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Quoted Micro 24 August 2026
AQUIS STOCK EXCHANGE
Ajax Resources (AJAX) has agreed to acquire a 74.79% stake in the Paguanta project in Chile. The initial consideration is $50,000 in cash and $350,000 in shares at 25p each. Deferred consideration is $500,000 in cash when there is a JORC proven and probal ore reserve of more than 25 million metric tonnes at a grade of 5% or greater zinc and $500,000 in cash when there are least five million tonnes of contained metric tonnes of copper as part of proven and probable reserves. The option to buy Minerva Metals has been terminated. Chief executive Ippolito Catteneo bought 473,983 shares at 6p each and director Richard Heywood acquired 163,639 shares at 6.111p each. Edison has published research.
Oberon Investments (OBE) has raised £1.4m at 2.1p/share, which was the then market price, and this will provide working capital. At the end of March 2026, there was £1.95m in the bank. Last year, revenues increased from £9.36m to £11.7m. Investment management income rose from £5.77m to £7.64m and the contributions from corporate finance and financial planning also increased. Funds under management and administration were £1.4bn. The underlying operating loss increased from £3.87m to £4.74m. New teams appointed last year will contribute in the current financial year.
Cooks Coffee Company (COOK) systemwide store sales in the UK and Ireland grew 14% in the first quarter to June 2026, compared with the first quarter of last year. UK growth was slightly faster than that figure, although like-for-like sales growth was 1.4% compared with 2.7% in Ireland. There are 84 stores in the UK and 26 in Ireland.
VSA Capital (VSA) is asking shareholders to agree to a 10,000-for-one share consolidation at the AGM on 10 September.
Bitcoin investor B HODL (HODL) has started a new tranche of share buybacks because the share price is a discount to NAV.
Asia Wealth Group (AWLP) increased full year pre-tax profit from $2,000 to $31,000. The company is seeking acquisitions. There is cash in the bank of $842,000.
Coinsilium Group (COIN) says joint broker Oak Securities has initiated research.
Castlefield Investment Partners decreased its stake in Capital for Colleagues (CFCP) from 37.4% to 34.2%. Livia Hannah Meyer’s stake in Global Connectivity (GCON) is down from 10.2% to 9.49%, and Chris Akers shareholding was reduced from 6.5% to 3.04%, while Keith Harris raised his stake from 12.4% to 22.7% and Chris New increased his stake from 9.91% to 14.9%
Lift Global Ventures (LFT) director Mark Horrocks bought 4.175 million shares at 0.45p each, taking his holding to 19.96%, and fellow director Sandy Barblett bought the same number at the same price, taking his stake to 4.37%.
JP JENKINS
H and H Group (HHG), which is a livestock auctioneer, land agency and property services provider, joined JP Jenkins private trading platform on 17 August.
AIM
Vast Resources (VAST) shares returned from suspension following the completion of the reverse takeover of Gulf International Minerals. The sellers own 80.2% of the enlarged company. This brings a 49% interest in the Aprelevka joint venture, which has four mining licences in the Tien Shan gold belt. These produce 11,000 ounces of gold and 130,000 ounces of silver each year from mining and tailings. There was £7.8m raised at 6.25p/share following a 25-for-one share consolidation.
Small business finance provider Time Finance (TIME) is recommending a bid from Ultimate Finance, which itself was taken private when it was an AIM-quoted company. The offer is 59.1p/share, which values Time Finance at £55.1m. Both companies are focused on smaller businesses, while Ultimate Finance also provides property bridging loans. The three largest Time Finance shareholders back the bid.
Biotech company TheraCryf (TCF) is raising £1.05m at 0.18p/share. This will help to finance the clinical programme for the Orexin-1 antagonist addiction asset. There are plans to seek partnerships for the company’s neuropsychiatry assets. TheraCryf wants to complete the Orexin-1 programme and then secure a partner or out-licence deal. This would provide funds for further financial trials. There is already interest from potential partners. There is an accelerated pathway to gain approvals for phase 1 clinical trials. Cash should last until the first quarter of 2027.
Recruitment firm Gattaca (GATC) reported a strong trading update with net fee income 11% ahead at £43.2m. It is on course to increase pre-tax profit from £3.3m to £6.1m.
M2G boiler optimisation technology provider Sabien Technology (SNT) says discussions continue with Haydale (HAYD) and Intelligent Resource Management about a UK distribution agreement. The previously announced investment and financing framework will not go ahead. This means that the strategic investor group will not buy the Richard Parris shareholding. His group will continue to provide financial support to the company. Non-core activities are being reviewed.
Midlands-based property investor Real Estate Investors (RLE) continues to reduce debt. There are £15.7m of assets under offer with £10.7m exchanged or completed at 92% of 2025 book value. The existing pipeline of sale should repay debt. Timing of sales is uncertain and Panmure Liberum has halved its 2026 disposal expectations to £20m. There have been new lettings generating £400,000 of additional annual rents.
Surveillance systems supplier Synectics (SNX) reported a decline in interim revenues from £35.5m to £22.2m. This was partly due to a one-off contract in the previous period and meant that a pre-tax profit of £3m was turned into a loss of £443,000. The order book is worth £26.4m. There will be a more normal second half weighting this year, although the Middle East conflict creates uncertainty. EBITDA is expected to be between £3.7m to £4.1m.
Digital transformation services provider Made Tech Group (MTEC) has won a £40m contract with an unnamed UK government department. This contract lasts four years. The pre-tax profit forecast for the year to May 2026 has been raised from £4.6m to £4.9m following a previous trading statement and the 2026-27 figure has been increased from £5.6m to £6m due to the initial income from the new contract. Net cash is expected to be £14.5m at the end of May 2026.
