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Quoted Micro 3 November 2025

2nd November 2025 / Leave a comment

AQUIS STOCK EXCHANGE

Digital assets investor KR1 (KR1) is planning a move to the Main Market. A prospectus has been published, and the switch is expected on 25 November. There are also plans to raise money from a placing programme of up to 125 million shares if it is agreed by shareholders at a general meeting on 20 November. This will broaden the shareholder base. KR1 chairman Rhys Davies has been paid a bonus of 580,000 shares. NAV was 50.9p/share at the end of September 2025.

Valereum (VLRM) says COINGT, the infrastructure tokenisation project representing the Interoceanic Corridor of Guatemala, will be listed on tokenisation venue VLRM Markets. The token represents a project to create a logistics and trade route between the Atlantic and Pacific.

SulNox Group (SNOX) generated record second quarter revenues of £679,300, which is 30% above the first quarter. Fuel emission reduction additive volumes were 39% higher. So far this year, revenues are 173% ahead at £1.2m. Cash was £1.36m at the end of September 2025.

WeCap (WCAP) holds 806,022 shares in WeShop, which intends to join Nasdaq, as well as a 23.5% stake in a company that owns 2.08 million WeShop shares. The other investment is waterway cleaning technology developer Bio2pure. The 10% stake is valued at nil. WeCap had net assets of £6.77m at the end of April 2025.

Healthcare IT developer DXS International (DXSP) improved full year revenues from £3.31m to £3.47m and the loss was reduced from £4.95m to £175,000. Slow NHS decision making is holding back progress. Even excluding the previous year’s asset impairment of £4.38m the loss is lower. Turnover is expected to be flat this year and there will be another loss.

Lift Global Ventures (LFT) says it is extending the loan to investee company Trans-Africa Energy to 31 January 2026.

Igraine (KING) has received £3.91m of fundraising money and is still waiting for the other £3.24m.

UTXO Management GP has belatedly stated that it has reduced its interest in The Smarter Web Company (SWC) from 26.6% to 12.99%.

Adnams (ADB) interim chair bought 1,650 B shares at 1805p each, while finance director Andrew Driscoll bought 500 A shares at £10 each.

There will be a 150-for-one share consolidation at Nyce International (NYCE) on 3 November.

Unigel Group (UNX) is paying an interim dividend of 2.5p/share.

IntelliAM AI (INT) is switching to the Apex segment of Aquis.

ASSET MATCH

Zytronic (ZYT) has disposes of all assets except for the freehold property in Blaydon. Completion of the sale has been delayed. An environmental survey will be received later in November. The estimated return to shareholders is still 48p/share to 58p/share.

Greenshields Agri (GAH) says draft accounts for 2024-25 show a swing from a loss of £317,000 to a profit after tax of £2.68m. NAV is 158p/share.

AIM

Empire Metals (EEE) is raising £7m at 40p/share. The cash will be used to finance work on the Pitfield project in Australia. This includes metallurgical test work, resource expansion and commencement of pilot production of Ti02 product samples for end users. This will initially be for the titanium metal supply chain. A listing on ASX is being considered for 2026.

Kromek (KMK) says interim revenues will be at least £14.5m, up from £3.7m. This includes revenues from Siemens. There is still underlying growth of 70%. An interim pre-tax profit is expected.

Belluscura (BELL) is appointing an administrator.

Shareholders did not agree to the proposed fundraising by Anglesey Mining (AYM) and management is preserving cash as it seeks alternative forms of financing. Without that the company will go into administration. Alumni Capital had agreed to offer equity funding of up to £2m.

Conygar Investment Company (CIC) is selling its 203-acre brownfield land at Rhosgoch in Anglesey to Rhosgoch Property, a subsidiary of Stena Lin. The net proceeds will be £18.3m, compared with a valuation of £2.5m. NAV was £63.8m (107.5p/share) at the end of March 2025, but since then there has been a £750,000 loss on the sale of a Virgin Active gym. Premier Miton trimmed its stake from 13.9% to 12.8%, while First Equity has cut its interest from 13.2% to 12.8%.

European Green Transition (EGT) has entered an exclusive six-month option agreement to sell the Pajala copper project in northern Sweden to Recovery Metals Cyprus. Historical drilling confirms copper mineralisation. Recovery Metals Cyprus will fund due diligence during the option. Copper prices are moving towards record highs.

Caledonian Holdings (CHP) has entered an agreement with Mousdale Investment and Nevis Investments which will each swap 250,000 AlbaCo shaes for 6.25 million Caledonian Holdings shares at 0.004p each. This will take Caledonian Holdings’ sake in new smaller company focused bank AlbaCo to 5.47%.

One Health Group (OHGR) has made a positive start to the financial year. Surgical procedures jumped 16% and interim revenues were 17% higher at £15.5m, which is 10% ahead of forecast. EBITDA is expected to be higher than the previous year. Cash is £10.8m. There have been delays in building the surgical hub, but it should still be open by the end of 2026.

Specialist cleaning services provider React Group (REAT) says full year revenues were 21% ahead at around £25m, which includes an initial contribution from 24hr Aquaflow, which was acquired last October. Dowgate edged up its 2024-25 pre-tax profit from £2.1m to £2.2m. Strong fourth quarter trading meant that net debt was higher than expected at £5.2m.

Cancer treatments developer ValiRx (VAL) is raising £750,000 at 0.25p/share and a WRAP offer could raise up to £300,000 more. The offer closes on 3 November. All subscribers get one warrant exercisable at 0.5p each with every new share. The cash will fund R&D, including the preclinical development of potential breast cancer treatment Cytolytix.

Construction disputes and professional services provider Diales (DIAL) expects a 2024-25 operating profit of at least £1.3m on slightly lower revenues of £42.6m, due to weaker Asia Pacific business. Pre-tax profit should also be £1.3m. Net cash was £3m at the end of September 2025. There is a strong pipeline of disputes business.

ABCrescent Cooperatief U.A. has sold 8.22 million shares in Pulsar Helium Inc (PLSR) at 38p/share. ABCrescent, which is associated with Pulsar Helium director Brice Laurent, still has a 4.81% stake plus 15.5 million warrants. Brie Laurent owns 17,570 shares. This follows the proposed acquisition of Hybrid Hydrogen, which owns mineral rights to 6,742 acres in Michigan’s Upper Peninsula, for $80,000 in shares.

Great Western Mining Corporation (GWMO) says soil sampling at the Huntoon copper project in Nevada shows elevated levels of tungsten, copper and zinc. The soil geochemical anomaly has been extended to more than 2.8km. The consistency of anomalies suggests a larger than anticipated mineralised system. Further analysis will help to design a new drilling campaign.

Resources explorer 80 Mile (80M) says its US joint venture partner has announced that an independent report confirms the world-class potential of the Jameson Land Basin in eastern Greenland. This estimates more than 13 billion barrels (P10) of gross unrisked recoverable prospective oil resources. 80 Mile has a 30% post earn-in share. It has a free carry on the initial drilling planned for the second half of 2026. March GL is earning up to 70%. This followd an announcement that 80 Mile has revised the terms of its acquisition of Hydrogen Valley, which operates a biofuel site in Italy.

Versarien (VRS) has signed heads of terms with a UK quoted company for the sale of Total Carbide and the other remaining assets for £100,000 in cash and £100,000 in shares. The buyer will also take responsibility for £5.7m of loans plus interest. Versarien can operate with the support of creditors until the end of November. If the transaction goes ahead Versarien will become a shell.

MAIN MARKET

Cindrigo (CINH) has completed the acquisition of an 85% stake in a company that is developing three geothermal projects in the Upper Rhine Vally in Germany, and this enabled it to return to the Main Market. Cindrigo raised £2.06m at 12p/share and £9.3m of convertible loans have been converted into shares at an average price of 17p/share. At the placing price, the market capitalisation was £40.1m.

