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Quoted Micro 10 November 2025
AQUIS STOCK EXCHANGE
Asset and fund managers advisory services provider Falconedge (EDGE) joined Aquis on 5 November. The company was formed in 2024, and it has five clients. There was £1.44m raised at 1.034p/share. It previously raised £1m. Falconedge was valued at £10.5m on admission. Falconedge has already bought 15.16258228 Bitcoin at $103,553.97 each. The total investment is £1.2m.
Business assurance provider Adsure Services (ADS) has grown it interim order book by a double digit percentage. Market share has been gained in the housing sector. Three new university contracts were won, and these will contribute to the second half. The audit working paper software was launched at the beginning of November.
VVV Sports (VVV) has signed non-binding heads of terms for the acquisition of R3 Sport, which owns and manages events, manages athletes, owns media rights and invests in teams and venues. The consideration is 300 million shares valued at £3m. VVV Sports is also investing in Wild Pickleball Agency, which is focused on Europe, Middle East and Africa. There are plans for a new profession circuity for singles and doubles, plus a pickleball league in the region.
AIM-quoted Pulsar Helium Inc (PLSR) has signed a definitive agreement for the acquisition of the Oscillate (SRVL) subsidiary Quantum Hydrogen, which holds non-hydrocarbon gas rights in Minnesota. The initial 80% will be bought for $400,000 in shares and the other 20% will be acquired in 18 months for an additional $400,000 in shares. Oscillate will change its name to Serval Resources and it will focus on copper and associated metals. Exploration has commenced on its proposed assets in the Kalahari Copper Belt.
AI manufacturing software provider IntelliAM AI (INT) says interim revenues were 58% higher at £2.4m. Annual recurring revenues were £1.18m at the end of September 2025 and it could reach £2m by the end of March 2026. The value of the contract with Hovis has increased. Gross cash is £778,000. Interim figures will be published on 24 November.
AIM-quoted Europa Metals (EUZ) has agreed the acquisition of Marula Africa Mining from Marula Mining (MARU). This subsidiary owns Marula Mining interests in battery and critical metals in East and Southern Africa. The intended offer is nine Europa Metals shares for each Marula share. This deal is subject to due diligence and Europa Metals raising cash. Marula Mining will distribute the Europa Metals shares to its shareholders and focus on precious metals. Marula Mining has appointed Fortified Securities, which is associated with RiverFort Global Capital, as broker. The broker is providing a £25m equity facility, while RiverFort is providing a $2m bridging facility that will eventually be taken on by Europa Metals.
Consumer loans provider Amazing AI (AAI) has made a small, initial purchase of digital assets. A few thousand dollars worth of Bitcoin was bought. Investments in Ethereum, XRP and Solana are planned.
B HODL (HODL) says that its Bitcoin strategy has achieved an annualised yield of 6.04% in the first full month. It generated a further 0.039 of a Bitcoin. The company holds 153.039 Bitcoin, and the average price is £84,610 for each Bitcoin.
The Smarter Web Company (SWC) raised £276,000 at 68p/share. A further four Bitcoin have been acquired and the total investment in 2,664 Bitcoin is £220.7m.
Sulnox Group (SNOX) says Spring Marine Group is broadening the use of emissions reducing Sulnox Eco to its entire fleet of 28 vessels.
Vault Ventures (VULT) says development subsidiary System7 has secured contracts with rewards-based app Fancy.com and Ellers Farm Distillery, helping with AI-based marketing of the recently acquired 6 O’Clock gin brand and other group brands. This takes the total number of contracts to seven with first year revenues of £200,000.
Igraine has changed its name to Ethtry (ETHY). It has received a further £1.3m of the outstanding balance of £3.24m of subscription money.
Majestic Corporation (MCJ) has entered a five-year lease agreement for an e-waste recycling facility in Wrexham at an annual rental of £130,000.
Shortwave Life Sciences (PSY) is planning a consolidation of ten shares into one new share.
Adnams (ADB) non-executive director Sacha Berendji bought 1,075 B shares at 1900p each. Philip Blows has reduced his stake in Supernova Digital Assets (SOL) from 7.98% to 2.82%.
TruSpine Technologies has changed its name to TSP Advanced Technologies (TSP). TechFinancials (TECH) will change its name to Ubuntu Mining and Metals and is raising the value of the share placing at 0.25p each by up to £100,000 to £350,000.
Probiotix Health (PBX) is moving from the Access to the Apex segment.
JP JENKINS
The JP Jenkins index of the 15 largest companies on the platform fell 0.1% to 1097.8 at the end of October 2025. Datalex, which moved from the Euronext Growth Exchange, joined the index during the period.
Cyber security services provider Smarttech247 Group (S247) left AIM and joined JP Jenkins on 4 November.
ASSET MATCH
Asset Match has added a dedicated PISCES page to its platform. It believes this will provide additional opportunities.
AIM
Winvia Entertainment (WVIA), which owns former AIM-quoted prize competitions organiser Best of the Best, raised £40m at 195p/share prior to joining AIM on 3 November. In December 2024, Winvia Entertainment also acquired one of the top three online casino operators in Romania, Click Competitions was acquired in March. The share price has risen to 215p.
