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Quoted Micro 17 August 2026
AQUIS STOCK EXCHANGE
Gledhow Investments (GDH) has received commitments for a £400,000 subscription at 1p/share, which was more than double the market price at the time. It is also acquiring Penina Resources in return for 21.9 million shares, and this bring £219,000 in cash. Penina Resources directors are Sam Quinn and Cameron Pearce, and they will join the Gledhow Investments board. That cash will be used to repay £219,566 of convertible loan notes. Tavira has been appointed broker, and the company will change its name to Panina Investments. There will be a greater focus on natural resources.
Ethry (ETHY) has agreed to a merger with Dunbar Energy to create a US-focused energy and digital infrastructure company. This is a 50/50 merger with Dunbar Energy shareholders potentially earning an additional 15% depending on performance. There will be a warrant rationalisation to simplify the capital structure. Dunbar Energy brings gas assets in Pennsylvania, and this is intended to be used to power data centres, while Ethry has similar plans for solar powering data centres. Access to affordable power is important for data centres.
Tomahawk Metals (TMHK) says satellite interpretation has identified three distinct prospect areas at the Saturn gold project in Western Australia. There are historical workings not shown in records. Rock chip samples have been sent for analysis. The assay results will help to assess potential and identify drill targets.
B HODL (HODL) has signed a non-binding letter of intent with Zeus Wallet to connect its Lightning Network routing to Zeus’ node infrastructure.
Falconedge (EDGE) has added 0.1514 Bitcoin during July, taking the holding to 21.2338 Bitcoin.
Marula Mining (MARU) says site works have begun at the Tonto Tshipi and Derdepoort manganese mines in South Africa. Talks continue with potential offtake partners. Delivery of copper from the Kinusi mine has been delayed.
Digital asset mining company Sterling Digital (ASIC) says two 2MW natural gas generators are producing electricity. These systems are being tested. The power will then be used for digital mining.
A person associated with IntelliAM AI (INT) chief executive Tom Clayton bought 10.966 shares at 81.5p each.
ASSET MATCH
Byotrol (BYOT) reported flat full year revenues of £4.3m, despite not having a contribution from IP income. The loss was reduced from £1.05m to £802,000. There was £457,000 in cash at the end of March 2026. Current trading is ahead of the previous year.
Fastjet (FJET) has received an indicative offer from majority shareholder (92.7%) Solenta Aviation Holdings. The offer is $22/share.
VP Fintech (VPF) has completed the acquisition of crypto payment gateway developer GlblNexus Inc in a share deal valued at £10m. This is based on a VP Financial valuation of £418.8m.
AIM
Retailer Mothercare (MTC) says 2025-26 net worldwide system sales fell 22% to £180m and the company’s revenues slumped 42% to £22.4m. System sales continue to decline due to uncertainty in the Middle East, the reduction in the number of stores and clearing old stock. A new franchise partner should be announced in the UK. Net debt was £5.7m at the end of March 2026 and the pension deficit is £35m. This year the loss is forecast to rise from £2.6m to £3.2m before a small reduction next year. Net debt is expected to rise.
Video games art outsourcing services provider Winking Studios (WKS) grew interim revenues 21% to $23.5m with organic growth of 9%. Building up the North American operations and investment in AI is hitting margins and holding back profitability, but the benefit should show through next year as new business builds up. All the growth came in art outsourcing division, while game development services were flat. That trend is expected to continue into the second half. SP Angel has trimmed its full year forecast revenues to $47.9m due to timing issues and most of the second half contribution is already in the order book. Continued investment will hit gross margins and lead to a full year loss of $6.6m. Growth should accelerate next year, and gross margins recover to past levels as new staff start generating income.
Security technology provider Thruvision (THRU) says a partner in Asia has won a contract worth more than £3m. The customers are a number of airports in south east Asia and the equipment will be used for “airport worker screening and insider-threat mitigation”. This is the largest ever Asian order. Delivery should be in the six months to March 2027. The Lang family has reduced its stake in the company from 9% to below 3%.
Automotive connection systems supplier Strip Tinning (STG) has been awarded a DRIVE35 grant of £3m from Innovate UK and the Advanced Propulsion Centre UK to help to scale up its manufacturing and develop the cell contacting system technology. This will fund the business beyond 2027.
Retailer Shoe Zone (SHOE) says cash generation has been better than expected and £3.5m will be returned to shareholders via buybacks. Cash was £7m on 25 July 2026 after strong July trading. Pre-tax profit forecast is unchanged at £500,000, but net cash at the end of September 2026 has been reduced from £13.1m to £11.4m, reflecting the full buyback.
Bravura Solutions Ltd (BVS), which recently joined AIM, increased underlying revenues by 10% to $282.6m and underlying net profit after tax of $63.1m. Recurring revenues are $165m. At the end of June 2026, cash was $50.3m, but there are unused debt facilities of up to $100m. A final dividend of 8.31 cents/share plus a special dividend of 6.69 cents/share.
Rent guarantee services provider Rentguarantor (RGG) reported interims in line with recently upgraded expectations. Revenues were 250% to £3.39m. Net cash was £2.4m at the end of June 2026. Full year pre-tax profit of £1.2m and that could nearly quadruple to £4.6m next year.
Gold miner Thor Explorations (THX) says second quarter revenues were $78m. EBITDA was slightly lower than forecast at $49m was hit by higher operating costs. Net cash is $219m. Drilling continues to extend the resource at the Segilola gold mine. Full year production guidance is maintained at 75,000-85,000 ounces of gold. A final investment decision for the proposed Douta mine is expected in the third quarter.
Window components Titon Holdings (TON) says that mechanical ventilation systems projects have been delayed into the next financial year. Shore has cut forecasts revenues from £18.3m to £17m, up from £15.8m last year, and there will be a full year loss. Cash was £2.2m at the end of July 2026.
AgTech and fire prevention technology provider Light Science Technologies (LST) interim revenues rose 26% to £3.73m, although the loss increased from £160,000 to £800,000. Net cash was £1.38m at the end of May 2026. The growth in revenues came in AgTech. Building regulation delays hit fire protection income in the first half. The company is still on course to breakeven this year.
Alien Metals (UFO) says further assay results for the Elizabeth Hill project includes further significant intersections and this will feed an updated JORC mineral resource estimate in the fourth quarter. Alien Metals owns 30% of the Elizabeth Hill project and 8.7% of West Coast Silver.
Distil (DIS) has received its first order for Blavod Black Vodka through its new US distribution partner. The first shipment will be in the quarter to December 2026.
MAIN MARKET
Fandango Holdings (FHP) plans to buy 50% of the Canyon silver, lead and zinc mine in Idaho. If the deal goes ahead Fandango will move to AIM.
Ashington Innovation (ASHI) is acquiring World Metal Group through a share issue. This will take the company into the metals recycling sector.
GRIT Investment Trust (GRIT) has called off the planned acquisition of Planet Scan.
Andrew Hore
Quoted Micro 4 May 2026
AQUIS STOCK EXCHANGE
Audit and assurance services provider Adsure Services (ADS) is increasing customer numbers and market share in the housing sector and education has also been a strong market. Other markets have been weaker. Working capital was reduced.
Ajax Resources (AJAX) has made a £200,000 strategic investment in Reveille Resources, taking a 25% stake in the Italy-focused uranium explorer that wants to join Aquis. Reveille Resources has interests in the Novazza and Val Vedello uranium deposits. Ajax Resources is taking an option over the acquisition of Minerva Metals, which holds the Sebera exploration licence in Italy, which is targeting antimony, tungsten and gold. Ajax Resources is planning a listing on Euronext Growth Oslo.
Marula Mining (MARU) has been fined £55,000, reduced to £44,000 for early settlement by the Aquis Stock Exchange because of social media posts that provided information that had not been published as official announcements on the market. It also repeatedly failed to produce accounts on time and was slow in paying Aquis fees. Marula Mining is continuing talks with WEEE Centre over their potential collaboration on a lithium-ion battery recycling centre in Kenya. Final legal reviews of the agreement are near to completion and phase one of the operations should start by the end of the second quarter of 2026.
