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Decentralised finance (DeFi) focused investment company Dispersion Holdings (DEFI) raised £9m at 3p a share. The share price closed at 4.15p (3.8p/4.5p) and there were just over one million shares traded on the first day. The market capitalisation is £25.4m. Shares were originally issued at below the placing price and the underlying NAV is 1.8p a share. Dispersion has already made two investments, although one of those is a £210,000 investment in NFT Investments, which has management in common, at the equivalent of 7p a share. NFT’s placing was at 5p a share and the investment was made after the shares commenced trading. Since then, the share price has fallen to 3.85p (3.7p/4p).
Semper Fortis Esports (SEMP) has the management experience to exploit the fast-growing esports sector. The board includes football adviser Keith Harris. Chief executive Kevin Soltani was a co-owner of an esports franchise in MENA and co-founded the GIMA Esports Agency with chief operating officer Jassem Osseiran. The Semper Fortis Esports shareholder register includes the likes of Chris Akers. Semper Fortis Esports raised £2.5m, after expenses, at 1p a share. Pro forma net assets are £2.13m, with £2.15m cash in the bank. The pro forma NAV is just over 0.5p a share. The share price ended the week at 3.95p (3.8p/4.1p).
Greencare Capital (GRE) has invested £100,000 in Voyager Life, as part of a £671,000 before an Aquis flotation. Voyager Life supplies CBD and hemp seed oil products. This follows the £100,000 investment in CBD products supplier Clearly Supplements in the form of a 5% convertible loan. The Covid-19 pandemic and legislation changes hampered the planned reverse takeover, and it did not go ahead. There should still be more than £1m in cash in the balance sheet after the investments.
Revenues fell 59% to £8.49m at Newbury Racecourse (NYR) and there was a loss of £2.27m. Only four race meetings had people attending last year. There were 20 race days last year and there will be ten by 17 May this year. There was £1.5m raised from the sale of surplus land. There was £5.53m in the bank at the end of 2020. Net assets were £48.9m, down from £51.4m.
Spirits maker British Honey (BHC) says that first quarter revenues, excluding hand sanitisers, increased by one-quarter to £1.33m. The integration of Union Distillers is nearly complete. A new bottling line will increase capacity to four million bottles a year by the end of 2021. A new bottling line for miniatures is also being installed.
Gunsynd (GUN) has made a £200,000 in DiscovOre (ORE) at 2p a share. DiscovOre is changing its investing strategy to focus on the medical psychedelic sector.
Supported housing provider Walls and Futures REIT (WAFR) says that NAV has fallen by 5% to 102p a share. John D Wood values the company’s properties at £3.2m. The company collected 100% of rents last year. Virgata Services has to publish an offer document by 6 May.
Primorus Investments (PRIM) has invested $2.5m in convertible loan notes in standard listed Mustang Energy (MUST) as part of a fundraising to pay for a 22.1% stake in VFFB-H, which owns 50% of Enerox, an Austria-based vanadium redox flow battery manufacturer. AIM-quoted Bushveld Minerals (BMN) is the majority shareholder in VFFB-H. Enerox plans to raise £30m. Trading has been suspended in Mustang Energy shares.
Altona Rare Earths (ANR) is proceeding with the acquisition of the Monte Muambe rare earths project. The contract is being finalised and then Altona will start the earn-in to progress towards a 70% stake in the project. Altona is still assessing other projects. An application has been filed for a standard listing.
Angelfish Investments (ANGP) has raised £42,000 at 0.00258065 a share, plus £90,000 via a convertible loan facility at the same conversion price as the placing. Simon Grant-Rennick has been appointed executive chairman and Burns Singh Tennent Bhohi, who has taken a 14.8% stake, as an executive director.
Two locations have shown strong gold intersection at surfaces at NQ Minerals (NQMI) 100%-owned Beaconsfield gold mine in Tasmania. The surface potential could add significant resources to Beaconsfield.
Positive results have been reported by BWA Group (BWAP) from the sampling at the Nkoteng rutile sands project in Cameroon. There are elevated intervals of rutile-ilmenite, zircon and kyanite over continuous zones.
SulNOx Group (SNOX) has signed an Africa-focused distribution agreement with Rigworld Solutions. This formalises and earlier agreement.
Watchstone Group (WTG) has made the switch from AIM to Aquis.
Coinsilium (COIN) has raised £18,500 from the sale of treasury shares at 18.5p each.
Hurricane Energy (HUR), which at one time was a constituent of the AIM 50, is restructuring its balance sheet. This would involve swapping $50m of the principal of the company’s convertible bonds into 95% of the enlarged share capital. The terms of the remaining $180m of bonds will be amended. The business will focus on extending the oil production case for the Lancaster 205/21a-6 well.
Construction services consultancy Driver (DRV) says that its latest underlying interim profit will be slightly lower than for the same period last year, which was £1.25m. That is a strong comparative period. Lockdowns have varied in the different operational countries. Driver also lost a team in Asia Pacific to a rival. The focus is higher margin work and activity levels are improving. Net cash was £7.2m at the end of March 2021. The interims will be published on 8 June.
Pennant International (PEN) fell into loss in 2020 and it should manage to return to profit this year. Forecast revenues of £16m are 90% covered by the order book. Pennant wants to win more business in the rail sector.
Pollen Street Capital is bidding 75p a share for spend control software supplier Proactis (PHD) and the board is recommending the offer, which values the company at £71.6m. Pollen Street has the finance to accelerate growth. The bid is at 24 times prospective 2020-21 earnings, falling to 19 next year.
Building software supplier Eleco (ELCO) says that first quarter revenues were 9% ahead at £7m, while year-on-year pre-tax profit was one-fifth higher. Net cash was £7.9m at the end of March 2021. A general meeting has been requisitioned so that shareholders can vote on the re-election of executive chairman Serena Lang and non-executive director Kevin Craig, a resolution to make it compulsory for all directors to come up for re-election at every AGM and a vote on the remuneration report in the 2020 accounts.
