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Ananda Developments (ANA) joined NEX on 4 July having raised £930,000 at 0.45p a share. Ananda is the latest medicinal cannabis-focused investment vehicle. The pre-money valuation was £500,000 There are already potential investments being assessed and management has built up relationships with businesses in Israel and Canada. A reverse takeover valued at up to £10m appears most likely.
Medicinal cannabis business investor Sativa Investments (SATI) has acquired PhytoVista Laboratories from a company owned by Sativa boss Geremy Thomas. Sativa is paying £235,000 in cash and £200,000 in shares at 4p a share. PhytoVista operates a laboratory that tests cannabis oils and hemp products. Because of the demand for the shares, the shareholders originally subject to the orderly market arrangements will be allowed to trade in the shares with the consent of Peterhouse.
KR1 (KR1) has made four more investments. The company invested £593,000 in Dfinity network tokens. Dfinity is developing a supercomputer to host the next generation of software and it is expected to offer unlimited capacity. A further £100,000 has been invested in the Flying Carpet Project, which is involved with a communication protocol for devices, such as drones and automated cars. The number of tokens that the cash will represent has not been decided. A 1.25% stake has been acquired in Connext Inc, which is developing a payment hub, for $50,000 and the same amount of money has acquired a 10% stake in Blocksmith. There is a 12-month option to acquire a further 5% of blockchain system development agency Blocksmith for $100,000
Ace Liberty and Stone (ALSP) has increased its dividend by 25% to 1.25p a share. The shares go ex-dividend on 12 July. This will cost £500,000. Property acquisitions have been completed in Oldham and Wigan. The total cost is £6.4m and the rental income is just over £597,000.
Monreal (MORE) has left AIM and joined NEX. Monreal has net cash of £730,000 and the plan is to invest in private technology, media and telecoms businesses.
Tectonic Gold (TTAU) has received a refund of €289,000 (£256,000) from the French tax authorities. This relates to the 2009 tax year and Tectonic hopes to get a €416,000 (£368,500) refund for the 2010 tax year. VSA Capital has been appointed as financial adviser and joint broker.
Ganapati (GANP) is launching blockchain-enabled casino games and plans to issue a utility token, which will be called G eight C, through an initial coin offer. Pre-sales of the tokens should start in the fourth quarter of 2018.
EcoVista (EVTP) has raised £300,000 at 0.035p a share.
There have been previously unreported trades by a broker in Karoo Energy (KEP), All Star Minerals (ASMO), Valiant Investments (VALP) and Clean Invest Africa (CIA).
Film and video localisation services provider Zoo Digital (ZOO) continues to gain momentum. Content owners can sell programmes in additional territories because using Zoo’s services means that it is economic when it was not in the past. That means that the addressable market is even bigger because it includes back catalogue that would not have been localised previously. In the year to March 2018, revenues rose from $16.5m to $26.8m and Zoo moved into profit. That pre-tax profit is expected to more than treble to $1.8m this year.
eve Sleep (EVE) is growing but not at the rate that was hoped for and the chief executive and founder has stepped down. That was inevitable considering the ridiculously high valuation put on the company when it floated and how it has not justified that level of optimism. The mattress supplier grew sales by 61% in the first half when the market had expected more than doubled sales. A new distribution agreement with beds retailer Dreams should help supplement growth in the second half. Even so, eve Sleep is not expected to make a profit until 2020.
Sinclair Pharma (SPH) has received a bid approach from Huadong Medicine and discussions are at an early stage. Both companies supply aesthetic products. Sinclair says first half revenues outside of the US grew by 18% and overall sales improved from £20.1m to £21.3m. US sales fell from £2.5m to £800,000 following the split from the company’s former partner. The direct sales operation in the US is beginning to generate revenues. Net debt was £14.8m at the end of June 2018.
Integumen (SKIN) is not proceeding with the reverse takeover of biomaterials company Cellulac but it hopes to acquire a minority stake. The 2017 accounts have still not been published.
Digital imaging technology developer Kromek (KMK) increased its revenues by nearly one-third to £11.8m in the year to March 2018 and the loss was down from £3.79m to £2.34m. There is £7.7m in the bank and that should be enough to enable Kromek to reach a cash generative situation. The medical business is growing particularly well, while nuclear detection has good prospects for medium-term growth.
Telematics firm Quartix (QTX) reported first half revenues grew by nearly 10% and flat profit. Insurance business is declining because of competitive pricing so all the growth is coming from overseas fleet business. Full year earnings per share are likely to be flat. The forecast dividend of 13.5p a share would not be covered by earnings of 12.8p a share.
Defence equipment and services supplier Cohort (CHRT) managed to improve its pre-tax profit from £14.5m to £15.5m even though the defence market was tough. Management believes that the order book has fallen due to delays to projects. The dividend was raised from 7.1p a share to 8.2p a share.
Technology business investor Mercia Technologies (MERC) reported flat NAV of 40.7p a share but it has a number of investments that could mature over the next couple of years and their valuations could be upgraded. Mercia nearly covered its expenses with its revenues. There is still £52.9m of cash that can be invested.