Empire Metals (EEE) says the updated mineral resource estimate for the 70%-owned Pitfield titanium project shows it is the largest titanium resource in the world. The figure has increased to 8.16Bt at 4.3% TiO2 for 349 million tonnes of contained TiO2. The initial measured resource is 21.6 million tonnes of contained titanium. This is enough to move to the mine planning stage. Zeus has increased its fair value share price estimate from 84p to 144p, just based on the near-surface zone which has 194.5 million tonnes of TiO2.
Pageant Investments has taken a 7.24% stake in Everyman Media (EMAN), which is expected to make an announcement about its proposal to leave AIM following talks with shareholders.
Energy as a service provider eEnergy (EAAS) has been hit by delays to payments of £3.2m relating to completed work on the Mace project. Paperwork is still being completed. The company has agreed to an extension to the repayment of the £500,000 owed to Harwood Holdco to February 2027. An additional £500,000 loan is being provided by former director Nigel Burton.
Great Western Mining Corporation (GWMO) has commenced drilling at the Defender tungsten project in Nevada. This should deliver a maiden mineral resource estimate by the end of 2026. The initial results will be available in September and October.
Talisman Metals (TLM) has raised £501,800 at 7p/share. the cash will finance exploration at the Tirzzit copper project and the Fougnar copper project in Morocco.
MAIN MARKET
Motor dealer software provider Pinewood Technologies (PINE) has recommended a 448p/share cash offer from Ridgeview Partners. This values the company at £545m. An alternative is an unlisted limited liability company in interest in Rollover Holdco for each share.
Mila Resources (MILA) says geophysical results from the Monal copper gold project in Queensland were highly positive. A clear target has been identified at the Basilica prospect. There are veins at surface that could reflect a deeper anomaly. Drilling is underway at the Yarrol gold project.
First Tin (1SN) has updated its definitive feasibility study for the Taronga tin project in Australia. This has increased the project value. Using $40,000/t for the tin price, which is well below the current price, and including the phase 2 extension the post-tax NPV8 is A$246m, up from A$98m.
Cadmium-free quantum dots developer Nanoco (NANO) is on track to complete the joint development agreement with its first Asian chemical customer. The second Asian customer is in talks concerning the next step to the existing programme. The shareholder consultation is continuing.
Rockpool Acquisitions (ROC) says the potential reverse takeover of European Lingerie has been delayed as the target seeks to refinance its debt. There is uncertainty whether Rockpool Acquisitions will be able to recover money owed by European Lingerie.
Andrew Hore
Quoted Micro 29 June 2026
AQUIS STOCK EXCHANGE
Vehicle electrification technology supplier Equipmake (EQIP) says second half trading has been in line with expectations. Trading was better than in the first half and full year revenues are set to be more than £8m, up from £3.5m the previous year. Finance director Ian Selby is stepping down, although he has acquired an additional 225,000 shares at 0.9p each, and Jason Abbott has become an executive director, who bought 100,505 shares at 0.99p each. Chairman Tim Metcalfe acquired 2.27 million shares for a total cost of £17,500, while chief executive Ian Foley bought 914,677 shares at around 0.875p each.
Trading in Supersearch Plus (SSP) shares was suspended on 23 June. Two directors have resigned leaving chief executive Foelan Wong as the only director, The frozen seafood company has sacked Guild Financial Advisory as Aquis corporate adviser. The 2025 results will not be published by the end of June.
Ethtry (ETH) had net assets of £4.47m at the end of 2025, including cash of £4.27m. Acquisitions of Ethereum started this year.
Global Connectivity (GCON) has written down its £175,000 investment in PLUG to zero. It has taken an 8% stake in successor company PLUG Networks LLC-FZ.
Wishbone Gold (WSBN) says positive gold assays have been returned from the initial assay results from drilling at Red Setter in Western Australia. Shallow gold zones have been discovered. There will be deeper diamond drilling.
Coinsilium (COIN) had net assets of £14.6m at the end of 2025, with cash of £1.43m. There was a £1.22m cash outflow from operating activities during the year.
Sulnox Group (SNOX) has secured a four-year agreement with Eastern Pacific Shipping, which will broaden its use of Sulnox Eco to more than 50 vessels. This should amount to 1.2 million litres over the period. The customer has more than 350 vessels so there is scope for further expansion. Eastern Pacific Shipping is acquiring 5.5 million Sulnox shares at 2p each and a further 7.06 million shares will be issued relating to the original contract and introductions. This will take the shareholding to 10.8% and it could reach 14% by the end of the new agreement.
Zentra Group (ZNT) says completion at One Victoria in Manchester has been delayed to the end of the third quarter of 2026.
Marc Dixon has reduced his stake in Nomad Compute (NMD) from 6.88% to 1.5%.
Mollyroe (MOY) has appointed Cairn Financial as corporate adviser.
ASSET MATCH
Octagonal (OCT) has joined Asset Match. It owns broker Global Investment Strategy UK Ltd, which has offices in London and Hong Kong.
AIM
Pawnbroker Ramsdens (RFX) is recommending a 600p/share bid from Nasdaq-listed pawnbroker FirstCash, which previously acquired H&T. That is higher than the share price has ever been. Shareholders will also receive the 6p/share interim dividend and special dividend of 3p/share. This values the company at £203m plus £3m in dividends. The bid values Ramsdens at around nine times forecast 2025-26 earnings, although profit has been boosted by the high gold price increasing gold buying activity. A fall in profit is currently expected for 2026-27 indicating a multiple of 13, although there have been previous forecast upgrades for the current year and if gold prices remain high there is upside in this forecast.
Talon Resources (TAR) moved from the Main Market on 23 June after the reverse takeover of a North American gold explorer with a 90% stake in the Eagle Lake gold project in Ontario for £4m in shares at 1.25p each, plus £170,000 in cash. There was also £2m raised at the same price. The share price had been suspended at 2.75p and started at 2.125p before falling to 1.275p at the end of the week. That is a 53.6% decline, but the share price is still above the issue price.