Georgina Energy (GEX) has gained drilling approvals for the Hussar prospect in EP513 in Western Australia. There was cash of £112,000 at the end of July 2025 and since then £1m has been raised.

New Frontier Minerals (NFM) had cash and liquid resources of $1.8m at the end of September 2025. There have been good results from the Harts Range rare earths project. The NWQ copper project is also progressing.

Andrew Hore

Quoted Micro 15 September 2025

15th September 2025 / Leave a comment

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 14 April 2025

14th April 2025 / Leave a comment

AQUIS STOCK EXCHANGE

BWA Group (BWAP) published an updated inferred mineral resource for the Dehane heavy mineral sands project in Cameroon of 4.2 million tonnes at 3.5% THM cut-off, comprising grades of ilmenite at 0.99%, kyanite at 1.54%, rutile at 0.13% and zircon at 0.11%. There are plans for a fundraising during this year to finance the development of the project. Chairman Jonathan Wearing bought 500,000 shares at 0.2p each and Tricastle Investments, a company he controls, purchased 1.33 million shares at 0.15p each, taking his total stake to 25.85%.

Tectonic Gold (TTAU) is acquiring Godolphin Exploration, which is exploring for tin and copper in Devon and Cornwall, for £3.66m. The two assets are Devon Great Consols and Great Wheal Vor and there are option agreements for each of them. The company intends to consolidate every 20 shares into one new share and change its name to Tamar Minerals. Mark Thompson will join the board.

All Things Considered (ATC) is acquiring 75% of Easy Life Entertainment, which is an artist management, PR and record label owner. The consideration is £750,000. Annual revenues are £510,000. There will be cross-selling opportunities.

Richmond Hill Resources (SHNJ) has signed a term sheet to potentially acquire mineral exploration licences in Quebec. The consideration is £3.3m in shares. A condition of the deal is a move to AIM. Trading in the shares has been suspended.

Cooks Coffee Company (COOK) says full year group store sales were 26% higher at £35.1m. Operating cash flow is growing.

EDX Medical Group (EDX) is launching TC100, a highly accurate early detection test for testicular cancer. A blood sample is assessed. There have been more than 30 study reports on the test.

Automotive electrification technology developer Equipmake (EQIP) has received a £368,000 order from Gilmour Space Technologies, which about to launch an Australian orbital rocket later in the year. Equipmake will supply electric motors and inverters.

RentGuarantor Holdings (RGG) increased quarterly revenues by 92% and average revenues per contract were 2.5% ahead in the three months to March 2025.

Mendell Helium (MDH) has raised £796,000 through a placing and subscription at 2p/share. Once the option to acquire M3 Helium Corporation is taken up a move to another UK stockmarket will be considered.

Valereum (VLRM) says the £19m strategic deal with DMC is nearing completion but the additional £1m subscription by a UK institution will not happen.

Clean fuel additives SulNOx Group (SNOX) says Colas Rail UK is adopting SulNOx Eco following an evaluation. There were sharp falls in emissions and a 4.5% improvement in fuel efficiency. This is the first major contract in the rail sector.

Chief executive Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 35.4% to 29.9%. Michael Rogers has a 4.88% shareholding.

Unicorn Asset Management’s stake in skincare technology developer Incanthera (INC) from 11.4% to 10.8%.

Ananda Pharma (ANA) has appointed former GW Pharma executive director Chris Tovey as an adviser.

ASSET MATCH

Political information provider Merit Group (MRT) has joined the Asset Match trading platform following its exit from AIM. Lord Ashcroft owns 42%.

JP JENKINS

Models and collectibles company Hornby (HRN) has left AIM and joined JP Jenkins.

AIM

Thor Explorations (THX) has announced a maiden dividend alongside its 2024 results. Higher gold production and lower production costs at the Segilola gold mine in Nigeria enabled net profit to jump from $10.8m to $91.1m on revenues up from $141.2m to $193.1m. There is no debt and net cash of $11.2m. Costs are expected to rise this year and production should be at least maintained. Dividends will be paid quarterly, and the first dividend is C$0.0125p/share – this will be the minimum quarterly level. The shares go ex-dividend on 1 May. The dividend policy will be reviewed in two years.

Ceramic hospitality products manufacturer Churchill China (CHH) is indicating its confidence for the medium-term by increasing the final dividend by 6% to 26.5p/share, which takes the total for the year to 38p/share. This was despite the dip in pre-tax profit from £10.8m to £8.5m as revenues fell from £82.3m to £78.3m. In the UK the sales to national pub and restaurant chains rose, but independents spent less. There was a decline in international revenues, although £1.1m of hotel projects were won. Additional retail business was taken on to help keep the manufacturing facilities running at an efficient level even though it is lower margin. The US was 9% of revenues and tariffs create uncertainty, but there may also be opportunities to gain from manufacturers in countries where the additional tariffs are higher. There is a new manufacturing facility in Romania. A flat profit is expected this year.

Franchised lettings and property sales business The Property Franchise Group (TPFG) has made good progress integrating Belvoir. In 2024, the acquisitions meant that revenues jumped from £27.3m to £67.3m, while underlying pre-tax profit doubled to £22.3m. Even earnings improved from 28.4p/share to 31.4p/share. The dividend was raised from 14p/share to 18p/share. Net debt was £9.1m at the end of 2024.

Greatland Gold (GGP) is changing the domicile of the holding company to Australia. This will be called Greatland Resources Ltd and is part of the process of gaining a listing on ASX. The AIM quotation will be retained.

Organ transplant diagnostics developer Verici Dx (VRCI) has received the local coverage determination for Tutivia reimbursement, so revenues on the tests can start to be recognised. There were 292 tests ordered in the first quarter of 2025 and price has been set at $2,650 each. The annual global market is 100,000 patients. Singer previously cut 2025 estimated revenues from $11.6m to $4.4m. A fundraising is expected by June.

Induction Healthcare (INHC) is recommending a 10p/share cash bid from VitalHub Corp. That values the digital healthcare technology company at £9.7m. The flotation in 2019 raised £14.6m at 115p/share.

A strong gold price has benefited pawnbroker Ramsdens Holdings (RFX) in the first half and led to an upgrade in forecasts. Retail jewellery sales were also strong and the outlook for pawnbroking is positive. Panmure Liberum has raised its 2024-25 pre-tax profit forecast from £12m to £13.1m. There was a small downgrade for the foreign exchange division, and this is not expected to show growth next year.

Character Group (CCT) says that tariffs could hamper US sales this year and market guidance is being withdrawn. They were one-fifth of sales last year and it is difficult to assess the impact of the tariffs. Character still expects to be profitable in the year to August 2025. Interim figures should be in line with expectations.

Peru-focused gold explorer Nativo Resources (NTVO) is undertaking a feasibility study at the Toma La Mano tailings dump and there are other tailings dumps that are being considered. This will require additional funding. Peterhouse is subscribing for 12 million shares at 0.15p each, which gives the broker a 19.4% stake. That will be used to offset fees and Peterhouse will try to place the shares and provide Nativo Resources with 95% of the proceeds. Cash is being carefully managed, and some directors will receive their salary in shares. Further funds will be required by May and there are discussions with finance providers. Debt is being restructured. Nativo Resources is issuing 15.4 million shares at 0.7475p each to acquire Morrocota gold mine, which is near the 50%-owned Bonanza gold mine. The vendors are also subscribing for £10,000 of new shares. There are plans to start contract mining at Morrocota.

