Home » Posts tagged 'dis'
Tag Archives: dis
Quoted Micro 17 August 2026
AQUIS STOCK EXCHANGE
Gledhow Investments (GDH) has received commitments for a £400,000 subscription at 1p/share, which was more than double the market price at the time. It is also acquiring Penina Resources in return for 21.9 million shares, and this bring £219,000 in cash. Penina Resources directors are Sam Quinn and Cameron Pearce, and they will join the Gledhow Investments board. That cash will be used to repay £219,566 of convertible loan notes. Tavira has been appointed broker, and the company will change its name to Panina Investments. There will be a greater focus on natural resources.
Ethry (ETHY) has agreed to a merger with Dunbar Energy to create a US-focused energy and digital infrastructure company. This is a 50/50 merger with Dunbar Energy shareholders potentially earning an additional 15% depending on performance. There will be a warrant rationalisation to simplify the capital structure. Dunbar Energy brings gas assets in Pennsylvania, and this is intended to be used to power data centres, while Ethry has similar plans for solar powering data centres. Access to affordable power is important for data centres.
Tomahawk Metals (TMHK) says satellite interpretation has identified three distinct prospect areas at the Saturn gold project in Western Australia. There are historical workings not shown in records. Rock chip samples have been sent for analysis. The assay results will help to assess potential and identify drill targets.
B HODL (HODL) has signed a non-binding letter of intent with Zeus Wallet to connect its Lightning Network routing to Zeus’ node infrastructure.
Falconedge (EDGE) has added 0.1514 Bitcoin during July, taking the holding to 21.2338 Bitcoin.
Marula Mining (MARU) says site works have begun at the Tonto Tshipi and Derdepoort manganese mines in South Africa. Talks continue with potential offtake partners. Delivery of copper from the Kinusi mine has been delayed.
Digital asset mining company Sterling Digital (ASIC) says two 2MW natural gas generators are producing electricity. These systems are being tested. The power will then be used for digital mining.
A person associated with IntelliAM AI (INT) chief executive Tom Clayton bought 10.966 shares at 81.5p each.
ASSET MATCH
Byotrol (BYOT) reported flat full year revenues of £4.3m, despite not having a contribution from IP income. The loss was reduced from £1.05m to £802,000. There was £457,000 in cash at the end of March 2026. Current trading is ahead of the previous year.
Fastjet (FJET) has received an indicative offer from majority shareholder (92.7%) Solenta Aviation Holdings. The offer is $22/share.
VP Fintech (VPF) has completed the acquisition of crypto payment gateway developer GlblNexus Inc in a share deal valued at £10m. This is based on a VP Financial valuation of £418.8m.
AIM
Retailer Mothercare (MTC) says 2025-26 net worldwide system sales fell 22% to £180m and the company’s revenues slumped 42% to £22.4m. System sales continue to decline due to uncertainty in the Middle East, the reduction in the number of stores and clearing old stock. A new franchise partner should be announced in the UK. Net debt was £5.7m at the end of March 2026 and the pension deficit is £35m. This year the loss is forecast to rise from £2.6m to £3.2m before a small reduction next year. Net debt is expected to rise.
Video games art outsourcing services provider Winking Studios (WKS) grew interim revenues 21% to $23.5m with organic growth of 9%. Building up the North American operations and investment in AI is hitting margins and holding back profitability, but the benefit should show through next year as new business builds up. All the growth came in art outsourcing division, while game development services were flat. That trend is expected to continue into the second half. SP Angel has trimmed its full year forecast revenues to $47.9m due to timing issues and most of the second half contribution is already in the order book. Continued investment will hit gross margins and lead to a full year loss of $6.6m. Growth should accelerate next year, and gross margins recover to past levels as new staff start generating income.
Security technology provider Thruvision (THRU) says a partner in Asia has won a contract worth more than £3m. The customers are a number of airports in south east Asia and the equipment will be used for “airport worker screening and insider-threat mitigation”. This is the largest ever Asian order. Delivery should be in the six months to March 2027. The Lang family has reduced its stake in the company from 9% to below 3%.
Automotive connection systems supplier Strip Tinning (STG) has been awarded a DRIVE35 grant of £3m from Innovate UK and the Advanced Propulsion Centre UK to help to scale up its manufacturing and develop the cell contacting system technology. This will fund the business beyond 2027.
Retailer Shoe Zone (SHOE) says cash generation has been better than expected and £3.5m will be returned to shareholders via buybacks. Cash was £7m on 25 July 2026 after strong July trading. Pre-tax profit forecast is unchanged at £500,000, but net cash at the end of September 2026 has been reduced from £13.1m to £11.4m, reflecting the full buyback.
Bravura Solutions Ltd (BVS), which recently joined AIM, increased underlying revenues by 10% to $282.6m and underlying net profit after tax of $63.1m. Recurring revenues are $165m. At the end of June 2026, cash was $50.3m, but there are unused debt facilities of up to $100m. A final dividend of 8.31 cents/share plus a special dividend of 6.69 cents/share.
