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Ormonde Mining (ORM) has switched from AIM to the Access segment of the Aquis Stock Exchange. Ormonde Mining owns 36.2% of gold and copper explorer. TRU Precious Metals Corp and 20% of battery metals explorer Peak Nickel.
SulNOx Group (SNOX) increased revenues from £34,000 to £203,000 in 2022-23, while the loss was slightly lower at £1.91m. The net cash outflow was £1.2m. Note 3 of the accounts points out the financial position, but management believes that sales will come through to generate cash to fund the business after a reduction in costs. If not, a share issue will be the alternative way of obtaining the cash required. Stephen Bamford and Constantine Logothetis have increased their stakes to 8% and 22.5% respectively.
Aquis Stock Exchange owner Aquis Exchange (AQX) has appointed Investec as nominated adviser and joint broker alongside Canaccord Genuity. It replaces Liberum. The company, which is also quoted on AIM, will report interims on 21 September.
Ananda Developments (ANA) has issued £600,000 of convertibles at 100p each. Two existing shareholders have invested a total of £300,000 and Charles Morgan has converted £300,000 of debt. Unsecured debt will fall to £709,000 and Charles Morgan has agreed not to task for repayment until the end of January 2025. The interest rate is 15% and the conversion price is the lower of a 20% discount to the share price of the next capital raising of at least £1m of 0.4p/share, with a minimum of 0.2p/share. The loans will automatically be converted on 30 November 2025 or earlier.
Pharma C investments (PCIL) will hold the requisitioned general meeting on 27 September. The proposals are to remove Gavin Hilary Sathianathan and appoint Paul Ryan and Noel Lyons to the board.
Investment company Macaulay Capital (MCAP) has seven investments in its portfolio. The NAV dipped from £1.44m to £1.33m at the end of June 2023. There is £368,000.
Capital for Colleagues (CFCP) has received the second tranche of the disposal proceeds of investee company The Homebuilding Centre, which provides homebuilding advice. Successful trading means that the second tranche is £108,000 rather than the expected £50,000.
Cannabis-based products supplier Voyager Life (VOY) improved revenues from £178,000 to £284,000. There was cash of £990,000.
Controlled environmental agriculture technology developer Light Science Technologies (LST) is acquiring Tomtech for £500,000 with an initial cash payment of £75,000. Tomtech, which supplies and installs monitoring and control systems for greenhouses, has £284,000 in cash and there could be additional cash payments if it is above £185,000 on completion. This deal is immediately earnings enhancing – Tomtech reported a pre-tax profit of £79,000 on revenues of £680,000. There is a complementary product range and cross selling opportunities to Tomtech’s 160 customers.
AMTE Power (AMTE) is raising £2.1m at 1.7p/share at 1.7p/share, plus an additional retail offer to raise £250,000. The share price slumped 78.4% to 2.05p. The battery technology developer is raising the cash to keep going until the proposed cash injection of £2.5m is completed. Due diligence by the potential investor could continue until the end of October and it believes that it can introduce potential offtake customers to AMTE.
Molecular Energies (MEN) plans to sell its Argentinian oil and gas business for up to $40m to its chairman Peter Levine. Argentina is economically and politically volatile and exchange controls mean that the business is hampered. There is a lack of investor interest and there are capital investment requirements that need to be funded. There will be an initial payment of $2m plus repayment of $13m of debt. The rest of the purchase price is based on up to 20% of net free cash flow over the next five years. The Paraguay oil and gas assets and other operations are not included in the sale.
Software supplier GetBusy (GETB) made a slightly lower underlying loss in the first half as it continues to invest in sales and product development. Annual recurring revenues grew 14% to £20.1m. and there is £1.7m in the bank. finnCap maintains its expectation of a small 2023 loss.
Satellite communications equipment supplier Global Invacom (GINV) is seeking shareholder approval to leave AIM and maintain the listing on the Mainboard of the Singapore stock market. There is a lack of liquidity on AIM, and this makes it difficult to raise cash. There is also the cost and management time taken up with being on AIM and another market. A subsidiary signed a multi-year contract with Eutelsat Communications. The July 2014 placing price was 19.75p. The shares have been trading below that price for more than eight years.
Video editing technology developer Blackbird (BIRD) reported a 36% dip in interim revenues to £985,000 after the loss of a contract with A+E and additional development fees in the previous period. The cash outflow was £1.92m, but there is still £8.18m in the bank. Even so, investors want to see progress with the new product for creators and other new business to replace what has been lost.
Capital equipment supplier 600 Group (SIXH) has reconvened its AGM for 29 September. However, the audit for the accounts for the year to March 2023 will not be completed by the end of September. Trading in the shares will be suspended on 2 October. Trading conditions continue to be difficult and there will be a further interim loss. That will lead to impairment adjustments in the 2022-23 accounts. Debt facilities expire at the end of November 2023. Peter Gyllenhammar increased his stake from 9.88% to 10.2%.
Capital equipment manufacturer Mpac (MPAC) increased interim revenues by 4% to £52.8m and pre-tax recovered from £1.1m to £1.9m. Order intake soared in the period. Services generated one-third of revenues in the first half, but the mix will change as recent order wins are satisfied in the second quarter. The order book has risen 15% to £77.5m since the end of 2022 and includes higher margin healthcare machinery. This helps to underpin forecasts of a better second half. The battery cell assembly plant business remains a significant longer-term opportunity. Net cash is £2.2m. Shore forecasts a near doubling of underlying pre-tax profit to £6.9m in 2023.
