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Quoted Micro 13 April 2026
AQUIS STOCK EXCHANGE
Oscillate (SRVL), which is changing its name to Serval Resources, raised £34,000 in its retail offer at 22.5p/share, which is below the maximum level of £300,000. It is acquiring Kalahari Copper and moving to AIM on 27 April.
Digital assets investor Valereum (VLRM) has received confirmation that the $300,000 cash element of the coupon is being paid in instalments over four days. Further amounts due from strategic partner Quorum Global Photonics (QGP), which is a 49.7% shareholder, are expected to be paid under the $200m royalty and streaming financing agreement. Pieter Scholtz and Gerhard Kotzee are directors of both companies.
Wishbone Gold (WSBN) plans to acquire the Silver Lake project in Western Australia. Before that happens, historic data will be further analysed. If it goes ahead 3.57 million shares will be issued for the acquisition.
Hot Rocks Investments (HRIP) has made new investments in Central Gold, Futuro Resources and Cobra Resources (COBR). Investee company Mendell Helium (MDH) is moving from Aquis to AIM, and 49%-owned Sunshine Gold Capital has been granted a third tenement as part of the Dexter gold project, which is near to two existing gold mines in Western Australia.
Stack BTC (STAK) made a loss of £110,000 in the six months to January 2026. There was cash of £51,000 at the end of January 2026 and since then £4.28m has been raised. There have been 31 Bitcoin acquired. The focus is finding a business to acquire.
Ethtry (ETHY) has spent £100,000 to buy 66.6737 Ethereum. It owns 816.6737 Ethereum.
Cooks Coffee Company (COOK) was franchisor of the year (expanding food and non-food) in the 2026 Irish Franchise Association Awards, and a franchisee was named franchisee of the year.
Shepherd Neame (SHEP) non-exec director George Barnes bought 2,173 shares at 458p each. Falconedge (EDGE) chief executive Roy Kashi and family have bought 2.9 million shares for an average of just over 1p each. The total holding has risen to 6.45%. EPE Special Opportunities (LON: EO.P) directors Clive Spears and David Pirouet each bought 5,968 shares at 176p and 168p respectively.
TechFinancials has changed its name to Ubuntu Mining and Metals Inc (UNTU).
ASSET MATCH
Brewer Wadworth and Company (WAD) says 2025 accounts should be published later in April. Strong Christmas trading meant like-for-like sales were 7% ahead. Beer volumes were 16% higher in the first two months of the year as the company sold more of its beer via its own pubs. Like-for-like sales of the group are 4% higher, but margins are under pressure even though gas and electricity costs are set until 2029. One pub was sold in January.
AIM
RentGuarantor (RGG) growth is accelerating with first quarter revenues more than doubling to £880,000 and this has sparked an upgrade. New partners have been brought onboard. It is also offering a new product with mydeposits that combines insuring rent deposits with the rent guarantee service. Allenby has increased its 2026 pre-tax profit forecast by 26% to £300,000. This would be a maiden profit.
Van Elle (VANL) is recommending a 52.3p/share cash bid from STRABAG UK, which values the ground engineering company at £58.8m. The share price has not been that high for more than three years. The directors had talks with other suitors before receiving this bid approach. Vienna-based STRABAG provides construction services, and it was seeking to expand in the UK.
Alien Metals (UFO) says joint venture partner GreenTech Minerals has identified material upside potential for the Munni Munni Platinum-Palladium-Copper-Nickel project in Western Australia not included in the current mineral resource estimate of 24Mt @ 2.9 g/t PGE₄ for 2.2Moz. Alien Metals has a 30% interest and a free carry until completion of a bankable feasibility study. High grade zones have been identified and there is potential for open pit mining. The results of the maiden drilling programme should be announced later this month. Joint venture partner West Coast Silver has announced a 1,500 metre drilling programme for the Elizabeth Hill silver project in Western Australia.
Data analysis software and services provider Celebrus Technologies (CLBS) says full year revenues are broadly in line with expectations at $23.3m, down from $38.7m because of a change in business model, and the loss will be around $200,000. Annualised recurring revenues grew from $13.6m to $15m. Two bank customers sold off parts of their businesses, so their payments were reduced. Some expected deals at contracted stage were lost or delayed and Celebrus Technologies is improving its skills in winning new clients. Cash was $32m at the end of March 2026. Another loss is anticipated for 2026-27.
Mercantile Ports and Logistics (MPL) is pursuing legal remedies to regain control of port operating subsidiary, Karanja Terminal & Logistics. One bank did not sanction an agreement for a one-time settlement of company debt with the consortium of banks. The court has told the Committee of Creditors holding the company debt to consider an offer to redeem 100% of outstanding debt. There has been no progress and there are potential buyers interested in the assets. An international oil and gas company is a potential provider of funds to help redeem the debt. A meeting was held to consider Mercantile’s proposal on Friday 10 April.
The shares of Secure Property Development and Investment (SPDI) returned from suspension. The property company amended heads of agreement with energy storage technology developer Adven, which it is proposed will acquired SPDI, so it is not a reverse takeover anymore. Instead, Adven intends to join AIM and launch a share exchange for SPDI. Adven can then raise money via EIS.
Steppe Cement (STCM) has increased cement sales in Kazakhstan in the first quarter of 2026 to 344,058 tonnes, from 276,217 tonnes in the same period last year. The average price was one-fifth higher at around $57/tonne. Market share increased to 16%. Capacity is being increased and the final estimated cost is $35m.
Atome (ATOM) is in the final stages of negotiations for the funding of the Villeta fertiliser project in Paraguay. Definitive documentation with the equity consortium is expected by 17 April. The potential funders are likely to be at the IMF and World Bank spring meetings at that time.
Physiomics (PYC) has accepted a general meeting request from Michael Whitlow, who owns 13.7%, and the meeting is on29 April. Michael Whitlow wanted to appoint Nicholas Tulloch, Ian Bagnall, Martin Gouldstone (later removed) and himself as directors and remove Dr Jim Millen, Shalabh Kumar, Dr Tim Corn, and Dr Peter Sargent, as long as least two of the new directors are appointed. The board did offer to appoint two non-execs to replace two existing ones, but it felt that the remuneration requested was too high. The board believes that the disruption could hamper the ability to commercialise its IP. They are asking shareholders to vote against the resolutions.
Quantum Blockchain Technologies (QBT) says a court has stopped enforcement of a €6m plus damages award against Sipiem relating to the Mediapolis business. The company has not been able to enforce the seizing of property of a former Sipiem director because he has declared bankruptcy. The liquidation of Mediapolis is being completed and a further distribution of €132,000 is expected to be received by the end of June.
MAIN MARKET
Financial management software developer Aptitude Software (LSE: APTD) has decided to seek a potential purchaser as well as considering other options for the business. It is possible that other businesses would be sold to concentrate on Fynapse. The refocus on that product led to a 1% dip to £49.8m even though Fynapse sales were higher. Recurring revenues were £54.4m and operating profit was flat at £10m. Net cash is £21.2m. The dividend is 5.4p/share.
Solvonis Therapeutics (SVNS) has been granted a US patent for its PTSD programme. The patent covers a chemically distinct monoamine modulator series designed to modulate serotonin, dopamine and noradrenaline transporter systems (SERT, DAT and NET) and lasts February 2043.
Andrew Hore
Quoted Micro 23 February 2026
AQUIS STOCK EXCHANGE
Cooks Coffee Company (COOK) says its UK Esquires coffee stores generated revenues of £21.9m in the nine months to December 2025, while sales in Ireland were 27% higher at £9.9m. There was like-for-like growth of 5.1% and 6.3% respectively. Income comes predominantly from franchise fees and royalties.
Delta Gold Technologies (DGQ), the quantum computing IP developer, has raised £1.92m through subscriptions at 35p/share. Every two shares come with a warrant to subscribe for shares at 50p each. This cash will help to accelerate university agreements and collaborations. New shareholders include Purebond.
EPE Special Opportunities Fund (EO.P) says that it does not intend to buyback any more shares. It has already acquired 1.25 million shares.
ProBiotix Health (PBX) reassured investors that it has no direct connection with skin treatments developer SkinBioTherapeutics (SBTX), which has been hit by the departure of the chief executive and accounting adjustments, even though they were both spun out of OptiBiotix Health (OPTI). Michael Litichevski, who is vice president, sales, of ProBiotix Health, bought 45,100 shares at 6.5p each.
Valereum (VLRM) has signed a memorandum of understanding with Integra Foundation to establish “a framework to collaborate on real-world asset tokenisation, institutional distribution, and secondary trading, with an initial focus on real estate”. This could help to accelerate revenue generation.
The wife of BWA Holdings (BWAP) non-exec John Byfield has bought 1.98 million shares at 0.25p each, taking their joint holding to 0.79%.
Digital asset miner Sterling Digital (ASIC) has bought 450 ASIC Bitcoin mining servers at a lower cost than budgeted, as well as modular, high-density, hydro-cooled data centre infrastructure for these mining servers. Initial production should be in the second quarter of 2026.
Arbuthnot Banking (ARBB) says that it made good progress in the fourth quarter of 2025. Pre-tax profit will be at the upper end of the guidance range of £22m-£24m. A total dividend of 53p/share is forecast.
EDX Medical (EDX) has raised £3.5m at 14p/share. That is the same share price as the previous fundraising. The proceeds will accelerate the prostate cancer programme to develop diagnostic products.
Ormonde Mining (ORM) investee company TRU Precious Metals has executed the 51%/49% joint venture agreement for the Staghorn property with Quadro Resources.
Marula Mining (MARU) has signed an agreement to supply 500 tonnes of processed manganese ore from Kilifi to Jindal Pelletising in India. Deliveries to Baosteel are also set to happen following delays.
Wind-based hydrogen production technology developer Energy B (NRGB) has secured a £50,000 loan facility from chairman Neil Ritson.
Connecting Excellence (XCE) shares have begun trading on the OTC Venture Market (OTCQB) in the US.
JP JENKINS
QPLAY (QPL), which is a manufacturer of board games, joined JP Jenkins on 16 February. QPLAY has created Outsmarted, a quiz game using AI. QPLAY is held within the Velocity Capital Fund, which is managed by Sapphire Capital Partners.
The London Tunnels (TLT), which is developing the Kingsway Exchange Tunnels as a visitor attraction, will join JP Jenkins on 25 February. The plan is to open by early 2028.
AIM
Scotland-based housebuilder Springfield Properties (SPR) reported a 2% increase in interim revenues to £108m, while pre-tax profit improved from £3.8m to £4.3m. The private housing market was weak, but changes to Scottish government policies meant that the affordable housing market recovered. Springfield Properties secured a deal with Scottish and Southern Electricity Networks to provide 293 homes for workers on infrastructure projects in the North of Scotland. This is an important part of the strategy to focus on North Scotland. The benefits are not likely to be significant until the next financial year. Last year included the large land sale to Barratt, which boosted profit.
Transense Technologies (TRT) had already warned that its results would be disappointing. Interim revenues dipped 8% to £2.26m, because of a reduction in the iTrack royalty. Pre-tax profit fell from £550,000 to £64,000. Net cash is £920,000. Sensor technology products developer SAWsense revenues increased 73% to £660,000, but the growth is not as fast as hoped. A further six projects have been added, taking the total to 23, but whether or when they will become commercial products is uncertain.
Optima Health (OPT) is acquiring competitor PAM Healthcare for £100m and this will mean it has 15% of the UK and Ireland occupational health market. This takes Optima Health to its medium-term target revenues of £200m. Debt facilities will provide £70m of the acquisition payment and an underwritten open offer will raise £35m at 175p/share. In 2025, PAM generated revenues of £66.6m and EBITDA of £8.2m. The two companies would have been rivals for tenders in the past. Increased scale will enable improved margins. Pro forma 2026-27 pre-tax profit of £17.8m is forecast. Cavendish has been appointed as joint broker.
Retailer Mothercare (MTC) has refinanced its £8m debt facility with GB Europe Management Services, which has been closed after a £8.68m payment, including fees. This has been replaced by a £8.46m facility with a consortium of investors, including Richard Griffiths, that is being provided to a special purpose vehicle. This lasts until the end of 2027 and has an annual interest charge of 25%. Pension payments have been deferred until March 2027. This means that £6m of payments have been deferred and there will be a long-term payment plan put in place.
Trellus Health (TRLS), which has developed a digital platform to manage chronic health conditions, has secured a six-month extension to its agreement with Johnson & Johnson Health Care Systems to provide Trellus Elevate for patients with moderate to severely active inflammatory bowel disease. Monthly cash burn has been reduced to $400,000. The 2025 revenues will be around $545,000. A $5m convertible facility has been secured, and the $737,500 drawdown from the facility will provide enough cash for the first quarter of 2026.
