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Quoted Micro 27 June 2022

good,

AQUIS STOCK EXCHANGE

Resolutions 8-12 were not passed at the Good Energy (GOOD) AGM, which were mainly enabling the company to issue new shares or buy back existing shares. Resolution 12 would have amended the articles of association to permit hybrid meetings.

Cadence Minerals (KDNC) has agreed to sell its 30% working interest in the Yangibana project tenements for £5.1m in shares of the ASX-listed operator Hastings Technology Metals. Cadence reported an outflow of cash from operating activities of £751,000 in 2021, down from £1.36m the previous year.

Blockchain and cryptocurrency investor Coinsilium Group Ltd (COIN) increased 2021 revenues by 130% to £530,000. Net fair value loss on financial assets was £407,000, compared with a gain of £566,000, but realised gains increased from £199,000 to £1.52m. Overall pre-tax profit fell from £310,000 to £14,000. There is £1.51m in the bank at the end of 2021, while NAV is £5.84m. Coinsilium has entered a simple agreement for future tokens (SAFT) with potential Latin America- focused blockchain gaming hub GGs.io for $100,000 of its future tokens and is a strategic adviser.

Pluto Digital has repaid the loan, plus interest, of £5.18m owed to NFT Investments (NFT).

All Star Minerals (ASMO) is raising £200,000 at 0.02p a share and every two shares come with a warrant to subscribe for a share at 0.04p. The cash will be used to finance investment in the company’s exploration projects. A further share issue at 0.02p pays £102,000 owed to GMI, where the All Star Minerals chief executive is a substantial shareholder. Management says that it is planning a much bigger cash raise.

Gunsynd (GUN) has agreed binding heads of terms with Metals One to farm into the Black Schist nickel zinc copper cobalt projects in Finland. In return for £1m, Gunsynd will earn 25% of the company owning the projects.

In 2021, Startup Giants (SUG) moved from a loss of £188,000 to a profit of £44,000. Current trading is in line with expectations.

Gowin New Energy (GWIN) had cash of RMB2.33m at the end of 2021, but it also had net liabilities. There are plans to trade agarwood products.

Wishbone Gold (WSBN) says that drilling at the Halo project in north Queensland has discovered copper mineralisation in the majority of holes drilled. The 21 hole is apparently the most promising.

Western Selection (WESP) has taken advantage of the Northbridge Industrial Services share price rise to sell 35,500 shares at 200.87p a share. It retains a 3.86% stake in the loadbanks manufacturer and renter, which changed its name to Crestchic (LOAD) later in the week.

Bondholders have approved the plan by Eight Capital Partners (ECP) to modify the terms and conditions of its 7% bonds.

Vulcan Industries (VULC) has raised £74,000 at 1p a share and issued additional shares for the acquisition of Aftech Ltd.

The wife of DXS International (DXSP) chief executive David Immelman has acquired 845,000 shares at 10p each, taking their interests to 11.85%.

Mark Horrocks has increased his stake in Quetzal Capital (QTZ) from below 3% to 5.3%. Chris Akers has raised his shareholding in Oscillate (MUSH) from 11.4% to 12.45%. Dowgate Wealth has a 4.9% stake in Silverwood Brands (SLWD).

AIM

Springfield Properties (SPR) has acquired the housebuilding business of Mactaggart and Mickel Group for a total cost of £46.3m. The initial payment is £10.5m and the rest will be paid over the next five years as homes are built on the sites acquired and sold. This way the deal should be self-financing. Six existing sites are being acquired as part of the deal and eleven will transfer as more payments are made. These sites have a gross development value of £230m.

Springfield is also acquiring a timber frame factory as part of the deal. It already owns a timber frame factory and 90% of the homes it builds have timber frames. Springfield’s capacity will double to 2,000 timber frames a year, which is more than enough for existing building plans, so outside suppliers will not be required any more.

In the six months to March 2022, Team (TEAM) revenues improved from £610,000 to £999,000, although there was an increased loss. The wealth management and financial services company acquired financial adviser Omega Financial Services in the first half and bought investment consulting business Concentric after the period end. There are other acquisition opportunities. There are opportunities to win new clients, but weak markets are holding back growth. Executive chairman Mark Clubb bought 5,004 shares at 63.9p each.

Property investor and fund manager First Property (FPO) returned to profit last year. In the year to March 2022, revenues reduced from £12.1m to £8.65m. That was mainly down to the loss of rental income from the Gdynia property. Asset management fees edged up from £3.35m to £3.46m and performance related fees jumped from £40,000 to £578,000.

There was a reduction of £7.81m in the amount owed to ING Bank, relating to the Gdynia property, and this was taken as a gain. Last year, there was a £7m write down on the property. That is why a loss of £5.09m was turned into a £7.98m profit. First Property is set to sell its properties in Romania and its supermarket properties in Poland. That will reduce net debt, which was £17.2m at the end of March 2022.