Rent guarantee services provider Rentguarantor (RGG) reported interims in line with recently upgraded expectations. Revenues were 250% to £3.39m. Net cash was £2.4m at the end of June 2026. Full year pre-tax profit of £1.2m and that could nearly quadruple to £4.6m next year.
Gold miner Thor Explorations (THX) says second quarter revenues were $78m. EBITDA was slightly lower than forecast at $49m was hit by higher operating costs. Net cash is $219m. Drilling continues to extend the resource at the Segilola gold mine. Full year production guidance is maintained at 75,000-85,000 ounces of gold. A final investment decision for the proposed Douta mine is expected in the third quarter.
Window components Titon Holdings (TON) says that mechanical ventilation systems projects have been delayed into the next financial year. Shore has cut forecasts revenues from £18.3m to £17m, up from £15.8m last year, and there will be a full year loss. Cash was £2.2m at the end of July 2026.
AgTech and fire prevention technology provider Light Science Technologies (LST) interim revenues rose 26% to £3.73m, although the loss increased from £160,000 to £800,000. Net cash was £1.38m at the end of May 2026. The growth in revenues came in AgTech. Building regulation delays hit fire protection income in the first half. The company is still on course to breakeven this year.
Alien Metals (UFO) says further assay results for the Elizabeth Hill project includes further significant intersections and this will feed an updated JORC mineral resource estimate in the fourth quarter. Alien Metals owns 30% of the Elizabeth Hill project and 8.7% of West Coast Silver.
Distil (DIS) has received its first order for Blavod Black Vodka through its new US distribution partner. The first shipment will be in the quarter to December 2026.
MAIN MARKET
Fandango Holdings (FHP) plans to buy 50% of the Canyon silver, lead and zinc mine in Idaho. If the deal goes ahead Fandango will move to AIM.
Ashington Innovation (ASHI) is acquiring World Metal Group through a share issue. This will take the company into the metals recycling sector.
GRIT Investment Trust (GRIT) has called off the planned acquisition of Planet Scan.
Andrew Hore
Quoted Micro 30 March 2026
AQUIS STOCK EXCHANGE
Executive recruiter Connecting Excellence (XCE) increased net fee income by one-fifth to £890,000 in the six months to December 2025. There was cash of £1.4m and Bitcoin holdings of £2.62m (40.36 Bitcoin). Net fee income in January was £250,000. The Bitcoin holding has increased to 52.42 Bitcoin.
Residential property developer Zentra (ZNT) interim revenues fell from £1.97m to £942,000. The loss rose from £66,000 to £638,000. Net liabilities are £4.16m. Practical completion of the One Victoria project in Manchester is expected in the second quarter of 2026.
Mendell Helium (MDH) says potential acquisition M3 Helium is entering an agreement with Ritchie Exploration which will re-complete the Schneweis Ventures 13A well in Kansas.
Arbuthnot Banking (ARBB) reported a dip in 2025 pre-tax profit from £35.1m to £24.2m. The total underlying dividend, excluding special dividend, was raised to 53p/share. Deposits increased by 11% to £4.57bn, although lending balances fell 6% to £2.25bn. Assets under management were 21% ahead at £2.68bn. Higher interest rates should be good for the bank. Chairman and chief executive Sir Henry Angest bought 300,000 ordinary shares at 860p each. He owns 59.9% of ordinary shares and 64.9% of the non-voting shares.
B HODL (HODL) net assets were £11.7m at the end of 2025. Since the end of the year, the Bitcoin treasury has increased to 164.487 Bitcoin.
EPE Special Opportunities (EO.P) had net assets of 360p/share at the end of January 2026. Fully listed investee company Luceco (LUCE) performed better than expected.
EDX Medical (EDX) is the primary partner in the Scottish Prostate Cancer Initiative, which is set to improve early diagnosis. Up to 25,000 men will be tested.
Delta Gold Technologies (DGQ) says that Penn State University has been promoting the quantum computing research sponsorship and technology licence agreement with the company.
The WeShop share price on Nasdaq continues to decline and reached a new low of $5.81 at the end of the week compared with a high of $200. WeCap (WCAP) is a significant shareholder, and its share price dipped 27.8% to 0.325p.
Hamak Strategy has taken a 3.05% stake in Vaultz Capital (V3TC).
Sulnox Group (SNOX) has gained further patents for its Eco™ Fuel Conditioners in Chile, Peru and Israel.
VSA Capital (VSA) chief executive has bought 100,000 shares at 2.75p each, taking his stake to 19.8%.
Equipmake (EQIP) chairman Tim Metcalfe bought 163,934 shares at 1.22p each.
Shepherd Neame (SHEP) non-exec Meg Lustman has bought 2,279 shares at 439p each.