Pulsar Helium Inc (PLSR) has raised £7.4m at 80p/share. The cash will fund the development of the Topaz helium project in Minnesota. All six appraisal wells have been successful and there are concentrations of helium-3, which is used in quantum computing. Well testing and reservoir evaluation will continue and there will be an additional seismic survey. A pre-feasibility study for integrated helium and CO₂ production will be completed. There will also be cash spent on the Falcon project in Michigan.
Computer vison technology developer Seeing Machines (SEE) says interim revenues will decline from $25.3m to up to $24m. Annualised recurring revenues have grown from $13.5m to $14m. The EBITDA loss will decline from $17.7m to below $13.7m. Cash had fallen to $3.4m, but more recently a $14.1m advanced payment has been received. Automotive production volumes continue to grow, and new legislation comes into force in the EU that mandates camera-based driver monitoring systems for new vehicles that will further boost demand.
Roadside Real Estate (ROAD) raised £20.75m at 60p/share. This will be invested in building the portfolio of petrol forecourt stations. It is acquiring seven sites for £32.4m. The company’s stake in Cambridge Sleep Sciences should raise £48m in two tranches and help to finance expansion. Roadside Real Estate is expected to move into profit in the year to September 2027.
Broadcast technology supplier Pebble Beach Systems (PEB) has won a five-year contract in the US worth £1.3m. There is scope for upside with the US streaming client. This boosts recurring revenues. Cavendish had previously upgraded its 2026 pre-tax profit forecast to £2.7m, and this contract helps to underpin the current estimate. Dowgate Group has increased its stake from 5.22% to 10.2%.
Infrastructure-as-a-Service automated trading products supplier Beeks Financial Cloud (BKS) says interim trading is in line with expectations. Revenues are estimated to be £14.7m, down from £15.8m. Contracts won late in the period will contribute in the second half. That could contribute around £3.5m to second half revenues. Net cash is £3.3m.
Healthcare communications technology developer Feedback (FDBK) is still waiting for the NHS to make decisions on investment. Interim figures to November 2025 did not contain any surprises. Revenues were flat at £400,000 and net cash was £3.8m. Existing clients renewed contracts, so that augurs well for additional business.
The bid for Inspecs (SPEC) has been switched to a takeover offer because the votes received for the scheme of arrangement for the 84p/share offer by a bid vehicle established by Luke Johnson and Ian Livingsgtone would not be enough for it to go through. The takeover offer requires more than 50% to be in favour. It appears that the requirement is already fulfilled with current acceptances.
MAIN MARKET
The benefits of the long-term strategy of Seraphim Space Investment Trust (SSIT) are showing through in the latest uplift in NAV. In the latest quarter to December 2025, there has been a 24% increase in NAV due to sharp increases in the values of its four largest investments due to recent fundraisings or changes in how the stake is valued. Their total value is £69m higher, which is a 36% increase. There is no indication of value changes for the other investments. The interims will be published on 5 March.
Wildcat Petroleum (WCAT) intends to leave the Main Market and switch to Aquis. It will also change strategy to the gold sector. A fundraising is planned in March.
GS Chain (GSC) plans to acquire GMM Acquisition Corp, which is acquiring Giraudy, MediaLine and Source Digital. These are outdoor advertising and home entertainment media. The purchase will be in shares.
Panther Metals (PALM) has signed a letter of interest with commodities trader Traxys Europe relating to discussions concerning the Winston tailings project. Progress is being made towards a mineral resource estimate.
Andrew Hore
Quoted Micro 2 February 2026
AQUIS STOCK EXCHANGE
Roundhouse Digital (ETHL) joined Aquis on 30 January. It is an AI technology company with an Ethereum-denominated treasury. There was £1.1m raised at 4p/share. The company is valued at £10m.
Valereum (VLRM) has entered into a non-binding agreement with Injective Foundation, a Layer-1 blockchain for decentralised finance, and DigiShares inc, a provider of tokenisation technology. There would be a framework for a collaboration across the Injective blockchain, involving tokenisation and secondary trading. DigiShares has 200 issuers. Quorum Global Photonics has a 49.9% stake, while James Bannon’s shareholding has been diluted from 33.8% to 17.8%.
Property investor Ace Liberty and Stone (ALSP) moved from a loss of £243,000 to a pre-tax profit of £290,000 in the six months to October 2025. Admin costs were reduced and there was no fair value loss, compared with £1.6m in the corresponding period. NAV is £30.5m. Dr Antonios Ghorayeb bought 14,795 shares at 25p each and the chairman owns a 0.96% stake.
Vault Ventures (VULT) has publicly launched analytics platform vSignal.ai.
Equipmake (EQIP) has won a £2.4m order from Agrale for 23 electric drivetrain systems for 23 buses. This follows an order for 50 buses.
BWA Holdings (BWAP) corporate adviser Allenby has initiated research on the minerals exploration company. It believes the Aracari gold project in Cameroon could be transformational. The sum of the parts valuation is £11.2m, which is treble the current market capitalisation. Richard Battersby has transferred his shareholding to his daughter.
Interim figures from Vaultz Capital (V3TC) show initial revenues of £72,000 and a loss of £1.62m. The current value of Bitcoin is £8.68m, down from £11.2m at the end of October 2025, when net assets were £11.6m.
Sulnox Group (SNOX) has secured a South Korean patent for emissions reducing additives.
B HODL (HODL) has bought one more Bitcoin for £64,363, after drawing down£65,030 from its loan facility, taking the total to 160.295 Bitcoin costing a total of £13.3m.
WeCap (WCAP) reported a halved loss of £387,000 in the six months to October 2025. The WeShop share price has fallen back to $58.70, but the stake is still worth more than the WeCap market capitalisation.
Mendell Helium (MDH) raised £700,000 at 3p/share. There is also a proposal from US-based investors to co-fund a second well on M3 Helium’s Rost lease in Fort Dodge. Mendell Helium has an option to acquire M3.
Ajax Resources (AJAX) raised £1m at 8p/share with warrants exercisable at 16p each also issued. This will fund previously announced acquisitions.
Clinical support software DXS International (DXSP) revenues fell 3% to £1.68m in the first half, while the loss jumped from £254,000 to £1m. Management is hopeful that the NHS will begin to accelerate decision making later this year.
Cooks Coffee Company (COOK) says its Esquires Coffee subsidiary has entered a 10-year master franchise agreement for the UAE. The plan is to open at least 50 sites.
Bitcoin investor and wed development company The Smarter Web Company (SWC) has raised £500,000 at 54p/share. Shareholders have agreed the move to the Main Market on 3 February.
Marula Mining (MARU) has terminated the planned sale of its main subsidiary to Europa Metals. Marula Mining will instead develop the assets itself.
In the year to July 2025, hydrogen producing wind turbine technology developer Energy B (NRGB) reported a reduction in loss from £1.05m to £645,000. There are no revenues. This is before the plans for a Bitcoin strategy and the raising of £400,000 at 1p/share and the settlement of creditors at the same share price.
Mental health treatments developer Shortwave Life Sciences (PSY) did not generate any revenues in the six months to October 2025. The loss was £211,000. Net assets were £2.58m.
Phoenix Digital (PNIX) has redomiciled to Gibraltar.
JP JENKINS
India-focused oil and gas company Indus Gas (INDI) left AIM and joined the JP Jenkins platform on 26 January.
ASSET MATCH
Fastjet (FJET) has published its 2024 accounts. The Africa-focused airline reported a 3% dip in revenues to $64.9m, while there was a swing from a loss of $9m to a pre0tax profit of $3.37m. That is due to a sharp fall in cost of sales.
Greenshields Agri Holdings (GAH) says there was a small improvement in 2024-25 post-tax profit at £2.71m. NAV is 160p/share.
Macdonald and Company (MAC1) is paying an interim dividend of 2p/share on 4 February.
AIM
Thor Explorations (THX) has announced a pre-feasibility study for the Douta gold project in Senegal and first production could be in 2028. The pre-tax project NPV5% is $908m at a long-term gold price of $3,500/ounce, while the post-tax NPV5% is $633m. This assumes 100% ownership. Payback of initial capital investment of $254m could be less than one year. There could be one million ounces of gold produced over nearly 13 years. The resource can be extended. Thor Explorations is buying out its 30% joint venture partner in the Douta West permit joint venture Birma Resources for an initial $1.5m.
Aerospace component kits supplier Velocity Composites (VEL) continues to be hit by delays and lower than anticipated Airbus A350 production rates. Lower overheads have offset the lower revenues in 2025, and the pre-tax loss was reduced from £1.3m to £1.1m. A major aerospace components programme in the US will not be transferred until later in 2026. New European business is being sought to offset the loss of a contract.
The Revel Collective (TRC) has appointed FTI Consulting as administrator and sold most of the bars and pubs. There are 20 sites that were not sold and those will close.
Electro-mechanical and electronics products supplier LPA Group (LPA) reported full year figures in line with the previous downgrade. The loss increased from £300,000 to £1.3m on lower revenues. The order book is worth £32.5m. This includes rail projects that have been subject to delays. There is a 41% like-for-like improvement in the first quarter of this year.
Public Policy Holding Company (PPHC) announced the price of the Nasdaq fundraising at $12.25/share. This will raise $50.8m.
Sancus Lending (LEND) shares jumped 362.5% to 1.8p on an unexpectedly strong trading performance in 2025. The finance provider increased revenues by one-third to £22.1m and a 2025 pre-tax profit of more than £1m is estimated, although that includes gains of £2.6m from repurchasing ZDPs. New lending facilities nearly doubled to £212m and total loans were one-third higher at £317m.
Late on Tuesday, Mind Gym (MIND) admitted that it is in discussions with third parties as part of a strategic review that could lead to a bid for the education and training company.
Great Western Mining (GWMO) has revealed the results of the geographical survey and the assay results of a drilling programme at Rhyolite Dome, which is part of the Olympic gold project in Nevada. The survey identified a deeper untested chargeable feature at more than 300 metres in depth. The drilling found low grade gold and more significant silver mineralisation. The geological model will be refined.
Empyrean Energy (EME) has come to an agreement with Conrad Asia Energy to resolve its dispute over the Duyung PSC and Mako gas field in Indonesia. First gas could be in the fourth quarter of 2027. A special purpose vehicle will be established to own these investments, and Empyrean Energy will own 8.5%. After this Empyrean will pay $353,000 to Conrad and a further $353,000 will be paid out of dividends from the special purpose vehicle. Empyrean’s secured convertible note will be restructured, and the lender will be paid out of dividends from the project. The share price jumped 138% to 0.0894p.
Ovoca Bio (OVB) has completed the acquisition of Tadeen International and it will change its name to Talisman Metals. There was £1.155m raised at 7.7p/share. This means the company has £2.255m in cash. The main asset is copper deposits in the Atlas Mountains in Morocco.
Video games art outsourcing provider Winking Studios (WKS) expects 2025 revenues to be at least 40% higher than the $31.9m reported in 2024. That is slightly higher than expectations. Organic growth was in mid-to-high single digits. EBITDA is anticipated to be between 7% and 13% ahead of the $4.8m reported in 2024. There are already approximately $34.6m of bookings to be recognised this year. The full year results are due to be announced on 27 February.
Physiomics (PYC) has been awarded a new contract by long-standing client Numab Therapeutics. The project is for modelling the company’s pipeline to accelerate development of therapies.
Contract proteomics services provider Proteome Sciences (PRM) has raised £840,000 via a placing at 1.75p/share and a retail offer raised £132,000, which was more than double the target. The cash will be used to increase Tandem Mass Tags plexing rate from 32x to 96x and introduce novel Solvent Shift chemoproteomic workflows. It will also go towards launching a new range of DXT isotopic plex tags and concluding a DXT licence, will increasing capacity in San Diego.
Sensing and measurement technology developer Transense Technologies (TRT) has not been securing new contracts as fast as it hoped. Also, iTrack royalty income is likely to be10% lower than expected at £2m with the total revenues for the group are forecast at £5.2m, down from £5.55m last year. The SAWsense and Translogik businesses should grow revenues by 30%. The company was profitable in the first half and had cash at £1.33m. The interim results will be released on 17 February.
Eqtec (EQT) is raising £1.3m at 0.035p/share and this represents 36% of the enlarged share capital. A restructuring of £5.79m of debt will lead to £1.93m being converted into shares. The rest will be changed into £1.93m secured, zero-coupon debt and £1.93m. There is £166,000 of debt owed on the convertible facility with GIS. As part of its new strategy Eqtec is acquiring 99% of the Green Rock copper gold exploration project. It is paying $150,000 in cash and shares. The remaining 1% stake has a carry up to $350,000 and after that it will be lent cash by Eqtec to pay for its contribution with repayment out of future revenues. There is also an option over a 99% interest in the Peak Hills gold copper exploration project in Western Australia. The waste to energy activities will continue to be a core part of the group.