Audio and content creation equipment supplier Focusrite (TUNE) reported 12-month results in line with expectations with revenues rising 6% to £168.9m, while operating profit dipped from £16.6m to £15.3m. The latest interim dividend for the 18-month period is 2.1p/share. There was growth in second half revenues despite the uncertainty brought about by tariffs. Net debt was £11m at the end of August 2025.
Laundry technology developer Xeros Technology (XSG) has raised £3m at 1.75p/share and a retail offer closing on 11 November could raise up to £1m more. There is also a follow-on subscription of £2m planned for later in November. This will strengthen the balance sheet so that existing contracts can be fulfilled and new opportunities progressed. Cavendish has published a 2026 forecast, which expects revenues to rise from £600,000 in 2025 to £1.4m. There will be initial filtration sales through Russell Hobbs and royalty payment from Yilmak. A 2026 loss of £2.1m is forecast. Even without the additional £2m there will still be net cash at the end of 2026. Revenues are expected to accelerate in 2027 and 2028.
Savannah Resources (SAV) has raised £9.2m at 3.7p/share and a retail offer closing on 11 November could raise more cash. Three of Savannah’s largest shareholders, AMG Lithium BV, Grupo Lusiaves SGPS and Pluris Investments S.A. all subscribed for shares. Savannah Resources is developing the Barroso lithium project in northern Portugal. The cash will fund the acquisition of the Aldeia mining lease, which covers the 100%-owned C-100 mining lease at the Barroso project and to advance that project beyond the Definitive Feasibility Study, which is due to be completed during the first half of 2026.
Tan Delta Systems (TAND) is starting a paid phase 2 trial by one of the world’s largest online retailers to evaluate the company’s real-time oil condition analysis and monitoring systems. This is to monitor gearboxes on conveyor systems at distribution centres. Phase 1 proved the capability on five gearboxes at one distribution hub. The customer has tens of thousands of critical gearboxes across its sites. Tan Delta Systems had £2m in cash at the end of June 2025 after a £1m cash outflow in the previous six months.
Mobile water and environmental testing technology provider Metir (MET) continues in its collaboration with Swansea University to develop methods for detecting PFAS chemical contamination in water and soil. The research has “demonstrated the feasibility of integrating portable liquid chromatography-mass spectrometry (LCMS) with innovative low-waste extraction materials”. This enables a ‘Lab in a Van’ system that can be deployed in the field. This will reduce turnaround time. Metir’s US instrumentation partner is optimising and scaling up the detector for commercial purposes. Metir is talking to local authorities and industry bodies.
RentGuarantor Holdings (RGG) is raising £2.5m at 12.5p/share. The cash will be used to grow awareness of the company and its rent guarantee service. The company will also further develop its network of partners, and the cash will fund further growth. RentGuarantor founder and chief executive is selling 2.18 million shares at the placing price.
Asiamet Resources (ARS) is selling its interest in the KSK copper project to Norin Mining for gross cash of $105m on a debt free basis. This is dependent on shareholder approval. Most of the proceeds ae likely to be distributed to shareholders.
Power generator OPG Power Ventures (OPG) is launching a tender offer of up to 182 million shares at 6.27p/share. This is part of the plan to leave AIM. The proposal will be put to shareholders at a general meeting on 3 December.
Aerospace composite components manufacturer Velocity Composites (VEL) has been hit by lower than expected Airbus A350 production. This is due to supply chain issues at Airbus. There have also been delays in programme transfers in the US. Dowgate has cut its full year revenues forecast from £23m to £20.7m. This means that the loss would be £900,000.
Aptamer Group (APTA) has gained a new contract with an existing top 5 pharma customer. This the third project and it is to develop Optimer binders against three key drug targets and provide support for assay development. Aptamer retains the IP. Aptamer has a signed total contract value of £1.75m.
Trading in Secure Property Development and Investment (SPDI) shares is suspended ahead of a potential reverse takeover of energy storage technology business AdvEn Inc. There would be an all share bid with a placing to raise cash. The company has made two loans to the potential takeover target ahead of the deal. AdvEn produces advanced carbon materials for use in supercapacitors and batteries.
MAIN MARKET
Shipbroker Braemar (BMS) says there is recovery in its markets, but interim revenues fell 16% to £63.9m and there was a sharper fall in profit. The interim dividend is 2.5p/share. Net debt is £7.4m. The order book is worth $73.8m.
New Frontier Minerals (NFM) announced a drill programme of up to 46 holes at the Harts Range Heavy Rare Earths project in Australia. Approval for the drilling campaign is imminent. This could unlock significant value.
Cancer tests developer Cizzle Biotechnology (CIZ) has entered a letter of intent with a medical diagnostic services provider that is in partnership with the NHS. This will help to verify and validate the CIZ1B biomarker test. The company has raised up to £250,000 from a convertibles issue to Frazer Lang. This is an extension of a £150,000 loan.
First Tin (1SN) says drilling at the Taronga tin project in Australia confirms extended mineralisation.
Nanoco (NANO) has extended its joint development agreement with the Asian chemical customer. The three-year extension is to further develop the material and scale up the manufacturing process of the Quantum Dot nanomaterial for silicon sensors to enable Short Wave Infrared capabilities. There is an inflationary increase in fees.