Builders’ merchant Lords Group Trading (LORD) is outperforming its rivals. But trading is getting tougher because of higher interest rates and lower construction activity. Interim revenues improved 4% to £222.6m, helped by acquisitions, but pre-tax profit fell from £8.4m to £7.7m. The interim dividend is maintained at 0.67p/share. Cenkos has reduced its 2023 pre-tax profit forecast from £17.8m to £13.2m.
Infrastructure India (IIP) announced the conditional sale of the 99.99% stake in transportation company Distribution Logistics Infrastructure to Pristine Malwa Logistics Park, which is part of logistics group Pristine. The consideration will be $10m in cash and 33% of Pristine Malwa the purchaser. There are conditions that are required to be satisfied before the deal can go ahead and it will be subject to adjustment. The transaction could close before the end of the year. Infrastructure India is expected to exit the investment within three years. At the end of September 2022, net liabilities were £85.7m. It is difficult to assess how much of the Infrastructure India borrowings will go with the disposal.
STM Group (LON: STM) has reached agreement with PSF Capital GP II over a 67p a share cash bid for the pensions and financial services provider. The bidder is securing a new credit facility to fund the bid. Originally, it was stated the offer could be as high as 70p/share, but the share price shows that investors were not counting on it being that high. This is conditional on STM boss Alan Kentish acquiring the UK SIPP business and those related to the Master Trust.
Property bridging loans provider Vector Capital (VCAP) reported a decline in interim revenues and profit. The loan book has fallen from £53.2m to £48.8m over six months as management is cautious about new lending. The bad provision has been raised by £167,000 to £367,000, but it is still relatively low. Pre-tax profit fell 18% to £1.3m, partly due to the higher provision.
Round Hill Music Royalty Fund (RHMP) is being acquired by Alchemy Copyrights for $1.15/share, which values the company at $468.8m. That was a premium of 67% to the previous market price. Shareholders will still receive the quarterly dividend of 1.125 cents/share and a special dividend of 0.5 cents/share.
AQUIS STOCK EXCHANGE
Arbuthnot Banking Group (ARBB) says full results should be ahead of market expectations of a £13m pre-tax profit. The third quarter trading statement says Arbuthnot Latham deposits exceed £3bn, although costs of deposits are rising. Base rate rises have a positive effect on results as changes to deposit rates lag the rises in interest rates. Credit criteria are being tightened, particularly for property. Assets under management are £1.35bn. Non-exec Sir Nigel Boardman acquired 9.749 shares at 810p each.
Helium Ventures (HEV) has conditionally agreed to acquire Vestigo Technologies, which has developed tracking product Trackimo. Shares will be issued at 10p each and the existing share capital prior to the deal would be valued at £1.68m. Helium Ventures plans to move to the standard list after the reverse takeover. In 2021, Vestigo had revenues of $28.1m and has partnerships with Vodafone and Paramount. Trading in the shares has been suspended.
Quantum Exponential (QBIT) had net assets of £5.6m at the end of April 2022, following an increase in the value of its option in cyber security business Arqit Inc. Since then, two new quantum technology investments have been made. There is still cash for further investments and there are plans to set up a fund that will raise further funds to invest in quantum technology.
Hydrogen Future Industries (HFI) has acquired a suite of international patents through a joint venture. The patents are relevant for the company’s wind-based hydrogen production system, plus other systems. The patents were issued to the vendor when it employed the boss of HFI’s development subsidiary. The payment will be £33,000 in cash, 5.2 million shares and 2.5 warrants exercisable at 12p each, with the second tranche of the payment dependent on the achievement of development milestones.
National Milk Records (NMRP) generated a 6% increase in 2021-22 revenues to £23.2m, while pre-tax profit improved from £1.65m to £2.22m. The dividend was raised by one-third to 2p a share. The milk recording and testing services increased revenues. The biggest increase was in genomics which rose from £292,000 to £488,000 and there is a potential launch in the US during 2023.
EPE Special Opportunities Ltd (ESO) has invested £2m in Denzel’s Ltd, a premium dog snacks brand, which raised £3m in total. Denzil’s has listings in major supermarkets and has launched its own website. It is part of the Tesco Incubator Programme.
There has been a mineral resource upgrade at the Amapa iron project in Brazil, where Cadence Minerals (KDR) owns 27%. The updated resource at Amapa is 276Mt grading 38.33% Fe, up from 177Mt. The measured resource is 55Mt grading 39.26% Fe.
Capital for Colleagues (CFCP) had net assets of £13.8m at the end of May 2022, equivalent to 74.5p a share.
S-Ventures (SVEN) has gained new contracts for its natural food businesses with ASDA, Holland Barrett, Co-op, WH Smith and easyJet. Two retailers in Finland have started stocking company products.
Marula Mining (MARU) has taken a 49% interest in the Kinusi copper mining project in Tanzania. The licences last seven years. In return for the interest, Marula has reimbursed $50,000 of costs incurred by Takela Mining and issued it with 4.5 million shares at 2p each.
Quetzal Capital (QTZ) had £1.07m in the bank out of net assets of £2.86m at the end of June 2022.
Goodbody Health (GDBY) secured a distribution agreement with blood collection services provider Tasso Inc, which supplies virtually painless medical devices to draw a blood sample with no needles. Goodbody’s clinics will be able to extract more blood than from a finger prick.
Hydro Hotel, Eastbourne (HYDP) reinstated the interim dividend at the rate of 14p a share.
Director buying at Kent-based brewer Shepherd Neame (SHEP) pushed the share price 0.4% higher at 672.5p. Richard Oldfield bought 6,000 shares at 675p a share and George Barnes acquired 3,200 shares at 672p each. The final dividend is 15p a share and the shares go ex-dividend on 13 October. Coinsilium (COIN) chairman Malcolm Palle acquired 500,000 shares at 1.9p each, while chief executive Eddy Travia bought 500,000 shares at 1.95p each. The share price rose 8.11% to 2p.
