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Quoted Micro 11 August 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) raised £8.1m from a placing and subscription at 205p/share early in the week. It subsequently launched Smarter Convert, a capital raising structured as a convertible bond denominated in Bitcoin. Asset management firm TOBAM has subscribed $21m through three of its funds. The reference share price is 195p and the conversion price is a 5% premium to that price. After an initial six months, the company can force the conversion if the share price is 50% higher than the conversion price for ten trading days. If the bonds are not converted within 12 months, then the holders will receive 98% of the bond value, although that figure depends on the movement in Bitcoin.
EDX Medical (EDX) is developing a pneumonia test for critically ill NHS patients. It is partnering with the Intensive Care Unit at Cambridge University Hospitals NHS Foundation Trust to develop a test that identifies the DNA or RNA of microbes that cause lung infection. Results should be available in 60 seconds. EDX Medical has licenced the IP for the test from the trust. A kit version will be developed to sell to other hospitals.
Macaulay Capital (MCAP) has an investment portfolio of seven companies, and they are valued at £1.03m. Macaulay Capital made a loss of £226,000 on interim revenues of £157,000. There was £779,000 in cash in the balance sheet at the end of June 2025. Management believes that there are plenty of opportunities.
Incanthera (INC) says the Skin + CELL skincare range launches on 11 August. It will be available through www.skinandcell.com.
Igraine (KING) has entered into a collaboration with Homerun Energy, the European subsidiary of Canada-based renewable energy and critical metals projects developer Homerun Resources Inc. The two companies will work together on UK alternative energy projects focused on electric vehicle charging and integrated battery storage. There is an initial pilot for a UK automotive manufacturer.
Asia Wealth (AWLP) generated revenues of $962,000 in the year to February 2025 and a foreign exchange gain enabled it to move back into profit.
Valereum (VLRM) has raised £400,000 from subscriptions from its chairman and chief executive at 3.1p/share. A retail offer to raise £100,000 at 3.1p/share will launch in the coming week.
TruSpine Technologies (TSP) has published a document to gain shareholder approval for a Bitcoin treasury policy and the new strategy to acquire intellectual property assets. The company also plans to change its name to TSP Advanced Technologies.
Vault Ventures (VULT) holds 771.37 ETH, 2,200.32 SOL and four Bitcoin.
Coinsilium (COIN) has invested a further £5m and owns 181.9596 Bitcoin and the total value is £15.7m.
Vaultz Capital (V3TC) has taken its Bitcoin holding to 117.853279 and the total cost is £10m.
Yorkshire AI Labs has reduced its stake in IntellAM AI (INT) from 18% to 15.4%.
WeCap (WCAP) chairman Tom Richardson has been issued 5.11 million shares, via his company TDR Enterprises, for consultancy between December 2024 and June 2025. They are worth £50,000.
Daniel Thwaites (THW) director Ann Yerburgh has sold her entire holding of 3.67 million shares. Amazing AI (AAI) chief executive Paul Mathieson bought 1.32 million shares at 0.75p each. NYCE International (NYCE) director Farzad Payman bought a further 25.83 million shares. Directors of Capital for Colleagues (CFCP) have bought a total of 147,550 shares at 56.5p each.
EPE Special Opportunities (EO.P) is no longer going to buy back shares, having acquired 1.38 million shares since the beginning of April.
Hot Rocks Investments (HRIP) has bought an additional 3.125 million warrants in fully listed Hamak Gold (HAMA) taking its holding to 15.625 million warrants exercisable at 0.8p each.
JP JENKINS
The JP Jenkins-15 index of the fifteenth largest companies rose 3% to 1094.4 in the four weeks to 1 August. Brewer and bars operator Powder Monkey was a strong performer. The index will next be calculated using closing prices from 29 August.
Celadon Pharmaceuticals (CEL) chairman Alexander Anton has stepped down after the cannabis medicines developer moved from AIM to JP Jenkins on 8 August.
AIM
Restaurants operator Tasty (TAST) raised £9.25m from a placing at 0.5p/share and a retail offer generated a further £870,00o. The Kaye family invested £500,000 in the retail offer. There will be £3m invested in the existing restaurants and a further £1m on operational efficiency. There will be £3.6m set aside to acquire restaurant brands.
Laumann Group is making a recommended bid for uPVC windows supplier Epwin (EPWN). The 120p/share cash offer values Epwin at £167.3m. Laumann wants to expand the range of building products it offers in the UK, and it already has relationships in the construction sector. There is minimal overlap between the companies.
Fiinu (BANK) has published the document for the reverse takeover of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m will be satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. A subscription has generated £801,000 at 10p/share.
Interior furnishings brands owner Sanderson Design Group (SDG) has reassured the market that it is on course to achieve 2025-26 forecast pre-tax profit of £5m, up from £4.4m. In the first half there was growth from licensing and in North America, but overall brand revenues fell 7% although the performance was better at the end of the period. Overall revenues were 4% lower at £48.3m. Cost savings have reduced annualised costs by £1m.
Automotive interior components manufacturer CT Automotive (CTA) is on track to meet full year expectations. Interim revenues fell from $60.5m to $54.2m, but the second half should be stronger. New contracts worth a total of $37m annually have been won in the first half. This provides a strong base for growth over the next three years.
SIMEC Atlantis Energy (SAE) has reached financial close on the AW1 BESS project in South Wales. This is a 120MW generation project and construction has begun at Uskmouth. A global renewable energy partner is taking a 24.7% stake in the project. Zeus has increased the 2025 revenues forecast from £7.4m to £11.4m and the 2026 estimate from £7.5m to £12.5m. In each year the expected loss has been more than halved to around £3m. Net debt is expected to be £65.1m at the end of 2025 and rise to £99.9m one year later.
Energy storage technology developer Gelion (GELN) has made a breakthrough in Lithium-Sulfur (Li-S) performance. The cells retain 90% of theoretical capacity at a 10-hour charge and 10-hour discharge. The cells have 75% of theoretical capacity after a six-minute discharge. This means that they could be used in drones and electric vehicles.
Media analysis business Ebiquity (EBQ) says 2025 interim revenues were flat at £37.9m. North American, where economic uncertainty has hit client spending, revenues fell and that was offset by growth in the rest of the world. Operating profit is expected to improve from £2.3m to £2.6m. Net debt is slightly lower at £15m. North America remains a focus for the company despite the short-term problems. Trading is in line with expectations.
Specialist staffing company Gattaca (GATC) says that full year figures are ahead of expectations. Net fee income was 3% lower at £38.8m. Permanent recruitment income has steadied, and second half income was much better than a weak comparative. Pre-tax profit guidance has been raised from £3.1m to £3.3m, which is higher than the £2.9m reported for the previous year because of cost reductions. Cyber security recruiter Infosec has been bought for an initial £1.5m, which is equal to net fee income in the year to March 2025. Operating profit was £400,000.
Automotive connection systems supplier Strip Tinning (STG) reported interim revenues dipping from £4.8m to £4.5m, but the loss was reduced from £2.73m to £1.56m. There was cash generated from operations. Battery technology sales quadrupled to £1.2m. The automotive market is tough, but management is confident about long-term prospects.
Drug developer ImmuPharma (IMM) reported a reduction in loss from £2.78m to £1.95m in the six months to June 2025. The underlying improvement is masked by a loss on a derivative asset. Studies have helped to strengthen the commercial viability of the P140 technology platform and discussions continue with potential partners.
Floorcoverings distributor Likewise (LIKE) has raised £1.4m at 25p/share through a share issue to AIM-quoted investment company Onward Opportunities (ONWD) because it wanted more shares and could not buy them in the market.
Premier African Minerals (PREM) is implementing the changes identified for the plant test at the Zulu lithium and tantalum project. In the next week a decision will be made on whether to purchase the secondary spodumene float section. The original sorters still have to be replaced, and the tantalum recovery circuit needs to be completed.
The IFX Payments bid for Argentex (AGFX) has lapsed after it went into administration.
Goldplat (GDP) is reinstating its dividend for the first time since 2013. This is despite a decline in pre-tax profit from £6m to £2.6m. That was partly down to a foreign exchange loss. Zeus forecasts a 0.1p/share dividend. Net cash is estimated at £5.5m.
MAIN MARKET
Financial software provider Aptitude Software (APTD) reported a dip in interim revenues from £35.3m to £32.8m, due to lower non-recurring income and currency movements. Annualised recurring revenues reached £49.8m. Fynapse is an increasingly important contributor, which offsets the decline in legacy revenues and helps to improve operating margins. Cash was £23.7m at the end of June 2025. The dividend is maintained at 1.8p/share.
Foam manufacturer Zotefoams (ZTF) increased interim revenues by 9% to £77.4m with a strong performance around the world. Pre-tax profit was 37% ahead at £11.4m, helped by the exit from the loss-making business and higher margins. The interim dividend is 5% ahead at 2.5p/share. Net debt was £21.1m at the end of June 2025. The Asian business is small, but that will change when the Vietnam factory, part of a joint venture with footwear manufacturing specialist Seoheung, opens.