Andrew Hore
Quoted Micro 1 April 2024
AQUIS STOCK EXCHANGE
Incanthera (INC) has published an update on its distribution deal with Marionnaud. The first order for Skin + CELL products will generate revenues of £2m with 50,000 bottles of skin cream to be supplied for sale in Austria and Switzerland. A second order will be even bigger. The management projects revenues of £10m for the year to March 2025 and this would make it profitable. The range is being increased to five products and they are all part of the initial launch. Revenues could grow to £33m the following year. There is potential for licence deals in other countries.
Watchstone Group (WTG) says a subsidiary’s VAT appeal was dismissed even though it satisfied four out of five elements. A decision will be made on whether to appeal the judgement.
TruSpine Technologies (TSP) intends to issue a conversion notice to loan note holders. The conversion price is a 130% premium to the share price prior to the convertible loan note approval by the directors. A £200,000 debenture has been used to subscribe for convertible loan notes. Geoffrey Miller has increased his stake from 6.88% to 7.24%.
Quantum Exponential Group (QBIT) has announced a further adjournment of its a general meeting to gain shareholder approval for leaving Aquis. Investors have approached the quantum technology investment company and offered to make a substantial investment. Stuart Woods has stepped down from the board.
Cadence Minerals (KDNC) investee company European Metals Holdings (EMH) says that the Cinovec project in the Czech Republic is in the process of completing a definitive feasibility study, but it will not be completed in the first quarter. There is potential to improve the lithium processing. Cadence Minerals has increased its stake in the Amapa iron ore project in Brazil to 34%. A study should reduce costs and improve productivity of the proposed mine.
S-Ventures (SVEN) increased interim revenues from £8.4m to £9.6m but reported a higher loss from continuing operations. The bakery business was profitable, but this did not offset losses and impairment costs for other businesses. There is no further news on the proposed sale of operations to AIM-quoted Riverfort Global Opportunities.
KR1 (KR1) had net assets of 134.6p/share at the end of February 2024. There was income generated of £1.63m.
Arbuthnot Banking Group (ARBB) increased its pre-tax profit from £20m to £47.1m and the total dividend was raised from 42p/share to 46p/share. Bad debts were lower than forecast. NAV is 1547p/share. The profit is likely to fall this year.
Global Connectivity (GCON) is amending the terms of warrants issued when it floated and extending them by two years to 20 April 2026. The exercise price is being reduced to 1.5p. Management is exploring potential investments.
Marula Mining (MARU) has commenced exploration at the Larisoro manganese mine in Kenya.
Valereum (LON: VLRM) has raised £300,000 at 6p/share from its chairman and is planning a larger fundraising in the third quarter of 2024.
Jenny Hanlon has been appointed as chief executive of brewer Adnams (ADB). She is currently finance director.
Tap Global Group (TAP) generated trading payment volumes of £181.6m in 2023. That generated revenues of £2.02m, but the loss was still £1.07m.
EPE Special Opportunities (EO.P) had net assets of 324p/share at the end of January 2024. There was £15.3m in cash offset by £4m in loan notes repayable on 23 July.
Gunsynd (GUN) investee company Aberdeen Minerals is raising £3m at 8.5p/share from Central Asia Metals with a further £2m that could be raised from the exercise of warrants at 11p/share. This deal requires regulatory approval.
Lift Global Ventures (LFT) investee company Trans-Africa Energy has received funding of £12m from an African investor. The first energy infrastructure investment is in Ghana. Lift Global Ventures’ core investor relations business generated cash in the first half, although there was a cash outflow for the group as a whole.
Aiden Keegan has been appointed chief executive of Cooks Coffee Company (COOK).
Philip Blows reduced his stake in Supernova Digital Assets (SOL) from 10.6% to 7.98%. There was £68,000 in the bank and £1.95m in investments at the end of October 2023. NAV was £2.93m.
Daniel Thwaites (THW) director RAJ Bailey bought 15,000 shares at 71p each.
AIM
Marine technology developer Windward (WNWD) has cut its loss and is heading towards profitability. The 2023 revenues were $28.3m, up from $21.6m. Windward started 2023 with an annual contract value of $25.5m and that has risen to $34.5m, while the 2024 forecast revenues have been edged up from $34.5m to $35.1m. Requirements for tracking cargo and ensuring that sanctions are complied with are helping to increase demand, particularly from commercial clients. Commercial revenues increased to 30% of the total for 2023, but government revenues are also growing.
Grocery distributor Kitwave Group (KITW) has made its latest acquisition, and this will be earnings enhancing. Total Foodservice Solutions is a food wholesaler with two depots based in the north of England. The customer base includes pubs, restaurants, universities and care homes. The gross cost is £21m and that is reduced to £17m when cash in the business is taken into account.
Strong growth at the Billi filtration systems helped Strix (KETL) have a better second half, but the limited recovery in kettle controls and lower consumer goods sales meant that pre-tax profit was slightly lower at £21.9m. There is no dividend. There should be an improvement in profit this year, but it will still be well down on the 2021 figure. Net debt was £83.7m and could fall below £79m by the end of 2024.
Good Energy (GOOD) had a strong performance in 2023 due to high energy prices, but 2024 will not get that benefit and energy supply profit will fall sharply. In 2023, pre-tax profit doubled to £5.7m, but the 2024 forecast has been downgraded from £8.4m to £6.7m. The energy services business, including solar and heat pump installation, is being built up and it will become a more significant profit contributor over the next couple of years making the group performance less volatile.
