may be required. Trading is better than expected. Management believes that Metir can be EBITDA positive in the second half of 2025.
Logistics Development Group (LDG) had net assets of 24.6p/share at the end of March 2025. Following the recent tender offer, the figure has increased to 26.1p/share.
MAIN MARKET
Shipbroker Braemar (BMS) reported a dip in full year pre-tax profit from £14.6m to £13.4m on revenues 7% lower at £141.9m. The dividend was reduced by 46% to 7p/share, but there is a £2m share buyback. The company fell into net debt of £2.5m. There was a one-third drop in tanker charter revenues, but other parts of the business grew.
Seed Capital Solutions (SCSP) plans to acquire 4DM, the developer of AI imaging diagnostics for the veterinary market, for shares valued at £33.3m at 1.75p each. A fundraising will be required. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 18 November 2024
AQUIS STOCK EXCHANGE
Aquis Exchange (AQX), which operates the Aquis Stock Exchange, is recommending a bid from rival exchange trading business SIX Exchange. SIX is mainly interested in the technology that Aquis has developed, but it suggests that there is potential to develop the Aquis Stock Exchange as a pan-European market. The offer for Aquis Exchange is 727p/share in cash, which values the company at £225m. There had been several previous proposals from SIX.
Aquaculture technology developer OTAQ (OTAQ) says delays in orders mean that 2024 revenues will be lower than expected. Dowgate forecasts a drop from £4.4m to £3.1m (previously £4.2m) this year and a £1.8m loss, up from £1.2m in 2023. There should still be net cash of £100,000 by the end of the year. The orders should fall into 2025. Costs continue to be reduced and annualised savings of £500,000 have been made. The board is seeking shareholder approval to leave Aquis.
Pubs operator Daniel Thwaites (THW) increased interim revenues by 5% to £63.5m and although pre-tax profit declined, excluding gains on interest rate swaps and property disposals or income on pension assets, it improved from £6m to £6.7m. Net debt was £71.2m at the end of September 2024 and it continues to invest in its pubs and hotels. The dividend was raised from 0.85p/share to 0.9p/share. There has been weaker consumer confidence since the summer. The National Living Wage and National Insurance hikes, along with the reduction in business rate relief, will hit the business and there is limited scope to increase prices. That is a problem for the next financial year.
Crypto app developer Tap Global Group (TAP) has appointed Peter Wall as strategic adviser, and it is intended that he will become chairman. He used to be chief executive of Argo Blockchain. In the year to June 2024, unaudited revenues were £2.67m and they continue to rise. Chief executive Arsen Torosian will take on the same role at the Gibraltar-based subsidiary once regulatory approval is received.
Asia Wealth Group (AWLP) moved back into profit in the first half. A loss of $94,000 was turned into a pre-tax profit of $13,000. The company is seeking investment opportunities in the UK and Asia.
Mendell Helium (MDH) has completed the sale of health business. M3 Helium, which Mendell Helium has an option to acquire, says the potential flow rates from the Rost 1-26 well in Kansas could exceed previous expectations.
Ananda Developments (ANA) chief executive Melissa Sturgess bought 2.02 million shares at an average price of 0.32p each. She has a 9.92% shareholding.
Transport electrification technology developer Equipmake (EQIP) says Tony Ratcliffe will leave his role of finance director at the end of the month.
EPE Special Opportunities Ltd (EO.P) had net assets of 294.9p/share at the end of October 2024.
AIM
Film vehicles and services provider Facilities by ADF (ADF) has been hit by filming delays and the cancelation of projects. It had appeared that there would a strong recovery in the second half following the Hollywood writers’ strike. Revenues have been reduced from £48.6m to £35.1m and margins have been hit by competition for limited contracts. This means that Facilities by ADF will not do much better than breakeven in 2024. There should be a recovery in 2025, but revenues have been cut from £67.3m to £56.8m – including a 12-month contribution from Autotrak. Rockwood Strategic has a 3.7% stake and related investment entities have a further 7.6%, while Octopus has taken a 6.49% stake. Downing and Otus have reduced their holdings. Chairman John Richards bought 200,000 shares at 30.5p each.
Duke Capital (DUKE) is asking for more money from shareholders. A placing has raised £17.2m at 27.5p/share, which is more than the initial amount sought. A retail offer could raise up to £3m more. The cash will be used for new and follow-on investments. There could also be some stakebuilding in existing investee companies. There will also be additional debt funds that can be used. The retail offer closes on 22 November.
Investment manager Tatton Asset Management (TAM) increased assets under management and influence by 13% to £19.9bn. It will be difficult to continue this momentum. Pre-tax profit was 29% ahead at £11.4m. This was held back by additional investment in mortgage business Paradigm. The interim dividend was raised by 19% to 9.5p/share.
Programmatic advertising services provider Nexxen International (NEXN) plans ask shareholder permission at its AGM for a departure from AIM and change its Nasdaq listing from ADRs to ordinary shares. Third quarter figures show 12% growth in revenues, while EBITDA is 49% ahead at $31.6m. The 2024 EBITDA forecast has been raised by 7% to $107m, which is still well below the 2022 level.
Phoenix Copper (PXC) says NIU Invest is reviewing the Empire mine project ahead of setting out a new drawdown schedule for the $80m corporate copper bond. So far, $5m has been drawn down. The company is talking to other potential bond investors. There is enough cash to reach the second quarter of 2025.
SRT Marine Systems (SRT) is raising £8.5m at 35p/share, including £5.36m from Ocean Infinity, which has also underwritten a retail offer to raise £2m of the cash. Ocean Infinity is providing a $21.4m guarantee for the performance bond relating to a $213m marine systems contract. There are other potential contracts in the pipeline and management says that SRT Marine Systems should be significantly profitable in 2025-26.
Great Western Mining Corporation (GWMO) says the anomalous copper zone at the West Huntoon porphyry copper prospect has been expanded from 2 square km to over 3 square km. There have been some high grades of copper, gold and silver in samples. The anomalous zone appears to trend towards the company’s M2 copper resource.
Deltic Energy (DELT) says Shell has provided an updated total well cost estimate of $48m for the Selene well site in the North Sea. Deltic Energy is carried for costs of up to $49m. There are plans for a second licence term as the partners move towards a final investment decision. This news and the full inclusion of tax losses has led Canaccord Genuity to increase its NPV10 share price target from 30p to 38p.
Gold explorer and producer Ariana Resources (AAU) has secured a $5m financing agreement with RiverFort Global Partners and $2m has been received. No new shares will be issued. This will fund feasibility studies for the Dokwe gold project in Zimbabwe. RiverFort Global Partners will be the cornerstone investor for the ASX listing.