Andrew Hore
Quoted Micro 16 June 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) shares continue to reach new highs and trading has begun on the US OTCQB trading platform. The Bitcoin holding has increased to 242.34 and the average purchase price is $107,002 each. That is an investment of $19.1m and a bookbuild is underway to raise at least £15m at 180p/share to buy more Bitcoin.
Coinsilium (COIN) subsidiary Forza Gibraltar has bought a further 5.o416 Bitcoin at an average price of £81,323.39 each. This takes the Bitcoin holding to 18.6815 Bitcoin. The share price soared 74.5% to 11.95p.
Shares in S-Ventures (SVEN) recovered 51.1% to 0.34p following the return from suspension the previous Friday following the sale of the trading businesses to AIM-quoted Tooru (TOO) in return for 466.7 million shares, which are currently trading at 0.26p each. The stake is worth more than double the current market capitalisation of S-Ventures.
Hot Rocks Investments (HRIP) has bought 60,000 warrants in The Smarter Web Company that are exercisable at 2.5p each. It also acquired a stake in Namibia-focused Supernova Metals, which is an oil explorer that is changing its name to Oregen Energy. The investment company also invested in the Wishbone Gold (WSBN) £1.75m fundraising at 0.13p/share, including £300,000 invested by directors.
Healthcare IT developer DXS International (DXSP) says its digital medicine technology ExpertCare has been selected for the Grow Digital Health Midlands programme. This provides access to experts to aid development and the opportunity to present to decision makers.
Digital finance platform operator Tap Global Group (TAP) has announced plans to move to AIM on 27 June and no new money will be raised. Spark will be the nominated adviser and Tennyson Securities the broker. The company expects to report a positive EBITDA this year.
Nick Cowan is stepping down as chief executive of Valereum (VLRM). This follows the falling through of the £19m investment by DMC Markets. His 10 million warrants have been cancelled. Gary Cottle will become an executive director. Matthew Ripperger and Grant Gischen are joining the board as non-executives.
Newbury Racecourse (NYR) says attendances are 21% higher so far this year. Overall trading is in line with expectations.
Mollyroe (MOY) is still seeking a suitable acquisition. There was £299,000 in the bank at the end of 2024. There was a £47,585 cash outflow during the year.
Shortwave Life Sciences (PSY) raised £40,000 at 0.125p/share. Each new share comes with a warrant exercisable at 0.15p each. Amirose London Holdings (ALH) raised £100,000 at 0.5p/share and issued a further 288,000 shares to pay the bill from Novum Securities. The cash will help to accelerate growth. RentGuarantor Holdings (RGG) raised £1.02m via a subscription at 25p/share. The cash will finance growth and fund costs of moving to AIM.
Watchstone Group (WTG) plans to distribute £1m to shareholders once the share premium account has been reduced.
EPE Special Opportunities (EO.P) is extending its loan note instrument from 23 July 2025 to 23 July 2026. The annual interest charge rises to 8.5%.
Steve Xerri has increased his stake in Oscillate (MUSH) from 5.58% to 6.4%. ProBiotix Health (PBX) vice president of sales Michael Litichevski has bought 67,500 shares at 7.7p each.
JP JENKINS
The JP Jenkins proprietary index, which includes the 15 largest companies trading on the facility, fell 0.7% to 1053.11 between 2 May and 6 June.
AIM
Chain and transmission equipment manufacturer Renold (RNO) is recommending a bid of 82p/share in cash by MPE Mgt Co LLC, which owns Webster Industries. Renold is valued at £186.7m. The original indicated bid was 77p/share, although there was also an offer of 81p/share from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P. The deal will help Webster Industries to expand globally and broaden the product range.
Bain Capital is no longer considering a bid for Craneware (CRW), after its indicative proposal of 2650p/share was rejected.
Construction dispute and other professional services provider Diales (DIAL) reported flat interim revenues of £21.6m. There was an improved performance in the Middle East, but Asia Pacific was weaker. Utilisation levels were lower, but they should recover for the full year. Net cash was £2.4m after dividends and share buybacks, plus the timing of receipts. The interim was maintained at 0.7p/share. There is a second half weighting. The full year pre-tax profit is expected to be £1.3m. Tariffs could provide additional opportunities for Diales.
Science Group (SAG) is making a large gain on its stake in environmental and engineering consultancy Ricardo (RCDO) following a 430p/share cash bid from WSP Group. Since February, Science Group has built up a 21.8% stake in Ricardo. It has immediately sold 19.9% of Ricardo to WSP and will receive £53.5m in cash before the end of June. The rest of the cash for the remaining stake of around 1.9% will be received when the bid goes through. That should bring in £4.7m. Canaccord Genuity estimates that Science Group will make a 70% return in four months.
Newmont Mining intends to sell up to 50% of its stake in Greatland Resources in conjunction with a placing raising up to A$50m when the new holding company for Greatland Gold (GGP) joins ASX.
Cosmetics supplier Revolution Beauty (REVB) has confirmed that there are a number of parties interested in making an offer for the company and they include fully listed Frasers Group (FRG).
A secondary placing of 3.04 million Cerillion (CER) shares by chief executive Louis Hall was larger than the original intention of 1.33 million shares. The sale was at 1500p each and raised £45.6m. He retains 20.1%.
Management training services provider Mind Gym (MIND) is in the process of transformation. Last year, revenues fell but cost savings meant that the loss was reduced from £3.3m to £800,000. Revenues are expected to start to recover in the second half of the year to March 2026. A slightly lower loss is forecast before a move into profit in 2026-27.
NWF (NWF) has bought a fuels distributor in Berkshire. It has annual volumes of 13 litres. The fuels division reported maintained volumes with improved margins in the year to May 2025. Feed volumes recovered, but the food distribution business generated a lower profit. Net cash was £6 at the end of May 2025. Underlying full year operating profit will be slightly higher than the forecast of £16m. There will be exceptional acquisition and restructuring costs of between £2.5m and £3m.
Musical instruments retailer Gear4Music (G4M) is acquiring assets of a retail rival. The business traded as PMT Play Music Today and stock, plus website IP was acquired. The consideration is £1.2m, which is around 50% of the asset value. The business was in administration and its demise will benefit the remaining market players.
Caledonian Holdings (CHP) is investing £1m in AlbaCo, of which £750,000 is in cash for new shares and £250,000 in Caledonian Holdings shares for shares owned by AlbaCo founder and Caledonian Holdings director Jim McColl. AlbaCo (www.albacoltd.co.uk) is being set up to provide bank services to small and medium sized businesses in Scotland and other parts of the UK. It is expected to be issued a banking licence in the near future and will raise more cash then.
Energy efficiency services provider Earnz (EARN) raised £1.02m at 7.2p/share, which was more than double the previous day’s closing price, to fund the acquisition of A&D Carbon Solutions, which is being acquired for an initial £1.3m in cash and shares. The directors and related parties subscribed £268,000 for shares in the placing. Wales-based A&D Carbon Solutions installs wall insulation, heat pumps and solar panels. It has a customer base that manages large scale retrofit projects. There could be up to £1.5m of deferred consideration payable for the acquisition if it achieves performance targets.
Phoenix Copper (PXC) has signed a letter of intent for a US based investor to subscribe for $75m of the company’s 8.5% corporate copper bonds due 2029-2033. This will be drawn in three tranches with the first tranche of $30m. There will be a preference share issued to the lender, and this is convertible into 25 million shares at 5p each. The investor will have one board seat. This is all subject to due diligence and documentation. The short-term lender has converted $176,585 of the outstanding principal into 4.85 million shares at 2.82p each. A placing raised £500,000 at 4p/share,
Premier African Minerals (PREM) raised £1.575m at 0.012p/share and has also settled $1.1m of creditor invoices through the issue of 6.17 billion shares at the same price. The cash will be invested in processing equipment at the Zulu lithium and tantalum project. Talks with Glencore International for the purchase of spodumene concentrate will continue when grade and recovery are satisfactory.
Mixed signal Application Specific Integrated Circuits designer EnSilica (ENSI) says first royalty payments have been triggered and the agreement extended with a satellite service provider. Work with this customer commenced in 2021 and there will be additional monthly royalty payments for each satellite in operation. The total value of the agreement has increased from $15m to $28m.
Graphene technology developer Haydale Graphene (HAYD) published a trading statement indicating the progress of graphene heater mats heating system JustHeat, which is generating revenues and distribution agreements are being secured with companies that will install the technology. An agreement with Jersey Energy Technologies, which could generate sales of £6m over five years. There are plans for an insurance backed warranty. There are other agreements in the UK and Europe, while UL certification has been received in the US. Costs are being further reduced from £275,000/month to £200,000/month.
Online marketing and domain name services provider Team Internet (TIG) has been awarded a 10-year contract to run the .co top level domain, which is country code for Colombia, in partnership with Colombian registrar CCI REG. This will further enhance the core domains business, although it will not offset the declines in search. The initial revenues should start at the end of 2025.