Energy as a service provider eEnergy Group (EAAS) expects interim revenues to be £22m and full year revenues to be £32m, compared with £38m previously. That means that EBITDA would be £1,7m rather than £4.5m. These adjustments come after the appointment of John Gahan as interim chief executive. He is generating annualised savings of £2m and there will be a restructuring charge of £500,000.
Distribution Finance Capital Holdings (DFCH) has upgraded expectations because loan originations have exceeded expectations as newer products enhance the growth in inventory finance. Arrears and impairments remain low. Panmure Liberum has raised its 2026 pre-tax profit forecast from £19.4m to £22.4m. Tangible NAV has been increased from 84.5p/share to 85.8p/share.
Online music retailer Gear4Music (G4M) bounced back last year and took advantage of competitors going out of business in the UK. Revenues jumped from £146.7m to £190.7m. There was growth across the range of products both own brand and branded. Pre-tax profit soared from £1.8m to £10.2m – only the peak Covid profit in 2020-21 was higher. This year Gear4Music is moving into a new warehouse, so there will be additional costs holding back profit in the short-term, but revenues should continue to grow.
CPP Group (CPP) announced a general meeting to gain shareholder approval to leave AIM and raise money from a convertible loan note issue. Following disposals, the focus is insurTech platform Blink Parametric, which is still relatively early stage. The final $5m owed by the purchaser of the Indian business has not been paid yet and cash is required. Gresham House Asset Management is offering to invest £3m in convertibles as long as a total of at least £5m is raised and CPP leaves AIM. Shareholders are being offered a chance to subscribe for up to £2.95m of convertibles with a minimum level of £2m. The holders of convertibles will also receive V shares to enable them to vote at meetings. The general meeting is on 14 July.
Thalia Therapeutics (THAT), formerly N4 Pharma, is acquiring Sanmirna Therapeutics Inc, which is developing miRisten for the treatment of Acute Myeloid Leukaemia, for an initial £3.675m in shares and convertible loan notes. Thalia Therapeutics has raised £2.75m at 0.6p/share, with two-fifths coming from directors. The cash will fund the completion of the miRisten phase 1 clinical trial. The data is expected in the first half of 2027.
Publishing software provider Ingenta (ING) has held its AGM and stated that more than £2m of business over three years has been won so far this year. There are other potential contracts that could be gained in the second half. Cavendish expects a dip in 2026 pre-tax profit to £1.4m because of higher sales and marketing costs the benefits of which should show through in the future.
Aerospace composite kits supplier Velocity Composites (VEL) interims were in line with expectations, but the second half will be tougher. First half revenues were 19% lower at £8.4m due to delays in projects starting in the US. The company has closed its site in Fareham and that will generate cost savings. In the second half the costs of ramping up production in the US and lower margin UK work means that although there will be a recovery in revenues margins will be hit. The full year loss will increase from £1.1m to £1.6m. There is a potential second customer in the US.
Space and aerospace technology supplier Filtronic (FTC) says full year revenues will be in line with consensus forecasts of at least £55.5m, while EBITDA will be slightly better than expected due to improved margins. That means that pre-tax profit is estimated at £8.5m. Net cash is 311.3m. The new facility has capacity of £200m. The strong order book means that 90% of 2026-27 revenues expectations of £62.6m. A second contract has been won for satellite payload technology with a US-based customer worth £400,000. This will be recognised in the current year. The 2025-26 results will be published on 4 August.
Buccaneer Energy (BUCE) has increased net proved reserves by 18% for its Texas assets after a review in connection with its WAFD Bank credit facility. Forecast cash flow has increased by 27%. NPV9 has been raised to $11.8m. The oil price assumption is $70/barrel for 2026.
Kazera Global (KZG) has agreed a definitive settlement of $10.5m with Hebei Xinjian Construction in relation to the arbitration award concerning African Tantalum. This is a $7m loan repayment and $3.5m share sale component. There will be an initial payment of $500,000 in Namibia. The rest will be paid over a period up to the end of 2029 and Hebei will then own 100% of African Tantalum. If $9m is paid by the end of 2026 then that would be the total payment.
MAIN MARKET
Kitchenware retailer ProCook Group (PROC) is gaining market share in a weak market. In the year to March 2026, revenues were 23% higher with like-for-like growth of 11.8%. Operating margin improved from 4.6% to 5.7%. Pre-tax profit increased from £1.5m to £2.5m. The number of active customers rose 24% to 1.4 million. Despite new store openings and others refurbished in the new format, net cash increased to £4.4m. There will be a change in the management of the warehouse during the summer. It is being outsourced to DHL, and this should improve efficiency and help to maximise capacity. Like-for-like sales growth was maintained in the first quarter.
Structural steel supplier Severfield (SFR) has a new management team but they could not influence the underlying results for the year to March 2026. Pre-tax profit fell from £18.1m to £10.5m. That is before £47.7m of exceptional charges, which should represent the bulk of any write-downs by the new management. Net debt is £28.2m. The focus of the business will be higher margin contracts in the UK, Europe and India, plus sectors such as energy, defence and data centres.
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 4 March 2024
AQUIS STOCK EXCHANGE
Marula Mining (MARU) is investing in the established Larisoro manganese mining operation in Kenya by securing a 60% commercial interest with an option to increase it to 70%. There are three shallow open pits and there has been mining for 12 years. The purchase price is £300,000 satisfied by the issue of 2.4 million shares. Marula Mining will provide investment of $1.5m for equipment to enable increased production. Once there is a final agreement another £200,000 will be paid with £300,000 payable after the completion of an exploration programme. The final payment will be £750,000 when 50,000 tonnes of manganese ore is sold. A further £1.25m will be paid if the stake is raised to 70%.