Clinical trials manager hVIVO (HVO) reported 2024 figures in line with its previous trading statement. Revenues improved from £56m to £62.7m and pre-tax profit rose from £11.9m to £14.1m. There was net cash of £44.2m before recent acquisitions and it is still expected to be £38m at the end of 2025, leaving room for more acquisitions. The 2025 revenues guidance for hVIVO is £73m.

Audioboom (BOOM) says the latest quarterly figures show record revenues per thousand downloads. The podcast platform operator increased 2024 revenues by 13% to $73.4m. The first quarter performance and advertising bookings were 15% ahead of the first quarter of 2024. Revenues are currently forecast to grow by 9% in 2025.

Belluscura (BELL) has withdrawn guidance for 2025 because of the uncertainty due to increased tariffs on imports to the US. The company’s portable oxygen concentrators are predominantly made in China, and the tariff will increase from 20% to 54%. Belluscura had been moving towards profitability. That is less likely to happen and could put pressure on the cash position. Earlier in the year, £4.7m was raised at 2p/share. John Gunn has increased his stake from 7.83% to 8.14%.

Consumer appliances retailer Marks Electrical (MRK) is showing signs of improvement. The full year trading statement shows revenues growing by nearly 3% to £117.2m, which was slightly lower than forecast. Pre-tax profit is set to fall from £3.3m to around £2.1m. Net cash was £8.8m at the end of March 2025.

Liquidators have been appointed to Bushveld Minerals (BMN). SP Angel has resigned as nominated adviser and broker.

MAIN MARKET

New Frontier Minerals Ltd (NFM) says the initial findings of rock chip samples from the Harts Range project in Northern Territory, Australia show heavy rare earths. There is Dysprosium Oxide (11.75%) and Terbium Oxide (1.87%). This is particularly attractive because of China restricting exports of rare earths.

Tirupati Graphite (TGR) has raised more than £2.5m from a zero-coupon convertible loan note issue. The conversion price has been lowered to 3.75p. In March, the Vatomina project has produced 388MTs of flake graphite concentrate. Lower ore grades and shutdowns meant that production was lower than expected. The audit of the annual results to March 2024 has resumed.

Andrew Hore

Quoted Micro 2 September 2024

2nd September 2024 / Leave a comment

AQUIS STOCK EXCHANGE

VSA Capital (VSA) revealed a strategic partnership with Drakewood Capital Management. This covers commodities trading, fund management and investment banking. This should provide a broader service for junior mining companies. Drakewood is subscribing £405,000 for VSA shares at 9p each and that was a 50% premium over the market price. Mark Thompson has been appointed to the VSA board as its representative. He is a former director of First Tin and Tungsten West. Drake wood and VSA directors have been granted warrants. VSA boss Andrew Monk intends to enter into a deal with Drakewood that would give it an option to acquire his shares, warrants and options in VSA. If he leaves then Drakewood will be able to acquire his stake at NAV plus 20% for six months after he leaves.

ProBiotix Health (PBX) increased interim revenues by 84% to £1.01m and the loss has been halved to £262,000. The probiotics-based healthcare company is expanding sales in North America and Europe. A North American contract manufacturing deal is being discussed. Operational separation from OptiBiotix should be completed by the end of the year. There was £865,000 in the bank at the end of June 2024.

Skincare treatments developer Incanthera (INC) reported figures for the year to March 2024 showing a steady loss of £1.47m. There was a cash outflow from operating activities of £838,000 and £61,000 in cash at the end of March 2024. There were no revenues during this period. The deal with Cosmetics chain Marionnaud should be generating sales in the near future.

Exchange services provider Aquis Exchange (AQX), which is also quoted on AIM, has been hit by one technology contract not being renewed, because of the client’s trading problems. That will knock £1m off revenues and pre-tax profit in 2024. The other parts of the group all grew revenues in the first half with Aquis Stick Exchange trading volumes 44% ahead. Canaccord Genuity has cut its 2024 pre-tax profit forecast from £6.3m to £4.9m with the rest of the shortfall due to increased investment. The interims will be published on 12 September.

Helium Ventures (HEV) investee company Blue Star Helium has agreed to sell 50% of the Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. Helium One Global (HE1) will pay $1.5m of past costs, plus up to $2.7m on six wells.

Marula Mining (MARU) has received assay results from samples of manganese ore that will be provided to the recently acquired Kilifi manganese processing plant in Kenya. They recorded high grades with an average of 61.95% manganese. The samples were from the Ganze region. The Kilifi plant could generate cash of up to $400,000/month from late 2024. Two further manganese ore supply agreements have been signed. Both are for grades of at least 24% manganese with one supplying 30,000 tonnes over six months and the other 5,000 tonnes over one year.

Higher impairment and fair value adjustments and an inventory write down led to Inqo Investments (INQO) making a loss of R6.3m in the year to February 2024, compared with the previous year’s pre-tax profit of R2.63m.

Hot Rocks Investments (HRIP) has sold its stake in Impact Oil and Gas to Africa Oil Corp at 56.9p/share raising £142,250. In June, £235,000 was generated through a tender offer by Phoenix Digital Assets.

CBD-based treatments developer Ananda Developments (ANA) made a £383,000 loss in the quarter to July 2024. Net assets were £723,000.

KR1 (KR1) had net assets of 71.92p/share at the end of July 2024. The income from digital assets during the month was £805,000.

Equipmake (EQIP) has received an initial order for five zero emission drivetrains from South American bus manufacturer Agrale. This follows the recent trial.

James and Alexandra Pace has a 4.1% stake in Shepherd Neame (SHEP).

AIM

Audio equipment supplier Focusrite (TUNE) says full year revenues will be around £157m, but EBITDA will be lower than expected at around £25m (£27.1m was previously expected) because of higher shipping and logistics costs. Shipping costs are continuing to rise, and promotional spending remains at high levels. New products have been launched, but a major distributor has been cutting stock levels. Net debt has fallen to £15m. The final results will be published in late November.

Antenna technology developer Filtronic (FTC) is trading ahead of expectations and has secured a follow-up order from SpaceX for E-band solid-state power amplifier modules for Starlink satellites. The new order is worth £6.4m and SpaceX has been issued 10.9 million warrants. Cavendish has raised its 2024-25 pre-tax profit forecast from £6.4m to £7.7m.

Helium One Global (HE1) is acquiring 50% of Blue Star Helium’s Galactica-Pegasus project and other licences in Colorado. There are confirmed helium discoveries of an average of 3% helium. Gross resource estimates are 675 million cubic feet. Blue Star Helium will continue to be operator. An initial six development wells are planned for later this year. They could generate an annual income of $2m. Cynosure Capital is subscribing £6.43m at 1.09p/share. That cash will fund $1.5m of past costs, plus up to $2.7m on the six wells. There will also be $2.55m required for capital investment. The extended well test at Itumbula West-1 in Tanzania has flowed at up to 7.6% helium. The well flowed an average of 786 barrels per day.

Retailer Quiz (QUIZ) reported a 11% decline in revenues to £82m in the year to March 2024. There was a swing from a pre-tax profit of £2.3m to a loss of £6.7m after exceptional costs of £1.5m. Sheraz Ramzan was appointed chief executive at the end of the period. He is targeting the core customer based and updating the brand. He is also improving service. Talks are ongoing with founder Tarak Ramzan for the provision of a £1m loan. Revenues in the first four months of the current year are 11% lower at £27.3m. Trading remains difficult.

Oxygen enrichment technology developer Belluscura (BELL) is increasing sales, but it has reduced its 2024 guidance to $8m-$10m, depending on the timing of the launch of DISCOV-R in the second half. Dowgate had expected revenues of $16m and it has cut the estimate to $9m. It is sticking with $30m for 2025 revenues, which would be enough to be profitable, but this appears optimistic. More cash will be required in the second half, so that sales can ramp-up faster.

