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Quoted Micro 3 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to exchange the Rureka project and related assets for the Rachiate prospect and the El Salto project in Argentina. The deal and transaction structure are still to be finalised. No cash will be involved. Ajax was previously planning to acquire the Rachiate prospect. Ajax has also entered a binding option agreement for the acquisition of Nueva Celti copper project in Spain. A non-refundable option fee of $10,000 has been paid. The total cost will be $300,000. Orca Capital owns 9.64% of Ajax and John E Story no longer has a notifiable stake.
Supernova Digital (SOL) interim revenues slipped from £297,000 to £72,000 and the loss increased from £215,000 to £1.23m. That is down to the fair value reduction increasing from £98,000 to £810,000 due to the weak cyber currency market. NAV is £1.81m.
Falconedge (EDGE) says the launch of the recurring referral fee programme will help overall revenues to grow. Further referral agreements are being discussed. Stefania Barbaglio has left the board.
Zentra Group (ZNT) subsidiary developing One Victoria has terminated its agreement with contractor Torsion Construction has been terminated after it went into administration. The One Victoria residential development will appoint a replacement.
Macaulay Capital (MCAP) increased interim income from £157,000 to £478,000, helped by the sale of ICA Group, and it moved into profit. Net assets are £2.08m, including cash of £980,000.
Capital for Colleagues (CFCP) had net assets of 87.6p/share at the end of May 2026. There are 16 companies in the portfolio.
NYCE International (NYCE) says it had cash of £63,000 at the end of June 2026. Talks with a potential bidder have ended. More cash is required. Management is seeking shareholder approval to reorganise the share capital and issue shares at the AGM on 6 August.
EPE Special Opportunities (EO.P) has redeemed £1.73m of loan notes.
Majestic Corporation (MCJ) has appointed Allenby as corporate adviser and joint broker. VSA Capital has also become joint broker.
ASSET MATCH
Greenshields Agri Holdings (GAH) plans a share buyback in the fourth quarter. The Scottish agricultural land market remains resilient, although IHT changes could lead to more supply from 2027. Land values in England and Wales have slipped 1.5%. Wheat prices have risen with hot weather hitting production.
AIM
Floorcoverings distributor Likewise (LIKE) is taking advantage of the strong share price to raise £28.5m at 28.5p/share and a retail offer could raise up to £2m. This cash will finance the £9.8m cost of the proposed acquisition of a 60,000 sq ft warehouse freehold in Corby, as well as enabling further acquisitions of distribution facilities. The additional distribution facility will increase capacity to £300m each year. There are also £9m of bank facilities being negotiated. Net debt was previously expected to rise to £10.7m by the end of 2026 and net cash of £2.6m is now forecast.
Xcalibur Multiphysics Group has bought a 25.5% stake in subsurface resources data supplier Getech Group (GTC). Xcalibur is a global specialist in airborne and mapping geophysics. Octopus sold its 16.4% stake, and First Equity sold its 6.42% shareholding.
Cloud-based secure payments technology developer PCI-Pal (PCIP) did better than expected in 2025-26 and grew revenues 14% to £24.6m, which means the expected loss has been reduced to £800,000. Annualised recurring revenues were 29% higher at £24.4m, providing a strong base for 2026-27 forecast earnings of £27m, which will be reassessed when the full year figures are published. Net cash is £4m. The momentum continues, especially in the US. A new strategic partnership has been signed with reseller NiCE Systems Inc. Chief executive James Barham bought 26,466 shares at 56.5p each.
Cyber security software and services provider Shearwater Group (SWG) says the business won at the end of the period meant that trading was ahead of expectations in the year to June 2026. Revenues have been upgraded 18% to £42m and earnings have been raised from 4.5p/share to 4.9p/share. Net cash was £5.6m at the end of June 2026, which is around 50% of the market capitalisation. The board is considering share buybacks and /or dividends. At this point, Cavendish is not changing its 2026-27 forecast.
Brave Bison (BBSN) has launched a bid for System1 Group (SYS1), which valued the market research technology and services provider at £43.1m, or 327p/share, at the end of trading yesterday. The bid is 135p in cash and 2.04 Brave Bison shares for each Systems1 share. Brave Bison already owns 28% of Systems1 bought from founder John Kearnon and an institutional investor for an average cost of 242p/share. The original offer was valued at 297p/share and that was followed up with a 327p/share indicative offer. The combined business would have revenues of £79m.
Transport software and technology supplier Tracsis (TRCS) is acquiring UK rail software provider Mistral Data from FirstGroup for an enterprise value of £48m. In 2025-26, revenues were £13m and EBITDA was £4m. Annualised recurring revenues are 85% of group revenues. Using the cash pile to finance this will help the enhancement of earnings. The UK rail technology market is set to grow at 5%/year.
Furnishing fabrics and wallpapers designer Colefax Group (CFX) increased full year sales 5% to £115.9m, even though decorating sales declined, while pre-tax profit rose 18% to £10.5m due to a strong performance of the fabrics business in the US. Cash was £23.5m at the end of April, after £6.1m spent on share buybacks. The total dividend is 7% higher at 6.3p/share. US sales continue to be strong, but the UK is tougher.
Professional services network DSW Capital (DSW) full year revenues improved from £5m to £6.3m, helped by the contribution from DR Solicitors. Pre-tax profit fell from £1.6m to £1.3m. There was a decline in M and A revenues, down to 31% of the total, and there is caution about revenues this year. The dividend was increased to 3.2p/share.
Shield Therapeutics (STX) says US volumes of ACCRUFeR iron replacement treatment increased, but lower selling prices in the US meant that interim revenues from that market were lower. Group revenues were 41% ahead at $30.4m because of a $7.9m milestone payment from China. Operating profitability is being maintained, but it is not enough to cover interest charges. Cash was $8.3m at the end of June 2026, but there is debt to offset against this.
Media localisation and services provider Zoo Digital (ZOO) is seeing signs of improvement in the TV and film market for localisation and dubbing. Approaches from customers are increasing and Zoo Digital is moving into new areas such as live sport. Restructuring the business has helped to reduce costs. Revenues declined from $49.6m to $42.3m. The loss was reduced from $8.3m to $2.3m. The operations generated enough cash to more than cover investment in technology. The trading improvement has continued into the first quarter of this financial year.