Flow battery storage technology developer Invinity Energy Systems (IES) has secured a new deal with Taiwan-based Everdura, where it will supply the cell stacks and Everdura will handle manufacturing and sales. Performance testing of the first Mistral prototype has been successful and the agreement sets a target of 255MWh of Mistral sales over three years. Additional strategic partners could be announced within six weeks.
Aquis Exchange (AQX), the owner of the Aquis Stock Exchange, has launched conditional order functionality on the Aquis UK and Aquis EU platforms. This enables members to post the same liquidity on multiple venues without the risk of over-trading. This extends the Aquis dark pool, which was launched in 2022. The 2023 results will be published on 21 March. Pre-tax profit is expected to be 16% higher at £5.2m.
Ananda Developments (ANA) says that its subsidiary MRX Medical has signed a drug supply agreement with the University of Edinburgh and NHS Lothian for the provision of MRX1 cannabidiol oil. This will be used in an endometriosis clinical trial, ENDOCAN-1. MRX will have a licence over all IP generated from the trial for development purposes. It could also licence the IP for commercial purposes.
Digital diagnostic products developer EDX Medical Group (EDX) has raised £1.56m at 12p/share, taking the total raised in February to £5.7m. This will be spent on product development. A WRAP retail offer could raise up to £500,000. This closes on 5 March.
Field Systems Design Holdings (FSD) improved interim revenues from £6.7m to £8.8m, while pre-tax profit rose from £57,000 to £84,000. There has been additional work from the water sector and investment is accelerating. There are secured orders of more than £14m, but there is still pressure on margins. There is £2.18m in the bank.
Quantum technology investment company Quantum Exponential Group (QBIT) is seeking shareholder approval to leave the Aquis Stock Exchange. Apparently potential investors in a fund are not happy that the company is publicly traded. There will also be cost savings from leaving the market. Management is considering potential trading platforms for the shares.
KR1 (KR1) had a NAV of 122.97p/share at the end of January. There was £1.8m of income generated from digital assets during the month.
Gunsynd (GUN) investee company Low 6 has traded profitably in the past seven months and 2023-24 revenues are expected to be £4.5m, up from £855,000 the previous year. Debt is being paid off.
Substrate Artificial (SAI) has increased revenues but the loss has more than doubled due to AI development spending.
Silverwood Brands (SLWD) is acquiring Japanese beauty products manufacturer Cosme Science Corporation. It owns skincare brand Dr Baeltz. No purchase price is mentioned.
Mortgage Chat (MCAI) has entered into a software development agreement with Accru Finance. This is for the design of a web-based application for mortgage queries. The payment for development is £15,000 and 200,000 warrants with an exercise price of 5p. California Two Pizza Ventures Inc has cut its stake from 8.05% to 7.54%.
ProBiotix Health (PBX) has entered a partnership with SymbioPharm. The Germany-based microbiome research company and has an established distribution network. It will use ProBiotix Health’s CholBiome CH formulation in branded consumer products.
BWA Group (BWAP) says reconnaissance drilling at the Dehane 2 heavy mineral sands project in Cameroon has been encouraging. Heavy mineral sands have been observed and analysis is awaited. A further £50,000 has been raised.
Edison has initiated research on prize draw operator Good Life Plus (GDLF). Former Tote boss David Craven is chairman.
Investment company Asimilar Group (ASLR) is holding a general meeting on 27 March to gain shareholder approval to leave the Aquis Stock Exchange. Cost savings will help to prevent the need to sell investments.
Chris Akers has reduced his stake in Tap Global Group (TAP) from 3.7% to below 3%. Andrew Offit increased his shareholding in Supernova Digital (SOL) from 11.9% to 14.1%. Nigel Pope has raised his stake in Phoenix Digital Assets (PNIX) from 3.2% to 4.04%. Steven Bennett increased his stake in Oscillate (MUSH) from 4.75% to 7.12%.
AIM
Grocery distributor Kitwave Group (KITW) continues to grow organically, as well as via acquisition. In the year to October 2023, revenues grew from £503.1m to £602.2m, while underlying pre-tax profit moved up from £18.9m to £27.5m. The acquisition of Wilds of Oldham, where integration will be completed in April, came too late to make a contribution last year. Food service is becoming increasingly important with 30% of revenues last year, up from 25% the year before. It also contributed 43% of EBITDA before central overheads. The total dividend was increased by 21% to 11.2p/share.
eEnergy Group (EAAS) has secured a funding facility from National Westminster of up to £40m. This can be used to fund public sector energy transition projects and lasts 12 years. This will lower the cost of capital. Group continuing revenues were £46m in the 18 months to December 2023. EBITDA was between £5.1m to £5.3m.
Avacta (AVCT) initially wanted to raise £20m via a placing at 50p/share and raise a further £6.8m via a retail offer. The total fundraise has been increased from up to £26.8m to up to £32.5m. Even so, the share price slumped 36.6% to 54.5p. There is already £16.6m in the bank and the rate of cash outflow appears to be declining. The cash will fund further progress with dose expansion and the phase 2 efficacy studies for its main clinical programme AVA6000 and additional working capital up until late 2025 / early 2026. Anything raised in excess of £20m will be spent on AVA3996 and further potential Affimer drug development platforms. There are plans to sell the diagnostics division and for a possible Nasdaq listing.
Horizonte Minerals (HZM) says lenders have extended the deferral of interest payments to 29 March. Management is working with lenders and shareholders on full funding for its Araguaia project. The talks could be finalised by June, but additional funding will be required before that. The $24.8m in the bank should last until the middle of April, depending on any cost savings achieved. The Brazilian subsidiary may need to resort to protective measures to protect its cash position. Horizonte Minerals is a guarantor of the subsidiary’s debt, and it may also need to apply for protective measures if the refinancing is not agreed.
