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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 3 November 2025
AQUIS STOCK EXCHANGE
Digital assets investor KR1 (KR1) is planning a move to the Main Market. A prospectus has been published, and the switch is expected on 25 November. There are also plans to raise money from a placing programme of up to 125 million shares if it is agreed by shareholders at a general meeting on 20 November. This will broaden the shareholder base. KR1 chairman Rhys Davies has been paid a bonus of 580,000 shares. NAV was 50.9p/share at the end of September 2025.
Valereum (VLRM) says COINGT, the infrastructure tokenisation project representing the Interoceanic Corridor of Guatemala, will be listed on tokenisation venue VLRM Markets. The token represents a project to create a logistics and trade route between the Atlantic and Pacific.
SulNox Group (SNOX) generated record second quarter revenues of £679,300, which is 30% above the first quarter. Fuel emission reduction additive volumes were 39% higher. So far this year, revenues are 173% ahead at £1.2m. Cash was £1.36m at the end of September 2025.
WeCap (WCAP) holds 806,022 shares in WeShop, which intends to join Nasdaq, as well as a 23.5% stake in a company that owns 2.08 million WeShop shares. The other investment is waterway cleaning technology developer Bio2pure. The 10% stake is valued at nil. WeCap had net assets of £6.77m at the end of April 2025.
Healthcare IT developer DXS International (DXSP) improved full year revenues from £3.31m to £3.47m and the loss was reduced from £4.95m to £175,000. Slow NHS decision making is holding back progress. Even excluding the previous year’s asset impairment of £4.38m the loss is lower. Turnover is expected to be flat this year and there will be another loss.
Lift Global Ventures (LFT) says it is extending the loan to investee company Trans-Africa Energy to 31 January 2026.
Igraine (KING) has received £3.91m of fundraising money and is still waiting for the other £3.24m.
UTXO Management GP has belatedly stated that it has reduced its interest in The Smarter Web Company (SWC) from 26.6% to 12.99%.
Adnams (ADB) interim chair bought 1,650 B shares at 1805p each, while finance director Andrew Driscoll bought 500 A shares at £10 each.
There will be a 150-for-one share consolidation at Nyce International (NYCE) on 3 November.
Unigel Group (UNX) is paying an interim dividend of 2.5p/share.
IntelliAM AI (INT) is switching to the Apex segment of Aquis.
ASSET MATCH
Zytronic (ZYT) has disposes of all assets except for the freehold property in Blaydon. Completion of the sale has been delayed. An environmental survey will be received later in November. The estimated return to shareholders is still 48p/share to 58p/share.
Greenshields Agri (GAH) says draft accounts for 2024-25 show a swing from a loss of £317,000 to a profit after tax of £2.68m. NAV is 158p/share.
AIM
Empire Metals (EEE) is raising £7m at 40p/share. The cash will be used to finance work on the Pitfield project in Australia. This includes metallurgical test work, resource expansion and commencement of pilot production of Ti02 product samples for end users. This will initially be for the titanium metal supply chain. A listing on ASX is being considered for 2026.
Kromek (KMK) says interim revenues will be at least £14.5m, up from £3.7m. This includes revenues from Siemens. There is still underlying growth of 70%. An interim pre-tax profit is expected.
Belluscura (BELL) is appointing an administrator.
Shareholders did not agree to the proposed fundraising by Anglesey Mining (AYM) and management is preserving cash as it seeks alternative forms of financing. Without that the company will go into administration. Alumni Capital had agreed to offer equity funding of up to £2m.
Conygar Investment Company (CIC) is selling its 203-acre brownfield land at Rhosgoch in Anglesey to Rhosgoch Property, a subsidiary of Stena Lin. The net proceeds will be £18.3m, compared with a valuation of £2.5m. NAV was £63.8m (107.5p/share) at the end of March 2025, but since then there has been a £750,000 loss on the sale of a Virgin Active gym. Premier Miton trimmed its stake from 13.9% to 12.8%, while First Equity has cut its interest from 13.2% to 12.8%.
European Green Transition (EGT) has entered an exclusive six-month option agreement to sell the Pajala copper project in northern Sweden to Recovery Metals Cyprus. Historical drilling confirms copper mineralisation. Recovery Metals Cyprus will fund due diligence during the option. Copper prices are moving towards record highs.
Caledonian Holdings (CHP) has entered an agreement with Mousdale Investment and Nevis Investments which will each swap 250,000 AlbaCo shaes for 6.25 million Caledonian Holdings shares at 0.004p each. This will take Caledonian Holdings’ sake in new smaller company focused bank AlbaCo to 5.47%.
One Health Group (OHGR) has made a positive start to the financial year. Surgical procedures jumped 16% and interim revenues were 17% higher at £15.5m, which is 10% ahead of forecast. EBITDA is expected to be higher than the previous year. Cash is £10.8m. There have been delays in building the surgical hub, but it should still be open by the end of 2026.
Specialist cleaning services provider React Group (REAT) says full year revenues were 21% ahead at around £25m, which includes an initial contribution from 24hr Aquaflow, which was acquired last October. Dowgate edged up its 2024-25 pre-tax profit from £2.1m to £2.2m. Strong fourth quarter trading meant that net debt was higher than expected at £5.2m.
Cancer treatments developer ValiRx (VAL) is raising £750,000 at 0.25p/share and a WRAP offer could raise up to £300,000 more. The offer closes on 3 November. All subscribers get one warrant exercisable at 0.5p each with every new share. The cash will fund R&D, including the preclinical development of potential breast cancer treatment Cytolytix.
Construction disputes and professional services provider Diales (DIAL) expects a 2024-25 operating profit of at least £1.3m on slightly lower revenues of £42.6m, due to weaker Asia Pacific business. Pre-tax profit should also be £1.3m. Net cash was £3m at the end of September 2025. There is a strong pipeline of disputes business.
ABCrescent Cooperatief U.A. has sold 8.22 million shares in Pulsar Helium Inc (PLSR) at 38p/share. ABCrescent, which is associated with Pulsar Helium director Brice Laurent, still has a 4.81% stake plus 15.5 million warrants. Brie Laurent owns 17,570 shares. This follows the proposed acquisition of Hybrid Hydrogen, which owns mineral rights to 6,742 acres in Michigan’s Upper Peninsula, for $80,000 in shares.
Great Western Mining Corporation (GWMO) says soil sampling at the Huntoon copper project in Nevada shows elevated levels of tungsten, copper and zinc. The soil geochemical anomaly has been extended to more than 2.8km. The consistency of anomalies suggests a larger than anticipated mineralised system. Further analysis will help to design a new drilling campaign.
Resources explorer 80 Mile (80M) says its US joint venture partner has announced that an independent report confirms the world-class potential of the Jameson Land Basin in eastern Greenland. This estimates more than 13 billion barrels (P10) of gross unrisked recoverable prospective oil resources. 80 Mile has a 30% post earn-in share. It has a free carry on the initial drilling planned for the second half of 2026. March GL is earning up to 70%. This followd an announcement that 80 Mile has revised the terms of its acquisition of Hydrogen Valley, which operates a biofuel site in Italy.
Versarien (VRS) has signed heads of terms with a UK quoted company for the sale of Total Carbide and the other remaining assets for £100,000 in cash and £100,000 in shares. The buyer will also take responsibility for £5.7m of loans plus interest. Versarien can operate with the support of creditors until the end of November. If the transaction goes ahead Versarien will become a shell.
MAIN MARKET
Cindrigo (CINH) has completed the acquisition of an 85% stake in a company that is developing three geothermal projects in the Upper Rhine Vally in Germany, and this enabled it to return to the Main Market. Cindrigo raised £2.06m at 12p/share and £9.3m of convertible loans have been converted into shares at an average price of 17p/share. At the placing price, the market capitalisation was £40.1m.
Georgina Energy (GEX) has gained drilling approvals for the Hussar prospect in EP513 in Western Australia. There was cash of £112,000 at the end of July 2025 and since then £1m has been raised.
New Frontier Minerals (NFM) had cash and liquid resources of $1.8m at the end of September 2025. There have been good results from the Harts Range rare earths project. The NWQ copper project is also progressing.
Andrew Hore
Quoted Micro 1 September 2025
AQUIS STOCK EXCHANGE
HRC World (HRC) joined Aquis on 26 August. The data centre facilities provider is already traded on Nasdaq First Copenhagen. The plan is to expand the network of sites outside of Malaysia. It is also assessing sustainable electricity generation potential.
The Smarter Web Company (SWC) has raised a further £3.66m at 193p/share and there are 2.59 million shares still available for subscription. The company has bought 2,440 Bitcoin and the total cost was £201.1m. Net cash available to invest in Bitcoin has fallen to £600,000. PKF Littlejohn has replaced Adler Shine as auditor.
Ajax Resources (AJAX) has agreed terms for the acquisition of 74.75% in the Paguanta copper gold project in Chile. If the deal is completed thee is an initial payment of $50,000 in cash and $100,000 in cash. Progress with the project will trigger further payments.
Vault Ventures (VULT) has sold its Bitcoin assets, and it retains its other digital assets. A subsidiary has entered a strategic partnership with Quaint Insight, and this will provide access to data to help assess digital assets.