Waste to energy plants developer Powerhouse Energy (PHE) has raised £694,000 at 0.5p a share. Powerhouse had £750,000 in the bank at the end of 2017 but there are still significant cash outflows.
Direct carrier billing company Boku Inc (BOKU) appears on course to make a £2.7m pre-tax profit this year. Boku processed $1.5bn worth of transactions in the first half and revenues should be nearly $17m. There was $30m in the bank at the end of June 2018.
Churchill China (CHH) says that first half trading is stronger than expected on the back of growing sales in Europe. The interims will be published on 30 August.
EQTEC (EQT) has secured $3.2m (£2.4m) in new loan facilities from Cuart Investments Fund and associates. This will be drawn down in two instalments. Origen Capital put together the lenders and it is subscribing £1.15m at 0.6p a share. Existing lenders have agreed to capitalise £693,000 of interest. This means that the previous loan facility has ended.
Shefa Yamim (SEFA) has made a high grade spinel discovery. The northern Israel-focused gemstone explorer has found nine different gemstone minerals.
Software company Gresham Technologies (GHT) is paying up to €8.5m for B2 Group, which will add €1.4m in revenues and should be earnings enhancing in its first full financial year. The customer base includes banks, insurers and asset managers. Gresham expects its own first half revenues to be 5% lower due to a weak performance in Australia. Net cash was £6.8m at the end of June 2018.
Electronic Data Processing (EDP) has recommended a bid from a company owned by Kerridge Commercial Systems. The cash offer is 91p a share and values the enterprise resource planning software provider at £11.9m.
Blockchain technology investment company Coinsilium Group Ltd (COIN) has raised £188,000 at 1p a share with the cash coming from directors and existing shareholders. The valuations of Factom and SatoshiPay have increased since the beginning of the year. Potential new commercial opportunities are being reviewed. Coinsilium is also raising its own profile so that investors’ are aware of the potential investment.
Middle East-focused investment vehicle Indigo Holdings (INGO) has announced its second investment, which is in Net Tejarat Ahoura, which operates an Iranian online classifieds marketplace. A stake of 1.09% was assigned to Indigo by Turquoise Group, which owns 32.1% of Indigo, in return for assuming the commitment to provide an interest free loan of €376,000 (£320,000). Related parties own 14.1% of Net Tejarat. There was net cash of £818,000 at the time of flotation and Indigo previously spent €176,800 (£150,000) on a 5% stake in Iranian car ride sharing app Carvanro.
Technology incubator Milamber Ventures (MLVP) has entered discussions with Barney Battles and he has suspended his general meeting requisition. The one million shares issued to acquire League of Angels has been cancelled because the transaction was not completed. Milamber has added six portfolio companies taking the total companies that it works with to 25. Milamber is providing funding support to all six as well as strategic advice and/or business planning to some. Milamber has raised just over £9,000 from an issue of shares to its executive chairman Andrew Hasoon at 12.5p a share.
MetalNRG (MNRG) has appointed Paul Johnson as chief executive. He was already on the board as a non-executive director and he is also a non-executive of Thor Mining (THR). The management is keen to attract more trading in the shares by taking advantage of the potential opportunities in the resources sector.
Property investment company Ace Liberty & Stone (ALSP) plans to consolidate 25 existing shares into one new share so it is no longer perceived as a penny share. The shareholder meeting will be held on 31 March. Kryptonite1 (KR1) is also consolidating its shares. Nineteen shares will be consolidated into one new shares with the shareholder meeting being held on 3 April.
Western Selection (WESP) has sold 130,000 shares in AIM-quoted toiletries and cosmetics supplier Swallowfield (SWL) for 320p each. Western Selection still owns 1.5 million shares in Swallowfield, where the share price has doubled over the past nine months. The recent interims showed a quadrupling of underlying operating profit of £2.54m and a more than doubled interim dividend from 0.8p a share to 1.7p a share – the shares go ex-dividend on 4 May.
Plant Impact (PIM) continues to increase its Veritas sales to soybean farmers in Brazil and Paraguay and Bolivia are the next markets it is trying to break into. Another treatment, Fortalis, is being launched in Argentina and the US. In the six months to January 2017, revenues increased from £4.22m to £4.91m, helped by currency movements, with Brazil still dominating sales. Higher sales and marketing and R&D costs meant that there was a loss of £333,000, compared with a pre-tax profit of £541,000. There is £6.03m in the bank which is enough to cover cash outflows for the next year or so.
Strategic Minerals (SML) says that drilling will start by the end of March at the 50%-owned Redmoor tin/tungsten project in Cornwall. The first phase of drilling is 13 holes and the second is 10 holes with potential for six more. This drilling programme is fully funded. On top of this, significant cobalt mineralisation has been identified at Hanns Camp in Western Australia. The company has raised £50,000 via the exercise of warrants at 0.6p a share by Cornhill Capital. There was $1.2m in the bank at the end of 2016 but this was before the £844,000 payment to take the 50% stake in Redmoor.