Retail software supplier itim Group (ITIM) has released a trading statement following its contract announcement earlier in the week. Revenues of £16.1m were in line with expectations and annualised recurring revenues were steady at £13.2m. Services revenues were higher. The 2023 loss forecast has been trimmed from £1.3m to £1.1m. itim has won a five-year, multi-million pound contract with fashion retailer QUIZ Clothing. This deal provides an opportunity to attract other fashion retailers. The Retail Suite product will be rebranded as UNIFY.
Semiconductors designer EnSilica (ENSI) reported interim revenues 11.5% ahead at £9.6m, but there was a higher pre-tax loss of £309,000. There has been a strong start to the second half and the latest contract with a US electronics manufacturer is worth $20m, which is fully funding engineering fees. Last December’s placing raised £1.56m at 40p/share. The latest placing raised £1.1m at 50p/share and it has received the R&D tax credit for 2023.
Renalytix (RENX) has broadened the US government coverage for kidneyintelX.dkd testing. This is a FDA de Novo marketing authorised test and the status has enabled it to be added to the 10-year Governmentwide acquisition contract for early stage kidney disease bioprognostic testing services. The fee is $950 per reportable result.
Sustainable polymers developer Itaconix (ITX) is continuing its positive momentum in the cleaning sector and developing more products that will fuel growth. Overall revenues were 41% higher at $7.9m, with strong growth in Europe. Cleaning sector revenues were $7.2m. There is $10m in the bank and that should last long enough to reach cash breakeven.
Video editing technology developer Blackbird (BIRD) is raising £1.05m at 6p/share. The cash will help fund the full launch of content creation tool elevate.io. There was £5.9m in cash prior to the fundraising and the company says that there was interest from investors wanting to buy shares.
Verditek (VDTK) has entered into a conditional sale agreement for its solar business for £528,340, which will be satisfied by the surrender of loan notes plus interest. Shareholder approval is required. Bob Holt and John Charlton are joining the board and the existing directors resigning. Both of them were involved in turning around Sureserve. There is £300,000 being raised at 0.075p/share and Bob Holt will loan the company up to £300,000, which is convertible at 0.075p/share. There are plans to raise a further £1.5m and change the name to Net Zero.
MAIN MARKET
Hydrogen Utopia International (HUI) has secured a reverse takeover candidate. British Virgin Islands based Helmond Holding Group, which is changing its name to Essential Energy Holding Group, is a bio-energy company. This expertise could be usefully combined with Hydrogen Utopia International’s waste plastic to hydrogen technology. The deal could be worth £500m.
Aircraft leasing company Avation (AVAP) increased underlying leasing revenues in the six months to December 2023, but operating profit halved from $35.4m to $17.5m, although the difference is mainly down to one-off gains and losses.
Andrew Hore
Quoted Micro 9 May 2022
AQUIS STOCK EXCHANGE
In 2021, Newbury Racecourse (NYR) is paying a special dividend of 89.6p a share. The £3m payment comes after the receipt of the final £10.7m from the sale of housing development land. Newbury Racecourse increased turnover by 75% to £14.8m as racing returned to the course. There is still potential for further recovery this year. Attendances increased from 12,000 to 105,000. The hotel reopened in January 2022. There was a swing from £2.17m loss to an underlying pre-tax profit of £333,000.
Quantum Exponential (QBIT) is investing £406,000 in Aegiq Ltd, a photonics company using quantum technologies in the cybersecurity market. That gives it a 4.06% stake. Helium Special Situations has reduced its stake from 4.57% to 1.52%.
Goodbody Health Inc (GDBY) reported better than expected revenues for 2021. The CBD products and testing company made an underlying loss of £900,000 on revenues of £17.1m. Arden forecasts a £5.1m profit this year.
VSA Capital (VSA) has received a settlement of outstanding fees of £153,000 from client Anglo African Agriculture in the form of 3.82 million shares. This gives VSA a 15.3% stake plus warrants and convertible loan notes.
Gunsynd (GUN) has terminated the disposal of Oyster Oil and Gas to Sajawin.
Clarify Pharma (PSYC) had net cash of £1.3m at the end of April 2022. Investment opportunities in the psychedelics market are being assessed.
Apollon Formularies (APOL) has acquired intellectual property and patents from Aion Therapeutic for £96,000 and 4.35 million shares. It will also pay a royalty fee of 4% on net revenues from products based on these patents. The patents cover potential cancer treatments.
ChallengerX (CXS) has appointed Olivia Edwards as chief executive and Nicholas Lyth as finance director.
Phase 1 assay results from the Monte Muambe project held by Altona Rare Earths (ANR) show significant levels of rare earths.
Coinsilium (COIN) has been appointed as adviser to Silta Finance and entered into an agreement to purchase $75,000 of future SILTA tokens. Silta is building a technology to connect decentralised finance to infrastructure project developers.
Capital for Colleagues (CFCP) has sold its remaining stake in builder’s merchant Merkko Group for £378,000.
Rogue Baron (SHNJ) has received the first UK order for Shinju and Shinju 8-year old whisky.
S-Ventures (SVEN) chairman David Mitchell bought 57,959 shares at 32p each. Chris Akers has increased its stake in Quetzal Capital (QTZ) from 19.1% to 20.1%. John Mahtani reduced his stake from 5.71% to 3.83%.
AIM
Online retailer of building materials CMO Group (CMO) continues to grow on the back of a buoyant market as well as gaining market share. The online share of the sector remains relatively low. The second half growth was not as fast as in the first half. In 2021, revenues grew 46% to £76.3m. There is organic growth supplemented by acquisitions. CMO moved from loss to an underlying pre-tax profit of £1.4m. Net cash was £6m. Following the acquisition of JTM Plumbing Plumbingsuperstore.co.uk is being launched later this year. First quarter trading has continued to be strong with like-for-like growth of 3%.