KR1 (KR1) had net assets of 49.38p/share at the end of July 2025, up from 40.69p/share at the end of June. Aggregate income during the month was £419,630.
Wishbone Gold (WSBN) has raised £1.5m at 1.25p/share and this will provide working capital for drilling at the Red Setter Dome gold target.
Lord Bethell has been appointed as a non-executive director of biotech Cardiogeni (CGNI). He is a former health minister. Another director, Ajan Reginald, bought 10,001 shares at 20p each and 2,000 shares at 10p each. He owns 22.1% of Cardiogeni.
Amazing AI (AAI) raised £72,000 at 1p each.
Phoenix Digital Assets (PNIX) director Jonathan Hives has sold 350,000 shares at 5.085p each. EDX Medical (EDX) chief executive Dr Michael Hudson bought 65,000 shares at 10.65p each.
ASSET MATCH
Zytronic (ZYT) expects to sell all its assets by the end of September, and shareholders should receive between 48p and 58p for each share they own in October.
AIM
In the year to February 2025, continuing revenues of online retailer boohoo (DEBS) fell 12% to £790.3m, but Debenhams brand gross sales were one-third higher. The adjusted loss was barely changed at £43.4m. Management says that the brands are trading at a positive EBITDA. There were a raft of exceptional costs, including an impairment provision of £47.9m. The carrying value of the investment in Revolution Beauty (REVB) has been reduced by £16m and boohoo is backing the refinancing and the return of the founders. Total exceptionals increased from £98.1m to £198.7m. Founder and executive director Carol Kane bough 6.86 million shares at 14.5p each
Fiinu (BANK) has been readmitted to AIM following the acquisition of Poland-based foreign exchange brokerage Everfex. The initial payment of £8m was satisfied by the issue of 80 million shares at 10p each and the rest will depend on performance and be payable via up to 20 million shares at 20p each. The share price rose 49% to 19p.
Fire safety products supplier LifeSafe Holdings (LIFS) is asking for shareholder approval to leave AIM. It has raised £700,000 at 3p/share and a retail offer, which closes on 5 September, can raise up to £500,000. Disappointing sales mean that LifeSafe requires more working capital. Overoptimistic expectations from the company have led to the share price slumping from the 75p placing share price in July 2022. It costs £300,000 each year to be quoted and management says that it has prospective investors that can only invest in private companies and are willing to invest at higher valuations than the current valuation. Executive chairman Dominic Berger acquired 1.37 million shares at 1p each, taking his stake to 5.85%.
Empire Metals (EEE) has made a breakthrough in process development at the Pitfield project in Western Australia. Recoveries are 77% at the rougher stage and 90% at the cleaning stage. Leach results achieved 98% titanium dissolution. Overall titanium recovery is 67% and this is expected to improve. This is a high purity product.
Transport software and services provider Tracsis (TRCS) says full year revenues edged up from £81m to £82m, while EBITDA was slightly lower at around £12.6m. Trading improved in the second half. Cash was £23.4m at the end of July 2025.
Brain health software developer Cambridge Cognition (COG) is raising £1.12m at 27.25p/share from key shareholders and management following the interim figures. Changes to the board mean that Rob Baker becomes senior executive director, Alex Livingstone-Learmonth is chief commercial officer, and Ronald Openshaw becomes head of finance and corporate development. Interim revenues fell from £5.6m to £4.3m and the loss increased. Cash fell to £400,000. The order book was £16.4m at the end of June 2025.
Thor Explorations (THX) announced further drilling results from the Guitry Gold Project in Côte d’Ivoire. There have been 3,000 metres of drilling and the latest assays include thee with significant gold showings, including one showing 8 metres at 14.54g/t gold. The drilling shows mineralisation is open at depth. There are soil anomalies that have not been tested.
Advanced engineering materials developer Versarien (VRS) says that the sale of its remaining subsidiaries is near completion. The Chinese strategic investor has withdrawn from the investment process because of the UK national security review process only approving a restricted joint venture.
Logistics Development Group (LDG) had net assets of 26.7p/share at the end of June 2025, up 8.67% over the quarter. Since then, £15m has been invested in a company that has taken a 78.3% stake in Alternative Parcels Company.
Synthetic binders developer Aptamer Group (APTA) has launched a biomarker discovery service. Biomarkers are molecular indicators of physiological states, including disease presence and enable targeted drug development. The service will use the company’s own Optimer technology in combination with proteomic analysis and it can generate the binding molecules. This is a fee for service model.
Oriole Resources (ORR) says the number of gold bearing intersections at the Mbe gold project in Cameroon to 285, equivalent to one intersection for every 21 metres. A mineral resource estimate is expected before the end of the year.
MTI Wireless Edge (MWE) improved revenues by 8% to $24.1m, but pre-tax profit was flat at $2.3m. Share buybacks helped earnings to increase, but net cash fell to $5.1m at the end of June 2025. Antennas revenues grew strongly and there was a doubled profit contribution. This offset lower profit from other parts of the business.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) has already flagged up weaker trading. Interim revenues were 13% ahead at £146.6m, which was an organic decline of 1%. Pre-tax profit was one-third higher at £7.9m. The interim dividend is unchanged at 0.96p/share. Manufacturing operations performed better than distribution, which should improve its performance in the second half.
Andrew Hore
Quoted Micro 25 August 2025
AQUIS STOCK EXCHANGE
Wishbone Gold (WSBN) is the best performer on Aquis and AIM this week. The gold explorer says drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. Drilling has reached 777 metres, and the breccia pipe is 152 metres long. Drill core is being transported to be assayed.
Fibre optic cables materials manufacturer Unigel Group (UNX) increased interim revenues from £14.8m to £18.9m, while pre-tax profit improved from £1.28m to £2.03m. Cash was £2.41m at the end of June 2025. Tariff uncertainties mean that the outlook remains cautious.
Digital asset company Vaultz Capital (V3TC) has appointed James Bowater as global head of partnerships. He founded crypto publications Crypto AM.
Valereum (VLRM) has entered a memorandum of understanding with ZIGChain and DigiShares for a strategic collaboration to explore development of a scalable platform for real world asset tokenisation. Indirect investee company Nexstox Inc has been granted a Labuan Exchange licence, which is the fifth to be granted.
The Smarter Web Company (SWC) has appointed Jesse Myers as head of Bitcoin strategy.
NYCE International (NYCE) is planning to raise up to £150,000 at 0.2p/share. Chief executive Farzad Peyman-Fard plans to subscribe for at least two-thirds of these shares. The cash will be invested in games aggregation platform Nirmata Play and to develop games for crypto casinos. Also, money will be spent on performance marketing and advisory services. The subscription should close on 28 August.
Emissions reduction fuel additives developer SulNOx Group (SNOX) has secured a patent in Jordan, which has the second largest container port in the Red Sea. The patent covers a range of formulations.
BWA Group (BWAP) says that the initial sampling programme has been completed and there is evidence of heavy mineral sands mineralisation beyond holes analysed at the Dehane project in Cameroon. There is mineralisation from surface.
Oscillate (MUSH) had cash and short-term investments of £2.29m at the end of May 2025. This will be invested in mining projects.
Mendell Helium (MDH) says that M3 Helium has secured a land lease in Nebraska and drilling should start shortly. There are talks with potential partners to develop a plan for Bitcoin mining. There are preparations for dewatering at the Rost well at Fort Dodge, Kansas. The work has been under budget.
Non-board chief engineer Noah Deledda has pledged 21 million of his 69.7 million shares in CRUSHMETRIC Group Ltd (CUSH) as security for a loan.
Time to Act (TTA) executive chairman Chris Heminway bought 33,300 shares at 15p each. Vault Ventures (VULT) has completed a one-for-100 share consolidation. Prior to this Concreatd Ltd acquired a 3.98% shareholding. Mark Jackson has increased his shareholding in Evrima (EVA) from 4.13% to 5.14%.
ASSET MATCH
Greenshields Agri (GAH) says it expects to make a strong profit in the year to June 2025, helped by land sales. Estimated NAV is 160p/share after a marginal uplift in farmland value. Early grain yields appear promising. There are plans to approach companies about a quarry project that could transform earnings.
Brewer Wadworth and Company (WAD) says interim sales were 4% higher with own beer sales 9% ahead. EBITDA improved by 7%, although one-off costs will hit profit. Banking facilities will be refinanced in September and that should reduce interest charges.
AIM
MicroSalt (SALT) is gearing up to supply its third major customer. This will generate revenues in the second half and could generate $5m next year. There have been some delays in revenues because of changes in US regulations on food additives and the interim revenues figure is $900,000. Full year sales expectations have been reduced from $2.5m to $2m, rising to $6.7m in 2026. There was $900,000 in the bank at the end of June 2025.
Singer upgraded its forecast for Tribal Group (TRB) following the interim figures. In the six months to June 2025, revenues were 2% higher at £45.3m and pre-tax profit jumped from £600,000 to £5.6m. The core education software business is building up its cloud revenues and selling more subscription-based packages of products. Growth has been in the UK. Trading conditions are still tough for the Education services business Etio with a shortage of cash available for spending by universities and colleges in the US as well as the UK. Revenues declined but profit improved thanks to cost savings. Since June, more contacts have been won and annualised recurring revenues have reached £64m, although that includes £2.2m of revenues from older software where income is declining. Singer raised its 2025 pre-tax profit forecast to £10.8m.