Mobile games developer Gaming Realms (GMR) says interim revenues will be 3% lower at £15.5m. That is because non-core brand licence revenues slumped from £2.4m to £700,000. That will hit profitability in the first half. The core business did well. Net cash is £13.5m.
Fluidpower products distributor Flowtech Fluidpower (FLO) grew like for like sales by 13% in the first half as the company gains market share. Overall sales were 24% ahead at £70.4m. This was despite the lack of sales to two bridge infrastructure projects, which are likely to come through in the second half. Full year pre0tax profit is set to jump from £1.7m to £4m.
AI-enabled PR company Pathos Communications (NEWS) interim revenues rose 14% to $7.3m and it is on track to achieve full year forecasts, which appear conservative. Revenues of $14m are estimated with underlying pre-tax profit improving from $2m to $2.7m. This is despite adding to the cost base by investing in growing operations, including a new team in Asia Pacific. Cash generation is improving.
CyanConnode (CYAN) is recommending a 10.165p/share in cash from Esyasoft, valuing the smart meter technology company at £36.5m. Esyasoft previously bought Good Energy.
Newmark Security (NWT) is selling loss making physical security business Safetell for £1 and concentrating on the human capital management division.
MAIN MARKET
Online travel hostel agency Hostelworld (HSW) has reported its interims and they were in line with the trading statement with revenues 12% ahead at €52.2m. Profit was held back by one-off charges and an additional €2.3m of marketing investment. Underlying profit after tax fell from €5.1m to €4.9m. The interim dividend is €0.0083/share. Net cash is €2.5m. Guidance is unchanged with deferred income expected to unwind in the second half.
Fully listed financial management software developer Aptitude Software (APTD) has grown annualised recurring revenues for AI autonomous finance software by 12% to £20.1m thanks to Fynapse software sales. A $5.54m, three-year contract has been won in Canada. Overall annualised recurring revenues dipped to £49.9m because of lower legacy revenues. Churn should be reduced in the second half. The quality of revenues is improving and operating profit has increased in the first half. Net cash is £15.7m, after £2.6m of share buybacks.
US cybersecurity technology company Narf Industries (NARF) increased full year revenues by 50% to $4.5m. The cash outflow from operating activities was $226,000. There is $4.1m of revenues to be recognised this year. That is despite one project has been cancelled.
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
Brand Communications Monthly Highlights Newsletter July 2025
Brand Communications Monthly Highlights #Newsletter July 2025:
✅ Key announcements from #VVV #URU #ECR #BRES #MDH #KDNC #FDR #MSMN #SVML #GRX #AYM #FCM
✅ CEO interviews with Kiran Morzaria, Cadence Minerals Plc #KDNC, Cameron Pearce, Blencowe Resources #BRES and Nick Tulloch, Mendell Helium #MDH
✅ StockBox Media Research Talks July 6th | July 13th | July 20th & July 27th covering #MDH #PR1 #DKL #GCAT #ECR #ADF #REE #MOON #FCM #GSCU #DSW #BGD #MOG #MSMN #CMR #FDR
Read: https://mailchi.mp/branduk/brand-comms-monthly-highlights-newsletter-july-2025?e=036f7976ba
Quoted Micro 14 July 2025
AQUIS STOCK EXCHANGE
TechFinancials (TECH) has entered into an agreement to potentially acquire a 60% stake in the Dilotiko high-grade iron ore project in Kenya. The mining permit application is going through final evaluation. There has been historical exploration. This could be an open pit mine with a 20 year life. TechFinancials is issuing 20 million shares at a deemed share price of 0.25p for an option to acquire 60% of Dikotiko. Then, within 60 days 80 million shares, depending on the price will be issued to acquire 25% of project owner Dilotiko Ltd. Further shares will be issued to take the stake in the project to 60%. The deal was introduced by Gathoni Muchai Investment Company, which can appoint two directors to the TechFinancials board following the formal acquisition. The firm will also underwrite a placing to raise £250,000 at 0.25p/share.
Zentra (ZNT) intends to transfer to the newly launched Aquis Real Asset Market. Zentra has completed the acquisition of a site on Old Mill Street in Manchester for £1.425m. The former car park is near a tram stop.
Broker VSA Capital (VSA) returned to profit in the year to March 2025 as revenues rose from £1.89m to £2.78m. A small loss was reported, but that was due to the amortisation charge of £330,000. Underlying pre-tax profit was £323,000. There was £537,000 in the bank at the end of March 2025. The number of retained clients increased from 27 to 30.
AI technology developer IntelliAM AI (INT) generated pro forma revenue of £3.92m in the year to March 2025. Annual recurring revenues are £810,000 and it is expected to grow to £2m by next March. There is cash of £2m.
Hot Rocks Investments (HRIP) increased the size of its fundraising from £375,000 to £450,000, still at 1.125p/share.
The Smarter Web Company (SWC) raised a further £10.3m at 325p/share, which follows the previous placing raising £22.9m at 327p/share earlier in the week. The company currently owns 1,275 Bitcoin at a total cost of £100.1m. There is £31m left to be invested. In the past 30 days there has been a Bitcoin yield of 497% on its treasury holding.
Vaultz Capital (V3TC) director Neil Ritson has left the board. The company has submitted an application to commence share trading on the OTCQB Venture Market in the US. Bryan Reid has built up a near-11% stake.
Coinsilium (COIN) ay that its Forza! subsidiary holds 86.67 Bitcoin. Shareholder agreement to the issue of new shares will enable further investment. Trading activity in the shares has increased.
Ajax Resources (AJAX), which moved from the Main Market, plans to list on Euronext Growth Oslo. The second closing of the company’s subscription by 25 July. An Environmental Impact Study has been submitted for the Eureka copper and gold project in Argentina.
Oscillate (MUSH) has made a non-refundable payment of £500,000 to Kalahari Copper for the acquisition of a subsidiary holding the rights to the Daisu copper and silver prospects in Botswana.
Richmond Hill Resources (SHNJ) has modified terms for the purchase of Three Mile Beach with the long stop date extended until 15 October.
Wishbone Gold (WSBN) has applied for 12 exploration tenements near to the Red Setter gold dome project. They are also close to the Telfer gold mine operated by Greatland Resources (GGP).
Inqo Investments (INQO) has appointed Bowsprit Partners as corporate adviser.
Newbury Racecourse (NYR) director James Richardson has acquired 10,350 shares at 600p each.