Great Western Mining Corporation (GWMO) has raised £1.25m at 1p/share. Each two shares come with a warrant exercisable at 1.3p each. The cash will fund drilling at the West Huntoon copper prospect, plus a geophysical survey and first drilling at the Rhyolite Dome gold prospect. There is also ongoing work at tungsten prospects. Expertise is being added to the team. Management is talking to larger companies to find an industry partner for West Huntoon.
Empire Metals (EEE) says the latest results from the product development test programme at the Pitfield project in Western Australia. The TiO2 is high purity and assays at 99.25%. This is suitable for titanium sponge or pigment production. The bulk sampling programme continues.
Cannabis medicines developer Celadon Pharmaceuticals (CEL) has secured a £500,000 one-year unsecured credit facility with a Europe-based high net worth individual. The annual interest charge is 10%. This cash will last until July, and another finance provider is near to agreeing to lend money. Celadon still plans to leave AIM.
Pri0r1ty Intelligence (PR1) plans to acquire Halfspace, which is a sports data and marketing company, for 30.8 million shares at 2.5p each. It has revenues of £925,0000. This will help the company to sell its AI product in the sports sector.
MAIN MARKET
Iron casting and machining company Castings (CGS) reported a full year pre-tax profit of £5.6m, down from £21.3m, which was slightly better than the previously downgraded estimate. Net cash is much better than expected at £15.6m at the end of March 2025, although that is mainly due to the timing of capital investment. Heavy truck demand fell, and like-for-like volumes were one-fifth lower. There are signs of improving volumes. The new foundry line will contribute in the second half.
EDF has launched its 6.5p/share recommended cash bid for Pod Point (POD), which values the EV charging points operator at £10.6m.
Dundee Precious Metals has launched a recommended bid of 0.159 of one of its own shares and 93p in cash for each share in Adriatic Metals (DTI).
Vinanz (BTC) has launched a WRAP retail offer of up to £1mat 13.75p. The offer closes at 4.30pm on 16 June.
Bluebird Mining Ventures (BMV) has signed non-binding heads of agreement to acquire 756 ASIC units for Bitcoin mining. The payment would be £200,000 in shares.
Andrew Hore
Quoted Micro 20 January 2025
AQUIS STOCK EXCHANGE
SulNOx Group (SNOX) has signed an agreement with Eastern Pacific Shipping, which will use the SulNOxEco additive on a minimum of 30 vessels for at least 18 months. The data from this evaluation could be used for marketing. Easten Pacific Shipping will introduce other potential shipping company clients, and it is subscribing for up to 11.7 million shares in tranches at 2p each. This will happen over the 18-month period. There will be a subscription of up to 4.72 million additional shares at 2p each, which will be over a three-year period. This could total up to 11.8% of the enlarged share capital.
Marula Mining (MARU) says that the Kinusi coper mine is selling a total of 1,000t to four commodity trading groups. The sales have been delayed but should be completed by the end of January. Metallurgical test work results are expected later in January. Management is seeking to secure offtake agreements and non-dilutive funding.
Kasei Digital Assets (KASH) is conducting a strategic review, which could include a departure from Aquis or return of cash to shareholders. Management believes that the outlook for the market for digital assets is positive. However, costs are negatively affecting performance. There is cash of £782,000 and digital assets of £4.26m.
Visum Technologies (VIS) has raised £100,000 from a convertible loan note issue. The conversion price is 0.5p/share. This will fund due diligence for potential acquisitions.
IntelliAM AI (INT) says David Richards is stepping down as chairman at the beginning of July.
Max Capital reduced its shareholding in WeCap (WCAP) from 8.09% to 7.94%. Brompton Asset Management has increased its stake in Global Connectivity (GCON) to 13.96%. RAJ Bailey bought 7,376 shares in Daniel Thwaites (THW) at 89p each.
AIM
Fortress Investment has raised its recommended bid for pubs and bars operators Loungers (LGRS) from 310p/share to 325p/share. Broker Singer did not believe that the original bid fully reflected the value of the business and argued that 375p/share would be a fairer value. Loungers at £338.3m was forecast to make a 2024-25 pre-tax profit of £18m, up from £13.9m last year, rising to £23.8m in 2025-26.
Fintech Fiinu (BANK) has signed heads of agreement for the first white-label deal for its Plugin Overdraft with a UK bank. It will provide a Banking-as-a-Service platform including Plugin Overdraft and requires regulatory approval and testing. The bank will have exclusivity in the UK for 12-months from launch, which could be in the fourth quarter of 2025. There will be royalty fees based on profit generated by the bank from the Plugin Overdraft.
Thor Explorations (THX) says that the Segilola mine in Nigeria produced 24,6000 ounces of gold, taking the total for 2024 to 85,000 ounces. Guidance for 2025 is 85,000 ounces-95,000 ounces. The all in sustaining costs are expected to be $808/ounce. Thor Explorations has moved into a net cash position. Exploration is focused on extending the life of the mine beyond 2028. Thee were positive results announced earlier in January. There should be news concerning the Nigerian federal authorities into the Osun state authorities allegations of underpayment of tax. The PFS for the Douta project in Senegal should be released in the first quarter of 2025.
Michael Ashcroft wants data and information publisher Merit Group (MRIT) to leave AIM. This follows his success in persuading Jaywing (JWNG) to back his AIM cancellation plan for the marketing services business. He owns 42% of Merit Group, so he has a high chance of success. A general meeting will be set within 21 days.
Deltex Medical Group (DEMG) also announced plans to leave AIM. This will save £200,000/year. Last year’s revenues from sales of heart monitoring systems improved from £1.8m to £2.1m and cash was £240,000 at the end of 2024. Andy Mears will be replaced as chief executive by Natalie Wettler.
Quantum Blockchain Technologies (QBT) has made a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle can skip calculations if it assesses that they will not be successful. This provides a 30% improved performance compared with other methods. The company is ready to demonstrate the technology and is seeking a chip manufacturing partner to produce a commercial product.
Gift wrap supplier IG Design (IGR) customers did not sell as much as expected over the Christmas period and this has hit orders. On top of the weak demand, there are US customers in financial difficulties. The fourth largest customer has re-entered Chapter 11 bankruptcy protection and total provisions will be around $15m.The American business is predominantly behind the 10% slump in revenues, although the international business revenues were 1% lower. IG Design is only expected to breakeven in the year to March 2025, compared with forecast pre-tax profit of $32m, and forecasts have been withdrawn by Canaccord Genuity.
Security technology supplier Thruvision (THRU) announced a strategic review. Management believes that additional funding will be required to scale up the business. There is currently cash of £1.5m, which will last until May unless potential orders are secured. The cost base will be assessed. Alternatives include bringing in a partner or selling the business.
Digital healthcare platform developer Trellus Health (TRLS) has entered an agreement with Johnson & Johnson Health Care Systems Inc for a US pilot programme for Trellus Elevate to support severe inflammatory bowel disease. Trellus Health will receive an upfront licence fee and a monthly fee. Net cash was $8m at the end of June 2024 and the additional income could help to extend the cash runway nearer to the end of 2025.
Pawnbroker Ramsdens (RFX) says improved performances from all divisions helped group revenues improve from £83.8m to £95.6m, while pre-tax profit rose from £10.1m to £11.4m. The dividend was raised from 10.4p/share to 11.2p/share. This year has started well. and management has decided to slow the new store opening programme. There will be more focus on the website.
Packaging equipment and automation provider Mpac Group (MPAC) confirms 2024 trading is in line with expectations. Pre-tax profit should recover from £7.1m to £10.5m. Net debt was £37m at the end of 2024. The order book is worth £111m and covers 53% of forecast 2025 revenues.
Telecoms infrastructure products developer Filtronic (FTC) has appointed David Marshall as director of programmes to ensure their efficient delivery. Sarah Shaw becomes General Counsel to manage commercial contracts and other legal affairs. This follows a positive trading statement that led to Cavendish upgrading its 2024-25 pre-tax profit forecast from £9.6m to £11.5m.
Construction recruitment services provider Hercules Site Services (HERC) has decided to sell its suction excavators business to focus on recruitment. The suction excavators were losing money and holding back performance. The disposal will also reduce borrowings. Labour supply revenues increased from £63.8m to £84.1m. Continuing pre-tax profit improved from £1.6m to £2.6m and further improvement to £3.4m is expected for this year.
Bars and leisure operator XP Factory (XPF) grew like-for-like revenues by 8.5% in the third quarter, which is well above the rate for the rest of the year. The figure for the year so far is 5.5%. Immersive escape rooms operator Escape Hunt was 14% ahead and Boom Battle Bars 17% higher over the Christmas period.
Cross-border payment services provider Finseta (FIN) says 2024 EBITDA will be £2m compared to a forecast of £1.9m. There was £2.2m of cash generated from operating activities. The benefits from investment in the business and new products will show through in 2025.
Premier African Minerals (PREM) has raised £1.2m from a placing at 0.0275p/share. A retail offer could raise up to £2.3m more. The cash will be invested in the Zulu project in Zimbabwe and to pay suppliers. The retail offer closes on 20 January. Some creditors may take shares for the money owed. If the cash raised in the placing and offer plus the capitalisation of debts does not get near to £3.5m the placing and offer will not proceed.