Inqo Investments (INQO) has opened the Pabidi Lodge in Uganda. This is an eco-luxury hospitality asset located in Uganda’s Budongo Forest, within the broader Murchison Falls National Park.
Mendell Helium (MDH) has exercised the option to acquire M3 Helium. Completion is expected in May and £5m is being raised at 4p/share. M3 Helium already has helium production and potential to increase this through drilling and building infrastructure. Dividends are possible in 2027.
WeCap (WCAP) investee company WeShop published 2025 results. It remains an early stage business and there is an initial rollout of the social commerce platform and beta testing of the WeShop app in the US. The company is recruiting in the US. WeShop processed transactions with a GMV of $140m. The WeShop share price drifted down to $8.80, although it has still risen by 50% over the past month.
Digital asset company Coinsilium (COIN) continues to make progress with advancing its operating model. Otomato has launched its application across web and mobile. There is increasing activity on the Yellow Network, and it is moving towards the launch of decentralised perpetual futures contracts trading.
Sulnox Group (SNOX) generated record annual revenues of £2.62m, with like-for-like fourth quarter revenues nearly doubled. Cash was £822,000 at the end of March 2026.
Visum Technologies has changed its name to Nomad Compute (NMD) to reflect its new strategic direction. The focus is modular edge AI compute infrastructure. A fundraising is planned. It has acquired Crowdtech AB, a technology development company, for £414,000. This is being paid for in the form of the shares in subsidiary C and C Gordon at book value.
Energy B (NRGB) had £6,000 in cash at the end of January 2026. Chairman Neil Ritson has subsequently provided a £50,000 loan facility and £30,000 has been drawn down.
B HODL (HODL) has bought one Bitcoin at £57,802.
S-Ventures (SVEN) has invested £200,000 in Hybrid Drones. Defence company MBDA is a fellow investor.
NYCE International (NYCE) has raised £50,000 at 17.5p/share.
Woodland Capital, where Hot Rocks Investments (HRIP) managing director Gavin Burnell is a significant shareholder, has acquired 1.85 million shares at 1.1p each, 855,259 shares at 1.35p each and one million shares at 1.45p share. This takes Gavin Burnell’s interest to 19.2%.
JP JENKINS
Hydrogen Capital Growth (HGEN), formerly HydrogenOne Capital Growth, has moved to JP Jenkins as part of the managed realisation of its portfolio of clean hydrogen and energy transition technology investments.
ASSET MATCH
Infection prevention IP developer Byotrol (BYOT) says 2025-26 sales were flat at £4.33m, although product sales were higher. The loss was higher. Cash was £457,000 at the end of March 2026. There is expected to be a positive EBITDA this year.
Greenshield Agri (GAH) had net assets of 160p/share at the end of 2025. The company has hedged all its requirement for fertiliser for 2026. Costs have been cut and crop prospects are good.
AIM
Cosmetics supplier Warpaint London (W7L) was hit by US tariffs and weak consumer confidence in 2025 and this continued into early 2026. Full year revenues edged up from £101.6m to £105m, but it would have been lower without the brands acquired last year. Gross margin improved, but pre-tax profit dipped from £24.6m to £19.2m. It could rebound to more than £20m this year, but it is still early in the year. This year will be more second half weighted with a much larger Christmas order from Walmart.
Iodine producer Iofina (IOF) reported better than expected figures for 2025. Revenues increased from $54.5m to $66.5m. Earnings jumped from 1.52 cents/share to 3.26 cents/share. A large plant will start production later this year leading to a big rise in production in 2027. More plants are in the pipeline. X-ray demand for iodine is keeping the price high and Canaccord is anticipating it staying above $70/tonne. This year earnings could reach 3.9 cents/share, and the 2027 figure has been upgraded to 6.3 cents/share.
Property technology company Built Cybernetics (BUC) moved into profit in 2025-26 and smart buildings revenues exceed architecture revenues for the first time. However, the master systems integrator business has been hit by poor demand, and the group could fall back into loss this year. Built Cybernetics has raised £570,000 at 1.5p/share.
A positive trading statement by IG Design (IGR) has led to upgrades for the year just ended and the current year. Ongoing gift wrap and stationery business is better than expected, although consumer confidence remains weak. In the year to March 2026, revenues were $292m, while the pre-tax profit estimate has been increased from $9.5m to $11.5m. This year’s pre-tax profit forecast has been raised from $12.3m to $14.3m, helped by an earnings enhancing acquisition in South Africa. Net cash is $72m before the £3.4m spent on the acquisition.
Professional services provider Christie Group (CTG) beat previously upgraded profit forecasts for 2025. Pre-tax profit jumped from £2.6m to £6m, helped by the sale of loss making operations, and the dividend was raised 56% to 3.5p/share. Additional hires will increase costs this year, so profit is forecast to fall to £4.6m.
Xeros Technology (XSG) 2025 results show a reduction in loss from £4.5m to £3.5m. The sustainable laundry technology developer expects a sharp rise in revenues this year, albeit from a low base. All three parts of the business should start to grow royalty revenues.
Sanderson Design (SDG) did well in North America last year and that helped to offset the weak UK market. Group revenues fell 1% to £99.5m, while underlying pre-tax profit improved from £4.4m to £5.3m, helped by a better performance by manufacturing. The dividend is unchanged at 1.5p/share. Net cash is £9.8m.
Digital content technology and direct carrier billing services provider Bango (BGO) is focusing on higher margin and subscription business. Subscriptions revenues were 22% ahead at $22.2m and annualised recurring revenues 30% higher at $18.2m. Net revenues retention was 117% last year, which indicates the growth in spending by existing customers. Overall group revenues for 2025 fell 2% to $52.2m. Adjusted EBITDA was 7% higher at $16.4m, which was more than the capitalised development spending of $13.6m. There were exceptional charges of $6.4m, which relate to the restructuring of the business and cost savings. Net debt was $9.2m at the end of 2025
Membrane-free electrolyser technology developer Clean Power Hydrogen (CPH2) has signed a memorandum of understanding with ABE Gruppe concerning a potential supply and installation of up to 175MW of capacity over ten years. ABE is a subsidiary of BKW a large Swiss infrastructure and energy services group, and it also has operations in Germany and other European countries. This would be a significant deal for Clean Power Hydrogen, and it would generate service revenues.
ProService Building Services Marketplace (PRO), formerly HSS Hire, says 2025-26 revenues from continuing operations is expected to be £248m, which is lower than forecast. That is due to a lower ramping up of the new arrangements with Speedy Hire and the weak construction market. The company is investing in further automation of its marketplace platform. Speedy Hire volumes are improving, and the deal should be earnings enhancing this year. Net debt was £27.2m at the end of March 2026 and the debt should be refinanced by August. Guidance for 2026-27 EBITDA is between £9m and £12m. Consensus was previously £19.6m.
Digital health company MedPal AI (MPAL) has acquired the Remedi Solutions pharmacy facility in Runcorn from administrators for £310,000. Historical annualised turnover was previously around £10m. MedPal has been operating the pharmacy ahead of approval for the transfer of ownership to the company.
Scancell (SCLP) has received FDA Fast Track designation for iSCIB1+ in advanced melanoma. Plans are being advanced for a phase 3 trial which could start in the second half of 2026. Progression free survival reached 77% at 20 months, which is 30 percentage points above standard care. Additional data is expected in the first half of 2027.
Shield Therapeutics (STX) generated revenues of $18m in the first quarter of 2026 with ACCRUFeR making $9.9m and a $7.9m milestone payment from China. The US sales continue to grow, but NY-Medicaid now requires prior authorisation for prescription approvals.
MAIN MARKET
Seraphim Space Investment Trust (SSIT) investee company ALL.SPACE is being acquired by York Space Systems. It is a cash and shares bid. This investment was 15.9% of the net asset value at the end of 2025 and the value of the takeover should be similar to the current valuation.
Andrew Hore
Quoted Micro 6 April 2026
AQUIS STOCK EXCHANGE
In 2025, heart health products developer ProBiotix Health (PBX) increased revenues by 45% to £2.73m. The loss was reduced from £852,000 to £1.24m. Revenues continue to grow in the first quarter of the new financial year, and it has achieved profitability. Cash was £1.27m at the end of 2025. The order book has more than doubled to £1.3m. The company is diversifying into new medical areas.