Cosmetics supplier Warpaint London (W7L) had an improved second half and momentum is continuing into next year. In 2020, revenues fell from £49.3m to £40.3m, but earnings halved from 6.3p a share to 3.1p a share.
President Energy (PPC) expects to bring the EV-1001 well on the Estancia Vieja gas field into production during May. The drill rig will be moved to the next location. President is expected to return to profit in 2020.
Amiad Water Systems (AFS) plans to transfer its quotation to the Tel Aviv Stock Exchange.
In 2020, Argo Blockchain (ARB) increased revenues from £8.6m to £19m, but it made a small loss. Cash inflow from operating activities was £12.3m, according to finnCap. This year a pre-tax profit of £30m is forecast, although working capital will consume most of the cash generated even before significant capital expenditure.
Moulded plastic parts manufacturer Carclo (CAR) says that it has maintained its full year revenues for plastics, but there was a decline in aerospace revenues, and made a profit. Net debt has been reduced from £22.1m to £20m.
InnovaDerma (IDP) raised an additional £500,000 in an open offer and that took the total raised to £4.5m. This will fund ecommerce investment.
Blockchain investment company Coinsilium Group Ltd (COIN) has signed a memorandum of understanding with UMT United Mobility Technology, which has shares traded on the Frankfurt Stock Exchange and owns 3% of Coinsilium, to collaborate on the development of blockchain-related mobile payments services for the business to consumer market. Coinsilium will advise UMT on the potential uses of digital tokens. The initial agreement is for three months.
Hellenic Capital (HECP) has launched a one-for-three open offer at 0.5p a share that will raise £250,000. The minimum subscription is 100,000 shares and the closing date is 22 November. Each share comes with a warrant for an additional share.
Early stage investor Primorus Investments (PRIM) has invested a further A$75,000 in Melbourne-based Fresho at A$0.38 a share. Online food ordering business Fresho was seeking A$1.5m but eventually raised A$2m. Primorus initially invested at A$0.27 a share and it owns 3.1% of Fresho, which is valued at nearly A$500,000 at the placing price. Fresho is moving towards cash flow breakeven in Australia earlier than expected and the $4m in the bank will help the company to launch operations in New Zealand and Singapore.
Kryptonite 1 (KR1) has generated £750,000 at 6p a share in order to invest in more blockchain token issues. Smaller Company Capital has increased its stake to 4.59% and one of its owners and Kryptonite 1 non-executive director Jeremy Woodgate owns 1.27%.
NQ Minerals (NQMI) has raised a further £150,000 at 8.5p a share and a holder of convertible loan notes has converted into 350,000 at a price of 8p a share.
Early Equity (EEQP) has raised £590,000 at 0.6p a share and issued 30 million shares to pay for 60,000 units in Yicom Global. Early Equity owns 47.1% healthcare products importer Yicom.
Lombard Capital (LCAP) has issued a further £45,000 of 7.5% convertible loan notes 2020, with 450,000 warrants, exercisable at 10p a share, attached. That takes the convertible loan notes in issue to £195,000.
Peter Hain, Simon Dorling and Declan O’Brien have all stepped down from the board of African Potash (AFPO).
Tracsis (TRCS) had a much better second half as predicted at the interim stage. In the year to July 2017, revenues improved by 6% to £34.5m, while pre-tax profit was 14% ahead at £4.6m. The total dividend was increased from 1.2p a share to 1.4p a share. There is £15.4m in the bank. The main growth in the rail technology division was from Ontrac software business, while revenues from traffic and data were flat, although there was growth if the former Australian operations are excluded. Profit should edge up this year but it will do even better if further large contracts are secured.
Castleton Technology (CTP) reported a rise in interim EBITDA from £2m to £2.3m and strong cash flow is reducing borrowings. Net debt was £8m at the end of September 2017. Castleton provides software to social housing operators and they are signing up for multi-year contracts.
Oxford Pharmascience (OXP) is demerging its assets into an unquoted vehicle and retaining a quotation as a shell. Management believes that it will be better for the business to be private in order to commercialise the OXPzero technology and existing investors will still have an interest. The shell will have few limitations in terms of the sectors that could provide an acquisition but there is board experience in pharma and technology. There was still £20.6m in the bank at the end of October and the shell will retain more than £19m. The company will change its name to Abaco Capital.
AfriTin (ATM) has completed its spin-off from Bushveld Minerals (BMN) and a placing raised £3.5m with a further £1m coming from convertible loan notes. The main asset is the Uis tin project in Namibia.
City Pub Group has confirmed plans to join AIM by the end of November. The company has 34 pubs in southern England and it wants to raise £30m. The business was founded in 2011 by experienced pub group operators, including David Bruce, who previously sold Capital Pub Company to Greene King for £93m.
Peter Gyllenhammar has built up a 8.35% stake in Stratex International (STI) and Bob Foster has returned as interim chief executive. He will review the strategy of the company. The takeover of Crusader Resources is not going ahead. The sale of the Goldstone Resources stake raised £550,000 and there was £6.08m in the bank at the end of June 2017. Gyllenhammar is more likely to be interested in the cash rather than the mining operations. The current capitalisation of Stratex is similar to the pro forma cash and around one-third of NAV.
Versarien (VRS) raised £2.9m instead of the £1.2m it was seeking one week ago. The cash was raised at 18p a share and the share price has risen to 24p. The cash will be used to purchase capital equipment.
Pre-IPO investment company St Peter Port Capital (SPPC) has concluded a strategic review just over 13 months after it commenced. The formal sale process has been terminated. The plan is to realise investments in an orderly manner. The NAV was 25.3p a share at the end of September 2017.