Revolution Beauty (REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m.
Fishing tackle retailer Angling Direct (ANG) increased interim UK revenues by 18% to £51.1m, with online revenues 21% ahead. Like-for-like sales were 14% higher. European sales edged up from £2.4m to £2.5m. The store in Utrecht was opened in May 2024. After investment and share buy backs net cash reduced to £12.5m. Trading is comfortably in line with consensus market expectations. The interim results to July 2025 will be published on 7 October.
Explorer and project incubator Power Metal Resources (POW) has sold its remaining 14.75% stake in tungsten project developer Guardian Metal Resources (GMET) to Duquesne Family Office for £13.6m at 55p/share. There was a £6.6m gain on book value. Power Metal Resources says it invested £1.9m in Guardian Metal Resources and it has generated £22.8m from selling shares.
Firering Strategic Minerals (FRG) has received notice that Ricca Resources is withdrawing from the earn-in for the Atex and Alliance lithium tantalum projects. These are on care and maintenance. Firering Strategic Minerals will not have to pay any money back to Ricca, but it expects Ricca to repay funds it advanced for the projects. Firering Strategic Minerals received a 10.6% stake in Ricca as part of the original deal.
Neo-natal medical devices developer Inspiration Healthcare (IHC) increased interim revenues by 41% to £24m and gross margins improved. During the period a $6m humanitarian aid contract was delivered. The sales momentum is continuing in the second half. Deliveries for the Middle East contract have started and should be completed in the second half. Net debt has been reduced by £1.6m to £6.7m.
Packaging manufacturer Robinson (RBN) increased interim operating profit by one-quarter to £2.04m on a 2% increase in revenues to £27.6m. Additional working capital increased net debt to £8.5m, but the second half should be a strong cash generator. The share price has been on an upward trend because of property disposals and profit upgrade.
Iron deficiency treatment developer Shield Therapeutics (STX) announced interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the first half. There was cash of $10.8m at the end of June 2025, but there is net debt. A full year loss of $18.9m is forecast for 2025. Cash flow could be positive by the end of 2025. Net debt could reach $36.3m at the end of 2025.
Empire Metals (EEE) has reported further assay results from the Pitfield project in Western Australia. This was focused on the weathered cap at the Thomas prospect. There are some of the highest titanium dioxide grades recorded at the project and many of them are more than 7% titanium dioxide. Nearly two-thirds of the drill holes had an average grade of more than 4%.
Pulsar Helium Inc (PLSR) has raised £3.72m at 23p/share and Universal Bancorp has raised its stake to 4.99%. The cash will be invested in developing the Topaz helium project in Minnesota. There are plans for ten appraisal wells. There will also be a preliminary economic assessment and resource update.
Aptamer Group (APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee, and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company.
Animal treatments developer Animalcare (ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs.
MAIN MARKET
BATM Advanced Communications (BVC) has sold non-core operations so that it can focus on core networks and cyber technology. Interim revenues improved 3% to $60.4m, while underlying pre-tax profit fell from $3m to $1.6m. That excludes the $4.3m loss on discontinued activities. There was a strong performance from the remaining diagnostics businesses and networks revenues are growing. A new product launch will help cyber. There was $27m of cash in the balance sheet.
Ikigai Ventures (IKIV) plans to acquire Dotlines Global and Audra Solutions for a total of £67m in shares and move to AIM. The businesses are based in Singapore and Malaysia and are involved in cyber security, AI and fintech. Pro forma revenues are £22m and EBITDA is £1.7m. Trading in the shares has been suspended.
Andrew Hore
Quoted Micro 16 June 2025
AQUIS STOCK EXCHANGE
The Smarter Web Company (SWC) shares continue to reach new highs and trading has begun on the US OTCQB trading platform. The Bitcoin holding has increased to 242.34 and the average purchase price is $107,002 each. That is an investment of $19.1m and a bookbuild is underway to raise at least £15m at 180p/share to buy more Bitcoin.
Coinsilium (COIN) subsidiary Forza Gibraltar has bought a further 5.o416 Bitcoin at an average price of £81,323.39 each. This takes the Bitcoin holding to 18.6815 Bitcoin. The share price soared 74.5% to 11.95p.
Shares in S-Ventures (SVEN) recovered 51.1% to 0.34p following the return from suspension the previous Friday following the sale of the trading businesses to AIM-quoted Tooru (TOO) in return for 466.7 million shares, which are currently trading at 0.26p each. The stake is worth more than double the current market capitalisation of S-Ventures.
Hot Rocks Investments (HRIP) has bought 60,000 warrants in The Smarter Web Company that are exercisable at 2.5p each. It also acquired a stake in Namibia-focused Supernova Metals, which is an oil explorer that is changing its name to Oregen Energy. The investment company also invested in the Wishbone Gold (WSBN) £1.75m fundraising at 0.13p/share, including £300,000 invested by directors.
Healthcare IT developer DXS International (DXSP) says its digital medicine technology ExpertCare has been selected for the Grow Digital Health Midlands programme. This provides access to experts to aid development and the opportunity to present to decision makers.
Digital finance platform operator Tap Global Group (TAP) has announced plans to move to AIM on 27 June and no new money will be raised. Spark will be the nominated adviser and Tennyson Securities the broker. The company expects to report a positive EBITDA this year.
Nick Cowan is stepping down as chief executive of Valereum (VLRM). This follows the falling through of the £19m investment by DMC Markets. His 10 million warrants have been cancelled. Gary Cottle will become an executive director. Matthew Ripperger and Grant Gischen are joining the board as non-executives.
Newbury Racecourse (NYR) says attendances are 21% higher so far this year. Overall trading is in line with expectations.
Mollyroe (MOY) is still seeking a suitable acquisition. There was £299,000 in the bank at the end of 2024. There was a £47,585 cash outflow during the year.
Shortwave Life Sciences (PSY) raised £40,000 at 0.125p/share. Each new share comes with a warrant exercisable at 0.15p each. Amirose London Holdings (ALH) raised £100,000 at 0.5p/share and issued a further 288,000 shares to pay the bill from Novum Securities. The cash will help to accelerate growth. RentGuarantor Holdings (RGG) raised £1.02m via a subscription at 25p/share. The cash will finance growth and fund costs of moving to AIM.
Watchstone Group (WTG) plans to distribute £1m to shareholders once the share premium account has been reduced.
EPE Special Opportunities (EO.P) is extending its loan note instrument from 23 July 2025 to 23 July 2026. The annual interest charge rises to 8.5%.
Steve Xerri has increased his stake in Oscillate (MUSH) from 5.58% to 6.4%. ProBiotix Health (PBX) vice president of sales Michael Litichevski has bought 67,500 shares at 7.7p each.
JP JENKINS
The JP Jenkins proprietary index, which includes the 15 largest companies trading on the facility, fell 0.7% to 1053.11 between 2 May and 6 June.
AIM
Chain and transmission equipment manufacturer Renold (RNO) is recommending a bid of 82p/share in cash by MPE Mgt Co LLC, which owns Webster Industries. Renold is valued at £186.7m. The original indicated bid was 77p/share, although there was also an offer of 81p/share from a consortium comprising Buckthorn Partners LLP and One Equity Partners IX, L.P. The deal will help Webster Industries to expand globally and broaden the product range.
Bain Capital is no longer considering a bid for Craneware (CRW), after its indicative proposal of 2650p/share was rejected.
Construction dispute and other professional services provider Diales (DIAL) reported flat interim revenues of £21.6m. There was an improved performance in the Middle East, but Asia Pacific was weaker. Utilisation levels were lower, but they should recover for the full year. Net cash was £2.4m after dividends and share buybacks, plus the timing of receipts. The interim was maintained at 0.7p/share. There is a second half weighting. The full year pre-tax profit is expected to be £1.3m. Tariffs could provide additional opportunities for Diales.
Science Group (SAG) is making a large gain on its stake in environmental and engineering consultancy Ricardo (RCDO) following a 430p/share cash bid from WSP Group. Since February, Science Group has built up a 21.8% stake in Ricardo. It has immediately sold 19.9% of Ricardo to WSP and will receive £53.5m in cash before the end of June. The rest of the cash for the remaining stake of around 1.9% will be received when the bid goes through. That should bring in £4.7m. Canaccord Genuity estimates that Science Group will make a 70% return in four months.
Newmont Mining intends to sell up to 50% of its stake in Greatland Resources in conjunction with a placing raising up to A$50m when the new holding company for Greatland Gold (GGP) joins ASX.
Cosmetics supplier Revolution Beauty (REVB) has confirmed that there are a number of parties interested in making an offer for the company and they include fully listed Frasers Group (FRG).
A secondary placing of 3.04 million Cerillion (CER) shares by chief executive Louis Hall was larger than the original intention of 1.33 million shares. The sale was at 1500p each and raised £45.6m. He retains 20.1%.
Management training services provider Mind Gym (MIND) is in the process of transformation. Last year, revenues fell but cost savings meant that the loss was reduced from £3.3m to £800,000. Revenues are expected to start to recover in the second half of the year to March 2026. A slightly lower loss is forecast before a move into profit in 2026-27.