There has been plenty of news from cancer diagnostics developer Angle (AGL) this week. The DNA analysis of circulating tumour cells using Parsortix has been shown to identify EGFR-mutated non-small cell lung cancer patients that are developing resistance to treatment with AstraZeneca drug Osimertinib. Uses of the Parsortix technology are being showcased at an American Association for Cancer Research special conference. Angle is presenting a talk on PD-L1 status in circulating tumour cells isolated by its Parsortix diagnostics technology from blood samples of lung cancer patients. Data produced has high analytical sensitivity and specificity and suggests that this technology can be used for personalised treatment of lung cancer patients. Additionally, there is a report on progress of developing a system to classify HER2 protein expression for breast cancer. This is being developed with BioView. Parsortix-based assays were showcased at the European Association for Cancer Research (EACR) Liquid Biopsies Conference in France.
Delays to defence orders have hit Solid State (SOLI) and profit will be much lower than expected this year. Cavendish has downgraded 2024-25 earnings by 58% to 5.5p/share and next year’s by 48% to 7.9p/share because it is uncertain when the order will come through. The UK government has paused spending on a major defence order ahead of a strategic defence review next summer. The dividend could be maintained at 4.3p/share.
Touch sensors manufacturer Zytronic (ZYT) has completed a strategic review and decided to sell assets and return any cash to shareholders. This might involve the sale of the trading subsidiary Zytronic Displays or its assets. Net cash was £3.3m at13 November. The share price
Power generator OPG Power Ventures (OPG) is being investigated by the Indian authorities for alleged non-compliance relating to the Foreign Exchange Management Act. This regulates foreign exchange transactions. Management believes that everything they have done have been in compliance with laws. The power plants continue to operate.
MAIN MARKET
Ground engineering and piling business Keller (KLR) is trading in line with expectations, but it is cautious about European operations. Competitive pricing means that profitability has been hit. There is still one loss making problem contract. North America and Asia Pacific remain strong regions in most sectors.
Critical Metals (CRTM) says copper ore off-taker OM Metals has sent the first truck load of ore to its processing plant. Critical Metals has further extended the repayment of its loan facility. A $646,000 payment has ben deferred to 20 December and could be further extended until the end of January. Cost savings, including a voluntary salary deferrals of 25% for executives, are being undertaken.
Like-for-like foundry sales volumes were one-fifth lower at Castings (CGS) as European heavy truck sales declined. Interim revenues also fell by one-fifth to £89.2m and cost savings are not fully showing through so pre-tax profit was three-fifths down at £4.1m. The interim dividend is 2% ahead at 4.21p/share. There are opportunities in off-highway, wind energy and infrastructure and that would reduce reliance on heavy truck demand. The assets acquired from Chamberlin are profitable.
Andrew Hore
Quoted Micro 9 January 2023
AQUIS STOCK EXCHANGE
The pre-feasibility study for the Amapa iron ore project in Brazil, where Cadence Minerals (KDNC) has a 30% stake in a joint venture that can be increased to 49%, indicates a capital cost of $399m to bring the mine back into production. Based on the cost estimates in the study, WH Ireland believes that at full production the mine could generate a profit contribution of $292m a year – based on iron ore prices of $100/t and $120/t depending on the grade. It believes the project could breakeven at an iron price of $85/t. The price is currently around $115/t. Chief executive Kiran Morzaria bought 45,454 shares at 11p each.
Steen Andersen became chief executive of probiotics products developer ProBiotix Health (PBX) at the beginning of 2023. Revenues are improving and a trading statement will be published in the next few months. Product ranges are expanding and being launched in new countries. ProBiotix e-commerce revenues could be between £250,000 and £500,000 in 2023.
Hydrogen Utopia International (HUI) confirmed that the FCA has approved its admission to the standard list, and this is set to happen on 9 January.
Spinal stabilisation devices developer TruSpine Technologies (TSP) has secured a bridge loan of £200,000 at an 8% interest rate and has a letter of intent from a UK investment group to invest £2.4m. The first tranche of £800,000 will be issued at 4p a share with two other tranches issued at 6p a share and 8p a share respectively. One of the conditions is that Dr Timothy Evans takes on an executive role. Due diligence is being carried out. There was a £786,000 cash outflow from operations and investment in the six months to September 2022.
Inqo Investments (INQO) is collaborating with Belmont University, Nashville on its project to use enterprise to tackle environmental and social issues around the Budongo Forest in Uganda via $4m grant.
Fenikso Ltd (FNK), which was previously called Lekoil, has completed the settlement agreements with Lekoil Nigeria Ltd and its former chief executive, as well as terminating arrangements with Savannah Energy (SAVE). However, Lekoil Nigeria has been given additional time to surrender the 107.7 million shares it holds in Fenikso, which has no operating assets.
Guanajuato Silver Company Ltd (GSVR) has increased its proposed fundraising from C$7.5m to C$8.5m via an issue of units at C$0.425 each. The unit comprises one share and 0.5 of a warrant exercisable at C$0.60. A first tranche of C$6.8m has been issued and the rest should be issued by 10 January.
Mark Horrocks has acquired 5% of IamFire (FIRE). Saagar Ruaparell has taken a 3.21% stake in Quetzal Capital (QTZ).
AIM
One Media IP (OMIP) expects revenues to be £5.1m and EBITDA of £1.8m in the year to October 2022. Revenues are better than forecast, but EBITDA is in line. The music and video IP rights owner has net cash of around £1.4m. Anti-piracy subsidiary TCAT is winning new contracts and One Media IP is no longer considering outside funding for the subsidiary. The annual results will be published in March and the company says that it will pay a final dividend.
Embedded computer products developer Concurrent Technologies (CNC) says 2022 revenues will be 10% ahead of expectations, although pre-tax profit is maintained at around £100,000. Order intake was more than one-quarter ahead at £31m. Double shifts have commenced at the company’s factory. Pre-tax profit is expected to recover to £2.7m in 2023.
Helium One Global (HE1) will not be able to procure the Exalo drilling rig as it had expected because the current user has taken up a 12-month option on its operation. This will delay exploration drilling, which was due to start in the first quarter of 2023.
Cancer diagnostic test developer Angle (AGL) warned that revenues are lower than expected. Revenues will be just above £1m in 2022 after contract delays, while 2023 revenues have been downgraded from £5m to £3.9m. Market conditions have hampered the cancer diagnostics company in securing partnerships and building the commercial use of the Parsortix cancer cells capture technology.
hVIVO (HVO) has secured a £5.2m contract with an Asia Pacific-based biotech company to test a vaccine in a Phase IIa study. This uses the company’s respiratory syncytial virus human challenge study expertise, and the study will be conducted in Whitechapel from the third quarter of 2023.
Cleaning services provider React Group (REAT) has won a two-year contract with a high street fast food chain and it should generate revenues of £800,000 in the year to September 2023. It was an existing client of window cleaning business LaddersFree, which was bought last May.