Marula Mining (MARU) has secured an offtake contract with Traxys Europe for the Kinusi copper mine with initial deliveries in May. Traxys will purchase the full production.
Supersearch Plus (SSP) has appointed Guild Financial Advisory as corporate adviser.
AIM
Coiled Therapeutics (COIL), which was formerly Roquefort Therapeutics, has moved from the Main Market to AIM on 27 March after acquiring the global rights to a potential cancer treatment known as AO-252. This cost £31.9m in shares. AO-252 is “a brain-penetrant small molecule targeting Transforming Acidic Coiled-Coil Containing protein 3 (TACC3) protein-protein interactions”. Preclinical trials have indicated the effectiveness in tumour regression in some cancers. A placing raised £8.5m at 10p/share. valuing the company at £42.6m.
Monitoring and optimisation software supplier Checkit (CKT) says that its improving performance is not reflected in its valuation, and it is investigating a sale of the company. The company has received six expressions of interest from potential buyers in the past nine months. There are no current discussions with these potential acquirors, but Checkit believes it should give other potential bidders a chance.
Ireland-based cinema operator Omniplex has taken a 5.35% stake in Everyman Media Group (EMAN).
Carpet tiles manufacturer Airea (AIEA) is making progress with fully commissioning new manufacturing facilities that will double capacity. The business has been capacity constrained and delays in orders at the time of the Budget meant that 2025 revenues were flat at £21.4m. Operating profit before non-recurring items fell from £1.56m to £1.15m, although that partly reflects the loss of income from a property sold to help finance the increased manufacturing capacity. Net cash was £1.2m at the end of 2025 and the dividend was raised from 0.6p/share to 1p/share.
Growth in recurring revenues of the software division and a recovery in margins for the education services division enabled Tribal Group (TRB) enabled 2025 pre-tax profit to jump 136% to £12.5m. Annualised recurring revenues of the software business grew to £63m. There is growth to come from existing university and college clients before any new client wins. Strong cash flow meant that Tribal moved from net debt to net cash of £11.4m. Even after dividends, the cash position is expected to remain strong with the normal second half inflow.
Software and training services supplier Pennant International (PEN) has increased its recurring revenues and has orders that will help it to breakeven this year, following a loss in 2025.
Sustainable detergent additives supplier Itaconix (ITX) is making good progress towards breaking even. Revenues jumped from $6.5m to $10.5m in 2025 and there is capacity for this to increase to more than $25m. The loss was reduced from $1.8m to $1.1m with a $1.2m cash outflow from operated activities. European revenues doubled and new business in North America will flow through into revenues in 2026 and particularly 2027. There is more than $4m in cash in the bank, which is more than enough to get to cash flow positive. Cash generation could build up rapidly from 2027 onwards.
Shares in spirits brands owner Distil (DIS) halved to 0.045p following a trading statement outlining poor fourth quarter trading. Full year revenues will be well below expectations. Stock levels in the trade were higher than expected. Sales by the UK distributor are 51% ahead in the first two months of this year, but consumer spending remains depressed. The US launch of Blavod black vodka has been delayed due it still awaiting tax approval from the authorities. Marketing spending has been agreed with UK retailers to help sales to recover.
Litigation finance provider Burford Capital (BUR) announced on Friday afternoon that the US Court of Appeals had overturned the decision won by Burford’s Petersen and Eton Park concerning claims against The Republic of Argentina and YPF. There was a two to one ruling. Argentina had not made a tender offer when it took over a 51% stake in YPF from Repsol. The $16.1bn judgement was overturned.
Real-time video editing technology developer Blackbird (BIRD) lost contracts and that led to a decline in revenues from £1.61m to £1.38m in 2025. Cash burn was £3.01m after a reduction in costs. There was £2.72m in the bank at the end of 2025 and £500,000 has been subsequently raised. User engagement of elevate.io is improving and the Winter Olympics should have provided a boost to use of the editing technology.
Switch Metals (SWT) has announced the washing programme has been completed for the Issia tantalum and lithium in the Côte d’Ivoire. Laboratory assays and modelling is ongoing so that the maiden mineral resource estimate can be published. This had been expected in the first quarter of 2026.
Interim figures for Parkmead Group (PMG) had £12.9m in cash at the end of 2025 and since then the cash position has grown to £16.1m. This will provide funding for oil and gas and renewable asset investment. Up to £120m more can become payable for the past sale of UK North Sea assets depending on the approval of field developments.
Computer vision technology Seeing Machines (SEE) says that it expects to be EBITDA positive in the third and fourth quarters of the financial year to June 2026. Interim revenues dipped from $25.3m to $23.4m, due to planned reductions in non-core operations. Automotive royalties and aftermarket revenues both increased and gross margin improved to 58%. There will be a refinancing by June.