NWF (NWF) has bought a fuels distributor in Berkshire. It has annual volumes of 13 litres. The fuels division reported maintained volumes with improved margins in the year to May 2025. Feed volumes recovered, but the food distribution business generated a lower profit. Net cash was £6 at the end of May 2025. Underlying full year operating profit will be slightly higher than the forecast of £16m. There will be exceptional acquisition and restructuring costs of between £2.5m and £3m.
Musical instruments retailer Gear4Music (G4M) is acquiring assets of a retail rival. The business traded as PMT Play Music Today and stock, plus website IP was acquired. The consideration is £1.2m, which is around 50% of the asset value. The business was in administration and its demise will benefit the remaining market players.
Caledonian Holdings (CHP) is investing £1m in AlbaCo, of which £750,000 is in cash for new shares and £250,000 in Caledonian Holdings shares for shares owned by AlbaCo founder and Caledonian Holdings director Jim McColl. AlbaCo (www.albacoltd.co.uk) is being set up to provide bank services to small and medium sized businesses in Scotland and other parts of the UK. It is expected to be issued a banking licence in the near future and will raise more cash then.
Energy efficiency services provider Earnz (EARN) raised £1.02m at 7.2p/share, which was more than double the previous day’s closing price, to fund the acquisition of A&D Carbon Solutions, which is being acquired for an initial £1.3m in cash and shares. The directors and related parties subscribed £268,000 for shares in the placing. Wales-based A&D Carbon Solutions installs wall insulation, heat pumps and solar panels. It has a customer base that manages large scale retrofit projects. There could be up to £1.5m of deferred consideration payable for the acquisition if it achieves performance targets.
Phoenix Copper (PXC) has signed a letter of intent for a US based investor to subscribe for $75m of the company’s 8.5% corporate copper bonds due 2029-2033. This will be drawn in three tranches with the first tranche of $30m. There will be a preference share issued to the lender, and this is convertible into 25 million shares at 5p each. The investor will have one board seat. This is all subject to due diligence and documentation. The short-term lender has converted $176,585 of the outstanding principal into 4.85 million shares at 2.82p each. A placing raised £500,000 at 4p/share,
Premier African Minerals (PREM) raised £1.575m at 0.012p/share and has also settled $1.1m of creditor invoices through the issue of 6.17 billion shares at the same price. The cash will be invested in processing equipment at the Zulu lithium and tantalum project. Talks with Glencore International for the purchase of spodumene concentrate will continue when grade and recovery are satisfactory.
Mixed signal Application Specific Integrated Circuits designer EnSilica (ENSI) says first royalty payments have been triggered and the agreement extended with a satellite service provider. Work with this customer commenced in 2021 and there will be additional monthly royalty payments for each satellite in operation. The total value of the agreement has increased from $15m to $28m.
Graphene technology developer Haydale Graphene (HAYD) published a trading statement indicating the progress of graphene heater mats heating system JustHeat, which is generating revenues and distribution agreements are being secured with companies that will install the technology. An agreement with Jersey Energy Technologies, which could generate sales of £6m over five years. There are plans for an insurance backed warranty. There are other agreements in the UK and Europe, while UL certification has been received in the US. Costs are being further reduced from £275,000/month to £200,000/month.
Online marketing and domain name services provider Team Internet (TIG) has been awarded a 10-year contract to run the .co top level domain, which is country code for Colombia, in partnership with Colombian registrar CCI REG. This will further enhance the core domains business, although it will not offset the declines in search. The initial revenues should start at the end of 2025.
Great Western Mining Corporation (GWMO) has raised £1.25m at 1p/share. Each two shares come with a warrant exercisable at 1.3p each. The cash will fund drilling at the West Huntoon copper prospect, plus a geophysical survey and first drilling at the Rhyolite Dome gold prospect. There is also ongoing work at tungsten prospects. Expertise is being added to the team. Management is talking to larger companies to find an industry partner for West Huntoon.
Empire Metals (EEE) says the latest results from the product development test programme at the Pitfield project in Western Australia. The TiO2 is high purity and assays at 99.25%. This is suitable for titanium sponge or pigment production. The bulk sampling programme continues.
Cannabis medicines developer Celadon Pharmaceuticals (CEL) has secured a £500,000 one-year unsecured credit facility with a Europe-based high net worth individual. The annual interest charge is 10%. This cash will last until July, and another finance provider is near to agreeing to lend money. Celadon still plans to leave AIM.
Pri0r1ty Intelligence (PR1) plans to acquire Halfspace, which is a sports data and marketing company, for 30.8 million shares at 2.5p each. It has revenues of £925,0000. This will help the company to sell its AI product in the sports sector.
MAIN MARKET
Iron casting and machining company Castings (CGS) reported a full year pre-tax profit of £5.6m, down from £21.3m, which was slightly better than the previously downgraded estimate. Net cash is much better than expected at £15.6m at the end of March 2025, although that is mainly due to the timing of capital investment. Heavy truck demand fell, and like-for-like volumes were one-fifth lower. There are signs of improving volumes. The new foundry line will contribute in the second half.
EDF has launched its 6.5p/share recommended cash bid for Pod Point (POD), which values the EV charging points operator at £10.6m.
Dundee Precious Metals has launched a recommended bid of 0.159 of one of its own shares and 93p in cash for each share in Adriatic Metals (DTI).
Vinanz (BTC) has launched a WRAP retail offer of up to £1mat 13.75p. The offer closes at 4.30pm on 16 June.
Bluebird Mining Ventures (BMV) has signed non-binding heads of agreement to acquire 756 ASIC units for Bitcoin mining. The payment would be £200,000 in shares.
Andrew Hore
Quoted Micro 17 March 2025
AQUIS STOCK EXCHANGE
All Things Considered (ATC) has raised its stake in Brighton venture Concorde 2 to 80% and acquired the remaining shares in bar services provider JTR Productions for £2.49m and 60% of Brighton venue Volks, which is close to Concorde 2, for £400,000. This broadens the range of music-related services that can be provided by All Things Considered. In 2024, Concorde 2 generated pre-tax profit of £240,000, while JTR Productions made pre-tax profit of £150,000. The initial interest was acquired through Joy Entertainment, previously McKeown Asset, last year.
Marula Mining (MARU) has made the first copper concentrate sales from the Kinusi copper mine in Tanzania. The payment of 90% of the initial estimated value will be made in the coming week. The rest will be paid when specifications for the concentrate have been met.
Invinity Energy Systems (IES) will supply a 10.8MWh of its ENDRIUM flow batteries in Hungary and a 0.9MWh VS3 battery to a US customer. Progress is being made with the LODES project in the UK and grant funding may be recognised this year. OFGEM has published a technical decision document on the long electricity duration storage cap and floor. This will be designed to attract investment, which should be good for Invinity Energy Systems.
Richmond Hill Resources (SHNJ) has signed a letter of intent with Three Mile Beach to acquire mineral exploration licences in Quebec. There is a 60-day exclusivity agreement. The Saint Sophie copper project is located in the Beauce. There have been historic mines and there are also high-grade discoveries.
Gledhow Investments (GDH) reported a reduction in NAV from £1.41m to £989,000 in the year to September 2024. That includes £150,000 in cash and subsequent disposals have increased cash to £220,000.
Oscillate (MUSH) became a hydrogen explorer during the year to November 2024. Net assets were £1.75m, including £1.59m in cash and £158,000 in short term investments.
Peel Hunt has a 13% stake in WeCap (WCAP). Virya Solutions Group has taken a 7.37% stake in ChallengerX (CXS), while Hub Affiliations owns 10%.
There was a 62.2% take up of the One Health Group (OHGR) open offer and it raised £300,000, taking the total fundraising to £7.8m. Trading on AIM will start on 20 March.
ASSET MATCH
Remote Services provider RA International Group (RAI) has joined Asset Match on 11 March. The facility is expected to operate for a minimum of 12 months.
JP JENKINS
Eresos Holdings (ERS) joined JP Jenkins on 11 March. Eresos, which is a village in Lesbos, makes CBD-based cosmetics and nutraceutical products using Greek botanical science. Chief executive Carl Jat was previously part of the management team of Claire’s Accessories and is founder of Wellverse. The accounts of Eresos Holdings, which was formed in March 2023, for the year to May 2024 have not been published on the Companies House website yet.
Gosport-based brewer Powder Monkey Group Ltd (PMGL) joined JP Jenkins on 13 March. The company has acquired a range of brewing brands and hospitality sites in the UK and Australia. Further international acquisitions are planned. NAV was £4.33m at the end of 2023, including £342,000 in cash. Former England rugby union player Steve Thompson is a director of subsidiary Power Monkey Brewing. The company also owns Australia-based Southern Highlands Brewing.
Edison has published research on Studio Stays Hotel Group (SSHG). The recent start-up plans to buy underperforming hotels and encourage a combination of short and long stays. In 2025-26, management believes revenues could be £4.3m, which is enough to be profitable.
AIM
Shares in cash shell Rosebank Industries (ROSE) returned from suspension after it ended discussions with Cerberus Capital about the potential acquisition of critical electrical distribution systems supplier Electrical Components International Inc (ECI). Rosebank Industries says that there was support for the deal from existing and potential new shareholders it has decided not to go ahead with the deal because of stockmarket volatility.
