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Stockbox Media – Alan Green and Mark Fairbairn review the year, and discuss top picks for 2022

Stockbox Media – Alan Green and Mark Fairbairn review the year, and discuss top picks for 2022 including #CGNR, #PALM, #ALT, #SNT, #KAV, #KDNC, #TM1, #POW #BIDS, #COIN

Andrew Hore – Quoted Micro 13 January 2020

NEX EXCHANGE

NQ Minerals (NQMI) says that in 2019 the Hellyer mine in Tasmania produced 24,980 tonnes of lead concentrate, 15,646 tonnes of zinc concentrate and 77,853 tonnes of pyrite concentrate. Metal recovery has improved with average lead recoveries of more than 50%. The focus will be on generating lead revenues. Additional high-grade underground resources have been acquired from Bass Metals, which was subleasing the area. The purchase includes 1.175 million tonnes of underground JORC resources.

Inqo Investments Ltd (INQO) is investing natural insecticide developer Kentegra Biotechnology. The Kenya-based company produces pyrethrum, a natural ingredient from the chrysanthemum flower for use in the home, agricultural and pharma markets. There is a shortage of supply of pyrethrum, which can only be produced in a limited number of places around the globe. There is a move away from synthetic versions of the ingredient.

Panther Metals (PALM) has completed its move to the standard list.

Black Sea Property (BSP) has raised €4.79m via a placing at 1.1 cents a share. The cash will be used for property investments. Mamferay Holdings, which is owned by majority shareholder Phoenix Capital Holdings, is swapping €1.4m of debt for shares at the same price.

Equatorial Mining and Exploration has changed its name to Eastinco Mining and Exploration (EM .P).

Wishbone Gold (WSBN) says that the 100p-for-one share consolidation will take effect on 21 January.

EPE Special Opportunities Ltd (ESO) reported a NAV of 273.9p a share for the end of 2019.

AIM

Packaging equipment supplier Mpac (MPAC) says that the 2019 profit is going to be much better than expected. The pension deficit should be eliminated by 2024.

Ultrasound simulation equipment developer Intelligent Ultrasound (MED) expects its 2019 revenues to grow to between £5.7m and £5.9m. There will be a slightly higher loss due to higher development spending. There was £7.3m in the bank at the end of 2019. The agreement signed with FUJIFILM SonoSite Inc will help sales this year in the training market.

Shield Therapeutics (STX) has licenced its Ferracru/ Accrufer iron deficiency treatment to Beijing Aosaikang Pharmaceutical for an upfront payment of $11.4m. This means that there should be net cash of £7.5m at the end of 2020. A further $11.4m payment is due when the treatment gains approval in China, following a clinical trial funded by the licensee, possibly in 2023. There could be further milestone payments of up to $40m depending on sales. Ongoing royalties on sales will be 10% or 15%,

Biopesticide products developer Eden Research (EDEN) says that its three EU-registered active ingredients have been approved for use in organic farming. A one-year exclusive agreement with Corteva Agriscience, will give the company time to evaluate Eden’s Sustaine encapsulation technology for use with seeds. Coreva could be granted exclusive distribution rights in the EU, Turkey, Russia and Ukraine.

Accrol Group (ACRL) management believes it has turned the fortunes of the toilet paper manufacturer around. Even so, it still lost £3m in the six months to October 2019. Net debt was £24.8m and this could fall to £20m by the end of April.

Telecoms services provider Maintel (MAI) has warned that public sector contracts continue to be delayed. finnCap has cut its 2019 pre-tax profit forecast from £10.4m to £8.1m, while the 2020 estimate has been reduced by one-quarter to £8.8m.

Software company CloudBuy (CBUY) wants to leave AIM and it expects to save £100,000 a year in overheads. Lyn and Ronald Duncan subsequently sold 11.1 million shares at 0.414p each. The share price has fallen but it is still 0.6p.

