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Quoted Micro 27 April 2026
AQUIS STOCK EXCHANGE
Silverwood Brands (SLWD) has published delayed results for the 18 months to June 2025. There were delays in consolidating the Japanese subsidiary accounts and the company intends to improve its financial reporting capability. Full year revenues were £23.9m and the reported loss was £18.3m. That was predominantly down to impairment charges. Cash was £3.07m at the end of June 2025, but net debt was just over £11m. The latest interims show a small dip in revenues to £9.2m, which was held back by movements in the Yen.
Purebond has increased its stake in Delta Gold Technologies (DGQ) from 3.1% to 3.7%. An issue of shares after the exercise of warrants at 30p each raised £71,000.
Valereum (VLRM) has agreed terms of a definitive exclusivity agreement with Quorium Global Photonics SPC. The existing $200m medium term loan notes with VGOLD-CORE tokens valued at $279.5m. These will be released at $13.975m each quarter over five years. Valereum has settled its dispute with Blubird and will receive 504,524 shares in Blubird (5.66%), plus two BLU tokens over two years.
Oscillate (SRVL) shareholders approved the move to AIM.
Ajax Resources (AJAX) has had the exclusivity agreement for the purchase of the Paguanta project in Chile extended to 15 May.
Shortwave Life Sciences (PSY) has raised £215.000 at 1.5p/share and is planning to move to AIM. Ut has options over antimony gold and polymetallic licences in Slovakia and the Saturn gold project in Western Australia. Keith Coughlan, a director of European Metals Holdings, has replaced Ron Lipsky on the board. Steve Xerri owns 6.4%.
Adam Back is investing £585,500 in Connecting Excellence Group (XCE) at 1.75p/share. He will own around 8%. The company has bought ten Bitcoin for £585,000.
M3 Helium, which Mendell Helium (MDH) has an option to buy, has secured a trailer to deliver helium from the Rost 1-26 well.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Astrid Intelligence (ASTR) says that earlier in April, a subnet operator withdrew from the Bittensor network and liquidated a substantial part of their holdings, leading to volatility. This led to a decline in value of some subnet tokens. Astrid was not materially impacted at an operational level.
Sulnox Group (SNOX) has been granted a patent in Hong Kong for an improved demulsification methodology.
Wishbone Gold (WSBN) raised £1.1m via a placing arranged by Marex Financial at 26.35p/share. Every two shares come with a warrant exercisable at 40p each. A rig has been mobilised for the Red Setter project.
Falconedge (EDGE) shares have started trading on Frankfurt Stock Exchange.
Roundhouse Digital (ETHL) has entered into a loan agreement with Payward Oceanic for $350,000 at an interest rate of 9%. This is secured against Ethereum holdings.
S-Ventures (SVEN) raised £9,382 from its retail offer at 3.5p/share and issued 428,571 shares to new joint broker Oberon Capital. The retail offer takes the total raised to £310,000.
Capital for Colleagues (CFCP) has appointed AlbR Capital as corporate adviser. Ut had a NAV of 85.5p/share at the end of February 2026.
ASSET MATCH
Asset Match has been approved by the FCA to operate a trading venue in the PISCES framework.
Harrogate Group (HGTE) has agreed to acquire Iceland-based Myntfund ehf, which “owns a blockchain based exchange and ecosystem which offers an opportunity for companies to access capital through tokenised shares”. The payment will be £9.3m in shares at 0.5p/share. That would be 92% of the enlarged share capital.
Brewer Wadworth and Co (WAD) increased its full year pre-tax profit from £923,000 to £1.25m. There has been a solid first quarter performance.
AIM
Helium projects developer Rift Helium (RIFT) joined AIM on Wednesday having raised £8.09m at 10p/share. The shares initially went to a premium but ended the first day at 9.75p but was back at 10p by the end of the week.
Concierge services technology platform provider Ten Lifestyle (TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market.
Surgical instruments supplier Surgical Innovations (SUN) reported a slightly higher loss in 2025, but it expects a much lower loss this year. There has been a good start to the new financial year. New product launches and increased sales from distribution of third party products provide potential for the future. Manufacturing efficiency is improving.
Atome (ATOM) has raised £6.59m via a placing at 60p/share in addition to an £18m subscription by Casale, the EPC contractor for the planned Villeta green fertiliser facility, directors and existing shareholders. A retail offer raised £1m, which was double the original intention. Once shareholders approve of the share issues the final investment decision will be declared. Atome will have enough cash to take a 29.8% in the Villeta project. Atome will receive 100% of revenues until it has a 15% IRR on its $60m carried value in the project and after that 29.8% of revenues.
Oil and gas company Kistos (KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz.
In content advertising technology developer Mirriad Advertising (MIRI) says trading conditions are difficult, and the US joint venture partner has performed below expectations. Costs have been reduced, but cash is running out. The board believes it may have to place operating subsidiaries in administration or liquidation if no new capital is raised. That would lead to a suspension in trading of the shares. Omar Ahmad has a 6.18% stake.
Microchip designer and supplier EnSilica (ENSI) has won two new space contracts and one could be worth more than $50m over its life. There should initially be $6,8m of non-recurring engineering revenues in the next three years and potential UK Space Agency funding of up to $3m on top.
Retailer Shoe Zone (SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end.
Health and beauty brands owner Creightons (CRL) is changing its name to Potter & Moore, which has always been the main trading name, as part of a corporate rebrand. Full year revenues were flat at £53.8m with problems at customers and reduced contract manufacturing business hampering the progress of the business. Gross margin was maintained as NI and other cost increases were offset by improved efficiency. Even so, pre-tax profit is expected to decline from £3.5m to £2.7m. Cash was £3.6m at the end of March 2026.
Billing and CRM software provider Cerillion (CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June.
Quicklime producer Firering Strategic Minerals (FRG) is raising £2.5m at 1p/share. The cash will fund an increase in ownership of main subsidiary Limeco and help progress to exercising the final tranche of the Limeco option. Two more kilns could be brought online in the future.
Alien Metals (UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t.
Professional services provider Diales (DIAL) says interim operating profit will be 43% higher at £1m on revenues up 10% at £23.7m. Cash was £3.9m at the end of March 2026. The interims will be published on 1 June.
Caledonian Holdings (CHP) is changing its investing policy and plans to consolidate 1,000 shares into one new share on 12 May. Caledonian Holdings intends to acquire financial services and payments company, and this requires the change in investing policy. Aspire will provide an operating and technology platform, which can be used to deploy products of investee companies.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) reported 2025 revenues of £40.5m, up 30% year-on-year, while underlying pre-tax profit was £8.8m. Total contracted value is £64.5m. Implementations are taking longer than expected because of delays by customers. Zeus has trimmed its 2026 pre-tax profit forecast from £18m to £12m.
Hydrogen Utopia International (HUI) has signed an agreement with Saudi Arabia waste management company RECYCLEE for the supply of waste feedstock in that country. The feedstock will be unrecyclable plastics and old tyres, and this will be used to generate energy in a planned facility.
Nanoco (NANO) increased interim revenues from £3.4m to £7.7m. There was an operating profit of £4.1m. This reflects recognition of part of the Samsung settlement. Net cash is expected to be £8.8m at the year end.
S and U (SUS) increased full year pre-tax profit from £24m to £31.8m even though revenues declined. The impairment charge fell from £35.6m to £13m. The dividend was raised by 12.5% to 45p/share. The main improvement was in the motor finance business, but Aspen Bridging also raised its profit after a lower impairment charge. Peel Hunt has a target price of 95p.
Andrew Hore
Quoted Micro 12 January 2025
AQUIS STOCK EXCHANGE
AI company Astrid Intelligence (ASTR) is transitioning into execution and infrastructure-led growth. Astrid Intelligence owns and operates Subnet 127 within the Bittensor network, whose brand has been changed from SigmaArena to Astrid Arena. Bilateral arrangements have been secured with subnet operators. Astrid Vault, a protocol-native infrastructure platform intended to facilitate orderly liquidity coordination within the Bittensor ecosystem, is being developed. Astrid Intelligence has cash to finance that growth.
Gowin New Energy (GWIN) director Chen Chih-Lung has made a £30,000 loan to the company for 12 months at an interest rate of 2%. This is for short-term liquidity.
UTXO Management has reduced its stake in The Smarter Web Company (SWC) from 12.99% to 11.1%. Martin Thomas has been appointed as a non-executive director.
EDX Medical (EDX) founder and chief scientific officer Sir Christopher Evans bought 45,500 shares at 10.75p each and 41,780 shares at 13p each. He owns 35.2% of the diagnostics company. Chairman Jason Holt bought 235,000 shares at 11.4p each, 150,000 shares at 11.23p each and 50,000 shares at 12p each.
NYCE International (NYCE) has entered a joint venture with Spandan Manhata, which has developed software for the igaming industry. The joint venture will acquire these assets called Innovassion and NYCE will be majority shareholder and oversee commercial strategy. The first client has been secured.