Cambridge Nutritional Sciences (CNSL) has settled its dispute with the UK DHSC with no admission of liability. The DHSC will not seek reimbursement of pre-production payments for Covid tests and Cambridge Nutritional Sciences will not claim for losses for failure to replace orders. The company will have legal costs of £200,000, but it will also release £2.5m from deferred income as exceptional income.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says that the strategic collaboration with Valeos Pharma is contributing to its business. This will enable the acceleration of supply of pharmaceutical grade EU-GMP cannabis active pharmaceutical ingredient products. Valeos Pharma will provide up to three tonnes of annual cultivation capacity, which is equivalent to £8.7m of income/year.
Gaming machines hardware and displays supplier Nexteq (NXQ) had net cash of $29.1m at the end of 2024, which is more than 50% of market capitalisation. Trading problems had already been flagged and there was no additional surprise. There was destocking and delayed product launches by customers. Revenues were 24% lower at $86.7m, which was slightly better than forecast. The results will be published on 19 March.
Supercapacitors developer Cap-XX (LON: CPX) has made its first shipment of co-branded products to electronic components distributor SCHURTER’S warehouse in Switzerland. On delivery, an invoice will be raised.
Construction and property asset management software supplier Eleco (ELCO) has acquired maintenance and management software provider PEMAC for €6m in cash with up to €2.4m payable based on achieving performance targets. Clients include Coca Cola and Heineken. This fits well with the existing ShireSysem product.
Argo Group Ltd (ARGO) is making a tender offer at 5p/share as part of its plan to leave AIM. Shareholders owning 71.2% of the company will not tender shares, so everyone else can have their shares acquired in the tender. The tender closes on 14 February.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has acquired protective packaging manufacturer Pitreavie for £18m, with a net initial payable after debt movements of £10.6m. Pitreavie made a 2024 pre-tax profit of £1.3m. There should be cost savings from integrating the business.
Online travel hostel agency Hostelworld (HSW) says strong demand for Asian hostels helped 2024 net bookings rise 6% to 6.9 million, although there was a dip in average booking value. That meant that revenues were 1% lower at €92m. Lower marketing spend meant that margins improved. More bookings were made through the company’s app. Pre-tax profit is expected to jump to €17m. Net cash is €2m. There will be an update on strategy in the second quarter.
Bitcoin miner Vinanz (BTC) switched from Aquis to the Main Market on 13 January. The share price opened at 16.5p and rose to 22.5p before falling back to 16.5p at the end of the week.
Argo Blockchain (ARB) has been told it has until 15 July to regain compliance on Nasdaq with the minimum price requirement of $1 for its ADSs.
Andrew Hore
Quoted Micro 9 December 2024
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) has launched its next generation flow battery ENDURIUM. This has higher efficiency and is designed to be manufactured in Scotland in high volumes. This new product is likely to be the main source of orders from now on. There are already orders for ENDURIUM. Invinity Energy Systems is expected to move into profit in 2026.
Equipmake (EQIP) has launched a strategic review that could lead to the sale of the company. The company is still waiting for the final agreement for a $6m licence with a commercial vehicles manufacturer. It is running short of cash with £1.9m currently in the bank. That should last until March. A further share issue or a strategic partner will be required if Equipmake is to remain independent. VSA has been appointed as corporate adviser.
Vinanz Ltd (BTC) intends to move to the Main Market. This depends on the FCA approving the prospectus. Shares will be issued to all option and warrant holders.
Cooks Coffee (COOK) has entered an agreement with Dairygold Agri Business in Ireland to operate four Esquires cafes within Co-Op Superstores owned by Dairygold. The initial period is for 10 years and there are 24 other stores owned by Dairygold.
Ormonde Mining (ORM) investee company TRU Precious Metals has announced positive results of exploration in the Golden Rose project. Some of the samples showed high grades.
CRUSHMETRIC Group (CUSH) has raised £100,000 at 12.5p/share. China-based subsidiary Star Collaboration has reached a settlement with a distributor and it will pay £166,000.
Marula Mining (MARU) says contract mining should begin at the Blesberg lithium and tantalum mine in South Africa during February 2025. There is a planned leasing agreement for support vehicles.
Coinsilium (COIN) has appointed Oberon Capital as its joint broker. The company has entered a strategic advisory services agreement with TAND3M.io.
Cannabis-based medicines developer Ananda Developments (ANA) says its MRX1 drug candidate has passed through drug stability timepoints ahead of a phase 1 and two phase 2 studies.
Kondor AI (KNDR) had a cash outflow of just over £1m during the 12 months to September 2024. There is £611,000 in cash left in the balance sheet.
Fuel additives developer SulNOx Group (SNOX) has raised £1.875m via subscription at 46.6p/share and an exercise of warrants at 29p/share. A subsidiary of McQuilling has invested in the subscription and it is the preferred partner in the US market. Ora Technology (ORA) raised £255,000 at 8p each. Marallo Holdings has acquired a 27.6% stake.
EPE Special Opportunities (EO.P) is commencing a share buy back programme.
Silverwood Brands (SLWD) executive director Andrew Gerrie bought 26,572 shares at 22.556p each.
AIM
Warpaint London (W7L) is bidding 48p/share in cash for Brand Architekts (BAR), valuing the company at £13.9m. There is a share alternative. Warpaint London believes that its relationships with retailers will help to boost sales of the health and beauty brands, such as Skinny Tan and Super Facialist, owned by Brand Architekts, which has high overheads compared with its revenues. The acquisition should be earnings enhancing in 2025. Warpaint London is raising £14m at 510p/share with up to £1m more to come from a retail offer.
K3 Business Technology (KBT) is selling its UK SYSPRO business NexSys to SYSPRO owner Advent for £36m. This business generated 109% of group EBITDA and 28% of group revenues. K3 Business Technology intends to return cash to shareholders. The company’s remaining operations are K3 Fashion and Pebblestone, the IKEA software business and other retail software.
SDX Energy (SDX) plans to leave AIM because of the costs of the quotation and the greater flexibility as a private company. Potential investors would prefer to invest in an unquoted company. It is the intention to put in place a matched bargains facility. The strategy continues to be to become a vertically integrated gas and renewable energy producer in Morocco. If shareholders agree, then the quotation will be cancelled on 9 January. SDX Energy joined AIM in May 2016 at 18p/share.
Photonics company Gooch & Housego (GHH) had a better second half, but full year profit was still lower. In the year to September 2024, revenues were 1% ahead at £136m. A decline in industrial revenues, due to weak product sales for semiconductor manufacturing and other industrial uses, was offset by higher aerospace and defence and life sciences revenues. Underlying pre-tax profit slipped 22% to £8.1m. The total dividend was raised 1.5% to 13.2p, which is 1.9 times covered by earnings.
Technology company adviser and investor EMV Capital (EMVC) raised £1.5m at 50p/share, which was a 15% premium to the previous day’s closing price. The cash will fund investment in reporting infrastructure and hiring of additional staff. It will also provide money for additional investments. Management is targeting recurring annual fund management fees of more than £1m so that it can reach breakeven. In the ten months to October 2024, core income was £2m, up from £1.2m, including £500,000 of recurring fund management fees. This excludes subsidiary portfolio companies.
Condor Gold (CNR), which is developing the La India gold project in Nicaragua, says that Metals Exploration (MTL) and Calibre Mining Corp have made bid approaches and negotiations are at an advanced stage with Metals Exploration. Calibre Mining Corp says it will not make an offer. Metals Exploration has entered into a £5.5m bridging loan facility with Drachs Investments No. 3, which has a 18.4% shareholding. This is repayable at the end of January or when talks end. Galloway is lending £475,000 to Condor Gold. Metals Exploration owns the Runruno gold project in the northern Philippines.
Bigblu Broadband (BBB) is selling Australian broadband business to SKM Telecommunications for up to £25.7m, which values the business at more than double the total cost of investment. The initial cash payment is £15.4m and £6.8m in shares in SKM, with a further £3.5m in cash due in one year. This requires shareholder approval at a general meeting on 20 December. The company will still have operations in New Zealand and a subsidiary involved in the distribution of Starlink, plus a 2.8% stake in Quickline. Revenues are forecast to be £1m in 2024-25.
Bars and leisure operator XP Factory (XPF) continues to grow both of its brands. Escape Hunt interim revenues were 7% ahead at £6.5m and management believes that this part of the business could be bigger than originally anticipated. Boom Battle Bars revenues were 56% higher and more of the franchise outlets are being acquired. Group like-for-like revenues were 4% higher. There was a small underlying pre-tax profit before contract termination and other exceptional costs. Net debt was £1.3m at the end of September 2024. Medium-term targets have been set. The plan is to increase sales by 50% and double underlying EBITDA by March 2028. That means a revenue target of £90m with a March 2028 run-rate of £100m and EBITDA margins of 15%.