Shield Therapeutics (STX) iron deficiency treatment ACCRUFeR has been approved by the authorities in Canada. It is the only oral iron therapy approved as a prescription drug for adults with anaemia. This sparks a £250,000 milestone payment from Canadian partner Kye Pharmaceuticals.

Wine supplier Naked Wines (WINE) reported a 13% annualised dip in revenues to £290m, while underlying operating profit fell by two-thirds to £5m. That was before a £13m inventory provision. The company is still surplus stocks. Net cash was better than guidance and doubled to £19.6m. First quarter trading is in line with expectations. Guidance for 2024-25 indicates revenues of £240m-£270m and operating profit before inventory losses of £3m-£8m. Dominic Neary has been appointed finance director.

Primorus Investment (PRIM) is subscribing 18.1 million shares in Pri0r1ty AI for £300,460 to help fund a software roll out. Standard list shell Alteration Earth (ALTE) has non-binding heads of terms to acquire Pri0r1ty AI and move to AIM. Primorus Investment directors Rupert Labrum and Matthew Beardmore own 45.8% of Alteration Earth.

MAIN MARKET

Cybersecurity company Narf Industries (NARF) has gained a $1.3m contract for the implementation of social engineering threat intelligence for the US Air Force Platform One Iron Bank project. This is a repository of pre-approved software. A cash injection is required.

Cadmium-free quantum dots developer Nanoco (NANO) has suspended the joint development agreement with ST Microelectronics. There are also unlikely to be revenues from another sensing programme. The joint development agreement with STMicroelectronics involved a two-year programme to optimise a second-generation sensing material. Nanoco says that it met all the development milestones. The decision is apparently due to a strategy change and end of project terms with the customer. Nanoco will also try to remove any obstacles to use the expertise developed in other opportunities.

Andrew Hore

Tekcapital #TEK – Portfolio Companies Update

17th August 2023 / Leave a comment

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group is pleased to provide a summary of latest developments across certain of its portfolio companies.

Belluscura

Belluscura plc (“Belluscura” AIM: BELL), announced on 16 August 2023 it has received purchase orders for over 6,500 of its next-generation DISCOV-R portable oxygen concentrator. This represents approximately US$15 million of potential revenue to Belluscura plc, as estimated by its management team. The recent purchase orders follow the signing of several distribution agreements with medical device distributors and other home healthcare providers, including a distribution agreement with a division of McKesson, one of the largest distributors of pharmaceuticals and medical devices in North America, earlier this month and a marketing agreement with GoodRx®, a leading digital healthcare platform, in February 2023. Belluscura has received multiple additional requests from leading oxygen homecare providers in the US to distribute the DISCOV-R.

Tekcapital owns 15,138,767 shares of Belluscura plc (11.16%).

MicroSalt

MicroSalt Ltd (“MicroSalt”) has been making steady progress towards its planned IPO. Advanced discussions with commercial partners including key players in the snack food industry are taking place in order to launch multiple products using Microsalt this year, with purchase orders anticipated in short order. MicroSalt has also demonstrated good traction in the B2C segment, with:

– two new partners based in the Philippines – Healthy Options and S&R Membership Shopping placing commercial orders for SaltMe!® Crisps; and

– expanding its US retail footprint for its low-sodium, full-flavour saltshakers by 131 stores as announced in June 2023.

Tekcapital owns 97% of the share capital of MicroSalt Ltd. and 6,034,683 shares (78%) of MicroSalt Inc., its U.S. subsidiary.

Innovative Eyewear

Lucyd Ltd (“Lucyd”) and its US subsidiary, Innovative Eyewear Inc announced a multi-year, global licensing agreement with Authentic Brands Group for Reebok® Smart Eyewear. Lucyd believe this represents a significant accomplishment towards revolutionizing the sport eyewear segment with the convenient access to info and audio content and freedom from reliance on phone screens made possible by its Bluetooth frame technologies.

In June 2023, Lucyd conducted a successful secondary offering to raise the capital (US$4.7m) needed to launch smart eyewear collections under its new Nautica, Eddie Bauer and Reebok partnerships, and its forthcoming Bluetooth safety eyewear. Both the Nautica Powered by Lucyd line and its Lucyd Safety smart eyewear line are expected to be launched in Q4 2023. The Eddie Bauer and Reebok Powered by Lucyd lines are expected to launch in early Q1 2024.

The proceeds received from the recent fundraise will be used to manufacture and market all four of these new product lines, as well as make further enhancements to the Lucyd app. At the same time, Lucyd has announced in the last few months:

– new transitional blue light blocking lens designed to maximize utility, eye protection and user satisfaction of Lucyd eyewear.

– a significant update to the Lucyd App, its patent-pending, voice-controlled onramp to ChatGPT for smart eyewear. This includes the development of an improved user experience, new tools and prompts to help the user get the most out of ChatGPT, a streamlined onboarding experience, and a premium subscription with unlimited access to ChatGPT and additional premium features

– a new modular retail display system which has so far been deployed in about 20 partner locations, providing an immersive Lucyd brand experience with a 10″ video screen.

A display of sunglasses on display Description automatically generated

Tekcapital currently owns 5,189,086 shares of Innovative Eyewear, Inc. (approximately 40%).

The Company intends to provide an update on Guidant’s recent commercial and operational progress in due course.

For further information, please contact:

Tekcapital Plc		Via Flagstaff
Clifford M. Gross, Ph.D.

SP Angel Corporate Finance LLP (Nominated Adviser and Broker)		+44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications		+44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.

LEI: 213800GOJTOV19FIFZ85

Forward-Looking Statements

This press release is for informational purposes only. The information herein does not constitute investment advice nor an offer to invest and may contain statements related to our future business and financial performance and future events or developments involving Innovative Eyewear, Inc., Lucyd or Tekcapital that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to customers, stakeholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements may be based on the current expectations and certain assumptions of Tekcapital or Lucyd’s management. Please note that these are subject to a number of risks, uncertainties and factors, including, but not limited to those described in various disclosures. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Innovative Eyewear Inc., Lucyd and/or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither Innovative Eyewear Inc, Lucyd nor Tekcapital intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

#TEK Tek Capital PLC investee co #BELL Belluscura PLC – Placing of Unsecured Convertible Loan Notes

27th January 2023 / Leave a comment

Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen enrichment technology, today announces that it has raised approximately $5.0 million (£4.1 million) through the conditional issue of a 10% Unsecured Convertible Loan Notes 2026 (the “Placing Loan Notes”) (the “Placing”).

Dowgate Capital Limited (“Dowgate”) is acting as sole placing agent, bookrunner and broker in connection with the Placing a nd SPARK Advisory Partners Limited (“SPARK”) is acting as the Company’s nominated adviser.

Background to the Placing

The Company announced on 13 January 2023 that it has made considerable progress in the past year. In March 2022, the Company signed a manufacturing Master Supply Agreement (“MSA”) with InnoMax Medical Technology, Ltd (“InnoMax”) to manufacture the X-PLOR portable POC in China and took the decision to transfer its US manufacturing in-house, to increase production output at high quality standards, and achieve a significant reduction in production costs. This was successfully completed at the end of July 2022, simultaneously achieving ISO:13485 accreditation, which allows the Company to apply for international registrations.

The Company launched the next generation X-PLOR in September 2022, which has been well received by the market based upon its performance and reliability and is now distributing throughout the US through multiple sales channels. In addition, the collaboration agreement with the VGM Group has resulted in 17 new distribution agreements in the last three months, and in December 2022 the Company signed its first international distribution agreement with MedHealth Supplies of South Africa, with the first shipment selling out within 48 hours.

By 31 December 2022 the Company had shipped or received orders for 2,850 X-PLOR units with 1,226 units being shipped in 2022 (2021: 377). The Company stated that at the year-end it had retained cash balances of $1.8 million, which together with inventory and inventory deposits, amounted to $11.9 million.