Botswana Diamonds (BOD) been awarded eight prospecting licences in north west Botswana. They have been chosen for prospectivity for copper, gold, silver and other critical minerals. The company is speaking with potential joint venture partners.
Laundry technology developer Xeros Technology (XSG) says that 2025 revenues will be lower than expected. Cavendish has halved its forecast to £300,000, which increases the loss to £3.4m. The 2026 forecasts are unchanged and there should still be £4m in cash at the end of 2026. Longer-term, there is positive feedback concerning demand from a global OEM launching a product in 2027.
MAIN MARKET
Another upgrade for LED lighting and wiring accessories supplier Luceco (LUCE), which has been improving throughout 2025 after a weak start. Like-for-like growth is 6%. Pre-tax profit is expected to be £27.1m, up from £24.9m in 2024. There is demand for retrofitted energy efficiency products and there is UK government backing for energy efficiency measures. There was an 85% increase in EV charging sales.
In the AGM statement, Swindon-based newspaper and magazines distributor Smiths News (SNWS) says trading has been positive. The company should remain cash positive despite the payment of a special dividend of 3p/share. There is more to come from the diversification into other distribution activities.
Shell company Associated British Engineering (ASBE) had net assets of 15p/share at the end of September 2025. There are capital losses of £8m and £2m of trading losses.
Nanoco (NANO) has decided not to actively seek a buyer any more. There were discussions but no firm offers. Costs are being reduced and chief executive Dmitry Shashkov is leaving.
Andrew Hore
Quoted Micro 1 December 2025
AQUIS STOCK EXCHANGE
Valereum (VLRM) has entered into an agreement to raise $200m of royalty and streaming capital from new special purpose segregated portfolio company, Valereum QGP-SP, which is being formed to list on a US National Exchange. There will be a one year option over a stake of 49.9% in Valereum in return for the royalty and streaming income. This will help to accelerate development of the crypto and blockchain platforms and finance acquisitions.
Digital asset company Vaultz Capital (V3TC) holds 135 Bitcoin. Two resolutions related to a share capital reorganisation and a reduction in nominal value were withdrawn from the AGM following shareholder feedback.
Ajax Resources (AJAX) had cash of £1.37m at the end of August 2025. It is in the process of acquiring the Paguanta silver lead zinc project in Chile. Drilling should commence soon at the Eureka project. The cash will finance this and a JORC compliant mineral resource estimate.
AI software company IntelliAM AI (INT) has won contracts in the building products sector. They cover 15 sites and should generate £250,000 in this financial year. Annual recurring revenues were £1.18m at the end of September 2025, Cash was £786,000 and a further £250,000 has subsequently been raised at110p/share. A WRAP retail offer could raise up to £150,000 more. This will fund the delivery of the co-development partnership with a global engineering manufacturer.
WeShop (NASDAQ: WSHP) shares ended the week at $145.21. WeCap (WCAP) has an interest valued at around 28p/share. The share price increased 8.33% to 2.6p. Res Privata NV has cut its WeCap stake from 13.6% to less than 3%. Hot Rocks Investments (HRIP) owns a stake worth $21.8m and the share price rose 3.7% to 1.4p, which values the investment company at £3.4m.
Mendell Helium (MDH) has extended the broker option of up to 10 million shares until 3 December. A further £12,000 has been raised via subscription at 3p/share.
Cannabis medicines developer Ananda Developments (ANA) is calling a general meeting on 12 December to gain shareholder approval to leave Aquis. This will save money and may make it easier to raise cash. Initial data from a phase 1 human study for MRX1 has shown a positive safety profile. The final study should be complete in the second quarter of 2026.
Trading in Amazing AI (AAI) shares was suspended following the resignation of Guild Financial Advisory as corporate adviser. The company has hired Rosenblatt Law to pursue a legal action against Tom Winnifrith and Share Prophets Ltd. Chief executive Paul Mathieson is also pursuing legal action, although his social media comments will not help him.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price was 19.4% lower at 0.725p.
Café chain Cooks Coffee Company (COOK) increased interim revenues by 111% to NZ$5.77m, helped by managed stores in Ireland via the partnership with Dairygold. Pre-tax profit fell from NZ$530,000 to NZ$68,000. Overall store sales were 26.9% ahead at NZ$45.5m. There are currently 100 stores, most of which are franchised, with a target of 300 by 2034. Net debt is NZ$1.73m.
Sulnox Group (SNOX) has secured a major distribution agreement for its reduced emissions additives in the marine sector through Drew Marine USA, which operates in 1,200 ports around the world.
Marula Mining (MARU) is acquiring an initial 50% stake in the Tonto Tshipi manganese mine in South Africa for five million shares. It can increase its interest to up to 70%. Open pit mining should start in mid-December. On completion of due diligence, a further payment of £250,000 and Marula Mining will fund 100% of exploration with a minimum spend of £1m over 12 months. Once a bankable feasibility study is completed there will be a further payment of £5m and an option fee of £100,000 would take the interest to 70%.
In the year to May 2025, Equipmake (EQIP) revenues fell from £7.3m to £3.5m, while the loss increased from £9.1m to £10.9m. The company has been restructured and there is a focus on better margin business. Costs are much lower. There was cash of £3.9m at the end of May 2025. In recent months there have been significant contract wins.
Oscillate (SRVL) says drilling results confirm copper mineralisation for the Koko Basin project in Namibia. It is also targeting sites that are highly prospective. Multiple soil samples at the Duekoue molybdenum copper project in Cote d’Ivoire show moderately anomalous concentrations of gold. Richard and Charlotte Edwards have reduced their shareholding from 5.21% to 4.03%.
Africa-focused social impact investment company Inqo Investments (INQO) had net assets of R211.5m, including cash of R33.4m, at the end of August 2025.
NYCE International (NYCE) has appointed Oberon Capital as corporate adviser and broker. Game aggregator and content innovation arm Nirmata Play was launched in October, while online gaming media agency ClickSpin Media was launched in June. They are generating revenues.
SuperSeed Capital (WWW) had an unchanged NAV of 121p/share at the end of September 2025. The managed fund SuperSeed II is expected to make two more investments by the end of 2025.
BWA Group (BWAP) is starting due diligence ground truthing at the Aracari gold project in Cameroon.
Wishbone Gold (WSBN) is consolidating 100 shares into one new share and trading will commence on 1 December. The pre-consolidation share price is 0.725p.
Fenikso (FNK) has received $535,650 as partial repayment of a loan and there is still $34.6m outstanding.
Chairman Richard Oldfield bought 25,000 Shepherd Neame (SHEP) shares at 467.6p each.
JP JENKINS
Rocksteady Coffee Company (ROCK) joined JP Jenkins on 18 November. It was founded in 2012 and produces organic Jamaica Blue Mountain coffee.
ASSET MATCH
Isle of Scilly Steamship (IOS) interim revenues improved from £16.8m to £18.1m, while pre-tax profit rose from £6.72m to £7.44m. There was cash of £8.01m at the end of September 2025. Passenger bookings are 0.7% ahead of the same time last year. The Skybus airline has been awarded the Newquay to London route. New passenger and freight vessels will be delivered next year. Management targets EBITDA of £8m by 2030.
Marshall of Cambridge (MCH) has completed the sale of Marshall Land Systems.
AIM
essensys (ESYS) founder and non-executive director Mark Furness, who stepped down as chief executive in May, has submitted an indicative offer of 20p/share for the developer of Software-as-a-Service and cloud services for the flexible workspace sector. Mark Furness owns 30.4% and this offer would value essensys at £13m. A trading statement revealed revenues of £4.1m in the quarter to October 2025, but a contract worth £900,000 each year is set to end in December. There will be cost savings, but 2025-26 results will be lower than expected. A debt facility is being negotiated. The figures for the year to July 2025 have not been published, but a previous trading statement indicated a fall in revenues from £24.1m to £19.2m with cash of £1.8m. essensys joined AIM on 29 May 2019 when it raised £14m at 151p/share.
Online retailer Boohoo (DEBS) is starting to improve its performance, but there is a long way to go. In the six months to August 2025, revenues fell from £385.4m to £296.9m, but there was a swing from an adjusted loss of £9.2m to an operating profit of £1.8m. There was still a pre-tax loss. Cost savings have been made and a full year pre-tax loss of £11.5m is forecast. Net debt should start to decline. There is a new incentive scheme for executives. Chief executive Dan Finley could be paid £148.1m if the share price reaches 300p within five years. Goldman Sachs has raised its share price target for the online retailer from 16p to 17p, but still says sell, while Barclays has cut its target from 13p to 11p and remains underweight.
European Metals Holdings (EMH) joint venture Geomet has secured a €360m grant for the Cinovec lithium and tin project in the Czech Republic. This is Europe’s most advanced lithium project. EMH owns 49% of Geomet, which is expected to publish a definitive feasibility study soon. Zeus has modelled a 25-year mine life and an NPV10 of $1.04bn. Zeus has a fair value share price of 75p.
Savannah Resources (SAV) is progressing towards a final investment decision on the Barroso lithium project in Portugal. Lithium demand is increasing and the spodumene price has risen 80% since the end of June and is currently around $1,100/t. Discussions continue with potential customers. Savannah Resources is also acquiring a nearby mining lease. There is potential for a German government guarantee on a project finance loan of up to $270m. After the recent fundraising at 3.7p/share the company has £21m in cash.
Battery technology developer Gelion (GELN) has made strong progress over the past year and recently strengthened its balance sheet through a £10.5m fundraising that should give it enough cash for two years. In the year to June 2025, revenues increased 36% to £2.7m, with one-third coming from the first commercial sales. That helped the operating loss fall by one-quarter to £6m. Gelion is making strong progress with partners, including TDK Corporation, with whom it expects to produce a commercial pouch cells prototype within the next 12 months. The Li-S technology is achieving strong results in relation to battery life and power performance.
Egg-free celebration cakes supplier Cake Box (CBOX) reported a dip in profit in the first half, but this should be more than made up for by a much stronger second half. Like-for-like sales have grown strongly despite the tough consumer environment and group sales were £28.8m with the Cake Box contribution 19% ahead including new store openings. Pre-tax profit fell 4% to £2.6m.
Professional services firm DSW Capital (DSW) has decided to raise the interim dividend by one-fifth to 1.2p/share. Interim network revenues were 32% higher to £10.3m. Company revenues increased from £1.09m to £2.79m, which includes more recent acquisitions. Pre-tax profit grew from £101,000 to £237,000. Less than one-third of revenues are from the volatile M&A sector, which used to dominate the business.
Lung imaging technology developer Polarean Imaging (POLX) has signed a distributor agreement with DK Healthcare in South Korea. It has also won an order from the National Taiwan University Hospital for a Xenon MRI research system through its partner Philips. Polarean Imaging is asking for shareholder approval to leave AIM at a general meeting on 15 December. It plans to join matched bargain market JP Jenkins.
Team (TEAM) has launched a recommended bid for WH Ireland (WHI). It is offering 0.195 of a share for each WH Ireland share and the WH Ireland shareholders will own 43.5% of the enlarged group, which will be valued at around £30m.
ACG Metals is considering making an offer for gold and copper producer Anglo Asian Mining (AAZ), which has a resource base of more than 400,000 ounces of gold and one million tonnes of copper. The Xarxar and Garadag projects are still to be brought into production.
Tanfield Group (TAN) says the US courts have granted a motion for partial summary judgement in the dispute over Snorkel International, where Tanfield has a 49% stake that is the subject of a call option by the other shareholder. This summary judgement says that the 49% stake cannot be acquired for nil as the partner wanted to. A valuation plus interest will be calculated. The trial will begin in October.
Security technology supplier Thruvision (THRU) grew interim revenues 36% to £2.6m, even though retail revenues were lower. Cash was £2.1m at the end of September 2025. The second half will be tougher than expected and Allenby has reduced its full year revenues forecast from £8m to £5m, while the loss is raised from £2.21m to £3.55m. There will still be cash by the end of March 2026. Herald has sold its 8.89% stake and Dr Graham Cooley has raised his shareholding from 6.8% to 7.02
Premier African Minerals (PREM) has raised £500,000 at 0.0575p/share. This will be invested in the processing plant for the Zulu lithium and tantalum project.
CelLBxHealth (CLBX) raised £6.8m at 1p/share and could raise up to £1m more from a retail offer closing on 1 December. A capital reorganisation will reduce the nominal value of the shares so that they can be issued at this price. There will be £1.9m spent on R&D, £1m for sales and market and £1.2m for reorganisation and IT systems. The cancer diagnostics company will progress partnerships and reduce annual operating costs by more than £5.9m. Ther will also be development of additional assays for the Parsortix platform.