Construction disputes and property services provider Diales (DIAL), formerly Driver Group, has completed its rebranding and the benefits of cost cutting will show through in the current year. Interim revenues edged up from £42.6m to £43m. A decline in European and North American revenues was offset by growth in the other markets. The Middle East returned to profit and the Asia Pacific loss was lower. Overall pre-tax profit improved from £1.1m to £1.2m. The total dividend is maintained at 1.5p/share, although it is still not covered by earnings. The net cash of £4.3m (7.9p/share) enables Diales to add more fee earners, which might come from small acquisitions that may add to the range of services and sectors that can be addressed.
SRT Marine (SRT) reported revenues of £14.8m in the 15 months to June 2024. The loss was £13.8m. Transceivers generated most of the revenues with the major systems contracts with international coastguards potentially starting in the next few months, hopefully at last one of them by the end of 2024. New finance has been obtained since the end of the period.
Floorcoverings distributor Likewise (LIKE) in contrast with some companies had a strong October and November when sales were 11% ahead. Year-to-date growth is 7.5%, which represents an increase in market share. Margins are also improving. Zeus has maintained its 2024 pre-tax profit forecast at £2m, although sales are ahead of expectations.
Investment company Seed Innovations (SEED) says MAV was £10.6m at the end of September 2024, including £3.52m in cash. That is 5.5p/share. This NAV is after the £2m cash distribution to shareholders. The main quoted investment was Alaska-focused oil and gas company Pantheon Resources (PANR) and the share price subsequently rose from 16p to 22.91p. The company sold the shares, adding £101,000 to NAV.
Semiconductor designer EnSilica (ENSI) has won another long-term design and supply contract. The total contract value for the deal with an industrial test equipment provider will be more than $30m over ten years. This comes with an upfront payment to help the cash position.
Interim figures from telematics supplier Trakm8 (TRAK) show reduced revenues from £8.54m to £8.31m, following a reduction in recurring revenues from £5.23m to £4.51m. The pre-tax profit slumped from £119,000 to £15,000. Net debt was £6.66m at the end of September 2024. Full year expectations have been reduced. The insurance market remains tough. There could be some improvement next year, but the outlook is uncertain.
Fashion retailer Quiz (QUIZ) has been hit by falls in online and stores revenues, although there was an improvement in international revenues, in the four months to the end of November. There was a sharp decline in November. Overall revenues fell 6% to £24.9m. Annual costs will be increased by £1.7m as a consequence of the Budget. Net debt is £2.8m and the £4m of bank facilities could be fully utilised by early 2025 and additional funds will be required. The company’s founder has offered a £1m loan.
Rockwood Strategic has increased its stake in film vehicles and services provider Facilities by ADF (ADF) to 4.4% stake and related investment entities still have a further 7.6%, Chief executive Marsden Proctor has bought 79,947 shares at 31.6p each.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has finally received the balance of £150,000 from the May 2024 subscription at 105p/share.
MAIN MARKET
Compliance technology developer RegTech Open Project (RTOP) plans to leave the transition category of the Main Market. Trading should end on 31 December. A new chief executive is being sought and there are plans to raise cash. The company has also promised to find an exit opportunity for existing shareholders.
Tissue engineering company BSF Enterprise (BSFA) has raised £500,000 via an oversubscribed placing at 2.5p/share and each new share comes with a warrant exercisable at 5p. There should be enough cash for more than 12 months.
Publisher National World (NWOR) says it would be minded to recommend the enhanced 23p/share bid from Media Concierge. The offer is subject to due diligence.
R8 Capital Investments (MODE) is not going ahead with the acquisition of Redwood Partners. A fundraising is planned.
Andrew Hore
Quoted Micro 25 November 2024
AQUIS STOCK EXCHANGE
Cooks Coffee (COOK) moved back into profit in the six months to September 2024. Revenues were 27% higher at NZ$2.74m with growth coming from new openings and existing sites. This income comes from fees from franchisees. Like-for-like growth in the UK was 6% and 3% in Ireland. Sales growth has accelerated in the second half with record sales per store in October. There were 83 coffee shops at the end of September 2024, and this could rise to 90 by next March. The company is moving domicile to the UK.
In the year to September 2024, Time to ACT (TTA) increased revenues from £958,000 to £1.67m. There was an underlying operating profit. There was a cash outflow from operating activities of £784,000 because of working capital movements. There was £1.17m in cash.
Global Connectivity (GCON) has had its stake in Rural Broadband Solutions diluted to £9.5m. The valuation of the stake has been reduced from £13.6m to £11.7m, which is equivalent to 3.2p/share. There is an agreement in principle for an investment in a new business.
Aquaculture technology developer OTAQ (OTAQ) has sent out the circular seeking shareholder approval to leave Aquis. The general meeting will be held on 10 December. Delays in orders mean that 2024 Dowgate forecasts a drop in revenues from £4.4m to £3.1m (previously £4.2m) this year and a £1.8m loss, up from £1.2m in 2023. There should be net cash of £100,000 by the end of the year. Convertible loan note interest can be capitalised with up to 75% of proceeds from the sale of certain inventory will be used to pay back the holders.
Lift Global Ventures (LFT) core financial information business Miriad made a positive contribution despite the tough financial markets. It generated £127,000 in cash. There was £163,000 in cash at the end of June 2024.
Invinity Energy Systems (IES) has sent a circular to shareholders to gain approval to move the domicile from Jersey to the UK.
Tap Global Group (TAP) has cancelled its long-term incentive plan and granted options to directors with most of the options vesting when there are increases in the share price. Peter Wall has been formally appointed as chairman.
Marula Mining (MARU) has appointed Morre Kingston Smith as auditor. Results from metallurgical testing work on ore from the Kinusi copper mine should be available in the first quarter of 2025. Further test shipments will happen before the end of the year. Sampling work of high-grade tungsten deposits at the Northern Cape lithium and tungsten project in South Africa is continuing. Tungsten concentrate could be produced next year.
Oscilate (MUSH) has identified areas to start hydrogen operations in Minnesota. Work is under budget.
Valereum (VLRM) has been admitted to the Apex segment of the Aquis Stock Exchange.
Vinanz Ltd (BTC) has added another 21 bitcoin miners to its site in Nebraska, taking the total to 56.
RentGuarantor Holdings (RGG) has launched an offer of £500,000 10% convertible loan notes lasting two years. This will fund an expansion of the workforce. The Renters’ Rights bill will increase demand for rent guarantor services.
SuperSeed Capital (WWW) reported a NAV of 111p/share at the end of September 2024.
Capital for Colleagues (CFCP) has disposed of more shares in investee company Computer Application Services and raised £299,000. It still owns 24.4%. Pipes and valves distributor TPS shares were sold raising £901,000. The remaining TPS stake is 16%. The cash raised will be invested in other businesses.
WeCap (WCAP) investment WeShop has appointed a US investment bank ahead of a flotation. Audited accounts for 2022 and 2023 have been signed off.
AIM
Rail optimisation software and services provider Tracsis (TRCS) had a tough year, but strong recurring revenues helped. One-off revenues the previous year meant that revenues were 1% lower at £81m. Underlying pre-tax profit fell from £14.1m to £10.4m. Total dividend is 2.4p/share. There should eventually be further investment in the rail industry, which will be good news for Tracsis. The timing of the spending is uncertain. There are already potential deals in the pipeline, though. The business has been rationalised so that management can focus on core operations and further acquisitions. There is £19.8m in cash that can be spent on acquisitions that will enhance earnings.
Telecoms enterprise software supplier Cerillion (CER) continues to beat expectations. Full year pre-tax profit was 18% ahead at £19.8m. There were record new orders of £38.1m. The technology helps telecoms companies to operate more efficiently. Growth is set to continue.
It was no surprise that telecoms testing equipment supplier Calnex Solutions (CLX) had a tough first half. Revenues dipped from £7.8m to £7.4m and the loss more than doubled to £1.3m. Even so, the interim dividend has been maintained at 0.31p/share. Cash was reduced to £8.6m. New partners are starting to sell group products, and they are replacing Spirent. Second half revenues should be better than the particularly weak comparatives. This should enable a return to profit for the full year.
Semiconductors developer CML Microsystems (CML) improved interim revenues, but that was down to the Microwave Technologies business not being included in the comparatives. Like-for-like revenues were similar to the second half of last year. Pre-tax profit slumped from £1.9m to £800,000. The interim dividend is maintained at 5p/share. Net cash is £15m. There are potential property sales that will boost the balance sheet. The proposed move of Microwave Technologies to a new site will reduce the cost base. Existing and new products have good long-term prospects.
Frontier IP (FIPP) is raising £3m via a placing and subscription at 28p/share. A retail offer via Primary Bid could raise up to £1m. Minimum subscription is £250. The offer closes at 5pm on 25 November. Frontier IP made unrealised gains of £1.3m in the year to June 2024, but there was an overall loss of £1.3m. NAV is 79.7p/share. Despite that, there is a shortage of cash in the balance sheet and the additional cash should last 12 months as the company tries to generate some additional cash from investment realisations.
Helix Exploration (HEX) drilling at Clink#1 in Montana has been successful. There was 2.5% helium encountered in the Flathead formation, which was higher than expected, and 55% hydrogen in drilling mud. Testing is ongoing and there should be further news in the near future. The well could go into production next year.