Small company finance provider Time Finance (TIME) increased own book lending to £86.5m in the third quarter. Nine months revenues are 4% higher at £28.3m, while pre-tax profit is up 5% to £6.2m. Net tangible assets are £48.5m. The lending book is worth £243.4m.
MAIN MARKET
Andrew Perloff has raised his stake in motor dealer Caffyns (LON: CFYN) from 20.2% to 22.2%.
Andrew Hore
Quoted Micro 17 March 2025
AQUIS STOCK EXCHANGE
All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for £2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for £400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of £240,000, while JTR Productions made pre-tax profit of £150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.
Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.
Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.
Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.
Gledhow Investments (GDH) reported a reduction in NAV from £1.41m to £989,000 in the year to September 2024. That includes £150,000 in cash and subsequent disposals have increased cash to £220,000.
Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were £1.75m, including £1.59m in cash and £158,000 in short term investments.
Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.
There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised £300,000, taking the total fundraising to £7.8m. Trading on AIM will start on 20 March.
ASSET MATCH
Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.
JP JENKINS
Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claire’s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.
Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was £4.33m at the end of 2023, including £342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.
Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be £4.3m, which is enough to be profitable.
AIM
Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.
Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for £22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified £1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales. Cake Box raised £7m through a placing at 180p/share and a retail offer could raise up to £200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add £1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.
US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth. In 2024, revenues rose 11% to $149.6m with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.
Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.
Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.
Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half. In 2024, revenues fell from £120.7m to £109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024. There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.
Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiary’s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to £4m, while next year’s forecast has been reduced from £7.6m to £7m.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Distil (DIS) shares have recovered some of the loss sustained following yesterday’s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to £1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed – but not including an offer for the company. There will be a need for more cash by September.
Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised £1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareum’s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.
SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive £60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.
Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswood’s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to £90.7m. The Kingswood independent directors “would be minded to recommend” the potential offer.
Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was €950/tonne, which is well above the average price assumption of €775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.
Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.
Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.
NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of £8.3m and increase NWF’s volumes by 6%. Last year’s revenues were £35.1m and underlying pre-tax profit was £700,000.
In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from £298,000 to £653,000, while the loss was reduced from £1.9m to £1.2m. The cash outflow was £1.3m. Net cash is £1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamer’s ingredient.
Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise £300,000 at 0.24p/share, plus £55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total £1.4m. The debts would be converted into 236.8 million shares. The CVA requires £115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.
MAIN MARKET
Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.
LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.
First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.
BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.
Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.
Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.
Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.
Andrew Hore
Quoted Micro 30 September 2024
AQUIS STOCK EXCHANGE
Seneca Partners has requisitioned a general meeting at ProBiotix Health (PBX) to remove chief executive Steen Andersen and Frederik Bruhn-Petersen, whose family office recently subscribed for shares, from the board. Seneca was an early backer of OptiBiotix (OPTI), which spun off ProBiotix Health and whose boss Stephen O’Hara is on the board. OptiBiotix was unhappy with the share subscription and concern about the increase of the number of employees in Denmark.
Brewer Adnams (ADB) interim revenues improved from £30m to £31.9m and the loss was reduced from £4m to £2.55m. NAV fell to £19.9m at the end of June 2024. The funding review is continuing. Proposals for additional funding have not been at suitable cost, so non-core assets will be sold to reduce debt. Adnams improved market share in the off-trade, but sales to pubs and bars declined faster than the market.
Music artist talent management services provider All Things Considered (ATC) increased interim revenues from £3.4m to £19.6m, helped by a sharp increase in services revenues and an initial contribution from the live events division. The loss rose from £1.14m to £1.26m. Net cash is £1.68m. The first major production for the ATC Experience division is Hamlet Hail to the Thief, which combines Shakespeare and Radiohead.
Skin treatments developer Incanthera (INC) says the initial launch of the SKIN + Cell is being expanded and the products will be in the European retail network of Marionnaud sooner than originally planned. That is 1,200 outlets and this should be enough to move Incanthera into profit. Full timing of the launch is still being discussed. There are also plans for additional products.
Trading in Essentially (ESSN) shares has been suspended pending an investigation.
Cleantech engineering company Time to ACT (TTA) reported a loss of £1.1m on revenues of £1.89min the year to March 2024, which was prior to flotation. There was a profit the previous year, but that was due to a one-off payment of £1.5m. Oberon forecasts revenues of £2.2m this year but points out the lumpy nature of revenues. There would still mean the company would be loss making.
Invinity Energy Systems (IES) joint venture development partner Gamesa Electric has ordered a 1.2MWh Mistral battery for a solar and wind generating site in Spain. This was announced at the same time as the interims, which were already well flagged. Interim revenues were £1.6m and the cash outflow from activities was £12.4m.
Bad debts of €1.09m were recovered by Black Sea Property (BSP) helped it move into profit in the six months to June 2024. Net assets are €50.6m.