Cakes retailer Cake Box (CBOX) is buying Indian sweets maker Ambala Foods from the executors of the founder for £22m. This includes the freehold of the Ambala facility. Ambala is a profitable business and Cake Box has identified £1m of annual cost savings. This includes head office and distribution efficiencies. Ambala has its own outlets, and the sweets could be sold via Cake Box stores. There is also scope for increasing online sales. Cake Box raised £7m through a placing at 180p/share and a retail offer could raise up to £200,000 more. The rest of the purchase price will come from debt. Panmure Liberum believes the acquisition could add £1.1m to pre-tax profit in 2025-26. This will enhance earnings by 5%.
US-based government relations and public affairs services provider Public Policy Holding Company Inc (PPHC) continues to grow via a combination of organic and acquisitive growth. In 2024, revenues rose 11% to $149.6m with organic growth of 3%. Underlying pre-tax profit edged up to $34.3m. Net debt was $17.5m, but this will rise when the acquisition of TrailRunner is completed at the beginning of April. The dividend was cut from 14.3 cents/share to 9.4 cents/share to preserve cash. Last year, the company made its first UK acquisition and TrailRunner further increases exposure outside of the US. The latest deal is earnings enhancing and 2025 pre-tax profit is forecast to be $41.8m.
Hornby (HRN) is the latest company to want to leave AIM. Phoenix Asset Management investment company Castelnau owns 54.9% of the hobby products supplier and other shareholders take the total in favour to more than 70%, so the departure is almost certain to be approved at a general meeting. Liquidity is limited and annual costs of £400,000 will be saved. JP Jenkins will provide a matched bargain facility. There is also an exchange facility where Hornby shares can be swapped for shares in fully listed investment company Castelnau at the equivalent of 19.3p/share to retain an indirect interest in Hornby.
Respiratory treatments developer Synairgen (SNG) is asking for shareholder approval to leave AIM less than two months after TFG Asset Management subscribed £18m at 2p/share. A related fundraising did not reach the minimum to scale back the investment by TFG. The general meeting is on 28 March and the cancellation is expected on 9 April.
Concrete levelling equipment supplier Somero Enterprises (SOM) reported a decline in revenues and profit in 2024, but that masks an improved second half. In 2024, revenues fell from £120.7m to £109.2m, which is well below the 2022 figure of $133.6m. Pre-tax profit dipped from $34.5m to $25.4m and that led to a decline in the dividend to 16.9 cents/share, which is twice covered by earnings as is normal. The excess cash enabled an additional special dividend of 4.1 cents/share. Net cash was $29.5m at the end of 2024. There remains uncertainty in the core US market because of labour shortages and concerns about the economy and the possible effect of tariffs. A flat pre-tax profit is forecast for 2025.
Ground engineering contractor Van Elle (LON: VANL) says the Building Safety Act id delaying approvals of residential projects and there are also delays in the Canadian subsidiary’s rail work. The future of the Canadian business is being considered. The construction market remains difficult with residential particularly weak. Zeus has reduced its 2024-25 pre-tax profit forecast by one-third to £4m, while next year’s forecast has been reduced from £7.6m to £7m.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Distil (DIS) shares have recovered some of the loss sustained following yesterday’s trading statement. The drinks brands owner expects to improve fourth quarter revenues by one-third, but full year revenue is expected to fall to 31% to £1.1m. Trading remains difficult. Management believes that the switch of UK distributor to Global Brands will help to return the business to growth. Costs are being reduced and strategic options assessed – but not including an offer for the company. There will be a need for more cash by September.
Developer of kinase inhibitors for autoimmune disease and cancer treatments Sareum (SAR) raised £1.07m at 1.25p/share. This follows the acquisition of the licence for SRA737, which targets cancer cell replication and DNA damage repair mechanisms, following its return to the CRT Pioneer Fund by a US biopharma company. The deal includes an increase in Sareum’s share of future revenues to a net 63.5%, from 27.5%. In the short-term, the ongoing costs will be limited to data storage and IP management.
SIMEC Atlantis Energy (SAE) has been awarded a capacity contract for the AW1 120MW BESS project at Uskmouth in Wales. It will receive £60/KWh for 15 years in return for a reliable source of electricity supply. This will help to secure funding for the project.
Kingswood Holdings (KWG) has received a bid offer of 7p/share from HSQ Investments, which already owns 68.4% of the wealth management firm and it is in talks to buy the 21% stake of KPI (Nominees). There is a lack of liquidity in the shares. Kingswood’s growth HSQ has also provided additional loans to Kingswood in the past year, taking gross debt to £90.7m. The Kingswood independent directors “would be minded to recommend” the potential offer.
Dekel Agri-Vision (DKL) says February crude palm oil production was 6% lower at 3,527 tonnes as better extraction rates only partially offset the reduced crop. Year-on-year sales volumes rose 28.5% because of the timing of sales. The average sales price was €950/tonne, which is well above the average price assumption of €775/tonne for 2025. Palm kernel oil production rose, and the average price jumped 54.4% compared with one year ago. Raw cashew nut purchasing has started, and production rates are increasing. Quarterly data will be published next month.
Savannah Energy (SAVE) has completed the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria, which gives it 100% of the Stubb Creek oil and gas field. This produces 2,700 barrels of oil equivalent/day and there are plans to increase production. The Stubb Creek field petroleum mining lease lasts until 2043.
Empire Metals (EEE) has reported positive test results and delivered a product which assayed at 91.6% TiO2. Purification and product finishing steps have been optimised. There are limited levels of deleterious elements. Larger scale test work will be undertaken.
NWF (NWF) has acquired Northern Energy Oil, which distributes 42 million litres of oil annually from five sites in north east England. This will cost a total of £8.3m and increase NWF’s volumes by 6%. Last year’s revenues were £35.1m and underlying pre-tax profit was £700,000.
In the six months to December 2024, Optimer binders developer Aptamer (APTA) increased revenues from £298,000 to £653,000, while the loss was reduced from £1.9m to £1.2m. The cash outflow was £1.3m. Net cash is £1.95m. Fee for service revenues have risen and progress has also been made with programmes that could lead to licencing deals. Unilever is starting human skin trials for deodorant using Aptamer’s ingredient.
Electric Guitar (ELEG) proposes a company voluntary arrangement and a subscription to raise £300,000 at 0.24p/share, plus £55,000 from heavily discounted convertible loan notes. The nominal value of the shares will be reduced to 0.01p so that new shares can be issued. The business has been sold. Debts are currently nearly total £1.4m. The debts would be converted into 236.8 million shares. The CVA requires £115,000 of cash to be contributed from the subscription. The CVA has to be approved by creditors.
MAIN MARKET
Thalassa (THAL) has taken a 21.3% stake in AIM-quoted Newmark Security (NWT). It also has a 5.21% shareholding in US-based Encision Inc.
LMS Capital (LMS) plans a managed realisation of its assets because of the discount to NAV and lack of liquidity. An initial capital distribution is promised, but the realisation could take years.
First Tin (1SN) has been awarded two new exploration licences near its Taronga tin project in Australia.
BSF Enterprise (BSFA) is progressing the commercialisation of its lab-grown leather. Collaborations will help to assess potential opportunities. There is a separate subsidiary called Lab-grown Leather Ltd, which could attract outside investment.
Bitcoin miner Vinanz (BTC) is considering a dual listing on Nasdaq. The company is relatively small for a Nasdaq listing.
Pyx Resources (PYX) reported more than halved revenues of $11m in 2024. The loss was reduced from $10.5m to $4.1m. Net cash was $5m.
Georgina Exploration (GEX) says staff has returned to the EP513 Hussar helium and hydrogen prospect in Australia to complete the environmental study and heritage reports. The reports should be completed in May. This will enhance the future field development.
Andrew Hore
Quoted Micro 17 February 2025
AQUIS STOCK EXCHANGE
Music management and event promotion company All Things Considered (ATC) more than doubled 2024 revenues to £50m and EBITDA was £1.5m. Growth is coming from adding managers and new clients, plus acquisitions. Further acquisitions are planned. An agreement has been reached to take the stake in livestreaming platform Driift from 32.5% to 100%. All Things Considered is assessing a move to an unspecified London Stock Exchange market.
Broker and investment manager Oberon Investments Group (OBE) has raised £2.5m in an oversubscribed placing at 4.5p/share. The cash will be used to accelerate growth, particularly in the broking business, which is expected to increase revenues by more than 50% in the current year. Mergers among larger broker provide potential to add to clients. There are also opportunities to add teams of investment and wealth managers. The Oberon AIM VCT (OVCT) is trying to raise a further £5m, plus over-allotment facility of £3.4m. Oberon Investments gets a fee based on the amount subscribed.
Cardiogeni (CGNI) has signed a memorandum of understanding with the private office of Sheikh Al Qassimi for funding of clinical trials. A joint venture will be formed, and it will receive £20m over a period up to 2027 to complete research and clinical trials in the UAE. There will be an initial cash injection of £5m. The cash will fund phase 2b/3 clinical trials and commercialisation of Cardiogeni’s heart failure treatments. The deal could be signed by the end of March 2025.
In the year to January 2025, EPE Special Opportunities (EO.P) NAV edged up to 328p/share. That includes cash of £11m. Trading was tough for all of the businesses in the portfolio. Investee company Whittard of Chelsea increased like-for-like sales by 6%. Pharmacy2U also grew organically and acquired a business in the pet care market.