Tavistock Investments (TAVI) is acquiring Alpha Beta Partners, which is an asset manager with £3bn under management. The business is focused on retail investors, and this will scale up the existing business of offering asset management services to third party advisers. Operating profit was more than £500,000 on revenues of £4m in the year to September 2024. The initial payment is £6m, with the maximum consideration of up to £18m. Two disposals have been completed and the initial payment of £22m will be received in early December. They could eventually generate £37.75m.
Iron treatment provider Shield Therapeutics (STX) says it will hit the 2024 target revenues of $31.5m, up from $13.1m, as revenue peer prescription has increased. Recruitment has been completed for an Accrufer phase III study in China. The proposed $10m investment by AOP Health still requires shareholder approval. Costs are being lowered by 10%. Cash flow breakeven should be hit by the end of 2025, if the sales growth momentum continues.
Chain and transmission equipment Renold (RNO) reported flat interim revenues of £123.4m and pre-tax profit of £11.3m. Spending on acquisitions increased net debt to £42.2m. There was a dip in chain revenues and transmission revenues were slightly higher with improved margins. North America should recover in the second half and destocking is ending in Europe. The Valencia factory being hit by flooding has hurt sentiment. There will be additional short-term costs of £4.8m because of this with insurance payments potentially coming through in 2025-26.
Webis (WEB) has decided to leave AIM. The US-focused gaming company will seek shareholder approval on 18 December. This will help to reduce costs. The operations remain loss making.
Churchill China (CHH) had a tougher second half than expected with a lack of seasonal uplift in the fourth quarter. This means that 2024 pre-tax profit will be well below expectations. Next year is expected to continue to be weak with hospitality businesses hit by higher National Insurance costs. There will also be a hit for Churchill China and costs are being reduced, but 2025 expectations are also downgraded. The balance sheet remains strong.
Scientific instruments supplier Judges Scientific (JDG) says order intake has reduced if the large Geotek contract is excluded. China is particularly weak, but other markets are also tough, and orders have been deferred. Zeus has cut its 2024 pre-tax profit forecast by 19% to £25m. Next year’s forecast has also been trimmed.
Ilika (IKA) has reached the D6 milestone through the testing of 10Ah cells in its Goliath solid state batteries for electric vehicles. These larger cells have been shown to be safe and the D7 version should be available to potential customers in the second quarter of 2025. This moves the company nearer to finding a partner for the Goliath battery.
Property fund adviser and investor First Property (FPO) had a good first half with one-off profits from the trading of properties by a fund, where the company has an investment. There was also the early receipt of fees from disposal of properties in another fund. There was a swing from a loss of £650,000 to a pre-tax profit of £1.16m. Net debt was £18.7m.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) has received a further £200,000 drawdown from the committed credit facility and the lender is committed to providing the remaining £500,000. However, it has to sell an investment to provide the cash. There is still £400,000 outstanding from a share subscription. Celadon Pharmaceuticals has enough cash to get it to January. Talks with another lender continue.
MAIN MARKET
Construction equipment hire company Speedy Hire (SDY) made a small profit in the first half with a recovery expected in the second half. Interim revenues fell 2% to £204m with flat hire revenues and lower fuel sales. Volumes are not being chased so that profit can be maximised. Pre-tax profit was £300,000 because of operational gearing, higher interest charges and a lower joint venture contribution. The Amey contract starts in the second half. Net debt is £112m.
J Smart and Co (Contractors) (SMJ) improved its full year pre-tax profit from £105,000 to £2.37m despite a higher loss on construction activities. The investment property business made a larger contribution. Investment properties are worth £70m and there is £7.5m of net cash. NAV is £126.3m. The total dividend is 3.23p/share.
Media Concierge has approached publisher National World (NWOR) about a possible offer of 21p/share. Media Concierge claims to have the backing of 72.2% of the share capital. Media Concierge wants the offer to be recommended by the board and to be able to complete due diligence. National World claims that entities affiliated with Media Concierge owe it £4.4m.
Technology consolidator Sealand Capital Galaxy (SCGL) is making its maiden AI investment. After evaluating suitable opportunities, the company has decided on EVOO AI (www.evoo.ai), which is a data platform with AI learning models incorporated. It provides insights to the luxury goods sector, such as market trends and consumer behaviour. The main product is Olive, a luxury e-commerce marketplace that offers personalised shopping. The company was incorporated on 15 December 2023. On 14 March 2024, EVOO AI had net assets of £848,000, including fixed asset investments of £800,000 and £1 in cash. The plan is for Sealand Capital Galaxy to invest in a convertible loan note. The first tranche is £200,000 and the second trance will be £100,000. The annual interest rate is 12% and the term is 18 months. Interest is payable on maturity. There will be a fee of one million warrants exercisable at €0.06/share. If the company floats at a lower share price the exercise price will match that price.
Andrew Hore
Quoted Micro 19 August 2024
AQUIS STOCK EXCHANGE
ProBiotix Health (PBX) has secured a commercial agreement for InstaMelt with DanCare Health. InstaMelt is a food supplement dosage format that offers innovative features for health brands. DanCare will launch the supplement in China in the fourth quarter under its own brand.
Samarkand (SMK) reported a dip in full year revenues from £17.5m to £16.9m and the loss was slightly higher at £4.88m, but that was after a £2.1m impairment charge after the ending of development of Nomad Checkout technology. Net debt was £600,000 at the end of March 2024. The weak Chinese ecommerce market hampered progress. Revenues from own-brands grew, while sales of third-party brands declined. The audit report in the accounts includes a material uncertainty in respect of going concern. Costs are being reduced and the focus is on core activities. Guild Financial Advisory has been appointed as corporate adviser.
Fenikso (FNK) has invested up to $250,000 in a six-month secured convertible loan note issued by AIM-quoted Coro Energy (CORO). This loan provides an annualised coupon of 40%. The loan is secured on the shares of Coro Asia Renewables, which owns renewable assets in the Philippines. Fenikso has more than $5m in cash left in the bank.
Capital for Colleagues (CFCP) had net assets of 87.87p/share at the end of May 2024, which is a small increase over the previous quarter. This was after paying a 2p/share dividend during the period.
Phoenix Digital Assets (PNIX) is buying back up to 140 million shares and it can spend up to £7.5m. The programme lasts until 23 July. So far, nearly £10,000 has been spent on 500,000 shares.
Valereum (VLRM) is using Fireblocks’ technology as part of its infrastructure. It will enable secure sending and storing of digital assets. The Fireblocks advanced wallet security technology will be integrated in the platform. A subsidiary has been set up in El Salvador.
Coinsilium Group (COIN) chief executive Eddy Travia bought 300,000 shares at 1.6p each and executive chairman Malcolm Palle has acquired 300,000 shares at 1.62p each.
Mark Horrocks has increased his stake in Lift Global Ventures (LFT) from 17.6% to 19.96%.
Mortgage Chat (MCAI) has changed corporate adviser to Alfred Henry Corporate Finance. JEAMP Hold Co has sold its 18.1% stake.
AIM
Global Petroleum (GBP) is setting up a joint venture with Callum Baxter, former chief technical officer of Greatland Gold (GGP), to diversify into mineral exploration in Western Australia. Global Petroleum will pay £200,000 for 70% of the joint venture and Callum Baxter will retain the other 30%, although this can be increased to 80% for an additional £50,000. Global Petroleum will spend a minimum of £750,000 over 12 months and fund 100% of spending until a decision to mine. Global Petroleum is raising £600,000 at 0.065p/share and existing shareholders can participate in a retail offer. This cash will finance the purchase of 80% of the exploration licence. Under a consultancy agreement Callum Baxter will receive 200 million Global Petroleum shares and 10% of the total number of new shares issued in the fundraising. The retail offer to existing shareholders via CMC closes on 16 August.
Artemis Resources (ARV) reports high grade gold in veins at the Titan prospect. As well as significant grades of copper. A 10.4 ounce gold bar has been produced from metal extracted from the Titan prospect. A tenement review of the Carlow project area has led to mapping of further gold veins. These are parts of the Karratha gold project in the Pilbara region of Western Australia. This could be a large scale regional discovery.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) continues to make progress, but it has not received all the cash from the fundraising earlier this year. An investor that was going to subscribe £1m in four tranches and it has only paid £600,000 so far. This leaves the company short of funds. The expiry date of the £7m committed credit facility provided by a high net worth investor has been extended to 30 November 2025, but an initial attempt to drawdown £1m has led to £100,000 being received and £900,000 being delayed until a property has been sold. Celadon Pharmaceuticals is in talks with other potential lenders. The company has £49,000 in cash.
Bluejay Mining (JAY) is the latest minerals explorer to evaluate possible deposits of hydrogen and helium. Historical drilling within the Outokumpu belt revealed substantial concentrations of hydrogen and helium. There are also signs of lithium. There will be sampling and testing.