Floorcoverings manufacturer Airea (AEIA) increased sales of its Burmatex-branded product by 14% to £21.1m. Pre-tax profit was flat at £1.4m, although it included a small valuation gain in the latest year. Higher finance costs relate to the pension scheme and operating profit increased. The net asset value is £14.9m, including net cash of £3.4m. Strong cash generation can cover the £5m investment in new capacity and a 10% increase in the dividend to 0.55p/share. The new capacity should be ready in early 2025 and will enable Airea to take advantage of own brand opportunities for clients.
Revolution Bars Group (RBG) is assessing its options that include restructuring the business or selling all or part of the operations. There are currently no bidders. Luke Johnson is involved in talks concerning a fundraising.
Semiconductor designer CML Microsystems (CML) is being hampered by lower than expected shipments as clients reduce stocks and this is continuing into the new financial year. In the year to March 2024, revenues will be slightly lower than expectations at £23m and underlying EBITDA will be £6.4m, compared with a forecast £6.8m, due to more sales of lower margin products. Full year pre-tax profit will be just under £3m. The balance sheet remains strong with net cash of nearly £18m. The full benefits of the Microwave Technology acquisition, which has performed well, will show through over the next couple of years.
Horizonte Minerals (HZM) published the latest financing estimate for the Araguaia nickel project. The cost to complete is $454m, but the full funding required is $567m-$592m, including pre-production and transaction costs. Existing liabilities are $418, and they require restructuring. More cash will be required by mid-April. Interest payments are being deferred. Existing shareholders are not in a strong position.
A more positive trading statement from film and video translation services provider ZOO Digital (ZOO) as management believes that demand should recover following the disruption of recent strikes in Hollywood. Revenues of $40m are now expected for the year to March 2024. A new film and TV distribution client has been won and there is greater visibility of work. The company still might not move back into profit in 2024-25, though. There is potential disruption from a craft workers strike in Hollywood.
Boilers developer Inspirit Energy (INSP) is near to completing the four electronic updates for its waste heat recovery system. The team is relocating back to the UK. The cash outflow was stemmed in the six months to December 2023.
Infrastructure India (IIP) shares returned from suspension when the interims to September 2023 were published. The board is proposing a winding-up of the company as it disposes of its assets and the share quotation will be cancelled if the proposals are passed at the AGM. Net liabilities are £217.4m.
Drug discovery company C4X Discovery (C4XD) also plans to cancel its AIM quotation and re-register as a private limited company if it gains shareholder approval at a general meeting on 15 April. Shareholders owning 57% of the shares are in favour. Management believes that it will be easier to raise funds as a private company and it will save money. C4X Discovery has raised £63m on AIM. In August 2022, £5.7m was raised at 25p/share. There is still £20.8m in the bank. In the six months to January 2024, revenues were £24.6m, due to milestone payments, compared with £1.7m in the first half of the previous year. The company is generally loss-making without substantial milestone payments.
Oil and gas producer Molecular Energies (MEN) is cancelling its AIM quotation because it does not believe it is worth the cost. The company should save £500,000/year. Chairman Peter Levine, who owns 29.2%, suggests that he may offer to buy shares of some other investors in the future, but there are no immediate plans to offer an exit prior to the cancellation. Green House Capital will no longer be spun off on AIM.
Infection protection technology developer Byotrol (BYOT) has been quoted for nearly 19 years and it has decided to leave AIM. Revenues from continuing products could improve from £3.7m to £3.9m this year. No further IP revenues are expected this year. Some IP was sold to Tristel (TSTL) and along with an early termination of another licence generated cash of £800,000, but minimum guaranteed royalties will be written down by £550,000 in the balance sheet. Even before that, there will be a higher loss in 2023-24. The business needs to be restructured and reduce costs and believes there will be more flexibility as a private company.
MAIN MARKET
Quantum dots developer Nanoco (NANO) generated interim revenues of £4m, including the recognition of £3m of Samsung licence income, up from £1.6m. Net cash was £54.5m at the end of January 2024. Second half non-Samsung revenues should be higher.
First Tin (1SN) had a cash outflow from operations of more than £2m in 2023. There was also £6.4m spent on exploration activities. There is £4.66m left in the bank.
Cizzle Biotechnology (CIZ) has raised £620,000 via a placing at 2p/share. This will fund the first proposed commercial test for its lung cancer test. The £500,000 loan facility with E3 Fund will be terminated.