The Company is pleased with the sales momentum of X-PLOR, aided by the InnoMax agreement in China, and the successful change of strategy to in-house manufacture which has resulted in improved quality controls. The expanded global operation and in-house manufacturing capability has led to a growth in inventory levels and therefore requires additional cash resources to finance raw materials. These inventory levels will see a significant downward trend over the next 12 months as the InnoMax operation comes fully on stream.

Further, in order for the Company to deliver on a successful launch of the DISCOV-R product, which is expected to be launched for pre-market evaluation in Q1 2023, with full commercialisation anticipated in Q2, the Board is seeking to raise a minimum of $5.0 million through the Placing Loan Notes. The Company has also issued a Broker Option to enable Dowgate to arrange the placing of further loan notes to raise up to an additional approximately $5.0m (the “Broker Option Loan Notes”), together with the Placing Loan Notes (the “Loan Notes”).

Placing of Loan Notes

Dowgate has conditionally placed $5.0 million (£4.1 million) of the Placing Loan Notes with a select group of investors, including certain existing Belluscura shareholders (“Shareholders”).

Pursuant to a placing agreement between the Company, SPARK and Dowgate dated 27 January 2023 (the “Placing Agreement”), Dowgate has conditionally agreed to use its reasonable endeavours to place $5.0 million (£4.1 million) of the Placing Loan Notes. The Placing is conditional, inter alia, upon passing certain resolutions (the “Resolutions”) that will be proposed at a shareholders’ meeting to be held on or around 16 February 2023 (the “General Meeting”).

The Placing is not being underwritten (in whole or in part) by Dowgate, SPARK or any other person.

Broker Option

Given that the Placing has not been offered on a pre-emptive basis and in order to accommodate potential additional demand for Loan Notes, the Company has granted the Broker Option to Dowgate to enable Dowgate to fulfil any additional requests to participate in the Placing, for up to a further approximately $5.0 million (£4.0 million). The Broker Option is exercisable by Dowgate at its absolute discretion, at any point up to 5.00pm on 9 February 2023 and there is no obligation on Dowgate to exercise the Broker Option or to seek to procure subscribers for any Broker Option Loan Notes pursuant to the Broker Option. Any Broker Option Loan Notes issued pursuant to the exercise of the Broker Option will be issued on the same terms and conditions as the Placing Loan Notes.

The Placing and Broker Option (together the “Convertible Loan Note Financing”) when combined will, if the Broker Option is exercised in full, and assuming all interest on the Loan Notes is capitalised, result in the issue upon conversion of the Loan Notes up to 21,590,029 Belluscura new ordinary shares, representing approximately 14.9% of the enlarged issued share capital of the Company.

Terms of the Loan Notes

The key terms of the Loan Notes are:

Instrument 10% Convertible Unsecured Loan Notes 2026 constituted pursuant to a loan note instrument dated 27 January 2023 (the “Instrument”). The Loan notes will be transferable in accordance with the terms of the Instrument but will not be listed on a public market

Issue Price Loan Notes of £1.00 issued at par

Conversion Convertible into ordinary shares at a conversion price of 50 pence per share. Conversion at the holder’s election on the final business day of each quarter, commencing on 30 June 2023 and otherwise automatically at 3 years from the date of the Instrument (the “Maturity Date”)

Repayment On the Maturity Date, unless otherwise converted

Term Three years from date of issue. Loan Notes are not redeemable in cash, other than in exceptional circumstances, but are converted into ordinary shares in the capital of the Company on their Maturity Date in accordance with the terms of the Instrument.

Coupon 10% per annum, paid annually. The coupon to be paid in cash or capitalised at the Company’s discretion

Minimum size £1,000

Directors’ and connected party participation in the Placing

David Poutney and Adam Reynolds are Directors of the Company. Nigel Wray is a Substantial Shareholder (as defined by the AIM Rules). Each of David Poutney, Adam Reynolds and Nigel Wray have agreed that they will participate in the Placing as set out below.

Name	Holding of Existing Ordinary Shares	Current holding as percentage of Existing Ordinary Shares	Placing Loan Notes Subscribed	Number of Shares issued on Conversion of Loan Notes (in event of conversion)**
David Poutney*	12,455,731	10.1%	£500,000	1,000,000
Adam Reynolds	1,728,176	1.4%	£25,000	50,000
Nigel Wray	13,564,413	11.0%	£500,000	1,000,000

* includes 2,658,314 Ordinary Shares held by Vivienne Poutney, Mr Poutney’s spouse.

** excluding any accrued interest on the Loan Notes that may be capitalised at the Company’s option

Related Party Transaction – participation in the Placing

As set out above Directors David Poutney and Adam Reynolds, and Substantial Shareholder Nigel Wray have agreed that they will participate in the Placing of the Loan Notes.

The participation in the Placing by each of David Poutney and Adam Reynolds constitute related party transactions under the AIM Rules for Companies. As such, David Poutney and Adam Reynolds are not considered independent for the purposes of AIM Rule 13 in relation to these related party transactions.

Robert Rauker, Anthony Dyer, Dr. Patrick Strollo and Richard Piper who are Directors of the Company, are considered independent in relation to the consideration of these related party transactions under AIM Rule 13.

Having consulted with SPARK, the Company’s nominated adviser, the Independent Directors consider that the terms of each of David Poutney’s and Adam Reynolds’ participation in the Placing of Loan Notes are fair and reasonable insofar as Shareholders are concerned.

All the Directors are considered independent in relation to the consideration of the participation in the Placing by Nigel Wray.

Having consulted with SPARK, the Company’s nominated adviser, the Directors consider that the terms of Nigel Wray’s participation in the Placing of Loan Notes are fair and reasonable insofar as Shareholders are concerned.

Related Party Transaction – Dowgate’s participation in the Placing Agreement

As set out above, certain Directors and a Substantial Shareholder have agreed to participate in the Placing. The proposed participation by these parties constitute related party transactions under Rule 13 of the AIM Rules.

David Poutney, a Non-Executive Director of the Company, is Chairman of, and a major shareholder in, Dowgate Group Limited (“Dowgate Group”) and Chief Executive of Dowgate, a wholly owned subsidiary of Dowgate Group. As set out above, Dowgate is party to the Placing Agreement, under which Dowgate will receive:

– a fee of £40,000;

– commission amounting to 5% of funds raised in the Placing*; and

– commission amounting to 5% of funds raised under the Broker Option*,

* excepting any subscriptions made by Directors

Entering into the Placing Agreement constitutes a related party transaction under the AIM Rules for Companies.

As David Poutney is not considered independent for the purposes of AIM Rule 13, Robert Rauker, Anthony Dyer, Dr. Patrick Strollo, Adam Reynolds and Richard Piper (the “Independent Directors”) have considered the terms of this related party transaction for the purposes of AIM Rule 13.

Having consulted with SPARK, the Company’s nominated adviser, the Independent Directors consider that the terms of the Placing Agreement are fair and reasonable insofar as shareholders are concerned.

Shareholders’ Meeting

The issue of the Loan Notes is conditional on the passing of certain resolutions (the “Resolutions”) that will be proposed at the General Meeting. The Resolutions will, inter alia, increase the current authority to disapplying the relevant statutory pre-emption rights in relation to the issue of new ordinary shares in the Company, sufficient to enable the conversion of the Loan Notes in full. The Resolutions will also seek an amendment to the Company’s Articles of Association to amend the restriction on the Company’s borrowing powers and align it with that of guidelines issued by The Investment Management Association. The amendments to the Articles of Association will allow the Company to incur borrowings up to an amount equal to two times its adjusted capital and reserves from time to time and, as a result, the Company will be permitted to issue the Loan Notes.