Insolvency litigation funder Manolete Partners (MANO) expects that the rising level of insolvencies will provide additional potential cases. In the year to March 2022, revenues declined from £27.8m to £20.4m. The realised revenues fell more sharply from £24.4m to £15.2m, with the main reason behind this being the large case with realised revenues of £9.3m in the previous year. Unrealised revenues increased from £3.41m to £5.2m. Pre-tax profit fell from £6.99m to £4.51m. Cash generated from operations before tax and investment in cases increased from £2.79m to £4.42m, due to a small reduction working capital. Investment in cases moved up from £5.89m to £6.47m. Peel Hunt has reduced its pre-tax profit forecast for this year from £7m to £5m.

Restaurants operator Tasty (TAST) has repaid its £1.1m bank loan, leaving it with net cash of £8.6m. Annualised interest rate savings will be £57,000 and there was no early repayment penalty. There are plans to open five or six more restaurants this year.

Premier African Minerals (PREM) has signed a deal that can get the Zulu lithium project pilot plant up and running. The pilot plant has target annual production of 50,000-ton SC6 and there are binding heads of terms with Suzhou TA&A Ultra Clean Technology to take all of this production starting from the first quarter of 2023.

Shares in 4D Pharma (DDDD) declined 28.5% to 16.66p before trading was suspended ahead of administrators being appointed. 4d Pharma says Oxford Finance has demanded immediate repayment of the $13.86m it is owed. The company cannot afford this.

Paper and specialist fibres maker James Cropper (CRPR) reported a full year, underlying pre-tax profit of £4m. The paper making business is cyclical and it made an increased loss. The TFP Hydrogen division, which makes products for fuel cells, accounts for around 30% of revenues and its operating profit before group overheads increased from £6.48m to £8.68m. James Cropper has reinstated the dividend this year with a 7.5p a share final dividend taking the total to 10p a share.

Cancer diagnostics developer ANGLE (AGL) has signed another contract with its first large pharma services customer. The Parsortix system will be used to monitor patients with unresectable solid tumours in a new phase Ib dose escalation study using the pharma company’s drug in combination with immuno-oncology agents.

Provexis (PXS) has signed two agreements with DSM relating to Fruitflow, an ingredient that helps normal blood flow and circulation. DSM customers for Fruitflow will become direct customers of Provexis at the beginning of 2023. DSM will still receive a royalty on the gross profit of Fruitflow sales to customers it transfers to Provexis for four years. The deal means that, assuming like-for-like sales and margins, Provexis would make a higher net profit in 2023 and it would increase in subsequent years. There should also be new direct customers. Provexis is also partnering with DSM on a gut microbiome patent.

Investment management company Forward Partners (FWD) says that weak stockmarkets have hit the valuations of technology companies and thereby the valuations of its investments. This means that there is likely to be a mid-to-high teens percentage decline from the interim NAV of £108m.

Argentina-focused oil and gas company Phoenix Global Resources (PGR) says that it is in discussions with 84% shareholder Mercuria Energy Group concerning a cancellation of its AIM quotation and a cash offer to purchase shares from independent shareholders at 7.5p each.

Asia-focused investment company Jade Road Investments (JADE) is selling part of its stake in China-based wind turbine blade manufacturer Meize Energy Industries. It has a 7.2% stake and will receive $1.2m in cash in three tranches, leaving it with a 6.3% stake valued at $10m. The company has already received $400,000 with the rest due for payment in July and August.

Solid State (SOLI) has been awarded a contract by Transport for London for a new one person operation CCTV system for the Piccadilly line upgrade.

MAIN MARKET

Oil services provider Lamprell (LAM) has received a non-binding indicative cash offer from 25.1% shareholder Blofeld Investment Management. Lamprell requires funding of $75m over the next two months and that is making the board seriously consider the offer even though it is at a large discount to the previous closing price. Financing opportunities are being explored. An attempt to raise $150m via a share issue did not meet with approval by all the institutional shareholders.

Roquefort Therapeutics (ROQ) has announced its second acquisition in seven months. Cancer medicines company Oncogeni Ltd is being acquired for the issue of 50 million shares and there is a placing to raise £1.01m at 14p a share. Two pre-clinical families of innovative cell and RNA oncology medicines come with Oncogeni, as well as a laboratory facility in Stratford-upon-Avon

CYBA (CYBA) is changing its name to NARF Industries. Steve Bassi will become chief executive.

Fackelmann Gmbh has increased its stake in cookware retailer Procook (PROC) from 3.83% to 4.63%.

Slovenia-based Graft Polymer (GPL) has reached cash flow positive in its core business. New equipment has been ordered in order to double capacity.

OTHER MARKETS

Pacific Road Resources Fund II is making a 0.01p a share cash bid for former AIM company Firestone Diamonds (FDI), which values the company at £79,000. Pacific Road also owns all the Firestone bonds and hopes to restart production at the Liqhobong open cast diamond mine. Firestone originally joined AIM in August 1998 at 114p a share. Since 2020, the shares have been traded by JP Jenkins and the latest price is 0.2p. The bidder owns 30.4% with a further 4.25% owned by affiliated funds. Resource Capital, which owns 34.7%, intends to accept.