Biome Technologies (BIOM) is raising £950,000 at 5p/share and offering retail shareholders the opportunity to invest up to £80,000 more. The same share price will be used for the conversion of £1.28m of convertible loan notes. The cash is required for short-term working capital for the RF division, plus the financing of additional stock for Bioplastics. Allenby expects revenues to improve from £6.98m to £7.82m in 2024, mainly due to Bioplastics, and a reduced loss of £862,000, from £1.2m.
Drug discovery company BiVictriX Therapeutics (BVX) believes leaving AIM is the best way of progressing the business. Management believes that the current valuation undervalues the company due to lack of liquidity and becoming a private company will help access to further funding. The share price is hampering partnership discussions. There are plans to appoint JP Jenkins to provide a matched bargains facility. This comes almost exactly three years since the company joined AIM and raised £7.5m at 20p/share. There were 2.72 million options granted to management at 13p each.
Energy services provider Inspired (INSE) is on course to meet full year forecasts, but it will need to win significant optimisation contracts. The timing of the contracts is uncertain and there should be more information about the progress when the interims are published. There will be no more deferred consideration payable by the end of the year. The ESG and software businesses continue to grow.
Jag Grewal has resigned as chief executive of Cambridge Nutritional Sciences (CNSL), which makes diagnostic tests for food sensitivity and other personalised health requirements, and James Cooper becomes interim chief executive. This follows the recent full year figures showing a reduced loss. In the year to March 2024, continuing operations generated revenues of £9.8m, up from £7.5m. However, this was affected by the timing of orders and this year’s revenues could be lower.
Lung cancer diagnostics developer LungLife AI (LLAI) says that the finalised Local Coverage Determination issued by the Medicare Administrative Contractor Noridian Healthcare Solutions, which has jurisdiction over the company’s California laboratory, enables it to apply for coverage to receive payment. A price of $2,030 has been fixed for each LungLB test. The next step is obtaining coverage from public and private payers.
Commercial property services provider Fletcher King (FLK) increased full year revenues from £3.08m to £3.83m, while pre-tax profit more than trebled to £504,000. The final dividend is trebled to 2.25p/share. There was £3.8m in cash at the end of April 2024. Working on rating appeals helped income to improve. Management says that there are signs of recovery in the commercial property market, particularly at the higher quality end.
Medical imaging technology developer IXICO (IXI) says figures for the year to September 2024 will be ahead of expectations. Revenues will be between £5.5m to £5.9m, compared with expectations of £5.2m. Cash levels will improve. A new contract has been won to provide imaging biomarker services for phase 1 / 2 clinical trial for patients with Huntington’s Disease.
Zephyr Energy (ZPHR) says production from the Williston Basin assets increased by around 10% to 1,226 barrels of oil equivalent/day in the second quarter. First half production was 1,189boepd. Last year’s average was 1,040boepd and it should average between 1,100boepd and 1,300boepd in 2024.
Recently floated medical technology company AOTI Inc (AOTI) says second quarter trading was strong. Interim revenues should grow by more than one-quarter to $26.3m. Full year revenues are expected to rise by at least 30%.
MAIN MARKET
S and U (SUS) says the trends of the first quarter continued in the second quarter. The motor finance provider is suffering from lower collection rates due to uncertainties around the FCA review outcome. The Aspen property finance business is doing well, and receivables grew by 13%. Edison is maintaining its 2024-25 pre-tax profit forecast at £29m, down from £33.6m. The total dividend should be unchanged at 120p/share. Berenberg cut its share price target from 2180p to 2100p.
Renewables-focused investment company JLEN Environmental Assets Group Ltd (JLEN) has launched a share buyback of up to £20m following the sale of assets. There is already authority to buy back up to 15% of the share capital. JLEN is selling a 51% interest in a portfolio of six gas-to-grid anaerobic digestion facilities for £68.1m, which is the June 2024 valuation. JLEN retains the other 49%. The buyer is Future Biogas, which has been the operator of the assets. The rest of the cash will reduce debt.
Andrew Hore
Quoted Micro 2 January 2022
AQUIS STOCK EXCHANGE
Invinity Energy Systems (IES) says that 2023 revenues will be better than expected because of the order inflow in recent months and delayed contracts. The 2023 forecast was raised from £20.6m to £23.7 in September. The battery storage technology developer will still make a significant loss even with higher revenues.
Oberon Investments Group (OBE) reported a decline in interim revenues from £3.45m to £2.64m. Corporate broking revenues fell by one-third to £1.03m, although the number of clients increased from 15 to 22. Funds under management rose above £1bn, although investment management revenues also declined. The group moved from profit to a £1.7m loss as additional staff were taken on in corporate broking and investment management. There was net cash of £2.3m at the end of September 2022. The launch of an EIS fund and other new products should boost longer-term revenues.
Supported housing operator Walls & Futures REIT (WAFR) interim loss fell from £201,000 to £37,000, although there was a small increase if exceptional charges are excluded. NAV was 0.5% lower at 97.5p a share at the end of September 2022. There was cash of £829,000. The weaker residential market is helping with the search for suitable sites.
Looking Glass Labs Ltd (NFTX), which operates Web3 platforms for immersive metaverse environments and blockchain, has progressed with the development of its Pocket Dimension metaverse offering. Carl Chow has stepped down from the board and Lucas Russell has replaced him.
Tectonic Gold (TTAU) reported an increased loss of £311,000 in the year to June 2022, while there was a £270,000 cash outflow from operating activities. There was £403,000 in the bank at the end of June 2022, with net cash of £232,000.
Cadence Minerals (KDNC) has completed the pre-feasibility study for the Amapa Iron Ore and an announcement is expected in early 2023. Investee company Evergreen Lithium is awaiting final regulatory approval to join the ASX.
AQRU (AQRU) has invested £2.3m in Streaks Gaming, which is planning to join the standard list on 5 January. Streaks Gaming is creating a global conversational gaming platform.
IamFire (FIRE) has subscribed for a further £500,000 of WeShop convertible loan notes. The conversion price is 200p a share.
Gowin New Energy (GWIN) has borrowed £50,000 from its chief executive.
Geremy Thomas is no longer an executive at Goodbody Health Ltd (GBDY), although he remains as chairman. Anne Tew is stepping down as finance boss, although she will cover the role until a replacement is appointed.
AIM
Nexus Infrastructure (NEXS) is selling its utility connections and charging infrastructure businesses to FitzWalter Capital for £77.7m. That is more than the market capitalisation before the announcement. This is the highest it has been since June. TriConnex and eSmart Networks were the parts of the group with the best growth prospects and Nexus Infrastructure is left with civil engineering business Tamdown, where margins are recovering. In 2021-22, revenues were £98.4m and the operating profit was £2.3m. There will be £10m of disposal proceeds retained for working capital and the £65m left after costs will be distributed to shareholders.
Trading in digital media company Catenae Innovation (CTEA) shares has recommenced after it published its 2020-21 accounts and interims to March 2022. There was a £993,000 cash outflow from operations last year and that was reduced to £283,000 in the latest interims. There was cash of £337,000 and no debt at the end of March 2022. A £250,000 interest-free loan facility has been secured from Sanderson Capital and £125,000 has been drawn down. Shares and warrants will be issued to Sanderson Capital at 0.235p each.
NetScientific (NSCI) investee company PDS Biotech (NASDAQ: PDSB) has revealed median overall survival of 21 months in a phase II study for a PDS0101-based triple combination therapy for advanced HPV+ cancer patients. This is a better outcome than for current treatments. The PDS share price rose on the news and even though it has fallen back it has still risen by around one-third this week. NetScientific’s 4.7% stake is worth around £13.8m.
Catalyst Media Group (CMX) trebled its net assets after unwinding a previous write-down. A 20.5% shareholding in horseracing broadcaster Sports Information Services (SIS) is the only significant asset that Catalyst Media has, and it is valued at £35.4m. That is after a write-back of a previous impairment charge of £23.4m. NAV is £35.5m, or 168.9p a share. Catalyst Media has announced a 3.3p a share dividend.
Cannabis-based medicines developer Celadon Pharmaceuticals (CEL) says its pain clinic subsidiary LVL Health has completed the feasibility study of its non-cancer chronic pain clinical trial. The results are described as positive. The results have been submitted to the research ethics committee, which will make a decision on a larger clinical trial involving up to 5,000 patients. A trial has already been conditionally approved by the MHRA.
Barkby Group (BARK) has increased the debt facility provided by Tarncourt Properties, a company controlled by the family of Barkby chairman Charles Dickson, from £5m to £12m and it expires at the end of June 2024. Net debt was £7.7m on 2 July 2022. There is effectively £7m of cash available at the end of 2022. Net liabilities are £7.7m. Non-core assets are up for sale. The focus will be property and pubs.
Tekcapital (TEK) investee company Innovative Eyewear has signed a global licensing agreement for the outdoor brand Eddie Bauer for smart eyewear.
Allergy Therapeutics (AGY) says that its accounts will not be published by the end of 2022, so trading in the shares will be suspended on 3 January. The audit has been delayed, but there is no indication of any material problem. Management is still assessing funding options. Annual results for Kazera Global (KZG) will not be published until February, so trading in the shares will also be suspended on 3 January.