Andrew Hore
Alan Green covers #PREM, #MARU, #ANR, #CIZ, #LEX & #HARL on this week’s Stockbox Research Talks
Alan Green covers Premier African Minerals #PREM, Marula Mining #MARU, Cizzle Biotechnology #CIZ, Lexington Gold #LEX & Harland & Wolff #HARL on this week’s Stockbox Research Talks
Alan Green covers Cizzle Biotechnology #CIZ & Lexington Gold #LEX on this week’s Stockbox Research Talks
Alan Green covers Cizzle Biotech #CIZ & Lexington Gold #LEX on this week’s Stockbox Research Talks
New VOX markets podcast now out with our CEO Alan Green, covering Warpaint #W7L, Cizzle Biotechnology #CIZ & Frontier IP Group #FIPP
New VOX markets #podcast now out with our CEO Alan Green discussing:
– Warpaint #W7L
– Cizzle Biotechnology #CIZ
– Frontier IP Group #FIPP
Alan Green covers Cizzle Biotechnology #CIZ & First Development Resources #FDR on this week’s Stockbox Research Talks
Alan Green covers Cizzle Biotechnology #CIZ & First Development Resources #FDR on this week’s Stockbox Research Talks
Quoted Micro 21 February 2022
AQUIS STOCK EXCHANGE
National Milk Records (NMRP) improved interim revenues by 6% to £11.4m, while pre-tax profit increased by 53% to £750,000. There was a £1m cash inflow from operations. Net debt was £1.1m at the end of December 2021. Genomics testing revenues were 17% higher. The interim dividend has been raised from 1.25p a share to 1.5p a share. Milk prices are strong, but costs are increasing.
Grid storage technology developer Invinity Energy Systems (IES) plans to gain a quotation on Aquis, while retaining its AIM quotation. This is so that it can also obtain an Aquis Access quotation for its warrants, which were issued in a fundraising at the end of last year. The short-term warrants are exercisable at 150p a share up until 15 September. The long-term warrants are exercisable at 225p a share up until 16 December 2024. The current share price is 77p.
Natural foods company S-Ventures (SVEN) has acquired the business of Livia’s Health Foods, which makes plant-based food treats. This includes Million Squares, Nugglets and Dunx. S-Ventures is paying £350,000 in cash and shares. The business has been loss making and generated revenues of £1.3m in the 12 months to January 2022. If revenues exceed £600,000 in the 10 months after acquisition than a further £100,000 is payable. VSA forecasts S-Ventures 2022 EBITDA of £1.8m.
Goodbody Health inc (GDBY) is launching blood testing through itkino, nbi, fire, shnj, coin, s network of clinics. More pharmacies are being added to the network. Covid tests are running at more than 500 a day even though UK testing requirements have been eased. The first clinic has been opened in Vancouver, Canada. Arden is forecasting a 2022 pre-tax profit of £5.1m, but this could depend on whether the level of Covid testing continues at these levels.
ChallengerX (CXS) has appointed John May as non-exec chairman and Brian Connell will take over as chief executive. Management is trying to unfreeze cash held in the accounts of its French subsidiary and says that they were mistakenly frozen after the former chief executive was arrested. There is still £550,000 of cash available for use by the company.
Western Selection (WESP) increased net assets to 68p a share at the end of 2021 thanks to gains on disposals and an uplift in the remaining stakes in Kinovo (KINO) and Northbridge Industrial Services (NBI). Net debt was £674,000 at the end of December 2021. There is no dividend.
IamFire (FIRE) has subscribed for a further £2m of convertible loan notes in WeShop. The conversion price is 75p a share. The beta version of the WeShop platform is on course.
Rogue Baron (SHNJ) is launching its Shinju whisky in the UK. This will be the first market with an 8-year old version of the whisky.
Coinsilium Group Ltd (COIN) is advising fashion brand Blvck Paris for the launch of the Blvck Genesis NFT collection.
Hydrogen Utopia International (HUI) says that talks with Mitsubishi Heavy Industries concerning the potential development of plastic waste to hydrogen facilities in Japan have ended.
SuperSeed Capital (WWW) managing director Mads Jensen has bought shares, while related party Capex Ventures sold 50,000 shares at 100p each, taking his interest to 81.9%. The shareholding of Anne Mette Horneman increased from 4.25% to 6.75%.
AIM
Franchise Brands (FRAN) has launched a recommended all share bid for kitchen services provider Filta Holdings (FLTA). The offer is 1.157 shares for each Filta share. Management and related parties own the majority of Filta. Shareholders owning more than 81% of Filta are backing the bid. Filta boss Jason Sayers will continue to run Filta, which provides cooking oil filtration and drain management services to restaurants and other venues in the UK and North America. Metro Rod, Metro Plumb and Willow Pumps are already owned by Franchise Brands and these services can be offered to Filta’s customer base in the UK.
Shield Therapeutics (STX) got off to a slow start with its Ferracu iron deficiency treatment launch in the US. Total 2021 revenues, including European income, were £1.5m. Forecasts are all over the place. The statement was in line with Peel Hunt’s forecast but well below the finnCap estimate. The 2022 revenues forecasts are the other way around with Peel Hunt (£27.9m) being much more optimistic than finnCap (£9.9m). They agree Shield will continue to lose money, though. This shows that management does not have any real idea what is going to happen, or it could have provided better guidance. Hopefully, there shall be better information when the full year results are published.
Circle Property (CRC) is selling one of its main properties and plans to return cash to shareholders. Circle Property is selling Kents Hill Park Conference Centre to LXI REIT for £34.5m – 1.5% ahead of book value. There are plans to sell other properties.
Domain name and online marketing services provider CentralNic (CNIC) is doing much better than initial expectations in 2022. Online marketing services is where the growth is coming from. Broker Zeus has upgraded its 2022 pre-tax profit forecast from $37.2m to $39m. CentralNic is acquiring Fireball Search and the .ruhr top level domain, which has around 10,000 domain registrations, for €600,000 in cash. A maiden dividend is likely to be announced with the 2021 figures.