ChallengerX (CXS) has entered into conditional agreements to acquire NYCE International for £1.6m, Virya VC for £280,000 and an instance of Reelsof AB’s remote gaming software and game aggregation platform for £160,000. These payments will be satisfied by the issue of 510 million shares at 0.4p each. There will also be a £600,000 fundraising. Virya founder Farzad Peyman will be appointed chief executive and NYCE founder Harmen Brenninkmeijer will become executive chairman.
Marula Mining (MARU) has signed the first copper sales agreement for the Kinusi copper mine with a European commodity trader. The initial delivery is 250 tonnes of copper concentrate based on 20% copper grade. The income is linked to the LME copper price with additional payments for gold and silver content. The first revenues should be received in this quarter. After successfully delivery, there will be more each month that will total up to 1,000 tonnes. There are three other potential offtake agreements. Kinui has reached a milestone, so $200,000 of shares have been issued to Takela Mining Tanzania at 6p each. Marula Mining has also paid the final consideration of £625,000 for Northern Cape Lithium and Tungsten in the form of 20.83 million shares at 6p each. Modifications to the plant at the Kilifi processing plant in Kenya should be completed in the second quarter. As part of the drawdown agreement, AUO Commercial Brokerage has subscribed for £500,000 worth of shares at 3.75p/share.
Valereum (VLRM) is not proceeding with the £2m option agreement with Blue Sky Ventures. Blue Sky was going to subscribe for shares at 10p each. It was previously announced that the option had been exercised. The proposed subscription may be taken on by another investor.
Inteliqo Ltd (IQO) wants to cancel the admission to the Aquis Stock Exchange. Inteliqo has been developing and marketing the Langaroo app for a client. It wants to save the costs of the quotation. Trading could end on 14 March if shareholders agree at the general meeting on 27 February.
Early-stage businesses investor MaxRets Ventures (MAX) is also seeking shareholder approval at a general meeting on 4 March to leave the Aquis Stock Exchange. There has been limited liquidity in the shares, and it can be difficult to trade. It has not been possible to raise additional cash.
Ormonde Mining (ORM) has secured three-year renewals for two gold exploration licences in Zamora Province in western Spain. Ormonde Mining plans to acquire the other 51.3% interest in the licences from AIM-quoted cyber security company Shearwater Group (SWG) for five million shares. That is a discount to the implied book value.
EDX Medical (EDX) has appointed Martin Walton as deputy chair. He has worked for other life sciences companies, including former AIM company ReNeuron.
One Heritage Property Development has reduced its stake in Zentra Group (ZNT) from 65.2% to 53.8% and Jason Upton, a director of the company, has raised his shareholding from 3.5% to 14.85%.
DXS International (DXSP) chairman Bob Sutcliffe bought 60,000 shares at 2.89p each, taking his stake to 2.08%. Gowin New Energy Group (GWIN) director Chen Chih-Lung has been transferred 9.73 million shares by Choice Only International Ent Co at a price of 0.00012894p each.
Investment Evolution Credit (IEC) has appointed Oberon as broker.
ASSET MATCH
The i-nexus Global (INX) auction has closed, and 49,220 shares were traded at 1.5p each.
AIM
Agricultural products supplier Wynnstay (WYN) reported a small dip in gross profit for the year to October 2024, but higher energy and labour costs meant that pre-tax profit reduced from £10.3m to £7.6m. Higher prices for milk and other agricultural products provide a more favourable background for this year. Even after a £600,000 National Insurance cost increase, pre-tax profit is expected to recover to £8.5m this year. A three-year programme called project Genesis will help to improve efficiency and there will be investment in additional feed capacity.
Cavendish has upgraded Filtronic (FTC) due to another contract from SpaceX. The 2024-25 pre-tax profit estimate has been raised from £11.5m to £11.9m, while the 2025-26 figure has been edged up from £8m to £8.3m. This £16.8m order is part of the framework agreement to supply technology for the Starlink Low Earth Orbit satellite network.
Specialist staffing provider Gattaca (GATC) has offset a small decline in net fee income in the first half through cost control. This is a better performance than the sector. Interim net fee income is 3% lower at £18m following a 10% decline in permanent net fee income. There are signs of recovery in permanent net fee income. Interim pre-tax profit is likely to be flat at £800,000. The full year pre-tax profit forecast is £3m. The forecast dividend of 3.1p/share should be twice covered by earnings.
Distribution Finance Capital Holdings (DFCH) has received authorisation from the FCA to conduct consumer lending. The core business is providing finance to distributors and manufacturers. The new retail products should be launched by the end of the first half of 2025. They can be offered through dealers that already work with the company.
Lord Ashcroft is trying to remove another of his companies from AIM. A general meeting has been requisitioned at wine maker Gusbourne (GUS), where he owns 66.8%. Talks with potential acquirers have ended and the strategic review has been terminated. This follows Lord Ashcroft’s success in getting Merit Group and Jaywing to leave AIM.
Genetics company GENinCode (GENI) is raising £4m at 3.7p/share and a retail offer could raise up to £500,000 more. The retail offer closes on 17 February at 5pm. There will be £1.5m set aside for commercialising its diagnostic products in the US. The US regulatory and reimbursement programmes will be completed. There will also be cash spent on expansion in the UK and the EU. There could be other funding options, such as partnerships and distribution agreements. Lipid inCode and Cardio inCode are the two main products. Lipid inCode diagnoses family hypercholesterolemia, which has a low rate of diagnosis with four-fifths of sufferers estimated to be undiagnosed. Cardio inCode focuses on genetic risk.
Optimisation software provider Checkit (CKT) has agreed a merger with Crimson Tide (TIDE). Shareholders will receive six Checkit shares for each Crimson Tide share. This ratio is based on the relative annual recurring revenues of each company. Checkit has been interested in a merger for four years and an indicative offer was made and rejected. Following the decision of Ideagen last July not to make a cash bid for Crimson Tide the two companies commenced discussions. The deal will increase the scale of the workflow management business. The Checkit chief executive and finance directors will remain in their roles. Crimson Tide was valued at £6.5m (99p/share) at the Checkit closing price last Monday.
Healthcare services provider Totally (TLY) has lost the NHS 111 Resilience support contract. The 12-month contract was worth around £13m and it ends on 15 February. This is due to the ending of national services for excess demand. Totally is still expected to make a pre-tax profit of £700,000 for the year to March 2025, but Canaccord Genuity has cut its 2025-26 forecast from £1.6m to £700,000. The 10-year government plan for the NHS should be published in the spring.
Medical imaging technology developer IXICO (IXI) announced the completion of the analysis of more than 6,000 images within its Huntington’s disease patient MRI datasets. This puts IXIXO in a strong position to be selected as a contract research organisation on Huntingdon’s disease clinical trials. This is part of the Huntington’s Disease Imaging Harmonisation consortium. This data should identify imaging biomarkers. This will help with improving clinical trial design, patient selection and drug development. IXICO has 25 clinical trials in its order book and ten of them are for Huntington’s disease. They account for 50% of the order book that was worth £15.4m at the end of September 2024. Globally, there are a total of 58 active Huntington’ disease clinical trials.
Avingtrans (AVG) subsidiary Booth Industries has won a £4.5m contract to supply pressure rated fire doors to HS2. These doors provide access to railway tunnels in emergencies. Booth Industries already had a £36m contract with HS2 for cross-tunnel sliding doors that seal off passageways between tunnels. Production for the latest contract is not expected to start until the year to May 2027. Interim results are due to be published on 26 February.
Serinus Energy (SENX) has won a legal case against the Romanian tax authorities over VAT refunds. The company has been awarded a VAT refund of $1.73m for 2018 and 2019, as well as interest of $750,000. This has to be paid within 45 days. The Romanian operation is loss-making, but there are gas projects that could be developed. The 2024 results are due to be published in March and there should be news concerning how the money will be invested in the business.
Empire Metals (EEE) has achieved a 91% extraction rate of titanium dioxide at the Pitfield project in Western Australia. The test work results suggest that the processing method is straightforward. Development of the processing flowsheet is continuing, and further refining could increase recovery. The main titanium-bearing minerals are anatase and rutile.
Surveillance technology developer Thruvision (THRU) says potential contracts have been delayed. This means expected 2024-25 revenues will be between £5m and £6m. The previous expectation was £9m. Cash should last until May and talks have commenced with potential acquirers or providers of additional cash.
Surgical instruments manufacturer Surgical Innovations (SUN) has returned to profit in the second half of 2024, although the full year loss could still be £300,000. Trading was broadly in line with expectations. Net debt was £300,000 at the end of 2024. Brent Greetham has been appointed as finance director. The business restructuring of the business will benefit the 2025 figures.
Wound healing technology developer AOTI Inc (AOTI) says 2024 revenues will be in excess of $58.1m, up from $43.9m. The Veterans Association accounted for less than three-fifths of revenues as new markets are developed, and they will become increasingly important. However, payments are slower. The full figures will be published on 26 April. Growth is expected to be more than 30% in 2025.