Global Smollan has increased its stake in Samarkand Group (SMK) from 14.8% to 17.6%.
Pioneer Media Holdings Inc (PNER) has raised $1m through a sale of units at 10 cents each. They include one share and one-half of a warrant exercisable at 25 cents. This cash will be spent on technology development and expanding the web3 gaming business.
Invinity Energy Systems (IES) has sold a 1.3MWh VS3 flow battery system for use in a datacentre in Arizona. Amati reduced its stake from 5.87% to 4.92%.
Trading in the shares of Vulcan Industries (VUL), Hot Rock Investments (HRIP) and VVV Resources Ltd (VVV) has been suspended due to failure to publish results.
Peter Gyllenhammar has taken a 11.2% stake in Pressure Technologies (PRES) following the share price slump after last week’s trading statement. Pressure Technologies had a disappointing second half. There will be a full year loss and the engineering company will also breach covenants on its bank facility. More cash is required. Net debt was £5.4m at the interim stage and it could be £3.9m at year-end. The finance could come from a share issue or a convertible issue or another form of funding. Management is talking to Lloyds about the bank facility. Forecast net assets are £15.4m, including the company’s main factory, which is nearly double the market capitalisation.
Former broker analyst Bill Currie has taken a 4.15% stake in online retailer In The Style (ITS). He is a non-executive director of retail loyalty technology developer Eagle Eye (EYE) and he owns 12.9% of the company. Lombard Odier has cut its stake from 20.1% to 19.8% and Ameriprise Financial has reduced its stake from 5% to 4.39%.
Gateley (GTLY) has acquired patent attorney Symbiosis IP for up to £2.5m. The business made a pre-tax profit of £300,000 in the year to March 2022. This business fits with Adamson Jones.
In video game advertising technology developer Bidstack (BIDS) raised £10.5m at 2.85p a share. Irdeto subscribed for £5m worth of shares. There are plans to develop a platform for sports bodies to control content that appears in their licenced IP. The rest will go on working capital and commercial development.
Public Policy Holding Company Inc (PPHC) is acquiring California-based KP Public Affairs in an earnings enhancing deal. Public Policy Holding Company provides public affairs, crisis management and lobbying services in the US. The acquisition enhances earnings by 2% in 2022 and 9% in 2023.
NWF (NWF) continues to perform strongly with the feed division recovering, helped by higher milk prices, and food distribution trading better than expected. Fuel distribution volumes are lower than in the previous year as people delay refilling their tanks, although margins have improved.
Seeing Machines (SEE) has an exclusive collaboration deal with Magna International for rear view mirror occupant monitoring applications in vehicles. Magan is paying $17.5m in cash ($10m immediately and $7.5m over two years) and investing $47.5m via a convertible note, which is convertible at 11p a share. This should be enough cash to get the driver monitoring technology business to profitability.
Oxford Biodynamics (OBD) is raising £9.1m via a placing at 20p a share and up to a further £2.95m could be raised through a one-for-6.81644 open offer. The share price rose 56.3% to 17.975p, which is still well below the placing price. This cash will help to fund the commercial development of the EpiSwitch CiRT test for cancer, which has been issued with a US reimbursement code earlier in the week.
Parcel and freight delivery company DX (DX.) has published interim figures and it intends to recommence dividend payments. A total dividend of 1.5p a share is expected for 2022-23 and that provides a base for further growth. Cash could still grow steadily. Trading in the shares remains suspended.
PCF Group (PCF) has suspended new lending by PCF Bank while it is trying to raise additional finance. Castle Trust Capital decided not to bid for PCF. Sales of assets and other options to raise money are being considered. There will be further cost cutting.
Battery cells developer AMTE Power (AMTE) has signed a framework deal with the UK Battery Industrialisation Centre to produce up to 60,000 Ultra High Power cells annually. The cells are fast charging and have high power delivery. Production commences in three months and the cells will be used for in-vehicle trials by potential customers – the initial focus is high performance electric vehicles – ahead of the opening of AMTE’s own factory in Dundee in a few years.
Horizonte Mining (HZM) announced a fundraising on Tuesday evening and the size of the placing was increased from £61.7m to £70.5m at 90.5p a share. This larger fundraising has also reduced the contribution from major shareholder La Mancha from £23.8m to £22m. The cash will help to complete the construction of the Araguaia nickel project in Brazil. Total capital cost has increased from $477m to $537m. First production is scheduled for the first quarter of 2023.
Gold miner Chaarat Group Holdings (CGH) has extended the convertible loan notes from 31 October 2022 to 31 July 2023. Interest will be capitalised until the end of October and then the principal of $28.7m plus accrued interest will incur an annual interest rate of 12%. There is also a fee of 1%. If converted there will be 77 million shares issued.
Shell company Milton Capital (MII) floated on the standard list on 4 October. There was £1m raised at 1p a share. The share price ended the week at 1.1p. The initial focus is acquisition targets in the technology sector. Total flotation costs were capped at £50,000 and Peterhouse paid additional costs of £5,955. The first year’s operating costs will also be £50,000.
Data integrity software supplier Gresham Technologies (GHT) has won a £1m plus contract for Clareti Control from a major European financial and banking group. There is also A$19m of work for ANZ in the year to September 2023, which is 15% higher than last year on a constant currency basis. Full year revenues and profit will be ahead of expectations.
Golden Nice International has subscribed £650,000 worth of shares in Anglo African Agriculture (AAAP) at 5p a share. That is a 28.2% stake. There are also 13 million warrants exercisable at 5p each. Golden Nice International has also acquired 65% of convertible loan notes in issue at a 15% discount to face value. They convert into 13.7 million shares at 5p each. The other loan notes will be converted into 7.37 million shares with associated warrants. Andrew Monk and Matt Bonner have resigned and replaced by Andy Sui and Simon Grant-Rennick. The company is changing its name to Everest Global.