JP JENKINS
Computational biological data analysis business e-therapeutics (ETX) has made progress with lead candidate, ETX-312, a GalOmic siRNA therapy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The doses administered in a trial were not toxic.
Sports consultancy and data analysis company 4GLOBAL (4GBL) started trading on JP Jenkins on 8 July.
The JP Jenkins index of the 15 largest companies on the platform rose 0.96% to 1063.19 in the month to 7 July.
AIM
Water and energy efficiency technology services provide Eneraqua Technologies (ETP) says revenues will be lower than expected for the year to January 2025, but pre-tax profit will be in line with forecasts. Revenues of £81m were forecast but the outcome is going to be £63m. A £7m project substantially completed last year is recognised as accrued revenues. There have been delays in the receipt of payments and further deferral of projects in the current year. This has led to the requirement for additional funding. The disposal of a non-core business should raise £1m. Subsidiary Cenergist has been placed in administration due to an adverse adjudication. Trading in the shares has been suspended because of the financial uncertainty.
Executive search firm Norman Broadbent (NBB) reports interim net fee income up by one-third to £6m. This is helped by the rise in the average fee per mandate. Underlying EBITDA is more than £750,000. The company has moved into a net cash position of £200,000. Third quarter contracted revenues have increased.
Begbies Traynor (BEG) has launched a buyback of up to one million shares on the back of its full year results announcement. This shows the confidence in cash generation. Pre-tax profit was 7% ahead at £23.5m. Net cash was £900,000 at the end of April 2025. Total future earn out payments are £12.2m. Insolvencies remain relatively high compared with recent years. Growth is offsetting the increases in costs. There are headwinds for property advisory. Pre-tax profit could rise to £24.2m this year without further acquisitions.
IT training company Northcoders (CODE) warns that there is limited visibility on government funding of regional training. Some regions have not even launched tenders for the training. Northcoders has a good reputation but cannot guarantee how much business it will win. This makes revenues unpredictable for the full year and Zeus has withdrawn its forecasts. Fixed costs are being reduced.
Plastic products supplier Coral Products (CRU) says full year sales will be slightly lower at £30.5m, but profit will be much better than expected. Cash was £750,000 at the end of April 2025. This year profitability is significantly better than anticipated and there will be an initial contribution from Arrow Film Converters.
Premier Miton (PMI) reported a small decline in assets under management to £10.5bn at the end of June 2025. There was a positive performance over the latest quarter and outflows were lower. After the period end a new $50m mandate was gained.
Jarvis Securities (JIM) has confirmed the sale of its execution-only broker business to Interactive Investor. The initial £9m will be paid shortly and the other £2m deferred for up to 18 months. The settlement business is being wound down and the company will become a shell.
CML Microsystems (CML) has secured a 12-year design and supply agreement with a leading manufacturer of industrial Global Navigation Satellite System equipment. This deal will be worth more than $30m. Shore Capital is still not providing forecasts for this year because of the underlying uncertainty.
Data analysis software provider Celebrus Technologies (CLBS) reported a rise in full year pre-tax profit from $7.4m to $8.4m, although it is likely to be loss making this year. That is du to the switch to a subscription model.
Cybersecurity services provider Shearwater (SWG) issued a positive trading statement. The pre-tax profit forecast was raised from £400,000 to £600,000 and the 2025-26 figure is maintained at £1.1m.
Foreign exchange services provider Finseta (FIN) says interim revenues rose 16% to £5.9m and the number of customers has risen to 1,101. Corporate client generated the majority of revenues. Finseta had already warned that profit would be lower this year due to investment in expansion and there was a slump in the first half. Net cash was £400,000 at the end of June 2025. A stronger second half is expected.
Professional services firm DSW Capital (DSW) had a strong end to the financial year and expects M&A business to be much less important this year. Pre-tax profit was flat at £1.4m. Revenues were higher, partly due to direct solicitors rather than franchise business. Two-thirds of revenues came from M&A, and this will fall to one-third this year.
Futura Medical (FUM) is replacing James Bader as chief executive after disappointing sales o of its main erectile dysfunction product Eroxon. Jeff Needham is also leaving the board. Alex Duggan will become interim chief executive.
Security services provider Westminster Group (WSG) has secured a £500,000 credit facility from Pantheon A Family Office Ltd, which is already a shareholder. There is no interest charge on draw downs and an existing convertible, but the conversion price has been cut from 3p to 2p.
Petro Matad (MATD) has raised £2.84m at 0.8p/share – more than expected – and could raise a further £500,000 from a retail offer. The cash will be invested in lower cost power generation.
Active Energy Group (AEG) has closed a substantially oversubscribed placing raising £346,180. The biomass-based renewable energy technology developer will use the cash for working capital. The company is evaluating a digital assets strategy for its treasury management. A proportion of the fundraising is likely to be invested in Bitcoin and other digital assets.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has bought contracts from its South African reseller. The purchase price is £2.5m and this deal includes taking on employees. BSFA
Online travel hostel agency Hostelworld (HSW) says interim revenues were flat at €46.1m and profit will be lower. Reduced bed prices have led to improved demand. Direct marketing costs have risen, holding back profit. Net cash is €6.1m.
Andrew Hore
Quoted Micro 19 May 2025
AQUIS STOCK EXCHANGE
Time to Act (TTA) is raising a minimum of £264,000 at 40p/share. VSA Capital has set a target share price of 118p. Diffusion Alloys is a coatings business, and the customer base includes hydrogen, nuclear and fuel cell businesses. Another subsidiary, GreenSpur is developing axial flux technology. This business hopes to generate revenues through design services to wind turbine designers.
KR1 (KR1) increased income from digital assets rose 51% to £13m during 2024, including Income from staking activities which jumped from £6.9m to £12.8m. There was a loss on disposals of £1m, compared with a £12.1m gain in the previous year. Pre-tax profit fell from £14.7m to £7.85m. There was £1.18m in cash at the end of 2024.
Smarter Web Company (SWC) raised £2.23m at 27p/share from a retail offer, taking the total raised to £3.45m. The company has invested a further £650,000 in Bitcoin at £75,460 each, which takes total investment to £1.41m. Smarter Web Company has applied to be quoted on the US OTCQB to help to add to liquidity. Tennyson Securities has raised its target price to 38.4p/share.