Daniel Thwaites (THW) has bought back 300,000 shares at 110p each.
Shareholders in Phoenix Digital Assets (PNIX) have approved redomicile to Gibraltar.
Spreadex has a 3.08% stake in Vaultz Capital (V3TC).
Delta Gold Technologies (DSQ) is planning to get its shares traded on the OTCQB Venture Market. Jonathan Swann has a 21.3% shareholding.
B HODL (HODL) has generated revenues of 0.084 Bitcoin (£5,471) during December, which is higher than the previous month. The total holding is 158.295 Bitcoin. The share price dipped
AI software company IntelliAM (INT) has won a £115,000 contract with a frozen food company. The deal covers four manufacturing facilities.
Connecting Excellence (XCE) has purchased 16.58306046 Bitcoin at an average price of $86.980.16 each. That takes the total holding of Bitcoin to 41.35974228 at a total cost of £2.75m. The company has launched its 2026 Bitcoin-denominated convertible bond programme.
Ajax Resources (AJAX) has mobilised a drilling rig for the Eureka gold and copper project in Argentina. The initial drilling programme is near to the former Mina Eureka copper and gold mine with ten holes totalling 1,500 metres.
Zentra (ZNT) has changed its nominated adviser to Guild Financial with Hybridan continuing as broker.
ASSET MATCH
Regenerative medical devices developer Tissue Regenix (LON: TRX) has left AIM and the shares joined the Asset Match trading platform on 7 January.
AIM
Galantas Gold (GAL) is acquiring 100% of the Andacollo Oro gold project in Chile. This is an open pit mine with a historical inferred mineral resource estimate of 5.06M ounce of gold. It has been in production in the past. The seller is owned by Galantas Gold executive Robert Sedgemore, so it is a related party deal. His company bought the mine from Dragones, whose former owner will receive payments of $27.5m in the four years to the end of 2029, as well as initially being issued 91.3 million Galantas Gold shares. Galantas Gold will assume $3m of debt and pay $1.5m to Robert Sedgemore.
Cerillion (CER) has won its largest ever contract for its BSS/OSS software suite and provide ongoing support and maintenance. The Oman Telecommunications contract is worth c.£42.5m over five years will underpin the current forecasts for this year and in the future.
Semiconductor designer EnSilica (ENSI) increased interim revenues 37% to £12.7m and moved from loss to profit. Cash was £2m. A full year pre-tax profit of £600,000 is forecast.
Reabold Resources (RBD) says that the Italian authorities have published the formal decree and positive decision on the small scale LNG development plan by 47.4% owned investee company LNEnergy Ltd for the project in Colle Santo.
Pulsar Helium (PLSR) says that the Jetstream #5 appraisal well at the Topaz project in Minnesota has encountered an additional pressurized gas influx at approximately 2,857 feet in depth. This new gas zone is estimated at around 1,292 psi, the highest recorded to date at Topaz. The drilling of the hole continues before moving to the next well. The share price improved 7.98% to 57.5p.
Fiinu (BANK) has changed management at Everfex and improved controls. The acquisition enabled the group to be profitable in November. At the end of the year there was cash of £5.34m and the cash burn is less than £200,000 each month. The company has served formal non-compete breach notices against Karol Oleksa and Marta Oleksa, in respect of the non-compete obligations relating to the Everfex acquisition.
Biopesticides developer Eden Research (EDEN) has achieved a second regulatory authorisation this week with fungicide Novellus+ gaining approval in Chile. This is used in wine and table grapes to control grey mould (Botrytis cinerea) and powdery mildew (Uncinula necator). Earlier in the week Mevalone was granted approval in France to use on grapes to control downy and powdery mildew.
Extended reality technology company Engage XR (EXR) is still suffering from a tough market with contact delays and poor renewals. In 2025, revenues were €1.9m and net cash has fallen to €1.6m. Cash is being conserved and there are potential opportunities in education. Forecasts are under review.
Rent guarantee services provider RentGuarantor Holdings (RGG) increased full year revenues from £1.27m to £2.39m, which is 9% higher than expected. However, the loss is expected to be much more than the forecast of £446,000. Marketing spending was brought forward to 2025.
Graphene technology developer Directa Plus (DCTA) says 2025 revenues improved from €6.66m to €7m and the loss will be lower. Cash has fallen to €1.5m, which is much less than the outflow in 2025. A non-core land sale could generate €500,000. Joint ventures and licensing opportunities are being assessed.
Telematics services provider Quartix (QTX) says 2025 revenues and profit will be ahead of expectations. Cash was £5.6m at the end of the year. Annualised recurring revenues are 14% ahead at £37m and net revenue retention is 98.1%. A final dividend of 7.5p/share is anticipated, taking the total to 10p/share.
ValiRx (VAL) has entered a nine-month, evaluation and material transfer agreement with The Royal Institute for the Advancement of Learning/McGill University and The Institute for Research in Immunology, and Cancer-Commercialization of Research in Canada. This will evaluate a RNA Helicase inhibitor. ValiRx will own the evaluation results, and they can be swapped for a 15% stake in the company set up to commercialise the technology.
Shareholders in Indus Gas (INDI) voted in favour of leaving AIM and that will happen on 23 January. JP Jenkins will provide a matched bargains facility.
Touchstone Exploration (TXP) has drilled the Carapal Ridge-3 development well on the Central block onshore in the Republic of Trinidad and Tobago. Touchstone holds a 65% working interest. The well encountered a thick pay zone across multiple Herrera horizons and it could be tied-in to the Central block natural gas processing facility in the first quarter. There is potential for three more development wells and potential for another gas play in the Karamat formation.
Goldstone Resources (GRL) operates the Homase gold mine in Ghana which produced 2,912 ounces of gold in 2025 and generated revenues of $10m. Heavy rainfall and inspections held back production. Avrage all-in sustaining cost was $2,781/ounce up until November and it is expected to be $2,500-$2,900/ounce in 2026. Production could reach 4,000 ounces this year.
Geo Exploration (GEO) is still falling following yesterday’s news that although maiden drill holes at the Juno project in Australia intersected gold and copper sulphide mineralisation, together with silver and zinc, it appears that the higher grade mineralisation could be to the south.
In an update on the Barb Project in Manitoba, Canada, Gunsynd (GUN) says field work is consistent with a structurally controlled orogenic gold system. However, none of the latest rock sample results produced grades of more than 1g/t gold. Funding of C$105,000 has been secured from the Manitoba Mineral Development Fund to help fund further exploration. Targeted exploration will enhance understanding of the project.
Versarien (VRS) has been placed in administration with Leonard Curtis.
MAIN MARKET
Kelso Group (KLSO) has bought 400,000 shares in Saga (SAGA) at 386.5p each. Saga has been reducing borrowings via disposals, and it has strong asset backing. Kelso believes Saga is undervalued particularly compared with US listed rival Viking Holdings. Kelso has made proposals to the Saga board, including attracting US investors and continuing to reduce debt.
New Frontier Minerals (NFM) says that the mining lease application over the Big One copper deposit in Queensland has reached technical assessment phase. The JORC-compliant Mineral Resource of 2.1Mt @ 1.1% copper, and an additional 7,000t @ 1.3% copper of surface Indicated stockpiles.
Supply @ME Capital (SYME) plans to acquire the inventory ownership business and related assets of Société Financière Européenne S.A. by the end of March. This is part of the strategy to move the business model towards direct inventory ownership and capital deployment.
Lakestreet Capital Partners has requisitioned a general meeting at Palace Capital (PCA), where it owns 22.5%. It wants remove chairman Steven Owen because it believes he is being paid too much. The investor would appoint other directors which would not be paid and believes that the sale of remaining properties could be completed more quickly.
Bluebird Mining Ventures (BMV) says that there is increased interest in its gold streaming and treasury strategy. It confirmed a technology partnership with The BE Company, which is related to the company’s chief executive Sath Ganesarajah, and BE will act as the company’s technology and hosting partner. The arrangement with Skylake, which is owned by the chief executive, and it will subscribe for 650 million shares for £3.25m. An initial will be paid upfront with the rest dependent on setting up an incentive scheme where services can be supplied in lieu of cash.
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 26 May 2025
AQUIS STOCK EXCHANGE
Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of £2.36bn at the end of April 2025. Deposits rose 3% to £4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from £35.1m to £28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
Dermatology treatments developer Incanthera (INC) is finalising an agreement with a global direct to consumer and it will launch the Skin + CELL product range in return for royalties on sales. There are 100,000 units in stock ready for sale, and they should be sold by March 2026. This will improve gross margins and provide positive cash flow.
Valereum (VLRM) is investing $1.35m in DigiShares in four tranches up until July. DigiShares owns a real estate tokenisation platform called RealEstate Exchange.