Dermatology products developer Incanthera (INC) says direct to consumer sales of Skin + CELL products have been disappointing, generating £12,400. Discussions continue relating to retail distribution. No bulk sale will be achieved before the end of the March 2026 financial year, so stocks will be higher than anticipated. There are also technology licensing talks. The company has to be careful with working capital, but it believes it has enough cash for immediate requirements.
Oscillate (SRVL), which is changing its name to Serval Resources, is acquiring Kalahari Copper and moving to AIM on 27 April. The strategy is to build a business with a range of copper exploration and development assets. There will be a 50-for-one share consolidation. There will be a share issue to raise £2.9m at 22.5p/share. A WRAP retail offer could raise up to $300,000.
Mendell Helium (MDH) expects to publish the document for the move to AIM during April. That will spark the exercise of the option to acquire M3 Helium. The Rost 2-26 well has reached 4,540 feet. This will test helium prospects. There are preparations for the re-completion of Schneweis Ventures 13A well.
Valereum (VLRM) confirms the exclusivity agreement with Quantum Global Photonics and the definitive agreement is expected by the end of April. As part of the agreement, the first coupon payment for medium term notes of $3.9m will be a combination of cash and VGOLD-CORE (independently valued and verified) gold-backed tokens, where the launch is subject to regulatory approval. The deal involves technology integration, tokenisation and profit sharing. So far, $900,000 has been drawn down from the $2.5m investment from Blubird Global Inc. There are currently talks with Blubird Global about revising the terms of the funding, which could mean that funding could end.
Zak Mir is no longer chief executive of Lift Global Ventures (LFT) and he is not running the investor relations business Miriad any longer. The investment strategy has changed to an AI focus. Cash was £199,000 at the end of 2025 and subsequently a £40,000 settlement was agreed with a former consultant.
Heart medicines developer Cardiogeni (CGNI) says that the share swap deal with Kira Health Invest AG is progressing and could complete by 10 April. Kira Health Invest AG will acquire 67.5% of subsidiary Cell Therapy in return for a 32.5% shareholding in Kira’s hotels and wellness clinics subsidiary Lumen Clinics, which has assets of more than €100m.
Time to ACT (TTA) has appointed VSA Capital as corporate adviser and has raised £415,000 at 6p/share. The company is in talks to acquire the assets of heat treatment business MTE Heat Treatment, which is in administration. This will fit with Diffusion Alloys. It is not buying any asset from Versarien. There are other potential acquisitions.
Investment company Gledhow Investments (GDH) had NAV of £1.2m at the end of September 2025. Net cash is currently £762,000 following recent disposals. This provides the opportunity to take advantage of market volatility.
IntelliAM AI (INT) has bought the business and assets of RBM Lubrications for £25,000 payable in cash at the end of 2029. This expands the business in Scotland.
Oberon Investments (OBE) has launched a global thematic equity fund called TM Oberon Theseus Fund. It will be structured around five to eight core themes and have up to 75 investments.
B HODL (HODL) has completed the initial At-The-Market equity offer and raised £42,300 at 7.05p/share. Another Bitcoin has been acquired for £51,234. The total holding is 165.487 Bitcoin which cost an average of £81,962 each.
Digital asset miner Sterling Digital (ASIC) did not have any revenues in the period to December 2025. There was £3.67m in the bank after the Aquis flotation. Data mining equipment has been acquired, and Bitcoin should be being produced by the end of the second quarter of 2026.
South west England focused minerals explorer Tamar Minerals (TMR) had £171,000 in cash at the end of 2025 following a £256,000 cash outflow from operations in the previous six months. Since, then £2.04m has been raised.
Fund of funds investment company SuperSeed Capital (WWW) made realised and unrealised gains of more than £452,000 in 2025. This increased NAV from 1.2544p/share to 1.3668p/share.
Mollyroe (MOY) has raised £470,000 through a convertible loan note issue and £155,000 at 0.25p/share, which is also the conversion price for the loan notes. The loan facility to AI film maker Cascade has been increased from £300,000 to £500,000. Mollyroe will receive and arrangement fee of £40,000.
Macaulay Capital (MCAP) has raised £225,000 from the exercise of warrants at 25p each.
BWA Group (BWAP) managing director James Butterfield bought 1.4 million shares at 0.29p each and owns 8.02% of the company.
JP JENKINS
Surrey-based Oomisoft (OOMI) joined JP Jenkins on 1 April. The company provides membership management software, CRM and digital services. The customer is not for profit and professional organisations.
ASSET MATCH
Anti-microbial technology developer Byotrol (BYOT) has raised £250,000 at 016p/share. The cash will help to fund growth opportunities.
Recruitment services provider Macdonald and Company (MAC1) is asking for shareholder approval for a share buyback from William Buck and Robin Glover. This relates to a restructuring of interests in Asia. The general meeting is 16 April.
AIM
Building products supplier BRCK (BRCK) has received an unsolicited bid approach from Atlas Holdings LLC and after initial contact and exchange of information a 65p/share indicative offer was made. The share price has not been that level since June 2025. That offer was rejected by the board on 23 March. Atlas will be provided with additional information to see whether it can come up with a better offer, but it says this would not be enough for a firm bid.
CleanTech Lithium (CTL) has published the pre-feasibility study for the Laguna Verde lithium brine project in Chile. This shows a NPV10 of $699m over a 25-year period. This assumes extracting 15,000t per year of battery-grade lithium carbonate. The operating cost is assumed to be $5,768/t and a sale price of $22,500/t. Upfront capex is $748m. First production would be 2031.
Steel structures supplier Billington (BILN) has gained new contracts worth £50m even though the market is still relatively weak. This helps to underpin expectations for 2026, although some of the work will be done in 2027. The 2025 results are due to be published later this month. A pre-tax profit of £3.5m is forecast before a recovery to £8.3m. Manufacturing has been streamlined and Cavendish may reassess forecasts when the results are published.
Whisky supplier Artisanal Spirits Company (ART) was hit by tariffs and the US government shutdown. Elsewhere, there was an improvement in revenues last year. However, overall revenues dipped from £23.6m to £19.9m and that meant that the loss was raised from £3.1m to £7m. Net debt was £31.5m and this should start to reduce this year. The company has changed its way of trading with the US and taken on the distribution in the country.
There was a return to growth at CML Microsystems (CML) in the second half. However, the company will still make a full year loss, rather than the small profit previously expected, because the growth was in lower margin revenues. Supply chain problems have eased. Shore says it will publish 2026-27 forecasts after the latest results are published on 16 June.
Mobile games developer Gaming Realms (GMR) has been hit by changes to stake limits in the UK and there will be another setback when the tax rate increases this year. Revenues improved from £28.5m to £31.4m, while pre-tax profit rose from £8.3m to £9m as management adapted to the stake changes and kept control of costs. More games and adding licence partners have helped revenues continue to rise. North American revenues continue to grow.
Wound healing technology developer AOTI Inc (AOTI) says 2025 revenues were $66.5m, up 15% on 2024. Underlying pre-tax profit was $3.1m, compared with a loss last year. Net debt reached $6.5m. There is a $1.7m provision on money owed by Arizona. Revenues could still rise this year even though AOTI is pulling out of Arizona due to difficulty in getting paid, but profit could decline to $1.2m before starting to grow again. Outstanding debt from Arizona may eventually be reclaimed. A CMS local coverage determination is still expected in the near-term and that will provide some positivity.
Greatland Resources (GGP) benefited from a recovery in the gold price to $4,677.28/ounce. Earlier in the week, it revealed a mineral resource estimate for the O’Callaghans tungsten copper zinc lead deposit. There is 70Mt @ 0.35% of tungsten trioxide. The Telfer mineral resource estimate has been raised by 150% to 8 million ounces. Together with Havieron, the resources could be mined for many decades.
Abingdon Health (ABDX) has won a series of contracts worth £4.8m with a US client. This covers the development of multiplex quantitative lateral flow assay systems for human testing which will be delivered over 27 months. This supports the decision to expand capacity in the US. There could be a subsequent manufacturing contract. The company is set to move to around breakeven in 2026-27. The share price gained 10.3% to 8p.