MAIN MARKET
Gresham Technologies (GHT) software Clareti Connect has won a new $1.3m contract over five years with an existing banking client. The software will replace FIX processing infrastructure and there will be additional recurring usage fees.
Standard list shell Stranger Holdings (STHP) had net debt of £761,000 at the end of September 2022. Due diligence continues on the potential acquisition of mineral rights in Africa.
Andrew Hore
Quoted Micro 4 April 2022
AQUIS STOCK EXCHANGE
In 2021, Good Energy (GOOD) revenues were 12% higher at £146m, while underlying pre-tax profit recovered from £500,000 to £2.6m. Since the year end the sale of the generating assets has boosted the balance sheet making it debt free. A final dividend of 1.8p a share takes the total for the year to 2.55p a share. Investment in billing platforms will help improve efficiency. The Zap-Map EV charging services business remains a focus of growth, along with an accelerating smart meter roll out. Even though trading conditions are tough, Good Energy could improve its profit this year.
Brewer Shepherd Neame (SHEP) is returned to profit at the interim stage, and it is paying an interim dividend of 3.5p a share. In the six months to December 2021, revenues increased by 55% to £78.7m, which is similar to the six months to December 2019. A loss of £7.2m was turned into a profit of £5.4m. Net debt is £82.4m after paying delayed VAT liabilities. Net assets are 1176p a share, excluding property revaluations. In the 13 weeks to 26 March 2022, like-for-like managed pub sales are 10% ahead, but it is a weak comparative. Costs are increasing and Peel Hunt has trimmed its full year pre-tax profit forecast from £8.6m to £7.2m.
ProBiotix Health (PBX) started trading on the Access segment having raised £2.5m at 21p a share. The share price ended the week at 21.5p, valuing the company at £26.2m. The company has been spun-off by OptiBiotix Health (OPTI), which retains a 44% stake after issuing ProBiotix shares to its own shareholders. They will not be able to deal in the shares for nine months. The core product developed by ProBiotix is LP-LDL ®. Studies have shown that the product can reduce cholesterol levels.
AIM-quoted European equities exchange operator Aquis Exchange (AQX) joined the Apex segment of the Aquis Stock Exchange on the same day as it reported full year figures. In 2021, revenues were 42% ahead at £16.2m, while pre-tax profit jumped from £470,000 to £3.22m. Net cash is £14.1m, after spending £1.1m on buying back shares. The company’s market share of pan-European trading improved from 4.7% to 5.2% and the purchase of the non-displayed matching pool of UBS could add a further 0.6% of market share. Liberum forecasts further growth in pre-tax profit to £4.2m this year.
Oberon Investments (OBE) is raising £3.4m at 6p a share in a significantly oversubscribed placing. The broker and investment manager wants to spend the cash on expanding its corporate finance and wealth management operations.
Pharma C Investments (PCIL) invested £100,000 in AIM-quoted Celadon Pharmaceuticals (CEL), formerly Summerway Capital, at 165p a share. Trading started on 28 March and the share price subsequently fell to 130p. Vertigrow, which was established in 2018, reversed into Celadon and it grows indoor hydroponic, high THC cannabis, which will be used for medicines to treat chronic pain. A Home Office licence to legally grow medicinal cannabis was received in July 2021 and it has been renewed until January 2023.
KR1 (KR1) has invested $1.5m in Subspace Labs Inc and it will receive a yet-to-be determined number of tokens. Subspace Network is an eco-friendly blockchain that enables scalable chain storage and computing.
Gunsynd (GUN) owns 1.25 million shares in Media Tech SPAC, which is acquiring Scandinavia-based Drylab A/S, which has developed a subscription-based film and TV production platform. The technology allows reviewing and sharing of filmed takes in real-time, uploads those filmed takes to a cloud-based platform and saves time and costs. The service is designed to work without internet access.
Vulcan Industries (VULC) has sold M and G Olympic Products, which manufactures architectural metalwork, for £1. This is part of refocusing on fabrication businesses.
Cadence minerals (KDNC) has agreed to sell its 31.5% stake in Lithium Technologies and Lithium Supplies in return for £3.72m.
The attempt to remove the chairman and the other resolution put forward at a requisitioned general meeting of Love Hemp (LIFE) were heavily defeated.
Pioneer Holdings Inc (PNER) has acquired Crowdform, which creates apps and websites for brands and start-ups.
Trading in Hot Rocks Investments (HRIP) shares was restored after it reported 2020-21 results and interims to September 2021. There was cash of £93,000 and net assets were £788,000 at the end of September 2021.
Tectonic Gold (TTAU) had £396,000 in the bank at the end of 2021 and management says that it is well funded even though there have been delays to exploration.
Lombard Capital (LCAP) had net liabilities of £2.29m at the end of 2021. The directors are trying to refinance the company.
Hydrogen Future Industries (HFI) has incorporated a subsidiary to develop wind and water-based hydrogen production systems.
Evrima (EVA) has replaced corporate adviser Keith Bayley Rogers with Novum Securities.
Kasei Holdings (KASH) says that its chair Jane Thomason Abigail subscribed £150,000 for new shares at 20p each.
AIM
Digital payments business Boku (BOKU) improved its underlying pre-tax profit from $8.8m to $11.8m in 2021. Longer-term, eWallet activity will help to accelerate growth. Monthly average cash balances are running at $50.8m. Boku will be hit by the loss of Russian revenues that were likely to be around $1.5m.
NWF (NWF) says that its fuels business is making a profit of 2p a litre, compared with 1p a litre under normal circumstances. This will boost cash flow, but it is not likely to be repeatable. Full year profit will be much better than expected.
Artisanal Spirits (ART) achieved strong growth in the UK, China and the US last year. Member lifetime value increased from £932 to £1,445, helped by retention rates improving to 77%. The investment in casks of whisky is paying off with the value of the stocks increasing by 26%. Current year revenues are growing by 30%.
EKF Diagnostics (EKF) increased 2021 revenues by 25% to £81.8m. Even stripping out one-off Covid business, the growth was 14%. Pre-tax profit improved from £15.4m to £21.4m. Net cash was £19.6m at the end of 2021, although that was prior to an additional investment in Verici Dx (VRCI). Some of the cash pile is being invested in expanding the fermentation capacity in Indiana. There are plans to buy back up to nine million shares.
Employee benefits services and insurance provider Personal Group (LSE: PGH) beat expectations with 2021 even though pre-tax profit declined from £8.8m to £4.7m as the effects of the original lockdown showed through in the figures. There will also be a delay in the recovery coming through in better profit. The total dividend was reduced from 18.4p a share to 10.6p a share. Net cash is £20.3m.
Brand Architekts (BAR) is making a recommended bid for fully listed InnovaDerma (IDP), which has regularly disappointed investors. The offer is 7p in cash and 0.3818 of a Brand Architekts share for each InnovaDerma share, which values the skincare company at £13.6m. Brand Architekts has a strong balance sheet and will be able to improve the marketing for the combined group’s products.
Windward (WNWD), which supplies AI-based software for real-time marine and shipping information, doubled its customer base last year. There is an increased need for information to stop breaches of sanctions following the Russian invasion of Ukraine, as well as the ongoing requirement to track sea cargos. Windward is loss-making, but revenues should build up significantly as marine compliance requirements become more stringent. Net cash is $39m and this will provide the funds for Windward to achieve its growth forecasts.
SIPPs admin services provider Curtis Banks (CBP) improved pre-tax profit from £13.4m to £14m in 2021. The growth was held back by delays in technology projects. The dividend is maintained at 9p a share. This was achieved despite a decline in interest income. The higher interest rates will not make a significant difference until 2023. Investment in systems will improve efficiency.
Construction and building software supplier Eleco (ELCO) grew revenues from £25.2m to £27.3m, while pre-tax profit improved from £4.9m to £5.3m. Eleco is transitioning to a SaaS-based model and that will hold back short-term revenues growth. Eleco increased its full year dividend from 0.4p a share to 0.6p a share.
Great Western Mining (GWMO) has completed the road to its Mineral Jackpot properties in Nevada and that will help it to exploit spoil heaps. There are also plans to drill five shallow exploration holes in the area.
MAIN MARKET
Repair and maintenance services provider Mears (MER) reported a 2021 pre-tax profit of £25.6m on revenues of £878m as local authority repair and maintenance activity returned to normal levels. Mears made a loss in 2020. The order book is worth £2.4bn.
Beacon Rise Holdings (BRS) joined the standard list with nine shareholders owning most of the shares. Prior to flotation £1.07m was raised at 100p a share. The current bid/offer spread is 100p/400p. Beacon Rise Holdings is seeking acquisitions involved in primary and secondary related education technology. This could be software or hardware that facilitates active learning. Pro forma net assets equals the cash of £744,000.
Rockpool Acquisitions (ROC) has terminated its proposed acquisition of Greenview Gas. Another party will acquire the business. Rockpool has received £1.2m from Greenview, which is a small premium on the loan provided plus interest.
Telecoms services provider Toople (TOOP) says first quarter revenues are 9% ahead of the previous fourth quarter, while gross profit is 17% higher.
Andrew Hore