Cadence Minerals (KDNC) made an interim loss of £2.5m, while net assets were £17.8m at the end of June 2024. The net cash outflow from activities was £300,000 and net cash was £100,000.
IntelliAM (INT) generated revenues of £106,000 between July 2023 and March 2024 and lost money.This is the period before the acquisition of 53 Degrees North Engineering. There was cash of £91,000 at the end of March 2024.
Equipmake (EQIP) has received an additional order from South American bus manufacturer Agrale. Equipmake will supply parts for the MA11 light bus platform, which is an electric/ethanol hybrid.
Hot Rocks Investments (HRIP) is investment in the Oscillate (MUSH) placing to help it finance the acquisition of Quantum Hydrogen. The investment company is buying shares in Oscillate at 1p each and they come with a warrant exercisable at 2p. The total fundraising is £700,000.
Coinsilium (COIN) reported that interim revenues slumped to £3,000, but the digital assets investor and services provider moved from loss to profit. That was due to a net fair value gain on financial assets of £336,000. Cash was £430,000 at the end of June 2024.
Igraine (KING) had £84,000 in the bank at the end of June 2024, following an interim loss of £67,000. The board is evaluating new opportunities.
Valerium (VLRM) has launched VLRM Capital Management in Gibraltar and it will act as director of VLRM Capital Management VSA Private Fund. The fund will use volume spread analysis to generate returns. Valerium chairman James Formolli has invested £1m in the fund.
Marula Mining (MARU) has updated its mine development plan for the Kinusi copper mine in Tanzania. The infrastructure is suitable to support open pit mining and two-phase copper processing operation to produce copper cathode.
Wishbone Gold (WSBN) is receiving A$55,000 from the Western Australian government towards exploration of the Nullagine tenements at Mosquito Creek.
Phoenix Digital Assets (PNIX) had net assets of 5.07p/share at the end of June.
Voyager Life (VOY) says that M3 Helium, which it has an option to acquire, plans a second frack on the Nilson well. This is a fully funded programme with investors providing $170,000 for a 25% interest in the well.
Ormonde Mining (ORM) says cash decreased by €769,000 in the first half of 2024. Net assets were €5.06m at the end of June 2024, with cash of €1.54m.
Globa Capital (GCAP) had net liabilities of £485,000 at the end of June 2024. There is support from shareholders and loan note holders to meet ongoing costs.
TechFinancials (TECH) had cash of $318,000 at the end of June 2024. Management is seeking investment opportunities.
Vinanz (BTC) raised £608,000 at 13p/share. This will fund the acquisition of more Bitcoin miners.
Lift Global Ventures (LFT) appointed Oberon as corporate adviser and broker.
RAJ Bailey acquired 10,000 shares in Daniel Thwaites (THW) at 85.25p each. It taks the director’s stake to 1.32%.
AIM
Floorcoverings supplier Airea (AIEA) had already flagged the weak second quarter trading. Interim revenues were 6% lower at £9.3m and there was a swing from a pre-tax profit of £620,000 to a loss of £68,000. Airea does not appear to be losing market share, and third quarter trading has been stronger. The investment in the manufacturing facility continues and should be completed in early 2025. There is still net cash even though inventories have increased.
Software and maintenance services provider Pennant International (PEN) says that the UK strategic defence review has led to delays in training contracts. This part of the business is being reviewed with plans to focus on a software-led model. Interim revenues were 4% higher at £7.4m despite a decline in North American revenues because of the splitting up of a large Canadian contract. There was a move back into a modest profit. A new software product will be launched in early 2025. Cavendish still expects a full year loss of £400,000, but it is reviewing its 2025 figures.
Telematics services provider Microlise (SAAS) has secured a five-year contract renewal with JC Bamford up until September 2029. The technology enhances connectivity and diagnostic capabilities to improve productivity. The relationship has lasted 14 years.
Graphene technology developer Directa Plus (DCTA) is taking a cautious approach to the environmental remediation tenders that it has been expecting to be awarded. These have been removed from forecasts and full year revenues are estimated at €7.3m, down from €10.5m, with a loss of €5.1m. The interim revenues declined 27% to €3.45m, although this was partly offset by the concentration on higher margin business. If Directa Plus wins one of the tenders, then revenues could rise significantly over the next year. There should still be net cash of €5.2m at the end of 2024, so Directa Plus can wait for the tenders to come through.
Shield Therapeutics (STX) has revealed phase 3 paediatric study results for ACCRUFeR, its iron deficiency anaemia treatment, that show highly clinically relevant effectiveness. This will support filings with the FDA and the European authorities for children older than one month. The FDA filing should be in the first quarter of 2025.
Ondine Biomedical Inc (OBI) has raised £2.8m at 12.5p/share, although the transaction is not expected to be completed until early November. This follows a partnership with Sweden-based Molnlycke Health Care that will take the Steriwave nasal antimicrobial treatment in the European and Middle East markets. The UK is the initial focus. The addressable market is $300m.