DeepMatter (DMTR) left AIM on 5 January.
MAIN MARKET
Conversational gaming company Streaks Gaming (STK) has joined the standard list and raised £3m at 3p a share to develop its platform. The initial games will be knowledge-based and be played between AI-generated digital personalities. Initial income will be generated from introducing people to sports betting firms. Aquis-quoted AQRU (AQRU) invested £2.3m of that cash, which should last for two years even with limited revenues. Much of that cash will go on social media platform fees and directors pay. The share price ended the week at 3.5p (3p/4p). There were no shares traded on 5 January with four trades of 122,000 shares the following day.
Cadmium-free quantum dots developer Nanoco (NANO) has come to a settlement agreement in its litigation with Samsung relating to the infringement of Nanoco’s patents. The two companies have 30 days to secure a binding agreement. The US court proceedings were due to start on 6 January.
Funeral director Dignity (DTY) believes the latest offer from a consortium involving major shareholder Phoenix Asset Management could be acceptable. The initial offer was 475p a share, while the latest revised proposal is 525p a share in cash. Phoenix Asset Management owns 29.7% of Dignity. The bid vehicle is Yellow (SPC) Bidco Ltd, which is a joint venture between Phoenix Asset Management backed investment company Castelnau, which is managed by former Dignity chief executive Gary Channon, and a company established by Sir Peter Wood.
Antimicrobial and textile odour control materials developer HeiQ (HEIQ) says trading conditions have worsened because of weak consumer spending. There are also high levels of inventory in the market, which has hit reorder levels and customers are hesitant to invest in product innovation. HeiQ is acquiring Tarn-Pure for £850,000 in cash and shares. Tarn-Pure has IP relating to regulatory registrations to sell elemental copper and elemental silver for use in disinfecting hygiene applications.
Andrew Hore
Quoted Micro 18 July 2022
AQUIS STOCK EXCHANGE
Hydro Hotel, Eastbourne (HYDP) increased interim revenues by 882% to £1.82m and this enabled a move from a loss of £383,000 to a pre-tax profit of £22,277. There are cash and deposits of £1.8m.
Hydrogen Utopia International (HUI) has announced a proposed joint venture with AIM-quoted Powerhouse Energy (PHE) in Tipperary, Ireland. This will be a 50/50 joint venture and it will build a plant on a site leased by Trifol Resources. Negotiations concerning the site should be completed over the coming months. Electron Technologies BV has completed the first design phase for the company’s thermal processing system.
AQRU (AQRU) has launched ByBrix in partnership with Blimp Technologies Inc. This new business is involved in the crypto-mortgage market. Blimp has expertise in embedding blockchain technology in the real estate market.
Goodbody Health Inc (GDBY) intends to consolidate ten existing shares into one new share.
Reflexivity Research Ltd has increased its stake in KR1 (KR1) from 7.6% to 20.3%. This relates to a performance fee of £30.1m.
IPGL Ltd, which is associated with Chapel Down Group (CDGP) non-exec Samantha Wren, has acquired 250,000 shares in the wine maker at 19.2795p each. Cadence Minerals (KDNC) chief executive Kiran Morzaria bought 100,558 shares at 9.9p each. This takes his stake to 1.43 million shares. Invinity Energy Systems (IES) executive director Jonathan Marren has acquired 44,101 shares in the battery storage technology developer at 45.35p a share.
Oscillate (LON: MUSH) non-exec Narisha Ragoonanthun has stepped down from the board.
Lift Global Ventures (LFT) has appointed Optiva Securities as corporate adviser. The accounting reference date is changed from May to June.
EPE Special Opportunities Ltd (EO.P) had net assets of 283.05p a share at the end of June 2022.
AIM
Capital equipment manufacturer Mpac Group (MPAC) warned that full year profit will be significantly below expectations. Interim revenues are better than last year, and the order book is higher. However, difficulties sourcing components and delays to the timing of orders have hampered progress. The longer lead times for components and inflationary pressures will continue for the rest of the year. There was cash of £14.5m at the end of 2021, which has enabled investment in inventories. The interims will be published on 8 September.
CMO Group (CMO) slumped to 35p after a profit warning, making it the worst AIM performer of the week. Last year’s placing price was at 132p. The online retailer of building products says revenues in the 27 weeks to June 2022 are 10% ahead, or 2% higher like-for-like. Full year guidance is that 2022 revenues will increase from £76.3m to at least £86m, but previously £95.5m was expected. The EBITDA estimate has been reduced from £5.55m to around last year’s level of £3.7m. Supply problems have increased costs and trading is getting tougher.
TransGlobe Energy Corporation (TGL) is merging with fully listed VAALCO Energy (EGY) to create an Africa-focused exploration and production company. VAALCO is offering 0.6727 of one share for each TransGlobe share. TransGlobe shareholders will own 45.5% of the enlarged group. The transaction is valued at $307m.
A positive first half trading statement from international payments services provider Cornerstone FS (CSFS) initially triggered a bounce back in the share price, but it fell back when the chief executive resigned.
Embedded computer boards supplier Concurrent Technologies (CNC) has received a new order from a global medical technology company. The initial order is worth $2.2m in the first year of product shipments and there should be orders for several years. This further diversifies the customer base away from defence, which was 70% of the revenues of £20.5m in 2021.
Angle (AGL) has raised £20m at 80p a share. The cash will be used to take full advantage of the recent FDA approval for the use of its Parsortix diagnostic technology in harvesting breast cancer cells for analysis. Discussions are ongoing with medtech and pharma companies. The pharma services operation will be expanded, and laboratory developed tests launched. The liquid biopsy market could be worth up to $100bn in the US.
A £3.75m fundraising at 0.5p a share by EQTEC (LON: EQT) was not well received by the market and the share price fell below the offer price. EQTEC raised more than the minimum of £3m that it was seeking. The cash will fund wase to energy projects, including a 9.9Mwe advanced gasification technology facility and 2MW anaerobic plant at Deeside. EQTEC has to invest £2.3m to gain a 32% stake in the company owning the project.
Ironveld (IRON) has raised £4m at 0.3p a share to finance the acquisition and refurbishment of Ferrochrome Furnaces Ltd and may raise up to £1m more. Directors’ loans and fees of £351,000 has been capitalised. Management has raised the cash because it is not certain that Grosvenor Resources will be able to complete the promised cash injection. Shareholder approval is required at a general meeting on 1 August.
Portmeirion (PMP) says interim revenues were 5% ahead at £45m, but it remains cautious about the full year. Shipping costs are reducing, although other costs have risen.
Gaming machine monitors and consoles supplier Quixant (QXT) has increased order intake by more than expected. Interim revenues are 46% ahead at $53.3m. The main growth is in the gaming sector, although the screens business grew by 21%.