Ariana Resources (AAU) reported a £12.4m loss for 2025, but this is almost all down to the change in valuation of the Turkey joint venture. That is a non-cash adjustment. The cash outflow from operating activities was £2.6m. Progress is being made with the Dokwe project in Zimbabwe and there is £5.4m in the bank to fund its development.
Monoclonal antibodies developer Bioventix (BVXP) reported interim revenues 9% lower at £6.2m. China was a tough market and some products are maturing. Pre-tax profit was slightly lower at £4.9m. Cash was £5.1m at the end of 2025. The customer base is being broadened and there is longer-term potential for royalties from the company’s antibodies that are included in products. Full year pre-tax profit is set to fall from £10.2m to £9.6m. The full year dividend is set to be unchanged at 150p/share even though it is not going to be covered by earnings.
Digital finance hub Tap Global Group (TAP) interim revenues fell from £1.8m to £1.7m. There was also £210,000 of income from settlement with crypto currency exchange Bitfinex. Cash was £433,000 at the end of 2025.
In-game advertising technology developer Mirriad Advertising (MIRI) says that the expected upturn in February and March did not happen because of the Middle East conflict. It did sign a services agreement with a UK media conglomerate. There is £675,000 in the bank, but more cash will be required before the 2025 accounts are published.
Wellheads and connectors Plexus Holdings (POS) reported a reduction in interim revenues from £2.9m to £1.2m because of delays in projects, particularly in the North Sea due to tax uncertainty and inability to offset decommissioning costs. Activity is likely to remain subdued in the second half with the assumption that work will recover in 2026-27. A full year loss is forecast before a return to profit in 2026-27. The estate of William Black has built up a stake of 5%.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) has not made the expected progress in the second half. Contract delays hampered revenues. The latest trading statement has led to a reduction in forecast earnings for 2025-26 and 2026-27. A loss of £1.5m is estimated for the year to March 2026. Net debt is expected to be £159m. The dividend is set to be slashed to 1p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for a “monoamine modulator compound series from its post-traumatic stress disorder (PTSD)” programme. This market covers more than 20 million people in the US and major European markets. This programme is part of a broader platform. SVN-114 is the lead candidate.
Digital assets investor KR1 (KR1) generated technology infrastructure income of £106,000 from staking activities and that takes the total for 2026 so far to £283,000. Financial income of £2,350 during February. NAV is 21.3p/share, down from 23.8p/share at the end of January 2026.
Andrew Hore
Quoted Micro 8 December 2025
AQUIS STOCK EXCHANGE
Amazing AI (AAI), whose shares are suspended because its corporate adviser has resigned, is asking for shareholder approval to leave Aquis. Considering the negative publicity this is not a surprise.
Delta Gold Technologies (DQG) joined Aquis on 1 December 2025 when it raised £2.5m at 10p/share. The company is developing quantum computing technology that can be licenced. This involves nano-space gold and other materials. The share price improved 28.75% to 12.875p. Bitcoin mining company Sterling Digital (ASIC) was the other company that joined Aquis on 1 December, and it raised £5m at 5p/share. The cash will fund a 3MW Bitcoin mining facility in Texas powered by flared gas. The share price reached 5.25p on the first day but ended the week unchanged at 5p.
Valereum (VLRM) is progressing with the agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. The new company has been established, and 12.6 million shares have been issued to Quorium Global Photonics SPC at par value. These shares have to be retained until the $200m of capital is released. The deal is subject to compliance and regulatory approvals. Valereum is applying to join the OTCQB Market, having sold its stake in London BTC Company (BTC), which had previously prevented qualification.
Time to Act (TTA) is interested in acquiring the assets of Versarien, which has gone into administration. Subsidiary GreenSpur Wind has won a design contract with Severn Estuary Tidal Bar, which is developing Very Low Head tidal turbine systems. There will be an assessment of GreenSpur’s axial-flux generator technology in relation to the turbine systems. This should be completed in January.
WeCap (WCAP) has provided an update on its shareholding in WeShop. The WeShop share price rose early in the week and then fell back to $126.61 and daily volumes are well below those in the first week of trading. WeCap is not allowed to sell shares before 15 November 2026. It will have to repay the £6.965m discounted capital bond by 24 May 2026. WeCap is talking to the bond holder.
Hot Rocks Investments (HRIP) has bought a further 500,000 WeShop shares, taking its stake to 537,500. It is paying 99 million shares and 173.1 million performance warrants exercisable at 1.2p each to Sidney PTC, but the shares cannot be transferred until the lock-in period ends on 15 November 2026. The initial 101.5 million of warrants can be exercised when the WeShop share price exceeds $213.34 and the rest when the price is higher than $426.67.
Alex Appleton, Sarah Gow and Pierre Villeneuve have resigned as directors of wind-based hydrogen production technology developer Energy B (NRGB), formerly known as Hydrogen Future Industries. This is leading to a review of the Bitcoin given the reduction in investor interest for this. Additional cash will be required for the business.
Ananda Developments (ANA) has received ethics and MHRA approval for the phase 2 clinical trial for the efficacy of MRX1 in treating Chemotherapy-Induced Peripheral Neuropathy. The company has redeemed its 600,000 convertible loan notes in return for 150 million shares at 0.4p each. Charles Morgan’s stake is 56.3%. Shareholder approval for leaving Aquis is expected at the general meeting on 12 December.
Phoenix Digital Assets (PNIX) plans to redomicile from the UK to Gibraltar, which already has rules relating to distributed ledger technologies. There are also experienced advisers in Gibraltar.
Global Connectivity (GCON) investee company PLUG Group has raised £1.05m at £21/share. Global Connectivity director Michael Langoulant bought 5,000 shares. Global Connectivity acquired its 87,625 shares at 200p each.
B HODL (HODL) entered into two unsecured, zero-coupon Bitcoin denominated convertible loan with Adam Black and with CoinCorner Ltd. The combined amount covered is 2.1 Bitcoin and they last for three years. The conversion share price is 11.55p.
TechFinancials (TECH) has still not received the £250,000 of placing proceeds it has been waiting for because of transfer problems.
Global Chain, a company associated with NYCE International (NYCE) director Harmen Brenninkmeijer, bought 44,291 shares at 11.06p each, taking its stake to 20.97%.
IntelliAM AI (INT) says the retail offer was oversubscribed. It has raised £260,000.
Shortwave Life Sciences (PSY) consolidated 10 shares into one new share on 2 December.
The Smarter Web Company (SWC) has not raised any cash from share subscriptions in the past two weeks. Shareholders have approved share buybacks.
Mendell Helium (MDH) has extended the broker option over up to 10 million shares until 8 December. An additional subscription of £600 has been received.
JP JENKINS
The JP Jenkins 15 index rose 4.5% to 1147.2p in November, which is the largest monthly increase since March. There was a significant rise in THG Ingenuity. Quarterly reweighting will be in January 2026.
ASSET MATCH
Byotrol (BYOT) increased interim sales from £1.93m to £2.18m and reduced the loss from £672,000 to £319,000. There was a small cash inflow from operating activities and cash was £299,000 at the end of September 2025. The infection control products company has convertible loan stock of £962,000. Cash may be required by the middle of next year. Full year sales could be as high as £4.5m.
Brewer Wadworth (WAD) says like-for-like sales are 3% ahead with own beer sales 12% higher in the year to date. Wadworth has had to absorb £750,000 of additional costs in recent months because of the 2024 Budget. Christmas trading will be important for the full year outcome.
Gulfsands Petroleum (GPX) is seeking shareholder approval to restructure is capital to consolidate shares and get rid of shareholders with fewer than 200,000 shares. A share facility will be set up for those with fewer than 200,000 shares and for the fractional entitlement of those with higher numbers of shares. If the payment would be les than £25 the shareholder will not receive any cash. Investors can bid to increase their shareholding to one divisible by 200,000. There will be a subsequent subdivision and there will be 45.14 million shares in issue. The company wants to be in a position to resume operations in Syria.
Zytronic (ZYT) says the buyer of its property is seeking to secure better financing terms. This will delay the sale. The distribution is still expected to be in the range of 48p-58p/share.