Coinsilium (COIN) expects the launch of the $YELLOW token launch is expected in two months. The sale will be conducted under Regulation D in the US, making it attractive to institutional investors. Coinsilium invested $200,000 in Yellow Network and the latest fundraising has increased the value of the stake. Coinsilium is raising £1.25m at 3p/share and a retail offer could generate a further £250,000.
Telecoms components supplier Unigel Group (UNX) improved turnover from £28.5m to £29.2m in 2024. Pre-tax profit jumped from £815,000 to £2.13m. The growth came in the steel tapes business. Some manufacturing is being moved to the US to shield the company from potential tariffs.
Oscillate (MUSH) is planning a work programme for the Duekoue copper gold molybdenum prospect in Cote d’Ivoire. This involves geological mapping and soil sampling, plus ground magnetics. Further mapping will be undertaken.
SuperSeed Capital (SEED) had net assets of 125p/share at the end of 2024. The funds it manages will benefit from opportunities in digital transformation, operational efficiency and AI.
Visum Technologies (VIS) intends to acquire CandC Gordan for £414,000 in shares at 0.5p/share. The company being acquired offers shared workspace to facilitate app development. There are plans to restructure debt in return for 142 million shares.
RentGuarantor Holdings (RGG) is raising £2m at 250p/share. The funds will expand the rent guarantee business and enable the hiring of staff. It will also finance the initial costs of a move to AIM.
Meme Vault has changed its name to Vault Ventures (MEME) and it will incubate start-ups and targeting investment opportunities. Cash is being invested in cryptocurrency.
VVV Resources (VVV) is raising £900,000 at 1p/share and the underwriting commission to Campana Investments will be £90,000. This follows a previous subscription by Campana of £100,000.
Constantine Logothetis has increased his stake in SulNOx Group (SNOX) to 28.8%. BWA Holdings (BWAP) chairman Jonathan Wearing has bought 500,000 shares at 0.25p each. A share issue has paid off £21,600 of liabilities.
EPE Special Opportunities Ltd (LON: EO.P) NAV was 309.57p/share at the end of April 2025.
ASSET MATCH
Zytronic (ZYT) has moved from AIM to Asset Match on 15 May. The company is being wound up. The first auction will be on 20 June.
AIM
Pawnbroker H&T (HAT) is recommending a 650p/share cash bid from FirstCash and shareholders will also receive the previously announced 11p/share final dividend. This values H&T at £297m. FirstCash operates pawnbrokers in the US and Latin America and this deal will take it into the UK. The additional backing could accelerate expansion. H&T rejected the first approach and started talks after the fourth proposal. The bid values H&T at 12 times prospective 2025 earnings.
Bain Capital is considering a potential offer for Craneware (CRW), although it is still early days. Scotland-based Craneware provides accounting and billing software to US hospitals. In the year to June 2025, Craneware is forecast to generate revenues of $206.8m and pre-tax profit of $44.1m.
Angling Direct (ANG) revenues increased from £81.7m to £91.3m in the year to January 2025. There were six new stores in the UK, three of which were acquired, and a store was opened in the Netherlands one year ago. The MyAD club has 409,000 members and is helping to increase spending, and it is being offered in Europe. The European loss was reduced, and group pre-tax profit was one-quarter higher at £2m. Net cash is £12.1m after capital investment and share buybacks. Angling Direct is doing well in a consolidating retail market for fishing tackle retailers.
Vertu Motors (VTU) is not immune to the tough new car market, but its performance is relatively good compared with the market. It is the fourth largest motor dealer in the UK. It has 198 dealerships. Government targets for electric vehicle sales have been the major disrupting factor for the car market, on top of the economic uncertainty. Aftermarket business has helped to offset the lower contribution from new car sales. This is less cyclical. There was also some growth in revenues from used cars, where there appears to be a more positive outlook, and fleet sales. In the year to February 2025, pre-tax profit fell from £34.7m to £29.3m. The dividend was cut from 2.35p/share to 2.05p/share. Net debt was £160.6m at the end of February 2025. Net tangible assets are 72.9p/share. The decision to rebrand every outlet with the Vertu name will make it easier to promote the company.
Iodine supplier Iofina (IOF) improved 2024 revenues from $50m to $54.5m, while pre-tax profit fell from $8.5m to $4.8m. There was a change in mix of sales with more iodine-based products sold, while crystallised iodine sales were flat. Net cash was $2.9m at the end of the year, although capital investment is likely to lead to net debt by the end of 2025. Iodine prices remain strong at above $70/kg. The IO#11 plant should begin production in the summer. Iodine production has been affected by bad weather earlier this year. First quarter production was 124.1MT and first half production of nearly 300MT is forecast for the first half. Pre-tax profit could recover to $7.3m this year.
Energy as a service provider eEnergy Group (EAAS) has entered a partnership with US-based energy as a service provider Redaptive Inc, which will provide up to £100m to support new projects. eEnergy will project manage and deliver LED and solar on behalf of Redaptive customer base in Europe. These projects will be fully funded and eEnergy cash flow will improve. The current NatWest facility can only be used for public projects.
DSW Capital (DSW) had a strong second half with full year figures set to be ahead of expectations. The professional services provider increased network revenues by 61% to £25.8m, including an additional £3m of mergers and acquisitions business ahead of last year’s Budget. Business continued to be active post-Budget and has continued into the new financial year. Pre-tax profit of £1.6m is expected. Forecast 2024-25 pre-tax profit estimate has been changed from £1.43m to £1.7m, while the current year forecast is maintained at £2.5m, when there will be a full contribution from DR Solicitors.
Staff provider Staffline (STAF) has won a new contract with food and drink logistics provider Culina that could be worth £300m over three years. This should commence in the summer. There will be initial implementation costs in 2025. Panmure Liberum has raised its 2025 pre-tax profit forecast from £5.3m to £6m. The 2026 estimate is increased from £5.7m to £8.3m.
Volvere (VLE) improved pre-tax profit from £2.73m to £4.84m in 2024. Consolidated NAV rose from £14.83/share to £17.20/share. Cash of £27.8m is the equivalent of two-thirds of NAV. The trading subsidiary is Shire Foods. Management is seeking other food acquisitions, as well as opportunities in other sectors.
Synthetic binders developer Aptamer (APTA) has gained two fee-for-service development contracts worth up to £231,000, plus licence heads of terms with a global provider of speciality enzymes. The licence agreement covers Optimer binders developed via two fee-for-service contacts. There will be milestone payments and a 10% royalty. New data for the Optimer therapeutic delivery vehicle for liver fibrosis developed in collaboration with AstraZeneca shows it effectively targets fibrosis in the liver as well as the kidney, skin, lung, and heart.