Redx Pharma (REDX) has returned from suspension having come out of administration. The share price almost halved to 17.5p. Chief executive Neil Murray has been given the push, or stepped down as it is described in the announcement, and Iain Ross has taken over as executive chairman. Dominic Jackson has been appointed as finance director. Hopefully, this will mean that Redx is better run than it was before. A phase I trial for the lead cancer asset is due to start in the first quarter of 2018 and initial phase 1a results should be available by the end of 2018. There is £13.6m in the bank and no debt.
BOS Global Holdings (BOS) is facing a battle with its former boss. The workflow efficiency software provider has received a general meeting requisition from interests related to former managing director Michael Travia, who recently stepped down from the board. He wants to be reappointed to the board and have Adam Webb removed from office. These are two of the eleven proposals put forward.
Trading in the shares of Red Emperor Resources (RMP) on ASX has been suspended because it does not have sufficient operations to warrant a listing. There are plans to increase the company’s stake in an exploration block in the Philippines and there are also potential oil lease acquisitions in California.
Shari’a-compliant investment company Tejoori Ltd (TJI) is cancelling its AIM quotation ahead of returning cash to shareholders. The company’s investments have been sold and there is $17.6m in cash.
Beximco Pharma (BXP) is commencing the export of Sotalol Hydrochloride, which is a generic version of heart drug Betaplace. This is the second product to be exported to the US. Interim pre-tax profit improved by 13% to £27.5m on the back of double digit sales growth.
Amphion Innovations (AMP) has a 26% stake in Polarean Imaging Ltd, which is planning to float on AIM. Polarean is a clinical stage medical imaging business and it is expected to be valued at $29m before new money. This compares with a valuation of $22m at the time of the previous fundraising during May. That would mean that the Polarean stake is worth more than Amphion’s current market capitalisation.
SkinBioTherapeutics (SBTX) says that its SkinBiotix technology has passed all three necessary toxicity tests. This will enable human studies to begin next year.
Connemara Mining Corp (CON) has completed five holes at the Meeneragy gold project and they demonstrate the presence of a significant gold bearing system in the area. Survey data should be processed by next February.
Coal bed methane projects developer Tlou Energy (TLOU) has commenced core hole drilling at the Lesedi project in Botswana. A seismic survey is almost complete. The focus is increasing gas reserves and contingent resources. The data will be used to provide information for when development starts.
WynnStay Properties (WSP) increased its NAV to 685p a share at the end of September 2017 and the interim dividend has been raised by 18% to 6.5p a share. There was a gain on sale of properties in Colchester and Gosport as well as a 16% increase in property income to £1.12m.
TLA Worldwide (TLA) has agreed a renewed senior debt facility of $28.75m from SunTrust Bank. This was announced at 8.48am on 9 November. This contrasts with the profit warning released at 6.26pm on the last day of trading prior to Christmas 2016.
Snoozebox (ZZZ) has appointed Moore Stephems as administrator and trading in the shares has been suspended. Snoozebox is moving towards cash breakeven but the main lender, SQN Asset Finance Income Fund, has not agreed to a suitable debt refinancing plan so the company cannot continue to trade as a going concern. Panmure Gordon has resigned as nominated adviser and broker.
Thor Mining (THR) has raised nearly £494,000 from the conversion of warrants, at 0.9p each and 1.25p each, so far in November 2017. A placing recently raised £565,000 so there is plenty of cash to move ahead with exploration activities.
InterEnergy Holdings has decided not to become involved with a bid for Rurelec (RUR) as part of the consortium headed by Peter Earl. He had approached InterEnegy about the provision of loan finance. The bidding consortium subsequently pulled out of the potential bid until the full effect of the problems at Rurelec’s Patagonian power station are known.
PV Crystalox Solar (PVCS) has won an award of €34m plus interest from the International Court of Arbitration of the International Chamber of Commerce. This relates to a supply agreement with a PV company, which failed to purchase wafers in line with its contract. The customer has to pay up but it can also ask for the delivery of 22.9 million wafers that are due under the contract.
Sportech (SPO) is seeking potential offers by January 2018. A distribution of cash to shareholders is still planned for this year. Annualised cost savings of at least £2m have been identified. Trading remains in line with expectations.
Illustrated book publisher Quarto Group (QRT) has ditched its dividend after a second half upturn was not strong enough to achieve profit expectations. Full year revenues will be lower. Year end net debt will be higher than at the end of 2017. Bid talks appear to have hampered the business. The children’s and foreign rights businesses are strong. The focus is to achieve 60% annual recurring revenues.
Gemstones project developer Shefa Yamin plans to join the standard list and the Israel-based company will use the money raise to finance further exploration and to complete the pre-feasibility study at the Kishon Mid-Reach project. There are plans to set up an internet platform to sell the gemstones, some of which are unique to the area. The Carmel Sapphire brand has been registered for dark blue sapphires. Several potential primary and secondary deposits have been identified. Bulk samples are being taken, so far 11,000 tonnes have been sampled, and there are plans to delineate a mineral resource. Production is targeted within the next 24 months.
Symphony International Holdings (SIHL) had a diluted NAV of $1.146 a share at the end of September 2017. This was after a $0.10 a share dividend. The shares are trading at a one-quarter discount to NAV.
Challenger Acquisitions Ltd (CHAL) is diversifying into film conventions. Challenger is loaning £100,000 to a private company that is putting on a film convention in London in 2018. The loan is repayable, with a premium of 40%, by 15 May 2018. The cash will help to finance the venue, staff and guests. Challenger has the right to participate in future events held by the company.
Oxford Biomedica (OXB) is collaborating with a major US biopharma company for research into patients that have abnormal wound-healing responses leading to fibrosis. The collaboration will use the EpiSwitch platform.
