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Andrew Hore -Quoted Micro 2 July 2018

NEX EXCHANGE   

Medicinal cannabis business investor Sativa Investments (SATI) has raised £500,000 from Miton Investment Management at 4p a share. Demand for the shares remains strong. Executive director Mark Blower has sold one million shares at 4p a share, having exercised options for the same number at 0.5p each, and Non-executive Noel Lyons has sold 500,000 at 4.25p each, having exercised 500,000 options at 0.5p each. Sativa joined NEX on 29 March after raising £1.1m at 1p a share. The share price had already reached 3.125p by the end of the first week. Sativa has founded the Sativa Foundation to fund academic research into medicinal cannabis.

AfriAg Global (AFRI) intends to change its investing policy so that it includes medicinal cannabis opportunities. A medical advisory board will be appointed and they will carry out due diligence on the opportunities. AfriAg (Pty) Ltd previously had the right to take a 60% stake in House of Hemp but this deal was terminated when the South African government delayed setting up the legal framework for medicinal cannabis.

High Growth Capital (HASH) joined NEX on 25 June and it plans to become a UK, Canada and Australia-focused medicinal cannabis products index tracker and investor. This will be achieved by giving direct exposure to medicinal cannabis-related companies. The strategy is to acquire up to 10% of an individual company or £150,000 in value, depending on which is the lower amount.

Tectonic Gold (TTAU), which was quoted on AIM as Stratmin until August 2017, also joined NEX on 25 June. Tectonic has gold exploration interests in Queensland, Australia. Tectonic raised £530,000 at 2p a share and then issued another 30.8 million shares to the one of the shareholders in the exploration assets that have been acquired and to advisers.

Capital for Colleagues (CFCP) had a NAV of 41.73p a share at the end of May 2018. There are 18 investments in unquoted employee-owned businesses valued at £5.82m. The most recent was a £600,000 loan to Poole-based aerospace components manufacturer TG Engineering.

Clean Invest Africa (CIA) still had £501,000 in cash at the end of March 2018, following its maiden £372,000 investment in CoalTech, which is involved in cleaning up the waste from coal mining. The technology that has been developed enables coal fines that have little or no worth to be converted into pellets, using a binding technique, to make them a commercial product.

There was a £93,000 cash outflow from the operating activities of investment company Startup Giants (SUG) in the year to January 2018. There was £686,000 in cash and £40,000 worth of investments on the balance sheet. There are plans to add up to 25 more investments.

VI Mining (VIM) says that the seller of the Ximenita de Casma project has cancelled the option over the three mining concessions and it has also exercised its charge over the company that owns the processing plant. VI Mining had held back payment of consideration because of claims for breach of warranty. Legal proceedings will be initiated.

AIM    

Legal firms consolidator Gordon Dadds (GOR) grew revenues by one-quarter to £31.2m last year even though there were minimal contributions from some of the legal firms it acquired. Pre-tax profit was 23% higher at £2.96m. This is a highly cash generative business. The dividend of 4p a share reflects that the company was not quoted for a full 12 months.

IMImobile (IMO) continues to grow organically as well as by acquisition. Full year revenues were 46% higher at £111.4m and that includes organic growth of 7%. Pre-tax profit improved from £9m to £10.1m. The communications connections technology provider has 85% recurring revenues. The main markets are growing well but progress was held back in South Africa by the political situation and since this has been sorted out that market has returned to growth.

Following a cautious AGM statement by Dillistone (DSG), WH Ireland has trimmed its forecasts and that means that the recruitment software provider is expected to breakeven this year, while the 2019 pre-tax profit has been cut from £540,000 to £200,000. Software revenues have been hit by the loss of a major client and the GatedTalent product is taking longer to build up revenues.

SaaS-based app distribution platform developer appScatter (APPS) has revised the terms for its acquisition of Priori Data. The company is still paying £13.5m in cash and shares for data analysis business but more will be funded by shares. This means that only £1.6m has to be raised in a placing at 70p a share.

Transport group Eddie Stobart (ESL) is acquiring The Pallet Network Group for £52.8m, which will be partly financed by a £30m placing at 140p a share. The network comprises 106 regional transport companies and three central hubs.

Action Hotels (AHCG) has agreed a possible cash offer of 24p a share from its major shareholder. Due diligence is being undertaken.  After the company was floated by Sanlam Securities at 64p a share in December 2013, there have been four changes of nominated adviser and broker.

EQTEC (EQT) is on course to raise £2m in cash to pay off the unpopular financing package it previously secured. That deal has hit the share price but EQTEC is making progress with potential projects for its gasification technology. At least one project should reach the construction stage before the end of year to June 2019. That could either be a project in the UK or a 12MWe power plant in Vietnam, which could utilise equipment that was going to be used on the project in Newry, which is no longer going ahead. This will mean that milestone payments will be received throughout the construction.

Omega Diagnostics (ODX) has sold its infectious diseases assets to Novacyt (NCYT) although it is retaining the Visitect CD4 test. The disposal will raise up to £2.175m and these assets generated a profit before overheads of £300,000 in the past financial year. The book value was £600,000. Omega will provide manufacturing and storage services for 12 months. The cash will be invested in the Visitect CD4 test, Allersys and realising the value of the food intolerance business.

TechFinancials Inc (TECH) reported a 37% reduction in revenues in 2017 to $13.4m with software licensing revenues more than halving. Overheads were reduced but pre-tax profit still slumped from $4.05m to $116,000, although that was partly due to a $1.5m asset impairment charge. There was $3.5m in the bank.

Windar Photonics (WPHO) has signed a global distribution agreement with Vestas Wind Systems, which will sell the two beam light detection and ranging LiDAR system as a retro-fit product. The deal could provide access to around 14% of global installed capacity. This should help Windar to move into profit this year and make a significant profit in 2019.

CEPS (CEPS) has raised £1.33m at 35p a share and this will finance the repayment of a £1m loan plus interest. Sunline Direct Mail, which is 80%-owned, has been placed in administration and CEPS is unlikely to receive anything. Group trading is also slightly below expectations.

MAIN MARKET    

Standard list shell Chesterfield Resources (CHF) has agreed to acquire Cyprus-registered HKP Exploration Ltd, which has seven prospecting permits covering three project areas on the island. The focus is copper and gold. At least £1.1m will be spent on exploration and drilling. A placing and subscription at 7.5p a share will raise £2m and each share comes with a warrant exercisable at 15p each. HKP is being acquired for 6.67 million shares at the same price. The original placing price last August was 5p a share.

Highland Natural Resources (HNR) has applied to acquire leases over 46,000 acres in Arizona, which management believes could produce commercial volumes of carbon dioxide.

Andrew Hore

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