Venture Life Group (VLG) is selling its contract development and manufacturing business to Italy based BioDue so that it can focus on its own self care brands. There will also be a ten year manufacturing agreement. The disposal includes some non-core brands and will generate £53m. The remaining business should have annual revenues of £43m and cash to acquire more brands. The prospective 2026 earnings multiple is eight.
Cosmetics supplier Revolution Beauty (REVB) has got additional productions into retailers and launched the RELOVE brand, but the US and online wholesale markets are weak. Full year revenues fell 26% to £141.6m. A £10.9m loss is forecast for the year to February 2025. Inventory levels have been slashed, but net debt increased to £26.3m at the end of February 2025, which leaves little flexibility in terms of cash. It could stay at around that level by February 2026, although the company could be near to breakeven this year.
Retail software developer itim Group (ITIM) increased revenues by 11% to £17.9m in 2024. Annualised recurring revenues were flat at £13m, but that was a result of currency movements and there was underlying growth. Services revenues increased helping to improve short-term profitability. There was a swing from loss to a pre-tax profit of £200,000. Cash doubled to £3.8m. There is a strong pipeline of potential business, but the timing of decisions by retailers remains uncertain. A further improvement in profit is expected in 2025.
88 Energy (88E) has completed its 25-for-one share consolidation. The previous closing price was the equivalent of 1.4375p. The share price has declined 35.7% to 0.925p.
MAIN MARKET
Mental health treatments developer Solvonis Therapeutics (SVNS) raised £2m at 0.13p/share. The new shares are 40% of the enlarged share capital. The company is making progress to completing the acquisition of Awakn Life Sciences, which will lead to a further 2.07 billion shares being issued. The cash will provide working capital.
Andrew Hore
Quoted Micro 11 November 2024
AQUIS STOCK EXCHANGE
Cross border e-commerce technology company Samarkand Group (SMK) reported a dip in revenues of 22% to £6.3m, with owned brands increasing their contribution by 14% to £4.1m. The loss has been reduced even before the £1.08m gain on the disposal of a brand. Net debt is £2m. The switch to focusing on owned brands will continue.
Wind-based hydrogen production technology developer Hydrogen Future Industries (HFI) says turbine testing has been delayed because of a fault in the control unit. Replacement parts should arrive by the end of the month. Schneider Electric is providing software to help analyse data for the feasibility study at Whitehall in Montana. Concept testing of the electrolyser continues, and efficiency is more than 97%. Neil Ritson has become executive chairman.
Unicorn Asset Management has taken a 5.42% stake in Equipmake (EQIP).
Pitch Pit has changed its name to Meme Vault (MEME) and will become an investment company focused on cryptocurrency and Web3 technologies. A new subsidiary will be set up in UAE. Chandila Fernando and Judith Hough will no longer be joining the board. The planned £500,000 placing is not taking place, but there will be an alternative fundraising.
DXS International (DXSP) chairman Bob Sutcliffe bought 35,000 shares at 1.3p each and he owns 1.8% of the healthcare IT developer. Earlier in the week, Hybridan published updated research and said that “management is focused on cashflow control until new NHS sales resume, when there could be significant revenue growth”. It argues that this is not reflected in the current share price.
Mendell Helium (MDH) has an option to acquire M3 Helium, which has acquired 85% interests in three further wells on the western side of the Hugoton gas field in Kansas. Two of the wells are in production and the third could be used as a water disposal well, which will reduce costs. No consideration is payable. The wells are breaking even.
Fenikso (FNK) has doubled its convertible loan to AIM-quoted Coro Energy (CORO) to £500,000. Tom Richardson, chairman of Fenikso is also a director of Coro Energy.
Ormonde Mining (ORM) investee company TRU Precious Metals, where it owns 36.3%, has announced results of copper exploration at the Golden Rose project in Newfoundland. Copper grades were up to 3.7% and some samples included zinc.
Jack Keyes has decided not to join the board of Oscillate (MUSH) as technical director. He is still undertaking hydrogen exploration work for the company.
ProBiotix Health (PBX) company secretary Mark Collingbourne has acquired 80,000 shares at 5.5p each.
AIM
Fabless silicon chip designer and manufacturer EnSilica (ENSI) slipped into loss in the year to May 2024, but there are already contracts in place for a bounce back to profit this year. EnSilica generates cash from operations, but it spent £6.1m on capitalised development. Chip supply generated flat revenues of £2.9m out of group revenues of £25.3m, up from £20.5m in the previous year. Chip supply revenues should start to build up from this year and that will sharply boost profitability. It can take two years or more for chip supply to begin and then production is built up to its peak, so there is built in growth for many years. Singer forecasts a 2024-25 pre-tax profit of £2.7m, doubling to £5.5m next year.
Membrane free electrolyser developer Clean Power Hydrogen (CPH2) has entered into a licence agreement with Lisheen H2 Energy Park, trading as Hidrigin, for the rights to manufacture MFE220 electrolyser units for its own use up to 2GW. This could be worth multi-million Euros. Hidrigin owns the 122MW Lisheen solar park and has funding for other developments. The licence fee will be payable in stages. Separately, there is a sale of a 1MW MFE220 electrolyser unit.
This week there was good news from professional services firm DSW Capital (DSW) with its trading statement following the acquisition earlier this week of DR Solicitors for £6.1m in cash and shares, which will reduce dependence on M&A. DR Solicitors has a client base of doctors, consultants and primary care providers. The latest annual pre-tax profit was £1.2m. The deal should be hugely earnings enhancing. Trading has been gradually improving in the first half. First half profit will be slightly lower at £100,000, but the full year pre-tax profit is expected to recover from £500,000 to £1.4m. A further jump to £2.5m is forecast for 2025-26. The interims will be published on 27 November.
Shell company Selkirk Group (SELK) raised £7.5m at 2.4p/share ahead of joining AIM this morning. The focus is undervalued consumer, technology and digital media businesses. Executive chair Iain McDonald says: “We have chosen to IPO on AIM because, despite the prevailing negative narrative, AIM is still a very attractive market for small, fast-growing companies”.