National Milk Records (NMRP) has changed its year end to June and its latest figures are for the 15 months to June 2017. This is a period when the dairy information and data services provider sorted out its pension deficit problem and this removed significant, and volatile, liabilities from the balance sheet. The market has been tough for at least two years because of the weak milk price but it is starting to recover. In the 15 month period, revenues were £25.3m and operating profit before pension and one-off charges was £1.1m. The total loss before tax is £11.9m, which is after a pension related charge of £12.5m. Trading is improving.
WH Ireland believes that Ashley House (ASH) could report a pre-tax profit of £1.8m for the year to April 2018, although it is likely to be second half weighted. This follows a decline in underlying pre-tax profit to £53,000 last year because of uncertainty about government policy. The community care properties provider has a strong pipeline of potential developments. The acquisition of an off-site manufacturing business will help the group to win modular buildings business.
Energy efficiency products supplier Sandal (SAND) reported a 14% rise in full year revenues to £3.75m. The Energie MiHome range grew by 154%, albeit from a low base. The loss was halved to £135,000 but refunded tax reduced the cash outflow from operations. Development expenditure will broaden the product range in the smart home sector.
Ace Liberty & Stone (ALSP) reported a jump in pre-tax profit from £612,000 to £1.12m in the year to April 2017 and this is prior to the disposal of all the residential properties. The property investor made a £1.02m gain on disposals but this was offset by a £391,000 unrealised reduction in property values, compared with a £283,000 unrealised gain in the corresponding period. NAV was £18.1m at the end of April 2017.
Capital for Colleagues (CFCP) had a net asset value of 42.58p a share at the end of August 2017. Recent investment include £400,000 in timber frame buildings company Employee Owners Group and £150,000 follow-on investment in Computer Application Services.
London Nusantara Plantations (PALM) has £129,000 in the bank following the disposal of its initial land investment. There was a small gain on disposal but it was not enough to wipe out the interim loss. Management is assessing acquisition opportunities of plantations and mill capacity in Sumatra and Kalimantan, Indonesia. This will require additional funding.
Black Sea Property (BSP) has completed the €5.4m fundraising, at €0.01 a share, which it requires to progress the acquisition of the office building in Ivan Vazov Street in Sofia from UniCredit Bulbank. Debt funding of €7m still has to be secured from UniCredit Bulbank. Black Sea Property has paid a deposit of €1.04m out of the purchase price of €10.5m.
Bushveld Minerals Ltd (BMN) has published the circular for the demerger of its tin interests. Shareholders will receive one share in Afritin Mining Ltd, which will own the company’s Greenhills business, for each Bushveld share. Afritin will own the Mokopane tin project and Zaaiplaat tin tailings project in South Africa plus an interest in the Uis tin project in Namibia. Bushveld will still have coal assets but the main focus will be the vanadium assets and the potential value adding battery-related products.
Toilet tissue supplier Accrol Group Holdings (ACRL) has asked for trading in its shares to be suspended because of uncertainty about its financial position. It has been difficult to pass on extra raw materials costs and operational problems have also increased costs. There is also going to be a large fine relating to a health and safety incident.
Earthport (EPO) has raised £25m at 20p a share. This cash will be used to expand the corss-border payment services company’s market and global presence, develop further products and invest in the operating platform.
The requisitioner of the general meeting at Conroy Gold and Natural Resources (CGNR) failed to get any of its resolutions passed so there are no more changes to the board. Conroy raised €240,000 at €0.30 a share. The exercising of warrants raised €167,000. The cash will be used to develop the Clontibret deposit and pay for additional exploration at the Slieve Glah gold prospect.
Reabold Resources (RBD) is raising £1.76m at 0.5p a share. This follows a £3.96m subscription at the same share price. Reabold intends to change its focus to European oil and gas projects. Two former M&G analysts have joined the board.
City of London Group (CIN) has completed the reverse takeover of Milton Homes, which provides equity release products for residential property owners.
Stanley Gibbons (SGI) has found a new buyer for its interiors division. Gurr Johns is paying £1.25m with up to £400,000 deferred consideration. Stanley Gibbons is retaining £300,000 of inventory and the Mallett premises in New York. It has also retained the Mallett and Made by Meta brands. Millicent had agreed to pay £2.4m for the assets and brands and it has to pay a termination fee. Stanley Gibbons reported a £30.2m loss for the year to March 2017. Even taking out exceptionals the underlying loss was £11.1m. The NAV is £18m.
Kin Group (KIN) has raised £1m at 0.001p a share and every four shares come with a warrant to subscribe for a new share at 0.004p each. A CVA is proposed where unsecured creditors will swap their money owed of £2.27m for shares at 0.01p each. A capital reorganisation is required to reduce the nominal value of a share to below the placing price. John Taylor, who has been involved in the aerospace and military sectors, and Lindsay Mair, a corporate financier at SP Angel, are joining the board.
Redcentric (RCN) has appointed Chris Jagusz as chief executive. Net debt is falling but it is still £33.3m. Working capital management has improved. Profit should start to recover this year.
Orosur Mining Inc (OMI) has announced a drilling programme for the Anza gold project in Colombia. There will be 15,000 metres of diamond core drilling and the first results should be available by next February. The plan is to define a maiden resource and the potential for further mineralisation.
Avacta (AVCT) has announced a research collaboration with FIT Biotech in order to assess the effectiveness of is Affimer technology with FIT’s vector technology for delivering a gene.
The Environmental Protection Agency in the US has asked Tristel (TSTL) to resubmit its application for its Duo surface cleaner. This means that approval could be five months later than planned.
Northland has initiated coverage of Venture Life (VLG) and it expects the consumer healthcare firm to move into profit in 2018. Northland believes that Venture Life will benefit from growth in demand for self-care products because of the ageing global population. Venture Life already sells its products in more than 40 countries.