AIM
Zimbabwe is changing its royalty and tax regimes. There is an increase in the royalty rate from 5% to 10% when the gold price exceeds $2,500/ounce – applied to the full gold price – and the 100% upfront deduction for capital spending will be spread across the life of the project. This could affect the Bilboes gold project being developed by Caledonia Mining Corporation (CMCL), where production costs would be much higher, as well as its existing production. Cavendish has reduced its 2026 earnings forecast from 2.97 cents/share to 2.62 cents/share.
Health assessment technology developer GENinCode (GENI) has secured a collaboration agreement with Thermo Fisher Scientific to distribute and manufacture the CARDIO inCode-Score® Polygenic Risk Score for the prediction and prevention of heart disease. This follows the New York approval of the test. The deal covers the US as well as Europe, the Middle East and Africa. The FDA approval process is progressing.
Wynnstay Group (WYN) is benefitting from the revised strategy of the new chief executive and trading is slightly better than expected. Feed and grain profit improved even though feed volumes were lower and grain trading was hit by a weaker wheat harvest. The arable division generated better profit on higher fertiliser sales. Like-for-like retail stores sales were flat, although margins improved. Non-recurring charges relating to the restructuring will be between £5.4m and £5.9m. Cash costs will be up to £2.5m. Net cash was £26.4m at the end of October 2025. Shore Capital raised its 2024-25 pre-tax profit forecast by 6% to £9m, compared with £7.6m in the previous year. Three directors each bought 2,891 shares at 345p each following the trading statement.
One Health Group (OHGR) did even better than expected in the first half. Interim revenues were 10% ahead at £15.5m, while underlying pre-tax profit rose from £895,000 to £1.28m. Earnings were flat at 6.89p/share because of the shares issued earlier this year when One Health switched from Aquis to AIM. Net cash was £9.7m at the end of September 2025. The interim dividend was edged up from 2.07p/share to 2.1p/share. Management is confident that the surgical hub can be up and running one year after full permissions are received.
Fulcrum Metals (FMET) has achieved more than 70% gold and silver recoveries at Teck Hughes in Canada. This is part of the phase 3 metallurgical work. Previous gold recovery levels were 59.4%. Full results from the tests are expected in the first quarter of 2026, and this will support a mineral resource estimate. This will be followed by a phase 4 preliminary feasibility study.
Iodine producer Iofina(IOF) has signed an agreement with Western Midstream Partners to develop its next IOsorb plant in the Permian Basin between western Texas and southeastern New Mexico. Up until now Iofina has been producing iodine in the Anadarko Basin in western Oklahoma. The new plant will be twice as large as existing plants with a capacity to process 50,000 barrels of brine water per day supplied by Western Midstream. It will cost up to $9m to construct with annual production of up to 220 metric tonnes of iodine. The new plant could be producing before the end of 2026.
Advanced coatings provider Hardide (HDD) has received a significant order from a North American energy sector customer with a value of £1.75m. This is higher than expected and there could be more to come. The forecast revenues for 2025-26 have been raised by £1m to £8m and pre-tax profit increased from £600,000 to £1.1m – indicating the operational gearing.
North Sea oil and gas company Deltic Energy (DELT) recommended a 7.46p/share bid from Rockrose Energy, which is owned by Viaro Energy, at the end of June but completion is still dependent on the North Sea regulator NSTA. NSTA wants further information in order to reach a decision to grant the change of control of licences. The long stop of the bid has been extended to the end of March 2026.
Synergia Energy (SYN) is selling its 50% stake in the Cambay PSC for $14m and $500,000 has already been received. The initial payment is $6.5m with a further $7m 12 months after completion. This deal requires India government approval. Synergia Energy is asking for shareholder approval to leave AIM, and it will return cash to shareholders via a share buyback. A matched bargain facility may be put in place.
Anglesey Mining (AYM) shares trebled to 0.825p after it entered into a binding letter of intent with largest shareholder Energold Minerals Inc that will enable a restructuring of the business and improve the balance sheet. Two of Anglesey Mining’s investments will be swapped for the elimination of £4m of debt. Energold Minerals is paying £350,000 for non-voting exchangeable warrants to provide immediate cash. The focus will be the Parys Mountain project. Energold Mining president Brendan Cahill and Jim Williams are joining the board.
Barely more than two weeks after reporting its interims, musical instruments retailer Gear4Music (G4M) says trading has been very strong over the past weekend. This means expectations have been raised and the full year EBITDA forecast increased from £15.2m to £16.7m.
Quantum Blockchain Technologies (QBT) has entered into three non-disclosure agreements with ASIC manufacturers in relation to its Bitcoin mining technology. They have developed equipment that will be made available to QBT so that it can install and test its software. Another non-disclosure agreement has been signed with a Bitcoin mining pool. This could bypass the need to modify the operating system of mining machines using the pool.
MAIN MARKET
US cybersecurity company Narf Industries (NARF) has gained a contract worth $3.6m from a US government agency. This is for a two-year period and is to develop a way of accelerating computer system recovery after cyber-attacks.
New Frontier Minerals (NFM) has commenced drilling at the Harts Range heavy rare earths and niobium project. There will be up to 46 holes. This follows the recent fundraising.
Andrew Hore
Quoted Micro 1 April 2024
AQUIS STOCK EXCHANGE
Incanthera (INC) has published an update on its distribution deal with Marionnaud. The first order for Skin + CELL products will generate revenues of £2m with 50,000 bottles of skin cream to be supplied for sale in Austria and Switzerland. A second order will be even bigger. The management projects revenues of £10m for the year to March 2025 and this would make it profitable. The range is being increased to five products and they are all part of the initial launch. Revenues could grow to £33m the following year. There is potential for licence deals in other countries.
Watchstone Group (WTG) says a subsidiary’s VAT appeal was dismissed even though it satisfied four out of five elements. A decision will be made on whether to appeal the judgement.
TruSpine Technologies (TSP) intends to issue a conversion notice to loan note holders. The conversion price is a 130% premium to the share price prior to the convertible loan note approval by the directors. A £200,000 debenture has been used to subscribe for convertible loan notes. Geoffrey Miller has increased his stake from 6.88% to 7.24%.
Quantum Exponential Group (QBIT) has announced a further adjournment of its a general meeting to gain shareholder approval for leaving Aquis. Investors have approached the quantum technology investment company and offered to make a substantial investment. Stuart Woods has stepped down from the board.
Cadence Minerals (KDNC) investee company European Metals Holdings (EMH) says that the Cinovec project in the Czech Republic is in the process of completing a definitive feasibility study, but it will not be completed in the first quarter. There is potential to improve the lithium processing. Cadence Minerals has increased its stake in the Amapa iron ore project in Brazil to 34%. A study should reduce costs and improve productivity of the proposed mine.
S-Ventures (SVEN) increased interim revenues from £8.4m to £9.6m but reported a higher loss from continuing operations. The bakery business was profitable, but this did not offset losses and impairment costs for other businesses. There is no further news on the proposed sale of operations to AIM-quoted Riverfort Global Opportunities.
KR1 (KR1) had net assets of 134.6p/share at the end of February 2024. There was income generated of £1.63m.
Arbuthnot Banking Group (ARBB) increased its pre-tax profit from £20m to £47.1m and the total dividend was raised from 42p/share to 46p/share. Bad debts were lower than forecast. NAV is 1547p/share. The profit is likely to fall this year.
Global Connectivity (GCON) is amending the terms of warrants issued when it floated and extending them by two years to 20 April 2026. The exercise price is being reduced to 1.5p. Management is exploring potential investments.
Marula Mining (MARU) has commenced exploration at the Larisoro manganese mine in Kenya.
Valereum (LON: VLRM) has raised £300,000 at 6p/share from its chairman and is planning a larger fundraising in the third quarter of 2024.
Jenny Hanlon has been appointed as chief executive of brewer Adnams (ADB). She is currently finance director.
Tap Global Group (TAP) generated trading payment volumes of £181.6m in 2023. That generated revenues of £2.02m, but the loss was still £1.07m.
EPE Special Opportunities (EO.P) had net assets of 324p/share at the end of January 2024. There was £15.3m in cash offset by £4m in loan notes repayable on 23 July.