Smarter Web Company (SWC) has raised a further £6.83m at 49p/share. It has purchased a further 39.51 Bitcoin for £3.13m. The total holding is 58.71 Bitcoin at a total cost of £4.54m. The additional funds will be used to buy more Bitcoin.
Coinsilium Group Ltd (COIN) subsidiary Forza! will be transferred an initial 15 Bitcoin. Coinsilium will announce purchase of Bitcoin by Forza! Institutional investors are interested in investing in Forza! There was £250,000 raised in a retail offer by Coinsilium at 3p/share.
Aquis Stock Exchange has enforced £15,000 of the suspended fine of £165,000 because of the delay by TruSpine Technologies (TSP) in announcing the issue of new shares in March. Axis MedTech has subscribed £49,500 for shares at 1.5p each, as well as acquiring £136,573 of convertible loan notes from Geoff Miller
Global Connectivity (GCON) says that the value of its 2.8% stake in Rural Broadband Services has fallen to £3.9m, which is equivalent to 1.3p/share.
Mendell Heloum (MDH) has an option to acquire M3 Helium, which is continuing work on the Rost 1-26 well recompletion project.
Gledhow Investments (GDH) has acquired a portfolio of quoted and unquoted shares for 9.95 million shares and £398,900 in 5% convertible loan notes, which are convertible at 0.425p/share. If they are convertible P3 Capital would own 45.3% of Gledhow Investments, while P4 Capital would own 15.3%. The £441,000 investment will increase the scale of the total portfolio.
Watchstone Group (WTG) has decided to end all legal proceedings and return any remaining cash to shareholders following a departure from Aquis. Net assets were £1.25m at the end of 2024.
Res Privata NV has raised its stake in WeCap (WCAP) from 11.3% to 13.6%, while Peel Hunt has a higher shareholding of 19%.
Newbury Racecourse (NYR) director James Richardson bought 2,878 shares a 625p each and his total shareholding is 5,515 shares.
Time to Act (TTA) raised £274,000 at 40p/share and converted £61,000 of loans into shares. Puma AIM VCT has a 3.38% stake.
Walls and Futures RIT (WAFR) is holding a general meeting on 19 June. The resolutions include the company’s proposal to leave the Aquis Stock Exchange and the requisitioners proposals to remove two directors and appoint a new one.
Tin and copper explorer Tamar Minerals (TMR) has agreed a £150,000 loan from Godolphin Minerals, which is owned by the Tamar Minerals chief executive and two of its major shareholders. The loan is repayable on 21 May 2026 and the interest charge is 12%.
Heart failure medicines developer Cardiogeni (CGNI) raised £650,000 at 17.3p/share. Amazing AI (AAI) has raised £37,775aat 0.5p/share from existing shareholders
Kasei Digital Assets (KASH) directors Jai Patel and Brian Coyne each bought 83,333 shares at 6.75p each.
SulNOx Group (SNOX) has issued 935,362 shares to EPS Ventures, which relates to the amount of Sulnox Evo purchased.
Supersearch Plus (SSP) is changing its year end from June to December.
JP JENKINS
Powder Monkey (PMGL) has acquired Durham-based Castle Eden Brewery, which has focused on contract brewing. There are plans to brew Powder Monkey brands and to resurrect the Castle Eden brand.
Renewable energy investment company Thrive Renewables (THRV) reported a decline in 2024 revenues from £29m to £25.9m and operating profit fell from £13.6m to £11.3m. A final dividend of 12p/share has been declared. There are plans to buy back 161,628 shares. Thrive operates 24 wind, solar and hydro projects and is crowdfunding for other projects.
AIM
Xeros Technology (XSG) offset a decline in 2025 revenues with cost savings, so the loss was reduced from £4.8m to £4.5m. Revenues have been modest, but that could change this year with £2.5m forecast. Existing contacts should start to generate income later in the year. Russel Hobbs will launch the XF3 filter than can be attached to existing washing machines. A strategic partnership has been secured with Donlim, which will supply the filter to Russell Hobbs. Management is hopeful of gaining at least one major manufacturer for its integrated filter this year that could lead to commercialisation in 2026. Net cash of £2.8m should be enough for this year.
A prospectus has been lodged by Greatland Gold (GGP) for the flotation of its new holding company Greatland Resources on ASX. There are plans to raise £24.2m, while Newmont Corporation is selling 50% of its shareholding. The new company will also be admitted to AIM, and there will be a UK retail offer to raise up to £6.7m. This will close on 17 June.
Telecoms testing equipment supplier Calnex Solutions (CLX) returned to profit in the year to March 2025 as revenues recovered from £16.3m to £18.4m. New product launches helped, as did greater focus on newer markets such as defence and cloud computing. There was a strong fourth quarter and net cash improved from £10.9m at the end of March 2025 to £12.7m at the end of April 2025. The order book has increased, and Cavendish forecasts an improvement in pre-tax profit from £700,000 to £800,000 this year. That is still well below peak profitability.
Artisinal Spirits Company (ART) says revenues grew in double digits in the first four months of 2025 even though the US and China markets remain tough. The growth is coming from bottled whisky sales in Europe and cask sales. The US importing model is being changed. Full year revenues are forecast to grow by 10% to £26m.
Revolution Beauty Group (REVB) has received a preliminary bid approach, and a formal sale process has begun. The cosmetics supplier requires more funding, and it is still talking to key shareholders.
telecoms enterprise software provider Cerillion (CER) had flagged a weaker first half and management remains positive about growth in full year revenues with a new contract helping to meet the target. In the six months to March 2025, revenues dipped from £22.5m to £20.9m. The mix of revenues was different with lower software income due to fewer renewals and higher services revenues. Pre-tax profit fell from £10.5m to £9.3m. R&D spending was increased. Net cash still improved from £26.6m to £31.2m over the 12-month period. The dividend has been raised by one-fifth to 4.8p/share.
Chain manufacturer Renold (RNO) has received two bid offers one is 77p/share in cash from Webster Industries and the other is 81p/share in cash from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P.
Executive search firm Norman Broadbent (LON: NBB) revealed at its AGM that second quarter trading is materially ahead of the same period last year. Recent appointments are helping to enhance growth, and the company is moving into the Middle East market. This should ensure a return to profit this year. The £96,000 CBILs loan has been repaid. Shareholders approved the 35-for-one share consolidation.
Aquaculture company Benchmark (BMK) is asking for shareholder approval to leave AIM and Euronext Growth Oslo. There should be annual savings of £2.4m and there should also be overhead savings of £5.6m following the sale of the genetics business. Benchmark is launching a tender offer at 25p/share. The total amount of cash available through the tender is £56.7m out of the current net cash of £117m.
Composite kits supplier Velocity Composites (VEL) has been hit by delays to projects and Canaccord Genuity has reduced 2024-25 revenues by 15% to £23m and then means a loss instead of breakeven. This is despite the fact that margins are better than expected. Net cash will fall to £700,000 on that basis. Next year’s pre-tax profit forecast has been cut from £500,000 to £300,000. There have been problems with the ramp up of A350 production and final qualification sign-off of kits in the US has been delayed. The US base will offset any problems with tariffs.
Ascent Resources (AST) is acquiring a 49% interest in oil and gas leases in Colorado operated by Locin Oil Corporation and a 10% in oil and gas leases in Utah operated by ARB Energy. US-based geologist David Patterson will take over as chief executive and there will be cost savings. The first purchase costs $2.5m, including shares at 0.5p each and a $1.9m convertible loan note. The second purchase costs $750,000 in shares. The deal includes rights to earn a 50% economic interest in incremental production from these leases. There is an option to acquire a further 23% interest in the leases. A fundraising will generate £1.35m at 0.5p/share with £224,000 used to pay back part of the RiverFort secured loan with $100,000 converted into shares at 0.7245p/share.
Drug developer Poolbeg Pharma (POLB) is raising £4m at 2.5p/share and could raise up to £100,000 from a retail offer. The cash will last into 2027. It will be spent on th POLB 001 phase 2a trial to “prevent cancer immunotherapy-induced Cytokine Release Syndrome, a severe, potentially life-threatening side effect of cancer immunotherapies”. Topline data is expected by the end of 2026. An Oral GLP-1 proof of concept trial for an obesity treatment.
Healthcare services provider Totally (TLY) is considering offers for subsidiaries. This is the only practical way to pay off liabilities. However, the proceeds may not be enough to meet all liabilities.
Energy assurance and optimisation services provider Inspired (INSE) has published a document rejecting the 68.5p/share offer by Regent Gas. The argument is that the offer undervalues the business, and it is not in the best interests of shareholders to take control of Inspired.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) grew first quarter revenues by 19% to £61m. Acquisitions and the electric vehicle charging operations are driving the improvement. US tariffs are likely to impact on £4m of last year’s revenues.
Foam manufacturer Zotefoams (ZTF) says revenues are 8% ahead so far this year. They reached £50.7m at the end of April 2025. Footwear remains a strong market and there was 24% growth in transport and smart technologies sales. Construction is a weaker market.