Regional legal firm consolidator Knights Group Holdings (KGH) reported full year figures in line with expectations. Revenues were 22% higher at £125.6m, although earnings per share fell nearly 6% to 17.23p because more shares are in issue.
Plant-based polymers developer Itaconix (ITX) increased interim revenues by 124% to $3m. Revenues trebled from cleaning products using the company’s plant-based ingredients, but beauty and hygiene revenues declined due to lower order volumes. There was $900,000 of net cash at the end of June 2022.
MAIN MARKET
Property investor Town Centre Securities (TOWN) is selling its stake in YourParkingSpace app for up to £20.7m. The initial payment is £9.6m with a further £7.5m payable over the next two years. There could be up to £3.6m more payable depending on performance in the 14 months after acquisition. The book value of the stake was £1.47m. A loan of £1.95m will be repaid. A tender offer to acquire four million shares at 185p each has been launched. The tender is well below NAV. Tender forms have to be received by 8 August.
BATM (BVC) has secured a deal with CityFibre, which will pilot the Edgility platform with selected partners. This could lead to a national roll-out. CityFibre wants to increase its fibre coverage to 285 cities in the UK.
Andrew Hore
Quoted Micro 27 June 2022
good,
AQUIS STOCK EXCHANGE
Resolutions 8-12 were not passed at the Good Energy (GOOD) AGM, which were mainly enabling the company to issue new shares or buy back existing shares. Resolution 12 would have amended the articles of association to permit hybrid meetings.
Cadence Minerals (KDNC) has agreed to sell its 30% working interest in the Yangibana project tenements for £5.1m in shares of the ASX-listed operator Hastings Technology Metals. Cadence reported an outflow of cash from operating activities of £751,000 in 2021, down from £1.36m the previous year.
Blockchain and cryptocurrency investor Coinsilium Group Ltd (COIN) increased 2021 revenues by 130% to £530,000. Net fair value loss on financial assets was £407,000, compared with a gain of £566,000, but realised gains increased from £199,000 to £1.52m. Overall pre-tax profit fell from £310,000 to £14,000. There is £1.51m in the bank at the end of 2021, while NAV is £5.84m. Coinsilium has entered a simple agreement for future tokens (SAFT) with potential Latin America- focused blockchain gaming hub GGs.io for $100,000 of its future tokens and is a strategic adviser.
Pluto Digital has repaid the loan, plus interest, of £5.18m owed to NFT Investments (NFT).
All Star Minerals (ASMO) is raising £200,000 at 0.02p a share and every two shares come with a warrant to subscribe for a share at 0.04p. The cash will be used to finance investment in the company’s exploration projects. A further share issue at 0.02p pays £102,000 owed to GMI, where the All Star Minerals chief executive is a substantial shareholder. Management says that it is planning a much bigger cash raise.
Gunsynd (GUN) has agreed binding heads of terms with Metals One to farm into the Black Schist nickel zinc copper cobalt projects in Finland. In return for £1m, Gunsynd will earn 25% of the company owning the projects.
In 2021, Startup Giants (SUG) moved from a loss of £188,000 to a profit of £44,000. Current trading is in line with expectations.
Gowin New Energy (GWIN) had cash of RMB2.33m at the end of 2021, but it also had net liabilities. There are plans to trade agarwood products.
Wishbone Gold (WSBN) says that drilling at the Halo project in north Queensland has discovered copper mineralisation in the majority of holes drilled. The 21 hole is apparently the most promising.
Western Selection (WESP) has taken advantage of the Northbridge Industrial Services share price rise to sell 35,500 shares at 200.87p a share. It retains a 3.86% stake in the loadbanks manufacturer and renter, which changed its name to Crestchic (LOAD) later in the week.
Bondholders have approved the plan by Eight Capital Partners (ECP) to modify the terms and conditions of its 7% bonds.
Vulcan Industries (VULC) has raised £74,000 at 1p a share and issued additional shares for the acquisition of Aftech Ltd.
The wife of DXS International (DXSP) chief executive David Immelman has acquired 845,000 shares at 10p each, taking their interests to 11.85%.
Mark Horrocks has increased his stake in Quetzal Capital (QTZ) from below 3% to 5.3%. Chris Akers has raised his shareholding in Oscillate (MUSH) from 11.4% to 12.45%. Dowgate Wealth has a 4.9% stake in Silverwood Brands (SLWD).
AIM
Springfield Properties (SPR) has acquired the housebuilding business of Mactaggart and Mickel Group for a total cost of £46.3m. The initial payment is £10.5m and the rest will be paid over the next five years as homes are built on the sites acquired and sold. This way the deal should be self-financing. Six existing sites are being acquired as part of the deal and eleven will transfer as more payments are made. These sites have a gross development value of £230m.
Springfield is also acquiring a timber frame factory as part of the deal. It already owns a timber frame factory and 90% of the homes it builds have timber frames. Springfield’s capacity will double to 2,000 timber frames a year, which is more than enough for existing building plans, so outside suppliers will not be required any more.
In the six months to March 2022, Team (TEAM) revenues improved from £610,000 to £999,000, although there was an increased loss. The wealth management and financial services company acquired financial adviser Omega Financial Services in the first half and bought investment consulting business Concentric after the period end. There are other acquisition opportunities. There are opportunities to win new clients, but weak markets are holding back growth. Executive chairman Mark Clubb bought 5,004 shares at 63.9p each.
Property investor and fund manager First Property (FPO) returned to profit last year. In the year to March 2022, revenues reduced from £12.1m to £8.65m. That was mainly down to the loss of rental income from the Gdynia property. Asset management fees edged up from £3.35m to £3.46m and performance related fees jumped from £40,000 to £578,000.
There was a reduction of £7.81m in the amount owed to ING Bank, relating to the Gdynia property, and this was taken as a gain. Last year, there was a £7m write down on the property. That is why a loss of £5.09m was turned into a £7.98m profit. First Property is set to sell its properties in Romania and its supermarket properties in Poland. That will reduce net debt, which was £17.2m at the end of March 2022.
Insolvency litigation funder Manolete Partners (MANO) expects that the rising level of insolvencies will provide additional potential cases. In the year to March 2022, revenues declined from £27.8m to £20.4m. The realised revenues fell more sharply from £24.4m to £15.2m, with the main reason behind this being the large case with realised revenues of £9.3m in the previous year. Unrealised revenues increased from £3.41m to £5.2m. Pre-tax profit fell from £6.99m to £4.51m. Cash generated from operations before tax and investment in cases increased from £2.79m to £4.42m, due to a small reduction working capital. Investment in cases moved up from £5.89m to £6.47m. Peel Hunt has reduced its pre-tax profit forecast for this year from £7m to £5m.
Restaurants operator Tasty (TAST) has repaid its £1.1m bank loan, leaving it with net cash of £8.6m. Annualised interest rate savings will be £57,000 and there was no early repayment penalty. There are plans to open five or six more restaurants this year.