Gunsynd (GUN) investee company Aberdeen Minerals is raising £3m at 8.5p/share from Central Asia Metals with a further £2m that could be raised from the exercise of warrants at 11p/share. This deal requires regulatory approval.
Lift Global Ventures (LFT) investee company Trans-Africa Energy has received funding of £12m from an African investor. The first energy infrastructure investment is in Ghana. Lift Global Ventures’ core investor relations business generated cash in the first half, although there was a cash outflow for the group as a whole.
Aiden Keegan has been appointed chief executive of Cooks Coffee Company (COOK).
Philip Blows reduced his stake in Supernova Digital Assets (SOL) from 10.6% to 7.98%. There was £68,000 in the bank and £1.95m in investments at the end of October 2023. NAV was £2.93m.
Daniel Thwaites (THW) director RAJ Bailey bought 15,000 shares at 71p each.
AIM
Marine technology developer Windward (WNWD) has cut its loss and is heading towards profitability. The 2023 revenues were $28.3m, up from $21.6m. Windward started 2023 with an annual contract value of $25.5m and that has risen to $34.5m, while the 2024 forecast revenues have been edged up from $34.5m to $35.1m. Requirements for tracking cargo and ensuring that sanctions are complied with are helping to increase demand, particularly from commercial clients. Commercial revenues increased to 30% of the total for 2023, but government revenues are also growing.
Grocery distributor Kitwave Group (KITW) has made its latest acquisition, and this will be earnings enhancing. Total Foodservice Solutions is a food wholesaler with two depots based in the north of England. The customer base includes pubs, restaurants, universities and care homes. The gross cost is £21m and that is reduced to £17m when cash in the business is taken into account.
Strong growth at the Billi filtration systems helped Strix (KETL) have a better second half, but the limited recovery in kettle controls and lower consumer goods sales meant that pre-tax profit was slightly lower at £21.9m. There is no dividend. There should be an improvement in profit this year, but it will still be well down on the 2021 figure. Net debt was £83.7m and could fall below £79m by the end of 2024.
Good Energy (GOOD) had a strong performance in 2023 due to high energy prices, but 2024 will not get that benefit and energy supply profit will fall sharply. In 2023, pre-tax profit doubled to £5.7m, but the 2024 forecast has been downgraded from £8.4m to £6.7m. The energy services business, including solar and heat pump installation, is being built up and it will become a more significant profit contributor over the next couple of years making the group performance less volatile.
Floorcoverings manufacturer Airea (AEIA) increased sales of its Burmatex-branded product by 14% to £21.1m. Pre-tax profit was flat at £1.4m, although it included a small valuation gain in the latest year. Higher finance costs relate to the pension scheme and operating profit increased. The net asset value is £14.9m, including net cash of £3.4m. Strong cash generation can cover the £5m investment in new capacity and a 10% increase in the dividend to 0.55p/share. The new capacity should be ready in early 2025 and will enable Airea to take advantage of own brand opportunities for clients.
Revolution Bars Group (RBG) is assessing its options that include restructuring the business or selling all or part of the operations. There are currently no bidders. Luke Johnson is involved in talks concerning a fundraising.
Semiconductor designer CML Microsystems (CML) is being hampered by lower than expected shipments as clients reduce stocks and this is continuing into the new financial year. In the year to March 2024, revenues will be slightly lower than expectations at £23m and underlying EBITDA will be £6.4m, compared with a forecast £6.8m, due to more sales of lower margin products. Full year pre-tax profit will be just under £3m. The balance sheet remains strong with net cash of nearly £18m. The full benefits of the Microwave Technology acquisition, which has performed well, will show through over the next couple of years.
Horizonte Minerals (HZM) published the latest financing estimate for the Araguaia nickel project. The cost to complete is $454m, but the full funding required is $567m-$592m, including pre-production and transaction costs. Existing liabilities are $418, and they require restructuring. More cash will be required by mid-April. Interest payments are being deferred. Existing shareholders are not in a strong position.
A more positive trading statement from film and video translation services provider ZOO Digital (ZOO) as management believes that demand should recover following the disruption of recent strikes in Hollywood. Revenues of $40m are now expected for the year to March 2024. A new film and TV distribution client has been won and there is greater visibility of work. The company still might not move back into profit in 2024-25, though. There is potential disruption from a craft workers strike in Hollywood.
Boilers developer Inspirit Energy (INSP) is near to completing the four electronic updates for its waste heat recovery system. The team is relocating back to the UK. The cash outflow was stemmed in the six months to December 2023.
Infrastructure India (IIP) shares returned from suspension when the interims to September 2023 were published. The board is proposing a winding-up of the company as it disposes of its assets and the share quotation will be cancelled if the proposals are passed at the AGM. Net liabilities are £217.4m.
Drug discovery company C4X Discovery (C4XD) also plans to cancel its AIM quotation and re-register as a private limited company if it gains shareholder approval at a general meeting on 15 April. Shareholders owning 57% of the shares are in favour. Management believes that it will be easier to raise funds as a private company and it will save money. C4X Discovery has raised £63m on AIM. In August 2022, £5.7m was raised at 25p/share. There is still £20.8m in the bank. In the six months to January 2024, revenues were £24.6m, due to milestone payments, compared with £1.7m in the first half of the previous year. The company is generally loss-making without substantial milestone payments.
Oil and gas producer Molecular Energies (MEN) is cancelling its AIM quotation because it does not believe it is worth the cost. The company should save £500,000/year. Chairman Peter Levine, who owns 29.2%, suggests that he may offer to buy shares of some other investors in the future, but there are no immediate plans to offer an exit prior to the cancellation. Green House Capital will no longer be spun off on AIM.
Infection protection technology developer Byotrol (BYOT) has been quoted for nearly 19 years and it has decided to leave AIM. Revenues from continuing products could improve from £3.7m to £3.9m this year. No further IP revenues are expected this year. Some IP was sold to Tristel (TSTL) and along with an early termination of another licence generated cash of £800,000, but minimum guaranteed royalties will be written down by £550,000 in the balance sheet. Even before that, there will be a higher loss in 2023-24. The business needs to be restructured and reduce costs and believes there will be more flexibility as a private company.
MAIN MARKET
Quantum dots developer Nanoco (NANO) generated interim revenues of £4m, including the recognition of £3m of Samsung licence income, up from £1.6m. Net cash was £54.5m at the end of January 2024. Second half non-Samsung revenues should be higher.
First Tin (1SN) had a cash outflow from operations of more than £2m in 2023. There was also £6.4m spent on exploration activities. There is £4.66m left in the bank.
Cizzle Biotechnology (CIZ) has raised £620,000 via a placing at 2p/share. This will fund the first proposed commercial test for its lung cancer test. The £500,000 loan facility with E3 Fund will be terminated.
Andrew Hore
Quoted Micro 13 December 2021
AQUIS STOCK EXCHANGE
Gibraltar-based RentGuarantor (RGG) provides a rent guarantee service to tenants in the private rental sector. It has joined the Access segment having raised £125,000 at 200p a share. Chief executive Paul Foy has agreed to lend the company £200,000. The business is currently loss-making and has to grow much bigger to get to the point where it is breaking even. The share price ended the week at 210p, although there were no reported trades.
Incathera (INC) continues discussions with two global cosmetics companies about the commercialisation of the Sol skin cancer treatment and started talks with two more. There was £627,000 in the bank at the end of £627,000 and this should last well into next year.
Capital For Colleagues (CFCP) has raised £1.95m at 64p a share and all the directors are participating in the placing. This will provide additional cash for investment. The company had £1.91m in the bank at the end of August 2021. NAV was 69.71p a share at the end of August 2021. A final dividend of 1.5p a share is payable on 3 March.
Lombard Capital (LCAP) lost £228,000 in the quarter to September 2021. The company requires cash, and the Gaskell House waste and recycling property is up for sales. Those proceeds will not be enough to pay off the bonds when payment is due at the end of January 2022. The plan is to try to extend the redemption date.
TECC Capital (TEC) had £1.1m in the bank at the end of September 2021, which is the same as the NAV. Acquisitions are being evaluated.