Strategic Minerals (SML) has identified additional mineralisation at the Redmoor tungsten and copper project in Cornwall. This will add to a future update of the mineral resource estimate, which is six years old. The total inferred resource was 11.7 million tonnes at 0.82% tungsten equivalent. Further drill core from 2017 will be relogged to support the remodelling of the deposit.
MAIN MARKET
Fintech Asia has completed the reverse takeover of Mongolia-based ICFG and changed its name to ICFG Ltd (ICFG). The payment was 177.84 million shares at a valuation of 64p each, which was higher than the market price. The main subsidiary InvestCore NBFI is listed on the Mongolian Stock Exchange, but ICFG owns more than 80%. This subsidiary has operations in Mongolia and Kyrgystan and is opening additional operations in Kazakhstan and Uzbekistan. There are plans to open up in other countries in Asia. Investment in software and AI helps ICFG to be competitive. Other operations include investment banking and property investment. Trading in the shares resumed and the share price ended the week at 50.5p.
ACG Metals (ACG) is planning a cash tender offer for 30% of warrants in issue. The offer is 50 cents for each warrant. It already announced an offer for the other 70% of warrants of 0.1 of a share for each warrant. Both tenders close on 28 February. The Gediktepe mine increased gold equivalent production by 49% to 57,000 ounces. Costs fell 2% to less than $1,150/ounce.
Shares in royalty company Cloudbreak Discovery (CDL) returned from suspension following publication of the accounts for the year to June 2024.
Andrew Hore
Quoted Micro 26 August 2024
AQUIS STOCK EXCHANGE
Voyager Life (VOY) says M3 Helium, which it has an option to acquire, has commenced production at the Smith and Nilson wells and they will begin to generate revenues after being attached to the Scout Energy Partners gathering system. Once production is stabilised the helium content should be around 0.635%. The Rost well is the next to be brought into production.
Time to ACT (TTA) has separated Diffusion Alloys into a coating technology business, including the low-cost modular coating equipment being developed, and the plant-led coatings business in Middlesborough.
Kondor AI (KNDR) is considering a bid for Ora Technology (ORA) based on 0.9988 of a Kondor AI share for each Ora Technology share with the latter’s shareholders owning 53.4% of the combined group. The group would be worth £38.5m at the current suspended share prices. There is no certainty that the bid will be made.
EDX Medical (EDX) has entered an agreement with Oxford University to in-licence intellectual property developed in Oxford and Birmingham Universities in research funded by Cancer Research UK. The IP can be used to improve the test for safety and dose management for patients receiving 5-fluorouracil and other chemotherapy medications that carry serious side effects.
Equipmake (EQIP) says that an electric bus has started operation in Argentina, and it uses the company’s zero emission drivetrain. The bus operator DOTA plans to add to the electric bus fleet.
Vinanz Ltd (BTC) has started a new Bitcoin cluster in Texas and once the initial miners are up and running consistently more will be installed. This follows 100 Bitmain Antminer S19J Pro ASIC Bitcoin miners in Labrador, Canada.
Phoenix Digital Assets (PNIX) has bought three million more shares at 4.15p each. There are 3.5 million shares held in treasury. Toro Consulting’s stake has moved above 21%.
AIM
Oil and gas producer i3 Energy (I3E) is recommending a 13.92p/share bid from Gran Tierra Energy. The offer is one Gran Tierra Energy share for every 207 i3 Energy shares and 10.43p in cash for each i3 Energy shares. Shareholders will also receive a dividend of 0.2565p/share. The bid, based on a Gran Tierra Energy share price of $8.66, values i3 Energy at £174.1m. Gran Tierra wants to diversify its current Canadian resources.
TV and film services provider Facilities by ADF (ADF) has made the significantly earnings enhancing acquisition of Autotrak Portable Roadways, which hires portable roadways. This also diversifies the client base into outdoor events. The initial payment is £13.1m in cash and shares. Up to £8.2m of additional consideration is payable depending on EBITDA up until 2027. Cavendish has increased its earnings forecast for 2025 by 12% to 9.7p. The company raised £10m at 50p/share to fund the acquisition and could raise up to £500,000 from a retail offer, which closes on 29 August.
Maritime AI technology services provider Windward (WNWD) generated organic growth of more than 30% with a reduction in churn. Annualised recurring revenues reached $37.2m at the end of June 2024. Reported interim revenues were $17.6m and the ARR covers the rest of the expected revenues for this year. Maritime Invest Scandinavia has sold its 5.73% stake and West Elk Capital bought 4.99%.
Pawnbroker H&T (HAT) reported continued growth in pawnbroking, although higher than expected redemptions hit revenues, as well as improved performances in retail and foreign exchange. Gold purchasing and scrap is benefiting from the high gold price. Pre-tax profit was 13% higher at £9.9m. From now on, pawnbroking scrap will be reported with the pawnbroking division. The year-end will be changed to September from 2025 onwards.
Education software provider Tribal Group (TRB) can focus on the business now that a settlement has been reached with NYU. The latest figures were held back by the failed bid, which led to delays in client orders. Annualised recurring revenues improved 2% to £52.1m. The educational market is tough, but Tribal’s admissions software is still likely to be attractive to colleges and universities.
Recruitment company Empresaria (EMR) had a tough first half with like-for-like net fee income 15% lower, partly due to currency movements. It does not appear that trading will improve much in the second half. Even the outsourcing business, which has been the star recently, reported a decline because of less UK healthcare business. Cost savings will offset the decline in income in the second half and pre-tax profit is expected to improve from £3.5m to £4m.
Digital cognitive assessment technology developer Cambridge Cognition (COG) maintained interim revenues at £5.6m and the loss was sharply lower. A full year pre-tax profit of £100,000 is forecast for 2024. Expectations are underpinned by an order book of £14.6m.
Data analytics software company Rosslyn Data Technologies (RDT) has secured a three-year contract with a major technology company. This has a minimum value of £2m. Management says that the 2023-24 loss will be lower than previously forecast, but at £3m it will still be higher than in 2022-23. Before the latest deal annualised recurring revenues were £2.3m. William Black and Armstrong Investments reduced their shareholding from 10.4% to 9.51%.
A weak advertising market meant that first half revenues of media analysis company Ebiquity (EBQ) fell 7%. That hit operating margins, which slumped to 6%. Net debt is £15.3m. The second half should be much better, although just how good it will be will depend on trading in September and October and high operational gearing means that additional revenues will lead to a much bigger jump in profit.
Neometals (NMT) is lowering annualised overheads by two-fifths and the $3m at 4.5 cents/share raised from William Robert Richmond should last until the end of 2025. The focus will be the Primobius recycling operations. Net cash will be $9.3m and this will finance the company’s lithium-ion battery recycling business to the industrial validation stage. The Previous Metals Recovery option will not be taken up. Third-party funding is being sought for new lithium and vanadium technologies.
Touchstone Exploration (TXP) has declared the terms of its bid for fellow Trinidad-focused oil and gas producer Trinity Exploration and Production (TRIN) are final and says that it has irrevocable acceptances of 38.9% of the share capital. These irrevocable acceptances are obliged to vote against the rival, higher bid from Lease Operators.
Empire Metals (EEE) has identified a new deposit at the Pitfield project in Western Australia that adds to the value of the project. It is enriched with high-purity anatase formed from the weathering of the original titanite-rich, bedded sediments. The discovery also confirms high grades of titanium dioxide with very low impurities. Anatase is a feedstock for titanium chloride and titanium metal markets. Empire Metals continues to progress towards a maiden mineral resource estimate.
Nigeria-focused gold producer Thor Explorations (THX) sold 23,600 ounces of gold at an average price of $2,309/ounce in the second quarter. AISC was $802/ounce because of higher grade ore and guidance for the full year has been reduced to $900-$1,000/ounce. Quarterly revenues were $54m and EBITDA $38m. Net debt has fallen to $2.7m.
Electric hybrid systems developer Proton Motor Power Systems (PPS) says that its principal lender and major shareholder Falih Nahab will stop providing working capital at the end of 2024. At the end of July 2024, Proton Motor Power Systems has drawn down €110.4m out of debt facilities of €121.5m, plus it owes €37.8m in accrued interest. The facilities are repayable by the end of 2025, but the business is unlikely to be cash generative by then. There are talks with other potential providers of finance. Net liabilities were €111.7m at the end of 2023.
Recruitment software developer Dillistone Group (DSG) has raised £300,000 from a loan note issue from directors and £60,000 from a placing at 8p/share. Interim figures will show an improvement in profitability and cash generation. Markets continue to be weak, and the cash will provide a buffer for the business. The loan notes last 48 months and offer an annual interest rate of 9.85%. The conversion price is 14p/share.
MAIN MARKET
Packaging manufacturer and distributor Macfarlane Group (MACF) reported an 8% decline in interim revenues to £129.6m. Pre-tax profit was 3% lower at £11.6m. There was price deflation in the distribution business. Acquisitions increased manufacturing revenues but there was small decrease in profit contribution.
BATM Advanced Communications (BVC) reported flat interim revenues due to lower revenues from networking technology, but the outlook is more positive. In the six months to June 2024, revenues dipped from $60.2m to $60m, while pre-tax profit improved from $726,000 to $788,000. This was helped by the revaluation of a liability that reduced the total costs of the business in the period. Net cash was $27.2m at the end of June 2024, even though there was an increase in working capital. Cyber and diagnostics revenues grew, while networking revenues fell from $11.6m to $6m. New orders are being won in the networking division and there should be an improved second half.