Telematics supplier Microlise Group (SAAS) says lower OEM volumes due to tariffs and the weak economy. There have also been delays in projects. There are plans to cut annualised costs by £4m. That is too late for 2025 when forecast revenues have been cut from £91.3m to £84m, while earnings have been slashed from 5.5p/share to 3.1p/share. The 2026 earnings forecast has been cut to 4.9p/share. Customer churn remains low.
Womenswear retailer Sosandar (SOS) is gaining momentum this year. Interim revenues were 15% higher at £18.7m, while sales were 28% ahead on the company’s website. Sales to Marks & Spencer were hit by that retailer’s cyber incident, but they have started again. The six stores are loss-making, but the first two are moving towards breakeven. The interim loss increased from £700,000 to £1.1m, but a full year pre-tax profit is anticipated. Net cash was £7.7m at the end of September.
Trellus Health (TRLS), which has developed digital technology to manage chronic conditions, has secured a $600,000 loan from 25% shareholder Icahn School of Medicine at Mount Sinai. There is no interest charge for nine months and then the annual rate is 8%. The loan is convertible into shares, but the stake cannot go above 29.9%. This will provide enough cash until late January when more cash will be required.
Kropz (KRPZ) produced 87,496 tonnes of phosphate concentrate n the third quarter and sales were 28% higher at 72,408 tonnes. September was a record production month, and the mine is still in its trial production phase.
Oil and gas producer Prospex Energy (PXEN) has generated revenues of £4.2m so far this year, despite the downtime at Viura and El Romeral and lower gas prices. Viura is back in production in the fourth quarter. This will enable much larger revenues in the period and generate cash for investment.
MAIN MARKET
Digital assets investor KR1 (KR1) has moved from Aquis to the Main Market on 25 November. Trading ended on Aquis at 25.5p and the share price rose to 27p at the end of the week. KR1 has a portfolio of digital assets. The update for the end of October 2025 showed net assets of 41.5p/share. Income of £305,543 was generated during the month.
New Frontier Minerals (NFM) is raising $2.25m via a placing at $0.021/share. Every two shares come with an option exercisable at $0.04 each. The cash will be used to advance the Harts Range project. The focus is to target heavy rare earth elements for US magnet and defence clients. Using Metallium’s Flash Joule Heating (FJH) technology on Harts Range raw ore delivered exceptional beneficiation results. There will be further drilling results released over the next few weeks. There will also be some cash used for the mining lease application at the NW Queensland copper project.
Cardiff Property (CDFF) increased NAV from £29.31/share to £30.53/share in the year to September 2025. The dividend was raised from 25.5p/share to 27.5p/share.
First Tin (1SN) is raising £6.3m at 7p/share. This will finance the completion of the updated DFS for the Taronga tin project in Australia. There will also be cash for preparatory work on the project site. There will be some cash for the Tellerhauser project in Germany.
Walker Crips (WCW) has agreed a 14p/share bid from PhillipCapital, valuing the company at £6m.
IT services provider Triad (TRD) reported a rise in interim revenues from £10.2m to £12m, while pre-tax profit was 10% higher at £820,000. The interim dividend was raised by 50% to 3p/share.
Motor dealer Caffyns (CFYN) slipped into loss in the six months to September 2025. It is still paying a 5p/share interim dividend. Net debt is £9.6m.
Andrew Hore
Quoted Micro 13 October 2025
AQUIS STOCK EXCHANGE
Music management and services provider All Things Considered (ATC) is paying an initial $520,000 for certain assets of Control Industry Inc, which owns a merchandise management business. Client relationships include Diana Ross and Billy Joel. The total payment could be $760,000 depending on revenues over the coming nine months. This business fits with the existing Sandbag subsidiary and its boss will take over sales and marketing in the US for the group.
Cooks Coffee Company (COOK) has completed a partnership agreement with Tesco in Ireland. Five Esquires stores will be opened in Tesco stores by the end of November.
Valereum (VLRM) raised £600,000 at 5p/share. Chairman James Bannon and chief executive Gary Cottle contributed £225,000 each and they will each receive 2.5 million warrants exercisable at 50p each and 2.5 million warrants exercisable at 100p each. Tokenisation marketplace VLRM Markets has generated $135,000 in revenues in four months to September 2025. The share price jumped 86.3% to 4.75p.
Ananda Developments (ANA) has achieved a key milestone with the final participant receiving the final MRX1 dose in the pharmacokinetic. Final readouts will be in the first quarter of 2026.
Shepherd Neame (SHEP) executive director Jonathan Neame has bought 4,000 shares at 520p each.
Igraine (KING) has reduced its stake in Oscillate (MUSH) from 5.05% to less than 3%.
Global Connectivity (GCON) has raised £200,000 at 1.5p/share.
B HODL (HODL) has taken its Bitcoin holding to 136 at a total cost of £11.5m.
The Smarter Web Company (SWC) has raised £2.56m at 102p/share via subscription and £9.68m from a placing at 100p/share.
Hydrogen Future Industries (HFI) has raised £401,000 at 1p/share and settled £172,000 of creditors through a share issue.
Wishbone Gold (WSBN) has expanded the drilling programme at the Red Setter Gold Dome project.
WH Ireland (WHI) shareholders have voted against the sale of its wealth management division to Oberon Investments (OBE). The two companies are assessing options.
Diagnostics firm EDX Medical (EDX) has started marketing of the TC100 testicular cancer testing service. The blood test has shown 100% efficacy.
Stelios Panikos Michaelides has a 4.03% stake in Nyce International (NYCE).
ASSET MATCH
Tottenham Hotspur (TTNM) has received a £100m cash injection from majority shareholder ENIC.
AIM
HSS Hire (HSS) digital marketplace subsidiary ProService has agreed a five-year commercial hire and services supply deal with fully listed Speedy Hire (SDY). The deal is estimated to be worth at least £50m/year in revenues for Speedy Hire and improve HSS revenues and margins. Three HSS service centres and other assets will be transferred to Speedy Hire, which is taking a 9.99% stake in HSS Hire. Speedy Hire is paying a total of £35m. HSS is selling HSS Service Group, which will continue to supply power access equipment to HSS to Project Mansell Newco for £1, although HSS will contribute £26m to facilitate the separation. This means that HSS will purely be a digital business.
Fishing tackle retailer Angling Direct (ANG) increased revenues 17% to £53.6m with most of the growth in the UK. Like-for-like UK sales were 14% ahead. The average basket size has fallen slightly. MyAD has 496,000 members. The focus in Europe has been profitable sales, and the loss was reduced. Pre-tax profit was one-third higher at £3m. Net cash is still £12.5m after share buybacks and store investment.
Uruguay-focused oil and gas explorer Challenger Energy Group (CEG) is recommending a bid from Sintana Energy Inc, which is on the TSX Venture Exchange. The offer is 0.4705 of a Sintana Energy share for each Challenger Energy shares. This is currently equivalent to 16.61p/share and values the company at £45m. The share price has not been this high since January 2022. There are plans for Africa-focused Sintana Energy to join AIM.
Ariana Resources (AAU) says that the second gold mine at Tavsan in Turkey is fully operational. Ariana Resources has a 23.5% stake in this mine which could produce up 30,000 ounces of gold each year at a cost of $1,500/ounce. At the current gold price, the company’s share of EBITDA could be £14m, according to Zeus. Cash could be used to invest in the Dokwe gold project in Zimbabwe.
Panmure Liberum raised its target share price for pawnbroker Ramsdens (RFX) from 385p to 450p on the back of the full year trading statement. This is due to the strong gold price and an 8% increase in the pawnbroking loan book to £11.5m. Net cash is estimated at £2.5m.
Angle (AGL) chairman Dr Jan Groen has become executive chairman, and the company is changing its name to CelLBxHealth. This is designed to reflect the new focus on circulating tumour cells (CTC) intelligence. There are plans to integrate existing proteomics and genomic assays with the company’s Parsortix technology. Cash should last until the first quarter of 2026, and more cash will be required.
Beeks Financial Cloud (BKS) grew full year revenues 26% to £35.9m with the contribution from Proximity Cloud jumping from £1.6m to £7.8m. Annualised recurring revenues are £29.5m. Pre-tax profit improved from £3.9m to £5.5m. Beeks Financial believes that increasing cloud adoption, cybersecurity requirement, analytics and AI use in risk management mean that there are more opportunities. New contracts have been signed since the year end.
Reabold Resources (RBD) has entered an agreement with Beacon Energy (BCE) for the sale of its 46.2% stake in LNEnergy, which has a 90% interest in the Colle Santo gas field, for an earn-out that is valued at €16m in contingent consideration and €700,000 in shares. Beacon Energy will initially acquire 49% of the stake and the rest will be bought subject to the granting on the Colle Santo production concession. Contingent consideration is based on 25% of the acquired stake’s net cash flow from the project. First gas could be produced in 2027. Reabold Resources will take a 29% stake in Beacon Energy – the shares are currently suspended at 0.0039p. It needs to raise £3.5m to complete the deal and restart trading in the shares.
Washing machine technology developer Xeros Technology (XSG) has secured a joint development and product launch agreement with a global OEM that will use the technology in domestic washing machines in America. Commercialisation could be within 18 months. There are three more potential agreements like this one. A reduced loss of £2.8m is forecast for 2025.
Neo-natal medical devices developer Inspiration Healthcare (IHC) had already flagged the strong start to the year as phase one of the two phase Middle East order was finally recognised. There was also another large contact, but even without these two contracts there was underlying growth in the business. Interim revenues were 41% ahead at £24m and there was a swing from an operating loss to a small profit. Panmure Liberum expects a £600,000 pre-tax profit this year
Copper gold explorer Bezant Resources (BZT) says investee company Blackstone Minerals has gained regulatory approval in the Philippines for a two-year extension to the Mankayan copper gold project work programme. The drill rig has been mobilised.
Oil and gas producer Zephyr Energy (ZPHR) has announced results of a competent persons report for its assets in the Paradox Basin in Utah. Proved recoverable reserves have shot up from 160,000 net barrels of oil equivalent to 14.8 million net barrels of oil equivalent. This could generate up to $115m in cash.
Dekel Agri-Vision (DKL) is building up cashew production, and it has reached 500 tonnes/month, and additional equipment installations could increase that to up to 10,000 tonnes/month. Palm oil production fell 49% in the third quarter, although prices rose by 24%.
Sareum Holdings (SAR) has discontinued its 16-week GLP preclinical toxicology study for SDC-1801 following safety issues. The study was supposed to be a precursor to a phase 2 clinical development programme focused on psoriasis. However, the issues observed were predominantly in the control group, so it is unlikely it is due to SDC-1801 and Sareum plans to restart the study, and it can be completed within cash resources.
Premier Miton (PMI) assets under management slipped from £10.5bn to £10.3bn in the quarter to September 2025. Annualised cost savings of £2m, have been identified. Full year results will be published on 4 December.
Results from the Gazelle-1 well test are much better than Petro Matad (MATD) believes is commercial. The well could go into production by the end of October and should double the company’s production. This will generate revenues and help Petro Matad to secure a farm-out deal to fund development of the 100%-owned Block XX in Mongolia. Flow testing is due to start at the Heron-2 well. Shore has a share value estimate of 6.1p.
MAIN MARKET
Trading improved in the third quarter at online travel hostel agency Hostelworld (HSW) due to increases in bookings and average booking value. Net revenues for nine months were flat at €72.6m and margins have dipped due to investment for growth. Net cash is €6.6m. There are social media and budget accommodation initiatives that could further improve performance.
BATM (BVC) is selling it distributor of diagnostic laboratory equipment in Romania. Non-executive shareholder Dr Zvi Marom will swap his 22.2% stake in BATM in return for the business, which values it at £17.6m. This exceeded a competing offer. The deal requires shareholder approval.
Educational products supplier RM (RM.) has raised £13.5m in a placing at 95p/share. The cash will fund the development of the RM Ava platform and in sales and marketing for RM Assessment.
Andrew Hore
Quoted Micro 23 June 2025
AQUIS STOCK EXCHANGE
Fund manager and broker Oberon Investments (OBE) won the Aquis company of the year award at the 2025 Small Cap Awards.
Ajax Resources (AJAX) has moved from the Main Market to Aquis. It previously raised £1m at 4p/share and another £500,000 is being raised at 5p/share. Ajax Resources has exercised an option to acquire the Minas La Escondida project in Argentina for $80,000. It has conditionally agreed to acquire a nearby licence area.