Promotional products software supplier Altitude Group (ALT) has signed a strategic alliance with the Advertising Speciality Institute, which will use its software platform.

Surface Transforms (SCE) expects more contract announcements with OEMs this year. In the seven months to December 2019, revenues were £1.45m, nearly treble the same period in the previous year, but lower than expected due to delays. The new financial year end is March. There was £768,000 in the bank at the end of 2019 and a further £425,000 has already been received.

Asimilar Group (ASLR) has raised £6.8m at 40p each. This will be received in two tranches. Formerly known as YOLO, the company will invest the cash big data, machine learning, telematics and internet of things businesses.

MAIN MARKET

Avation (AVAP) has started a strategic review, which could include the sale of the aircraft leasing business. Avation has 49 aircraft with an average fleet age of 3.7 years. It has also purchased a spare engine that can be leased.

InnovaDerma (IDP) grew interim revenues by 28% to £5m. This represents a slowdown in growth in the later part of the period and is slightly lower than expected. Skinny Tan was responsible for most of the growth. The second half will benefit from the launch of new skincare products in Superdrug.

Pembridge Resources (PERE) says its Minto Explorations business has received a $5.4m payment for copper concentrate produced during December. The Minto mine produced 2,247dmt of copper concentrate in the fourth quarter 2019.

BATM Advanced Communications (BVC) says that its molecular diagnostics business Ador Diagnostics has received its first commercial order from an Italian customer for meningitis testing.

Andrew Hore

Andrew Hore Quoted Micro 19 August 2019

NEX EXCHANGE

Brewer Adnams (ADB) reported a decline in first half revenues from £35.5m to £34.7m, while the loss increased from £840,000 to £1.15m. Beer volumes were 2% ahead, compared with a 1% decline in the market. Low alcohol beer sales grew. Gin sales fell because of greater competition. A fire at the Ship at Levington hampered the performance of the pubs business. Adnams made an underlying profit in 2018, thanks to a better second half performance. The new IT system went live in March and the implementation has been a distraction to management. The dividends are unchanged at 78p a share for each B share and 19.5p per A share.  

Bruce Pubs (PUB) has decided to cancel trading in its 7.2% secured bonds, 31 March 2022. There are £20,000 worth of bonds admitted to the market and there have been no trades. Bruce Pubs had wanted to raise up to £20m from the bond issue. It is therefore not a surprise that Bruce Pubs believes it is not worth having a trading facility. The bonds can be redeemed early by the company.

NQ Minerals (NQMI) has produced 10,164 tonnes of lead concentrate, 7,431 tonnes of zinc concentrate and 46,863 tonnes of pyrite concentrate in the first half of 2019. An operating profit of A$3.6m was made on sales of A$23m.

TechFinancials (TECH) had $1.23m in the bank at the end of June 2019. A reduction in trade receivables meant that there was a small cash inflow from operating activities, but there was $402,000 capitalised developed on the blockchain ticketing system.

China-focused healthcare company MiLOC Group Ltd (ML.P) has raised £755,000 at 30p a share.

Queros Capital Partners (QCP) has gained a quotation for its bonds on the Frankfurt Stock Exchange

AIM  

ICAMAP has acquired 7.94 million shares in easyHotel (EZH) at its offer price of 95p a share, taking its stake to 44.1%. This means that it is a mandatory cash offer.

Iofina (IOF) has launched IofinaEX Global to deal in hemp derived products in Central America and the Caribbean. Iofina will potentially link up with a government in the region that wants to develop its country as a hub for hemp derived products. There are no details of this potential partnership. The company believes that its regulatory expertise in the iodine market will be helpful in the CBD market. The US is likely to be a major market.

LightwaveRF (LWRF) has raised £1.3m at 7p a share. The smart homes equipment supplier wants the cash to finance further growth. There are also plans to secure a facility for stock.

Altitude (ALT) is considering the disposal of its Manchester-based promotion products supplier AdProducts.com. This would enable Altitude to concentrate on its AIM platform for promotional products suppliers.