It is expected that, subject, inter alia, to approval by Shareholders of the Resolutions at the General Meeting the Loan Notes will be issued to placees on or around 17 February 2023.

A Circular and notice of the General Meeting are expected to be sent to Shareholders on or around 31 January 2023. Notice of the General Meeting will made available on the Company’s website: www.belluscura.com.

For the purposes of this announcement, a currency exchange rate of $1:£1.2375 has been used.

For further information please contact:

Belluscura plc	Tel: +44 (0)20 3128 8100
Adam Reynolds, Chairman Robert Rauker, Chief Executive Officer Anthony Dyer, Chief Financial Officer

SPARK Advisory Partners Limited Nominated Adviser	Tel: +44 (0)20 3368 3550
Neil Baldwin

Dowgate Capital Limited Broker and Bookrunner	Tel: +44 (0)20 3903 7715
James Serjeant / Russell Cook

MHP Financial PR & Investor Relations	Tel: +44 (0)20 3128 8100
Katie Hunt/Peter Lambie/ Matthew Taylor	email: Belluscura@mhpgroup.com

#TEK TekCapital Plc investee co. #BELL Belluscura Plc – Year-end Trading Update

13th January 2023 / Leave a comment

LONDON, U.K. AND PLANO, TX, U.S. (13 January 2023) Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen concentrator (“POC”) technology, provides a trading update for the year ended 31 December 2022.

The Group is pleased to announce that it has made considerable progress this year. Since the launch of the 1^st generation X-PLOR in September 2021, the Group is now distributing throughout the US through multiple sales channels: Distributors and Durable Medical Equipment Providers both Online and Bricks and Mortar, Medical Supply Warehouses, Medical Device Intermediaries, Hospitals and Direct to Consumer.

In addition, the collaboration agreement with the VGM Group has already resulted in 17 new distribution agreements in the last 3 months, including the agreement with a leading durable medical equipment provider and distributor in the US, announced in September 2022, which serves nearly 2 million patients both online and through over 1,000 locations.

In December 2022 we also signed our first international distribution agreement, with MedHealth Supplies of South Africa, which sells to one of the world’s leading respiratory device suppliers. We have already received orders for over 1,000 units, with their first shipment sold out within 48 hours.

In December we produced a record 536 units in our in-house facility and with Innomax coming on-line in Q1 this will more than double production of X-PLOR. Of important note, even with the rapid increase in volume, the production quality of our in-house facility has been outstanding, with no units returned due to defects.

By 31 December 2022 the Company had shipped or received orders for 2,850 X-PLOR units with 1,226 units being shipped in 2022 (2021: 377). As at the year end, the Adjusted EBITDA¹ loss is anticipated to be in line with market expectations and retained cash balances of $1.8 million, which together with inventory and inventory deposits, amounted to $11.9 million.

The next generation X-PLOR, launched in September 2022, has been well received by the market based upon its performance and reliability. It provides more oxygen by weight than any portable oxygen concentrator in its class and is the first POC with a mobile app that connects to phones, tablets, pulse oximeters and wearables (the NOMAD Biometric App).

The first DISCOV-R^TM POCs expect to be launched for pre-market evaluation in Q1 2023, with full commercialisation anticipated in Q2. DISCOV-R is the first ambulatory pulse-dose and two-litre continuous flow POC in the world. Weighing c.40% less than any comparable dual flow oxygen concentrator on the market, the DISCOV-R produces nearly 3 times the oxygen by weight than its competition. Distributors are very excited about DISCOV-R and it is already receiving pre-orders. The DISCOV-R will also include the transformational NOMAD Biometric App.

In March 2022, we signed a manufacturing Master Supply Agreement (“MSA”) with InnoMax Medical Technology, Ltd (“InnoMax”) to manufacture the X-PLOR portable POC in China, more than doubling our manufacturing capacity in 2023 and enabling us to accelerate our international expansion by opening up markets in Asia and beyond. Innomax are anticipated to directly source most of their own components from the second half of 2023, which will also result in a significant margin improvement and reduction in the Company’s inventory levels.

Given the strong demand, the Group took the decision to transfer its US manufacturing in-house, to increase production output at high quality standards, and achieve a significant reduction in production costs. This was successfully completed at the end of July 2022, enabling the achievement of ISO:13485 accreditation. The manufacturing facility is already demonstrating the required product quality to build a significant customer base and repeat orders, underpinning the building of a strong brand reputation for our best-in-class technology.

Following this transition and having achieved ISO13485 accreditation, we are confident in having both the quality of manufacturing facilities and the inventory levels to increase production commensurate with market demand, as we expand our sales channels and are able to apply to distribute products internationally.

Robert Rauker, CEO of Belluscura plc, commented: “During the year we have made considerable progress. We have enhanced our production, quality accreditation and supply chain, positioning us well to deliver on the demand we are seeing for our devices, as we expand our distribution partners and geographical reach. Market reception for the next generation X-PLOR and Nomad App has been extremely positive, with an encouraging level of forward orders. We are very excited about the upcoming launch of the DISCOV-R, which we believe will be a transformational product, and we look to the future with confidence.”

Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation, share-based payment expense, foreign exchange movements and non-recurring items.

For further information please contact:


Belluscura plc	www.belluscura.com
Robert Rauker, Chief Executive Officer	via MHP
Anthony Dyer, Chief Financial Officer

SPARK Advisory Partners Limited (NOMAD)	Tel: +44 (0)20 3368 3550
Neil Baldwin

Dowgate Capital Limited (Broker)	Tel: +44 (0)20 3903 7715
James Serjeant / Nicholas Chambers

MHP (Financial PR and Investor Relations)	Tel: +44 (0)20 3128 8100
Katie Hunt / Pete Lambie / Matthew Taylor	Email: belluscura@mhpgroup.com

About Belluscura plc (www.belluscura.com)

Belluscura is a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies. Our innovative oxygen technologies are designed with a global purpose: to create improved health and economic outcomes for the patients, healthcare providers and insurance organisations.

Tekcapital #TEK investee company Belluscura #BELL receives certification to major ISO standard

10th November 2022 / Leave a comment

Belluscura, a leading medical device developer focused on lightweight and portable oxygen enrichment technology, is pleased toannounce today that it has been certified as compliant with ISO standards for Quality Management (ISO 13485:2016), allowing for design, development, manufacture and distribution of its portable oxygen concentrators (POC) following an extensive audit process undertaken by leading global assurance provider SGS.

The Group’s manufacturing facilities in both Texas and China achieved ISO 13485 certification ahead of schedule, following a complete review of our quality systems and processes, including the newly insourced manufacturing facility.

The International Organization for Standardization (“ISO”) is one of the world’s leading standards-settings bodies. The Organization develops standards to ensure the quality, safety and efficiency of products, services and systems; those standards are recognised globally as the benchmark for operational excellence among leading manufacturing companies.

The individual standards to which Belluscura is now certified are core to the Company’s business. ISO 13485:2016 specifies requirements for a quality management system where an organization needs to demonstrate its ability to provide medical devices and related services that consistently meet customer and applicable regulatory requirements. The certification, therefore, enables the Group to apply to distribute the X-PLOR and DISCOV-R in Europe (CE mark), UK (CA mark), China and the rest of the world.

Robert Rauker, CEO of Belluscura plc, said:

“This is a hugely significant step for the Group, as ISO 13485 certification will enable the company to begin the process to start distributing its products globally. Our existing market in the US represents approximately 45% of the Portable Oxygen Concentrator market, so this certification more than doubles the available market opportunity for the Group.”

“The certification shows the dedication of our team to not only developing a quality product, but to being a leading manufacturer of portable oxygen concentrators. Compliance with this standard will enable Belluscura’s commercial development by proving to new customers that the Company adheres to the highest standards of quality management excellence.