Helium Ventures (HEV) gained shareholder approval for investment in Bitcoin mining and the establishment of a Bitcoin treasury. The company is changing its name to VaultZ Capital, and it has raised £4m at 43p/share, most of which will be invested in Bitcoin. Former Argo Blockchain director Alex Appleton has been appointed chief executive and Sarah Gow, who was also at Argo Blockchain, has joined the board as an executive director. Pierre Villeneuve is chief investment officer. Global Investment Strategy UK is the new broker.
Hot Rocks Investments (HRIP) has bought 200,000 more warrants in The Smarter Web Company (SWC) exercisable at 2.5p each for 100p/warrant and one million shares in Tap Global Group (TAP) ahead of its move to AIM. The Smarter Web Company raised £29.3m at 180p/share and then announced a subscription agreement over 21 million shares, which Shard will try to place over the coming months. The total Bitcoin holding is 346.63 with an average price of £78,480 each. That is an investment of £27.2m.
Coinsilium (COIN) says the retail offer to raise £2.5m at 22.2p/share was heavily oversubscribed, and it decided to accept £4m. The Forza Gibraltar subsidiary has bought nearly 24.5 additional Bitcoin for £1.91m. The total cost of the 43.1077 Bitcoin owned is £3.38m.
Vault Ventures (VULT), which is starting a Bitcoin and Ethereum treasury, raised £1.25m at 0.018p/share. There is an eleven year plan, which focuses on growing the technology investment business, as well as the cryptocurrency investment. So far, 34.47 Ethereum and 0.22 Bitcoin have been purchased at a total cost of £81,000. Acquisitions are being assessed.
Pubs operator Daniel Thwaites (THW) reported an improvement in full year revenues from £115.5m to £120.6m, while pre-tax profit rose from £9.1m to £9.8m after doubled property disposal gains of £400,000. The total dividend is raised from 3.35p/share to 3.5p/share. The pubs division improved operating profit from £13.9m to £14.6m and the hotels contribution rose from £6.2m to £7.4m. That is before group overheads. Net debt was £71.4m at the end of March 2025.
Marula Mining (MARU) has secured a 30-year surface use agreement for the Blesberg lithium and tantalum mine in South Africa. Progress is being made towards the granting of the ten-year mining right. The remaining condition is completion of the Broad-Based Black Economic Empowerment structure for the subsidiary.
Incanthera (INC) says an independent study has confirmed the protective effects of its Skin + CELL product. Skin p-treated with the lotion showed a 6.5 fold reduction in DNA damaged. It was also shown to boost mitochondrial performance.
Valereum (VLRM) has invested €1.7m for a minority stake in Fideum Group, which will be paid in a number of tranches up until June 2026. Fideum is a blockchain business. Gary Cottle has been appointed chief executive of Valereum.
SulNOx Group (LON: SNOX) has raised £1m at 50p/share. SulNOx Innovations has been launched to invest in new fuel efficiency technologies.
Diagnostics developer EDX Medical (EDX) has signed a memorandum of understanding with Spire Healthcare. They will promote each other’s products and develop joint propositions.
Walls & Futures REIT (WAFR) gained shareholder approval to leave the Aquis Stock Exchange on 26 June and the proposed changes to the board were voted down.
Prize draw and rewards business Good Life Plus (GDLF) has raised £750,000 via a convertible loan note issue to a company associated with Mark Blandford and hopes to raise a further £750,000. The loan notes last until the end of June 2028 and offer an interest rate of 10%. The conversion price is 2.15p.
Zentra Group (ZNT) has sold land in Leicester for £250,000.
Amazing AI (AAI) says the loan facility provided by director Paul Mathieson has been increased in from £2m to £5m
Cooks Coffee Company (COOK) has appointed Allenby as corporate adviser and broker.
EPE Special Opportunities (EO.P) had net assets of 316.2p/share at the end of May 2025.
AIM
Frasers Group (FRAS) has decided not to make an offer for cosmetics supplier Revolution Beauty (REVB). There is continued engagement with other parties interested in a deal, as well as with shareholders about the alternative of a fundraising.
Defence services provider RC Fornax (RCFX) has issued a trading warning weeks after joining AIM. There have been delays in spending due to the Strategic Defence Review. The disruption related to the flotation on AIM is also blamed for a lack of new orders. Co-founder Dan Clark is stepping down. Cavendish has slashed its forecast revenues for the year to August 2025 by nearly two-thirds to £4m, down from £6.5m last year. That means that there will be a £1m loss. The share price had soared from the February 2025 placing place of 32.5p. Chair Mark Fahy, who bought his initial shares in the placing, acquired a further 38,173 shares at 26.95p each. Finance director Rob Shepherd bought an initial 93,000 shares at 26.8p each.
Cosmetics supplier Warpaint London (W7L) expects flat like-for-like sales in the first half with growth coming from a contribution from the Brand Architekts. There was 7% growth in the first quarter. That means interim sales could be up to 13% ahead at up to £52m. Margins are expected to improve this year with cost savings from the integration of the acquisition coming through in the second half. Shore Capital is maintaining its full year forecast with pre-tax profit of £29m.
AI-based services provider to smaller businesses Pri0r1ty Intelligence Group (PR1) has announced a formal Bitcoin treasury management policy. The company can retain Bitcoin, but not other cryptocurrencies. No more than 50% of surplus cash can be retained in Bitcoin. Karen Lewis-Hollis has resigned from the board.
Litigation Capital Management (LIT) has lost a case that it co-funded. It invested £3.4m directly and its Fund 1 invested £8.2m. Total realisations for this year are A$55m, which excludes the Queensland Electricity and Quintis claims where there are appeals. Economic conditions mean that marketing for Fund III has been delayed. Cavendish forecast a A$41.7m loss in the year to June 2025.
Oxford Metrics (OMG) reported interims in line with expectations. Motion capture revenues fell compared with a strong comparative period. Acquisitions boosted the smart manufacturing revenues. Group revenues fell from £23.5m to £20.1m and Oxford Metrics slipped into loss. There was cash of £39.9m at the end of March 2025. Share buybacks are continuing and the amount has been increased by £4m.
SkinBioTherapeutics (SBTX) has signed an exclusive UK agreement with Superdrug Stores for the AxisBiotix food supplements that alleviate symptoms of inflammatory skin conditions, particularly psoriasis. On the back of this deal SkinBioTherapeutics raised £4.2m at 17p/share. Superdrug will sell AxisBiotix-Ps (for treating psoriasis) and still to be launched AxisBiotix-Ac (for treating acne) on an exclusive basis for two years. They will start to go into Superdrug stores with the highest sales of skincare products in September with a roll-out to the others next year.
Construction recruitment services provider Hercules (HERC) says interim revenues were 18% ahead at £54.6m, while pre-tax profit improved from £1.1m to £1.7m. The interim dividend is unchanged at 0.6p/share. The disposal of suction excavators has improved the balance sheet with net cash of £900,000 before deferred contingent consideration of £1m. A nominal amount has been paid for Quality Transport Training, which will be integrated with the training operation.
Quantum Blockchain Technologies (QBT) is making progress with the commercialisation of its Bitcoin mining efficiency technology. There are talks with two companies about them porting the AI technology in their existing control boards. These boards can replace the original ones in the Bitcoin miners. This will open up this market in the near future. There is engagement with two ASIC chip manufacturers about the potential to integrate the technology in their chips. This will take longer to commercialise.
CPP Group (LON: CPP) is selling its business in Turkey for £4.6m and it may also sell its operations in India. The initial payment is £3.1m. CPP wants to concentrate on its parametric Insurtech business Blink, which has won a £1.5m licence agreement with Mehrwerk for its cyber security product. Blink generated revenues of £1.1m in 2024 and that should more than double to £2.5m this year. It will remain loss making. The funds from disposals will be reinvested in Blink, which should accelerate growth, and finance the restructuring of the group.
Investment company Seed Innovations (SEED) reported a dip in NAV from 6.73p/share to 6.1p/share, but that was after paying a 1p/share special dividend, so there was underlying growth. There was a swing from an investment loss of £1.2m to a gain of £797,000. In the year to March 2025, the overall gain was £367,000, compared with a £2.12m loss the year before. The largest improvement in valuation was for sustainable oils and fats developer Clean Food Group.
Property fund adviser and investor First Property Group (FPO) returned to profit in the year to March 2025. Revenues slipped from £7.85m to £7.55m. There have been annualised cost savings of £650,000. The pre-tax profit of £3m was boosted by an increase in the share of associates profit from £1.05m to £2.83m, while the impairment loss on investment properties was reduced from £3.75m to £242,000. Third party assets under management fell from £222m to £164m. NAV is 30.5p/share.
MAIN MARKET
Motor and property finance provider S and U (SUS) continues to improve it performance. The motor finance division is trending above budge t and the Aspen business goes from strength to strength. First half profitability should be better than last year.
Construction equipment hire company Speedy Hire (SDY) says 2024-25 revenues were flat at £417m, but underlying pre-tax profit fell from £14.7m to £8.7m with a lower contribution from the Kazakhstan joint venture. Net debt was £113.1m at the end of March 2025. The dividend is unchanged at 2.6p/share.
Online travel hostel agency Hostelworld (HSW) has launched a share buyback of up to £5m. This can continue to the end of the year. So far, 22,000 shares have been purchased at 120.41p each.
Atlas Metals Group (AMG), previously known as MetalNRG, is planning to acquire Universal Pozzolanic Silica Alumina (UPSA) via an all-share offer. No figure has been put on the deal. UPSA has commercialisation rights to a pozzolanic silica alumina (PSA) in Australia. The extraction rights for 250 million tonnes last 99 years and are held by its partner Claystone International. There are another 1.35 billion tonnes of reserves over which UPSA has the rights to extract. The estimated value of the reserves in the ground is £10/tonne. UPSA has a book value of £1.08bn, based on the 250 million tonnes of PSA.
Shell Associated British Engineering (ABSE) had cash of £344,000 at the end of March 2025. Net assets are £350,000.
Andrew Hore
Quoted Micro 2 June 2025
AQUIS STOCK EXCHANGE
Probiotic ingredients developer ProBiotix Health (PBX) reported that it had a strong first quarter in 2026 with growth of 50%. This was at the same time as reporting a 13% increase in 2024 sales to £1.883m. Gross margins are more than 50%. There is £1.65m in the bank after a cash outflow of just over £1m. The cost base is broadly in line with requirements so the majority of additional revenues should drop through to profit. New deals have been signed with Kemin China and TopHealth in South Korea. There are also new product launches in the second half. This should help revenues to grow this year. Currently, North America dominates revenues. There are already 24 customers and more than 100 leads. The target is revenues of £10m in 2028 and that should produce £2m of EBITDA. Chief executive Steen Andersen bought an initial 125,450 shares at 7.83p/share and chairman Adam Reynolds acquired 50,000 shares at 7.88p each.
In the year to March 2025, café chain Cooks Coffee Company (COOK) increased revenues by 49% to NZ$7m, including an initial contribution from Dairygold cafes in Ireland. Total franchise stores sales were one-third higher at NZ$79.6m. Cooks Coffee and a regional partner have acquired two Black Goo cakes and food stores. The target remains 300 stores by 2034.
AIM-quoted RiverFort Global Opportunities has completed the acquisition of the healthy snacks businesses of Aquis-quoted S-Ventures (SVEN) and changed its name to Tooru (TOO). S-Ventures becomes a cash shell and may decide to distribute the Tooru shares received in the deal to its shareholders.
Sundae Bar (KNDR), which was formed by the merger with Ora Technology, plans to move to AIM. The company is developing a platform that will be a marketplace for AI agents. There is a conditional fundraising of £2m at 8p/share. The expected admission date is 3 June.
Helium Ventures (HEV) has signed a strategic deal with NewQube Holdings to establish a Bitcoin treasury function. There has been £1.2m raised at 2p/share and this will be invested in Bitcoin. The company name will be changed to VaultZ Capital.
Hot Rocks Investments (HRIP) is also planning to become an investor in digital assets, and it will change its name. Disposal proceeds from the existing portfolio will be invested in Bitcoin.
KR1 (KR1) had net assets of 47.79p/share at the end of April 2025, down from 52.16p/share at the end of March 2025. The digital assets generated income of £394,091 during the month.
Brewer Adnams (ADB) grew 2024 sales by 3% to £68.1m and the loss was reduced. The only part of the business that declined was retail. Contract work helped the brewing and distillery operations. Net debt edged down to £15.3m and asset disposals will enable further reductions. The business will try to offset rising costs.
Flow batteries supplier Invinity Energy Services (IES) reported a fall in full year revenues from £22.1m to £5m, but the loss was lower and the increased number of shares in issue meant that the loss per share fell from 14.7p to 5.3p. Net cash is £32m. Revenues should rebound this year, and the loss fall again. Breakeven is possible in 2026 and net cash could still be £7m at the end of 2026.