Premier African Minerals (PREM) has signed a deal that can get the Zulu lithium project pilot plant up and running. The pilot plant has target annual production of 50,000-ton SC6 and there are binding heads of terms with Suzhou TA&A Ultra Clean Technology to take all of this production starting from the first quarter of 2023.
Shares in 4D Pharma (DDDD) declined 28.5% to 16.66p before trading was suspended ahead of administrators being appointed. 4d Pharma says Oxford Finance has demanded immediate repayment of the $13.86m it is owed. The company cannot afford this.
Paper and specialist fibres maker James Cropper (CRPR) reported a full year, underlying pre-tax profit of £4m. The paper making business is cyclical and it made an increased loss. The TFP Hydrogen division, which makes products for fuel cells, accounts for around 30% of revenues and its operating profit before group overheads increased from £6.48m to £8.68m. James Cropper has reinstated the dividend this year with a 7.5p a share final dividend taking the total to 10p a share.
Cancer diagnostics developer ANGLE (AGL) has signed another contract with its first large pharma services customer. The Parsortix system will be used to monitor patients with unresectable solid tumours in a new phase Ib dose escalation study using the pharma company’s drug in combination with immuno-oncology agents.
Provexis (PXS) has signed two agreements with DSM relating to Fruitflow, an ingredient that helps normal blood flow and circulation. DSM customers for Fruitflow will become direct customers of Provexis at the beginning of 2023. DSM will still receive a royalty on the gross profit of Fruitflow sales to customers it transfers to Provexis for four years. The deal means that, assuming like-for-like sales and margins, Provexis would make a higher net profit in 2023 and it would increase in subsequent years. There should also be new direct customers. Provexis is also partnering with DSM on a gut microbiome patent.
Investment management company Forward Partners (FWD) says that weak stockmarkets have hit the valuations of technology companies and thereby the valuations of its investments. This means that there is likely to be a mid-to-high teens percentage decline from the interim NAV of £108m.
Argentina-focused oil and gas company Phoenix Global Resources (PGR) says that it is in discussions with 84% shareholder Mercuria Energy Group concerning a cancellation of its AIM quotation and a cash offer to purchase shares from independent shareholders at 7.5p each.
Asia-focused investment company Jade Road Investments (JADE) is selling part of its stake in China-based wind turbine blade manufacturer Meize Energy Industries. It has a 7.2% stake and will receive $1.2m in cash in three tranches, leaving it with a 6.3% stake valued at $10m. The company has already received $400,000 with the rest due for payment in July and August.
Solid State (SOLI) has been awarded a contract by Transport for London for a new one person operation CCTV system for the Piccadilly line upgrade.
MAIN MARKET
Oil services provider Lamprell (LAM) has received a non-binding indicative cash offer from 25.1% shareholder Blofeld Investment Management. Lamprell requires funding of $75m over the next two months and that is making the board seriously consider the offer even though it is at a large discount to the previous closing price. Financing opportunities are being explored. An attempt to raise $150m via a share issue did not meet with approval by all the institutional shareholders.
Roquefort Therapeutics (ROQ) has announced its second acquisition in seven months. Cancer medicines company Oncogeni Ltd is being acquired for the issue of 50 million shares and there is a placing to raise £1.01m at 14p a share. Two pre-clinical families of innovative cell and RNA oncology medicines come with Oncogeni, as well as a laboratory facility in Stratford-upon-Avon
CYBA (CYBA) is changing its name to NARF Industries. Steve Bassi will become chief executive.
Fackelmann Gmbh has increased its stake in cookware retailer Procook (PROC) from 3.83% to 4.63%.
Slovenia-based Graft Polymer (GPL) has reached cash flow positive in its core business. New equipment has been ordered in order to double capacity.
OTHER MARKETS
Pacific Road Resources Fund II is making a 0.01p a share cash bid for former AIM company Firestone Diamonds (FDI), which values the company at £79,000. Pacific Road also owns all the Firestone bonds and hopes to restart production at the Liqhobong open cast diamond mine. Firestone originally joined AIM in August 1998 at 114p a share. Since 2020, the shares have been traded by JP Jenkins and the latest price is 0.2p. The bidder owns 30.4% with a further 4.25% owned by affiliated funds. Resource Capital, which owns 34.7%, intends to accept.
Andrew Hore
Quoted Micro 6 June 2022
AQUIS STOCK EXCHANGE
VSA Capital (VSA) has launched the AQSE Apex Index, which has a base of 1,000 at the beginning of 2021. There are 21 constituents of the Apex segment of the Aquis Stock Exchange, including its owner Aquis Exchange. The index is weighted by market capitalisation and the total market capitalisation is around £1bn. New admissions to the Apex segment and companies moving from the Access segment to Apex are eligible for inclusion in the index at the next quarterly review. The index was 835.16 on 26 May 2022.
Gledhow Investments (GDH) made an interim loss of £293,000, due to a net unrealised loss of £435,000 offsetting realised gains. Net assets ware £2.37m at the end of March 2022. One-third of the current portfolio is invested in Aquis companies.
Interim revenues of rail track fastening technology supplier Wheelsure Holdings (WHLP) recovered from £56,000 to £93,000, while the loss was reduced from £117,000 to £105,000. The first order was received from the Barcelona Metro. The product range has been broadened and this will provide additional growth opportunities.
Probiotix Health (PBX) says that its partner in Uruguay is launching a probiotic yoghurt called Yo-Life, which includes the company’s cholesterol-reducing ingredient. There were more then t3wo years of product development prior to the launch.
First quarter revenues generated by Yooma Wellness Inc (YOOM) increased from $604,000 to $3.2m, partly tanks to acquisitions. There was a small rise in pre-tax loss from $2.38m to $2.5m. Yooma is reviewing its strategy.
There was a $367,000 cash outflow from operating activities at medicinal psychedelics investment company Oscillate (MUSH) in the year to March 2022. Net assets were $3.12m. Investments include Psych Capital, which is about to join Aquis. There are still resources and technology companies in the portfolio.
Eight Capital Partners (ECP) is holding a bondholder’ meeting to gain approval to extend the life of the bonds until 3 September 2026 and to set an annual interest rate of 4.8%. If approved bondholders will be issued warrants equal to the par value of their bond holding at a strike price of 0.05p a share.
Quetzal Capital (QTZ) is extending the deadline exercise date for a subscription of £500,000 of convertible loan notes in TAP Global to 30 June.
TruSpine Technologies (TSP) has raised £700,000 at 5p a share and issued shares at the same price to pay creditors of £77,500. Directors’ fees of £97,200 were converted into shares at 15p each. Rhe cash will be used to finance the FDA approval process.