Fully listed natural resources company Ajax Resources (AJAX) is applying to join the Aquis Stock Exchange Growth Access market. This follows a planned acquisition of Minas La Escondida, which has two copper and gold licences near to the company’s Eureka mine in Argentina, which has previously been in production. There are plans to raise £1.5m at 4p/share. There is currently £650,000 in the bank.
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 28 October 2024
AQUIS STOCK EXCHANGE
Electrification technology developer Equipmake (EQIP) has raised £3m at 3p/share. Chief executive Ian Foley has subscribed for 6.67 million shares, although his stake will be diluted to 34.1%. The cash should last for six months and move the business towards cash breakeven. There was £2.48m in the bank at the end of May 2024. In the year to May 2024, the cash outflow from operations was £6.3m. The company estimates a requirement of £5.5m for working capital over the next 12 months. A potential licensing agreement could bring in £4.6m over a two-year period. Equipmake could reach cash breakeven in 2025-26. The focus is on higher margin work and bus repowering range will be rationalised. Costs are also being reduced, but it is investing in its commercial team.
Igraine (KING) has secured right of first refusal on current and future battery storage projects developed by GEM Energia. AIM-quoted Vela Technologies (VELA) is providing a loan facility with a minimum commitment of £200,000. Igraine will issue 35.5 million shares, which is 29.1% of the company, to GEM in return for the rights. David Levis, the chief executive of GEM, is joining the Igraine board as an executive director. He founded GEM to develop battery energy storage projects in the UK. It develops the projects up to the point where it either sells them or proceeds with the development itself. Igraine will have the right to receive 8% of the sales proceeds of a disposal or be involved in their further development. Initial sites will be sold to generate cash for Igraine and strengthen the balance sheet. Each site requires £150,000-£250,000 to secure grid connections and get to the ready to build stage. Every MW of capacity is valued at £120,000. After costs, a 100MW site could generate cash of more than £7m. There are four sites which are already in progress.
Oscillate (MUSH) has started hydrogen operations in Minnesota. A hydrogen soil-gas sensor has been bought and pre-field work started, which will provide data to enable further progress. Igraine has been diluted from 10.2% to 5.05% following the recent share issue.
Lift Global Ventures (LFT) says investee company Trans-Africa Energy has not received the £12m it was waiting for from an African investor. It is talking to alternative sources of finance for the energy infrastructure project in Ghana. The redemption date on the loan notes held by Lift Global Ventures has been extended to the end of 2024 and in return the value will be increased from £1m to £1.25m.
Ananda Developments (ANA) says two of its potential medicines, MRX2 and MRX2T, will be used in National Institute for Health and Care Research and NHS co-funded phase IIIa epilepsy clinical trials involving up to 500 patients. This could support marketing authorisation applications if the trials are successful.
EDX Medical Group (EDX) has raised £300,000 from a Saudi Arabian investor at 11p/share, which was a 22% premium to the market price.
Corporate businesses developer Macaulay Capital (MCAP) managing director David Horner has doubled his shareholding to 500,000 shares by buying 250,000 shares at 20p each. His family has a 24.9% stake. Marula Mining (MARU) director Jason Brewer has increased his shareholding by 340,000 shares at 5.38p each. That takes his stake, held through Gathoni Muchai Investments to 9.13%. Mike Cass has increased his stake in BWA Group (BWAP) to 15.1%. James and Alexandra Pace have a 5% stake in Shepherd Neame (SHEP).
AIM
Footwear retailer Shoe Zone (SHOE) says that poor weather hit second half sales, but it has traded in line with expectations. Full year revenues were 3% lower at £161.3m with a second half decline wiping out the interim growth. Trading did improve in August and September. Zeus forecasts a fall in pre-tax profit from £16.5m to £9.5m. The full year dividend will slip from 17.4p/share to 6.2p/share.
Disinfection products supplier Tristel (TSTL) beat expectations in the year to June 2024. There were initial revenues from the US, but they will take time to build up. Sales grew in nearly every market, with small dips in Australasia and China. A price increase in the UK, combined with higher volumes, helped hospital medical device decontamination jump 38%. The main growth in sales is in the UK and Europe. In the year to June 2024, revenues improved from £36m to £41.9m, while pre-tax profit rose from £6.2m to £8.2m. There was a reallocation of costs from overheads to cost of sales, so this affected comparatives. The total dividend was raised 29% to 13.52p/share.
Telecoms enterprise software provider Cerillion (CER) continues to grow faster than its underlying market. Revenues were 14% higher in the second half, enabling profit to be better than expected. There are record new orders and this underpins further growth in the next couple of years. The €12.4m order from the previously unnamed Virgin Media Ireland is contributing to the growth. It probably generated £6m last year. This is the first contract with a tier-1 telecoms company and could help to win other contracts with this level of business. In the year to September 2024, revenues were 12% ahead at £43.8m.
Online marketing services provider XL Media (XLM) is selling its North American business for up to $30m in cash, with $20m payable on completion and up to $10m in April – based on revenues and gross profit in 2024. Some cash should be redistributed to shareholders by the end of the year. The company will effectively become a cash shell.
EnergyPathways (EPP) has been asked by the UK government to participate in the Hydrogen Storage Business Model. This will help to define the new investment support scheme. The first Hydrogen Storage Allocation Round should be in 2025.
Seascape Energy Asia (SEA) has been awarded a 28% participating interest in a production sharing contract over the DEWA complex cluster, offshore Sarawak, Malaysia. Enquest owns 42% and Petroleum Sarawak holds 30%. The area has 12 gas discoveries in shallow water near to the coast. Six will be focused on and these have 500bcf of gas in place. Seascape Energy Asia will commit $600,000 for a detailed resource assessment and field development plan.
Specialist recruitment firm Gattaca (GATC) reported an underlying 2023-24 pre-tax profit decline from £3.7m to £2.9m on 5% lower net fee income of £40.1m. There was a 3% increase in net fee income for contract work, but permanent income dropped by one-third. Despite the decline, Gattaca is gaining market share. Costs have been reduced and the US business has been sold. There could be a modest improvement in profit this year.
Prospex Energy (PXEN) recently acquired a 7.2365% working interest in the onshore Spain Viura gas field, which recommenced production last week. The Viura 1B development well has encountered significant gas shows in the Utrillas-A reservoir and a new gas bearing reservoir interval below that. The well, which cost Prospex Energy €375,000, could contribute to production in November Flow testing results for the deeper reservoir will be available next year. There should be a significant upgrade to recoverable reserves. The European gas price is rising.
Musical instruments retailer Gear4Music (G4M) continues to recover with growth in the second quarter nearly offsetting the decline in the first quarter and further improvement in October. In the six months to September 2024, UK sales grew 4%, but European sales declined. Total sales were 1% lower at £61.7m. Gross margin has fallen back, but the interim loss will be reduced. Full year revenues are expected to be higher and pre-tax profit could jump from £1.1m to £2.8m.
Information and data publisher Merit Group (MRIT) has been hit by the ending of project work and the lack of replacement work. Sales resource is being added, but that will take time to boost revenues. Canaccord Genuity has changed its 2024-25 forecast from a £900,000 profit to a loss of £800,000 after a 11% reduction in expected revenues to £18.5m, which is lower than the 2022-23 figure. A return to profit is forecast for next year. There are management changes that are flagged for next year.
Ariana Resources (AAU) has reviewed the data for the Dokwe gold project in Zimbabwe. There are several zones of potential extensions to mineralisation. There are also gold-in-soil anomalies to follow up and drilling is planned. The in-pit resource is 1.2moz in two open pits at Dokwe Central and Dokwe North. Measured and indicated resources are 30Mt at 1.3g/t gold. Ariana Resources believes there could be annual production of up to 100,000 ounces of gold for up to 15 years. A revision of the pre-feasibility study is underway.
At the end of the week, property developer and investor Caledonian Trust (CNN), which has been on AIM for more than 29 years, announced its proposed departure. The direct annual cost of the quotation is £100,000 and liquidity is poor. A general meeting to gain shareholder approval will be held on 18 November. There is already support from holders of 85.3% of the shares. The quotation could end on 26 November. NAV is 195.1p/share.
Adams (ADA) is proposing the cancellation of the AIM quotation and sell off the company’s investments, many of which are also quoted on AIM, to return the cash to shareholders. Prior to this Adams will be buying back shares at 4p each. The estimated NAV is 3.72p/share. Liquidity is limited because Richard Griffiths owns 94% of Adams. A general meeting will be held on 27 November and, if passed, the cancellation will be on 5 December.