Shell company Insight Business Support (IBSU) had net assets of £530,000 at the end of June 2022, including cash of £440,000.
AQUIS STOCK EXCHANGE
Guernsey-based Inteliqo Ltd (IQO) plans to become a distributor of a range of technology products. The first is an earbud that can translate 42 languages in real-time. There is limited liquidity with little more than 2% of the shares not held by the five main shareholders. A lock-in agreement means that more than 90% of the shares cannot be sold for 12 months. This is reflected in the bid/offer spread of 1p/4p, which effectively means that the share price was unchanged on the first day of dealings. There were no trades. Pro forma net assets are £557,000, which is equivalent to 0.5p a share.
Quantum Exponential Group (QBIT) has made a £450,000 investment as part of a £12m fundraising by QLM Technology Ltd, a photonics hardware and technology developer. It has developed a gas imaging camera based on quantum technology. The technology will be integrated into lead investor Schlumberger’s end-to-end emissions solutions business. It can be used to quantify greenhouse gas.
TruSpine Technologies (TSP) says that the instrument sterilisation testing for the FDA 510k submission has been delayed due to problems getting a supply of medical grade steel.
Love Hemp Group (LIFE) says full year revenues fell 16% to £3.6m. This was hit by delays to the UK novel foods product register. Second half operating costs have been reduced. Two major listings of CBD products have been agreed.
VVV Resources (VVV) had £87,000 in cash and net assets of £148,000 at the end of 2021. A share purchase agreement should lead to VVV owning 100% of the Mitterburg copper project in Austria and the Shangri La polymetallic project in Western Australia – it already owns 51% of this project.
Wishbone Gold (WSBN), which is also quoted on AIM, reported encouraging visual drilling results at the Red Setter project, Patersons Range, Western Australia. This has prompted management to secure a second drilling rig.
SulNOx Group (SNOX) has won its first order for fuel conditioner in Costa Rica for evaluation and an additional order in Germany.
MiLOC Group Ltd (ML.P) revenues declined from HK$20.5m to HK$4.94m and a profit became a loss.
Chris Akers has increased his stake in Quetzal Capital (QTZ) from 21% to 22%. John Mahtani has cut his stake from 3.83% to below 3%.
Bumper fuel profit meant that NWF (NWF) produced record results in the year to May 2022. Group revenues were 30% ahead at £878.6m, while underlying pre-tax profit jumped from £11.9m to £20.9m. That was excluding a £8.3m impairment charge for feeds division assets. There was a continued steady increase in the total dividend to 7.5p a share. All three divisions improved their profit during the year and NWF has net cash of £9m. There were no acquisitions last year, but the cash in the balance sheet will help to finance further fuels deals. The plan is to spend £10m a year, paying around six times operating profit. That will enhance earnings.
Filtronic (FTC) narrowly beat June’s upgraded full year results for the year to May 2022. Revenues improved from £15.6m to £17.1m, while pre-tax profit jumped from £200,000 to £1.5m. The mix of product sales boosted margins. Higher margin defence and critical communications sales grew, while lower margin Xhaul telecoms revenues fell, although they were stronger in the second half. There is likely to be a greater proportion of Xhaul sales in this year’s forecast revenues of £19m. That means that group margins will decline. Pre-tax profit is expected to be £800,000 and net cash could rise to £4.4m.
Cosmetics supplier Revolution Beauty (REVB) has delayed its 2021-22 results and cut its expectations for 2022-23. Poor retail demand in the US and the loss of £9m of Russian and Ukraine revenues have hit the early part of the new financial year. Online demand is switching to store sales and cost increases have hit profitability. Zeus has cut its 2022-23 EBITDA forecast by 38% to £19m, while higher net debt means that earnings are reduced by 64% to 1.5p a share.
Lithium-ion battery cell technology developer AMTE Power (AMTE) has secured a partnership with Cosworth for its Ultra High Power (UHP) rechargeable pouch battery cells. This follows the announcement that AMTE Power has chosen a site in Dundee for a new 0.5GWh battery production facility. Cosworth is a global technology business that used to be famous for making Formula One engines. It can design, develop and manufacture engines. Cosworth recently acquired electrification business Delta and this deal will add to the expertise.
TV programme producer Zinc Media (ZIN) is acquiring The Edge Picture Company and raising £5m at 100p a share. The Edge is based in London and Qatar and is a brand and corporate film maker. Clients include Barclays, Amazon and FIFA. In 2021, revenues were £8.2m and EBITDA was £800,000. There is initial consideration of £2.1m in cash and shares with up to £3.875m payable if a total of £5m of operating profit is made over the three years to June 2025.
Omega Diagnostics (ODX) has completed the sale of the CD4 business for up to £6.1m. The initial £1.1m has been paid. A further £4m will be paid when a clinical study is completed in Kenya. There was a monthly cash outflow of £300,000 a month from CD4. The ongoing focus will be the health and nutrition business.
Yacht services provider GYG (GYG) is asking shareholders to agree to drop its AIM quotation at a meeting on 31 August. Disappointing trading in recent years and lack of investor interest are two reasons for the proposed cancelation. Costs can be reduced by €700,000 a year. The half year trading update says that revenues are in line with expectations and the order book is strong. However, there is a lack of capital to grow the business.
Symphony Environmental (SYM) raised £1m at 18p a share from Sea Pearl Ventures and there are four million warrants associated with the placing that are exercisable at 25p each. Sea Pearl will own a 17.4% stake in the oxo-biodegradable plastics technology developer. First half revenues dropped from £4.9m to £3m due to logistics problems and orders delayed.