AIM
Coral Products (CRU) is using some of its cash to acquire Runcorn-based Alma Products for an initial £1.5m in cash with additional consideration depending on the EBITDA for the year to April 2023. The maximum earn-out payment is £1.5m, which would mean that EBITDA had reached at least £600,000. Alma produces sheet extrusion, volume vacuum forming and container printed products for the food packaging and personal care markets. Alma owns the freehold of its factory, and it has up to date capital equipment.
Cancer diagnostics developer ANGLE (AGL) has signed a deal with MidLantic Urology, which will evaluate the Parsortix system for use in prostate cancer studies. There is also a master clinical study agreement with Solaris Health Holdings. MidLantic Urology is an affiliate of Solaris, and it is one of the largest providers of specialist urology services in the US. Initial results are expected in 2023.
Digital media company Digitalbox (DBOX) is acquiring the web and mobile assets of TVGuide.co.uk for £550,000, which includes payment for £180,000 of transitional services. This is an immediately earnings enhancing deal and it fits with the company’s Entertainment Daily brand. In 2021, the assets generated an operating profit of £150,000 on revenues of £490,000.
Escape room company XP Factory (XPF) increased revenues by 163% to £7m in 2021, which includes an initial contribution from Boom Battle Bar, which is a more food and drink-focused activity venue operator. The loss was sharply reduced. This year the venues will be operating from the start of the year and more outlets are being added. There are some combined Escape Hunt and Boom sites that are operated by the company, while other boom sites are franchised. There was £6.9m in the bank at the end of April 2022 and that will help to finance site opening plans. Management is able to find suitable locations at attractive rents. Current trading is ahead of expectations.
Technology investment companies Tern (TERN) and Pires Investments (PIRI) are merging to create a larger, more attractive investment proposition. Tern is offering 0.51613 of one share for each Pires share.
Data driven digital services provider Silver Bullet Data Services (SBDS) increased full year revenues from £2.79m to £3.81m, but growth is slower than previously thought. The company has developed a product that can replace the use of cookies, but the take-up has been slow. The loss remains significant. Silver Bullet is raising £2.39m at 100p a share and £2.11m through convertible loan notes, which are convertible at 110p a share.
MAIN MARKET
Cloudbreak Discovery (CDL) is providing a $2m debenture to G2 to help finance the Masten Unit energy project in Texas in exchange for a 3.25% overriding royalty interest. There is a 12% interest rate which can be paid quarterly in cash or shares. G2 has issued 6.5 million warrants exercisable at 30 cents each.
Hawkwing (HNG) has £2.3m in cash and an investment in Internet Fusion Group valued at £14.4m. The potential reverse takeover of that company is not going ahead and Hawkwing wants to unwind the loan. After taking account of the convertible loan notes in issue, net assets were £2.51m at the end of 2021. Hawkwing is seeking acquisitions in digital marketing or medical or business services.
Mining, Minerals and Metals (MMM) has £200,000 in the bank at the end of January 2022. This will be used to help fund the due diligence on the proposed acquisition of Narnia Mauritius Gas, which owns a gas exploration licence in South Africa.
Toople (TOOP) founder Andrew Hollingworth and Greg Bryce is taking over as chief executive.
First Tin (1SN) has £2.5m in the bank prior to raising £20m in its standard list flotation. Arlington Partners Fund has acquired 808,228 shares at 19.055p each.
Andrew Hore
Quoted Micro 30 May 2022
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has secured a deal to buy Balmonds Skincare, which manufactures products for people with skin conditions, such as eczema, psoriasis and dermatitis. The total cost of the acquisition will be up to £8m, all in shares, depending on achievement of performance criteria. A shareholder loan will also be acquired by Silverwood Brands for 1.4 million shares. Last year, Balmonds Skincare revenues were £1.41m and the loss was £297,000 after an R&D tax credit of £35,000. The current manufacturing facility could quadruple capacity, although it would require additional storage facilities.
Arbuthnot Banking (ARBB) maintained assets under management at £1.35bn at the end of April 2022, while loan balances were 3% higher than the end of 2021 at £2.06bn. Interest rate rises will improve income.
CBD products supplier and diagnostics testing company Goodbody Health Inc (GDBY) increased first quarter revenues by 276% to £5.2m, although it was still loss making due to foreign exchange movements. Net cash was £5.5m at the end of March 2022. A small profit is still expected for the full year, although that is a sharp downgrade from previous expectations as Covid testing levels reduce.
St Marks Homes (SMAP) made another loss last year. In 2021, revenues increased from £216,000 to £259,000 and the loss reduced from £170,000 to £106,000 even though there was a loss from joint ventures. Cash in the bank fell from £709,000 to £131,000. Net assets are £5.23m and the shares are trading at a discount to this figure.
Hydrogen Future Industries (HFI) subsidiary company HFI Energy Systems has advanced a wind-based hydrogen production system combined with electrolyser technology. The aim is to generate hydrogen at $2/kilo, which is a lower cost than existing technologies. The hydrogen can be generated from waste water or saline. The group intends to invest $1m on development and it will own 51% of an IP developed with the rest owned by inventor Timothy Blake.
British Honey Company (BHC) has terminated its joint venture with Tusmore Park Farms, which was going to set up a new whisky distillery. British Honey will get back £450,000 of its original £750,000 investment.
Watchstone Group (WTG) still had £13m in the bank at the end of 2021. That was after a £3.67m cash outflow from operations. Net asset are 29p a share. There is a £63m plus interest and costs claim against PwC and another claim against former auditor KPMG. Watchstone is appealing against a recent VAT decision by the courts in favour of HMRC.
Eight Capital Partners (ECP) is satisfying a loan of €5m via the issued of the same amount of 7% fixed rate bonds, which are traded in Vienna and mature on 26 July 2022. Major shareholder IWEP will be converting its €20m of loans into shares. There could be a fundraising after this happens.
Evrima (EVA) has decided to maintain its interest in Kalahari Key and not accept the Power Metal Resources (POW) offer, which means that the latter could own 87.7%. Kalahari Key owns the Molopo Farms complex project, which has nickel, copper and platinum group metals deposits.
Shareholders of Lekoil Ltd (LEK) have voted in favour of the appointment of Bright Grahame Murray as auditor and to authorise the directors to set the remuneration.
Altona Rare Earths (ANR) has adjourned a general meeting that was seeking shareholder approval to reprice warrants exercisable at 20p a share. The new plan is to offer to swap them for warrants exercisable exercisable at 12p a share.
AIM
EnSilica (LON: ENSI) raised £6m at 50p a share when it joined aim on 24 May. The share price ended the week at 50.5p. EnSilica designs application specific integrated circuits (ASICs), which are in increasing demand in areas, such as Internet of Things, satellite communications, wearable health devices and 5G. EnSilica has successfully managed the current shortage in semiconductors because it has managed to pass on price rises. The cash raised will help to fund growth and could finance suitable acquisitions and the quotation will raise the profile of the company. The ASICs market is expected to be worth $27.6bn in 2026.