MAIN MARKET
Advanced materials developer HeiQ (LON: HEIQ) has found growing its business difficult, particularly in textiles, flooring and antimicrobials and not recovery is expected until well into 2025. Another restructuring plan will cut costs and focus on certain facilities. Non-core operations will be scaled back. Some parts of the business may be sold, and outside finance is being sought for AeoniQ. Part of the cost cutting is giving up the listing. This should take effect on 19 November. Because the shares are on the transition category of the market since the restructuring of the Main Market, no shareholder vote is required. The shares will be traded by JP Jenkins. Daren Morecombe has increased his stake from 14.5% to 22%.
Bloomsbury Publishing (BMY) grew interim revenues by 32% to £179.8m, while pre-tax profit jumped from £17.7m to £26.6m. This is due to strong consumer division revenues due to strong sales of fantasy fiction and cookery books.
LED lighting and wiring accessories supplier Luceco (LUCE) increased third quarter revenues by 3% with residential EV charging the main growth area. However, excluding acquisitions, like-for-like revenues were 3.6% lower, partly due to phasing of orders so that there is a strong fourth quarter order book. Margins are improving. Net debt was £67m at the end of September 2024.
Andrew Hore
Quoted Micro 20 May 2024
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) reported a decline in 2023 revenues from £20.2m to £8.65m, but larger gains on digital assets mean that the reported profit was not down as much at £14.7m, from £19.5m. The introduction of the bitcoin ETF has helped the valuation of digital assets in the diversified portfolio. NAV was 132.05p/share at the end of March 2024, which is higher than the figure at the end of 2023. The company has been buying back shares at a discount to the NAV.
Aquaculture technology developer OTAQ (OTAQ) plans to raise up to £2m from a convertible loan note issue. The conversion price will be 3p/share. A reduced loss is expected for 2023, even after exceptional costs. The 2023 results should be announced by the end of June. First quarter revenues are 19% ahead. The live plankton analysis system has been launched.
Brewer Adnams (ADB) increased annual sales by 11% with growth in on-trade and off-trade business. Management is still exploring ways of funding growth.
All Things Considered (ATC) has acquired 55% of music management company Raw Power, whose artists include The Damned, for £1.41m in cash. This takes the artists managed by the combined group to 80. The existing shareholders will retain the rest of the shares. Some of these were involved with Sanctuary Group, which was quoted two decades ago. In the year to February 2023, Raw Power made a pre-tax profit of £326,000 on revenues of £2.27m. Phantom Music Management holds loan notes in the acquired business and is subscribing £200,000 for shares in All Things Considered, which had net cash of £10m at the endo of 2023. Last year. All Things Considered increased revenues by 156% to £24.1m, but there was a swing from profit to loss, although there was a one-off profit in the previous year. There was also a larger loss from the minority interest in livestreaming company Driift.
Clarify Pharma (PSYC) reported a reduced loss in the year to November 2023. NAV fell from £1.41m to £597,000, including cash of £167,000. Investments were valued at £706,000.
EPE Special Opportunities (EO.P) had net assets of 347.96p/share at the end of April 2024.
Res Privata has increased its stake in WeCap (WCAP) from 7.28% to 9.69%. Silverwood Brands (SLWD) director Andrew Gerrie invested £20,000 in shares at just over 26p each. Newbury Racecourse (NYR) director Dominic Burke has bought 1,125 shares at 5.449p each. Tap Global Group chief executive Arsen Torosian acquired 33.75 million shares at 0.681481p each.
Secured Property Developments has changed its name to Mollyroe (MOY).
AIM
Nexus Infrastructure (NEXS) reported a decline in revenues in the six months to March 2024, but the order book is improving. Revenues generated by the infrastructure services provider fell from £51m to £25.8m and the company slipped into loss. The interim dividend is maintained at 1p/share. There was a cash outflow, but cash is still £9.3m, which is not much less than the market capitalisation. The order book is worth £72m, but the recovery in revenues may not happen until next year.
B90 Holdings (B90) has refocused on business to business gaming operations. This will enable a reduction in costs and could move the company into profit in 2024. Net cash was Euro800,000 at the end of 2023 and the cash outflow should end in the second half. There is an experienced management team. In the medium-term the company should become a consolidator in the sector.
Cerillion (CER) continues to win significant orders and there was a major win following the end of the first half. Revenues grew 10% to £22.5m in the first half. The software company is on course to improve pre-tax profit from £16.8m to £17.3m in the year to September 2024. Net cash could rise to £30.4m.
Semiconductors designer Sondrel (SND) is raising £5.63m at 10p/share and plans to cancel the AIM quotation. ROX Equity Partners is subscribing for the shares and its loans will be converted into a further 28.7 million shares, taking its stake to 49.3%. This requires government and shareholder approval. Miles Woodhouse will be ROX Equity Partners’ representative on the board. A new chief executive is being sought. Sondrel recognises it needs to manage projects better.
Orchard Funding Group (ORCH) believes that it is not worth being quoted on AIM and the insurance premium finance provider intends to cease paying dividends. The cash can then be used to make a tender offer to shareholders when appropriate.
Active Energy Group (AEG) says that its audit may not be completed by June, which would lead to a suspension of trading in the shares. Cash is running out and management may have to consider liquidating the company. This depends on whether the CoalSwitch assets are sold. There is currently $500,000 in the bank. There is also a 4.1% stake in green technology investor Alpha Prospects, but whether this is really worth the £680,000 book value is questionable.
A trading update from professional services provider FRP Advisory (FRP) shows revenues 23% ahead at £128m and much higher than forecast EBITDA of £37m. Work on corporate administrations is rising, but all five of the divisions grew. Net cash was around £30m at the end of March 2024. Cavendish has raised its 2023-24 pre-tax forecast to £33m with a further improvement to £34.2m in 2024-25.
Phoenix Copper (PXC) says that it has conditionally raised $80m from a bond issue to fund the construction of the Empire copper-gold mine in Idaho. The cash will be drawn down in tranches. The arrangement fee is paid for by the issue of 33.9 million shares. NIU invest is acquiring the bond and it will have the right to subscribe for a 25% stake in Phoenix Copper over a five-year period.
Lower gold production meant that Anglo Asian Mining (AAZ) revenues fell from $84.7m to $45.9m, which meant that it swung from pre-tax profit of $7.5m to a loss of $32m. There were $18m of non-cash impairment charges of capitalised exploration costs and the value of the Libero Copper and Gold investment. All-in sustaining cost of gold production jumped from $1,064/ounce to $1,510/ounce. Total production was 31,821 ounces.
Retail software provider itim Group (ITIM) has secured a five-year contract renewal with Majestic Wine. This is a multi-million pounds contract. This follows the publication earlier in the week of 2023 figures showing revenues 15% higher at £16.1m. Annual recurring revenues were £13.2m. Revenues are expected to increase to £17m this year, but itim will still lose money before a potential move into profit in 2025.
Kohlberg Kravis Roberts has made a recommended bid of 480p/share for IQGeo (IQG), which values the geospatial software company at £333m. KKR believe it can accelerate the growth of IQGeo.
Revolution Bars (RBG) says that it has not received any takeover bid or offer for assets as a whole as part of the formal sale process. There are offers for certain assets, but none would result in any return to shareholders. A restructuring and fundraising plan is still possible, and the board is still open to other plans, possibly by Nightcap (NGHT).
E-commerce firm Huddled (HUD) reported a 2023 pre-tax profit of £13m, but that was due to gains on the disposals of Immotion and Uvisan. The underlying pre-tax loss was £2.29m. Cash of £12.7m was returned to shareholders out of the disposal proceeds, but there was still £4.27m in the bank at the end of 2023. The new core business Discount Dragon was acquired in October, so the figures do not provide a good indication of ongoing operations. Discount Dragon generated revenues of £2.1m in the first quarter of 2024.
Horizonte Minerals (HZM) has appointed FRP Advisory as administrator. The nominated adviser has resigned.
MAIN MARKET
Flavourings supplier Treatt (TET) reported a dip in interim revenues to £72.1m because of destocking, but underlying pre-tax profit improved from £7.3m to £7.6m. There is good momentum in the second half.
Standard list shell Sivota (SIV) has ended acquisition talks with an online technology platform in the travel sector.
Andrew Hore
Quoted Micro 27 November 2023
AQUIS STOCK EXCHANGE
Guanajuato Silver (GSVR) produced 787,086 ounces of silver equivalent and the loss fell by one-fifth to $7m when compared with the second quarter. The all-in sustaining cost increased to $26.22/ounce due to changes in mining and temporary closures.
SuperSeed Capital (WWW) generated 78% IRR combined from two exits. There were £220,000 of realised gains in the nine months to September 2023. There is £430,000 of cash on the balance sheet. NAV is 112p/share.
Vinanz Ltd (BTC) has teamed up with Luxor Technology Corp to improve its bitcoin mining operating efficiency. Luxor’s firmware improves mining margins when profitability is low and can increase a machine’s hashrate when profitability is higher.