Electronics and battery products supplier Solid State (SOLI) had a tough first half but it says trading is in line with expectations in the first half and the second half should be better. Interim pre-tax profit has slumped from £7.3m to £2.5m. The components market has returned to normal, and first half revenues declined. Political uncertainty has hampered defence system orders. Last year’s defence revenues were exceptionally strong due to early deliveries, and a decline was expected. That is why full year underlying pre-tax profit is set to fall from £15.6m to £10.1m.
Hummingbird Resources (HUM) has announced a debt restructuring and possible bid. Delays in ramping up production at Kouroussa have strained the balance sheet and $30m of debt repayments have been deferred. Net debt was $155m at the end of September 2024, while trade and other payables were $152m. Nioko Resources, which owns 41% of the gold miner, is proposing a partial debt-to-equity conversion at 2.6777p/share, which would take its stake to 71.8%, and potential bid and cancelation of the AIM quotation. Geoff Eyre has been appointed interim chief executive.
Feedback (FDBK) raised £6.1m at 20p/share, which was a massive discount to the previous market price, which fell to 19.5p. This includes £530,000 raised via a WRAP retail offer of up to £1m. The cash will finance the rolling out of the Bleepa medical imaging communications product and take advantage of a collaboration with a provider of primary care IT services that will use Bleepa to streamline referrals between primary care, Community Diagnostic Centres and community care. The nominal value of shares will be reduced to 1p.
Futura Medical (FUM) has completed two proof of concept studies on new products for the treatment of sexual dysfunction in men and women. Eroxon Intense is a range extension for the existing Eroxon topical product for erectile dysfunction. This provides a stronger sensation. A preferred formulation will be tested next year and regulatory approval is expected by the end of 2025. WSD4000 is a topical treatment for women that treats symptoms such as lack of desire and lubrication. The next stage is a home user study, and results are expected in the first quarter of 2025. A pre-submission meeting with the FDA has happened and there will be another to help design a clinical study. There are discussions with potential partners.
Broadband services provider Bigblu Broadband (BBB) admits that it is in discussions with alternative investment manager Salter Brothers on a possible sale of the SkyMesh subsidiary. The transaction is subject to final terms and financing. This would be the latest asset disposal for Bigblu Broadband.
CleanTech Lithium (CTL) says that the pre-feasibility study for the Laguna Verde project has been delayed until the first quarter of 2025. Additional engineering work is required due to the location of the carbonation plant in Copiapo. An option for onsite renewable power will also be included. Lithium carbonate should be produced from the pilot plant in November.
Digital media publisher Digitalbox (DBOX) has added to its portfolio of digital media brands by acquiring the entertainment business of GRV Media. The assets are CelebrityTidbit.com, RealityTidbit.com and TheFocus.news. They generated revenues of less than £800,000 and they fit with Entertainment Daily and The Tab.
Synergia Energy (SYN) has raised £632,500 at 0.05p/share. There has also been the conversion of £296,000 of loans and £83,000 of fees into shares. The shares come with a warrant exercisable at 0.1p each. This provides funding for the Medway Hub Camelot carbon capture and storage joint venture with Harbour Energy. Synergia Energy wants to farm out up to 25% of the project. There should be a significant increase in production at the Cambay PSC, where a farm out of a 50% interest to Selan Exploration has been completed, from the second quarter of next year.
Kodal Minerals (KOD) joint venture partner Hainan Mining says that the $15m owed to the Mali government should be paid by Kodal Minerals and not the joint venture that owns the Bougouni lithium project. Kodal Minerals disagrees.
Optimer binders developer Aptamer Group (APTA) continues to win new contracts and it has added contracts worth up to £471,000 in the third quarter. This is work from a number of clients and many are repeat customers. Some of the existing customers are reaching a point where they are considering long-term licences. Booked revenues have reached £1.2m for 2024-25. The potential pipeline has increased to £4m.
MAIN MARKET
Cybersecurity company Narf Industries (NARF) says 2024-25 revenues should be at least $5m and they could rise to $8m in the following year. In the 15 months to March 2024, revenues were $7.6m. The dip in revenues is due to a switch in focus to commercial sales rather than the dependence on government funded development, as well as delays in US funding. Thereby building recurring revenues.
Foams manufacturer Zotefoams (ZTF) revenues are accelerating with third quarter growth of 54% and year to date improvement of 23%. Footwear sales are fuelling this growth, helped by the Olympics boosting Nike demand, but other parts of the business are also growing. Operational efficiency is increasing margins.
Andrew Hore
Quoted Micro 8 July 2024
AQUIS STOCK EXCHANGE
Sheffield-based AI software company IntelliAM AI (INT) joined Aquis on 3 July. It raised £5.08m at 94p/share. The acquisition of 53 Degrees North was completed after admission. This adds a range of asset care consulting and management strategies for manufacturers to the group. Customers include food manufacturers, consumer and industrial businesses.
Voyager Life (VOY) says M3 Helium’ is drilling a vertical well at the Hugoton North Play project in Kansas. Voyager Life has an option to take a stake in M3 Helium.
Coinsilium (COIN) has been signed a collaboration agreement with Web3b developer Lifeflow Inc, which will have access to $1m of dedicated seed funding. Investee company Greengage is collaborating with global crypto currency exchange Coinbase. Coinsilium is purchasing $75,000 of future tokens in the early backers round of the Otomato Web3 automation protocol. There is an option for $150,150 future tokens.
Inqo Investments (INQO) has invested in Pabidi Lodge Budongo Ltd in Uganda. This lodge and ten luxury tents are expected to be open by the end of 2024.
Tap Global Group (TAP) has secured a commercial agreement with Tap N Go for the launch of the XTP cashback programme. XTP is a token for trading via Tap Global exchange services.
Eight Capital Partners (ECP) was hit by a £14.6m unrealised loss on its investments in 2023. That is predominantly down to a reduction in the value of a bond issue by 1AF2, which is due for repayment on 22 July. NAV has declined from £25.3m to £12.8m. Net debt is £862,000. Even so, the share price improved.
Valereum (VLRM) has completed the £2m raising from chairman James Formolli, while a warrant exercise has generated £9,458. Shares were issued at 0.36p each and on top of that he received 15 million GATE tokens. The cash will finance the growth of the business and development of the GATE token.
Shares in Watchstone Group (WTG) went ex-dividend on 4 July. It is returning 8p/share in cash.
Chris Potts reduced his stake in Shortwave Life Sciences (LON: PSY) from 15.2% to 11.65%. Jonathan Bellis has a 3.4% stake in Hot Rock Investments (HRIP).