Clean Invest Africa (CIA) more than halved its interim loss to £553,000. Net liabilities have increased to £3.22m. More cash is required to get the most from the CoalTech technology.
Coinsilium Group Ltd (COIN) says investee company Greengage is withdrawing the application for a Gibraltar banking licence. The plan is to pursue an e-money licence and then apply for a UK bank licence.
KR1 (KR1) has paid the performance fee of £4.15m to Reflexivity Research, which is owned by the executives of KR1. There will be £830,000 paid in cash and the rest in shares. KR1 contributed 350,000 Poldadot in the Astar, formerly Plasm, crowdloan.
Sativa Wellness Inc (SWEL) generated record revenues in one week and that takes revenues for the eleven months to November 2021 to £13.8m. The growth is coming from the testing clinics.
Kevin Soltani has stepped down as chieve executive of Semper Fortis Esports (SEMP) and Keith Harris will be interim executive chairman.
Chris Akers has raised his stake in Quetzal Capital (QTZ) to 17.2%. Burns Singh Tennent-Bhohi increased his stake in Gledhow Investments (GDH) to 8.26%. Scwiar Capital has raised its shareholding in Helium Ventures (HEV) to 10.9%.
EPE Special Opportunities (ESO) had net assets of 511.93p a share at the end of November 2021. Share buybacks are planned and 150,000 shares were acquired at 350p each.
Pioneer Media Inc (PNER) has raised a further C$400,000 at C$1 a unit (one share and one warrant). This takes the total raised to C$1.5m. Vulcan Industries (VULC) has raised £383,000 via placings at 1.6p a share and 1.5p a share.
NFT Investments (NFT) is applying to list on the NEO Exchange in Canada.
AIM
Cloud video editing platform developer Blackbird (BIRD) is raising £8m at 28p a share with chief executive Ian McDonough investing £380,000. This will finance further technology development and add to the technical staff. There will also be cash for market testing advancements and new products. The potential market is enormous, and Blackbird has only just started to exploit new areas.
Windward Ltd (WNWD) has developed AI-based software that enables real-time information about seafaring vessels to be transmitted to their owners. Israel-based Windward raised £26.3m at 155p a share and it ended the week at 204p. The market capitalisation of £166.5m is high considering the progress made. In the six months to June 2021, revenues improved from $7.11m to $8.09m, while the loss jumped from $1.53m to $4.04m. Annual contract value is $19.7m with 99% of revenues from subscriptions.
Ondine Biomedical Inc (OBI) has returned to AIM and raised £22.3m at 53.41p a share. The share price ended the week at 58.5p. Canada-based Ondine develops photodisinfection-based therapies for drug resistant infections. The light-based technology can reduce inflammation and eliminate pathogens. It originally floated on AIM on 9 August 2004, then focused on dental treatments, and left in 2011. In the six months to June 2021, revenues increased from C$213,000 to C$1.98m, while the loss fell from C$7.48m to C$4.58m.
Redx Pharma (REDX) has received another $10m milestone payment from Jazz Pharmaceuticals as the research collaboration reaches the two year mark.
Antimicrobial technology developer Byotrol (LSE: BYOT) fell back into loss following the Covid-19 boosted revenues in the corresponding interim period. Revenues more than halved from £6.7m to £3.2m. There was £1.9m of cash at the end of September 2021.
4GLOBAL (4GBL) provides sports consultancy services to governments and other organisations, as well as subscription data products. It raised £4m at 91p when it joined AIM.
Nexus Infrastructure (NEXS) returned to profit last year as revenues improved from £125.7m to £137m. Civil engineering services provider Tamdown continued to lose money but the eSmart Networks EV charging installation division moved into profit. Management is considering floating eSmart Networks on AIM or bringing in a strategic investor. The money that Nexus would raise can then be used to acquire a business to broaden the range of services offered by the TriConnex utilities connection division.
MAIN MARKET
Sivota (SIV) has found a potential reverse takeover candidate in the form of Israel-based Apester, which has an interactive digital platform. The plan is to pay $12m for a 53.9% stake in Apester. Sivota wants to raise £11m.
Urban Logistics REIT (SHED) has moved from AIM to the Main Market following a £250m fundraising.
MENA Land (MENA) has lost its listing, trading having been suspended since 2 November 2020.
Argo Blockchain (ARB) has resolved its litigation with Celsius by terminating the lease agreement and paying $6.32m to Celsius, which is handing over title to equipment and paying bitcoin to Argo. November revenues were £8.29m with Argo mining 185 bitcoin.
Andrew Hore
Quoted Micro 4 October 2021
AQUIS STOCK EXCHANGE
Wine maker Chapel Down Group (CDGP) increased interim revenues by 35% to £8.11m, which included £287,000 from the brewing business, which has been sold. Chapel Down moved from loss to profit in the first half. Underlying pre-tax profit was £459,000, helped by £73,000 of government grant income. Wine volumes increased by 66%. Pro forma net cash is £6m, following the recent fundraising.
Digital assets investor KR1 (KR1) reported an NAV of 80.3p a share at the end of June 2021, up from 29p a share at the end of 2020. There was a £69.5m gain on intangible and financial assets.
Property investor Ace Liberty and Stone (ALSP) returned to profit in the year to April 2021. The value of the portfolio was 3% higher at £89.9m. A loss of £742,000 was turned into a pre-tax profit of £1.39m. Contracts have been exchanged for the purchase of a property in Stafford for £1.26m, where the annual rent is £95,000. The sale of properties in Leeds and Dudley are due to complete.
Tectonic Gold (TTAU) has sold a 60% stake in Whale Head Minerals to AIM-quoted Kazera Global Investments (KZG) in return for 13.5 million shares, which have been assigned to Consolidated Minerals to settle a A$279,732 loan. Tectonic retains a non-diluting 10% interest in Whale Head Minerals.
Coinsilium (COIN) made a pre-tax profit of £333,000 in the first half of 2021. A net fair value gain on unlisted investments of £793,000 was offset by a £148,000 investment write-down. There was a £136,000 cash outflow from operating activities.
NFT Investments (NFT) had net cash of £29.3m at the end of June 2021. So far, two investments have been made, including one after June. Management admits that the digital asset investment sector has been volatile and NFT is being highly selective.
Cancer treatment company Rutherford Health (RUTH) has increased its full year revenues from £5.6m to £7.3m. The operating loss increased from £25.7m to £31.1m. Additional investment has been obtained since the end of February 2021.
Incanthera (INC) has frilled two trademark names for its Sol skin cancer formulation. They are ACTINOMOD AND ACTINODERM.
Arbuthnot Banking (ARBB) has sold a further 220,000 shares in Secure Trust, raising £2.5m. Arbuthnot retains 399,538 shares in Secure Trust.
Adnams (ADB) director Guy Heald has acquired 3,000 B shares from Sidney Sussex College, Cambridge at £92.86 each. His B shares stake has increased to 17.15%.
S-Ventures (SVEN) has appointed VSA Capital as corporate adviser.
Block Commodities has been withdrawn from Aquis after a six-month trading suspension.
AIM
Frontier IP (FIPP) investee company Exscientia has joined the Nasdaq Global Select Market after a $304.7m offer at $22 per ADS, which values the pharmatech company at $2.6bn. The ADSs ended at $27.10 each on the first day of trading on 1 October. The closing price values the Frontier IP stake at £31.3m. Oxford-based Exscientia is a spin-out from the University of Dundee and uses artificial intelligence to help drug discovery.
Broker Peel Hunt (PEEL) has returned to AIM two decades after its original flotation, which ended with a takeover by Belgian bank KBC. A placing at 228p a share raised £40m for the company and valued it at £280m. Existing shareholders also raised £72m The share price ended the week at 231.3p. In the year to March 2021, Peel Hunt Ltd revenues more than doubled from £95.5m to £196.9m, while pre-tax profit jumped from £34.2m to £120.1m. That reflects another bumper trading period. Because of the reorganisation of the group, the illustrative, adjusted pre-tax profit is £73.6m, up from £19.4m. Revenues for the five months to August 2021 fell from £82.5m to £63.3m.