Wishbone Gold (WSBN) has secured an option to acquire 100% of the Crescent East lithium and gold project in the Mosquito Creek area of Western Australia. Shares were issued at 1.25p each to pay the £25,000 option fee.
Fuel additives developer SulNOx Group (SNOX) has successfully demonstrated the effectiveness of drop-in fuel conditioner SulNOxEco in the shipping sector. Monaco-based dry-bulk ship management company Marfin Management trialled the additive onboard a 60,000 MT DWT bulk carrier over a three-month period. This showed improvements in fuel consumption.
Cadence Minerals (KDNC) says investee company Hastings Technology Metals has agreed a $50m equity funding facility for the Yangibana rare earths project. Hastings Technology Metals can draw down up to $50m from Alpha Investment Partners to provide working capital for the development of the mine. Project financing talks are progressing and there have been offers from potential partners and debt providers. Cadence Minerals has a 1.4% stake in the investee company.
Steve Xerri, who owns 4.81%, has been appointed as an executive director of Oscillate (MUSH) and he intends to focus on special situations either through individual investments or via a reverse takeover.
One Health Group (OHG) has gained two new contracts with NHS Trusts. One is to supply orthopaedic services and the other is for orthopaedic and gynaecology services. They will help to reduce waiting lists.
Apollon Formularies (APOL) says Sproutly Canada has completed due diligence on the acquisition of the company’s global cannabis-related assets in return for 49% of the enlarged share capital of Sproutly Canada. The effective valuation is likely to be around £4.2m. Regulatory approvals are required.
Kasei Holdings (KASH) has a digital asset portfolio worth $2.07m at the end of October 2023.
EDX Medical (EDX) has entered into a collaboration with Thermo Fisher Scientific. They will jointly develop and commercialise cancer diagnostics.
Looking Glass Labs (NFTX) has raised $1m at $0.10/unit – one share and one warrant exercisable at $0.10/share. A further ten million units have been swapped for $1m of debt. Further sources of finance are being sought.
Quantum Exponential Group (QBIT) has appointed VSA Capital as corporate adviser, while Pharma C (PCIL) has appointed First Sentinel as its corporate adviser.
Res Privata NV has increased its stake in NFT Investments (NFT) from 3.33% to 4.09%.
AIM
Telecoms enterprise software provider Cerillion (LON:CER) grew strongly last year, while the rate of growth might slow this year it is still likely to make good progress given the recent €12.4m contract win. In the year to September 2023, revenues were one-fifth higher at £39.2m, while underlying pre-tax profit was two-fifths ahead at £16.8m, helped by a reduction in impairment charges from £1.77m to £256,000. The growth has come from software with a dip in services revenues. Net cash reached £24.7m at the end of September 2023. The dividend has been raised from 9.1p/share to 11.3p/share.
Light Science Technologies (LST) is acquiring the Injecta Fire Barrier trade and assets from Fire Barrier International. The Injectaclad product expands when heated and prevents the spread of fire and smoke. There is no initial payment with consideration in the form of a deferred profit share agreement. The deal should be earnings enhancing and generate cash. There are maintenance and installation synergies with the contract electronics subsidiary. The cash generated will help to finance the growth of the group.
Video games developer Team17 Group (TM17) says 2023 trading is slightly better than expected, although some titles are not performing as well as anticipated and that has hit margins. There has also been overspending and delays on some development projects. That means that underlying EBITDA will be around one-sixth lower than forecast at around £40m. Some titles are being reassessed and that is likely to lead to impairment charges of up to £11.5m.
Parity (PTY) announced the sale of its remaining business yesterday afternoon. It will become a cash shell. Parity will receive up to £3m depending on working capital adjustments for recruitment business Parity Professionals. The deal costs will be £240,000. There will be £639,000 including costs spent to settle the pension liability and finance the search for an alternative business. The company will change its name to Partway.
Velocys (VLS) is the worst performer on the day after the sustainable fuels company said that there is a potential bid at 0.25p/share from a consortium including Lightrock and Carbon Direct Capital Management. This would ensure long-term funding of the business. The low share price makes it difficult to finance the sustainable fuels operations. The share price dived 63.7% to 0.25p, which values Velocys at £4.5m. A large multiple of that value needs to be raised to fund development and production. Interim funding will be required.
musicMagpie (MMAG) is in bid talks with BT Group (BT.A) and asset manager Aurelius. The talks are at an early stage.
Cyber software and services provider Shearwater Group (SWG) appears set to return to profit this year. The core software businesses have been integrated, as have two of the three consultancy businesses. In the six months to September 2023, revenues dipped from £10.8m to £10.5m. That was due to much lower software revenues. Even so, gross profit improved and, stripping out amortisation and exceptionals, the underlying loss reduced £493,000 to £93,000. That is before restructuring costs. The cost savings will show through in the second half.
Telecoms testing instrumentation supplier Calnex Solutions (CLX) has been hit by a reduction in spending by telecoms companies. In the six months to September 2023, revenues slumped from £12.7m to £7.8m and the company moved from a pre-tax profit of £3.1m to a loss of £600,000. Trading did not pick up in September as is normally the case. Non-telecoms revenues make up one-quarter of total revenues. The cost base is being kept steady in expectation of a recovery, even though that may not be until the next financial year. There is £13.5m in the bank.
There were no revenues from systems in the first half at SRT Marine Systems (SRT), but that will change in the second half when transceivers revenues will be well below the systems contribution as work on contracts reaches points where revenues can be invoiced and recognised. Interim revenues fell from £18.8m to £5.5m, although transceivers revenues were higher. Last year’s loss could be turned into a £7.2m profit this year.
Battery technology developer Ilika (IKA) has achieved its D4 development point for the Goliath battery. This is the start of turning the development into a battery product. Ilika will be able to create P1 samples for testing by customers. At the end of the week, Ilika confirmed that its interims will be in line with expectations with revenues of £1.3m and there is £13.2m in cash left.
Neometals (NMT) has completed the A$9m from a placing at 10p/share and wants to raise a further £6.8m from a one-for-eight entitlement offer. The cash will fund the development of the nickel, cobalt, lithium recycling business Primobius, including the delivery of a facility to Mercedes Benz, and potentially to purchase a stake in Canadian licensee Stelco.
Empire Metals (EEE) has released initial results for the first diamond drillhole at the Pitfield project in Western Australia. This shows significant grades of titanium oxide. There will be results from two more diamond drilling holes in the coming weeks. A further 6,000 metres of drilling is planned with more likely early next year. Copper is still potentially in the area as well.
Interim figures from diagnostics company Cambridge Nutritional Sciences (CNSL) showed the benefits of concentrating on its core personalised health and nutrition business. Revenues rose 44% to £4.9m and the loss was reduced. Production problems have been sorted out. There was strong growth in North America as management puts more resources into the region. A small full year loss is expected.
Lifestyle concierge services provider Ten Lifestyle (TENG) has moved into profit for the first time. It swung from a loss of £2.7m to a pre-tax profit of £3.2m thanks to economies of scale. There was also a tax credit recognised due to past tax losses. Investment in its digital platform and the international spread of business is helping Ten Lifestyle. New contract wins will help to increase this year’s pre-tax profit to £3.9m, according to Singer.
Gold explorer Oriole Resources (ORR) has announced heads of terms with contractor BCM International for the development of the Bibemi and Mbe gold projects in Ghana. BCM can earn up to 50% of the Bibemi project by making a cash payment of $500,000 and commit to spend $4m on the project. BCM will pay $1m in cash and spend a further $4m to earn a 50% stake in Mbe project.
Mercia Asset Management (MERC) has exited one of its older investments, raising £30.2m – a 2.7 times return on invested capital. Virtual reality games developer nDreams has been acquired by Aonic for £90.3m. This was Merica Asset Management’s largest investment and £3.8m of the proceeds are being reinvested in Aonic. The consideration was 17.5% ahead of the March 2023 valuation.
Duke Royalty (DUKE) generated a 17% increase in recurring cash revenues to £12.2m with a 35% increase in all cash revenues to £14.1m. During the period, Duke Royalty made one of its biggest initial investments in glass architectural products supplier Glasshouse Products. The $11.5m investment is backing a member of the original founding family buying back the business.
Maritime AI provider Windward (WNWD) has signed a five-year contract with a European national coastguard that is valued at €3.2m. The cash is expected to be paid upfront, while annual contract value will be increased by $700,000/year.
MAIN MARKET
Structural steel supplier Severfield (SFR) reported lower interim revenues, but a higher profit. In the six months to September 2023, revenues were 8% lower at £215.3m, but underlying pre-tax profit improved 17% to £14.2m. This includes an unchanged contribution of £600,000 from the India joint venture, while the modular products business made a maiden profit. The interim dividend was raised 8% to 1.4p/share. The UK and Europe order book is worth £482m, even though the £50m contract for Hertfordshire-based film studio Sunset Studios has been delayed.