Coinsilium (COIN) has raised £2.5m from a placing at 6p/share and more will come from a retail offer. The cash will be invested in Forza (Gibraltar) for Bitcoin-based treasury activities. It currently owns 10.0021 Bitcoins at an average purchase price of £81,696.90.
Capital for Colleagues (CFCP) had a small dip in interim revenues to £404,000. The NAV has fallen from 87.32p/share to 74.27p/share at the end of February 2025. General economic uncertainty led to the decline in valuations.
Smarter Web Company (SWC) has increased its Bitcoin holding to 83.24 and the average purchase price was $78,567 for each Bitcoin. Andrew Smith has increased his stake from 8.6% to 11.2%.
Residential property developer Zentra Group (ZNT) has completed the sale of five properties in Eccleshill and along with freehold land generated £1.19m. This cash will go towards acquiring a site in Manchester. The value of the 30% stake acquired in One Victoria in Manchester has been raised from £3m to £4.1m. Zentra will generate fees for development and sale of the properties.
Valereum (VLRM) says VLRM Markets has gone live. A memorandum of understanding has been signed with Blubird Global Inc, which operates a platform that administers more than $55bn of token assets. Valereum will have access to Blubird tools, and it will promote Valereum to selected customers. There is also potential for Valereum to offer the Blubird suite under its brand. Valereum has entered a tokenisation partnership agreement with football team Club Deportivo Futbolistas Asociados Santanecos.
Lift Global Ventures (LFT) investee company Trans-Africa Energy hopes to agree a cash injection by the end of June and the loan has been extended by a further month.
Tap Global Group (TAP) has received an income boost from recoupment of Bitcoin rewards. There are approximately five Bitcoins that will be added to assets.
Shares in File Forge Technology (FILE) returned from suspension after the acquisition of Amirose London and a 24-for-one share consolidation.
Marula Mining (MARU) has terminated its subscription agreement with AUO Commercial Brokerage. Instead, an unsecured debt facility will be put in place. As part of the deal 50% of the shares issued to AUO will be cancelled, so 27 million shares will be issued. A company associated with chief executive Jason Brewer bought 16.5 million shares at 3.75p each.
IntelliAM AI (INT) chief executive Tom Clayton bought 10,962 shares at 82p each.
ASSET MATCH
In 2024, brewer Wadworth and Company (WAD) grew revenues 6% to £41.3m, while pre-tax profit was 13% higher at £923,000. January and February were tough, but trading improved in March and April, and profit is improving this year. A refinancing is due by September.
C4X Discovery (C4XD) says a Euro8m milestone payment from Sanofi has been triggered by pre-clinical progress for the oral IL-17A inhibitor programme for the treatment of inflammatory diseases. So far Euro18m has been received out of a possible total of Euro414m of milestone payments and royalties.
AIM
Energy assurance and optimisation services provider Inspired (INSE) has received an indicative offer of 81p/share from HGGC managed funds. The Inspired board has indicated that it would be minded to recommend the bid at this level. Regent Gas Holdings is offering 68.5p/share in cash and says it wants Inspired to stay on AIM. That offer was rejected, and acceptances have been minimal.
Reduced frequency of services hit the ongoing business of cleaning services provider React (REAT) hit ongoing interim revenues. There were also two paused contracts. In the six months to March 2025, revenues rose from £10.6m to £12.1m, but that was after a £2.8m contribution from 24hr Aquaflow Services, which was acquired in October last year. It also helped gross margin improve from 27.1% to 32%, which should be sustainable because contracts have been in cost increases from higher National Insurance rates. Admin expenses have increased ahead of growth and because of running two systems at LaddersFree while business is transferred to a new online platform. Underlying interim pre-tax profit was flat at £1.1m, excluding acquisition costs of £220,000.
Video games publisher Frontier Developments (FDEV) published a trading statement showing revenues ahead of expectations. There was 3% growth in the second half and Panmure Liberum has raised its forecast revenues from £85.9m to £90m, compared with £89m the previous year. A loss had been expected, but this is now a pre-tax profit of £3.3m, although that includes a £3.5m gain on the sale of rights to one of its games.
Engineering company Avingtrans (AVG) revealed in an unexpected trading statement that has led to a profit upgrade. Although forecast revenues are unchanged at £161m, the pre-tax profit estimate has been raised from £6.5m to £8.1m due to the product mix and cautious forecasting.
IG Design (IGR) has sold its American division to a company set up by Hilco Capital. The upfront payment is a nominal $1 and 75% of any proceeds from sale or realisation of assets after the disposal, after agreed adjustments. There may be no additional consideration, especially if the business is not sold. Money owed by the American division will be assigned to the buyer for $1. This business had net assets of $245.4m at the end of September 2024, but it has fallen into loss since then. There will be a considerable write-down of this asset value in the 2024-25 accounts. The risk of further losses is avoided. New financing is being arranged.
A surprise trading statement from contract research business hVIVO (HVO) reveals two contracts have been cancelled, including one large human challenge trial, and one has been postponed, triggered by fears about drug pricing in the US. Contracted revenues are still £47m, but Cavendish expects a loss this year.
Poolbeg Pharma (POLB) has been granted orphan drug designation by the FDA in the US for POLB001 for treating cytokine release syndrome caused by T cell engager bispecific antibodies. This is a side effect of cancer treatments. POLB001 is ready for a phase 2 study. The status provides seven-year exclusivity after US approval, plus tax credits for development spending. This is a $10bn market. There is potential for securing a partner for clinical trials.
Synthetic binders developer Aptamer (APTA) has signed a second deal with Unilever for the to develop a panel of Optimer binders for an additional biological pathway associated with body odour formation. This is a fee-for-service deal that will be worth a six-figure sum. On-person trials are planned for the previous programme should commence later this year.
Diagnostics company Angle (AGL) increased 2024 revenues by 31% to £2.9m, although the product mix and early discounts to pharma customers meant that gross margins declined. The loss was reduced by 29% to £14.2m after cost savings. Net cash was £10.4m at the end of 2024 with £2.3m of tax credits due, of which £1.4m have been received. The cash should last until the first quarter of 2026. There is uncertainty about timing of new deals that will help to further improve revenues.
In the first quarter of 2025, Arrow Exploration (AXL) produced 4,100 barrels of oil equivalent/day. Colombia production declined, but Canada more than made up for that. Production should grow further after a second drilling rig arrives in early June. Up to four wells will be drilled. Net cash was $24m at 1 May. Cash generation will contribute to the $50m of capex in 2025. There is a two-year crude pre-payment agreement with an energy company to market the oil in Colombia.
Cyber security company Smarttech247 (S247) has secured renewals and a new contract worth a total of €3.7m. The three renewals are in a range of sectors and the new customer is a US industrial business. Two of the contracts are for three years. This helps to underpin an improvement in full year revenues from €13.2m to €14.2m, rising to €15.3m in the year to July 2026.
Environmental technology supplier Metir (MET), formerly Microsaic Systems, currently has cash of £151,000 and the company is dependent on timely collection of receivables. The Qatar project payment of £228,000 is not expected until after June, which is later than anticipated because of technical changes. If most of this is not paid in the third quarter, then additional finance may be required. Trading is better than expected. Management believes that Metir can be EBITDA positive in the second half of 2025.
Logistics Development Group (LDG) had net assets of 24.6p/share at the end of March 2025. Following the recent tender offer, the figure has increased to 26.1p/share.
MAIN MARKET
Shipbroker Braemar (BMS) reported a dip in full year pre-tax profit from £14.6m to £13.4m on revenues 7% lower at £141.9m. The dividend was reduced by 46% to 7p/share, but there is a £2m share buyback. The company fell into net debt of £2.5m. There was a one-third drop in tanker charter revenues, but other parts of the business grew.
Seed Capital Solutions (SCSP) plans to acquire 4DM, the developer of AI imaging diagnostics for the veterinary market, for shares valued at £33.3m at 1.75p each. A fundraising will be required. Trading in the shares is suspended.
Andrew Hore
Quoted Micro 12 May 2025
AQUIS STOCK EXCHANGE
In 2024, Newbury Racecourse (NYR) increased revenues by 16% to £22m and pre-tax profit improved from £720,000 to £1.1m. There were 30 race days, two more than the previous year. A final dividend of 6p/share was announced. Cash was £7.5m at the end of 2024.
Recent Acquis new entrant Smarter Web Company (SWC) has launched a WRAP retail offer and accelerated bookbuild raising £2.24m at 16p/share. Prior to flotation the web design and online marketing company raised £1m at 2.5p/share. That cash has been invested in Bitcoin. So far £760,000 has been spent on 10.6 Bitcoin at £71,356 each. The cash will eventually be used for expansion and acquisitions.
Wishbone Gold (WSBN) has identified eleven new gold targets at the Crescent gold project in the Mosquito Creek area of Western Australia. The company has appointed Apex Geoscience Consultants to manage the ground exploration and drilling at the Red Setter Dome. Hot Rocks Investments (HRIP) has reduced its stake below 3%. Woodland Capital has acquired 1.8 million Hot Rock Investments shares at 0.276p each.
Trading in AIM-quoted RiverFort Global Opportunities (RGO) shares recommenced following the publication of details of the acquisition of the healthy snacks operations of Aquis-quoted S-Ventures (SVEN) for 466.7 million shares and a £1m placing at 0.75p/share. A loan is being converted into 356.3 million shares. RiverFort will be able to provide cash to grow the snacks business. The company will change its name to Tooru.
Marula Mining (MARU) has completed wet commissioning of the Kilifi manganese processing plant in Kenya. The first manganese sales should be in May. The latest exploration of Kilifi is focused on specific target areas to assess the suitability of ores for processing.
Cooks Coffee Company (COOK) has entered into a master franchise agreement with Sterling Coffee House covering India.
Ormonde Mining (ORM) investee company TRU Precious Metals has commenced drilling at the Gold Rose project in the central Newfoundland gold belt.
BWA Group (BWAP) says shallow drilling has been completed at the 90%-owned Dehane 1 mineral sands project in Cameroon. This shows significant accumulations of heavy mineral sands. Total heavy mineral sands grades are up to 4.7% over eight metres thickness. Significant areas remain untested.
Ananda Pharma (ANA) says ex-GW Pharmaceuticals executive Giles Moss is an advisor. He will provide expertise in regulatory approvals. GW Pharmaceuticals was acquired by Jazz Pharmaceuticals.
Kondor AI (KNDR) has changed its name to Sundae Bar (KNDR).
NYCE International (NYCE), formerly ChallengerX, has established a gaming advisory committee, including Farzad Peyman, Harmen Brenninkmeijer, Richard Clarke and Simon French.
Valereum (VLRM) raised £500,000 at 4p/share. This will help to fund the launch and scaling up digital asset services.
Brompton Asset Management has raised its shareholding in Global Connectivity (GCON) from 14.8% to 18.6%.
ASSET MATCH
Synairgen (SNG) joined Asset Match on 8 May, having left AIM.
JP JENKINS
Renewable energy investment company Thrive Renewables (THRV) has launched a £5m share offer at 247p/share. The minimum investment is £247. This will provide funding for construction projects. The plan is to double generating capacity by 2028. In 2024, operating profit dipped from £13.6m to £11.3m. The final dividend is 12p/share.
Brighton Pier (PIER) moved from AIM to JP Jenkins on 6 May.
Samarkand Group (SMK) switched from Aquis to JP Jenkins on 7 May.
ADVFN (AFN) moved from AIM to JP Jenkins on 8 May.
e-therapeutics (ETX) presented new preclinical results on its GalOmic small-interfering RNA candidate ETX-312 for treating metabolic dysfunction-associated steatohepatitis.
AIM
Communications and connectivity services provider Maintel (MAI) reported a 3% dip in 2024 revenues to £97.9m, but the previous year was boosted by delayed work due to component shortages so there was underlying growth. New business is being won in the core areas. Underlying pre-tax profit rose from £3.9m to £4.9m. Higher national insurance and other costs will hold back profit this year.
Building and plumbing products distributor Lords Group Trading (LORD) shares continue to rise following yesterday’s 2024 results announcement and trading statement. First quarter like-for-like growth is 11% in merchanting and 22% in plumbing and heating. That does compare with a weak period of the previous year. Property disposals have reduced borrowings.
Staffing company Empresaria Group (EMR) has received a bid approach from a consortium of individuals, including the boss of the offshore services division of the company. The 60p/share indicative offer comprises 10p/share in cash and 50p/share in loan notes to be redeemed on the third anniversary of the acquisition. The Empresaria board believes the offer undervalues the company. However, two major shareholders are keen for options to be explored to realise value in the business and the initial approach may encourage others.