GreenRoc Mining (GROC) has acquired the Greenland mining assets of Alba Mineral Resources (ALBA) in return for shares equivalent to 54% of the newly floated company. The Amitsoq graphite project has graphite suitable for using in the manufacture of lithium-ion batteries and the Thule Black Sands project in north west Greenland appears to be a continuation of the Dundas mineral sands project being developed by AIM-quoted Bluejay Mining (JAY). GreenRoc raised £4.25m after expenses at 10p a share. The share price has slipped back to 9.35p.
Made Tech Group (MTEC) is a rapidly growing provider of digital transformation services to the UK public sector, including healthcare and defence. It raised £15m at 122p a share when it joined AIM at the end of September. Over the past three years annual revenues have grown at a compound rate of 89% and this growth has been financed without seeking shareholder investment. In the year to May 2021, revenues were £13.3m.
Delivered ready meals company Parsley Box (MEAL) has been hit by supply problems. The available stock is 50% of planned levels, due to staffing and logistics problems at food producers, and Parsley Box has built up its cost base in anticipation of growth. It is set to continue to make losses until the supply problems ease, even though marketing spend will be cut.
Antimicrobial technology developer Byotrol (BYOT) has sold the American rights to the Byotrol24 surface spray to its Americas licensee Integrated Resources Inc for $1.4m (£1m). Byotrol retains the rights outside of the Americas.
Northbridge Industrial Services (NBI) is growing the core loadbanks manufacturer Crestchic and the disposal of the Tasman oil and gas tools business, assuming it happens, will end the associated loss and pay off debt. Group revenues were 22% higher at £19.6m, while operating profit quadrupled to £1.6m. Net debt has fallen from £6.8m to £4.5m. A pre-tax profit of £2.83m is forecast for 2021. The construction of a new Crestchic factory has commenced.
Acquisitions and strong organic growth enabled pharma services software supplier Instem (INS) to increase interim revenues by 41% to £19.8m. Demand for the company’s software is being driven by increased life sciences investment. Instem is on course to increase full year pre-tax profit from £4m to £5.2m.
Cyber security firm Osirium Technologies (OSI) signed up 31 new customers in the first half. It was particularly successful in winning NHS Trusts. Average contract values were lower, but sales bookings were 19% higher. Interim revenues increase by 5% to £740,000, while deferred income was 17% ahead. Partners are being signed up to help with international growth. Full year revenues are expected to be 12% higher at £1.6m, but Osirium will continue to lose money due to continued investment.
Digital TV software technology developer Mirada (MIRA) has changed its strategy and employing resellers. The local presence should enable Mirada to build up its international revenues. Covid-19 hampered deployments and slowed investment decisions. Interim revenues declined by 15% to $11.1m. This is despite the growth in deployments of Mirada’s android TV technology for izzi Telecom, which is the company’s largest customer.
1Spatial (SPA) continues to win new contracts and annualised recurring revenues have increased by 12%. The latest contract for a UK government department is worth £8m.
Data erasure and mobile diagnostics services provider Blancco Technology (BLTG) reported operating 2020-21 profit slightly ahead of expectations. Investec is maintaining its 2021-22 pre-tax profit forecast of £5.4m, up from £5m.
Polymers developer Itaconix (ITX) is still loss making, but interim revenues improved 26% to $1.37m. It has a pipeline of potential deals that could generate revenues that are many times higher than that.
MAIN MARKET
S and U (SUS) reported better than expected interims. Revenues were flat at £42.8m, but the core car finance business is recovering. The loan loss provision was cut from £21.4m to £4.9m. Car finance receivables were slightly higher at the end of the six-month period at £248.8m, even though credit criteria has been toughened. Pre-tax profit more than trebled to £19.9m. This includes an improvement in the profit of the Aspen bridging loan business from £100,000 to £1.5m. The interim dividend is 50% higher at 33p a share. Edison has upgraded the 2021-22 S and U pre-tax profit forecast to £38.7m.
Anglo African Agriculture (AAAP) says that the proposed reverse takeover of Kenya-based Comarco. The loan to the company plus interest, totalling $1.5m, should be repaid by the end of October. The original loan was made in November 2018 and is secured on a company with 4.74 acres of land at Mombassa.
Aircraft lessor Avation (AVAP) reported a $70.1m loss for the year to June 2021 and it is expected to make a much smaller loss this year. Avation has a fleet of 44 aircraft. The company’s cash pile should build up when underutilised aircraft are sold.
Bay Capital (BAY) is a newly floated shell set up by two highly experienced small company directors, Peter Tom and David Williams. It raised £4m at 10p a share and has pro forma cash of £6.64m, which is equivalent to 9.5p a share. The share price ended the week at 18.4p. Acceler8 Investments (AC8) is another recently floated shell where David Williams is a director.
Roquefort Investments (ROQ) is paying £1m in cash and shares for Lyramid, which has a worldwide licence to commercialise patents related to Midkine-based therapies for cancer, kidney disease, autoimmune disorders and Covid-19. Roquefort plans to raise up to £3m. Trading in the shares has been suspended until a reverse takeover prospectus has been published.
Hygiene and protection technologies developer HeiQ (HEIQ) published lower interim revenues because the comparative figures were boosted by Covid-19 demand. Full year revenues are likely to be flat at around $50m, while pre-tax profit would decline from $7m to $3.7m due to a lower gross margin and higher overheads.
Andrew Hore
Alan Green discusses markets Eddie Stobart Logistics #ESL, Byotrol #BYOT, AstraZeneca #AZN & Metro Bank #MTRO on Vox Markets podcast
Alan Green discusses markets Eddie Stobart #ESL, Byotrol #BYOT, AstraZeneca #AZN & Metro Bank #MTRO with Justin Waite on the Vox Markets podcast. Link on the image to listen.
Alan Green discusses Byotrol (BYOT) & Barclays (BARC) on VOX Markets podcast.
Alan Green discusses Byotrol (BYOT) & Barclays (BARC) with Justin Waite on the VOX Markets podcast. The interview is 28 minutes in. Click here to listen.
Daily Actions – UK Main & AIM markets 02032016
Daily Actions is a daily summary analysis of changes in short term actions from our Daily Recs – AIM and Daily Recs Main markets reports. This report is typically distributed before the open of trading in London.
AIM Market
| ST Rec. changed | ||
| From | To | |
| Banks & Investment Banks | ||
| London Capital Group Holding | Sell | Neutral |
| Basic Resources | ||
| Alexander Mining | Neutral | Buy |
| Centamin | Neutral | Sell |
| Horizonte Minerals | Neutral | Buy |
| Mariana Resources | Buy | Neutral |
| Zincox Resources | Buy | Neutral |
| Paternoster Resources | Neutral | Buy |
| Chemicals | ||
| Byotrol | Neutral | Buy |
| Financial Services | ||
| Manx Financial | Buy | Neutral |
| Fletcher King | Neutral | Buy |
| Impax Asset Management Group | Neutral | Buy |
| Park Group | Neutral | Buy |
| Polar Capital Holdings | Neutral | Buy |
| Private & Commercial Finance Group | Buy | Neutral |
| Industrial Good & Services | ||
| Flowgroup | Buy | Neutral |
| Hydro International | Neutral | Sell |
| Sabien Technology Group | Sell | Neutral |
| Oil & Gas – Explorers | ||
| Bowleven | Neutral | Buy |
| Solo Oil | Buy | Neutral |
| Oil & Gas – Producers | ||
| Plexus Holdings | Buy | Neutral |
| Retail | ||
| Stanley Gibbons Group | Buy | Neutral |
| Technology | ||
| SQS Software Quality Systems | Neutral | Buy |
| Travel & Leisure | ||
| Minoan Group | Neutral | Buy |
Main Market
| ST Rec. changed | ||
| From | To | |
| Banks | ||
| Barclays | Neutral | Buy |
| Engineering & Machinery | ||
| Halma | Neutral | Sell |
| Media & Entertainment | ||
| Photo-Me International | Neutral | Sell |
| WPP | Neutral | Sell |
| Pharmaceuticals & Biotechnology | ||
| Ixico | Buy | Neutral |
| Speciality & Other Finance | ||
| London Stock Exchange Group | Neutral | Sell |
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