Trading in Marula Mining (MARU) shares was suspended because the 2023 accounts have not been published.
AIM
Workflow efficiency software supplier ActiveOps (AOM) increased annualised recurring revenues by 14% to £25.1m by the end of March 2024 as existing clients continued to spend more on top of the new contract gains. There was cash of £17.6m at the year end. There was a jump in pre-tax profit to £1.9m, but further investment in the business means it could fall to £1.4m this year. The growth in recurring revenues is the most important thing, though.
Semiconductors designer CML Microsystems (CML) had a tough year to March 2024 and this year will also be difficult, but design wins mean that the longer-term outlook is more positive. Revenues grew from £20.6m to £22.9m, although that was due to a near-six month contribution from last year’s acquisition MwT. Underlying pre-tax profit dipped from £3.6m to £3.1m. Destocking by customers and a change in product mix hit profit. A further dip in profit is expected this year, but new contracts and a broader product range, including new digital radio technology DRM, will improve revenues in two to three years. The balance sheet remains strong with net cash of £18.2m.
Professional services network operator DSW Capital (DSW) reported full year revenues fell by one-fifth to £2.4m and pre-tax profit declined from £1.4m to £500,000. The total dividend was cut from 3.8p/share to 2p/share. That is not covered by earnings, but management eventually intends to return to paying up to 70% of distributable earnings in dividends. Net cash is £2.3m.
Bluejay Mining (JAY) says there are indications of potential helium and hydrogen accumulations at the Outokumpu licences in Finland. There is up to 5.6% helium and 46% hydrogen, plus other gases. Seismic data has been acquired to identify high potential areas. Helium and hydrogen is the new focus of the company. Non-exec Roderick McIllree bought six million shares at 0.35p each.
Helium One Global (HE1) is making progress at the Rukwa project. An extended well test will start later this month. The required equipment is being delivered. A feasibility study is underway.
Pipehawk (PIP) shares slumped 75.3% to 2.1p because of financial difficulties at QM Systems, which had moved to larger premises. Two large orders have not been obtained. QM Systems is likely to be put into administration. QM Systems accounted for 65% of group revenues last year and lost £970,000. The rest of the group should be able to continue as a going concern, although continuing activities made a loss in the year to June 2023.
Martin Andersson has stepped down as executive chairman Chaarat Gold Holdings (CGH) as the company is in restructuring discussions with Labro Investors, which he is associated with. He remains a non-exec. David Mackenzie is acting chief executive. The company has enough cash for the next few weeks but cannot fund the $1.2m repayment due on the Labro convertible loan in September. The restructuring discussions relate to this.
Linear generator technology developer Libertine Holdings (LIB) has entered into a conditional subscription agreement with equity investors based in India and Dubai. This could raise £2m at 1.5p/share. This would involve the issue of shares equivalent to 49% of the enlarged share capital. This would provide funds for working capital until June 2025, but Libertine is not likely to breakeven in that time frame.
Mercia Asset Management (MERC) assets under management have reached £1.8bn, helped by a new mandate from the British Business Bank. EBITDA was £5.6m in 2023-24 and the strategy is to double that figure in three years. NAV improved to 43p/share, including £47m in cash, despite the 2p/share write down of the investment in engineering firm Impression Technologies.
Retailer Shoe Zone (SHOE) has been hit by higher freight costs and weaker spring trading, which has led to a reduction in pre-tax profit estimates for the year to October 2024 from £13.8m to £10m. Last year’s pre-tax profit was £16.5m and revenues are likely to be 1% lower. A total dividend of 6.5p/share is forecast.
Fulcrum Metals (FMET) has exercised its option to acquire the Chariot-Neely Lake, South Pendleton and Snowbird uranium projects in Canada. Fulcrum Metals intends to sell these and the Fontaine Lake project to Vancouver-based Terra Balcanica for C$300,000 in cash and C$3.1m of shares when it has completed agreed exploration spending over the next four years. Fulcrum Metals will also retain a 1% net smelter return royalty.
MAIN MARKET
BATM Advanced Communications (BVC) has signed a strategic partnership with a global technology group to market its cyber encryption technology to the civil commercial markets around the world. The partner will pay at least $2.1m over two years to develop a combined hardware and software product off.
Filtration technology supplier Porvair (PRV) had a tough first half with destocking holding back progress. In the six months to May 2024, revenues grew from £90.6m to £94.6m, but higher interest charges meant that underlying pre-tax profit fell from £11.8m to £11.5m. This includes an initial contribution from mist elimination filters producer European Filter Corporation (EFC) of £1m to operating profit and it accounted for the growth in revenues of the aerospace and industrial division. The interim dividend was raised by 5% to 2.1p/share and the full year forecast is 6.3p/share. Net cash was £4.1m after the payment for EFC.
Andrew Hore
Quoted Micro 19 February 2024
AQUIS STOCK EXCHANGE
Vehicle electrification technology developer Equipmake (EQIP) has raised £4m at 6p/share and a further £110,000 from a retail offer. This will fund research and development for the international market and finding opportunities in the US. There is also grant funding of up to £4.57m. The order book is valued at £13.1m and mainly relates to the bus market. The cash will last at least 12 months.
Coinsilium (COIN) says that the SalitaFinance AI-driven platform, where it has a 6.7% stake, has received investment from a top ten global infrastructure bank. Another investee company, crypto friendly payments company Greengage Global has secured an agreement with a new regulated partner and this will enable the earlier launch of Greengage’s US dollar currency accounts along with forex and SWIFT payments services for clients.
Investment Evolution Credit (IEC) has appointed Axis Capital Markets as corporate broker to help to raise up to £100m via the previously announced bond offering. The share price rose by 50% on the week to 60p. The December 2023 admission price was 4.5p.
RentGuarantor (RGG) has entered a three-year marketing deal with student letting company University Living. The rent guarantee service will be promoted to residential tenants. This will broaden access to the market.
Mortgage Chat (MCAI) has raised £105,000 at 0.05p each. The strategy is moving towards the development of an artificial intelligence platform called Mortgage Chat connecting borrowers and lenders.
Brewer Adnams (ADB) has asked advisers to explore options for funding growth plans.
Marula Mining (MARU) has published a shareholder circular to gain approval for a subscription by AUO Commercial Brokerage. The first subscription will raise £3.75m at 3.75p/share with further subscriptions potentially raising £4.78m at 10p/share. The general meeting is on 8 March.