Film and TV vehicles and trailer supplier Facilities by ADF (ADF) reported 2024 figures in line with expectations, but the figures were overshadowed by potential US tariffs on non-US movies. This provides additional uncertainty in a market that has been slow to recover from the US writers; strike and concerns that there could have been changes in UK film and TV investment incentives. There was a small 2024 pre-tax profit before exceptionals, including a £2.45m write down of goodwill on the acquisition of Location One, which has not performed to expectations. First quarter group revenues have improved, and pre-tax profit should recover this year.
Aptamer (APTA) says the Optimer-based test for Alzheimer’s disease has been adapted into an Enzyme-Linked Immunosorbent Assay (ELISA), a format widely accepted and used in hospital laboratories. This has enabled a royalty agreement to be finalised with development partner Neuro-Bio. Aptamer will receive a blended royalty rate of 11.1% on the first £166m of sales with 5% after that level of sales is passed. A validated prototype could be developed within 18 months and the be transferred to a distributor. The Alzheimer’s disease testing market could be worth $19.6bn by 2029.
Delays in decision making by customers has led to a downgrading of expectations for 1Spatial (SPA). The geospatial software provider is still growing with annualised recurring revenues growing 14% to £19.7m at the end of January 2025. Group full year revenues were 3% ahead at £33.4m with lower services revenues offsetting software growth. Underlying pre-tax profit improved fell from £2.1m to £1.2m. Despite a downgrade, pre-tax profit is still expected to be £2m this year.
Excess inventory retailer Huddled (HUD) reported a jump in 2024 revenues from £2.4m to £14.2m through a combination of growth in the original Discount Dragon fast moving consumer products retailer and the acquisitions of cosmetic products retailer Boop Beauty and health products retailer Nutricircle. The legacy Let’s Connect business is being closed down. The 2024 loss increased from £2.28m to £4.05m. First quarter trading has been strong and there is additional warehouse capacity that will enable Huddled to move towards profitability later this year. A £1.1m loss is forecast for 2025 and a move into profit anticipated in 2026.
Paper and advanced materials manufacturer James Cropper (CRPR) expects to report flat EBITDA of £6.7m for the year to March 2025. Growth in advanced materials did not fully offset the lower paper and packaging contribution to revenues, which is set to remain flat this year. The new chief executive is cutting costs to help profitability of the paper and packaging division, and he will provide an update on strategy in June.
Legal services provider Knights Group Holdings (KGH) is acquiring Essex-based Birkett Long, which includes an IFA business. This provides an entry for the larger group into the financial advice sector. The initial consideration is £10m with deferred cash consideration of £6.6m payable in three annual instalments. The IFA acquisition required FCA approval so it may take longer to complete that part of the deal. Birkett Long has three offices and generated £1m of profit on revenues of £14.7m in the year to May 2024.
Escape rooms and bars operator XP Factory (XPF) increased revenues 17% to £57.3m in the 12 months to March 2025 with the fastest growth in Bom Battle Bars, which were 30% ahead at £41.9m. However, like-for-like growth for Escape Hunt was 3.2%, while Boom was 2.3% ahead. Those figures were affected by the timing of Easter and sunny weather. EBITDA will be between £6.2m and £6.4m.
Film and TV subtitling and dubbing services provider Zoo Digital (ZOO) says work is coming through more slowly than expected. The timing of projects remains uncertain. Revenues for the year to March 2025 have been reduced by 3% to $49.4m and the loss increased to $7.4m. A 23% cut in forecast 2025-26 revenues to $42.5m means that Zoo Digital could continue to be loss making. Even so, net cash could improve from $2.6m to $3m. Rob Pursell has been appointed as finance director.
Brave Bison (BBSN) completed the acquisition of influencer marketing agency The Fifth from News Corp and is already eyeing another target. It is in exclusive talks to buy MiniMBA from Centaur Media (CAU) for £19m. This is an elearning provider for marketing professionals. This would be part funded by a placing and a strategic investment of £4m by MiniMBA founder Mark Ritson. This deal would add £3.5m to group EBITDA taking it to £8m.
Seaweed-based animal feed Ocean Harvest Technology (OHT) says first quarter revenues grew 65%, but it remains loss making. Further funds are being sought from investors, but it has not yet secured any commitments. Talks are also ongoing with the secured loan note holders, which may be able to request repayment because of a potential default. There is enough cash until mid-June.
Automotive interior components supplier CT Automotive (CTA) improved margins in 2024 through cost reductions and greater efficiency. That enabled pre-tax profit to edge up from $8.3m to $8.7m even though revenues declined. A rise in pre-tax profit to $10.5m is expected this year. There is uncertainty about US tariffs, but the company can move supply from China to Mexico. Non-exec Nick Timberlake bought 20,000 shares at 27.7p each.
Degradable plastics developer Symphony Environmental Technologies (SYM) has raised £2.5m at 20p/share from Quantum Leap Capital. The subscription will be in two tranches and Quantum Leap Capital will have a 5.26% stake.
MAIN MARKET
Swindon-based newspaper and magazines distributor Smiths News (SNWS) is pushing forward with trials of potential new operations that will make up the decline in the core business. Interim revenues dipped from £539.8m to £536.4m. The newspaper revenues were slightly lower, while magazine revenues fell more than 4%. Collectibles sales and the newer operations helped to offset some of these declines. Underlying pre-tax profit improved from £11.8m to £13.1m as costs were reduced and interest charges fell because of the lower borrowings. Although net debt was higher at the end of the period, the average net debt has fallen from £12.5m to £1.1m. The interim dividend was maintained at 1.75p/share.
Cardiff Property (CDFF) reported net assets of £29.72/share at the end of March 2025. The interim dividend was raised from 6.5p/share to 7.5p/share.
Bluebird Merchant Ventures (BMV) has reinterpreted the pre-feasibility study for its Philippine asset. The original study was in 2016. Using a gold price of $3000/ounce and increasing operating costs by 60% and doubling capital spending, NPV10 is $70.5m, based on 75% ownership. Two mineral production sharing agreements have been approved by the authorities for a further two years.
Andrew Hore
Quoted Micro 14 April 2025
AQUIS STOCK EXCHANGE
BWA Group (BWAP) published an updated inferred mineral resource for the Dehane heavy mineral sands project in Cameroon of 4.2 million tonnes at 3.5% THM cut-off, comprising grades of ilmenite at 0.99%, kyanite at 1.54%, rutile at 0.13% and zircon at 0.11%. There are plans for a fundraising during this year to finance the development of the project. Chairman Jonathan Wearing bought 500,000 shares at 0.2p each and Tricastle Investments, a company he controls, purchased 1.33 million shares at 0.15p each, taking his total stake to 25.85%.
Tectonic Gold (TTAU) is acquiring Godolphin Exploration, which is exploring for tin and copper in Devon and Cornwall, for £3.66m. The two assets are Devon Great Consols and Great Wheal Vor and there are option agreements for each of them. The company intends to consolidate every 20 shares into one new share and change its name to Tamar Minerals. Mark Thompson will join the board.
All Things Considered (ATC) is acquiring 75% of Easy Life Entertainment, which is an artist management, PR and record label owner. The consideration is £750,000. Annual revenues are £510,000. There will be cross-selling opportunities.
Richmond Hill Resources (SHNJ) has signed a term sheet to potentially acquire mineral exploration licences in Quebec. The consideration is £3.3m in shares. A condition of the deal is a move to AIM. Trading in the shares has been suspended.
Cooks Coffee Company (COOK) says full year group store sales were 26% higher at £35.1m. Operating cash flow is growing.
EDX Medical Group (EDX) is launching TC100, a highly accurate early detection test for testicular cancer. A blood sample is assessed. There have been more than 30 study reports on the test.
Automotive electrification technology developer Equipmake (EQIP) has received a £368,000 order from Gilmour Space Technologies, which about to launch an Australian orbital rocket later in the year. Equipmake will supply electric motors and inverters.
RentGuarantor Holdings (RGG) increased quarterly revenues by 92% and average revenues per contract were 2.5% ahead in the three months to March 2025.
Mendell Helium (MDH) has raised £796,000 through a placing and subscription at 2p/share. Once the option to acquire M3 Helium Corporation is taken up a move to another UK stockmarket will be considered.
Valereum (VLRM) says the £19m strategic deal with DMC is nearing completion but the additional £1m subscription by a UK institution will not happen.
Clean fuel additives SulNOx Group (SNOX) says Colas Rail UK is adopting SulNOx Eco following an evaluation. There were sharp falls in emissions and a 4.5% improvement in fuel efficiency. This is the first major contract in the rail sector.
Chief executive Paul Mathieson’s stake in Investment Evolution Credit (IEC) has reduced from 35.4% to 29.9%. Michael Rogers has a 4.88% shareholding.
Unicorn Asset Management’s stake in skincare technology developer Incanthera (INC) from 11.4% to 10.8%.
Ananda Pharma (ANA) has appointed former GW Pharma executive director Chris Tovey as an adviser.
ASSET MATCH
Political information provider Merit Group (MRT) has joined the Asset Match trading platform following its exit from AIM. Lord Ashcroft owns 42%.
JP JENKINS
Models and collectibles company Hornby (HRN) has left AIM and joined JP Jenkins.
AIM
Thor Explorations (THX) has announced a maiden dividend alongside its 2024 results. Higher gold production and lower production costs at the Segilola gold mine in Nigeria enabled net profit to jump from $10.8m to $91.1m on revenues up from $141.2m to $193.1m. There is no debt and net cash of $11.2m. Costs are expected to rise this year and production should be at least maintained. Dividends will be paid quarterly, and the first dividend is C$0.0125p/share – this will be the minimum quarterly level. The shares go ex-dividend on 1 May. The dividend policy will be reviewed in two years.
Ceramic hospitality products manufacturer Churchill China (CHH) is indicating its confidence for the medium-term by increasing the final dividend by 6% to 26.5p/share, which takes the total for the year to 38p/share. This was despite the dip in pre-tax profit from £10.8m to £8.5m as revenues fell from £82.3m to £78.3m. In the UK the sales to national pub and restaurant chains rose, but independents spent less. There was a decline in international revenues, although £1.1m of hotel projects were won. Additional retail business was taken on to help keep the manufacturing facilities running at an efficient level even though it is lower margin. The US was 9% of revenues and tariffs create uncertainty, but there may also be opportunities to gain from manufacturers in countries where the additional tariffs are higher. There is a new manufacturing facility in Romania. A flat profit is expected this year.
Franchised lettings and property sales business The Property Franchise Group (TPFG) has made good progress integrating Belvoir. In 2024, the acquisitions meant that revenues jumped from £27.3m to £67.3m, while underlying pre-tax profit doubled to £22.3m. Even earnings improved from 28.4p/share to 31.4p/share. The dividend was raised from 14p/share to 18p/share. Net debt was £9.1m at the end of 2024.
Greatland Gold (GGP) is changing the domicile of the holding company to Australia. This will be called Greatland Resources Ltd and is part of the process of gaining a listing on ASX. The AIM quotation will be retained.
Organ transplant diagnostics developer Verici Dx (VRCI) has received the local coverage determination for Tutivia reimbursement, so revenues on the tests can start to be recognised. There were 292 tests ordered in the first quarter of 2025 and price has been set at $2,650 each. The annual global market is 100,000 patients. Singer previously cut 2025 estimated revenues from $11.6m to $4.4m. A fundraising is expected by June.
Induction Healthcare (INHC) is recommending a 10p/share cash bid from VitalHub Corp. That values the digital healthcare technology company at £9.7m. The flotation in 2019 raised £14.6m at 115p/share.
A strong gold price has benefited pawnbroker Ramsdens Holdings (RFX) in the first half and led to an upgrade in forecasts. Retail jewellery sales were also strong and the outlook for pawnbroking is positive. Panmure Liberum has raised its 2024-25 pre-tax profit forecast from £12m to £13.1m. There was a small downgrade for the foreign exchange division, and this is not expected to show growth next year.
Character Group (CCT) says that tariffs could hamper US sales this year and market guidance is being withdrawn. They were one-fifth of sales last year and it is difficult to assess the impact of the tariffs. Character still expects to be profitable in the year to August 2025. Interim figures should be in line with expectations.
Peru-focused gold explorer Nativo Resources (NTVO) is undertaking a feasibility study at the Toma La Mano tailings dump and there are other tailings dumps that are being considered. This will require additional funding. Peterhouse is subscribing for 12 million shares at 0.15p each, which gives the broker a 19.4% stake. That will be used to offset fees and Peterhouse will try to place the shares and provide Nativo Resources with 95% of the proceeds. Cash is being carefully managed, and some directors will receive their salary in shares. Further funds will be required by May and there are discussions with finance providers. Debt is being restructured. Nativo Resources is issuing 15.4 million shares at 0.7475p each to acquire Morrocota gold mine, which is near the 50%-owned Bonanza gold mine. The vendors are also subscribing for £10,000 of new shares. There are plans to start contract mining at Morrocota.