Scientifics instruments manufacturer Judges Scientific (JDG) is making its largest ever acquisition, which is expected to be sharply earnings enhancing. Judges Scientific is paying an initial £45m in cash for Geotek, a developer and manufacturer of instruments used to measure and log characteristics of geological cores and related services. There could be further payments of up to £35m (50% cash and 50% shares). A minimum operating profit of £6.4m needs to be achieved in 2022 to spark any payment. The maximum payment will be made if operating profit of £11.4m is achieved. WH Ireland believes that the deal will enhance earnings by 17% this year – with a 7-month contribution from Geotek – and by 30% next year. Pre-tax profit is set to improve from £18.1m to £22.4m in 2022, and then rise further to £25.5m in 2023.
The FDA has given approval for the Parsortix liquid biopsy test developed by ANGLE (AGL) for its use with metastatic breast cancer patients. Parsortix is the first system that harvests circulating cancer cells from a blood sample for analysis that has been approved. By obtaining the approval for breast cancer diagnostics, this provides a route map for gaining approvals for other cancers.
Credit hire and legal services company Anexo Group (ANX) could receive a significant income boost after the out of court settlement by VW because of its manipulation of air pollution tests. VW has agreed to pay £193m plus costs to more than 91,000 claimants in England and Wales. That is just over £2,000 each. This is a separate case to that being put forward by Anexo for its 13,000 claimants, although a similar settlement can be anticipated. House broker Arden Partners believes that the company will receive 50% of the compensation plus legal costs. Both Arden and WH Ireland are suggesting a pre-tax profit contribution of £20m-£25m after some additional costs. The timing of this is uncertain. Net debt is expected to be more than £70m by the end of this year, some of which is litigation funding related to the VW cases, and that would be much lower if the VW cash is received.
Demand for vehicles and equipment from television programmes and films means that Facilities by ADF (ADF) is benefitting from high utilisation rates. There were 39 productions serviced in 2021. TV series tend to book well ahead of the start of production, so visibility is good for the current year. The company is already investing in new trailers, although there could be delays in their arrival. Utilisation rates are expected to be around 85% this year.
Floorcoverings distributor Likewise (LIKE) reported full year figures in line with previous indications and it continues to gain market share. Acquisitions and organic growth in double digits are expected to enable Likewise to grow revenues from £60.5m to £114.9m in 2022, while underlying pre-tax profit is forecast to jump from £1.6m to £4.2m. New distribution capacity has been added and a distribution centre is on course to open in the first quarter of 2023.
Pennant International (PEN) continued to lose money in 2021, but the software and training company is already on course for a return to profit this year. Recurring revenues are running at £9m a year, helped by additional software contracts. The total order book is worth more than £32m with more potential orders in the pipeline. WH Ireland forecasts a 2022 pre-tax profit of £600,000 with most of the expected revenues of £17m covered by the order book.
Belvoir Group (BLV) has acquired TIME Group, another appointed representative of the Mortgage Advice Bureau predominantly based in northern England and the Midlands for an initial £3.7m. This is earnings enhancing. In the year to July 2021, TIME generated revenues of £4.2m and pre-tax profit of £600,000. Belvoir revenues are in the line with expectations in the four months to April 2022. Higher lettings income offset a decline in property sales income.
MTI Wireless Edge (MWE) First quarter revenues were 12% ahead at $11.2m, helped by a strong performance by the distribution business and a contribution from recent acquisition PSK Wind Technologies. There was a 3% decline in antenna revenues because customers could not get their hands on other components. The orders are there for antenna, particularly for 5G. The acquisition and dividends led to a fall in net cash to $6.5m, but it should improve by the end of 2022.
Tortilla Mexican Grill (MEX) is acquiring rival fast-casual Mexican restaurants operator Chilango. Investment firm RDCP currently owns Chilango. Tortilla Mexican Grill will pay up to £2.75m for the restaurant chain. In 2021, Chilango generated revenues of £7.3m and made a small loss. Chilango has eight sites in the London and Manchester.
Medical imaging technology provider IXICO (LON: IXI) reported interim revenues fell from £4.9m to £3.9m. That was not a surprise because it was flagged that there would be a decline this year, which was exacerbated by the early closing of a study. Pre-tax profit fell from £635,000 to £201,000. The order book was worth £12.6m at the end of March 2022, including £3.8m secured in the period. At least one more contract has been added since then.
Trinidad-focused Trinity Exploration and Production (TRIN) revenues improved from £44.1m to £66.3m in 2021 even though oil and gas production was lower. A new drilling programme will start in the second half of 2022, and this will help to increase production. A deeper appraisal well, with an estimated probability of success of 55%, could substantially increase reserves.
Purplebricks (PURP) has admitted that it made a higher than expected loss in the year to April 2022. There was still £43.2m in the bank.
MAIN MARKET
Motor vehicle lender S and U (SUS) is trading ahead of expectations. Group net receivables have increased by more than 5% since the beginning of the financial year. The fastest growth was at property lender Aspen where net receivables were 12.5% higher. The much larger Advantage car lending business grew its receivables by 3.5%, while credit quality has been maintained. Defaults remain low. The forecast yield is 5.8%.
Associated British Engineering (ASBE) kept its overheads to a minimum in the six months to March 2022 and still had £470,000 in cash and available for sale financial assets of £154,000. Net assets are £610,000, which is double the current market capitalisation.
Publisher National World (NWOR) says revenues are 4% ahead so far this year, although the rate of growth has slowed. Digital revenues are 38% higher year on year, while print revenues have declined due to lower circulation.
Zotefoams (ZTF) has made a good start to the year with revenues 13% ahead. Prices have been increased to offset higher costs. Polyolefin foams sales were 20% ahead with 5% relating to volume increases. Full year pre-tax profit could recover from £7.2m to £8.7m this year with a much bigger improvement expected next year.
Andrew Hore
Andrew Hore – Quoted Micro 27 November 2017
NEX EXCHANGE
Kryptonite 1 (KR1) has invested $986,000 in DOT tokens, which are related to the Polkadot Project. A total of $150m was raised to finance the development of a decentralised protocol that allows trust-free movement of tokens and data between blockchains., that will also be able to create new parachains instead of starting a new community. The project is expected to go live by the end of 2019. Kryptonite 1 has sold Melon, Omisego and FunFair tokens in order to raise just over £290,000. That is a gain of around £270,000.
Via Developments (VIA1) has agreed to sell Plymouth Grove, Manchester for £2.5m. A non-refundable deposit of £250,000 has been paid and the deal should go through by the end of November. The property was originally acquired in June 2016 for £1.625m, although there will have been additional investment in development since then. In March, Via Developments announced a previous exclusivity agreement to sell which was dependent on planning permission. There was a refundable deposit of £100,000 for that potential deal. It is unclear whether the deals are related.