Angling Direct (ANG) is acquiring Fosters Fishing for £3m in cash. Fosters have a 17,000 square feet store in Birmingham and made an operating profit of £460,000 last year. When a new store in Slough opens Angling Direct will have 18 outlets.
SkinBioTherapeutics (SBTX) says that its technology has passed third party cytotoxicity tests. Phototoxicity and in vitro ocular toxicity tests are underway.
AdEPT Telecom (ADT) has declared a 13% increase in interim dividend to 4.25p a share. Recent acquisitions are performing well and are helping to focus the group on managed services.
Redhall Group (RHL) says delays on nuclear and infrastructure will hit its figures for the year to September 2017. The Hinckley Point C contract is expected to start in October 2017. The Chieftain facility is being closed. The 2016-17 profit forecast has been halved to £500,000. The 2017-18 profit forecast has been trimmed by £200,000 to £3.4m.
Adams (ADA) has taken its cash pile to £660,000 following the sale of £584,000 worth of shares in GVC.
Former AIM company Clinical Computing has sold its trading subsidiaries to TSX-listed Constellation Software.
InnovaDerma (IDP) is raising £4.4m at 276p a share. The Skinny Tan brand owner needs the cash for working capital. Despite declaring a profit of more than £1m in the year to June 2017 there was a £607,000 cash outflow from operations as inventory levels soared.
Curzon Energy (CZN) raised £2.33m at 10p a share but the share price has declined to 9.25p. Curzon has acquired coalbed methane licences in Oregon. Curzon believes that gas could be produced before the end of the year.
Haynes Publishing (HYNS) has completed the acquisition of E3 Technical from Solera UK for £4.72m. This will expand the data-related operations of Haynes, as well as providing cross-selling opportunities. E3 provides repair and maintenance information and vehicle registration look-up services.
Good Energy (GOOD) and Ecotricity have come to an agreement that means the latter has withdrawn its requisition of a general meeting. No details were released about the reasons behind the withdrawal.
Cadence Minerals (KDNC) is in talks to sell part of its 16.1% stake in AIM-quoted Bacanora Minerals (BCN) to a strategic investor group. Bacanora’s main interest is in the Sonora lithium project in Mexico.
Blockchain investment company Coinsilium Group Ltd (COIN) has formed a Gibraltar-based subsidiary called Terrastream Ltd, which plans to develop blockchain platform for a token-based alternative funding system. Gibraltar is expected to be the first jurisdiction to develop a regulatory framework for distributed ledger technology and the blockchain. A token sale will help to finance the development work. The initial focus is likely to be the resources sector.
MetalNRG (MNRG) has added additional ground to its licence in Australia. The new area will be called Palomino North.
All Star Minerals (ASMO) has extended the terms of the convertible loan note issued to Valiant Investments have been extended so it matures in May 2018. The annual interest charge is 20% and the conversion price is 0.1p a share. The maturity dates of other loan notes totalling £110,000 have been extended to January 2018. The interest rate and conversion price are the same. Shares have been issued to satisfy past liabilities on these loan notes.
Warehouse REIT has issued the AIM prospectus for its placing, offer for subscription and intermediaries offer to raise up to £150m. An existing portfolio of warehouse assets will be acquired for £108.9m, based on a 7% net initial yield, and there are other potential assets being assessed. A dividend of 5.5p a share is being targeted for the year to March 2019.
Utilitywise (UTW) has confirmed that trading last year was in line with expectations so pre-tax profit is likely to decline from £8.2m to £4.7m.
Palace Capital (PCA) has sold a Bristol property for £2.25m, which is its net asset value, following the loss of one of its tenants, Blafour Beatty. The property was acquired as part of a portfolio from Quintain in 2013.
Scientific Digital Imaging (SDI) is acquiring Applied Thermal Control, a manufacturer of chillers, coolers and heat exchangers, for up to £1.2m.
Management Resource Solutions (MRS) says that its chief executive Joe Clayton has left the company. He was appointed chief executive at the end of 2016. In the year to June 2017, MRS generated revenues of A$52.2m and the loss for the year will be higher than expected. Exceptional costs will also be higher than thought initially. MRS had cash of A$2m.
Gatemore Capital has increased its stake in DX (DX.) from 21.3% to 23.8% following the resumption of trading in the shares.
Redx Pharma (REDX) will be paying unsecured creditors in full. The process has begun but it will take some time. This brings the reintroduction of trading in the shares nearer.
Home improvements products provider entu (UK) (ENTU) is appointing an administrator because it has not agreed a refinancing with a potential financial backer. The trading businesses will be sold. Trading in the shares was suspended on 24 August. entu raised £32.8m when it joined AIM in October 2014.
Kin Group (KIN) has been unable to secure the funding it requires and an administrator has been appointed to the main subsidiary. Kin Group will not get anything from a sale of the subsidiary and it will become a shell. There will still be a requirement for a fundraising for the shell to be viable.
365 Agile (365) has left AIM because it has been unable to secure a reverse takeover. Potential acquisitions are still being assessed.
Mercantile Ports and Logistics Ltd (MPL) has signed up the first customer for its Mumbai port facility. This should generate £4.7m for each one million tonnes handled, with the payment raised by 7% a year. Two million tonnes of cargo have been contracted for the first year, with a guaranteed minimum of 750,000 tonnes, and the figure will rise for each of the next two years reaching three million tonnes in the third year, with a minimum of two million tonnes. Operations should commence in December. The share price rose by two-thirds to 8.13p.
Sula Iron & Gold (SULA) has raised £900,000 at 0.146p a share but £500,000 of this figure will be part of an equity sharing agreement. Sula is gambling that it will receive £500,000 or more as part of the equity sharing agreement and this will paid on a monthly basis until September 2018. The benchmark price is 0.161p a share so each month the share price has to be at least that level for Sula to at least receive that amount owed. The board members have agreed to halve their salaries.