Standard list shell Tertre Rouge Assets (TRE) is attempting to raise up to £50m to buy rare cars and acquire cash generative businesses involved in supercar events. Around £30m is set to be invested in a range of cars that have already been identified. They are worth between £1m and £10m. The plan is to generate gains on these investments -15% annual returns are targeted – while hiring them out to photoshoots and other income generating activities to cover overheads. The Run To Group Ltd, which organises supercar adventures to the Monaco Grand Prix, will also be acquired and management will remain with the business. The group’s board of directors includes racing drivers and business men and they can expand this business and others. There will be cash left over to buy other companies.
Packaging manufacturer and distributor Macfarlane Group (MACF) says lower volumes and prices meant that revenues fell 2% in the nine months to September 2023. New customers are being attracted and this will help future volumes. Margins are increasing.
Seraphim Space Investment Trust (SSIT) improved its NAV to 96.5p/share at the end of September 2023. That was helped by positive currency movements and a small uplift in valuations, predominantly due to a fundraising by an investee company.
Andrew Hore
Quoted Micro 6 November 2023
AQUIS STOCK EXCHANGE
Cadence Minerals (KDNC) says that the 36.2%-owned joint venture that owns the Amapa iron ore project in Brazil has signed a memorandum of understanding with Sinoma Tianjin Cement Industry Design, which will provide a final proposal to complete a definitive feasibility study for the project and then submit a fixed price contract to construct the project. It will also attempt to obtain the financing required. Chief executive Kiran Morzaria bought 100,806 shares at 7.4p each.
Adsure Services (LON: ADS) joined the Access segment on 30 October. It did not raise any additional money and was valued at £4.76m at the introduction price of 45p. Fareham-based Adsure Services acquired TIAA in September. It is a specialist business assurance provider that has been operating for two decades. In the year to March 2023, TIAA revenues improved from £8.82m to £9m, while pre-tax profit dipped from £580,000 to £274,000. That is due to higher overheads. TIAA had £1.86m in the bank and net cash of £1.15m. Dividends have been paid by TIAA and the equivalent last year was 1.35p/share.
Substrate Artificial Intelligence (SAI.B) has agreed the acquisition of 70% of BINIT and DELTANOVA for €5.4m and €600,000 respectively, which is payable in shares. They are software development consultancy businesses, and the share issue has to be approved by shareholders.
CBD products supplier Voyager Life (VOY) expects interim revenues to be more than £165,000 and a gross margin of 43%. The manufacturing division is receiving more enquiries. The government has accepted recommendations for standardised cannabinoid testing and there could be a relaxation of the maximum cannabinoid content of products.
Helium Ventures (HEV) had nearly £65,000 in cash at the end of April 2023, plus interests in Blue Star Helium and Trackimo.
Semper Fortis Esports (SEMP) had cash of £160,000 at the end of July 2023. Management is still assessing a potential reverse takeover of GL Membership.
ChallengerX (CXS) generated cash from operations in the quarter to September 2023, although there was an overall outflow of £47,000, leaving £1,000 in the bank. More cash will be required to develop the FlashBet Wheel App.
Wishbone Gold (WSBN) has confirmed the mineralised base metal system at Cottesloe in the Paterson Range, Western Australia. There is copper, zinc, silver, lead and cobalt. This is before the drilling has hit the target mineralisation zone.
KR1 (KR1) holds an allocation of 7.5 million TIA – the digital asset of Celestia – KR1 plans to start staking activities on the Celestia network. At the end of September 2023, NAV was 45.11p/share.
TruSpine Technologies (TSP) says that the FDA 510(k) application for Cervi-LOK has oved to the substantive review stage.
Fuel additives developer SulNOx Group (SNOX) generated second quarter revenues of nearly £54,000, which was lower than the previous year. There was £562,000 in the bank and a further £700,000 has been raised since then.
Ananda Developments (ANA) has signed a MOU with Nottingham Trent University to pursue grant funding for the medicinal cannabis breeding programme. The intention is to develop a formal strategic partnership.
IamFire (FIRE) had cash of £149,000 at the end of April 2023, following a £768,000 cash outflow from operations. Investee company WeShop is making good progress. However, there is material uncertainty as a going concern and more cash is required or bond terms will need to be renegotiated.
NFT technology company Looking Glass Labs (LON: NFTX) had net assets of C$837,000 at the end of July 2023.
Arbuthnot Banking (ARBB) non-exec directors Jayne Almond bought 3,000 shares at an average price of 912.5p each. Shepherd Neame (SHEP) director George Barnes bought 1,000 shares at 735p each. Marula Mining (MARU) chief executive Jason Brewer has exercised 400,000 warrants at 4p each.
BWA Group (BWAP) is raising up to £900,000 at 0.5p/share with one warrant for every two shares exercisable at 0.6p each up until October 2024 and 0.75p after that up until October 2026. The cash will be used for exploration at two heavy mineral sands claim areas.
Mental health treatments developer Mydecine Innovations Group (MYIG) says that it is filing a prospectus supplement so that it can issue 7.36 million shares at 15 cents/share to raise $1.1m.
AIM
Product management software supplier Sopheon (SPE) has received a bid approach from IOps Buyer Inc, which is a subsidiary of Wellspring Worldwide Inc. The two companies have agreed in principle to a 1000p/share bid. Due diligence has been completed and discussions are advanced. Chicago-based Wellspring Worldwide provides software and data systems for managing technology transfer and intellectual property.
Velocys (VLS) is the worst performer today because the conditions for the $15m strategic investment from Carbon Direct have not been met. To receive this cash the sustainable fuel developer needs to raise $40m, including $8m already raised, and management is still trying to secure investors. The $15m cash injection is no longer binding. Velocys needs more cash before the end of the year. There is a significant market opportunity in sustainable aircraft fuel, but Velocys is in a weak position when discussing additional funding.
Carbon ceramic disc brakes developer Surface Transforms (SCE) has reduced revenue guidance for 2023 to £8.6m, having generated £6.3m up until October. The previous forecast for 2023 revenues was £13m. There have been problems ramping up production in the second half and it will not be completed until early next year. A new debt facility is being negotiated to enable an increase in annual capacity to £150m.
MC Mining (MCM) has received a bid approach. Two companies that own a 64.5% stake in the South African coal miner say they intend to acquire the shares they do not own, and the indicative offer is A$0.2 to A$0.23 for each share. Independent directors are assessing the indicative offer.
Cerillion (CER) has secured a five-year software deal with a European telecoms company. The deal is worth €12.4m and there is potential for selling other software modules. This deal helps to underpin forecasts.
OptiBiotix Health (OPTI) says that restructuring the management has improved account management and the focus of commercial discussions. The microbiome company has improved its online operation. There are ongoing discussions over potential large contracts.
Roebuck Food Group (RFG) is acquiring Motherwell-based food ingredients supplier Moorhead & McGavin for £2.225m in cash and shares. A placing will raise up to £2.5m at 13.5p/share. Moorhead & McGavin supplies cereals, pasta and rise to the catering sector and generated revenues of £7.26m and EBITDA of £377,000 in 2022. Roebuck Food Group sold its cold storage division, and it has been seeking an acquisition to scale up the business.
In October, podcast company Audioboom (BOOM) generated more than one billion advertising impressions in a month for the first time. The removal of old adverts after 90 days and replacing them with a new focused advert is helping advertising impressions to continue to grow. Fourth quarter revenues are still expected to be at least $19m.
Thor Energy (THR) has completed the stage 2 earn-in spending required to acquire a further 29% of the Alford East copper-gold-real earths project in South Australia. This takes the stake to 80%. Thor Energy has issued 9.26 million shares at A$0.027 each, plus 18.5 million warrants exercisable at A$0.03 each, to Spencer Metals as consideration for the stake.
Seaweed-based animal feed producer Ocean Harvest Technology (OHT) has conducted a successful trial in Georgia for its poultry feed. Mortality rates for the poultry with necrotic enteritis with the company’s feed in their diet fell from 49% to 33%. It also enhances weight gain. Necrotic enteritis costs the poultry sector up to $6bn/year.
Technology businesses developer Frontier IP (FIPP) moved into loss last year because of realised and unrealised losses on its portfolio against a large gain in the previous year. The value of the portfolio fell 17% to £33m, although there were net disposals of nearly £5m. There was a £3.25m cash outflow from operations offset by disposals, leaving £4.6m in cash at the end of June 2023.
Neometals (NMT) has decided not to progress with vanadium tailings retreatment project in Finland because of difficulty in financing. The price of vanadium has been falling in recent months. Neometals will concentrate on licensing its vanadium recovery process. There was cash of A$14.2m at the end of the first quarter.
Real Good Food (RGD) says first half revenues were 2% ahead at £16.1m, although volumes fell by 10%. October revenues appear set to be 6% higher. The cake decorations supplier has significantly reduced its loss due to higher margins. A shortage of cash has held back growth, but the company could be profitable for the full year. Talks continue concerning the extension of the loan agreement with Hilco Private Capital. Interim results will be published in December.