Remote meetings technology provider LoopUp (LOOP) sharply reduced its loss in 2016 and the cash raised in last year’s flotation should reduce interest costs which were the reason there was a loss in 2016. There was a swing from an operating loss of £353,000 to a £398,000 operating profit in 2016. There is net cash of £2.24m, against net debt of £7.3m at the end of 2015. There was cash generated from operations of £3.29m but that was not enough to cover capital expenditure, which was predominantly capitalised product development investment. There are £12.6m of accumulated tax losses.
Advanced materials developer Versarien (VRS) raised £1.5m at 15p a share via PrimaryBid, having initially tried to raise £1m. All the applications were satisfied. Henderson and Miton each subscribed for 1.33 million shares. The cash will be used to scale up graphene manufacturing facilities and finance the marketing of the Nanene brand.
The People’s Operator (TPOP) is raising a further £1.58m at 8p a share and every two shares will have a warrant attached that is exercisable at 15p a share. The recent fundraisings were at 5p a share. The mobile virtual network operator has confirmed that 2016 revenues were £3.6m and there has been strong growth in US revenues in the first two months of this year. Management has negotiated much better terms with its network providers in the UK and US.
Immupharma (IMM) has raised £4.1m at 52p a share having initially asked for £3m. The drug discovery company has brought new institutions to its shareholder list. Immupharma is negotiating with potential partners for lupus treatment Lupuzor, which is in a phase III trial and the cash will strengthen the balance sheet as well as providing investment in other treatments.
Palm oil waste products-based biogas power generation plants operator Green & Smart Holdings (GSH) says that its figures for the year to September 2016 were in line with expectations but there have been delays in new plants. House broker SP Angel had expected half of forecast 2016-17 gross profit to come from electricity generated by these four projects.
The sale of the broadcast equipment division of Pebble Beach Systems (PEB), formerly Vislink, to xG Technology Inc is not going smoothly. Instead of paying the next part of the deferred consideration xG has taken on responsibility to pay $1.6m of trade creditors. This leaves $4.9m owed but xG says that this payment will be dependent on Pebble’s performance of its contractual obligations. Until outstanding liabilities are clarified xG says that it will not pay any more deferred consideration. The buyer claims that “numerous breaches of contract” have occurred. It is difficult to say whether this is just a negotiating ploy.
Ascent Resources (AST) expects to start untreated hydrated gas production from Pg-10 in the Petisovci gas project in Slovenia in early April. This will provide initial revenues prior to the sale of gas to Croatia later in the summer. Ascent has decided not to lease a dehydration plant and instead it will refurbish the existing plant on the site.
Thor Mining (THR) has reported positive drilling news at the Pilot Mountain tungsten project in Nevada and plans a third drill hole. The second drill hole has intersected 51 metres of mineralisation. The drill hole sample assays should be analysed by the end of April. The third hole is 25 metres to the east of the second hole. Paul Johnson (see MetalNRG) has acquired 500,000 shares at 1.13p each, taking his stake above 2%.
Sunrise Resources (SRES) has raised £250,000 at 0.1p a share. The cash will be used to finance projects in Nevada.
Shares in Ocelot Partners Ltd (OLOT) commence trading on the standard list on 13 March. The cash shell has raised $417.7m at $10 a share. The proposed acquisition is expected to be involved with the European technology, media or telecoms sectors. Management has been involved with other standard list shells, including Nomad Holdings, which acquired frozen foods businesses including Findus.
BATM (BVC) has weathered a difficult 2016 and is in good shape to improve its performance in 2017. A delayed contract hit the network and cyber division but this should be delivered this year. Strong diagnostics activity offset the weaker waste treatment business, enabling the bio-medical division to report flat revenues. finnCap expects the 2016 loss of $3.3m to be turned into a pre-tax profit of $1.5m this year. There was net cash of $23m at the end of 2016, although around £580,000 has been spent on acquiring Israel-based Zer Laboratories.
Bio-decontamination services provider Bioquell (BQE) reported flat revenues of £26.5m and the underlying pre-tax profit improved from £900,000 to £1.6m. There was a £1.5m charge for board restructuring and write-down of intangible assets. The full benefits of last year’s restructuring will come through in 2017. Having returned £40.8m to shareholders, net cash was £8.8m at the end of 2016.
Oil and gas explorer Aminex (AEX) says that the Ntorya-2 well has been successfully tested and it has confirmed that the area should contain a significant amount of gas but there are production difficulties to overcome. Aminex owns 75% of the Mtwara licence in southern Tanzania. Once a full analysis of technical data is complete Aminex will apply for a 25-year development licence over the area. Joint broker Shore Capital says that it is likely to increase its NAV estimate of 3.9p a share on the back of the news.
Electronic Data Processing (EDP) says the original potential bidder has withdrawn but a different bidder has started talks with the board. There was £6.56m in the bank at the end of February 2017 and EDP will consider returning some cash to shareholders if there is no bid. This could depend on the level of distributable reserves, which could be hit by the next pension scheme revaluation.