Neonatal intensive care medical devices supplier Inspiration Healthcare (IHC) increased full year revenues from £37m to £41.1m. Acquisition contributions offset the one-off Covid ventilator revenues in the previous year. Pre-tax profit improved from £3.13m to £3.96m, although earnings fell 12% to 6.1p a share because of the additional shares issued for acquisitions. The company’s order book is strong.
In 2021, targeted digital advertising services provider Dianomi (DNM) revenues grew from £28.4m to £35.8m, even though Asia Pacific revenues fell from £1.72m to £1.18m due to the ASX website stopping having advertising content. Underlying pre-tax profit moved from £2m to £2.9m – share based payment charges and float costs led to a loss being reported – and it is expected to increase to £3.6m this year. The average spend of the top 100 advertisers increased 27% to £280,000 each. Net cash was £10.3m at the end of 2021.
In 2021, Intelligent Ultrasound (IUG) reported revenues 47% higher at £7.6m, mainly from ultrasound simulation products, while the cash outflow from operations was £2.3m. AI revenues remain modest, and it will take time for them to build up. Cenkos upgraded its 2022 revenues forecast from £9m to £10m, but the cash outflow will be similar.
Plastics and packaging supplier Coral Products (CRU) is using some of its cash pile to acquire Film & Foil Solutions, a supplier of flexible packaging film used for food, books, carpets and for cable tapes. The initial payment is £1.35m in cash, plus £750,000 in shares at 15.5p each. There is just over £900,000 that could be payable based on the settlement of a contract dispute and an insurance payment. The acquired business made an underlying profit of £541,000 in 2021.
Energy efficiency as a service provider eEnergy Group (EAAS) has been hit by contract delays. That means that 2021-22 EBITDA could be £3m and not £4.4m as previously expected. A new finance director is being appointed.
Green hydrogen production developer ATOME Energy (ATOM), which was spun out of President Energy (PPC) at the end of 2021, has secured a major 60MW power purchase agreement with ANDE, the national power supplier in Paraguay. Hydrogen production could commence in Paraguay in the first quarter of 2023.
MAIN MARKET
LED lighting and wiring accessories supplier Luceco (LUCE) will report revenues around £15m lower than expected due to overstocking. This will knock £10m off operating profit. Price rises are offsetting the effect of inflation.
Castings (CGS) 2021-22 results will be slightly ahead of expectations. Demand for commercial vehicles remains strong, but there is still uncertainty about the ability produce heavy trucks.
Kendrick Resources (KEN) was formerly AIM-quoted BMR Group, which left AIM in August 2018 after problems with the progress of the Kabwe project in Zambia. Kendrick still has a 11% royalty interest in Kabwe. Kendrick Resources has acquired Northern X Finland and Northern X Scandinavian. In Finland, there is an exploration licence at the Koitelainen project and two licences at the Karhujupukka project. There are two projects in Sweden: the Airijoki project and the Central Sweden project. There is also an option over three projects in Norway.
Gresham Technologies (GHT) has secured a contract with an existing bank customer worth up to £6.3m over a period of five years. The company’s Clareti software will be used across the whole UK business of the bank.
Andrew Hore
Quoted Micro 21 March 2022
AQUIS STOCK EXCHANGE
AIM-quoted OptiBiotix Health (LON: OPTI) plans to float its ProBiotix Health subsidiary on the Aquis Stock Exchange and distribute 35%-37% of the shares to its shareholders. ProBiotix, which develops probiotics for treating cardiovascular disease, is expected to have a pre-money valuation of £22.5m and will join the market on 31 March. There are plans to raise £2.5m. OptiBiotix will retain just under 50% of ProBiotix. Peterhouse is corporate adviser.
Oberon Investments (OBE) says revenues will be at least £6.4m in the year to March 2022. Funds under management have grown to more than £1bn and that has been wholly organic growth. Oberon is launching an EIS fund and an IHT service.
Natural food and snack products supplier S-Ventures (SVEN) has been making acquisitions since it floated. This means that the figures for the year to September 2021 are not a good indication of the group as it is currently made up. They show revenues of £1.53m and loss of £1m. Additional warehousing has been secured so that all the group’s requirements can be fulfilled by this site. Two centres have been closed.
National Milk Records (NMRP) has secured an exclusive licence for the exploitation of GenoCells technology in the US. The test can detect mastitis and is being piloted in the UK. The roll out of the test should start at the beginning of 2023.
SuperSeed Capital (WWW) says that SuperSeed Fund II raised £31m. There is a strong pipeline of investment opportunities.
Altona Rare Elements (ANR) is proceeding with phase 2 of the development of the Monte Muambe real earths project with resource drilling that will last for 12 months. This will produce a maiden mineral resource estimate and will cost £1.2m.
Semper Fortis Esports (SEMP) has set up a blockchain-based paly-to-earn gaming division called SMPR Guild. The subsidiary will buy in-game items in the form of NFTs, and active game players can access these items on a revenue share basis. Game-based token rewards are won during playing and they are split between the player and the company.
Cadence Minerals (KDNC) has completed the acquisition of a further 7% of Pedra Branca Alliance, which gives it a 27% interest in the Amapa iron ore project.
Clean Invest Africa (CIA) has raised £100,000 at 0.5p a share and for every two shares an investor receives a warrant exercisable at 1.5p. If these warrants are exercised, then another warrant will be issued that is exercisable at 3p a share.
Chris Akers has increased his stake in Quetzal Capital (QTZ) from 18.3% to 19.1%.
AIM
CleanTech Lithium (CTL) raised £5.6m at 30p a share when it joined AIM. The share price ended the week at 35.5p. The company has potential lithium projects in existing mining areas of Chile. This means that there is nearby infrastructure. CleanTech Lithium has an extraction process that is more environmentally friendly than alternatives. Owning 100% of each of the projects (there is currently an option over part of the Laguna Verde area) provides additional flexibility for financing. There should be updated resource figures during the summer and that will enable a pre-feasibility study to be conducted.