Reconstruction Capital II Ltd (RC2) plans to ask shareholder approval for leaving AIM so that costs can be reduced. It is taking longer than expected to sell investments, so the investment company also intends to extend its life. A matched bargain facility will be arranged.
MAIN MARKET
Esken (ESKN) is selling Esken Renewables to Pioneer Balmoral for £77.6m, plus loan reimbursement of £6.9m. The portfolio of renewable assets has been built up by investing small amounts in equity in businesses. The deal requires shareholder approval. Net proceeds will be £78.5m and £70.6m will be used to repay the committed funding. There are plans to sell Southend Airport. Esken will move from the premium list to the standard list.
Mike Whitlow has requisitioned a general meeting at standard list cash shell More Acquisitions (LON: TMOR) to get Nicholas Tulloch and Jeremy Woodgate to the board and remove the existing directors Charles Goodfellow and Roderick McIllree. The board believes it has enough backing to defeat the resolutions.
Andrew Hore
Quoted Micro 31 October 2022
AQUIS STOCK EXCHANGE
TECC Capital (TEC) has agreed terms for the acquisition of diagnostics business EDX Medical Ltd for £12m in shares, while a placing will raise £1.2m at 6p a share. The shares remain suspended. Trading in the enlargement group should commence on 14 November under the name EDX Medical Group. EDX Medical develops digital diagnostic products and services for cancer, heart disease, neurology and infectious diseases.
Guanajuato Silver Company Ltd (GSVR) joined the Apex segment of the Aquis Stock Exchange on 25 October. The Mexico-focused silver miner was already quoted on the TSX Venture Exchange. The share price started at 27.5p and it has stayed at that level. There were 884 shares traded on the first day and there were four trades during the week. Guanajuato Silver is targeting annualised production of 3.4 million ounces of silver-equivalent ounces by the end of 2022 and up to six million ounces by the end of 2023.
Coinsilium Group Ltd (COIN) says that the terms of the agreement for the IOV Labs Asia joint venture are being renegotiated. This could mean a different business model, but the outcome is uncertain. So far this year, Coinsilium has invested $575,000 of crypto currency in Web3 ventures. Chief executive Eddy Travia bought 250,000 Coinsilium shares at 1.95p each and chairman Malcolm Palle bought 250,000 at 1.9p each.
Gunsynd (GUN) has invested £50,000 in Omega Oil & Gas, which listed on ASX on 25 October. This is part of a $15.07m fundraising at €0.20 a share. Omega has two exploration permits in Queensland. A two well drilling programme is planned.
SulNOx Group (SNOX) increased interim revenues from £24,000 to £75,000, but the loss moved up from £724,000 to £965,000. There was £311,000 in the bank at the end of September 2022. There were delays to sales and at least £31,500 should be included in the third quarter.
Altona Rare Earths (ANR) is still on track to publish a maiden mineral resource estimate for the Monte Muambe rare earths project in the first quarter of 2023.
In the year to April 2021, IamFire (FIRE) reported a cash outflow from operating activities of £349,000. Management expects investee companies WeShop and 10%-owned Bio2Pure to make progress this year.
AQRU (AQRU) has launched a cryptocurrency-collateralised lending service called BlockLender.
Marula Mining (MARU) has raised £450,000 at 2p a share and plans to issue £265,000 secured convertible loan notes. There are talks with two Africa-focused mining investment funds that could invest up to £1m. A $5m lithium prepayment facility was secured for the Blesberg project in South Africa. Marula Mining will use $1.7m to take 100% ownership of Blesberg. Shareholders are being asked to approve the change in the investing strategy to allow the acquisition of majority interests in projects.
Sidney Sussex College reduced its stake in brewer Adnams (ADB) from 4.22% to 3.17%. Director Michael Heald increased his stake from 19.32% to 20.37% by buying 3,00 B shares at £89 each.
Ace Liberty & Stone (ALSP) chief executive Ismail Ghandour bought 15,000 shares at 55p each and finance director Ivan Minter acquired 20,000 shares at the same price. Last week, Ace Liberty & Stone launched a heavily discounted open offer to raise £4.56m at 25p a share. The open offer closes on 14 November
David Evans has increased his stake in Oberon Investments (OBE) from 8.74% to 9.36%. Mark Horrocks has raised his stake in Lift Global Ventures (LFT) to 7.1%. Chris Akers has increased his stake in Quetzal Capital (QTZ) from 23.4% to 24.1%. Phoenix Asset Management has a 16.5% stake in Silverwood Brands (SLWD).
AIM
Billing and charging software provider Cerillion (CER) says higher utilisation rates and beneficial exchange rate movements mean that pre-tax profit for the year to September 2022 will be much higher than the forecast £10.1m. Net cash is anticipated to be £20m. The pipeline of opportunities remains strong.
Vianet (VNET) says both divisions are increasing revenues. The smart machines division has increased vending connections by 24% to 52,490. Even though the pub sector is having a tough time, the smart zones division is growing revenues as the clients try to improve efficiency. Overall interim revenues are 13% ahead at £7.18m. However, there are cost pressures and Cenkos has reduced its 2022-23 forecast operating profit by £450,000 to £3.05m, with a bigger reduction of £950,000 to £4.04m next year.
Merit Group (MRIT) is selling its media, events and training operations to a business owned by Merit shareholder Lord Ashcroft for £4.5m. The cash will be used to pay off debt of £3.2m. Merit will focus on the Dods Political Intelligence and data businesses.
Building products supplier Alumasc (ALU) says volumes and margins improved in the first quarter. Transport and materials costs are stabilising, and exports are growing. Forecast full year pre-tax profit is £11.3m, down from £12.7m.
Franchise Brands (FRAN) says that Filta and Metro Rod are trading strongly, and full year group pre-tax profit will be better than expected. The consumer franchise businesses are finding it difficult to recruit franchisees. The 2022 pre-tax profit forecast has been raised by 5% to £12.4m.
Allergy Therapeutics (AGY) is able to restart production at its Worthing facility in the middle of November. The facility was shut down during peak production for does for the pollen season because of quality control problems.
ECR Minerals (ECR) has an option to purchase Placer Gold, which owns three mining tenements in Queensland. They are known as the Hurricane project, and it is prospective for gold and antimony. The option cost £144,000, while the total cost could be £3.8m, including a net smelter royalty capped at £3m.
Active investor Chris Akers has taken a 3.32% stake in Fiinu Group (BANK), which was formed in July when the Fiinu banking business reversed into the AIM shell Immediate Acquisition. Fiinu has developed the Plugin Overdraft, which provides customers with an overdraft facility without the requirement to switch banks.
Managed IT services provider CloudCoCo (CLCO) trebled revenues to £24m in the year to September 2022, while EBITDA improved from £745,000 to around £1m. There were four acquisitions in late 2021 so they contributed to the growth. Investment is sales is starting to pay off and there should be further growth in revenues and profit this year.
Secure payments technology provider PCI-Pal (PCIP) increased first quarter revenues by 29%, compared with a 20% forecast for the full year. An Open Banking payment service has been launched.
MAIN MARKET
MADE.com (MADE) says that the parties it invited to work towards making an offer for the company as part of the formal sale process will not be able to meet the necessary timetable. The company is running out of cash. There are no current funding proposals or possible offers. The main subsidiary is no longer taking orders. It appears there is little hope for shareholders unless something happens soon.
Eastinco Mining and Exploration (ATN) has acquired Aterian, and this sparked a move from the Aquis Stock Exchange to the standard list. The deal takes the business into Morocco, and it has existing projects in Rwanda. There was £854,000 raised in a placing at 1p a share. The share price ended the week at 0.95p. There are 15 different potential Moroccan prospects. They include the Agdz project, where there is a ten-year mining licence over a prospect with copper and gold deposits already identified.
Unicorn Mineral Resources (UMR) has exploration licences in two project areas in the Republic of Ireland. It is still early days in terms of exploration, but the licences in the Kilmallock area are reaching the point when drilling for zinc can commence, and the £930,000 raised at 10p a share in the flotation will finance that. The share price ended the week at 17.5p (15p/20p).
AIM-quoted Jangada Mines (JAN) has increased its holding in Blencowe Resources (BRES) from 2% to 9.5% by investing £610,000. The investment was part of a £750,000 placing at 4p a share where RAB Capital and JUB Capital also bought shares. Every two shares come with a warrant exercisable at 8p each. The cash will be invested in the Orom-Cross graphite project in Uganda, which has a net present value of $482m.
BSF Enterprise (BSFA) has received a £100,000 grant for further development of its serum-free media, City-mix. The grant is provided by EIT Food, which aims to commercialise cultivated meat. City-mix can be used to cultivate meat and leather. The company plans to unveil the first 100% lab-grown fillet in the next few months.
Andrew Hore