Verditek (VDTK) has secured a deal that will mean that 51%-owned Greenflex Energy will provide its solar technology to power digital advertising boards in bus shelters in Italy. This is a trial contract won via competitive tender and starting with one bus shelter and then rolling out to a further 20. The customer is Media One, which operates more than 5,000 digital advertising boards.
Finsbury Food (FIF) is closing the loss-making pastry products maker Grain D’Or,which has failed to improve despite cost controls. Grain D’Or was acquired as part of the £56m Fletchers acquisition in 2014 and last year generated revenues of £28.5m.
Church & Dwight has terminated its CSD500 condom licensing deal with Futura Medical (FUM) after just over four years. The licence covered North America and part of Europe. The rights will be returned to Futura by November. New partners will be sought.
Green & Smart Holdings (GSH) says that biogas project development is on track and the company could pay a maiden dividend for the 2017-18 financial year.
Investment in the business has held back first half progress at packaging manufacturer Robinson (RBN) and underlying pre-tax profit fell from £580,000 to £364,000. It was also difficult to pass on plastic resin cost increases. Full year profit is forecast to fall from £2.2m to £1.2m.
Bushveld Minerals Ltd (BMN) has retired its $3m prepayment facility, which was used to buy part of its 78.8% stake in Strategic Minerals Corporation, with Wogen Resources. Vametco Alloys has increased its facility from $6m to $11m. Vametco’s Nitrovan vanadium will be marketed by Wogen around the world outside of Japan and Taiwan.
Filta Group Holdings (FLTA) is acquire drain services provider Grease Management for up to £1.11m. Annual revenues are £1.28m and three-quarters are recurring. Post-acquisition cost savings of around £100,000 could nearly double the profit contribution.
Cancer drug developer Sareum (SAR) says that its full year profit will be better than expected. The cash pile will also be higher than forecast.
Sphere Medical Holdings (SPHR) is ditching its AIM quotation as part of a funding deal with Woodford Investment Management and the Wales Life Sciences Investment Fund, which will invest £5m in convertible preferred shares. Other investors will invest up to £3m. The convertibles will be issued at 2.82p each and can be swapped for one ordinary share. Sphere will be re-registered as a private limited company, which makes it possible for Woodford to invest more.
Nanoco Group (NANO) is attracting interest in its cadmium-free quantum dots following the EU’s plans to ban cadmium in displays from October 2019. However, revenues are slower in coming through than hoped.
Photovoltaic silicon wafers supplier PV Crystalox Solar (PVCS) still had net cash of €27.9m at the end of June 2017. Running down inventories has offset the loss of €5.4m. A decision should be made by the arbitration tribunal concerning a customer that did not purchase the wafers it was contracted to buy by the end of September.
Packaging company Macfarlane Group (MACF) increased its revenues from £81.5m to £89.8m, while pre-tax profit jumped from £2m to £2.54m with the improvement coming from the distribution business. Net debt was £14.6m at the end of June 2017, while the pension fund deficit was cut from £14.5m to £13.4m. The interim dividend was increased from 0.55p a share to 0.6p a share.
Following the ending of bid talks for Quarto (QRT), Liontrust has cut its stake from 12.65% to 7.54%. Cavendish Asset Management has taken its stake to 5.18%, while two directors have also made small purchases.
Shares in standard list hostels operator Myanmar Strategic (SHWE) started trading on 22 August. The placing price was $10 and the shares are trading at $9.5m – a bid/offer price of $7/$12.
Standard list shell Boston International (BIH) is in talks to acquire Cornhill FX Holdings. This is part of the strategy to acquire operations in the foreign exchange sector. Legal and financial due diligence is being undertaken. Cornhill Capital is Boston’s broker.
Good Energy (GOOD) has set the date for general meeting requisitioned by rival renewable electricity supplier Ecotricity, which wants Dale Vince and Simon Crowfoot to join the board. The general meeting will be held on 6 September. Good Energy still believes it would be unwise to have the representatives of its rival on the board.
Via Developments (VIA1) has paid a £412,500 non-refundable deposit on a residential development site in Latimer Road, Luton. Funding still has to be secured for the £8.25m purchase price.
Early Equity (EEQP) has taken a 4% stake in Malaysian multi-level marketing business Early Infinity, which has a distribution agreement with healthcare products supplier Yicom, where Early Equity owns 32.1%. The purchase was funded by the issue of 10 million Early Equity shares. The plan is for Early Equity to buy up to 30% of Early Infinity. Five million Early Equity shares have been issued at 0.6p each to raise £30,000.
Karoo Energy (KEP) has published the competent persons report on the Kalahari Karoo basin shale gas play. There is insufficient data to estimate shale gas or quantify the associated risk. The Lower Ecca shales are broadly correlatable with the source rocks in the broader basin. The low, unrisked estimate of gas initially in place (GIIP) is 310 bscf and Karoo has a 93.475% working interest. The advice is that further exploration is required to improve the understanding of maturity trends and confirm the depths of the Lower Ecca shale.
Lombard Capital (LCAP) has issued a further £55,000 of 7.5% convertible unsecured loan notes 2018, taking the total to £100,000. The conversion price is 10p a share and there are ten warrants for each £1 loan note exercisable at the same share price. There is planning permission for 200 apartments.
Clinigen (CLIN) has approached Quantum Pharma (QP.) about a proposed cash and shares offer. Due diligence has to be undertaken before there is a firm bid. Clinigen is taking advantage of the work that Quantum management has done in selling non-core operations and improving the performance of the rest of the business. Quantum says the interim figures will be brought forward to 22 August.