“It will, therefore, contribute to our growth as we expand production of our X-PLOR® device and the Nomad Biometric™ App, as well as the DISCOV-R™, which we expect to launch in Q1 2023 as the world’s first ambulatory dual flow portable oxygen concentrator.”

ENDS

For further information, please contact:

Belluscura plc	www.belluscura.com
Robert Rauker, Chief Executive Officer	via MHP
Anthony Dyer, Chief Financial Officer

SPARK Advisory Partners Limited (NOMAD)	Tel: +44 (0)20 3368 3550
Neil Baldwin

Dowgate Capital Limited (Broker)	Tel: +44 (0)20 3903 7715
James Serjeant / Nicholas Chambers

MHP Communications (Financial PR and Investor Relations)	Tel: +44 (0)20 3128 8100
Katie Hunt / Pete Lambie / Matthew Taylor	Email: belluscura@mhpc.com

About Belluscura plc ( www.belluscura.com )

Belluscura is a UK medical device company focused on developing high performing, lightweight and portable oxygen enrichment technology used in a broad range of industries and therapies. Our innovative oxygen technologies are designed with a global purpose: to create improved health, mobility and economic outcomes for patients, healthcare providers and insurance organisations.

Glossary

X-PLOR® is a lightweight portable oxygen concentrator with user replaceable oxygen enrichment cartridges and direct-charge batteries. Weighing only 3.75 lbs, its Airgonomic^TM Design ensures user-friendly experience and maximum comfort. It has multiple Pulse Flow Settings including X-PLORATION^TM Mode (750mL for 10 mins).

DISCOV-R™ will deliver 2000mL of continuous flow oxygen and have 8 Pulse Flow Settings. Weighing only 6.5 lbs, it will be the first a mbulatory 2L portable oxygen concentrator, producing more oxygen per pound than others in its class.

Tekcapital #TEK investee company Belluscura #BELL – Half year results to June 2022 and new agreement with US distributor

20th September 2022 / Leave a comment

Belluscura #BELL Half year results to June 2022 and new agreement with US distributor.

Significant progress with best-in-class product launches, securing manufacturing capacity and expanding our market

Financial highlights – record revenue

· Group revenue of $0.6 million (H1 2021: $nil); a 34% increase over H2 2021.

· Adjusted EBITDA of $5.1 million loss (H1 2021: $1.2 million loss)¹.

· Basic loss per share of $0.04 (H1 2021: $0.03).

· Net cash at 30 June 2022 of $11.3 million.

¹ Adjusted EBITDA is before FX movements, IFRS2, Surrendered Share Options, IPO costs. See Financial Statements Note 15 for a reconciliation

H1 Operational highlights

· Strengthened our manufacturing capacity, secured our supply chain and reduced our production costs

o Entered into a transformational Global Manufacturing Agreement with Leading Asian Electronics Manufacturer.

o Oversubscribed equity placing, raising £6 million (£5.7 million after expenses) to support new manufacturing agreement.

o Successfully transferred US manufacturing in-house from contract manufacturer leading to productivity and capacity increases, along with an expected reduction in manufacturing costs of 10%.

o Invested significantly in raw material inventory to in-source manufacturing and mitigate supply chain issues.

· Launched best in class technology

o Next Generation X-PLOR^TM Portable Oxygen Concentrator (“POC”) provides more oxygen by weight than any portable oxygen concentrator in its class and is the first POC with a mobile app that connects to phones, tablets, pulse oximeters and wearables.

Post period end highlights

· Expanded our market and improved accessibility and affordability to drive volumes and attractive returns

o Completed ISO 13485 audits ahead of schedule at Texas and China manufacturing facilities and certification is expected shortly. This certification will allow the company to apply to distribute of X-PLOR in Europe (CE mark), UK (CA mark), China and the rest of the world, more than doubling the available market opportunity.

o Launched Direct to Consumer (“DTC”) website, generating first sales in August, with a nationwide (USA) television advertising campaign across five networks commencing at the end of September to drive sales and product awareness.

o Innovative partnership programme launched to increase accessibility of portable oxygen concentrators for small, local durable medical equipment providers.

· Further extended our distribution channels

o Signed Supply Agreement with the VGM Group Inc, the largest Member Service Organisation (“MSO”) in the US, comprising over 3,000 members in August.

o Separately announced today: Distribution agreement signed with a leading Durable Medical Equipment provider and Distributor who has been providing oxygen therapy in the home setting for over 50 years, supplying both online and through over 1,000 bricks and mortar locations throughout the US.

· Cementing our technology leadership

o Built the first DISCOV-R^TM portable oxygen concentrators for premarket evaluation. The DISCOV-R^TM is the first ambulatory pulse and continuous flow POC in the world, weighing c.40% less than any comparable dual flow oxygen concentrator on the market;

o Already starting to receive orders for DISCOV-R in anticipation of 2023 Q1 launch.

· Building volumes to meet demand following transition phase which secured improved and scalable manufacturing

o In-house manufacturing transfer enabled a record 300 X-PLOR units to be manufactured and shipped in just three weeks in July.

o In this transition phase, whilst we transferred manufacturing and completed ISO 13485 audits, the Company expects to manufacture and ship over 500 X-PLOR units in Q3 and build volumes from Q4 onwards.

o Secured inventory to support six months of production.

· Well placed to capitalise on the Group’s substantial opportunity in a large and growing market

o The global POC market is still expected to grow by $750m over the next 5 years from $1.58bn to $2.32bn.

Bob Rauker, Chief Executive Officer of Belluscura, commented: “I am very pleased with the substantial operational progress the Group has made since the launch of our first product in September last year.

Demand for X-PLOR has been strong, and the initial feedback from the next-generation device has been positive. The Group continues to work diligently on the completion of development and testing of our next, market-leading, product DISCOV-R.

In the year to date, we have transferred manufacturing in-house and completed ISO 13485 audits. We have considerably expanded our market by securing high quality production and distribution agreements and launching our direct to consumer and innovative partnership programme, expanding our routes to market, which we are now starting to support with a significant advertising campaign.

We are, therefore, well placed to capture our opportunity in the Portable Oxygen Concentrator Market.”

Adam Reynolds, Chairman of Belluscura, commented: “The team at Belluscura has achieved considerable progress – to have brought two products to market so quickly, with a third to be launched in early 2023, is a tremendous achievement.

We believe the signing of a Global Manufacturing Agreement, with an affiliate of the world’s leading electronics manufacturing company, to manufacture X-PLOR products at the national innovation center for medical devices will be transformational for the Group.

Belluscura is, therefore, well positioned to capture its significant market opportunity, and will increase production commensurate with market demand, as we expand our sales channels and geographical reach for our best-in-class technology.

The initial response from the market is hugely positive and, as we scale up the business, we expect substantial growth over the coming years, leaving the Board confident in Belluscura’s future.”

* Source: Research and Markets

Belluscura signs agreement with leading distributor in the US

Belluscura, a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announces that it has signed a distribution agreement with a leading Durable Medical Equipment (“DME”) provider and distributor in the US.

The DME has been providing oxygen therapy in the home setting for over 50 years and supplies both online and through over 1,000 bricks and mortar locations throughout the US.

The agreement is for the distribution of the next generation X-PLOR®, with its new Nomad Biometric™ App where patients can connect other Bluetooth® devices such as their iPhone® or Android phone, Nonin® or Masimo® pulse oximeters, and Fitbit® wearables.

Bob Rauker, CEO of Belluscura plc, said: “This agreement, with one of the largest supplemental oxygen providers in the US, significantly increased our coverage across the country, and will give more patients access to our best-in-class devices.”