Cloud-based conferencing services provider LoopUp (LOOP) says the 2021 trading outcome was in line with previously downgraded expectations, but lack of cash could become a problem. Last year’s revenues were £19.5m, down from £50.2m in 2020, which was a bumper year. It is also well below the £42.5m generated in 2019. The loss is expected to be more than £10m in 2021 and 2022. Net debt was £2.5m at the end of 2021 and it is forecast to rise to £5.7m at the end of 2022.
SkinBioTerapeutics (SBTX) is still optimistic about the prospects for the AxisBiotix-Ps food supplement treatment for psoriasis, but the second phase of the launch, which has just commenced, will be an important indicator of success. The first significant revenues will be in the second half of the year to June 2022. The SkinBiotix cosmetic ingredient is ready to be mass produced by Croda, which is talking to potential cosmetics customers.
Frontier IP (FIPP) has raised a further £3.2m from the sale of ADSs in AI-based drug discovery company Exscientia compared with a book value of £1.75m. Froniter IP has raised £6.1m in total and retains 1.17 million ADSs.
Ariana Resources (AAU) will pay a special dividend of 0.175p a share on 25 March with another payment of the same amount due later this year. Ariana says that drilling at the Kilrou deposit in Cyprus has confirmed the existence of gold at the site, as well as copper and zinc.
MAIN MARKET
Antimicrobial and textile odour control materials developer HeiQ (HEIQ) has secured a development partnership with Hugo Boss for HeiQ AeoniQ, a high-performance yarn. Hugo Boss is investing $5m in a subsidiary that holds the technology, which values that company at $200m. AeoniQ is designed as a sustainable alternative to oil-based nylon and polyester, which take up to 1,000 years to degrade and generate $135bn a year in fibre sales. HeiQ AeoniQ yarns are made from cellulosic biopolymers. The LYCRA Company will become the exclusive distributor of HeiQ AeoniQ yarns, and it will also make a financial contribution. The first product should be available in the second half of 2022.
Standard listed shell CYBA (CYBA) has agreed the acquisition of Narf Industries, which is a cyber security business, for $26.5m in cash and shares issued at 2p each. A placing will raise £6m at 2p a share. In 2020, Narf revenues were $2.78m and in the first half of 2021 they were $1.05m. SaaS subscriptions are generating an increasing proportion of revenues. Further acquisitions are planned.
BATM Advanced (BVC) says that its 2021 pre-tax profit figures will be slightly higher than expectations of $23m. The figures will be announced on 28 February.
Cizzle Biotechnology (CIZ) has agreed to acquire a 5% economic interest in AZD1656, a potential treatment for patients with Covid-19. This agreement was made with Conduit Pharmaceuticals and St George Street Capital and is in addition to previous agreements. Conduit has taken a 8.98% stake in Cizzle as part of the deal.
Studio Retail (STU) intends to appoint administrators.
Cash shell MAC Alpha Ltd (MACA) had £700,000 in cash at the end of 2021. Net assets are £369,000.
Andrew Hore
Andrew Hore – Quoted Micro 28 June 2021
AQUIS STOCK EXCHANGE
Good Energy (GOOD) says it is perming better this year than in the same period last year which included the start of the lockdown. Forward buying has improved margins. The smart meter rollout is accelerating.
Dispersion Holdings (DEFI) has invested C$200,000 at 18 cents a share in Defi Yield Technologies Inc. This gives it a 3.5% shareholding in the company that is developing a platform for decentralised financial services.
Altona Rare Earths (ANR) has raised £178,000 at 12p a share, which was a premium to the market price. Altona subsequently acquired up to 70% of the Monte Muambe rare earths project. It will take a 1% stake on signing the deal and increase it to 20% in phase 1 when £40,000 in cash is paid and one million shares are issued. In order to take a 70% stake a total of £240,000 in cash will be paid and three million Altona shares have to be issued. On top of this there are minimum expenditure commitments over three phases of the project.
Rogue Baron (SHNJ) says its bar in Washington DC increased sales by 38% to $225,000 in the three months to May 2021 even though capacity has halved. Trading in the shares has started on OTCQB.
Tectonic Gold (TTAU) is preparing to drill the Specimen Hill project in Queensland. There have been positive results from sampling and the structural modelling of the site has been completed.
Capital for Colleagues (CFCP) had net assets of 64.06p a share at the end of May 2021. It sold his investment in Anthesis Consulting for £1.15m during the period. There was cash of £2.65m at the end of May 2021.
DiscovOre (ORE) is changing its name to Oscillate. and it will focus on the medical psychedelic industry. This includes treatments for drug-resistant depression, anxiety, addiction and post-traumatic stress disorder.
Ananda Developments (ANA) expects to begin construction of a research facility in July. Strains of medicinal cannabis have been selected for research. Liberty Herbal Technologies has received a US patent for its vaping device.
CBD products supplier Sativa Wellness Group Inc (SWEL) has opened its 40th testing clinic for travellers and has introduced blood testing for Covid-19 immune response through some clinics. The clinics will be listed on the NHS Patient Access service.
Valereum Blockchain (VLRM) has raised £1m at 70p a share.
Virgata Services has extended its offer for Walls & Futures REIT (WAFR).
Tim and Charlotte Syder have increased their stake in Newbury Racecourse (NYR) from 4.5% to 8.7% and they appear to have been bought from Andy and Judith Stewart.