Ceramics and fragrance products manufacturer Portmeirion (PMP) returned to profit in 2021. Group revenues increased from £87.9m to £106m, while underlying pre-tax profit jumped from £1.4m to £7.2m. There was a rebound in revenues in South Korea. Total dividends were 13p a share. Long-term energy contracts have been secured to offset higher gas prices this year. Further profit improvement is expected this year. Healthcare had a strong year helped by Covid, but management believes that spending will
Recruitment firm Empresaria (EMR) bounced back in 2021 even though the aviation recruitment business remained in the doldrums. This shows the benefits of the wide spread of activities both in terms of sector and internationally. Revenues recovered from £54m to £59.5m, while underlying pre-tax profit jumped from £5.2m to £8.6m. This reflects the benefits of investment in group management and resources and there is more to come. Further roll out of IT will also help. Revenues and profit are well below the peak in 2018. The offshore recruitment services division is moving into the Philippines market. There has been a strong start to 2022.
Restore (REST) improved its pre-tax profit by 64% to £38.1m with demand for all parts of the business returning last year. Acquisitions did help the technology business to grow sharply but there was also 5% underlying organic growth for the group as a whole. There are spare bank facilities to fund more acquisitions this year as Restore moves towards its goal of £450m-£500m, which is double the 2021 level.
Packaging and automation equipment supplier Mpac (MPAC) did better than expected in 2021. The 13% improvement in revenues to £94.3m was mainly down to the acquisition of Switchback. Pre-tax profit grew from £6.3m to £8.6m. net cash was maintained at £7.6m. The focus on the healthcare and food sectors has helped Mpac to prosper and the international spread of business is another positive. There is a 26% like-for-like increase in the order book, which was £78.4m at the end of the year.
Tracsis (TRCS) is paying £10.9m, plus up to £2.1m deferred, for rail technology software provider RailComm, which generates revenues of £4.6m. Tracsis had already won a remote condition monitoring equipment contract in the US and the focus will be gaining further contracts for this technology, as well as for software.
Energy efficiency as a service provider eEnergy Group (LSE: EAAS) increased interim revenues by 42% to £9.6m, partly due to energy management acquisitions. Energy efficiency revenues fell during the first half because the corresponding period included work that had moved into that period due to lockdowns. Solar is a sector where management is keen to expand exposure.
Gfinity (GFIN) is raising more cash to cover its losses, but they be near to coming to an end. The esports business is raising a further £2.7m at 1.25p a share, having regularly raised money since joining AIM in 2014. A loss is expected this year, but a reduction in admin costs should help Gfinity to make a profit in 2022-23.
Corporation Financiere Europeenne has increased its bid for CIP Merchant Capital (CIP) from 55p a share to 60p a share. This is still a significant discount to NAV and the bid has been rejected, but the bidder already owns 35.2% and has acceptances of 1.3% of the share capital. Castellain Capital has doubled its stake in CIP to 11.1%.
MAIN MARKET
New Energy One Acquisition Corporation (NEOA) is a cash shell seeking to acquire a business involved in the energy transition sector. It raised £175m at £10 a share. The only real asset is the cash raised in the flotation. The current share price is 989.5p.
Cash shell CYBA CYBA) has acquired its first cyber security business Narf Industries for $25.6m in cash and shares. Narf provides vulnerability research and security protocol design, as well as developing its own cyber security software. A placing raised £6m to help finance the purchase. The placing price of 2p was above the market price, but by the end of the week the price was 2.3p. CYBA may also acquire Polyswarm, although the exclusivity period has ended. CYBA director Steve Bassi is the principal shareholder of the Polyswarm businesses. The estimated cash balance is currently £2.79m. The company is licensing SRI International’s IP that is used in the Narf developed threat intelligence for grid recovery product. SRI will take a stake in CYBA.
Housebuilder One Heritage Group (OHG) has issued £1.5m worth of unsecured corporate bonds and has obtained a standard listing for them. The bond has an annual coupon of 8% and matures in March 2024. The cash will be used to repay loans outstanding from One Heritage SPC, which have an annual interest rate of 12%. There will be a £1.2m loan left that expires in August 2023.
Property investor Town Centre Securities (TOWN) improved underlying net assets to 305p a share, from 284p a share – a 2.4% increase in portfolio value plus help from share buy backs. Three property sales generated £22.5m in the six months to December 2021. There have been subsequent deals. The current loan to value is 47.7%. A 2.5p a share interim dividend is being paid.
Raven Russia (RAV) intends to sell its Russian property assets but retain outstanding loans. Trading in the shares has been suspended and the listing will be cancelled so that the option to sell the assets can be triggered.
Path Investments (PATH) has published the prospectus for the reverse takeover of DG Innovate, which is developing drive and battery technology. The initial consideration is £32.4m in shares at 0.6p each. There is conditional deferred consideration of up to £5.4m depending on the signing of additional customers. Path has raised £2.55m at 0.5p each and warrants exercised at 0.25p each to raise a further £2.08m.
Andrew Hore
Andrew Hore – Quoted Micro 19 July 2021
AQUIS STOCK EXCHANGE
Good Energy (LON: GOOD) has rejected the bid from rival renewable energy supplier Ecotricity. It believes that the indicative offer of 340p a share in cash is too low even though it is a premium to the previous market price. Management believes that it has a clear strategy for the company. The focus is energy as a service and mobility as a service, particularly through Zap Map. A new tariff, called Green Driver, has been launched offering a choice of off-peak electric vehicle charging periods. The potential bid values Good Energy at nearly £57m. However, Ecotricity already owns 25.06% of Good Energy.
Voyager Life (VOY) has secured a preferred supply deal for its CBD and hemp oil products with independent pharmacy group Inphaserve, which supplies more than 30 independent pharmacies in England and Scotland.