Cora Gold (CORA) says exploration work at the Sanankoro gold project in southern Mali has identified twenty new targets within eight gold bearing structures – four primary and four secondary structures. There are seven key targets. This provides potential to extend the existing gold resource of 920,000 ounces. There are signs that the Mali government may lift the moratorium on issuing permits. The existing DFS was based on a gold price of $1,750/ounce and even at this price level the project would generate $71.8m of free cash in the first year.
Clean Power Hydrogen (CPH2) has completed the final stage of the Factory Acceptance Test for the MFE110 electrolyser. The customer is Northern Ireland Water, and it will deploy one unit. This should help to spark more serious interest from other potential customers.
Fluid power products supplier Flowtech Fluidpower (FLO) had already pre-empted the interims in its July trading statement, but trading got tougher in the third quarter. Interim sales fell 6% to £55.7m with customers deferring orders. A recovery was expected in the second half, but revenues are likely to be flat leading to a 2% decline in revenues to £110m. Pre-tax profit is forecast to slump from £4.3m to £1.7m before recovering next year.
Emmerson (EML) is hopeful that it will receive the environmental permit for the Khemisset potash project in Morocco before the end of the year. There will also be the release of lab results from the second round of crop trials that examine the effectiveness of the potash providing phosphate to lettuces. Emmerson currently has $1.7m in cash. This should last well into 2025.
Hummingbird Resources (HUM) has launched an operational and strategic review and Dan Betts is moving from chief executive to chairman of the gold producer. A new boss is being sought. Lower than expected mining volumes mean that Kouroussa will take until the end of the year to reach commercial production. A $30m prepayment gold loan has been agreed with CIG. Gold will be delivered to CIG each month.
Energy services supplier Enteq Technologies (NTQ) has raised £1.5m from a placing and subscription at 5p/share. A retail offer could raise up to £500,000 and it closes on 30 September. The cash will help to finance the commercial launch of the SABER (Steer-at-Bit Enteq Rotary) tool. Testing with the first customer is ongoing. The fleet of SABER tools will be raised to ten.
Spirits supplier Distil (DIS) is raising £650,000 at 0.12p/share with non-exec Roland Grain subscribing £200,000 and Dr Graham Cooley £90,000. The shares come with placing warrants exercisable at 0.36p each. Allenby has been appointed as broker. The cash will fund promotion and production of stock.
MAIN MARKET
Highway Capital (HWC) has ceased discussions for the purchase of Guinevere Capital Esports and Entertainment. A capital restructuring is planned so that debt can be converted into equity and more cash raised via a share issue. The 2022-23 and 2023-24 accounts should be published by November. Trading in the shares was suspended in 2016.
Andrew Hore
Quoted Micro 18 December 2023
AQUIS STOCK EXCHANGE
Flex Labs Inc (FLEX) joined the Access segment on 15 December. The Canada-registered company is developing AI middleware for natural language processing text generators. There is no product yet. The introduction price was 3p, which valued Flex Labs at £3.42m. The share price ended the week at 6p.
Investment Evolution Credit (IEC) joined the Access segment on 14 December and raised £508,000 at 20p/share, valuing the online consumer loans company at £2.99m. The company currently focuses on the US but plans to move into the UK. In the US, Mr Amazing Loans offers loans of between $2,000 and $10,000 with interest rates of between 19.9% and 29.9%. Approvals are required to start offering loans in the UK. The core business is loss-making. The share price ended the week at 6p.
Shares in Semper Fortis Esport (SEMP) rose as shareholders agreed to the acquisition of Good Life + and the subsequent reverse takeover that occurs on 18 December.
Yooma Wellness Inc (YOOM) left Aquis on 15 December. The company has been put into voluntary liquidation.
China-focused eCommerce company Samarkand (SMK) reported a 1% dip in interim revenues of £8.1m, while the loss was reduced. There was growth in sales outside of China. Revenues from own brands rose 18%. VSA has downgraded its expectations for the full year because the recovery has not gained the anticipated momentum. Cost savings are helping to reduce the loss. The full year loss is still expected to fall from £4.7m to £3.8m. Samarkand could move near to breakeven next year.
Business assurance provider Adsure Services (ADS) generated revenues of £4.25m in the six months to September, which was prior to joining Aquis. There was an interim loss, but last year the second half was highly profitable. There are plans to diversify the customer base.
Retail carbon trading company Ora Technology (ORA) did not generate revenues in the period to July 2023. There was £1m in the bank at the end of July 2023.
In November, Guanajuato Silver (GSVR) increased month-on-month silver production by 23% to 295,284 ounces equivalent. The production improvement is set to continue into next year.
Marula Mining (MARU) is involved with local partners in applications for graphite mining licences at the Nyorinyori graphite project and the NyoriGreen graphite project in Tanzania. New processing equipment has been installed at the Blesberg lithium and tantalum mine.