Clinical trials manager hVIVO (HVO) reported 2024 figures in line with its previous trading statement. Revenues improved from £56m to £62.7m and pre-tax profit rose from £11.9m to £14.1m. There was net cash of £44.2m before recent acquisitions and it is still expected to be £38m at the end of 2025, leaving room for more acquisitions. The 2025 revenues guidance for hVIVO is £73m.
Audioboom (BOOM) says the latest quarterly figures show record revenues per thousand downloads. The podcast platform operator increased 2024 revenues by 13% to $73.4m. The first quarter performance and advertising bookings were 15% ahead of the first quarter of 2024. Revenues are currently forecast to grow by 9% in 2025.
Belluscura (BELL) has withdrawn guidance for 2025 because of the uncertainty due to increased tariffs on imports to the US. The company’s portable oxygen concentrators are predominantly made in China, and the tariff will increase from 20% to 54%. Belluscura had been moving towards profitability. That is less likely to happen and could put pressure on the cash position. Earlier in the year, £4.7m was raised at 2p/share. John Gunn has increased his stake from 7.83% to 8.14%.
Consumer appliances retailer Marks Electrical (MRK) is showing signs of improvement. The full year trading statement shows revenues growing by nearly 3% to £117.2m, which was slightly lower than forecast. Pre-tax profit is set to fall from £3.3m to around £2.1m. Net cash was £8.8m at the end of March 2025.
Liquidators have been appointed to Bushveld Minerals (BMN). SP Angel has resigned as nominated adviser and broker.
MAIN MARKET
New Frontier Minerals Ltd (NFM) says the initial findings of rock chip samples from the Harts Range project in Northern Territory, Australia show heavy rare earths. There is Dysprosium Oxide (11.75%) and Terbium Oxide (1.87%). This is particularly attractive because of China restricting exports of rare earths.
Tirupati Graphite (TGR) has raised more than £2.5m from a zero-coupon convertible loan note issue. The conversion price has been lowered to 3.75p. In March, the Vatomina project has produced 388MTs of flake graphite concentrate. Lower ore grades and shutdowns meant that production was lower than expected. The audit of the annual results to March 2024 has resumed.
Andrew Hore
Quoted Micro 27 January 2025
AQUIS STOCK EXCHANGE
Cooks Coffee Company (COOK), which owns the Esquires coffee shops, increased group store sales by 26% to £25.5m in the nine months to December 2024. The growth was 32% in the latest quarter. The number of sies has risen from 71 to 87 over the past 12 months with all but three franchised. So far in this financial year, UK like-for-like sales are 2.8% higher and sales in Ireland are ahead by 5.1%. A further six stores are planned in the current quarter and there should be more than 100 stores by the end of 2025. The business is generating cash from operations.
Healthcare IT software provider DXS International (DXSP) grew interim revenues by 2% to £1.73m and the pre-tax loss was slashed from £258,000 to £59,000, helped by grant income of £170,000. There was a small post-tax profit after R&D tax credits. There was no capitalised development pending in the period and the cash position improved over six months to £96,000. Chairman Bob Sutcliffe bought 50,000 shares at 2p each and 37,037 shares at 2.7p each. He owns 1.93% of the company.
Cardiometabolic health products developer ProBiotix Health (PBX) reported 13% growth in net sales to £1.88m, while the order book for the first quarter is worth £620,000. The EBIDA loss fell from £709,000 to £568,000. There was cash of £1.65m at the end of 2024. The relationship with SEED Health in the enabled the launch of products in 2,000 Target stores, which drove growth in US sales. There are negotiations that could lead to ingredient sales in China. Management believes that the company can reach breakeven by early 2026.
Wishbone Gold (WSBN) has signed non-binding heads of terms for the acquisition of Evrensel Global Natural Resources, which has mining and trading activities in Africa. This would be a reverse takeover. Existing Wishbone Gold shareholders are likely to own 30% of the enlarged group. Wishbone Gold chairman Anthony Moore owns the Gibraltar-based target company. Some or all of the existing Australian mining assets are likely to be sold.
Brewer Shepherd Neame (SHEP) has launched a share buyback programme worth up to £500,000. The shares will be cancelled. This should enhance earnings. Like-for-like retail sales were 7.4% ahead over the Christmas and New Year period with particularly strong sales within the M25. First half like-for-like retail sales were 4.4% higher, while tenanted pub sales were slightly higher. Beer volumes slipped 12.6%. A change in logistics arrangements will add £1.5m to costs. Wage and National Insurance costs will rise by an annualised £2.6m. Management will try to offset these rises through price increases and improved efficiency.
ChallengerX (CXS) is in negotiations for the potential acquisitions of Nyce International and Virya VC. Hng Kong-based NYCE International helps to accelerate the sales and product distribution process for gaming companies. UK-based Virya provides executive and directorship services for the betting and gaming sector. As part of this proposed transaction ChallengerX will secure a perpetual licence for Reelsoft AB’s Vision RGS (Remote Gaming Server) and Game Aggregation Platform. ChallengerX had net liabilities of £187,000 at the end of June 2024.
Property investor Ace Liberty and Stone (ALSP) edged up rental by 1% to £2.75m in the first half. Higher interest costs and a £37,515 disposal loss meant that the loss increased from £5,000 to £243,000. NAV is £31.4m, while the market capitalisation is £33.7m. Net debt is £46.3m.
RentGuarrantor Holdings (RGG) increased fourth quarter revenues by 88% through a 73% rise in tenant contracts.
BWA Group (BWAP) says that initial mineral resources for the Dehane project in Cameroon are 4.2 million tonnes at a 3.5% cut0ff. That comprises 0.99% ilmenite, 0.13% rutile and 0.11% zircon. Results of the kyanite test work are expected in the second quarter. That could lead to an update to the mineral resources estimate.
Fintech and blockchain technology company Tap Global Group (TAP) has increased monthly revenues to £451,000 in December. Revenues for the six-month period rose from £1.29m to £1.8m and there should be a positive EBITDA for the period.
Eight Capital Partners (ECP) is planning a capital reorganisation and conversion of its 4.8% bond into shares. There will be a consolidation of 4,000 shares into one new share. The bond will be converted into 810,325 new shares, thereby reducing debt by £910,000. The record date is 29 January.
Capital for Colleagues (CFCP) had NAV of 82p/share at the end of August 2024, down from 87.9p/share at the end of May 2024. There was £1.24m in the bank. The tough economic conditions led to downgraded valuations of some earlier stage investments.
SulNOx Group (SNOX) has generated £126,000 from the exercise of options at 36p each by a former director. It has also settled £36,330 of costs via issuing shares. SulNOx has secured a patent in Nigeria for its improved oil/water separation methodology.
At the end of 2024, EPE Special Opportunities (EO.P) had an NAV of 292.78p/share.
Mark Horrocks has reduced his stake in WeCap (WCAP) from 5.03% to 4.8%. Premier Miton’s stake in Global Connectivity (GCON) has reduced from 5.21% to 3.69%. First Car International increased its Samarkand Group (SMK) shareholding from 17.6% to 21.6%. Jason Upton has increased his stake in Zentra Group (ZNT) to 3.53%.
Gowin New Energy Group (GWIN) director Chien Chih-Peng has bought 33.16 million shares a 1p each. This is a shareholding of 11.4%. Jia-Hong Guo’s stake has been reduced from 8.74% to under 3%. Chien Chih-Peng has also made a £37,000 loan available to Gowin New Energy.
AIM
Nexus Infrastructure (NEXS) offers civil engineering services, such as earthworks, drainage and foundations, to housebuilders. In the year to September 2024, revenues fell by 36% to £56.7m and it made a £700,000 underlying loss. However, it is already winning new business with housebuilders, such as Vistry and Taylor Wimpey. That has helped the order book grow to £51.6m at the end of September 2024. A further £15.9m of orders have been won since then. Water infrastructure services provider Coleman Construction and Utilities was acquired in October. Following this acquisition, the pro forma cash figure is just below £10m.
Payments technology company Bango (BGO) increased 2024 revenues by 16% to $53.4m. Annualised recurring revenues were 59% higher at $14m. A pre-tax profit of $3m is estimated for 2024, but that includes $2.2m of non-cash income. Net debt is $1.7m. Matt Wilson has replaced Matt Garner as finance director.
Yu Group (YU.) increased energy supplied by 78% in 2024 and margins are better than expected. Revenues did not grow as rapidly because of lower prices, but they are two-fifths higher at approaching £650m. That is lower than the Panmure Liberum estimate of £680m. Managing bad debts and the hedging policy means that the pre-tax profit has edged up from £46m to £48.3m.
Revolution Beauty (REVB) is having a poor fourth quarter to February 2025 with some retail launched delayed until the first quarter of 2025-26. This includes a launch in Walmart in the US. Online trading was also weaker than expected. Full year revenues are forecast to fall by one-quarter to £143.6m and a profit is no longer expected. A £1.6m loss is likely. The 2025-26 pre-tax profit forecast has been more than halved from £5m to £2.4m. Net debt is set to stay around £25m.
GENinCode (GENI) says that its heart disease risk assessment product CARDIO inCode is included in the US 2025 Clinical Lab Fee Schedule enabling reimbursement from Medicare and Medicaid. The price varies from $450-$570. It is also being used to prevent heart disease in Catalonia.
There was a short-term trading improvement in December for Sanderson Design Group (SDG), but this has not continued, and profit expectations have been reduced. Band sales are 9% lower. Revenues are expected to decline from £108.6m to £101m, while pre-tax profit could slump from £12.2m to £4.2m – previously £7.2m was forecast. There has been less high margin work for the manufacturing division, which hit overall profitability.
Fuel additives developer Quadrise (QED) generated £4.5m via a placing at 3p/share, which was well above the minimum sought, and a retail offer could raise up to £1m more – although that figure could be increased. The money already raised will last well into 2026.
Shoe retailer Shoe Zone (SHOE) had already warned about the results for the year to September 2024. Pre-tax profit fell from £16.5m to £10m, which was slightly higher than forecast. There is no final dividend – the interim was 2.5p/share. Net cash is £3.6m. Several loss-making stores are being closed. The 2024-25 pre-tax profit is expected to halve to £5m.
Floorcoverings supplier Airea (AIEA) had a much better second half growing by 6% and full year revenues were 0.6% ahead at £21.2m. International sales were still lower in 2024 despite a 11.8% increase in the second half. Inventory levels have been reduced. There will be non-recurring costs. The equipment is expected to be installed in the new manufacturing facility during the second quarter. An investment property worth £4.1m is still up for sale. David and Monique Newlands increased their shareholding from 11.1% to 12.4%.
Bars operator The Revel Collective (TRC) had a good Christmas, but it faces higher costs because of the National Living Wage and National Insurance increases. Annualised costs will rise by £4m. This has led to forecasts of larger than expected losses. Like-for-like Christmas revenues were 1.6% higher. Net debt is expected to be £24m at the end of June 2025.
Managed services provider Tialis Essential IT (TIA) has made a good start to 2025 with preferred partner and contract extensions totalling £17.8m. Some of these are five-year contracts and are higher margin lifecycle management contracts. The 2024 pre-tax profit is expected to be flat at £1.1m, but earnings are forecast to treble to 3.6p/share.
Ariana Resources (AAU) produced 20,900 ounces of gold from its 23.5% owned Zenit mining operations in Turkey. Revenues were $54.7m. Mining is building up at the new Tavsan mine. A resource estimate is expected from Dokwe in Zimbabwe after further drilling analysis.
Quantum Blockchain Technologies (QBT) has raised £2m at 1.15p/share so that it can invest in its Bitcoin mining technology. Last week, it announced a breakthrough for its Bitcoin Artificial Intelligence model mining tool. The Method C AI Oracle provides a 30% improved performance compared with other methods. The company is seeking a chip manufacturing partner to produce a commercial product.
Premier African Minerals (PREM) has raised £540,000 at 0.02p/share. This is interim funding following the decision not to proceed with the fundraising at 0.0275p/share because the retail offer did not raise enough to reach a total raising of £3.5m. The company will require more cash and I talking to its offtake partner.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) had a strong fourth quarter despite the tough market conditions for some parts of the business. Trading was better than forecast with a modest improvement in pre-tax profit to £21.9m expected. Net debt is expected to be £69m.
Dukemount Capital (DKE) had £28,000 in cash at the end of September 2024, while net assets were £59,000.
Neuchatel Investment is subscribing for 29.9% of Aseana Properties Ltd (ASPL). This is expected to raise $5.45m at $0.08 cents/share.
Andrew Hore