Andrew Hore

Ian Pollard – Vodafone #VOD gets its ‘Comeuppance’

Vodafone Group plcchallenging competitive conditions” are words which bring a chill to the boardroom of any company and Vodafone is no exception. Quite simply the impact of its problems turned it from a profitable company in 2017 to a loss making one in the first half of 2018.  Group revenue declined by 5.5%, impacted by those troublesome foreign exchange headwinds, the adoption of IFRS 15. and the sale of Quatar. With all these impacts the loss for the half year came in at €7.8 billion, including the further impact  of a €3.4 billion loss on the disposal of Vodafone India. Impairments of €3.5 billion in Spain, Romania and Vodafone Idea, added to the company’s woes. Some of its customers may say that this is the year when at last Vodaphone got its comeuppance.

Taylor Wimpey TW Claims delivery of a strong performance during the second half of 2018, with very strong sales, a supportive lending environment and of course huge and completely unjustifiable support from the taxpayer. The order book remains strong, with a 12% rise on last year and customer demand is robust. Shareholders naturally get their rewards with the return of £600 million by way of total dividends promised for 2019, a 20% increase on 2018.

IQE plc IQE confirms it was notified yesterday, following an announcement made by a major chip company in the VCSEL supply chain , that the chip company had received notice from one of their largest customers for 3D sensing laser diodes that they would materially reduce shipments for the current quarter. As a result  IQE expects revenues for the full year 2018 will be approximately £160.m.compared to £154.6m for 2017, whilst adjusted EBITDA is  expected to be approximately £31m as against  £37.1m for 2017. The slowdown in shipments will therefor materially impact  expected year end revenues and profitability at IQL.

AdEPT Tech Group plc ADT is delighted by the continued progress being made by the Group in its transformation.Total revenue for the six months to the 30th September rose by 9.5%, EBITDA by 10.7% and the interim dividend is to be increased by 15.3% to 4.9p per share.

James Cropper plc CRPR Produced revenue growth in all divisions with total revenue up 6% in the half year to the 29th September. Profit before tax however at £1.4m, fell by 39% compared to 2017 and earnings per share were down by 44% as profitability was impacted by higher pulp prices over the year.

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Ian Pollard – Cropper Excited About Prospects

Cropper (James) plc CRPR enjoyed double digit organic growth across its target markets in the year to 31st March . Despite a fall in pre tax profits from from £5.5m to £4.5m.as the impact of higher pulp prices added some £3.5m to material costs for the year, the Board  is increasing the final dividend by getting on for nearly 20% with a rise from 11.8p to 13.5p per share and expresses itself as being excited about future prospects for the Group.

Surgical Innovations SUN  Despite challenging market conditions, total group revenue  for the six months to the end of June is expected to exceed  £5m.with gross margins and profitability, slightly ahead of last year. The second half is expected to produce much stronger results as NHS hospitals start to show signs of a return to normalised activity levels and the government beings to make promises of a long term funding increase for the NHS

HML Holdings plc HML has concentrated on maximising synergies and efficiency during the twelve month to 31st March with the result that revenue rose by 24% and profit before tax by 12%. adjusted basic earnings per share rose from 3.9p to 4.2p per share and the dividend is to be increased from 0.37p. to 0.42p.

Morses Club plc MCL Trading in the first four months of the current financial year has been strong. High quality customer numbers are well ahead of last year.

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Cropper Delivering Potential At Last

Cropper James plc CRPR is to increase its dividend by 27%, from 9.3p per share to 11.8p, for the year to 1st April. With higher sales in every division, profit before tax rose from £3.9m to £5.6m. The Chairman described it as something of a watershed year for the company which has now started to deliver its long awaited potential.

Molins MLIN Order intake in all parts of the business during the half year to 30th June has been ahead of last year. Excluding the Instrumentation and Packaging Machinery division which is to be sold, order intake has been considerably ahead of last year.

Northgate NTG proposes to increase its final dividend for the year to the 30th April by to 11.6p per share making a rise for the year of 8%. The results have been impacted by the lower number of vehicles on hire in the UK and by the change in vehicle depreciation rates which cost £5.7. set off almost exactly by foreign exchange benefits of £5.2m. The outcome of these was a fall in profit before tax from £77.6m. to £72.2m. Spain produced a strong commercial performance but the problem was a weak second half in the UK whew closing vehicles on his fell from 42,400 to 39,500

Zoo Digital Group ZOO saw revenue rise by 42% in the year to the 31st March and after a strongly improved performance in the  second half. Last years loss of $0.5m. was turned into a profit of $1.5m and EBITDA rose substantially from $0.2m to $1.8m, The improvement has continued into the new financial year

Hydrodec HYR expects first half revenues to the end of June to show growth of about 12 % over the first half of 2016m, with positive EBITDA replacing a $1.1m. loss, after growth in transformer oil sales of 58%. Further growth and a continuing improvement in margins is expected throughout the year.

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