BWA Group (BWAP) has come to a settlement with St-Georges Eco-Mining Corp, which will convert some loan notes into 146.2 million shares and cancel £1.42m of convertible notes. Connected parties will also be encouraged to rerun up to £1.8m of convertible notes.
TruSpine Technologies (TSP) has entered into a £50,000 loan note agreement with Martin Armstrong, a former chairman. This can be converted into shares at 2.5p each.
Lord Nicholas Monson has increased his stake in Lift Global Ventures (LFT) from 4.96% to 5.33%.
AIM
Katoro Gold (KAT) has raised £750,000 at 0.1p/share, along with warrants exercisable at 0.2p/share that could raise up to £1.5m, and it is planning board changes. Executive chairman Louis Coetzee is stepping down. Outstanding board fees of £91,000 have been reduced to £63,600. A new strategy will involve maximising value from existing interests and seeking new opportunities in critical metals, including uranium. Paul Johnson, who has previously run Power Metal Resources and Metal Tiger has been appointed strategic consultant. The company plans to change its name to Katoro Global Resources.
Good Energy (GOOD) is building on its energy efficiency services business through the acquisition of Maidstone-based JPS Renewable Energy, which is a solar and storage installation business. The initial consideration is £7m in cash and shares with deferred consideration of up to £6.75m over two years. The vendors placed 842,000 of the 1.32 million shares issued at 250p each. JPS generated revenues of £12.4m and pre-tax profit of £600,000 in the year to April 2023 and pre-tax profit could increase to £1.3m this year.
Neometals (NMT) says a review of the Spargos project in Western Australia indicates low potential for lithium-bearing pegmatites. Sampling did not produce any significant results. There will be field mapping to investigate two potassium anomalies and a strategic review of the project.
Gattaca (GATC) is still finding the permanent staffing market difficult, and first half net fee income is expected to decline 16% to £18.9m. This has led to downgrades for full year net fee income, but cost cutting has meant that the full year pre-tax profit forecast is maintained at £3m. The figures will be second half weighted.
Harvest Minerals (HMI) received fertiliser orders for 34,880 tonnes, of which 28,707 tonnes were invoiced in 2023. There have been 1,250 tonnes invoiced so far in 2024. Sales guidance is 70,000 tonnes for 2024. Cash was $630,000 at the end of 2023. Cost are being reduced.
Trading in Artemis Resources (ARV) shares has resumed on ASX. Trading was halted on 8 February although it continued on AIM. Artemis Resources published an update on the West Pilbara project exploration. This shows potential sub vertical orientation of pegmatites at Kobe and Osborne. The first drill hole potentially stopped short of the Osborne target. A drilling programme to test Osborne is planned for March to test near surface lithium rich zones.
M&A activity remains weak at professional services network operator DSW Capital (DSW) and that will hit this year’s profit. There appeared to be an improving trend, but January was poor and that hit network revenues. February is also set to be disappointing. The other activities are trading well. The 2023-24 pre-tax profit will be between £600,000 and £700,000. There was cash of £2.7m at the end of January 2024.
Baron Oil (BOIL) has raised £3m at 0.05p/share, while the retail offer generated £260,000. This will fund drilling preparations for the Chuditch-2 appraisal well south of Timor-Leste, which is planned for the fourth quarter. Shell discovered the Chuditch-1 gas field in the Chuditch production sharing contract in 1998. Timor-Leste authorities recently approved the farm-up agreement with TIMOR GAP Chuditch Unipessoal relating to the production sharing contract. Baron Oil’s subsidiary will retain 60% of the production sharing contract and the partner, which has increased its interest from 25% to 40%, will be responsible for 20% of all costs, including the Chuditch-2 appraisal well.
Beowulf Mining (BEM) is raising cash to invest in Kallak iron ore project in northern Sweden and the graphite anode materials plant in Finland. There will be a rights issue and a PrimaryBid retail offer in the UK raising up to £7.5m in total. A formal decision on the fundraising and pricing will be made on 7 March. A capital reorganisation will reduce the par value of the shares from 1p to 0.1p. The cash will be spent on the Kallak pre-feasibility study and environmental studies, which will enable the application for an environmental permit.
Bushveld Minerals (BMN) has received a $4m payment from Southern Point Resources, which will be repaid when the $12.5m subscription is finally received. This takes the interest free loans to $6m, which have been paid to a South African subsidiary. Southern Point Resources says that the subscription will be paid by 28 February. The financial position of the company is being managed so that vanadium production, which has restarted, can continue until the rest of the cash is received.
Coal miner MC Mining (MCM) advises shareholders not to accept the A$0.16/ share bid from a company controlled by the majority shareholders. One condition is the acceptance by 50.1% of the shares not owned by the bidder.
Crossword Cybersecurity (CCS) has entered a partnership agreement with IT distributor TD SYNNEX, which will sell Crossword’s Trillion threat intelligence platform.
MAIN MARKET
Pendragon has completed the sale of its motor distributor business and will focus on its motor dealer software. The name has changed to Pinewood Technologies (PINE).
Better contract news from data integrity and banking integration software provider Gresham Technologies (GHT), which has secured a $1.5m contract for its Claretti software. The customer is described as a cash management and retail digital services provider. The deal covers the US and is for five years.
HeiQ (HEIQ) is acquiring a manufacturing facility in Portugal to commercialise the AeoniQ synthetic filament yarns technology. Commercial production could start by 2026. Capacity will be 3,000 tons.
HeiQ wants to raise £2.44m. A placing raised £685,000 at 8.7p/share and there is a retail offer of up to £75,000 closing on 22 February. The rest of the cash will come from an issue of non-interest bearing convertible loan notes with a conversion price of 8.7p/share. Revenues were $41m in 2023, but EBITDA will be lower than expected. Net debt is $2m. The year end is being changed from December to June 2024.
XP Power (XPP) says that weak demand meant that 2023 figures will be well below expectations. The 2024 results will be second half weighted. Net debt was £112.7m at the end of 2023.
Carclo (CAR) is closing its Tucson facility and manufacturing will be moved to Pennsylvania.
BSF Enterprise (BSFA) is setting up a separate subsidiary to develop a cultivated leather business.
Dispensa (DISP), originally known as Zamaz, is calling a general meeting on 14 March to gain shareholder approval for the delisting from the standard list.
Andrew Hore