Wishbone Gold (LON: WSBN) says visual inspection of core from recent drilling at the Cottesloe project in Western Australia show zones containing base metals while x-ray fluorescence scanning shows elevated base metals readings. Assay results will make things clearer.
Newbury Racecourse (NYR) has appointed Shaun Hinds to replace Julian Thick as chief executive.
IamFire is raising £1m at 1.5p/share and it has changed its name to WeCap (WCAP).
EPE Special Opportunities (EO.P) had net assets of 300.48p/share at the end of November 2023.
Marallo Holding Inc has acquired 1.75 million shares in NFT Investments (NFT) for a total cost of £47,375. Michael Heald has increased his stake in brewer Adnams (ADB) from 21.4% to 23.5%. Oscillate (MUSH) non-exec John Treacy has bought an initial 880,000 shares at 0.54p each.
AIM
Recruitment firm Impellam (IPEL) has finally agreed a takeover offer after months of being in a bid situation. HeadFirst is offering 557.2p/share in cash and 392.8p/shares in loan notes for each Impellam share. Shareholders will also receive the 55.9p/share dividend announced, plus a further cash dividend of 22.4p/share and a in specie dividend of 56.1p/share. This all adds up to 1,084.4p/share and values Impellam at £483.2m. The non-convertible loan notes offer annual interest of 17% and last an initial 3 years. The convertibles have annual interest of 12% and the total loan amount can be converted into 20% of the bid vehicle.
Venue management software supplier Skedda Inc has proposed an 82p/share offer to SmartSpace Software (SMRT) valuing it at £25m. The share price has not been that high since 2021 and it jumped 103% to 70p, still well short of the bid level. JO Hambro, which owns 8.3% of the software developer, is supportive of the offer. Skedda believes that it can provide the financial backing that SmartSpace Software requires. The SmartSpace Software board is considering the offer. The company is currently loss-making.
Dispute resolution services provider Driver Group (DRV) moved back into profit in the year to September 2023, mainly due to higher gross margins. The £1.1m pre-tax profit was still lower than the £2m reported for 2020-21. The cost base has been reduced and additional projects have been won. Net cash is £5.8m. The final dividend is 0.75p/share and management says that there is around £1m of surplus capital that can be used for share buy backs. The core businesses will be rebranded Diales and there are plans to move into other sectors, such as aerospace and IT.
Defence and forgings company MS International (MSI) more than doubled interim pre-tax profit from £3.46m to £7.72m. Revenues improved from £42m to £57m. The defence business returned to profit and generated all the revenue growth. That offset lower contributions from other divisions. Net cash is £50m. There are £57.5m of contract liabilities on long-term contracts and NAV is £43.4m. Deliveries for US navy contracts begin in the second half.
Shore Capital has reduced its 2024 and 2025 forecasts for pawnbroker H&T (HAT). The pledge book is growing faster than expected and an additional £10m of funding was recently secured. That additional profit is offset by increased wage costs following the raising of the National Minimum Wage. There will also be higher interest costs. The dividend is likely to grow by a lower percentage than previously anticipated. The 2024 revenues have been edged up to £261m, while pre-tax profit is reduced from £36.7m to £39.7m. A higher tax rate means that there will be a 10% drop in earnings estimates to 62.8p/share.
There is a continued decline in the share price of energy and water efficiency company Eneraqua Technologies (ETP) after the announcement that two local authorities are delaying spending. There is also a £900,000 exceptional charge relating to defective equipment. A loss of £6m is forecast for 2023-24.
Phase 3 trials of the grass allergy treatment developed by Allergy Therapeutics (AGY) show highly statistically significant reductions in symptoms compared with a placebo. There will be a meeting with the regulators in the first quarter of 2024.
Image Scan (IGE) returned to profit in the year to September 2023 as revenues were 50% ahead at £3m. A further improvement is expected this year. The order book is worth £650,000 with a pipeline of potential work that underpins further growth.
Former ITM Power (ITM) boss Dr Graham Cooley has acquired a 6.6% stake in Distil (DIS). This follows the drinks company’s £765,000 fundraising at 0.35p/share.
MAIN MARKET
RM (RM.) expects 2022-23 revenues from continuing operations to decline from £214.2m to £196m, which includes £19m (£33.6m) from Consortium, which is being closed. The educational technology provider expects to have a significant write-own relating to that business. Management is renegotiating lending facilities.
Kitchenware retailer ProCook Group (PROC) reported an underlying interim pre-tax loss was reduced from £2.8m to £2.2m. Revenues fell, but gross margins have improved, helped by lower freight charges. High street sales are growing, although online revenues have declined due to problems that have been sorted out. In the most recent eight weeks sales were 1.5% ahead
S and U (SUS) says net receivables have grown from £417m to £446m since the half-year end with the growth coming from the car finance and property bridging divisions. Management is cautious about prospects.