Greatland Gold (GGP) has raised £4.2m at 1.85p a share and that will be used to finance exploration in the Paterson region of Australia. There has been positive exploration news from the Scallywag prospect in the Paterson region. A ground gravity survey starts this month and an induced polarisation survey next month. Then 3D modelling using the data will come up with drill targets.

Cyber security software and services provider Corero Network Security (CNS) says interim revenues are lower, but operating costs are unchanged. That means that the interim loss has increased. However, full year revenues are expected to be one-fifth higher, but higher investment in sales means that the loss will still be higher. Net cash was $3.6m at the end of June 2019.

Equals Group (EQLS) is raising up to £16m via a placing and open offer. The international payments company has raised £14m at 110p a share and up to £2m will come from the one-for-90 open offer. The cash will be used for acquisitions and working capital.

Tanfield (TAN) says that 49%-owned Snorkel International has moved back into profit in the second quarter of 2019, although the first half was still loss-making. Last year, the value of this investment in the access equipment supplier was cut from £36.3m to £19.1m.

Oil and gas producer President Energy (PPC) says that there should not be a material effect on its operations from a change in Argentinian president. Revenues are US dollar based and cash is held in the same currency, so the decline of the Argentinian peso should not be too much of a problem.

Anthony Laiker has subscribed £25,000 in Vela Technologies (VELA) at 0.1p a share. A general meeting has to approve the share issue to the executive director, as well as an issue of 6.25 million warrants exercisable at 0.15p. Approval of the conversion of £200,000 of loan notes plus interest into nearly 241 million shares will also require the company to be given the ability to issue more shares. Laiker would than own more than 301 million shares.

Gfinity (GFIN) is pulling out of its Australian joint venture because the esports company wants to focus its cash on the US and other important markets.  

Workspace software provider Essensys (ESYS) says that its revenues were one-quarter higher at £20.5m in the year to July 2019. That was better than expected. Annual recurring revenues run rate is £17.3m.

MAIN MARKET  

Associated British Engineering (ASBE) made an increased loss of £1.81m, up from £582,000 the previous year. The company’s main pension fund remains a worry and there are ongoing discussions with the Pensions Regulator. There are net liabilities of £3.71m after the pension deficit of £4.98m.

Nanoco (NANO) generated revenues of £7.3m in the year to July 2019, more than double the previous year. The cadmium-free quantum dots developer had £7m in cash at the end of July and expects to have £6m at the end of 2019.

Highway Capital (HWC) has issued €30,000 of new convertible loan notes. These are convertible to a value in excess of 50% of the net asset value of the company at the time of conversion. The terms of an existing convertible loan note of £100,000 have been changed and the conversion price is 5p a share.

Shareholders in Avocet Mining (AVM) have voted against the resolution to wind up the company. This means that it is likely to go into administration unless there is a viable transaction that the board can assess.

Global Resources Investment Trust (GRIT) wanted shareholders to approve the voluntary liquidation of the company, but there is not enough support for the proposal. GRIT has sold 430 million shares in Kalia for £225,000 in order to provide working capital. A new board is being appointed to undertake a strategic review. James Normand will become chairman and Martin Lampshire as an executive director. Stephen Roberts will become a non-executive director.  

IMC Exploration (IMC) has been awarded two additional licences in County Wexford. They adjoin an existing licence where there are indications of gold.

Book publisher Quarto (QRT) reduced its interim loss from $6.6m to $4m on flat revenues of $56.4m. There was a change in the mix of revenues with children’s books increasing revenues by14% and in geographic terms more of the revenues were in the US, which moved into profit. Net debt has fallen by 11% to $65m.

Zenith Energy (ZEN) says that drilling has commenced at well C-37 in the Jafarli oilfield.

Pendragon (PDG) is selling its Chevrolet dealership in California for £17.2m. GM can alternatively nominate another purchaser if it wants. The rest of the US business will be sold.

Andrew Hore 

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