AIM
Printed circuit technology developer and supplier Trackwise Designs (TWD) has disappointed the market due to electric vehicle contract delays. Interim revenues more than doubled from £2.91m to £6.07m thanks to the initial contribution from Stevenage Circuits. A pre-tax profit of £200,000 in 2019 was turned into a loss of £400,000. There is currently net cash of £2.87m. The new factory should open later in the year.
Demand for Accoya wood continues to be strong, but Accsys Technologies (AXS) will not be able to increase production capacity until a new reactor is installed in the Netherlands later in the year to March 2022. In 2020-21, Accsys moved into profit and cash generation improved. A decision is awaited about how Accsys will make progress with the Hull Tricoya plant, where the contractor has resigned. Cash was raised in May to finance the US joint venture, but more cash may be required.
First Property (FPO) had to reduce the valuations of its owned Polish properties last year and that hit net assets. Management says that some of that valuation reduction should be reversed following a restructuring of the finance lease on one of the properties. NAV fell 22% to 42.8p a share at the end of March 2021 and it could improve to 48.8p next March. Loan to value is 45.3%. There is no final dividend.
In 2020, Dekel Agri-Vision (DKL) reported revenues of €22.5m and a reduced loss. The palm oil supplier will benefit from the higher palm oil price this year, enabling it to move into profit. The cashew plant will also make a contribution.
Musical instruments retailer Gear4Music (G4M) performed strongly last year, and revenues improved from £120.3m to £157.5m, while pre-tax profit jumped from £3.1m to £14.6m. This year will be tough, though. Pre-tax profit is forecast to fall back to £7.5m even though current trading is better than expected. The company has started buying existing brands. Premier is a drums brand and Eden is a bass amp supplier. Further acquisitions are likely.
Packaging manufacturer Robinson (RBN) says that revenues in the first five months of 2021 are 17% ahead of the same time last year. This is mainly due to an initial contribution from the Schela acquisition and passing on raw material costs – volumes are 1% ahead.
Jade Road Investments (JADE) had a net asset value of 67p a share at the end of 2020. There was an improved valuation of quarry company Future Metal Holdings. The three-year mining licence has been renewed and an independent assessment of the business will be published later this year.
Tristel (TSTL) has gained approval for foam-based surface disinfectant Jet from the EPA in the US. This will enable approvals to be sought with individual states. Tristel Duo, the disinfectant for ultrasound devices, has been approved in Canada and South Korea.
Vector Capital (VCAP) has raised £1.5m at 47p a share and this will be used for marketing and increasing the loan book. The cash raised at the end of 2020 has been deployed.
Location Sciences (LSAI) has given 12 months notice to its chief executive and finance director. They are continuing to work in the business.
MAIN MARKET
Nottinghamshire-based construction and infrastructure services provider NMCN (NMCN) has secured a highly dilutive rescue fundraising after falling into financial difficulties The company continues to lose money and the terms reflect the dire financial position. A £14m subscription is proposed, with a up to £5m more to come from an open offer. There is also a £10m convertible bridging loan – convertible at 20p a share and with fees and interest it equates to 62.4 million shares. Svella, which is run by former Stobart boss Andrew Tinkler, will subscribe for up to £7.4m of the subscription shares and provide the loan.
Fasteners supplier Trifast (TRI) reported slightly better than expected 2020-21 figures. Industrial activity is recovering. This year pre-tax profit is expected to improve from £11m to £12.9m.
Tirupati Graphite (TGR) has increased sales of its graphite products CarboflameX and GrafEN 45545 with trial and sample orders received. Land has been secured for a dedicated product development facility.
Cizzle Biotechnology (CIZ) has signed a deal to develop a companion diagnostic with St George Street Capital for certain of its potential autoimmune treatment assets that it has licensed. This deal takes Cizzle into a new area, but lung cancer remains the focus.
Zegona Communications (ZEG) is paying an interim divided of 2.6p a share. That is based on the dividend from Euskaltel and does not reflect the proceeds from the telecoms company’s takeover.
Andrew Hore
Andrew Hore – Quoted Micro 17 May 2021
AQUIS STOCK EXCHANGE
United Win Asia has invested £3.15m in Samarkand (SMK) at 115p a share, which is the same as the original placing price but well below the market price. United Win Asia is part of a logistics group and this fits well with Samarkand’s ecommerce platform.
Clarify Pharma plans to raise £5m at 3p a share, which would value the life sciences company at £10.5m. The focus is psychedelic-based substances that can be used to treat PTSD, Alzheimer’s and depression. Investments will be identified in the UK and Canada. The board is dominated by the same team, including Michael Edwards, that floated decentralised finance (DeFi) focused investment company Dispersion Holdings (DEFI) and NFT Investments (NFT), which is investing in a portfolio of non-fungible tokens (NFTs).
Michael Edwards is also chairman of Pioneer Media Inc. This is a company that has floated on the Canadian Stock Exchange and plans to gain a quote on Aquis. Pioneer is seeking investments in eSports and mobile gaming. The expected admission date is 25 May.
Pharma C Investments is an early-stage investor in the medical cannabis sector. The focus will be on markets that already have legislation and regulations. The plan is to raise £1m and the expected admission date is 26 May.