Information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ENDS

For further information, please contact:

Belluscura plc	www.belluscura.com
Robert Rauker, Chief Executive Officer	via MHP
Anthony Dyer, Chief Financial Officer

SPARK Advisory Partners Limited (NOMAD)	Tel: +44 (0)20 3368 3550
Neil Baldwin

Dowgate Capital Limited (Broker)	Tel: +44 (0)20 3903 7715
James Serjeant / Nicholas Chambers

MHP Communications (Financial PR and Investor Relations)	Tel: +44 (0)20 3128 8100
Katie Hunt / Pete Lambie / Matthew Taylor	Email: belluscura@mhpc.com

About Belluscura plc ( www.belluscura.com )

Glossary

DISCOV-R™ will deliver 2000mL of continuous flow oxygen and have 8 Pulse Flow Settings. Weighing only 6.5 lbs, it will be the first ambulatory 2L portable oxygen concentrator, producing more oxygen per pound than others in its class.

Andrew Hore – Quoted Micro 31 May 2021

31st May 2021 / Leave a comment

AQUIS STOCK EXCHANGE

Pharma C Investments (PCIL) is a shell seeking to invest in medicinal cannabis sector-focused companies, particularly those that provide ancillary products and services to the sector, and it joined the Access segment on 26 May. The indication is that plant genetics, product testing, marketing, procurement services and cannabis consumption devices are areas that might be considered. There was £920,000, after expenses, raised at 0.7p a share. Cash is equivalent to less than 0.4p a share. The shares ended the first day of trading at 0.825p (0.75p/0.9p/) and maintained that price until the end of the week.

Dispersion Holdings (DEFI) has made its first investment. An equity investment of €250,000 has been made in SportsX SAS, which is a technology platform for amateur sports clubs, for a 25% stake. SportsX SAS helps clubs to create club-branded Ethereum-based tokens. SportsX SAS takes 18% of gross merchandising revenues and charges an annual membership fee. It also retains a 10%-20% interest in club tokens. These tokens may eventually be listed on an Ethereum-based exchange, such as Uniswap.

Valereum Blockchain (VLRM) expects to launch the first listed company non-fungible token (NFT) live on a crypto exchange in the next few weeks. This will be via Valereum’s Bridge financial platform and use the Mattereum Asset Passport.

GP IT systems supplier DXS International (DXSP) maintained its profit on slightly higher turnover last year. Pilots of new systems have been continuing but the pace is slower than originally expected. Progress should speed up when there is less pressure on GPs due to Covid. Formal NHS GPIT Futures accreditation should be awarded soon for the ExpertCare hypertension product.

Virgata Services has extended its bid for Walls & Future REIT (WAFR) until 10 June. Virgata argues that the 50p a share bid provides cash immediately rather than some time in the future, even though it is a big discount to NAV.

St Mark Homes (SMAP) reported a fall in full year revenues from £324,000 to £216,000 and there was a loss of £170,000, compared with a profit of £114,000. Management is planning to refocus on developing family housing. Net assets were £5.45m (123p a share) at the end of December 2020. The share price is 87.5p (85p/90p), which values St Mark Homes at £3.86m.

Arbuthnot Banking (ARBB) has originated new loans of £247m so far this year. That means that customers owe £1.8bn. In the four months to April 2021, customer deposits increased by 10% to £2.6bn. There were £1.2bn of assets under management at the end of April.

Capital for Colleagues (CFCP) increased its NAV from 50.17p a share to 61.05p a share in the 12 months to February 2021. That includes a revaluation that reflects the March disposal proceeds for Anthesis Consulting. Interim revenues fell from £271,000 to £198,000, while pre-tax profit fell from £1.28m to £1m, due to a lower level of unrealised gains. There was £1m in the bank at the end of February and this increased to £2.64m after the latest disposal.

Oberon Investments (OBE) has acquired financial planning services provider Smythe House for £300,000 in cash and shares. Up to £233,000 more could become payable dependent on performance. That increases assets under administration by £40m. At the end of March 2021, Oberon had assets under administration of £550m and it reached more than £600m by May 2021. In the year to March 2021, revenues were 240% higher at £3.75m and momentum continues. Broking subsidiary Oberon Capital has been adding clients, including finnCap and MyHealthChecked.

TruSpine Technologies (TSP) has completed its second round of testing for the screwless, spinal stabilisation system Cervi-LOK. It took two surgeons in New York an average of 15 minutes to implant Cervi-LOK on cadavers. That is one-third of the time for other technology. The feedback was positive. There is another round of testing and clearance could be obtained as early as September. An additional £78,000 has been raised at 10p a share.

CBD products supplier Sativa Wellness Group Inc (SWEL) increased first quarter revenues by 377% to £1.37m and gross profit by 234% to £707,000. The loss has been reduced to 0.3p a share.

Ben Richardson has been appointed chief executive of SulNOX Group (SNOX) and Tony Granger becomes full-time chief administration officer. Nigel Armit is no longer finance director. Radu Forescu becomes chairman.

Good Energy (GOOD) has repaid £11.5m of Good Energy Bonds II and that will save annual interest charges of £600,000. The remaining loans total £4.9m and these should be repaid by the end of 2022.

Love Hemp Group (LIFE) raised £2.35m at 3.5p a share. The cash will fund marketing for CBD and hemp products. Coinsilium Group Ltd (COIN) raised £1.16m at 7.5p a share (with a warrant exercisable at 15p attached). The cash will be invested in non-fungible token and open finance sectors.

Mayflower Capital Investments has increased its stake in Altona Real Earths (ANR) from 14.1% to 29.5%. Ashok Patel has taken a 5.03% stake in Quetzal Capital (QTZ).

Watchstone Group (WTG) is seeking shareholder approval to cancel its AIM quotation at its AGM on 29 June.

AIM

Trellus Health (TRLS) intends to provide personalised care for people with chronic conditions with the initial focus being inflammatory bowel disease (IBD). It has an exclusive licence for the commercialisation of the GRITT (Gaining Resilience Through Transition) methodology developed by the Icahn School of Medicine at Mount Sinai. The company raised £28.5m at 40p a share. The share price jumped to 65p on the first day of trading, which values Trellus Health at £105m.

Medical devices developer Belluscura (BELL) has gained FDA clearance for its portable oxygen concentrator (POC) and it raised £17.5m – the company was originally seeking £15m of new money at 45p a share, which was in the middle of the expected range of 42p-48p. The shares ended the first day of trading at 53p.

Trading continues to be ahead of expectations at franchised lettings agency Belvoir (BLV). Management service fees 22% higher in the first four months of this year, while financial services income is 24% ahead.

Iodine producer Iofina (IOF) reported an increase in 2020 pre-tax profit from $1m to $1.3m on barely changed revenues of $29.7m. Lower interest charges and higher iodine prices will help Iofina to improve profit to $4.4m this year.

Eqtec (EQT) has raised £16m at 1.5p a share. This will finance repowering of plants in Italy and Croatia using the company’s gasification technology, plus investment in UK projects. This has led to a 26% upgrade in 2022 earnings to 0.1 eurocents a share.

MAIN MARKET

Zegona Communications (ZEG) will return £335m in cash to shareholders following the takeover of Euskaltel. The stake Zegona owns in Euskatel is equivalent to 170p a share and the cash distribution will be 153p a share. The rest of the cash is likely to fund another investment.

Kanabo Group (KNB) is raising £1m at 22p a share, which was a 10% premium to the market price. Kanabo is investing £750,000 in a pre-IPO placing by Hellenic Dynamics, a medical cannabis cultivator. A reverse takeover of an AIM shell is envisaged. There is also an agreement with Northern Greece-based Hellenic that could lead to a deal to purchase up to 1,000kg a year of cannabis flowers with pre-defined THC or CBD levels.

Andrew Hore

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