Piling contractor Van Elle (VANL) reported much improved figures for the year to April 2022 with revenues were 48% ahead at £124.9m, while the group returned to profit. Rig utilisations levels have improved. This year, pre-tax profit is expected to improve from £3.6m to £5m this year.
Franchise lettings group Belvoir Group (BLV) revenues increased 11% in the first half of 2022 with lettings growth offsetting lower property sales after stamp duty incentives ended. The fastest growth came from financial services, where revenues are 19% ahead.
Ground engineering and piling business Keller (KLR) operating profit increased by 19% to nearly £50m as revenues jumped 31% to £1.38bn. Revenue expectations have been raised, but higher costs will reduce margins and there is an additional £1m interest charge, which means that the pre-tax profit forecast is cut by £1m to £101m.
Motor dealer Pendragon (PDG) has ended discussion with a potential bidder, which was potentially going to offer 29p a share. One major institutional shareholder was not supportive of the deal.
First Tin (1SN) has commenced the definitive feasibility study at the Taronga tin deposit in Australia.
Canadian Overseas Petroleum (COPL) has confirmed that the Wyoming deep discovery has total original oil in place of 993.5 million barrels. Three horizontal wells are planned for the 2022-23 drilling campaign.
News publisher National World (NWOR) increased first half revenues from £42.1m to £43.5m and the underlying pre-tax profit improved from £3.5m to £5.6m. This masks a 41% increase in digital revenues. There are £3m of annualised savings planned by the end of 2022. There is even a plan to announce a dividend with the full year results.
AQUIS STOCK EXCHANGE
Equipmake Holdings (EQIP) has developed electric vehicle drivetrain technology that has won initial contracts. It raised £10m at 4.25p a share to invest in production facilities and finance working capital. The share price ended the first day at 5.875p (5.5p/6.25p). Snetterton-based Equipmake was founded in 1997 by former Lotus Formula 1 head of development Ian Foley and refocused on electric vehicle technology in 2007. Equipmake has a vertically integrated model. It designs and manufactures components for its electric drivetrain and integrates them into a system. Management is confident that being a systems integrator gives it a competitive advantage.
Bath-based Macaulay Capital (MCAP) was formed to acquire Macaulay Management Ltd. The strategy is to originate potential investments and generate fees from these businesses by advising them and helping to raise money, as well as investing alongside other investors. The focus is smaller companies in well-established markets. An initial investment has been made in a food manufacturer, which has also provided income for the company. Macaulay Capital raised £1.9m at 20p a share. Macaulay Capital has cash of £1.796m after the flotation. The shares ended the first day of trading at 21p (20p/22p). Managing director David Horner is also managing director of Chelverton Asset Management and a director and owner of 29.99% of AIM-quoted investment company CEPS (CEPS).
TECC Capital (TEC) is subscribing for £300,000 of convertible loan notes in EDX Medical Ltd, with a reverse takeover expected to eventually happen. This is subject to due diligence. EDX Medical was founded by Sir Chris Evans to develop digital diagnostics products and services. It owns a laboratory in Cambridge and offers testing and genomic sequencing research.
In the year to March 2022, Oberon Investments (OBE) increased its revenues by 75% to £6.7m. That includes an initial contribution from financial planning business Smythe House. The big increase in revenues came from corporate finance. The pre-tax loss was £581,000, after a £212,500 gain on investments. Funds under management increased by 80% to more than £1bn.
Shepherd Neame (SHEP) has acquired three pubs in Essex. They are all freehold.
Capital For Colleagues (LON: CFCP) has moved from the Access segment to the Apex segment. Capital For Colleagues has increased its stake in TPS Investment Holdings to 27.6% through an additional cash investment of £500,000 through the purchase of existing shares from two executive directors.
Apollon Formularies (APOL) says that its Jamaican affiliate is acquiring up to 96% of Citiva Jamaica for cash and shares. Citivas has a cultivation, manufacturing and processing facility for medical grade cannabis. This will help to obtain final approval to distribute cannabis products from the Jamaican authorities. A director, Roderick McIllree, has loaned $150,000 to Apollon.
Coinsilium Group Ltd (COIN) has been appointed adviser to Metalinq Labs Inc and it has a token purchase agreement to acquire $200,000 of future Metalinq tokens, which should be issued in 2023. Metalinq is a next generation Layer 3 protocol solution enabling interoperability between metaverses. Existing Indorse token owners are eligible to receive Metalinq tokens. Coinsilium holds 5.35 million Indorse tokens.
Visum Technologies (VIS) has signed a framework services agreement with Digiphoto Entertainment Imaging and this enables the launch of Visum’s video technology system in the US. The financial year end has been changed to June.
Greencare Capital (GRE) is still seeking a suitable cannabis-related acquisition. There is still £679,000 in the bank.
AQRU (AQRU) lost £2.32m in the six months to April 2022 and still had net cash of £6.1m.
Rogue Baron (SHNJ) generated revenues of $87,492 in the three months to June 2022. Options for financing continued growth are being considered.
Shares in Lekoil Ltd (LEK) returned from suspension after the publication of interim results. Thanks to finance income Lekoil reported a pre-tax profit of $836,000. Olapade Durotoye is leaving the board to take up a role at Savannah Energy.
Richard Battersby is stepping down from the BWA Group (LON: BWAP) due to ill-health. G and O Energy Investments has bought a 13.45% stake from St Georges Eco-Mining Corp.
Former boss Michael Williams has reduced his stake in British Honey Company (BHC) from 3.96% to 1.3%. He left the board in October. The 2021 results have yet to be published and trading in the shares is suspended.