Andrew Hore
Ian Pollard – BT lines crossed; sacrificial lamb chosen; board saved
BT Group plc BT.A Todays announcement from BT that the Chief Executive is to make an unexpected and unplanned exit illustrates that the Board and the Chairman may have a problem which in turn illustrates that BT has a problem. The problem appears to be that the top management is confused and incapable of expressing itself logically. Reaction to recent results, bemoans the Chairman, has thoroughly demonstrated both to him and to the outgoing Chief Executive that there is need for a change of leadership to deliver the strategy set out by the Chief Executive and his team. So the Chief Executive is to go, whether stabbed in the back or falling on his sword, one know not but this is where the Chairman and the Board just tie themselves into knots. There is nothing wrong it appears with the Chief Executives strategy. It has the full support of the board says the Chairman “The Board is fully supportive of the strategy recently set out by Gavin and his team.”
So why has Gavin alone been selected for the chop. It does seem slightly illogical that the board should escape Scot free from the consequences of something to which it gave its full support. Sacrificial lambs, this way, please.
Games Workshop Group GAW has today announced a dividend of 30p per share, payable on the 27th July, as the sales and profit growth previously announced has continued to the and of the year on the 3rd June. Group profit before tax for the year is expected to be not less than 74m.
Hargreaves Services plc HSP updates that trading has been satisfactory during the year to the 31st May and results are expected to be in line with expectations.
Distil plc DIS Both sales volume and revenue continued to grow strongly across all channels during the year to the 31st March.Turnover and gross profit both rose by 23% and the company expects to build on its success during the coming year.
Find beachfront villas & houses for sale in Greece; http://www.hiddengreece.net
Pipelines Are In Growth Channels & Lapped Prior Year Pipeline Fill
Whitbread plc WBT places such emphasis on its various pipelines new and old that one has to wonder which business it is in, hotels or oil and gas. Verbiage in its interim report has not however stopped it from having a good first half. On a statutory basis, profit before tax for the six months to the 31st August rose by 19.9% and basic earnings per share by 23.6%Revenue growth was strong at 7.4% and Premier Inn and Costa are both gaining market share. In the UK over 2,000 new rooms have been 0pened and Direct bookings now account for 95% of the total which is not good news for the likes of booking.com.
As for those pipelines, in Germany it has accelerated new hotel pipelines and achieved nine secured pipeline hotels as well as strengthening a new Costa Store pipeline. The focus is on growth channels which are of course much better than straightforward ordinary growth without the channels.
Bunzl plc BNZL Since the 30th June revenue at constant exchange rates has grown by 11% and underlying growth has improved by between 5 and 6%. Growth through acquisition has also continued as an important part of the company’s strategy and for which it has an active pipeline.
GB Group GBG traded strongly in the half year to the 30th September with revenue rising by 40%, equal to 17% on n organic basis. An adjusted operating profit of £10m. is expected, which will be an increase of over 90% on last year.
Shoe Zone plc SHOE Despite the continuation of foreign exchange impacts continuing into the second half, full year profit before tax should be broadly in line with expectations. Revenue in the second half fell slightly due to the planned closure of loss making stores. The Big Box format as proved successful with six opened during the year and a further 10 planned.
Distil plc DIS Lapped prior year pipeline fill, with strong year on year growth in the six months to 30th September., which saw volume rise by 41.3% and gross profit by 22.1%.Operating losses fell by 68.1% to £22,000.
Beachfront villas & houses for sale in Greece http://www.hiddengreece.net
First Sales for Scottish Gold
Scotgold Resources SGZ has signed its first ever agreements for the sale of Scottish gold. This agreement covers the first refining batch (approximately 16oz) of Scottish Gold made available for jewellery (and only the second refining batch produced to date) from Scotgold’s Bulk Processing Trial (BPT) at the Cononish Gold and Silver Mine. The buyers are two of Scotland’s leading jewellery manufacturers.
Workspace Grp WKP is proposing a 40% increase in total dividends to 21.07p. per share after producing strong preliminary financial results for the year to 31st March led by growth in net rental income of 6.9%. Profit before tax was down on the previous year because of a smaller uplift in the property valuation. Recently completed projects have produced a strong letting performance and the total rent roll on like for like properties has grown by 14.5%. Demand for lettings remains healthy and there is a strong pipeline of refurbishments and redevelopments. Over the next three years delivery of over 1 million s.ft. of new and upgraded space is expected.
RPC Group plc RPC is to increase total dividends by 50% after a good trading performance saw revenue profit and cash flow all reach record levels for the year to the end of March, Revenue rose by 67%, adjusted operating profit by 77% and earnings per share by 54%. The proposed final dividend of 17.0p will make a total of 24p for the year.
Distil plc DIS saw 2016-17 turnover rise by 40% leading to its first ever profit, £10,000 compared to last years loss of £97,000. Growth in own brands was strong and further sustained growth is now expected.