Rogue Baron (SHNJ) reports another record month for its Bin 1301 bar. Sales were $95,000 in June, which is one-third higher than any pre-Covid month.
SulNOx Group (SNOX) has raised £2.59m at 30p a share. The cash will be used to build up the sales capability and finance the hiring of additional management and staff. There will also be further investment in R&D. There are 58 ongoing trials for its emission reduction product.
Hydro Hotel Eastbourne (HYDP) generated interim revenues of £186,000, but it lost £383,000. The hotel has been trading for a limited time in the six months to April 2021. Refurbishment of bathrooms was undertaken during the period. The hotel will fully re-open on 19 July.
Tectonic Gold (TTAU) has reached an agreement with White Prospecting to set up a joint venture to mine gold at the Mount Cassidy project. Tectonic will get a 7.5% gross production royalty. This deal will enable Tectonic to concentrate on Specimen Hill.
BWA Group (BWAP) reports positive sampling results at the 90%-owned Dehane rutile sands project. It is still early days, but the elevated levels of rare earths is a good sign.
Evrima (EVA) had £164,000 in the bank at the end of 2020, while the NAV was £461,000.
Chapel Down Group (CDGP) raised £6.88m at 59.5p a share, which includes £5.45m raised via crowdfunding. NQ Minerals (NQMI) has raised £35,000 at 7p a share. All Star Minerals (ASMO) has raised £257,000 at 0.02p a share and converted £54,000 of liabilities into shares. Ananda Developments (ANA) has raised £350,000 from an issue of convertible loan notes, with a conversion price of 1p a share, and a further £200,000 is committed by investors.
AIM
Building materials sector consolidator SigmaRoc (LSRC) acquiring Finland-based limestone supplier Nordkalk acquired for £402m, including debt. SigmaRoc has raised £260m in a placing at 85p a share, while a retail offer raised £1.6m. A new bank facility will help to fund the deal and £43m of shares will be issued to Rettig Group.
Energy efficiency as a service provider eEnergy Group (EAAS) has trebled full year estimated revenues to £13.5m. Organic growth was 75% and there was a small pre-tax profit. The smart metering service has been rebranded as MyZeRO and the first combined LightAsAService and smart metering contract has been won. Short-term profit growth is being sacrificed for longer-term growth.
Solid State (SOLI) marginally beat previously upgraded expectations for its figures for the year to March 2021. Revenues dipped slightly to £66.3m, but underlying pre-tax profit was 15% ahead at £5.4m following a reduction in overheads. The total dividend was 16p a share. Computing and communications products did well, but there was a decline in power products revenues. Acquisitions made a small contribution.
Glantus (GLAN) has made its first acquisition since joining AIM, but the software company still remains at a discount to its placing price. The $9.3m acquisition of Technology Insight Corporation led to an earnings up grade for 2022 from 6.4 cents a share to 7.1 cents a share.
Iodine producer Iofina (IOF) says iodine prices are back to pre-pandemic levels at $35-$37/kg. First half production is in line with guidance at 249.4Mt.
Kromek (KMK) had a better second half of the year to April 2021. Manufacturing had been closed in the first half and revenues improved. Full year revenues still fell from £13.1m to £10.4m. There is already 75% visibility over this year’s forecast revenues of £15m. Biodetection equipment for Covid-19 and other airborne viruses will provide a new market for the company. The medical imaging market is recovering.
ULS Technology (ULS) continues to invest in its DigitalMove platform, and it has net cash of £24m to complete its development. More services will be offered on the platform. Conveyancing completions fell last year and revenues declined 18% to £16.9m.
Zoo Digital (ZOO) moved into profit in the year to March 2021. A pre-tax profit of $900,000 was made on revenues of $39.5m with further improvements in profit expected in the next two years. Demand is increasing from subtitling and dubbing services for TV and film back catalogues and Zoo is also adding additional services. Zoo is extending its geographic reach in line with demand from customers.
Chains and transmissions manufacturer Renold (RNO) reported a 13% dip in revenues last year, but underlying pre-tax profit improved by one-fifth to £5.9m – that was due to £2.4m of restructuring costs the year before. Net debt was reduced to £18.4m. The cost base has been cut and efficiency improved through capital investment in facilities. In July, a £11m military contract was won by the torque transmission business.
Personal protection and insurance products provider CPP Group (CPP) says that trading in India has recovered in the past few weeks, but there had been a sharp reduction activity in April and May. The back books continue to generate revenues, although they are declining. Overall trading is in line with expectations.
MAIN MARKET
Standard list shell Hawkwing (HNG) has agreed to acquire ecommerce aggregator Internet Fusion Group, which owns nine speciality retail businesses. It has developed the Reactor platform which brings together retail businesses and brands. Trading in the shares has been suspended.
LED lighting and wiring accessories supplier Luceco (LUCE) has continued to improve its performance in the first half. Interim revenues are expected to be £108m and underlying operating profit of £19m. The second half will be even stronger. Luceco expects full year revenues to be at least one-quarter higher at £220m and underlying operating profit 30% ahead at £39m.
Maternity wear retailer Seraphine Group (BUMP) raised £61m at 295p when it joined the premium list last Friday. The cash will be used to pay off loans and finance growth. The share price started conditional dealings earlier in the week at 305p and subsequently fell back, opening at 280.05p when dealings were unconditional. The share price ended the day at 279.4p
HeiQ (HEIQ) has signed a collaboration agreement with LYCRA and the first product should be launched by the autumn. This will combine freshness and antiviral benefits with LYCRA stretch fabrics.
Nuformix (NFX) expects to develop a phase 1-ready formulation of its NXP002 inhaled treatment for idiopathic pulmonary fibrosis in the next 18 months. This could be a time to seek a partner.
Andrew Hore