Waste plastic to hydrogen business Hydrogen Utopia International (HUI) started trading on the US OTCQB Venture Market on 26 July. Executive director Howard White bought 55,500 shares at 9p each, taking his stake to 3.89%.
Chris Akers has increased his stake in Oscillate (MUSH) from 12.45% to 13.11%. Paul McKillen has a 4.15% stake in Marula Mining (MARU).
Leisure and entertainment company Brighton Pier Group (PIER) beat expectations for the year to June 2022. Adjusted EBITDA was £10.8m, which is higher than the previously upgraded forecast of £10.4m. Net debt fell from £13.3m to £6.1m. Pre-tax profit is expected to more than quadruple to £6.4m, although it was boosted by government support measures such as a temporary cut in VAT and business rate relief. The ending of the support and cost inflation means that the equivalent 2022-23 pre-tax profit is expected to fall to £4.4m on flat revenues. However, Brighton Pier intends to change its year end to December. There will be 12-month figures followed by 78-week results to December 2022.
Lithium-ion battery cell technology developer AMTE Power (AMTE) has chosen the site for a new 0.5GWh battery production facility. The facility will be in Dundee and could open in the third quarter of 2025. At full capacity, the facility could generate annual revenues of more than £200m. Scottish Enterprise and other funding bodies could contribute up to £190m of the cost of the facility. The rest will come from debt and equity.
Secure payments technology provider PCI Pal (PCIP) beat expectations in the year to June 2022. Revenues were £11.9m, compared with the previous expectation of £11.5m. finnCap has reduced its loss forecast to £2.9m. Annualised recurring revenues are 43% higher at £11m. Monthly cash breakeven is possible this year. There is no news concerning the patent dispute with Sycurio (previously Semafone).
Mobile data computing services and technology provider Touchstar (TST) increased first half revenues by 7% to £3.1m, with two-fifths of these revenues recurring. The order book is 75% ahead at £1.1m. Full year earnings could be 5.5p a share and net cash is expected to be £2.4m – at least one-third of the current market capitalisation.
Printed circuit technology developer and supplier Trackwise Designs (TWD) says that there are further delays to its large electric vehicle contract. There will be compensation for delays causing shortfalls in the minimum supply levels in the agreement. The Stonehouse improved harness technology (IHT) facility will be fully up and running by the end of the year and there are additional contracts that could be won, although most would not reach significant volumes until 2024. Management is confident that it can secure hire purchase and other facilities to cover the additional finance required.
Recruitment company Empresaria Group (EMR) is reporting interims on 11 August. The interim trading statement indicates that the expected weakness in health care is being offset by other operations. Net fee income is 15% higher at £32.6m. Net debt fell from £14m to £11.8m over six months.
Stanley Gibbons (SGI) intends to cancel its AIM quotation. The largest shareholder Phoenix SG believes it is better to cancel the quotation considering the limited free float and additional costs. The 58% shareholder also says that it would reconsider its financial support if shareholders do not agree to the cancelation. Stanley Gibbons remains loss making. Graham Shircore is stepping down as chief executive in September and he will be replaced by Tom Pickford.
In-content advertising company Mirriad Advertising (MIRI) expects flat revenues in 2022 because of weak market conditions in China. The Chinese operations will be closed next year and that will save annualised costs of £1m. That is on top of the £2.5m of annualised savings expected for the rest of the business. Interim revenues have halved, although US revenues increased. There is £17.7m in the bank and cash should be higher than previously expected at the end of 2022.
Finance and insight and control software provider Aptitude Software (APTD) grew annualised recurring revenues by 33% in the first half through a combination of organic and acquisitive growth. Revenues were 31% higher at £36.1m. Higher research and development spending is holding back short-term margins, but they should recover in the next couple of years. Operating profit declined from £5.1m to £4m. Net cash was £10.7m at the end of June 2022 and it should increase in the second half. The interim dividend is unchanged at 1.8p a share.
Gresham Technologies (GHT) generated 19% organic growth in revenues to £23m in the first half of 2022. Strong US dollar revenues offset the weaker pound. Net cash is £6.5m. New contract opportunities mean that management is confident that it can meet full year pre-tax profit expectations of £5.8m.
Alan Green catches up again with investor and market trader Doc Holliday. We discuss the poor sentiment and the lack of momentum and liquidity in the markets, and Doc gives his view on what investors should be doing at this time – in particular don’t sit and be a victim of the market! We then look at stocks and sectors where Doc feels the damage has already been done, and where opportunities may lie. In no particular order, these include:
- Renewable Energy / ESG / Energy – Amte Power #AMTE, Coro Energy #CORO
- Coal / metallurgical coal for infrastructure – Bens Creek #BEN, Contango Holdings #CGO
- Gold – ECR Minerals #ECR
- Fertiliser – Harvest Minerals #HMI
AQUIS STOCK EXCHANGE
Ecotricity has failed in its takeover bid for Good Energy (GOOD). Ecotricity had a 25.1% stake and acceptances of the bid totalled 11.5% of God Energy. Acceptances did increase significantly in the last few days of the bid, but they are still well below the level required for the bid to succeed. The offer has lapsed.
National Milk Record (NMRP) reported flat full year revenues of £21.9m, while like-for-like growth was 3.5%. This was despite the cyber attack last year. Pre-tax profit improved from £929,000 to £1.65m with help from lower overheads and a higher contribution from a joint venture. Net debt was reduced to £1m by the end of June 2021. The dividend was increased from 1.25p a share to 1.5p a share. Genomics revenues should build up this year.