DX (Group) (DX.) has ended discussions with John Menzies over the merger with its distribution division because suitable terms could not be agreed. There had already been a change in the proposals but this was not enough to make the deal go through. This will mean that DX requires to raise additional funds. The four people that Gatemore Capital wanted to be appointed to the board when it requisitioned a general meeting, later withdrawn, are being proposed as directors and Bob Holt will be leaving the board. Trading in the shares remains suspended.
Oozi Cats has been kicked off the board of Telit Communications (TCM) after it turned out that he withheld information about an indictment against him in the US when the company floated 12 years ago. There have been fears about the cash position of the business but the directors’ have tried to reassure investors. Telit plans to appoint three UK-based non-executive directors.
Tracsis (TRCS) has reassured investors that it should hit market expectations for 2016-17. This means that pre-tax profit will be better than the £6.9m reported in the previous year. Tracsis had warned that the second half would have to be strong in order to make the forecast and this has happened. There was £15m in the bank at the end of July 2017. A reorganisation of the traffic and data services division should improve margins this year. The full year results will be reported in November.
IDOX (IDOX) is acquiring electoral back office software provider Halarose for £3.5m in cash and £1.5m in shares. This will boost the market share of IDOX in the UK elections market and there should also be cost savings.
Wilmcote Holdings (WCH) is the latest shell backed by Marwyn to join AIM. The £15m raised will be used to seek significant acquisitions in the chemicals sector. The share price rose from 120p to 132.5p. Former Synthomer boss Adrian Whitfield is chief executive.
Market research firm System1 Group (SYS1) stunned the market with a profit warning that sent its shares down nearly one-third. The former BrainJuicer announced at its AGM that the lack of a repeat of a large contract last year means that gross profit could be up to 11% lower in the first half of this year. On top of this costs are rising. The interim figures are likely to show breakeven compared with a £2.8m profit in the first half of the previous year. Full year pre-tax profit could fall by up to 15% from last year’s level of £6.3m.
Bushveld Minerals Ltd (BMN) says that a study carried out in conjunction with the Industrial Development Corporation shows strong vanadium redox flow battery technology in Africa with the market peaking by 2025-2030. Global electrolyte demand is likely to peak at the same time at 1200-1800 MWh. There is potential for Bushveld to supply 200MWh of storage per annum and a study is being undertaken for a potential vanadium electrolyte production plant in South Africa. Vanadium mining and related battery technology is the focus for Bushveld. There was a small net cash position at the end of February 2017.
Malvern International (MLVN) reported a reduction in interim loss from £460,000 to £395,000 as revenues slumped from £2.07m to £1.65m. Malaysian revenues fell but operating costs were reduced. There is £360,000 in the bank. The loss in Singapore has been reduced and that was before EduTrust certification, which is required to enrol international students, was reinstated. There has been year-on-year growth of 17% in London revenues and the loss was sharply reduced. House broker WH Ireland is not publishing forecasts at the moment.
Pawnbroker H&T Group (HAT) reported a 62% increase in first half pre-tax profit to £6.2m and the interim dividend was raised by 10%. H&T has been compared with Ramsden (RFX) but the mix of operations and revenues is very different.
Connemara Mining (CON) has raised £200,000 via a placing at 1.75p a share and each new share has a warrant to subscribe for an additional share at 3.42p each. Patrick Cullen has been appointed as chief executive of the gold and zinc explorer.
Red Leopard Holdings (RLH) is in talks to acquire a coal project in Colombia. Red Leopard will have to issue shares with a minimum valued of $180m in order to acquire the La Luna project. Trading in the shares is suspended.
Stem cell services and insurance provider WideCells Group (WDC) has raised £750,000 at 14p a share and the cash will be used to finance growth in the three operating divisions. Positive news has helped to boost the share price over the past two months. This includes the granting of a research licence by the UK Human Tissue Authority. The CellPlan insurance product is on sale and a digital platform is being developed for the educational division, WideAcademy.
Myanmar Strategic Holdings Ltd (SHWE) has raised $423,000 at $10 a share, while $3.9m of loan notes have been converted into shares. The focus is on hospitality and education sectors. The company already operates three hostels in Myanmar and it has acquired the rights from Pearson to open English language centres. Last year, revenues were $330,000 and the loss was $2.38m. Dealings are due to commence on 22 August.
Pembridge Resources (PERE) is set to move from AIM to the standard list on 21 August. It has raised £2.27m at 1.6p a share. The move will provide more time for Pembridge to build up a portfolio of mining investments without worrying about doing this within the timescale required on AIM.
Quarto (QRT) has ended bid negotiations with an unnamed bidder less than a fortnight after revealing the talks. One of the stumbling blocks was the regulatory approval required by the bidder and the book publisher’s management did not want to be distracted from trading by a bid that could take a long time to come to fruition. This is despite the fact that the bid proposal was at an attractive premium.
Bluebird Merchant Ventures (BMV) has located the three historic entry points to the Gubong gold mine in South Korea. This will enable access to five of the veins that were previously mined when the gold price was much lower.
Social impact investment company Inqo Investments Ltd (INQO) has taken a stake in Uganda-based Four-One Financial Services Ltd, which manages the Mazima Voluntary Individual Retirement Benefits Scheme. The pension scheme is aimed a low income earners and Four-One provides marketing and administration services.
NQ Minerals (NQMI) has been regularly raising funds in the past few weeks. The latest placing raised nearly £126,000 at 7.3p a share. So far this year, NQ has raised nearly £900,000.
Malcolm Burne has increased his stake in Coinsilium Group Ltd (COIN) by 500,000 shares, taking his shareholding to 6.19%.
Kryptonite 1 (KR1) consolidated every 19 shares into one new share on 4 April.