Greencare Capital (GRE) has appointed Richard Tonthat as chief executive. The cannabis-focused investment company recently made its first two investments after its original acquisition fell through. Richard Tonthat has worked at Grant Thornton and British American Tobacco, when it made a large cannabis acquisition in Canada.
ASX-listed Pacific Nickel has completed the acquisition of 80% of Kolosori Nickel and Gunsynd (GUN) has received 682,790 Pacific Nickel shares at 8 cents each for its stake. The current Pacific Nickel shareholding is 1.95 million shares. There will be deferred consideration if a mining lease is granted, and the mineral resource is confirmed. Gunsynd could receive a further 1.14 million shares if this is achieved.
Eight Capital Partners (ECP) is acquiring corporate finance adviser Innovative Finance Srl for an initial €2.45m with a further €2.45m payable depending on performance over three years. Eight Capital Partners previously had an option to acquire a 60% stake. Concreta Srl will own 9.9% of Eight Capital Partners and chairman Dominic White will own 29.9% – he is also loaning the company €1.1m.
Cadence Minerals (KDNC) says that a second batch of iron ore has been shipped from stockpiles at the Amapa project in Brazil. The cash will be used to pay creditors, including ex-employees. The remaining creditors need to be paid before Cadence acquires a 20% stake in Amapa. A further investment of $3.5m would take the stake to 27%.
R Oldfield has been buying shares in Shepherd Neame (SHEP). He bought 6,356 shares at 1032p each, a further 2,500 shares at 1038p each and 16,144 shares at 1035p each.
Incanthera (INC) is presenting at the Shares and AJ Bell investor evening webinar on 19 May.
Vulcan Industries (VULC) has raised £70,000 at 1.5p a share. Vulcan subsidiary Orca Doors is gaining orders, which cover six months of capacity. Ananda Investments (ANA) has raised £15,000 from the exercising of warrants at 0.45p a share.
EPE Special Opportunities Ltd (ESO) had a NAV of 495.69p a share at the end of April 2021.
AIM
Motor dealer Vertu Motors (VTU) performed In the year to February 2021, revenues fell from £3.1bn to £2.5bn, while underlying pre-tax profit improved from £23m to £24.6m. Net cash, excluding leases and vehicle stocking loans, was £1.4m at the end of February 2021. The net tangible asset value is 50.2p a share. At the beginning of May, CIP Merchant Capital (CIP) bought 1.55 million Vertu Motors shares at just over 40.3p each.
Business restructuring company Begbies Traynor (LSE: BEG) has acquired Midlands-based MAF Property, which is a finance broker. The deal could cost up to £11.75m, with £3m in cash and shares upfront and the rest depending on profit growth. The pre-tax profit forecast for the year to April 2022 has been raised from £16.5m to £17m.
Nightcap (NGHT) has raised £10m at 23p a share and strong demand meant that existing shareholders Raymond Blanc and David Moore sold part of their stakes. The original plan was to raise £4m.
e-Therapeutics (ETX) has raised £22.5m, including £920,000 via Primary Bid, at 24p a share. The cash will be used to expand the company’s drug discovery and development operations. There are plans to complete a first in human clinical study for one RNAi asset and advance two or three other RNAi therapeutic programmes through preclinical development.
Great Western Mining (GWMO) has completed an initial six-hole drilling programme at the Trafalgar Hill project in Nevada. All six holes intercepted intercepted the main shallow structure. In the next few weeks there will be further drilling and more analysis and news about these drilling results.
Gaming Realms (GMR) has extended its SLINGO agreement with Scientific Games. The four-year licensing deal includes the opportunity to launch SLINGO digital lottery games.
Trellus Health has the rights to technology that can be used to manage irritable bowel syndrome. It can reduce unplanned hospital visits by 85%. The US-based company expects to join AIM on 28 May.
STM (STM) has sold its Jersey trust and company services business for net cash of at least £1.4m. That reduces the 2021 profit forecast by £100,000 to £2.5m.
Dekel Agri-Vision (DKL) says April crude palm oil production was lower against strong comparatives, but that was offset by higher prices. Arden still expects a move into profit this year – €600,000 is forecast.
MAIN MARKET
Medica Group (MGP) reported a one-fifth reduction in full year revenues to £36.8m. The lack of elective surgery meant that demand for teleradiology services was reduced. However, demand for emergency services slightly increased. There was an initial contribution from the Irish business bought last year. The 2020 underlying pre-tax profit fell from £11m to £4.74m. The US business was acquired this year and an Australian joint venture has been launched.
LED lighting and wiring accessories supplier Luceco (LUCE) expects interim operating profit to double to £18m. Operating margins are being maintained even though costs of some components are increasing. Net debt should remain at around £18.3m.
Haysmacintyre and a partner have been reprimanded and fined for its audit of the Associated British Engineering (ASBE) accounts for 2017-18. This was not undertaken in the appropriate manner.
Cizzle Biotechnology (CIZ) has reversed into standard list shell Bould Opportunities. Cizzle is is developing a test that could make diagnosing lung cancer more accurate by preventing false positives. A placing raised £2.2m at 10p a share. Pro forma cash is £1.89m, which is slightly higher than the NAV. The cash will be used to make progress towards gaining CE marking for the biomarker test.
Andrew Hore