Quantum Exponential Group plans to join Aquis. The plan is to identify opportunities in the quantum technology sector. More than 175 start-ups have been identified. Notion Capital will be involved with any investments. This is another investment company being floated by David William – the most recent was standard listed Bay Capital (BAY).
NFT Investments (LSE: NFT) has made two new investments. The first is a C$100,000 investment in Big Whale Labs, a decentralised social network platform. The other investment is $1.4m in Sturdy Exchange, which is a subsidiary of Sturdy Agency. Sturdy Exchange is a marketplace to display, collect and trade NFTs created by artists and performers. So far, four investments have been made.
Dispersion Holdings (DEFI) is holding a general meeting on 26 October in order to gain shareholder permission to issue more shares.
Yooma Wellness Inc (YOOM) is acquiring Tokyo-based Vertex for $12m. The initial payment is $2.5m with $6.5m to follow in April 2023 and the last payment of $3m in April 2024. Vertex sells wellness products via home shopping channels in Japan.
BWA Group (BWAP) has won its case against JV Capital and has been awarded £74,169.
Wheelsure Holdings (WHLP) is collaborating with Sedwell Ltd to develop a secure digital fastener for use in the global rail market. Sedwell has bolt load monitoring technology.
TechFinancials (TECH) has sold its CEDEX subsidiary. There is no initial payment. There could be cash received if the company is sold or raises $20m of new money.
Gunsynd (GUN) says that investee company Pacific Nickel has a JORC resource estimate for the Jejevo tenement in the Solomon Islands, where it has a 80% stake. Jejevo has a mineral resource of 14.42 million tonnes at 1l.29% nickel.
Trading in Harrogate Group (HGTE) shares has been suspended because its 2020-21 accounts have not been published.
Robert Hanson has bought a 0.36% stake in Oberon Investments (OBE) through a share purchase at 6.85p each. Burns Singh Tennent-Bhohi has bought one million Oscillate (MUSH) shares at 2p each.
Michael Williams and Robert Porter-Smith have stepped down from the British Honey (BHC) board.
EPE Special Opportunities Ltd (ESO) had net assets of 488.21p a share at the end of September 2021.
Tortilla Mexican Grill (MEX) operates and franchises fast-casual Mexican restaurants offering California-inspired food. It raised £5m at 181p a share. The cash raised in the flotation, plus a new senior finance facility of up to £10m, will provide working capital and fund the UK roll out and development of franchise opportunities. Tortilla Mexican Grill has 52 restaurants in the UK, two of which are franchised with SSP – they are at Euston station and Gatwick airport. There are also ten franchised sites in the Middle East – the franchisee is Eathos. Six sites have opened this year. A new site costs between £350,000 and £425,000 to kit out.
Continuing operations of plastic products supplier Coral Products (CRU) increased revenues from £8.7m to £10.7m in the year to April 2021. Underlying profit jumped from £230,000 to £756,000. This could rise to £1m this year with the existing businesses. Once the Haydock site has been sold there should be cash of more than £7m.
Compliance and energy saving services provider Sureserve (SUR) says its order book has grown by more than 30%. Net cash was more than £16m. The results will be announced on 25 January.
Elliott Bernerd of international property developer Chelsfield is taking a significant stake in AIM-quoted chartered surveyor and property adviser Fletcher King (FLK). He is investing £547,000 in new shares and buying existing shares so that his stake is 29.99%. He is buying the shares at 52.5p a share, which is a premium to the market price.
AMTE Power (AMTE) is on course to launch its first commercial battery cell product before the end of 2021. This is a product for the automotive market. There should also be news in the coming months about the site for the company’s UK Gigafactory.
CEPS (CEPS) has restructured its investment interests and the latest interims are the first with the ongoing businesses. Revenues increased by 65% to £9m and lower group overheads meant that operating profit before exceptionals improved from £357,000 to £855,000. Building services company Hickton increased its profit, as did Aford Awards. That offset a lower contribution from stretch fabric supplier Friedman’s.
Palm oil plantation operator Dekel Agri-Vision (DKL) processed 12% more fresh fruit bunches in September 2021 than the year before, while the crude palm oil price was 76% higher than the same month last year. The new cashew plant should be up and running in October. Dekel is on course to be profitable this year.
NMCN (NMCN) has appointed Grant Thornton as administrator. Galliford Try (GFRD) has acquired the company’s water sector businesses, which have annual revenues of £100m, for £1m in cash.
Reserve power generator Mast Energy Developments (MAST) has completed the acquisition of Rochdale Power. This is the third site in the portfolio of sites under development that will have a total capacity of 18.4 MW.
Rogue Baron (SHNJ) joined the Aquis Stock Exchange on Friday. The company is a spirits brand developer, and its focus is the Shinju Japanese whisky brand and specialist tequila Copa Imperial Tequila. The idea is to build these and other niche brands to the point where larger drinks companies will want to acquire the brand. There was £755,000 raised at 7p a share. The share price ended the first day of trading at 8p (7p/9p).
Gunsynd (GUN) has already more than trebled the value of its investment In Rogue Baron, which was worth more than £1.8m, including accrued convertible interest, at the time of flotation. Gunsynd holds a 28.5% stake. Chris Akers has increased his stake in Gunsynd from 5.36% to 6.19%.
Sativa Wellness (SWEL) has taken more than £1.1m of bookings for its Covid-19 testing clinic business. This has been achieved by the Bath clinic and a further clinic has opened, plus 13 in-pharmacy and two mobile clinics. There could be 30 clinics by the end of April, ready for the easing of lockdown.
KR1 (KR1) has invested $200,000 into Automata Network’s seed funding round.
IamFire (FIRE) made a loss of £162,000 in the six months to October 2020. During the period, investments were made in WeShop and Bio2pure.