StatPro (SOG) is acquiring UBS Delta, which provides risk and performance analysis services, for €13m (£11.1m) over three years. UBS Delta has 115 clients with 100 of these being new to StatPro. This provides a ready made customer base for the StatPro Revolution product. UBS Delta has annualised recurring revenues of £14.5m and the combined group will have £53m. This is a highly earnings enhancing deal. A full contribution in 2018 leads to an improvement in forecast earnings per share from 4.5p to 7.4p. Net debt will double to £20.2m by the end of 2017 and then start to come down through cash generated from operations.
Bushveld Minerals Ltd (BMN) has completed the purchase of a 78.8% stake in Strategic Minerals Corporation, which owns 75% of the company that owns Vametco Alloys in South Africa. Bushveld says that the $16.5m it has paid is less than the cost of setting up a greenfield mining operation. The deal is part of the strategy to develop a vertically integrated vanadium operation. Bushveld is acquiring a low cost, open pit mine and plant with an existing customer base. There are enough ore reserves to last for 24 years at current production levels, plus scope to increase these reserves. Vametco is also near to Bushveld’s Brits vanadium project. Bushveld has also agreed to work with Sinohydro Corporation on developing a 60MW coal powered plant and related transmission infrastructure in southern Madagascar. Sinohydro will pay for the bankable feasibility study and project implementation proposal in the next 12 months. Bushveld is also moving ahead with the acquisition of an interest in the Uis tin project in Namibia.
AdEPT Telecom (ADT) says that its figures for the year to March 2017 will be ahead of expectations. Revenues are expected to be 16% higher and EBITDA 26% ahead. Net debt of £15.8m is £1.3m lower than forecast. The total dividend will be increased by 19% to 7.75p a share.
Belvoir Lettings (BLV) grew its 2016 revenues by 43% to £9.94m, while pre-tax profit improved from £2.2m to £2.5m. Contributions from acquired letting networks helped the growth. Demand remains strong for rented property. The estate agency business continues to grow from a low base and there are plans to increase revenues from other services. The final dividend is unchanged at 3.4p a share.
Gatemore Capital Management has withdrawn its requisition for a general meeting to change the board at DX (Group) (DX.) following the announcement of the discussions for the merger with Menzies Distribution.
Staunton failed to secure 50% acceptances for its 300p a share bid for FIH Group (FIH). The level of acceptances was 34.74% but nearly two-thirds of those were related parties to Staunton, which itself already owned 2.34%. The bid has lapsed. Dolphin Fund Ltd is still waiting in the wings but has not made a firm offer.
TechFinancials Inc (TECH) returned to profit in 2016 but there remains uncertainty due to the loss of the company’s major customer. There are plans to widen the range of products offered in order to offset the loss and the impact of regulatory changes. There was $7.7m in the bank at the end of 2016 and since then a $3m dividend has been received from the DragonFinancials joint venture.
Gresham House Strategic (GHS) has revealed plans to pay a maiden dividend. The 15p a share final dividend will be combined with a share buy back programme. At the end of March 2017, there were £1.7m of realised gains and 50% of that is available for dividends and buy backs. The company has already bought 500 shares at 831p each.
BP Marsh (BPM) is selling its 29.9% stake in Trireme for £2.96m, compared with a book value of £2.53m. Trireme will also repay a loan of £2.16m.
Revenue recognition changes mean that Styles & Wood (STY) will report lower revenues for 2016 but pre-tax profit will be in line with expectations.
Botswana Diamonds (BOD) has discovered two kimberlite blows at the Frischgewaagt project in South Africa. This could mean that the kimberlite dyke system could widen, thereby providing higher volumes of kimberlite.
Tracsis (TRCS) is investing up to £1.3m in Vivacity Labs Ltd, which has developed machine learning software to help solve traffic and transport problems. Tracsis could use the technology to reduce the costs of processing video for its traffic and data services division. Tracsis will invest £1m to take a 23.3% stake and it has an option to acquire a further 4.8% for £300,000.
IT firm Triad Group (TRD) says that its full year pre-tax profit will increase from £863,000 to around £1.5m. The majority of that improvement came in the first half but there was also profit growth in the second half.
World Trade Systems (WTS) says that its health foods subsidiary is planning to enter cooperation agreements with two companies that will help it to diversify its product range and extend its market in China. CHelac and WTS plan to collaborate on R&D to develop cosmetic products using the former’s collagen stimulating technology. Fine Japan is linking up with WTS as a way of increasing its business in China. WTS is heading towards the first decade of the suspension of trading in its shares.
SMALLCAP AWARDS 2017 NOMINATIONS
IPO of the Year
Accrol Holdings; Blue Prism Group; Franchise Brands; InnovaDerma
Company of the Year
DP Poland; Fulcrum Utility Services; Gear4Music; Harvest Minerals
Nex Exchange Company of the Year
Adnams plc; Capital for Colleagues plc; Chapeldown; Crossword Cybersecurity plc; Sandal plc
Social Stock Exchange Impact Company of the Year
Capital for Colleagues; Caretech; Impax Asset Management; Obtala
Executive Director of the Year
Stephen Moon, CEO, Science in Sports; Andrew Jacobs, CEO, Lok’nStore; Nick Jarmany, CEO, Quixant; Tim Mitchell, CEO, Sareum
Transaction of the Year
Amino Technologies; Keyword Studios (Synthesis Group); Marlowe ; SCISYS (Annova)
Analyst of the Year
Mike Allen – Zeus; Andrew Blain – Cenkos Securities; Eric Burns – WH Ireland; Simon Strong – Cenkos Securities
Journalist of the Year
Paul Scott – Stockopedia; Jamie Nimmo – Evening Standard; Simon Thompson – Investors Chronicle
Advisor of the Year
Cenkos Securities; FinnCap; Panmure Gordon; Shore Capital; Stockdale Securities; Zeus Capital
Fund Manager of the Year
Paul Jourdan – Amati Global; Simon Knott – MI Discretionary Trust; Paul Mumford – Cavendish; Giles Hargreave and Guy Feld – Marlborough Fund