Health and care properties developer Ashley House (ASH) has welcomed the increased funding for health and housing schemes announced in the Budget. News that the government will not cap rents in the supported living sector has improved sentiment. Financial closure is anticipated on two projects in the next few weeks. Management continues to seek additional finance.
Block Energy (BLOK) has published its Schedule 1 notice for its proposed move to AIM. This is expected by 7 December.
Sandal (SAND) says that trading is in line with expectations with Energie MiHome sales trebling. By the end of 2018 the energy efficiency products should be generate as much in revenues as the power connections division.
There were 300,000 shares taken up in the Hellenic Capital (HECP) open offer but £250,000 was raised because the rest of the shares were placed.
Primorus Investments (PRIM) has raised £1m at 0.2p a share, which was a small premium to the previous closing price. The cash will finance further pre-IPO investments. Turner Pope has been appointed broker.
Trading in the shares of Churchill Mining (CHL) should recommence when the figures for the year to June 2017 are published. That should be before the end of November. Pala Investments has subscribed for £500,000 of 10% convertible loan notes, which have a conversion price of 2.976p a share. Pala holds 21.3% of Churchill and full conversion of the loan notes would take the stake to 29.3%. Pala is also entitled to receive 25% of any proceeds from the claim for unlawful expropriation of the East Kutai coal project. Churchill is hopeful of overturning an unfavourable ruling on the case.
Etaireia Investments (ETIP) has issued shares valued at £21,750 at 0.09p a share in settlement of an outstanding loan from Blue Oak Assets. The deferred payment of £20,000 for the purchase of Pacha Cleator from Oliver Fattal has been satisfied by a share issue at the same price. That takes his stake to 9.96%.
Ken Riley is no longer finance director and company secretary of WMC Retail Partners (WELL) and Nigel Higgs has taken over as interim finance director.
AIM
Accrol Group Holdings (ACRL) is raising £18m at 50p a share, which should be enough to keep the toilet roll business going. A restructuring of the business is underway and health and safety procedures are being reviewed. The bank facility has been extended until 2021. The share price fell by more than two-thirds when the suspension was lifted and ended the week at 37.5p.
Immunodiagnostic Systems Holdings (IDH) published its interims at 4.30pm on Friday. That means that the share price reaction will be on Monday. There were no shares traded in the diagnostic services provider on Friday. Revenues were 4% lower at £18.7m. Growth in automated business revenues partly offset lower licensing revenues. Pre-tax profit excluding restructuring costs fell from £1.77m to £1.11m. Net cash is £28.3m. The average number of assays per instrument has increased from 3.8 to 4.3. Reg Duval stepped down as chief executive at the end of October after seven months in the job. Jaap Stuut took over the role. He talks about improving the sales team.
Sutton Harbour (SUH) has agreed a 29.5p a share bid for 70% of the shares of the harbour operator and property developer from FB Investors. That will cost £19.9m. A shareholder can accept for more than 70% of their shareholding but they could be scaled back. FB Investors is subscribing £2.75m for new shares at the same price.
Boku Inc (BOKU) had a successful first week on AIM with the share price rising from the 59p placing price to 81p. That values the developer of technology enabling payments via mobile at around £170m.
Contact centre services software provider Netcall (NET) says the integration of the MatsSoft acquisition is progressing well and trading is strong in the first four months of the financial year. The dividend will return to a normal level this year having been enhanced in the past few years. This year’s dividend is expected to be 1.2p a share.
Angle (AGL) is included in a €6.3m study to develop liquid biopsy services that is being headed by Philips. This is a four year research project.
Jon Fenton has stepped down as chief executive of Van Elle Holdings (VANL) ahead of a requisitioned general meeting on 15 December.
Amiad Water Systems (AFS) has been granted a licence by Dow Technologies to use its TEQUATIC PLUS filter. Amiad will take over the manufacturing of the product and pay Dow 3.75% of revenues generated.
First Property Group (FPO) has already invested £51m for the new Fprop Office LLP but there is more than £200m more to invest. Annualised management fees are £2.64m and full investment of the new vehicle will significantly increase that figure.
Audio equipment supplier Focusrite (TUNE) increased its full year pre-tax profit by one-third to £9.5m. There was particularly strong growth in the US.
Cambria Automobiles (CAMB) managed to edge up its pre-tax profit last year even though trading becoming tougher in the second half. The motor dealer is expected to report a lower profit of £9.5m this year but it has a strong balance sheet and it is investing heavily in new sites for upmarket brands that will not fully contribute until next year.
Premier African Minerals (PREM) raised £1m via PrimaryBid at 0.4p a share, which was double the amount it was originally asking for. The cash will be used to develop mining projects in Zimbabwe and Benin.
Professional services provider Progility (PGY) put out its full year figures late on Friday. There was still time for the share price to fall by 0.2p to 1.25p. Progility did move back into profit in the period but it was a modest one. There was a warning that progress may be held back this year by operational efficiency improvements.
TechFinancials Inc (TECH) is selling non-core businesses for $400,000 and reinvesting the cash in the development of technology to integrate blockchain-based currencies into its systems.
African Alliance is planning to invest £2.4m at 11p a share coal bed methane projects developer Tlou Energy Ltd (TLOU) conditional on a listing on the Botswana Stock Exchange before the end of the year.
Thor Mining (THR) is making a $125,000 (£95,000) payment to Pacific Gold and Royalty Corporation in settlement for the $1.5m (£1.13m) payment that would have had to have been made when the Pilot Mountain tungsten project in Nevada comes into production. Thor is still fully funded well into 2019. Metal Tiger has taken its stake in Thor to 9.77% after exercising 16 million warrants.
MAIN MARKET
Cash shell Landscape Acquisition Holdings (LAHL) raised $500m at $10 a share but the share price fell below the placing price when dealings commenced. The focus is hospitality, land-based gaming and real estate businesses in North America and Europe.
Rockpool Acquisitions (ROC) has secured a potential reverse takeover target. It is lending an initial £543,000 to Northern Ireland-based renewable energy firm Greenview Gas and this will be used to buy two companies. The deal includes an option for Rockpool to acquire Greenview paid for by a share issue.
Creightons (CRL) increased its pre-tax profit by one-fifth to £956,000, helped by an improvement in gross margin. An interim dividend of 0.15p a share is proposed.
IT services provider Triad Group (TRD) made further progress in the first half. In the six months to September 2017, revenues dipped from £14.8m to £14.2m, while pre-tax profit moved from £668,000 to £737,000. There is £2m in the bank. An interim dividend of 0.5p a share has been declared.
Andrew Hore