MOH Nippon (MOH) was readmitted to the Main Market following the acquisition of its business by cash shell Bowen Fintech. The business provides crowdfunding services for real estate investment in Japan.
Andrew Hore
Quoted Micro 10 June 2024
AQUIS STOCK EXCHANGE
Skincare treatments developer Incanthera (INC) says the first production order for its Skin + CELL products from Marionnaud has been doubled to 100,000 units. The launch will be in September. The previous figure was already higher than the initial order and the revenues from the order will be £4m. Future production orders could be even larger. This will help group revenues for the year to March 2025 to be more than £10m. This has enabled Incanthera to raise £4.1m from a share issue at 15p/share to cover additional working capital. Lupus treatment developer ImmuPharma (IMM) raised £1.5m from the sale of its 9.98% stake in Incanthera, which was valued at £600,000 at the end of 2023, although it retains warrants.
TruSpine Technologies (TSP) is talking to several potential commercial partners for its medical device technology, where the regulatory process is ongoing. The new board has improved relations with the inventor of the spinal stabilisation device IP. The investor relations website has been relaunched and a new medical advisory board will be put in place.
CBD products supplier Voyager Life (VOY) says another potential merger has fallen through. This follows the ending of the Northern Leaf deal. This has left Voyager Life short of cash. The business operations are being reviewed and there are talks about funding. The company has been winning new business and there are signs of an improvement in the retail stores.
RentGuarantor (RGG) increased full year revenues by 79% to £741,000. The rent guarantee services provider says arrears were 2.32% in 2023. The loss increased from £911,000 to £1.23m, after a £358,000 charge for the revaluation of the convertible loan note.
First Sentinel has resigned as corporate adviser of ChallengerX (CXS) and the shares have been suspended. ChallengerX is progressing with a potential acquisition, and it is required to appoint a new corporate adviser.
Helium Ventures (HEV) says that a shareholder in Trackimo is challenging the issue of a 19.4% stake to the Aquis company.
Invinity Energy Systems (IES) has leased an additional manufacturing facility in Motherwell. This should become operational in the third quarter and capacity should be more than 500MWh of energy storage per year. The Bathgate facility will also be upgraded.
KR1 (KR1) has invested $1m into the Avail Web3 infrastructure project in return for 12.5 million AVAIL tokens.
Video capture technology company Visum Technologies (VIS) has entered exclusive non-binding heads of terms for a licence agreement with Makeabl, which has developed cloud/app technology. This would be licensed in North American and European markets and help Visum Technologies to access new markets.
BWA Group (BWAP) has completed reconnaissance drilling at the Dehane 2 rutile sands project in Cameroon. The results were encouraging. Oberon Capital has been appointed as broker.
Arbuthnot Banking Group (ARBB) has completed the renewal of its subordinated loan, which is classified as Tier 2 capital. The loan was increased by £1m to £26m and lasts until June 2034.
Psych Capital has changed its name to Shortwave Life Sciences (PSY).
AIM
Destocking hit the interim figures of Gooch & Housego (GHH) and pre-tax profit slipped from £4.7m to £2.6m on a 1% decline in revenues to £63.6m. This excludes the loss making EM4 defence business sold earlier this year. The dividend was edged up by 0.1p/share to 4.9p/share. Net debt increased to £22.2m. The destocking was primarily in industrial and medical sectors. Industrial remains the largest generator of revenues despite a 13% decline. There was not a recovery in the semiconductor sector as expected. The subsea cable market was strong. There was a reduction in the aerospace and defence division loss on higher revenues, but it still needs to improve manufacturing efficiency.
GRC International (GRC) is recommending an 8p/share cash bid from Bloom Seed Bidco, which values the cybersecurity company at £8.6m. The bidder is a vehicle for technology investor Bloom, which can provide increased financial backing for the business. GRC joined AIM in 2018 at a time when there was investor interest in the cybersecurity sector. The flotation valuation was £40.2m at 70p/share. GRC has been loss making and never moved into profit.
Pawnbroker Ramsdens (RFX) reported interims showing the expected progress. Precious metals revenues were strong, although margins dipped. Pre-owned jewellery sales offset weaker watch sales. The contribution from each main division was higher. Interim revenues were 12% ahead at £43.8m, while pre-tax profit improved from £3.68m to £3.99m. The dividend was raised by 9% to 3.6p/share.
Strip Tinning (STG) has won a battery technologies contract from a German automotive motion technology manufacturer, that could have a lifetime value of £43m. This is for a cell contact system for battery pack modules for a US customer. This has already generated £1.7m in pre-production work. Production supply will start in the fourth quarter of 2025 with further pre-production revenues of £1m ahead of that time. There will be additional investment in engineering resources. Demand for glazing products has weakened and copper prices are rising. There will be a trading statement on 16 July.
Power Metal Resources (POW) has secured a £2m loan note investment from ACAM, which is also negotiating a uranium-focused joint venture, which would include all of Power Metal’s uranium licences. This would mean that the flotation of Uranium Energy Exploration will not happen – that has already cost £500,000 – and neither will previously proposed disposals. There would be a £10m investment in Power Metal Resources Canada so that ACAM would have a 70% stake. The loan notes bear interest of 10%/year and there will be 13.3 million warrants issued that are exercisable at 15p each.
Empire Metals (EEE) considers further positive exploration results as a major development for the Pitfield prospect. There is rutile at surface, and it should be easy to mine. Titanium dioxide mineralisation gets more prevalent at lower depths. This should improve project economics.
Pantheon Resources (PANR) has entered a gas sales precedent agreement with the state-owned Alaska Gasline Development Corporation, which is developing the Alaska LNG project. This is designed to supply Alaska and export up to 20 million tonnes of LNG each year. Pantheon Resources would supply up to 500 mmcf/day of gas at a maximum base price of $1/mmbtu. There are plans to increase the scale of the Ahpun development.
Jadestone Energy (JSE) says the Akatara gas processing facility, onshore Indonesia, is approaching final commissioning. The first gas should be processed in around a fortnight. Gas and LPG sales will start soon after that. The workover campaign on five Akatara wells has completed, and they will provide gas for the facility.
Seed Innovations (SEED) has completed its share buyback programme. This used up £510,000 on top of the £2m dividend. That followed the disposal of its Leaf Gaming stake for £2.4m. There has been a 11.6% share price decline so far this year, but that is not adjusted for the 1p/share special dividend.
Maritime systems developer SRT Marine Systems (SRT) admits that two coastguard contracts are unlikely to reach their project revenue milestones in the 15 months to June 2024. The largest contract is dependent on the completion of an inter-government loan. There should £45m of income recognised when this is finalised. Once the other contract is verified it should enable £9m to be recognised. Transceivers revenues have grown, and total revenues are expected to be £14m in the 15-month period. The six-month figure was £5.5m with no contribution from systems.
Hercules Site Services (HERC) reported a one-third increase in interim revenues to £48.8m as it continues to win additional contracts to supply construction staff. It moved back into profit in the period. The new training academy is up and running.
The Mission Group (TMG) has responded to the revised bid proposal of 13.9 Brave Bison (BBSN) shares for each share in the advertising and marketing services company. The board still believes that the bid does not reflect the underlying value of the business, but it is evaluating the bid.
Hostels operator Safestay (SSTY) has acquired a property in Brighton from the University of East Sussex for £2.275m. This will be converted into a 220 bed premium hostel. It is 600 metres from the sea front and will cost £1m to convert. Shore Capital has been appointed nominated adviser and broker. Safestay reported full year revenues 18% higher at £22.5m. EBITDA rose 15% to £6.8m. NAV was 50p/share.
Restaurants operator Tasty (TAST) gained court approval of its restructuring plan on Tuesday afternoon. Tasty has got out of the leases of 23 sites. This leaves 38 restaurants, which are predominantly the Wildwood brand. This should improve EBITDA by up to £2.1m between 2023 and 2025.
Clontarf Energy (CLON) has failed to move through to the next stage of the bids for the seven priority salt pans in southern Bolivia because of its offtake partner’s poor credit rating. Management hopes that it can argue the case that the credit rating is not relevant.
Mosman Oil & Gas (MSMN) is paying $500,000 for a 10% interest in a US helium project in Las Animas County, Colorado. This is an area with known helium deposits. There are five helium prospects and a well will be drilled for each of them. The sale of oil and gas asset will help finance the move into helium.
WIIT has decided not to make an offer for Redcentric (RCN).
MAIN MARKET
Credit provider S and U (SUS) says that its first quarter profit has fallen by one-third because of higher provisions due to lack of regulatory clarity.
Like-for-like sales at Hostmore (MORE) have fallen by 10%, but profitability has improved. Net debt is set to peak in the third quarter. The acquisition of TFI Fridays is progressing and the formal agreement should be signed shortly.
Motor dealer Caffyns (CFYN) has cut its dividend by one-third to 5p/share because it slumped into loss last year. There were property value write-downs.
Chill Brands (CHLL) shares have been suspended because of allegations relating to the use of insider information and concerns about commercial arrangements. This means that the board cannot provide accurate information about its financial position.
Oxford Cannabinoid Technologies (OCTP) has left the standard list.
Andrew Hore