Upper Thames Holdings (UPPT) has net liabilities of £83,000 at the end of 2020 and since then £516,000 has been raised. The board will seek approval to change the company’s name to Valereum Blockchain.
Quetzal Capital (WENP) is raising £3m at 4p a share and issuing enough warrants exercisable at 8p to raise a further £3m. This will help to fund a reverse takeover or investment. NQ Minerals (NQMI) has raised a further £255,000 at 7p a share. Bluebell Investment and Consulting has invested £25,000 in Wheelsure Holdings (WHLP) at 13.5p a share, which represents a 4.9% stake. Altona Rare Earths (ANR) has raised a total of £800,000 at 6.5p a share from placings.
Western Selection (WESP) has increased its stake in Bilby (BILB) by 698,737 shares at an average share price of 35.11p each. This takes the stake to 12.2%.
All Star Minerals (ASMO) has appointed SP Angel as broker.
AMTE Power (AMTE) raised more than initially expected in the flotation and this should provide the cash required for investment in the battery cells development business. AMTE raised £11.3m at 175p a share. The share price jumped to 233.5p on the first day of dealings. The battery cells nearing commercialisation are aimed at the high-performance vehicles, oil and gas equipment and energy storage markets. There are currently 16 potential clients that products are being developed for.
Engineer Avingtrans (LON: AVG) is raising £35m from the sale of the Peter Brotherhood business that came with the £52.7m acquisition of Hayward Tyler in September 2017. Peter Brotherhood was estimated to be worth £9.3m of that cost. Borrowings will be paid off. Net cash is expected to be £22m at the end of May 2021.
Kape Technologies (KAPE) is acquiring Webselenese for $149.1m. This provides the group with a consumer platform for privacy and security content, which will generate information and data on consumer trends. In 2020, the acquired business generated revenues of $64.5m and EBITDA of $30.7m. In 2021, Kape is expected to increase earnings from 15.8p a share to 25.4p a share.
Billing and customer relationship management software provider Cerillion (CER) has won a Middle East contract worth £5m over five years. The implementation will take up to 18 months.
Getech (GTC) is raising up to £6.25m via a placing and open offer at 22p a share. The cash will be invested in developing hydrogen products and services.
Online merchandising technology provider Attraqt (ATQT) improved its full year revenues by 8% to £21m, helped by an initial contribution from AI firm Aleph. The loss was reduced from £4.4m to £2.6m. Annualised recurring revenues were £21.1m at the end of 2020. A £500,000 loss is forecast for 2021 before a move into profit in 2022.
Cloud-based PCI payment services provider PCI Pal (PCIP) is gaining momentum in the US. In the six months to December 2020, revenues rose by 56% to £3.2m. More of these revenues are coming via channel partners. Total annual contract revenues were 59% ahead at £8.3m. There should be enough cash in the bank to get the company to the point where it is generating cash.
Shoe Zone (SHOE) says that it does not expect to pay a dividend until at least 2025. The footwear retailer expects to continue to lose money this year. The stores are closed at the moment.ch
Online women’s fashion retailer Sosandar (SOS) has agreed to sell a specialist collection of its products through Marks and Spencer (MKS). This follows deals with Next and John Lewis.
Coral Products (CRU) is repaying its £1.6m property mortgage out of the proceeds of its recent disposal. The £2.5m valuation of the Haydock site is expected to be increased in the next accounts. Coral has also repaid £500,000 of its CBIL loan with the other £433,333 likely to be paid before the year-end.
Business restructuring company Begbies Traynor (BEG) is acquiring of David Rubin & Partners for up to £25m. This takes the group’s market share to 12%. There is an initial £12m payable and the rest depends on performance over five years. Begbies raised £22m at 105.5p a share to help finance the deal, which should be immediately earnings enhancing.
Arden has upgraded its Dekel Agri-Vision (DKL) forecasts due to higher crude palm oil and palm kernel oil prices. This means that Arden expects Dekel to be profitable in 2021.
Avation (AVAP) is raising £7.5m at 110p a share and this provides additional cash at a difficult time for the airline industry. NAV was previously 174p a share. Avation could continue to lose money for the next two years Net debt will still be more than $1bn.
Challenger Acquisitions (CHAL) is entering into a deal to acquire Cindrigo Energy, which owns Cindrigo Ltd, the company where a previous offer lapsed. The business is a developer of renewable energy projects using Swedish expertise in waste-to-energy and biomass. The shareholders of the target company will own 96.5% of the enlarged business.
Kanabo (KNB) has signed a production and supply agreement with PharmaCann Polska for cartridges containing Kanabo’s medicinal cannabis formulations. The initial production capacity is up to 36,000 cartridges. FastForward Innovations (FFWD) has sold its stake in Kanabo for a profit of £140,000. FastForward has also sold its Cellular Goods (CBX) for a £54,000 gain.
Argo Blockchain (ARB) has raised £26.8m at 200p a share and this cash will fund the purchase of a further stake in Pluto Digital Assets. The £7.3m investment in Pluto will maintain the Argo stake at 25%. AIM-quoted Pires Investments (PIRI) owns 6.4% of Pluto.
The Financial Reporting Council has started an investigation into the audit of motor dealer Lookers (LOOK) by Deloitte for 2017 and 2018.
Wheaton Precious Metals (WPM) is increasing its first quarterly dividend by 30% to 13 cents a share. The strategy is to pay 30% of average cash generated by operating activities in the previous four quarters.
Pharmaceuticals developer Nuformix (NFX) is raising £1.565m at 2p a share. This cash will finance preclinical studies for the NXP002 inhaled formulation for lung disease and further research and development of formulations. Nuformix is waiting to see whether Oxilio will option the NXP001 cancer treatment. This option expires on 24 March.